The First National Bank of Norway in Norway, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches


The First National Bank of Norway - Overview

  • General
  • FDIC Certificate #: 13784
    Status: Active
    Federal Reserve ID: 289056
    Bank Holding Company (Regulatory Top Holder): Northern Interstate Financial, Inc. (RSSDID: 1871588, Location: Norway, MI)
    Date Established: June 12, 1901
    WWW: http://www.norwaybank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
    Offices: 4 (Domestic: 4, Interstate: No)
    OTS Docket #: 11375
    FDIC's unique #: 8618
    Numeric code: 3
    Regulator: OCC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: No
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: January 29, 1934
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 501 West Us 2, Norway, MI 49870
    County: Dickinson
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Appleton
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
    Core Based Statistical Area (CBSA): Iron Mountain, MI-WI (#27020)
    CBSA Micro Statistical Area: Yes
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $89.1 mil
    Equity capital: $10.4 mil
    Deposits held in domestic offices: $77.6 mil
    Return on assets (ROA): 1.02% ($0.9 mil)
    Quarterly return on assets: 1.04% ($0.9 mil)
    Return on Equity (ROE): 8.95% ($0.9 mil)
    Quarterly return on equity: 9.06% ($0.9 mil)
    Net income: $0.9 mil
    Quarterly Net income: $0.2 mil
    Pretax return on assets: 1.28% ($1,140.4 mil)
    Quarterly Pretax return on assets: 1.31% ($1,167.1 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 28Total employees (full-time equivalent)
  • $89,093Total assets
  • $2,763Cash and due from depository institutions
  • $100Interest-bearing balances
  • $17,684Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $61,886Net loans & leases
  • $618Loan loss allowance
  • $0Trading account assets
  • $2,416Bank premises and fixed assets
  • $846Other real estate owned
  • $0Goodwill and other intangibles
  • $89,093Life insurance assets
  • $3,498All other assets
  • $78,730Total liabilities and capital
  • $77,636Total liabilities
  • $72,696Total deposits
  • $77,636Interest-bearing deposits
  • $94Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $487Trading liabilities
  • $0Other borrowed funds
  • $607Subordinated debt
  • $10,363All other liabilities
  • $10,363Total equity capital
  • $10,363Total bank equity capital
  • $0Perpetual preferred stock
  • $1,700Common stock
  • $1,700Surplus
  • $6,963Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $690Income earned, not collected on loans
  • $0Earning assets
  • $387Long-term assets (5+ years)
  • $79,670Average Assets, year-to-date
  • $21,119Average Assets, quarterly
  • $88,655Volatile liabilities
  • $89,241Insider loans
  • $58,678FHLB advances
  • $89,992Loans and leases held for sale
  • $2,152Unused loan commitments
  • $2,152Tier 1 (core) risk-based capital
  • $10,321Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $1,743Restructured Loans and leases
  • $2,685Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $4,482Total interest income
  • $1,055Total interest expense
  • $3,427Net interest income
  • $175Provision for loan and lease losses
  • $547Total noninterest income
  • $0Fiduciary activities
  • $133Service charges on deposit accounts
  • $0Trading account gains & fees
  • $414Additional noninterest income
  • $2,677Total noninterest expense
  • $1,458Salaries and employee benefits
  • $284Premises and equipment expense
  • $935Additional noninterest expense
  • $1,122Pre-tax net operating income
  • $12Securities gains (losses)
  • $230Applicable income taxes
  • $904Income before extraordinary items
  • $0Extraordinary gains - net
  • $904Net income attributable to bank
  • $0Net charge-offs
  • $904Cash dividends
  • $153Sale, conversion, retirement of capital stock, net
  • $600Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.66%Yield on earning assets
  • 1.33%Cost of funding earning assets
  • 4.33%Net interest margin
  • 0.69%Noninterest income to earning assets
  • 3.38%Noninterest expense to earning assets
  • 1.01%Net operating income to assets
  • 1.02%Return on assets (ROA)
  • 1.28%Pretax return on assets
  • 8.95%Return on equity (ROE)
  • 3.01%Retained earnings to average equity (YTD only)
  • 0.24%Net charge-offs to loans
  • 114.38%Credit loss provision to net charge-offs
  • 8.48%Efficiency ratio
  • 67,363Assets per employee
  • 3.18%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 66.37%Loss allowance to loans
  • 0.99%Loss allowance to noncurrent loans
  • 89.57%Noncurrent assets plus other real estate owned to assets
  • 1.72%Noncurrent loans to loans
  • 1.10%Net loans and leases to deposits
  • 79.71%Net loans and leases to core deposits
  • 84.33%Equity capital to assets
  • 11.63%Core capital (leverage) ratio
  • 11.47%Tier 1 risk-based capital ratio
  • 17.59%Total risk-based capital ratio
  • Memoranda
  • $19Average assets
  • $88,655Average earning assets
  • $10,100Average equity
  • $79,195Average loans

List of branches

  • 4 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    08618The First National Bank Of Norway501 West Us 2, Norway, MI 49870June 12, 1901Full Service Brick and Mortar
    2230190Main Street Branch531 Main Street, Norway, MI 49870December 13, 1993Full Service Retail
    3364913Iron Mountain Branch1917 Stephenson Ave, Iron Mountain, MI 49801October 22, 2001Full Service Retail
    4480012Carney Branch241 Us Highway 41 N, Carney, MI 49812December 26, 2007Full Service Brick and Mortar

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