West Shore Bank in Ludington, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

West Shore Bank - Overview

  • General
  • FDIC Certificate #: 14929
    Status: Active
    Federal Reserve ID: 832546
    Bank Holding Company (Regulatory Top Holder): West Shore Bank Corporation (RSSDID: 1206667, Location: Ludington, MI)
    Date Established: July 25, 1898
    WWW: http://www.westshorebank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 8 (Domestic: 8, Interstate: No)
    OTS Docket #: 11332
    FDIC's unique #: 9351
    Numeric code: 21
    Regulator: FDIC
    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: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: All Other Specialization < 1 Billion
    Date of Deposit Insurance: October 06, 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: 201 West Loomis Street, Ludington, MI 49431
    County: Mason
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Grand Rapids
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $345.2 mil
    Equity capital: $31.2 mil
    Deposits held in domestic offices: $264.6 mil
    Return on assets (ROA): 0.59% ($2.0 mil)
    Quarterly return on assets: 0.63% ($2.2 mil)
    Return on Equity (ROE): 6.56% ($2.0 mil)
    Quarterly return on equity: 7.05% ($2.2 mil)
    Net income: $2.0 mil
    Quarterly Net income: $0.6 mil
    Pretax return on assets: 0.75% ($2,589.3 mil)
    Quarterly Pretax return on assets: 0.79% ($2,727.4 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
  • 92Total employees (full-time equivalent)
  • $345,237Total assets
  • $28,934Cash and due from depository institutions
  • $22,081Interest-bearing balances
  • $79,052Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $214,931Net loans & leases
  • $2,812Loan loss allowance
  • $0Trading account assets
  • $9,007Bank premises and fixed assets
  • $603Other real estate owned
  • $661Goodwill and other intangibles
  • $345,237Life insurance assets
  • $12,049All other assets
  • $314,046Total liabilities and capital
  • $264,551Total liabilities
  • $236,750Total deposits
  • $264,551Interest-bearing deposits
  • $96Deposits held in domestic offices
  • 16391.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $30,000Trading liabilities
  • $0Other borrowed funds
  • $3,104Subordinated debt
  • $31,191All other liabilities
  • $31,191Total equity capital
  • $31,191Total bank equity capital
  • $0Perpetual preferred stock
  • $1,000Common stock
  • $14,000Surplus
  • $16,191Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $4,486Income earned, not collected on loans
  • $0Earning assets
  • $1,178Long-term assets (5+ years)
  • $316,064Average Assets, year-to-date
  • $83,600Average Assets, quarterly
  • $339,489Volatile liabilities
  • $348,694Insider loans
  • $210,238FHLB advances
  • $345,187Loans and leases held for sale
  • $6,402Unused loan commitments
  • $6,402Tier 1 (core) risk-based capital
  • $29,540Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $25,291Restructured Loans and leases
  • $597Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $15,107Total interest income
  • $3,552Total interest expense
  • $11,555Net interest income
  • $1,713Provision for loan and lease losses
  • $2,330Total noninterest income
  • $0Fiduciary activities
  • $731Service charges on deposit accounts
  • $0Trading account gains & fees
  • $1,599Additional noninterest income
  • $9,638Total noninterest expense
  • $4,573Salaries and employee benefits
  • $1,424Premises and equipment expense
  • $3,641Additional noninterest expense
  • $2,534Pre-tax net operating income
  • $0Securities gains (losses)
  • $519Applicable income taxes
  • $2,015Income before extraordinary items
  • $0Extraordinary gains - net
  • $2,015Net income attributable to bank
  • $0Net charge-offs
  • $2,015Cash dividends
  • $1,445Sale, conversion, retirement of capital stock, net
  • $1,106Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.86%Yield on earning assets
  • 1.14%Cost of funding earning assets
  • 3.71%Net interest margin
  • 0.75%Noninterest income to earning assets
  • 3.10%Noninterest expense to earning assets
  • 0.59%Net operating income to assets
  • 0.59%Return on assets (ROA)
  • 0.75%Pretax return on assets
  • 6.56%Return on equity (ROE)
  • 2.96%Retained earnings to average equity (YTD only)
  • 0.68%Net charge-offs to loans
  • 118.55%Credit loss provision to net charge-offs
  • 2.94%Efficiency ratio
  • 68,585Assets per employee
  • 3.75%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 54.89%Loss allowance to loans
  • 1.29%Loss allowance to noncurrent loans
  • 62.68%Noncurrent assets plus other real estate owned to assets
  • 1.47%Noncurrent loans to loans
  • 2.06%Net loans and leases to deposits
  • 81.24%Net loans and leases to core deposits
  • 89.46%Equity capital to assets
  • 9.03%Core capital (leverage) ratio
  • 8.56%Tier 1 risk-based capital ratio
  • 14.05%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $339,489Average earning assets
  • $30,700Average equity
  • $311,075Average loans

List of branches

  • 8 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    09351West Shore Bank201 West Loomis Street, Ludington, MI 49431July 25, 1898Full Service Brick and Mortar
    1232448Fountain Branch2937 Cleveland St, Fountain, MI 49410April 27, 1953Full Service Brick and Mortar
    2232449Walkerville BranchEast And Main Streets, Walkerville, MI 49459May 25, 1937Full Service Brick and Mortar
    3232450Ludington Branch5725 West U.S. 10, Pere Marquette Township, MI 49431July 07, 1975Full Service Brick and Mortar
    5232451Hart Branch4070 West Polk Road, Hart, MI 49420August 14, 1997Full Service Brick and Mortar
    6232452Manistee Branch415 Parkdale, Manistee, MI 49660August 10, 1999Full Service Brick and Mortar
    8364159Scottville Branch107-109 West State Street, Scottville, MI 49454Febuary 05, 2002Full Service Brick and Mortar
    9481541Cypress Street Branch306 Cypress Street, Manistee, MI 49660September 23, 2008Full Service Brick and Mortar

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