West Shore Bank in Ludington, Michigan (MI)



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West Shore Bank
GeneralFDIC 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
LocationAddress: 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 ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal 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)
Total employees (full-time equivalent)92
Total assets$345,237
Cash and due from depository institutions$28,934
Interest-bearing balances$22,081
Securities$79,052
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$214,931
Loan loss allowance $2,812
Trading account assets$0
Bank premises and fixed assets$9,007
Other real estate owned$603
Goodwill and other intangibles$661
All other assets$12,049
Life insurance assets$345,237
Total liabilities and capital$314,046
Total liabilities$264,551
Total deposits$236,750
Interest-bearing deposits$264,551
Deposits held in domestic offices$96
% insured (estimated)16391.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$30,000
Other borrowed funds $0
Subordinated debt $3,104
All other liabilities $31,191
Total equity capital$31,191
Total bank equity capital$31,191
Perpetual preferred stock$0
Common stock$1,000
Surplus$14,000
Undivided profits $16,191
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $4,486
Earning assets $0
Long-term assets (5+ years) $1,178
Average Assets, year-to-date $316,064
Average Assets, quarterly $83,600
Volatile liabilities $339,489
Insider loans $348,694
FHLB advances $210,238
Loans and leases held for sale $345,187
Unused loan commitments $6,402
Tier 1 (core) risk-based capital $6,402
Tier 2 risk-based capital $29,540
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $25,291
Derivatives$597
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $15,107
Total interest expense $3,552
Net interest income $11,555
Provision for loan and lease losses $1,713
Total noninterest income $2,330
Fiduciary activities $0
Service charges on deposit accounts $731
Trading account gains & fees $0
Additional noninterest income $1,599
Total noninterest expense $9,638
Salaries and employee benefits $4,573
Premises and equipment expense $1,424
Additional noninterest expense $3,641
Pre-tax net operating income $2,534
Securities gains (losses) $0
Applicable income taxes $519
Income before extraordinary items $2,015
Extraordinary gains - net $0
Net income attributable to bank $2,015
Net charge-offs $0
Cash dividends $2,015
Sale, conversion, retirement of capital stock, net $1,445
Net operating income $1,106
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.86%
Cost of funding earning assets 1.14%
Net interest margin 3.71%
Noninterest income to earning assets 0.75%
Noninterest expense to earning assets 3.10%
Net operating income to assets 0.59%
Return on assets (ROA) 0.59%
Pretax return on assets 0.75%
Return on equity (ROE) 6.56%
Retained earnings to average equity (YTD only) 2.96%
Net charge-offs to loans 0.68%
Credit loss provision to net charge-offs 118.55%
Efficiency ratio2.94%
Assets per employee$68,585
Cash dividends to net income (YTD only)3.75%
Condition Ratios (%)
Loss allowance to loans 54.89%
Loss allowance to noncurrent loans 1.29%
Noncurrent assets plus other real estate owned to assets 62.68%
Noncurrent loans to loans 1.47%
Net loans and leases to deposits2.06%
Net loans and leases to core deposits 81.24%
Equity capital to assets 89.46%
Core capital (leverage) ratio 9.03%
Tier 1 risk-based capital ratio 8.56%
Total risk-based capital ratio 14.05%
Memoranda
Average assets$15
Average earning assets$339,489
Average equity $30,700
Average loans $311,075
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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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