MFC First National Bank in Houghton, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of July 22, 2000

MFC First National Bank in Houghton, Michigan (MI)
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MFC First National Bank - Overview

General
FDIC Certificate #: 5060
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Wells Fargo Bank Michigan, National Association (#5067)
Federal Reserve ID: 246059
Date Established: April 18, 1865
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 3 (Interstate: No)
OTS Docket #: 11721
FDIC's unique #: 3379
Numeric code: 3
Regulator: OCC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: No
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: July 22, 2000
Last Structure Change Process Date: August 24, 2000
Last Data Update: August 24, 2000
Data Source Date: April 05, 2012
Location
Address: 600 Shelden Avenue, Houghton, MI 49931
County: Houghton
Quarterly Banking Profile Region: Chicago
FDIC Geographic Region: Chicago
FDIC Supervisory Region: San Francisco
FDIC Field Office: Appleton
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: Central
Core Based Statistical Area (CBSA): Houghton, MI (#26340)
CBSA Micro Statistical Area: Yes
Financial Summary
Total assets: $67.3 mil

1992 - 1999 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, 1999)

Dollar figures in thousands
33Total employees (full-time equivalent)
$62,060Total assets
$2,288Cash and due from depository institutions
$86Interest-bearing balances
$10,599Securities
$0Federal funds sold & reverse repurchase agreements
$46,130Net loans & leases
$733Loan loss allowance
$0Trading account assets
$2,299Bank premises and fixed assets
$58Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$686All other assets
$62,060Total liabilities and capital
$55,329Total liabilities
$51,817Total deposits
$45,025Interest-bearing deposits
$51,817Deposits held in domestic offices
0.00%% insured (estimated)
$3,000Federal funds purchased & repurchase agreements
$0Trading liabilities
$60Other borrowed funds
$0Subordinated debt
$452All other liabilities
$6,731Total equity capital
$6,731Total bank equity capital
$6,731Perpetual preferred stock
$0Common stock
$750Surplus
$750Undivided profits
Memoranda
$5,231Noncurrent loans and leases
$6,794Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$31Earning assets
$0Long-term assets (5+ years)
$266Average Assets, year-to-date
$56,815Average Assets, quarterly
$1,840Volatile liabilities
$65,274Insider loans
$62,122FHLB advances
$5,239Loans and leases held for sale
$313Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$6,794Total unused commitments
$0Restructured Loans and leases
$572Derivatives

Income and Expense (December 31, 1999)

Dollar figures in thousands
$5,060Total interest income
$1,896Total interest expense
$3,164Net interest income
$0Provision for loan and lease losses
$542Total noninterest income
$0Fiduciary activities
$160Service charges on deposit accounts
$0Trading account gains & fees
$382Additional noninterest income
$2,597Total noninterest expense
$1,248Salaries and employee benefits
$367Premises and equipment expense
$982Additional noninterest expense
$1,109Pre-tax net operating income
$0Securities gains (losses)
$351Applicable income taxes
$758Income before extraordinary items
$0Extraordinary gains - net
$758Net income attributable to bank
$0Net charge-offs
$0Cash dividends
-$16Sale, conversion, retirement of capital stock, net
$673Net operating income

Performance and Condition Ratios (December 31, 1999)

Dollar figures in thousands
Performance Ratios (%, annualized)
8.42%Yield on earning assets
3.16%Cost of funding earning assets
5.27%Net interest margin
0.90%Noninterest income to earning assets
4.32%Noninterest expense to earning assets
1.16%Net operating income to assets
1.16%Return on assets (ROA)
1.70%Pretax return on assets
11.18%Return on equity (ROE)
1.25%Retained earnings to average equity (YTD only)
-0.03%Net charge-offs to loans
0.00%Credit loss provision to net charge-offs
0.00%Efficiency ratio
70,076Assets per employee
1.88%Cash dividends to net income (YTD only)
Condition Ratios (%)
88.79%Loss allowance to loans
1.56%Loss allowance to noncurrent loans
2364.52%Noncurrent assets plus other real estate owned to assets
0.14%Noncurrent loans to loans
0.07%Net loans and leases to deposits
89.02%Net loans and leases to core deposits
92.93%Equity capital to assets
10.85%Core capital (leverage) ratio
11.04%Tier 1 risk-based capital ratio
15.12%Total risk-based capital ratio
Memoranda
$16Average assets
$65,274Average earning assets
$6,781Average equity
$60,063Average loans

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