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

This bank is inactive as of Febuary 04, 1997

The First National Bank in Ontonagon in Ontonagon, Michigan (MI)
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The First National Bank in Ontonagon - Overview

General
FDIC Certificate #: 13594
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: North Country Bank (#10556)
Federal Reserve ID: 265555
Date Established: January 06, 1934
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)
FDIC's unique #: 8500
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 06, 1934
Last Structure Change Effective Date: Febuary 04, 1997
Last Structure Change Process Date: Febuary 25, 1997
Last Data Update: Febuary 26, 1997
Data Source Date: April 05, 2012
Location
Address: 601 River Street, Ontonagon, MI 49953
County: Ontonagon
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
Financial Summary
Total assets: $27.6 mil

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

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1996)

Dollar figures in thousands
0Total employees (full-time equivalent)
$17Total assets
$27,581Cash and due from depository institutions
$1,258Interest-bearing balances
$0Securities
$4,656Federal funds sold & reverse repurchase agreements
$615Net loans & leases
$20,099Loan loss allowance
$211Trading account assets
$0Bank premises and fixed assets
$697Other real estate owned
$36Goodwill and other intangibles
$220Life insurance assets
$0All other assets
$0Total liabilities and capital
$27,581Total liabilities
$25,285Total deposits
$25,076Interest-bearing deposits
$21,687Deposits held in domestic offices
25076.00%% insured (estimated)
$93Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$0All other liabilities
$209Total equity capital
$209Total bank equity capital
$2,296Perpetual preferred stock
$0Common stock
$150Surplus
$575Undivided profits
Memoranda
$1,571Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$91Income earned, not collected on loans
$126Earning assets
$25,370Long-term assets (5+ years)
$6,299Average Assets, year-to-date
$27,375Average Assets, quarterly
$27,680Volatile liabilities
$449Insider loans
$280FHLB advances
$0Loans and leases held for sale
$0Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$2,327Total risk weighted assets
$18,837Total unused commitments
$0Restructured Loans and leases
$0Derivatives

Income and Expense (December 31, 1996)

Dollar figures in thousands
$0Total interest income
$2,239Total interest expense
$869Net interest income
$1,370Provision for loan and lease losses
$48Total noninterest income
$144Fiduciary activities
$0Service charges on deposit accounts
$97Trading account gains & fees
$0Additional noninterest income
$47Total noninterest expense
$1,025Salaries and employee benefits
$538Premises and equipment expense
$220Additional noninterest expense
$267Pre-tax net operating income
$441Securities gains (losses)
$10Applicable income taxes
$134Income before extraordinary items
$317Extraordinary gains - net
$0Net income attributable to bank
$317Net charge-offs
$39Cash dividends
$144Sale, conversion, retirement of capital stock, net
$0Net operating income

Performance and Condition Ratios (December 31, 1996)

Dollar figures in thousands
Performance Ratios (%, annualized)
0.00%Yield on earning assets
8.86%Cost of funding earning assets
3.44%Net interest margin
5.42%Noninterest income to earning assets
0.57%Noninterest expense to earning assets
4.06%Net operating income to assets
1.13%Return on assets (ROA)
1.16%Pretax return on assets
1.65%Return on equity (ROE)
14.68%Retained earnings to average equity (YTD only)
8.01%Net charge-offs to loans
0.20%Credit loss provision to net charge-offs
123.08%Efficiency ratio
67,701Assets per employee
1.62%Cash dividends to net income (YTD only)
Condition Ratios (%)
45.43%Loss allowance to loans
1.04%Loss allowance to noncurrent loans
231.87%Noncurrent assets plus other real estate owned to assets
0.46%Noncurrent loans to loans
0.45%Net loans and leases to deposits
80.15%Net loans and leases to core deposits
81.61%Equity capital to assets
8.32%Core capital (leverage) ratio
8.41%Tier 1 risk-based capital ratio
12.35%Total risk-based capital ratio
Memoranda
$13Average assets
$27,375Average earning assets
$2,160Average equity
$25,274Average loans

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