First Bank, Upper Michigan

Headquarters

1400 Delta Avenue
Gladstone, MI 49837
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.10% 1.75% →
1-Year CD 0.50% 1.55% →
2-Year CD 0.70% 1.46% →
5-Year CD 1.26% 1.67% →
30-Year Mortgage N.A. 3.08% →
15-Year Mortgage N.A. 2.65% →
HELOC N.A. 2.77% →

2020 Overview

General Bank Information

First Bank, Upper Michigan is an FDIC insured institution located in Gladstone, MI. It was founded in 1916 and has approximately $0.47 billion in assets. Customers can open an account at one of its 10 branches.

FDIC Insured Yes
FDIC Certificate # 14276
Date Established 1916
Assets $ 468.90 million
Loans $ 341.85 million
Deposits $ 382.63 million
Capital $ 63.40 million
 

For a more detailed analysis of First Bank, Upper Michigan's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - May 26, 2020

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Savings
0.10% $50 - Learn More
Money Market
0.10% $1 $24,999 Learn More
Money Market
0.20% $25,000 - Learn More
CD Rates APY MIN MAX
3 Mo CD
0.25% $500 - Learn More
6 Mo CD
0.35% $500 - Learn More
12 Mo CD
0.50% $500 - Learn More
18 Mo CD
0.55% $500 - Learn More
24 Mo CD
0.70% $500 - Learn More
30 Mo CD
0.80% $500 - Learn More
36 Mo CD
1.00% $500 - Learn More
48 Mo CD
1.10% $500 - Learn More
60 Mo CD
1.26% $500 - Learn More

Fixed IRA Rates APY MIN MAX
Fixed IRA
0.55% $1 - Learn MoreShow Less
Variable IRA Rates APY MIN MAX
Var IRA
0.55% $1 - Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.15% $1,500 $24,999 Learn MoreShow Less

Loan Rates - May 26, 2020

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for First Bank, Upper Michigan

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Virginia 30 Year Fixed Mortgage Rates 2020

Featured - Virginia Home Equity Line Of Credit Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Rocket Mortgage
NMLS ID: 3030
3.872% 3.750% 1.00 $3,750 $1,158 Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
3.998% 3.875% 1.00 $3,750 $1,176 Learn More
AimLoan.com
NMLS ID: 2890
License#: MC-3098
2.951% 2.875% 1.00 $2,458 $1,038 Learn More

Note to First Bank, Upper Michigan
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Branches

First Bank, Upper Michigan branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Ashburn,Virginia


First Bank, Upper Michigan Locations


Financial Details

First Bank, Upper Michigan Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of First Bank, Upper Michigan. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
2.990 %
$0 Learn More
More Info
PenFed Credit Union
PenFed Credit Union
3.750 %
$0 Learn More
More Info
First Bank, Upper Michigan U.S. Bank Average
9.03% 6.51%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of December 31, 2019, First Bank, Upper Michigan had $5,015,000 in non-current loans and $1,113,000 in owned real estate. To cover these potential losses it had $63,397,000 in equity and $4,476,000 in loans loss reserves. That gives it a Texas Ratio of 9.03%.

Return on Equity
First Bank, Upper Michigan U.S. Bank Average
14.24% 9.41%

First Bank, Upper Michigan has a Return on Equity of 14.24% versus the BestCashCow average of 9.41%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
First Bank, Upper Michigan U.S. Bank Average
13.52% 12.82%

First Bank, Upper Michigan has a Capitalization of 13.52% versus the BestCashCow average of 12.82. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

First Bank, Upper Michigan Balance Sheet Analysis

As of December 31, 2019, First Bank, Upper Michigan had assets of $468,903,000, loans of $341,850,000, and deposits of $382,634,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

December 31, 2019
ASSETS
Cash & Balances due from depository institutions $ 37.17 million
Interest-bearing balances $ 21.88 million
Total securities $ 55.31 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 341.85 million
Loan loss allowance $ 4.48 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 1.11 million
Goodwill and other intangibles $ 13.62 million
All other assets $ 14.53 million
     Total Assets $ 405.51 million
LIABILITIES
Total deposits $ 382.63 million
      Interest-bearing deposits $ 299.95 million
      Deposits held in domestic offices $ 382.63 million
      % insured (estimated) 77.01%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 18.52 million
Subordinated debt N.A.
All other liabilities $ 4.35 million
      Total Liabilities $ 405.51 million
      Shareholders’ Equity $ 63.40 million

Summary Income Statement

December 31, 2019
INCOME AND EXPENSES
Total Interest Income $ 21.27 million
Total Interest Expense $ 3.05 million
Net interest income $ 18.22 million
Provision for loan and lease losses $ 0.70 million
Total non interest income $ 6.07 million
Total non interest expense $ 14.97 million
Pre-tax Net Operating Income $ 8.62 million

Bank Loan Profile?

The top three loan types in First Bank, Upper Michigan’s loan portfolio are Commercial Real Estate, 1-4 Family Residential Loans, and Small Business Loans.

Compared to other banks in Michigan, First Bank, Upper Michigan has a significantly higher percent of Consumer Auto Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 27.67
Multifamily
Mortgages
0.23
Credit Card Loans 0.00
Consumer Auto Loans 8.97
Small Business Loans 21.73
Construction and Development Loans 5.05
Commercial Real Estate 36.51
Commercial and Industrial Loans 18.40
Farm Loans 0.03

Frequently Asked Questions About First Bank, Upper Michigan

Branches and Savings

Is First Bank, Upper Michigan FDIC insured?

Yes. It is covered under FDIC Certificate #14276.

Why does First Bank, Upper Michigan pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are First Bank, Upper Michigan CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is First Bank, Upper Michigan a commercial bank?

Yes

Where are First Bank, Upper Michigan locations?

See branch locations nearby.

Is First Bank, Upper Michigan open on Saturdays?

Is First Bank, Upper Michigan open on Sundays?

What time does First Bank, Upper Michigan open?

What time does First Bank, Upper Michigan close?

Are First Bank, Upper Michigan ATMs Open 24/7?

Do First Bank, Upper Michigan ATMs accept cash deposits?

Can First Bank, Upper Michigan customers use other ATMs?

Do First Bank, Upper Michigan branches have notaries?

Will First Bank, Upper Michigan notarize my document?

What address for First Bank, Upper Michigan should I put for incoming ACH transfers?

Will the First Bank, Upper Michigan branch print checks?

Do First Bank, Upper Michigan checks expire?

Does First Bank, Upper Michigan require US citizenship to open account?

Can First Bank, Upper Michigan close my account?

Does First Bank, Upper Michigan Report to credit bureaus?

Does First Bank, Upper Michigan Use Equifax?

What is First Bank, Upper Michigan's ACH Routing Number?

What is First Bank, Upper Michigan's SWIFT code?

Products

Does First Bank, Upper Michigan offer mortgages?

Compare mortgage rates here.

Does First Bank, Upper Michigan offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does First Bank, Upper Michigan offer personal loans?

Compare personal loan rates here.

Does First Bank, Upper Michigan offer student loans?

Will First Bank, Upper Michigan cash a check?

Will First Bank, Upper Michigan redeem a savings bond?

Does First Bank, Upper Michigan cash savings bonds?

Will First Bank, Upper Michigan cash money orders?

Can First Bank, Upper Michigan issue a money order?

Does First Bank, Upper Michigan do currency exchange?

Background on The Bank

Who owns First Bank, Upper Michigan?

How long has First Bank, Upper Michigan been around?

Can First Bank, Upper Michigan transfer to other banks?

Does First Bank, Upper Michigan have quick pay?

Does First Bank, Upper Michigan accept rolled coins?

Will First Bank, Upper Michigan accept loose change?

Where is First Bank, Upper Michigan headquarters?

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