Friday, July 10, 2020

All 10 Michigan Banks Filing With the SEC Reported Total Pretax Income in the 1Q of 2020 Which Declined By 136% From the 1Q of 2019

From a review of Company SEC filings, I found 10 Banks headquartered in Michigan which filed their 1Q 2020 financial statements with the SEC.

The table below shows the US GAAP Pretax Income (Loss) From Continuing Operations for the first quarter of both 2020 and 2019 for each of these 10 Michigan Banks.
  US US
GAAP GAAP
Pretax Pretax
Income Income
  (Loss) (Loss) Better
    First First (Worse)
Michigan Banks   Quarter Quarter %
All Cos Filing 1Q 2020 Financial Statements With SEC City HQs 2020 2019  Change
mils $ mils $
TCF Financial Corp Detroit                  67                  95
Flagstar Bancorp Troy                  56                  44
Mercantile Bank Grand Rspids                  13                  15
Macatawa Bank Holland                    8                    9
Independent Bank Grand Rspids                    6                  12
ChoiceOne Financial Services Sparta                    4                    2
Level One Bancorp Farmington Hills                    4                    4
Mackinac Financial Manistique                    4                    4
Isabella Bank Mt. Pleasant                    3                    4
Ally Financial Detroit              (411)                486
Total all 10 Michigan Banks              (246)                675 -136%



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