Grand River Commerce Inc (PK:GNRV)
Business Focus: Banks
| Sector: Financials | Industry: Banks |
| Company Contact | |
| Address: | 4471 Wilson Ave SW GRANDVILLE MI 49418 |
| Tel: | N/A |
| Website: | https://grcommerce.q4ir.com |
| IR: | See website |
| Key People | ||
| Robert P. Bilotti Chairman of the Board, President, Chief Executive Officer of the Company and Chairman of the Bank | Elizabeth C. Bracken CFO; Senior Vice President, Chief Financial and Chief Operating Officer of the Bank | Patrick K. Gill Director; President, Chief Executive Officer of the Bank | Mark A. Martis Chief Lending Officer and Senior Vice President of the Bank |
| Business Overview |
| Grand River Commerce, Inc. is a holding company. The Company operates through its subsidiary, Grand River Bank (the Bank). The Bank is a full-service commercial bank, serving the communities of Grandville, Grand Rapids and the surrounding areas in Kent and Ottawa counties in Michigan, offering a range of commercial and consumer banking services to businesses, professionals, and residents. The Bank's primary deposit products are interest and noninterest-bearing checking accounts, savings accounts and time deposits and its primary lending products are real estate mortgages, commercial and consumer loans. The majority of the Bank's loan portfolio is comprised of commercial real estate and commercial and industrial loans. Grand River Mortgage Company, LLC (GRMC) is a wholly owned subsidiary of the Bank, which is a direct-to-consumer national mortgage lender that has built a digital platform designed to simplify the mortgage experience. |
| Financial Overview |
| For the six months ended 30 June 2012, Grand River Commerce Inc interest income increased 42% to $1.8M. Net interest income after loan loss provision increased 47% to $1.3M. Net loss increased 48% to $473K. Net interest income after loan loss provision reflects Loans, including fees increase of 46% to $1.8M. Higher net loss reflects Salaries and benefits increase of 72% to $1.2M (expense). |
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