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GNRV (Grand River Commerce) Piotroski F-Score : 0 (As of Mar. 18, 2025)


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What is Grand River Commerce Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 0 is low, which usually implies poor business operation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Grand River Commerce has an F-score of 0. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Grand River Commerce's Piotroski F-Score or its related term are showing as below:

During the past 13 years, the highest Piotroski F-Score of Grand River Commerce was 7. The lowest was 0. And the median was 5.


Grand River Commerce Piotroski F-Score Historical Data

The historical data trend for Grand River Commerce's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Grand River Commerce Piotroski F-Score Chart

Grand River Commerce Annual Data
Trend Dec10 Dec11 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 6.00 5.00 2.00 -

Grand River Commerce Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - - - -

How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was $-7.30 Mil.
Cash Flow from Operations was $-10.88 Mil.
Revenue was $13.21 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (530.25 + 549.076) / 2 = $539.663 Mil.
Total Assets at the begining of this year (Dec22) was $530.25 Mil.
Long-Term Debt & Capital Lease Obligation was $49.87 Mil.
Total Assets was $549.08 Mil.
Total Liabilities was $513.45 Mil.
Net Income was $-2.17 Mil.

Revenue was $15.91 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (489.452 + 530.25) / 2 = $509.851 Mil.
Total Assets at the begining of last year (Dec21) was $489.45 Mil.
Long-Term Debt & Capital Lease Obligation was $22.55 Mil.
Total Assets was $530.25 Mil.
Total Liabilities was $487.41 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Grand River Commerce's current Net Income (TTM) was -7.30. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Grand River Commerce's current Cash Flow from Operations (TTM) was -10.88. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=-7.3/530.25
=-0.01376709

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-2.174/489.452
=-0.0044417

Grand River Commerce's return on assets of this year was -0.01376709. Grand River Commerce's return on assets of last year was -0.0044417. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Grand River Commerce's current Net Income (TTM) was -7.30. Grand River Commerce's current Cash Flow from Operations (TTM) was -10.88. ==> -10.88 <= -7.30 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=49.866/539.663
=0.09240211

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=22.545/509.851
=0.0442188

Grand River Commerce's gearing of this year was 0.09240211. Grand River Commerce's gearing of last year was 0.0442188. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Dec23)=Total Assets/Total Liabilities
=549.076/513.448
=1.06938969

Current Ratio (Last Year: Dec22)=Total Assets/Total Liabilities
=530.25/487.411
=1.08789092

Grand River Commerce's current ratio of this year was 1.06938969. Grand River Commerce's current ratio of last year was 1.08789092. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Grand River Commerce's number of shares in issue this year was 7.776. Grand River Commerce's number of shares in issue last year was 7.022. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=-7.3/13.205
=-0.5528209

Net Margin (Last Year: TTM)=Net Income/Revenue
=-2.174/15.908
=-0.1366608

Grand River Commerce's net margin of this year was -0.5528209. Grand River Commerce's net margin of last year was -0.1366608. ==> Last year's net margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=13.205/530.25
=0.02490335

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=15.908/489.452
=0.03250165

Grand River Commerce's asset turnover of this year was 0.02490335. Grand River Commerce's asset turnover of last year was 0.03250165. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+0+0+0+0+0+0+0+0
=0

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Grand River Commerce has an F-score of 0. It is a bad or low score, which usually implies poor business operation.

Grand River Commerce  (OTCPK:GNRV) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Grand River Commerce Piotroski F-Score Related Terms

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Grand River Commerce Business Description

Traded in Other Exchanges
N/A
Address
4471 Wilson Avenue, South West, Grandville, MI, USA, 49418
Grand River Commerce Inc is a United States-based bank holding company. It operates a full-service commercial bank and offers a range of commercial and consumer banking services to businesses, professionals, and local residents. The bank's deposit products are Interest and Non-interest-bearing checking accounts, Savings accounts, and Time deposits, and its primary lending products are Real estate mortgages and commercial and consumer loans. The company's prime source of revenue is the interest income.
Executives
Patrick K Gill officer: PRES/CEO - Grand River Bank
Thomas Patrick Jeakle director 333 BRIDGE NW, 11TH FLOOR, GRAND RAPIDS MI 49504
Randall L Hartgerink director 4471 WILSON AVENUE SW, GRANDVILLE MI 49418
Ted Kortes director PO BOX 100, MT. PLEASANT MI 48804-0100
Blauw Richard James Jr director 4471 WILSON AVENUE SW, GRANDVILLE MI 49418
Roger Lee Roode director 4471 WILSON AVENUE SW, GRANDVILLE MI 49418
Jerry Andrew Sytsma director, officer: VICE PRESIDENT, SECRETARY 4471 WILSON AVENUE SW, GRANDVILLE MI 49418
Robert Paul Bilotti director, officer: CHAIRMAN, PRESIDENT AND CEO 4471 WILSON AVENUE SW, GRANDVILLE MI 49418
Jeffrey Alan Elders director, officer: Treasurer 4471 WILSON AVENUE SW, GRANDVILLE MI 49418
David Kenneth Hovingh director 4471 WILSON AVENUE SW, GRANDVILLE MI 49418
Cheryl Mae Blouw director 4471 WISLON AVENUE SW, GRANDVILLE MI 49418
David Harold Blossey director 4471 WILSON AVENUE SW, GRANDVILLE MI 49418
Lawrence Barcley Fitch director 4471 WILSON AVENUE SW, GRANDVILLE MI 49418
Elizabeth Claire Bracken officer: Chief Financial Officer 4471 WILSON AVE. SW, GRANDVILLE MI 49418
Mark Arden Martis officer: CLO for Grand River Bank 4471 WILSON AVE SW, GRANDVILLE MI 49418

Grand River Commerce Headlines