FDIC Certificate #: 33941 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Security State Bank of Aitkin (#16656) Federal Reserve ID: 2244349 Date Established: October 03, 1994 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 1 (Interstate: No) FDIC's unique #: 55110 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Bank Insurance Fund (BIF) Bank Insurance Fund: Yes Insured commercial Banks: Yes FDIC Insured: Yes State Chartered: Yes Date of Deposit Insurance: October 03, 1994 Last Structure Change Effective Date: June 22, 2001 Last Structure Change Process Date: July 16, 2001 Last Data Update: July 16, 2001 Data Source Date: April 05, 2012
Location
Address: 6 Wisconsin Street, Grand Marais, MN 55604 County: Cook Quarterly Banking Profile Region: Kansas City FDIC Geographic Region: Kansas City FDIC Supervisory Region: Kansas City FDIC Field Office: Minneapolis Office of the Comptroller the Currency (OCC) District: Central Office of Thrift Supervision Region: West
Financial Summary
Total assets: $13.7 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Historical total employees (full-time equivalent)
Assets and Liabilities (December 31, 2000)
Dollar figures in thousands
7Total employees (full-time equivalent)
$13,700Total assets
$760Cash and due from depository institutions
$0Interest-bearing balances
$2,242Securities
$50Federal funds sold & reverse repurchase agreements
$9,560Net loans & leases
$222Loan loss allowance
$0Trading account assets
$885Bank premises and fixed assets
$75Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$128All other assets
$13,700Total liabilities and capital
$10,990Total liabilities
$10,060Total deposits
$8,374Interest-bearing deposits
$10,060Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$840Other borrowed funds
$0Subordinated debt
$90All other liabilities
$2,710Total equity capital
$2,710Total bank equity capital
$2,710Perpetual preferred stock
$0Common stock
$300Surplus
$2,200Undivided profits
Memoranda
$210Noncurrent loans and leases
$948Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$26Earning assets
$0Long-term assets (5+ years)
$75Average Assets, year-to-date
$11,852Average Assets, quarterly
$2,667Volatile liabilities
$13,323Insider loans
$13,765FHLB advances
$3,083Loans and leases held for sale
$457Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$948Total unused commitments
$0Restructured Loans and leases
$121Derivatives
Income and Expense (December 31, 2000)
Dollar figures in thousands
$1,048Total interest income
$451Total interest expense
$597Net interest income
$0Provision for loan and lease losses
$40Total noninterest income
$0Fiduciary activities
$21Service charges on deposit accounts
$0Trading account gains & fees
$19Additional noninterest income
$578Total noninterest expense
$291Salaries and employee benefits
$107Premises and equipment expense
$180Additional noninterest expense
$59Pre-tax net operating income
-$45Securities gains (losses)
$2Applicable income taxes
$12Income before extraordinary items
$0Extraordinary gains - net
$12Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$0Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2000)
Dollar figures in thousands
Performance Ratios (%, annualized)
9.12%Yield on earning assets
3.92%Cost of funding earning assets
5.19%Net interest margin
0.35%Noninterest income to earning assets
5.03%Noninterest expense to earning assets
0.38%Net operating income to assets
0.09%Return on assets (ROA)
0.11%Pretax return on assets
0.45%Return on equity (ROE)
0.45%Retained earnings to average equity (YTD only)
0.00%Net charge-offs to loans
0.00%Credit loss provision to net charge-offs
0.00%Efficiency ratio
90,738Assets per employee
1.96%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
2.27%Loss allowance to noncurrent loans
853.85%Noncurrent assets plus other real estate owned to assets
0.74%Noncurrent loans to loans
0.27%Net loans and leases to deposits
95.03%Net loans and leases to core deposits
137.02%Equity capital to assets
19.78%Core capital (leverage) ratio
19.74%Tier 1 risk-based capital ratio
28.11%Total risk-based capital ratio
Memoranda
$29Average assets
$13,323Average earning assets
$2,654Average equity
$11,494Average loans
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