Mountain Iron First State Bank in Mountain Iron, Minnesota (MN)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of April 01, 2002

Mountain Iron First State Bank in Mountain Iron, Minnesota (MN)
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Mountain Iron First State Bank - Overview

General
FDIC Certificate #: 1928
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: American Bank of the North (#5216)
Federal Reserve ID: 714558
Date Established: November 11, 1916
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 4 (Interstate: No)
OTS Docket #: 11200
FDIC's unique #: 1293
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: January 01, 1934
Last Structure Change Effective Date: April 01, 2002
Last Structure Change Process Date: April 25, 2002
Last Data Update: April 25, 2002
Data Source Date: April 05, 2012
Location
Address: 8401 8th Street South, Mountain Iron, MN 55768
County: St. Louis
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
Metropolitan Statistical Area (MSA): Duluth-Superior, MN-WI (#2240)
Core Based Statistical Area (CBSA): Duluth, MN-WI (#20260)
CBSA Metro Statistical Area: Duluth, MN-WI (#20260)
Financial Summary
Total assets: $80.7 mil

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 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, 2001)

Dollar figures in thousands
33Total employees (full-time equivalent)
$82,360Total assets
$3,829Cash and due from depository institutions
$30Interest-bearing balances
$2,089Securities
$0Federal funds sold & reverse repurchase agreements
$73,304Net loans & leases
$688Loan loss allowance
$0Trading account assets
$1,240Bank premises and fixed assets
$400Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$1,498All other assets
$82,360Total liabilities and capital
$76,219Total liabilities
$65,643Total deposits
$56,938Interest-bearing deposits
$65,643Deposits held in domestic offices
0.00%% insured (estimated)
$5,839Federal funds purchased & repurchase agreements
$0Trading liabilities
$4,500Other borrowed funds
$0Subordinated debt
$237All other liabilities
$6,141Total equity capital
$6,141Total bank equity capital
$6,141Perpetual preferred stock
$0Common stock
$190Surplus
$5,560Undivided profits
Memoranda
$391Noncurrent loans and leases
$11,526Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$481Earning assets
$0Long-term assets (5+ years)
$560Average Assets, year-to-date
$75,423Average Assets, quarterly
$5,190Volatile liabilities
$75,806Insider loans
$80,281FHLB advances
$16,071Loans and leases held for sale
$446Unused loan commitments
$4,500Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$11,526Total unused commitments
$0Restructured Loans and leases
$688Derivatives

Income and Expense (December 31, 2001)

Dollar figures in thousands
$6,060Total interest income
$2,706Total interest expense
$3,354Net interest income
$290Provision for loan and lease losses
$207Total noninterest income
$0Fiduciary activities
$139Service charges on deposit accounts
$0Trading account gains & fees
$68Additional noninterest income
$1,851Total noninterest expense
$1,003Salaries and employee benefits
$236Premises and equipment expense
$612Additional noninterest expense
$1,420Pre-tax net operating income
$0Securities gains (losses)
$62Applicable income taxes
$1,358Income before extraordinary items
$0Extraordinary gains - net
$1,358Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$100Sale, conversion, retirement of capital stock, net
$453Net operating income

Performance and Condition Ratios (December 31, 2001)

Dollar figures in thousands
Performance Ratios (%, annualized)
8.51%Yield on earning assets
3.80%Cost of funding earning assets
4.71%Net interest margin
0.29%Noninterest income to earning assets
2.60%Noninterest expense to earning assets
1.79%Net operating income to assets
1.79%Return on assets (ROA)
1.87%Pretax return on assets
24.05%Return on equity (ROE)
16.03%Retained earnings to average equity (YTD only)
0.15%Net charge-offs to loans
290.00%Credit loss provision to net charge-offs
17.10%Efficiency ratio
51,980Assets per employee
2.50%Cash dividends to net income (YTD only)
Condition Ratios (%)
33.36%Loss allowance to loans
0.93%Loss allowance to noncurrent loans
143.04%Noncurrent assets plus other real estate owned to assets
1.07%Noncurrent loans to loans
0.65%Net loans and leases to deposits
111.67%Net loans and leases to core deposits
125.50%Equity capital to assets
7.46%Core capital (leverage) ratio
7.86%Tier 1 risk-based capital ratio
10.02%Total risk-based capital ratio
Memoranda
$11Average assets
$75,806Average earning assets
$5,646Average equity
$71,249Average loans

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