FDIC Certificate #: 8221 Status: Inactive Closing history: Corrections Acquiring institution:Northern State Bank (#15242) Federal Reserve ID: 143653 Date Established: January 01, 1906 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 1 (Interstate: No) OTS Docket #: 14687 FDIC's unique #: 5244 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes State Chartered: Yes Date of Deposit Insurance: January 01, 1934 Last Structure Change Effective Date: March 19, 2010 Last Structure Change Process Date: March 23, 2010 Last Data Update: March 23, 2010 Data Source Date: April 05, 2012
Location
Address: 213 North Main Street, Aurora, MN 55705 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)
History of Changes
Absorption - Assisted
Corrections
Financial Summary
Total assets: $28.2 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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, 2009)
Dollar figures in thousands
9Total employees (full-time equivalent)
$28,159Total assets
$1,488Cash and due from depository institutions
$753Interest-bearing balances
$2,769Securities
$2,457Federal funds sold & reverse repurchase agreements
$19,536Net loans & leases
$1,177Loan loss allowance
$0Trading account assets
$442Bank premises and fixed assets
$823Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$644All other assets
$28,159Total liabilities and capital
$27,834Total liabilities
$27,801Total deposits
$24,305Interest-bearing deposits
$27,801Deposits held in domestic offices
93.76%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$33All other liabilities
$325Total equity capital
$325Total bank equity capital
$325Perpetual preferred stock
$0Common stock
$100Surplus
$1,650Undivided profits
Memoranda
$-1,425Noncurrent loans and leases
$787Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$3,398Earning assets
$0Long-term assets (5+ years)
$113Average Assets, year-to-date
$25,515Average Assets, quarterly
$1,818Volatile liabilities
$29,884Insider loans
$28,165FHLB advances
$3,044Loans and leases held for sale
$0Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$787Total unused commitments
$358Restructured Loans and leases
$257Derivatives
Income and Expense (December 31, 2009)
Dollar figures in thousands
$1,317Total interest income
$367Total interest expense
$950Net interest income
$2,021Provision for loan and lease losses
$96Total noninterest income
$0Fiduciary activities
$70Service charges on deposit accounts
$0Trading account gains & fees
$26Additional noninterest income
$1,096Total noninterest expense
$468Salaries and employee benefits
$166Premises and equipment expense
$462Additional noninterest expense
-$2,071Pre-tax net operating income
$0Securities gains (losses)
-$110Applicable income taxes
-$1,961Income before extraordinary items
$0Extraordinary gains - net
-$1,961Net income attributable to bank
$0Net charge-offs
-$1,961Cash dividends
$1,747Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2009)
Dollar figures in thousands
Performance Ratios (%, annualized)
4.77%Yield on earning assets
1.33%Cost of funding earning assets
3.44%Net interest margin
0.35%Noninterest income to earning assets
3.97%Noninterest expense to earning assets
-6.56%Net operating income to assets
-6.56%Return on assets (ROA)
-6.93%Pretax return on assets
-134.08%Return on equity (ROE)
-134.08%Retained earnings to average equity (YTD only)
7.23%Net charge-offs to loans
115.68%Credit loss provision to net charge-offs
-0.03%Efficiency ratio
104,780Assets per employee
3.13%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
5.68%Loss allowance to noncurrent loans
34.64%Noncurrent assets plus other real estate owned to assets
14.99%Noncurrent loans to loans
16.41%Net loans and leases to deposits
70.27%Net loans and leases to core deposits
78.91%Equity capital to assets
1.15%Core capital (leverage) ratio
1.04%Tier 1 risk-based capital ratio
1.58%Total risk-based capital ratio
Memoranda
$3Average assets
$29,884Average earning assets
$1,463Average equity
$27,598Average loans
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