Freeport State Bank in Freeport, Minnesota (MN)
| Freeport State Bank | |
|---|---|
| General | FDIC Certificate #: 8210 Status: Active Federal Reserve ID: 72454 Bank Holding Company (Regulatory Top Holder): Freeport Bancshares, Inc. (RSSDID: 1125795, Location: Freeport, MN) Date Established: January 01, 1908 WWW: http://www.freeportstatebank.com Trust Powers Granted: No Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 3 (Domestic: 3, Interstate: No) FDIC's unique #: 5234 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes Agricultural lending institution: Yes Ownership Type: Non-Stock FFIEC Call Report 31 Filer: No State Chartered: Yes Subchapter S Corporations: No Asset Concentration Hierarchy: Agricultural Specialization Date of Deposit Insurance: January 01, 1934 Last Structure Change Effective Date: June 02, 2010 Last Structure Change Process Date: June 03, 2010 Last Data Update: June 03, 2010 Data Source Date: April 05, 2012 |
| Location | Address: 111 Main Street East, Freeport, MN 56331 County: Stearns 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): St. Cloud, MN (#6980) Combined Statistical Area (CSA): Minneapolis-St. Paul-St. Cloud, MN-WI (#378) Core Based Statistical Area (CBSA): St. Cloud, MN (#41060) CBSA Metro Statistical Area: St. Cloud, MN (#41060) |
| History of Changes | Change in Location |
| Financial Summary | Total assets: $88.4 mil Equity capital: $7.8 mil Deposits held in domestic offices: $77.2 mil Return on assets (ROA): 1.06% ($0.9 mil) Quarterly return on assets: 1.02% ($0.9 mil) Return on Equity (ROE): 12.16% ($1.0 mil) Quarterly return on equity: 11.55% ($0.9 mil) Net income: $0.9 mil Quarterly Net income: $0.2 mil Pretax return on assets: 1.60% ($1,414.0 mil) Quarterly Pretax return on assets: 1.54% ($1,361.0 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 21 |
| Total assets | $88,377 |
| Cash and due from depository institutions | $5,519 |
| Interest-bearing balances | $2,548 |
| Securities | $8,908 |
| Federal funds sold & reverse repurchase agreements | $300 |
| Net loans & leases | $69,810 |
| Loan loss allowance | $593 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $2,132 |
| Other real estate owned | $715 |
| Goodwill and other intangibles | $0 |
| All other assets | $993 |
| Life insurance assets | $88,377 |
| Total liabilities and capital | $80,581 |
| Total liabilities | $77,226 |
| Total deposits | $65,703 |
| Interest-bearing deposits | $77,226 |
| Deposits held in domestic offices | $95 |
| % insured (estimated) | 0.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $3,000 |
| Other borrowed funds | $0 |
| Subordinated debt | $355 |
| All other liabilities | $7,796 |
| Total equity capital | $7,796 |
| Total bank equity capital | $7,796 |
| Perpetual preferred stock | $0 |
| Common stock | $50 |
| Surplus | $5,960 |
| Undivided profits | $1,786 |
| Memoranda | |
| Noncurrent loans and leases | $0 |
| Noncurrent loans that are wholly or partially guaranteed by the U.S. government | $0 |
| Income earned, not collected on loans | $642 |
| Earning assets | $226 |
| Long-term assets (5+ years) | $388 |
| Average Assets, year-to-date | $81,566 |
| Average Assets, quarterly | $22,667 |
| Volatile liabilities | $85,409 |
| Insider loans | $87,357 |
| FHLB advances | $69,266 |
| Loans and leases held for sale | $86,805 |
| Unused loan commitments | $0 |
| Tier 1 (core) risk-based capital | $0 |
| Tier 2 risk-based capital | $7,796 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $9,121 |
| Derivatives | $2,090 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $4,859 |
| Total interest expense | $666 |
| Net interest income | $4,193 |
| Provision for loan and lease losses | $20 |
| Total noninterest income | $269 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $188 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $81 |
| Total noninterest expense | $3,076 |
| Salaries and employee benefits | $1,896 |
| Premises and equipment expense | $359 |
| Additional noninterest expense | $821 |
| Pre-tax net operating income | $1,366 |
| Securities gains (losses) | $0 |
| Applicable income taxes | $459 |
| Income before extraordinary items | $907 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $907 |
| Net charge-offs | $0 |
| Cash dividends | $907 |
| Sale, conversion, retirement of capital stock, net | -$5 |
| Net operating income | $295 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 6.10% |
| Cost of funding earning assets | 0.84% |
| Net interest margin | 5.26% |
| Noninterest income to earning assets | 0.34% |
| Noninterest expense to earning assets | 3.86% |
| Net operating income to assets | 1.06% |
| Return on assets (ROA) | 1.06% |
| Pretax return on assets | 1.60% |
| Return on equity (ROE) | 12.16% |
| Retained earnings to average equity (YTD only) | 8.21% |
| Net charge-offs to loans | -0.01% |
| Credit loss provision to net charge-offs | -400.00% |
| Efficiency ratio | 0.00% |
| Assets per employee | $68,938 |
| Cash dividends to net income (YTD only) | 4.21% |
| Condition Ratios (%) | |
| Loss allowance to loans | 32.52% |
| Loss allowance to noncurrent loans | 0.84% |
| Noncurrent assets plus other real estate owned to assets | 92.37% |
| Noncurrent loans to loans | 1.54% |
| Net loans and leases to deposits | 0.91% |
| Net loans and leases to core deposits | 90.40% |
| Equity capital to assets | 98.11% |
| Core capital (leverage) ratio | 8.82% |
| Tier 1 risk-based capital ratio | 8.98% |
| Total risk-based capital ratio | 11.26% |
| Memoranda | |
| Average assets | $12 |
| Average earning assets | $85,409 |
| Average equity | $7,456 |
| Average loans | $79,710 |
| 3 Minnesota Branches as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 5234 | Freeport State Bank | 111 Main Street East, Freeport, MN 56331 | January 01, 1908 | Full Service Brick and Mortar |  |
| 1 | 218127 | Detached Facility | 601 Main Street, New Munich, MN 56356 | January 31, 1979 | Limited Service Facility |  |
| 2 | 218128 | Melrose Branch | 219 East Main Street, Melrose, MN 56352 | August 02, 1999 | Full Service Brick and Mortar | |
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