Grand Marais State Bank in Grand Marais, Minnesota (MN)
| Grand Marais State Bank | |
|---|---|
| General | FDIC Certificate #: 8842 Status: Active Federal Reserve ID: 945950 Bank Holding Company (Regulatory Top Holder): Central Trust Company (RSSDID: 1020920, Location: Edina, MN) Date Established: September 16, 1916 WWW: http://www.grandmaraisstatebank.com Trust Powers Granted: No Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB) Offices: 2 (Domestic: 2, Interstate: No) FDIC's unique #: 5637 Numeric code: 13 Regulator: FED Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes Ownership Type: Non-Stock FFIEC Call Report 31 Filer: No State Chartered: Yes Subchapter S Corporations: Yes Asset Concentration Hierarchy: Commercial Lending Specialization Date of Deposit Insurance: January 01, 1934 Last Structure Change Effective Date: March 31, 2006 Last Structure Change Process Date: November 03, 2006 Last Data Update: November 03, 2006 Data Source Date: April 05, 2012 |
| Location | Address: 211 East Highway 61, 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 |
| History of Changes | Merge BIF and SAIF Funds into DIF |
| Financial Summary | Total assets: $74.0 mil Equity capital: $5.9 mil Deposits held in domestic offices: $66.0 mil Return on assets (ROA): 1.81% ($1.3 mil) Quarterly return on assets: 1.37% ($1.0 mil) Return on Equity (ROE): 23.04% ($1.4 mil) Quarterly return on equity: 17.74% ($1.1 mil) Net income: $1.3 mil Quarterly Net income: $0.3 mil Pretax return on assets: 1.81% ($1,339.2 mil) Quarterly Pretax return on assets: 1.37% ($1,013.7 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 17 |
| Total assets | $73,990 |
| Cash and due from depository institutions | $2,456 |
| Interest-bearing balances | $0 |
| Securities | $24,801 |
| Federal funds sold & reverse repurchase agreements | $0 |
| Net loans & leases | $43,752 |
| Loan loss allowance | $410 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $1,848 |
| Other real estate owned | $290 |
| Goodwill and other intangibles | $0 |
| All other assets | $843 |
| Life insurance assets | $73,990 |
| Total liabilities and capital | $68,101 |
| Total liabilities | $66,047 |
| Total deposits | $48,532 |
| Interest-bearing deposits | $66,047 |
| Deposits held in domestic offices | $88 |
| % insured (estimated) | 0.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $1,925 |
| Other borrowed funds | $0 |
| Subordinated debt | $129 |
| All other liabilities | $5,889 |
| Total equity capital | $5,889 |
| Total bank equity capital | $5,889 |
| Perpetual preferred stock | $0 |
| Common stock | $200 |
| Surplus | $2,800 |
| Undivided profits | $2,889 |
| Memoranda | |
| Noncurrent loans and leases | $0 |
| Noncurrent loans that are wholly or partially guaranteed by the U.S. government | $113 |
| Income earned, not collected on loans | $0 |
| Earning assets | $0 |
| Long-term assets (5+ years) | $341 |
| Average Assets, year-to-date | $68,553 |
| Average Assets, quarterly | $27,398 |
| Volatile liabilities | $71,607 |
| Insider loans | $75,900 |
| FHLB advances | $40,947 |
| Loans and leases held for sale | $75,330 |
| Unused loan commitments | $0 |
| Tier 1 (core) risk-based capital | $0 |
| Tier 2 risk-based capital | $5,776 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $3,102 |
| Derivatives | $220 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $3,293 |
| Total interest expense | $385 |
| Net interest income | $2,908 |
| Provision for loan and lease losses | $50 |
| Total noninterest income | $573 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $101 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $472 |
| Total noninterest expense | $2,133 |
| Salaries and employee benefits | $1,026 |
| Premises and equipment expense | $498 |
| Additional noninterest expense | $609 |
| Pre-tax net operating income | $1,298 |
| Securities gains (losses) | $0 |
| Applicable income taxes | $0 |
| Income before extraordinary items | $1,298 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $1,298 |
| Net charge-offs | $0 |
| Cash dividends | $1,298 |
| Sale, conversion, retirement of capital stock, net | $72 |
| Net operating income | $1,217 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 4.97% |
| Cost of funding earning assets | 0.58% |
| Net interest margin | 4.39% |
| Noninterest income to earning assets | 0.86% |
| Noninterest expense to earning assets | 3.22% |
| Net operating income to assets | 1.81% |
| Return on assets (ROA) | 1.81% |
| Pretax return on assets | 1.81% |
| Return on equity (ROE) | 23.04% |
| Retained earnings to average equity (YTD only) | 1.44% |
| Net charge-offs to loans | 0.16% |
| Credit loss provision to net charge-offs | 69.44% |
| Efficiency ratio | 18.72% |
| Assets per employee | $61,275 |
| Cash dividends to net income (YTD only) | 4.35% |
| Condition Ratios (%) | |
| Loss allowance to loans | 93.76% |
| Loss allowance to noncurrent loans | 0.93% |
| Noncurrent assets plus other real estate owned to assets | 0.00% |
| Noncurrent loans to loans | 0.39% |
| Net loans and leases to deposits | 0.00% |
| Net loans and leases to core deposits | 66.24% |
| Equity capital to assets | 67.85% |
| Core capital (leverage) ratio | 7.96% |
| Tier 1 risk-based capital ratio | 7.67% |
| Total risk-based capital ratio | 14.11% |
| Memoranda | |
| Average assets | $15 |
| Average earning assets | $71,607 |
| Average equity | $5,633 |
| Average loans | $66,295 |
| 2 Minnesota Branches as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 5637 | Grand Marais State Bank | 211 East Highway 61, Grand Marais, MN 55604 | September 16, 1916 | Full Service Brick and Mortar |  |
| 1 | 219050 | Tofte Branch | 4 Johannes Lane, Tofte, MN 55615 | September 04, 1985 | Full Service Brick and Mortar |  |
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