Midwest Bank in Detroit Lakes, Minnesota (MN)
| Midwest Bank | |
|---|---|
| General | FDIC Certificate #: 9737 Status: Active Federal Reserve ID: 806958 Bank Holding Company (Regulatory Top Holder): Midwest Bank Group, Inc. (RSSDID: 1125580, Location: Detroit Lakes, MN) Date Established: June 01, 1917 WWW: http://www.midwestbank.net Trust Powers Granted: No Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 7 (Domestic: 7, Interstate: No) OTS Docket #: 14221 FDIC's unique #: 6227 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: Yes Asset Concentration Hierarchy: Agricultural 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: 613 Highway 10 East, Detroit Lakes, MN 56501 County: Becker Quarterly Banking Profile Region: Kansas City FDIC Geographic Region: Kansas City FDIC Supervisory Region: Kansas City FDIC Field Office: Fargo 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: $299.8 mil Equity capital: $26.4 mil Deposits held in domestic offices: $265.2 mil Return on assets (ROA): 2.20% ($6.6 mil) Quarterly return on assets: 2.04% ($6.1 mil) Return on Equity (ROE): 24.15% ($6.3 mil) Quarterly return on equity: 22.68% ($5.9 mil) Net income: $6.1 mil Quarterly Net income: $1.5 mil Pretax return on assets: 2.20% ($6,595.6 mil) Quarterly Pretax return on assets: 2.04% ($6,116.0 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 77 |
| Total assets | $299,802 |
| Cash and due from depository institutions | $9,747 |
| Interest-bearing balances | $1,271 |
| Securities | $19,874 |
| Federal funds sold & reverse repurchase agreements | $12,375 |
| Net loans & leases | $247,163 |
| Loan loss allowance | $2,739 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $3,387 |
| Other real estate owned | $3,589 |
| Goodwill and other intangibles | $229 |
| All other assets | $3,438 |
| Life insurance assets | $299,802 |
| Total liabilities and capital | $273,415 |
| Total liabilities | $265,192 |
| Total deposits | $219,974 |
| Interest-bearing deposits | $265,192 |
| Deposits held in domestic offices | $84 |
| % insured (estimated) | 0.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $7,000 |
| Other borrowed funds | $0 |
| Subordinated debt | $1,223 |
| All other liabilities | $26,387 |
| Total equity capital | $26,387 |
| Total bank equity capital | $26,387 |
| Perpetual preferred stock | $0 |
| Common stock | $250 |
| Surplus | $18,250 |
| Undivided profits | $7,887 |
| Memoranda | |
| Noncurrent loans and leases | $0 |
| Noncurrent loans that are wholly or partially guaranteed by the U.S. government | $4,453 |
| Income earned, not collected on loans | $739 |
| Earning assets | $0 |
| Long-term assets (5+ years) | $1,726 |
| Average Assets, year-to-date | $280,683 |
| Average Assets, quarterly | $29,459 |
| Volatile liabilities | $279,191 |
| Insider loans | $292,336 |
| FHLB advances | $251,565 |
| Loans and leases held for sale | $291,963 |
| Unused loan commitments | $126 |
| Tier 1 (core) risk-based capital | $126 |
| Tier 2 risk-based capital | $25,931 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $64,515 |
| Derivatives | $0 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $14,995 |
| Total interest expense | $3,098 |
| Net interest income | $11,897 |
| Provision for loan and lease losses | $0 |
| Total noninterest income | $1,491 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $769 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $722 |
| Total noninterest expense | $7,246 |
| Salaries and employee benefits | $4,193 |
| Premises and equipment expense | $958 |
| Additional noninterest expense | $2,095 |
| Pre-tax net operating income | $6,142 |
| Securities gains (losses) | $8 |
| Applicable income taxes | $5 |
| Income before extraordinary items | $6,145 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $6,145 |
| Net charge-offs | $0 |
| Cash dividends | $6,145 |
| Sale, conversion, retirement of capital stock, net | $143 |
| Net operating income | $4,995 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 5.74% |
| Cost of funding earning assets | 1.19% |
| Net interest margin | 4.56% |
| Noninterest income to earning assets | 0.57% |
| Noninterest expense to earning assets | 2.78% |
| Net operating income to assets | 2.20% |
| Return on assets (ROA) | 2.20% |
| Pretax return on assets | 2.20% |
| Return on equity (ROE) | 24.15% |
| Retained earnings to average equity (YTD only) | 4.52% |
| Net charge-offs to loans | 0.06% |
| Credit loss provision to net charge-offs | 0.00% |
| Efficiency ratio | 42.95% |
| Assets per employee | $54,123 |
| Cash dividends to net income (YTD only) | 3.89% |
| Condition Ratios (%) | |
| Loss allowance to loans | 81.29% |
| Loss allowance to noncurrent loans | 1.10% |
| Noncurrent assets plus other real estate owned to assets | 370.64% |
| Noncurrent loans to loans | 1.44% |
| Net loans and leases to deposits | 0.30% |
| Net loans and leases to core deposits | 93.20% |
| Equity capital to assets | 102.06% |
| Core capital (leverage) ratio | 8.80% |
| Tier 1 risk-based capital ratio | 8.88% |
| Total risk-based capital ratio | 10.31% |
| Memoranda | |
| Average assets | $11 |
| Average earning assets | $279,191 |
| Average equity | $25,447 |
| Average loans | $261,111 |
| 7 Minnesota Branches as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 6227 | Midwest Bank | 613 Highway 10 East, Detroit Lakes, MN 56501 | June 01, 1917 | Full Service Brick and Mortar |  |
| 1 | 221092 | Callaway Branch | Main And Wisconsin Streets, Callaway, MN 56521 | August 21, 1978 | Full Service Brick and Mortar |  |
| 2 | 221093 | Barnesville Branch | 215 Front Street South, Barnesville, MN 56514 | Febuary 02, 1998 | Full Service Brick and Mortar | |
| 3 | 221094 | Waubun Branch | 1211 First Street, Waubun, MN 56589 | June 01, 1998 | Full Service Brick and Mortar | |
| 4 | 360052 | Detroit Lakes Wal-Mart Branch | 1583 Highway 10 West, Detroit Lakes, MN 56501 | Febuary 28, 2001 | Full Service Brick and Mortar | |
| 5 | 3510 | Parkers Prairie Branch | 105 East Soo Street, Parkers Prairie, MN 56361 | May 03, 1903 | Full Service Brick and Mortar | |
| 6 | 5644 | Dalton Branch | Main Street, Dalton, MN 56324 | January 01, 1908 | Full Service Brick and Mortar | |
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