Republic Bank, Inc. in Duluth, Minnesota (MN)
| Republic Bank, Inc. | |
|---|---|
| General | FDIC Certificate #: 22618 Status: Active Federal Reserve ID: 316354 Bank Holding Company (Regulatory Top Holder): Republic Bancshares, Inc. (RSSDID: 2070584, Location: Duluth, MN) Date Established: March 01, 1978 WWW: http://www.bankrepublic.com 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 #: 11358 FDIC's unique #: 15779 Numeric code: 21 Regulator: FDIC 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: March 01, 1978 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: 4929 Decker Road, Duluth, MN 55811 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 | Merge BIF and SAIF Funds into DIF |
| Financial Summary | Total assets: $314.8 mil Equity capital: $28.4 mil Deposits held in domestic offices: $266.4 mil Return on assets (ROA): 1.20% ($3.8 mil) Quarterly return on assets: 1.28% ($4.0 mil) Return on Equity (ROE): 13.22% ($3.7 mil) Quarterly return on equity: 13.93% ($3.9 mil) Net income: $3.7 mil Quarterly Net income: $1.0 mil Pretax return on assets: 1.20% ($3,777.6 mil) Quarterly Pretax return on assets: 1.28% ($4,029.4 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 70 |
| Total assets | $314,799 |
| Cash and due from depository institutions | $17,361 |
| Interest-bearing balances | $11,951 |
| Securities | $8,830 |
| Federal funds sold & reverse repurchase agreements | $24,150 |
| Net loans & leases | $255,239 |
| Loan loss allowance | $3,214 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $1,821 |
| Other real estate owned | $4,100 |
| Goodwill and other intangibles | $0 |
| All other assets | $3,298 |
| Life insurance assets | $314,799 |
| Total liabilities and capital | $286,395 |
| Total liabilities | $266,431 |
| Total deposits | $214,742 |
| Interest-bearing deposits | $266,431 |
| Deposits held in domestic offices | $86 |
| % insured (estimated) | 0.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $19,100 |
| Other borrowed funds | $0 |
| Subordinated debt | $864 |
| All other liabilities | $28,404 |
| Total equity capital | $28,404 |
| Total bank equity capital | $28,404 |
| Perpetual preferred stock | $0 |
| Common stock | $1,000 |
| Surplus | $22,000 |
| Undivided profits | $5,404 |
| Memoranda | |
| Noncurrent loans and leases | $0 |
| Noncurrent loans that are wholly or partially guaranteed by the U.S. government | $2,715 |
| Income earned, not collected on loans | $5,135 |
| Earning assets | $0 |
| Long-term assets (5+ years) | $867 |
| Average Assets, year-to-date | $300,170 |
| Average Assets, quarterly | $23,290 |
| Volatile liabilities | $305,386 |
| Insider loans | $310,497 |
| FHLB advances | $258,541 |
| Loans and leases held for sale | $302,492 |
| Unused loan commitments | $181 |
| Tier 1 (core) risk-based capital | $181 |
| Tier 2 risk-based capital | $28,117 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $38,163 |
| Derivatives | $13,365 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $14,942 |
| Total interest expense | $2,561 |
| Net interest income | $12,381 |
| Provision for loan and lease losses | $1,087 |
| Total noninterest income | $798 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $613 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $185 |
| Total noninterest expense | $8,434 |
| Salaries and employee benefits | $5,043 |
| Premises and equipment expense | $1,182 |
| Additional noninterest expense | $2,209 |
| Pre-tax net operating income | $3,658 |
| Securities gains (losses) | $0 |
| Applicable income taxes | $0 |
| Income before extraordinary items | $3,658 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $3,658 |
| Net charge-offs | $0 |
| Cash dividends | $3,658 |
| Sale, conversion, retirement of capital stock, net | $1,692 |
| Net operating income | $2,325 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 5.14% |
| Cost of funding earning assets | 0.88% |
| Net interest margin | 4.26% |
| Noninterest income to earning assets | 0.27% |
| Noninterest expense to earning assets | 2.90% |
| Net operating income to assets | 1.20% |
| Return on assets (ROA) | 1.20% |
| Pretax return on assets | 1.20% |
| Return on equity (ROE) | 13.22% |
| Retained earnings to average equity (YTD only) | 4.82% |
| Net charge-offs to loans | 0.67% |
| Credit loss provision to net charge-offs | 64.24% |
| Efficiency ratio | 2.80% |
| Assets per employee | $63,996 |
| Cash dividends to net income (YTD only) | 4.50% |
| Condition Ratios (%) | |
| Loss allowance to loans | 63.56% |
| Loss allowance to noncurrent loans | 1.24% |
| Noncurrent assets plus other real estate owned to assets | 62.59% |
| Noncurrent loans to loans | 2.93% |
| Net loans and leases to deposits | 1.99% |
| Net loans and leases to core deposits | 95.80% |
| Equity capital to assets | 106.53% |
| Core capital (leverage) ratio | 9.02% |
| Tier 1 risk-based capital ratio | 9.30% |
| Total risk-based capital ratio | 10.88% |
| Memoranda | |
| Average assets | $12 |
| Average earning assets | $305,386 |
| Average equity | $27,677 |
| Average loans | $290,836 |
| 7 Minnesota Branches as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 15779 | Republic Bank, Inc. | 4929 Decker Road, Duluth, MN 55811 | March 01, 1978 | Full Service Brick and Mortar |  |
| 1 | 255007 | Downtown Branch | 306 West Superior Street, Duluth, MN 55802 | May 04, 1987 | Full Service Brick and Mortar |  |
| 3 | 255009 | Super One Branch | 5300 Bristol Street, Duluth, MN 55807 | April 12, 1994 | Full Service Retail | |
| 4 | 255010 | Woodland Avenue Branch | 1619 Woodland Avenue, Duluth, MN 55803 | May 06, 1997 | Full Service Brick and Mortar | |
| 5 | 255011 | Esko Branch | 3 Thomson Road, Esko, MN 55733 | November 24, 1997 | Full Service Brick and Mortar | |
| 6 | 357009 | Hibbing Branch | 2521 First Avenue, Hibbing, MN 55746 | November 02, 1999 | Full Service Brick and Mortar | |
| 8 | 471108 | Hermantown Branch | 5094 Miller Trunk Highway, Hermantown, MN 55811 | January 15, 2008 | Full Service Retail | |
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