Central Savings Bank in Sault Sainte Marie, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

Central Savings Bank - Overview

  • General
  • FDIC Certificate #: 1095
    Status: Active
    Federal Reserve ID: 382050
    Bank Holding Company (Regulatory Top Holder): Central Bank Corporation (RSSDID: 1246805, Location: Sault Sainte Marie, MI)
    Date Established: December 02, 1902
    WWW: http://www.centralsavingsbank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
    Offices: 9 (Domestic: 9, Interstate: No)
    OTS Docket #: 13474
    FDIC's unique #: 740
    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: No
    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: 511 Bingham Avenue, Sault Sainte Marie, MI 49783
    County: Chippewa
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Grand Rapids
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
    Core Based Statistical Area (CBSA): Sault Ste. Marie, MI (#42300)
    CBSA Micro Statistical Area: Yes
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $243.6 mil
    Equity capital: $25.0 mil
    Deposits held in domestic offices: $210.3 mil
    Return on assets (ROA): 0.80% ($2.0 mil)
    Quarterly return on assets: 0.78% ($1.9 mil)
    Return on Equity (ROE): 7.87% ($2.0 mil)
    Quarterly return on equity: 7.75% ($1.9 mil)
    Net income: $1.9 mil
    Quarterly Net income: $0.5 mil
    Pretax return on assets: 0.89% ($2,167.8 mil)
    Quarterly Pretax return on assets: 0.59% ($1,437.1 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, 2011)

  • Dollar figures in thousands
  • 62Total employees (full-time equivalent)
  • $243,578Total assets
  • $45,240Cash and due from depository institutions
  • $29,698Interest-bearing balances
  • $48,146Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $129,498Net loans & leases
  • $3,752Loan loss allowance
  • $0Trading account assets
  • $2,951Bank premises and fixed assets
  • $5,224Other real estate owned
  • $378Goodwill and other intangibles
  • $243,578Life insurance assets
  • $12,141All other assets
  • $218,535Total liabilities and capital
  • $210,311Total liabilities
  • $152,861Total deposits
  • $210,311Interest-bearing deposits
  • $83Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $6,000Trading liabilities
  • $0Other borrowed funds
  • $2,224Subordinated debt
  • $25,043All other liabilities
  • $25,043Total equity capital
  • $25,043Total bank equity capital
  • $0Perpetual preferred stock
  • $1,125Common stock
  • $8,475Surplus
  • $15,443Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $490Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $2,800Income earned, not collected on loans
  • $0Earning assets
  • $838Long-term assets (5+ years)
  • $207,342Average Assets, year-to-date
  • $73,222Average Assets, quarterly
  • $240,270Volatile liabilities
  • $249,337Insider loans
  • $147,311FHLB advances
  • $244,770Loans and leases held for sale
  • $7,139Unused loan commitments
  • $7,139Tier 1 (core) risk-based capital
  • $23,665Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $10,205Restructured Loans and leases
  • $4,768Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $10,065Total interest income
  • $2,384Total interest expense
  • $7,681Net interest income
  • $287Provision for loan and lease losses
  • $1,811Total noninterest income
  • $0Fiduciary activities
  • $559Service charges on deposit accounts
  • $0Trading account gains & fees
  • $1,252Additional noninterest income
  • $6,618Total noninterest expense
  • $3,142Salaries and employee benefits
  • $667Premises and equipment expense
  • $2,809Additional noninterest expense
  • $2,587Pre-tax net operating income
  • -$437Securities gains (losses)
  • $237Applicable income taxes
  • $1,913Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,913Net income attributable to bank
  • $0Net charge-offs
  • $1,913Cash dividends
  • $616Sale, conversion, retirement of capital stock, net
  • $390Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.92%Yield on earning assets
  • 1.17%Cost of funding earning assets
  • 3.76%Net interest margin
  • 0.89%Noninterest income to earning assets
  • 3.24%Noninterest expense to earning assets
  • 0.96%Net operating income to assets
  • 0.80%Return on assets (ROA)
  • 0.89%Pretax return on assets
  • 7.87%Return on equity (ROE)
  • 6.26%Retained earnings to average equity (YTD only)
  • 0.46%Net charge-offs to loans
  • 46.59%Credit loss provision to net charge-offs
  • 4.67%Efficiency ratio
  • 68,784Assets per employee
  • 3.93%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 20.39%Loss allowance to loans
  • 2.82%Loss allowance to noncurrent loans
  • 134.00%Noncurrent assets plus other real estate owned to assets
  • 3.82%Noncurrent loans to loans
  • 2.10%Net loans and leases to deposits
  • 61.57%Net loans and leases to core deposits
  • 72.10%Equity capital to assets
  • 10.28%Core capital (leverage) ratio
  • 9.67%Tier 1 risk-based capital ratio
  • 16.06%Total risk-based capital ratio
  • Memoranda
  • $17Average assets
  • $240,270Average earning assets
  • $24,311Average equity
  • $204,524Average loans

List of branches

  • 9 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0740Central Savings Bank511 Bingham Avenue, Sault Sainte Marie, MI 49783December 02, 1902Full Service Brick and Mortar
    1187899De Tour Branch109 Elizabeth Street, De Tour, MI 49725May 15, 1972Full Service Brick and Mortar
    2187900Kinross Branch4693 W. M-80, Kincheloe, MI 49788March 12, 1989Full Service Brick and Mortar
    3207096Pickford Branch131 W. Main, Pickford Township, MI 49774August 06, 1982Full Service Brick and Mortar
    4232198Cedarville Branch143 W M-134, Cedarville, MI 49719December 16, 1996Full Service Brick and Mortar
    511175Rudyard Branch11256 W. Main Street, Rudyard, MI 49780May 15, 1918Full Service Brick and Mortar
    6232191St. Ignace Branch430 North State Street, St. Ignace, MI 49781November 22, 1991Full Service Brick and Mortar
    7232195Mackinac Island Branch21 Hoban Street, Mackinac Island, MI 49757May 01, 1995Full Service Brick and Mortar
    8419628Business Spur Branch3501 I-75 Business Spur, Sault Sainte Marie, MI 49783November 08, 2002Full Service Brick and Mortar

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