Central Savings Bank in Sault Sainte Marie, Michigan (MI)

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Central Savings Bank
GeneralFDIC 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
LocationAddress: 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 ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal 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)
Total employees (full-time equivalent)62
Total assets$243,578
Cash and due from depository institutions$45,240
Interest-bearing balances$29,698
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$129,498
Loan loss allowance $3,752
Trading account assets$0
Bank premises and fixed assets$2,951
Other real estate owned$5,224
Goodwill and other intangibles$378
All other assets$12,141
Life insurance assets$243,578
Total liabilities and capital$218,535
Total liabilities$210,311
Total deposits$152,861
Interest-bearing deposits$210,311
Deposits held in domestic offices$83
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$6,000
Other borrowed funds $0
Subordinated debt $2,224
All other liabilities $25,043
Total equity capital$25,043
Total bank equity capital$25,043
Perpetual preferred stock$0
Common stock$1,125
Undivided profits $15,443
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $490
Income earned, not collected on loans $2,800
Earning assets $0
Long-term assets (5+ years) $838
Average Assets, year-to-date $207,342
Average Assets, quarterly $73,222
Volatile liabilities $240,270
Insider loans $249,337
FHLB advances $147,311
Loans and leases held for sale $244,770
Unused loan commitments $7,139
Tier 1 (core) risk-based capital $7,139
Tier 2 risk-based capital $23,665
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $10,205
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $10,065
Total interest expense $2,384
Net interest income $7,681
Provision for loan and lease losses $287
Total noninterest income $1,811
Fiduciary activities $0
Service charges on deposit accounts $559
Trading account gains & fees $0
Additional noninterest income $1,252
Total noninterest expense $6,618
Salaries and employee benefits $3,142
Premises and equipment expense $667
Additional noninterest expense $2,809
Pre-tax net operating income $2,587
Securities gains (losses) -$437
Applicable income taxes $237
Income before extraordinary items $1,913
Extraordinary gains - net $0
Net income attributable to bank $1,913
Net charge-offs $0
Cash dividends $1,913
Sale, conversion, retirement of capital stock, net $616
Net operating income $390
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.92%
Cost of funding earning assets 1.17%
Net interest margin 3.76%
Noninterest income to earning assets 0.89%
Noninterest expense to earning assets 3.24%
Net operating income to assets 0.96%
Return on assets (ROA) 0.80%
Pretax return on assets 0.89%
Return on equity (ROE) 7.87%
Retained earnings to average equity (YTD only) 6.26%
Net charge-offs to loans 0.46%
Credit loss provision to net charge-offs 46.59%
Efficiency ratio4.67%
Assets per employee$68,784
Cash dividends to net income (YTD only)3.93%
Condition Ratios (%)
Loss allowance to loans 20.39%
Loss allowance to noncurrent loans 2.82%
Noncurrent assets plus other real estate owned to assets 134.00%
Noncurrent loans to loans 3.82%
Net loans and leases to deposits2.10%
Net loans and leases to core deposits 61.57%
Equity capital to assets 72.10%
Core capital (leverage) ratio 10.28%
Tier 1 risk-based capital ratio 9.67%
Total risk-based capital ratio 16.06%
Average assets$17
Average earning assets$240,270
Average equity $24,311
Average loans $204,524
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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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