Central State Bank in Beulah, Michigan (MI)



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Central State Bank
GeneralFDIC Certificate #: 14706
Status: Active
Federal Reserve ID: 682545
Bank Holding Company (Regulatory Top Holder): Central-State Bancorp, Inc. (RSSDID: 1245666, Location: Traverse City, MI)
Date Established: August 28, 1913
WWW: http://www.icentralstatebank.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 2 (Domestic: 2, Interstate: No)
OTS Docket #: 11808
FDIC's unique #: 9200
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: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: September 04, 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: 49 Benzie Boulevard, Beulah, MI 49617
County: Benzie
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): Traverse City, MI (#45900)
CBSA Micro Statistical Area: Yes
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $64.9 mil
Equity capital: $8.6 mil
Deposits held in domestic offices: $55.9 mil
Return on assets (ROA): 0.24% ($0.2 mil)
Quarterly return on assets: -0.25% (-$0.2 mil)
Return on Equity (ROE): 1.89% ($0.2 mil)
Quarterly return on equity: -2.03% (-$0.2 mil)
Net income: $0.2 mil
Quarterly Net income: -$0.0 mil
Pretax return on assets: 0.36% ($233.5 mil)
Quarterly Pretax return on assets: -0.31% (-$201.1 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)20
Total assets$64,856
Cash and due from depository institutions$13,406
Interest-bearing balances$11,944
Securities$4,675
Federal funds sold & reverse repurchase agreements$5,773
Net loans & leases$36,604
Loan loss allowance $368
Trading account assets$0
Bank premises and fixed assets$1,780
Other real estate owned$573
Goodwill and other intangibles$1,021
All other assets$1,024
Life insurance assets$64,856
Total liabilities and capital$56,260
Total liabilities$55,859
Total deposits$44,058
Interest-bearing deposits$55,859
Deposits held in domestic offices$91
% insured (estimated)46.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $355
All other liabilities $8,596
Total equity capital$8,596
Total bank equity capital$8,596
Perpetual preferred stock$0
Common stock$240
Surplus$3,760
Undivided profits $4,596
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $308
Income earned, not collected on loans $927
Earning assets $322
Long-term assets (5+ years) $252
Average Assets, year-to-date $58,996
Average Assets, quarterly $3,239
Volatile liabilities $65,335
Insider loans $67,698
FHLB advances $37,736
Loans and leases held for sale $65,712
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $8,413
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $7,869
Derivatives$5,586
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $2,525
Total interest expense $302
Net interest income $2,223
Provision for loan and lease losses $401
Total noninterest income $795
Fiduciary activities $0
Service charges on deposit accounts $231
Trading account gains & fees $0
Additional noninterest income $564
Total noninterest expense $2,383
Salaries and employee benefits $1,199
Premises and equipment expense $240
Additional noninterest expense $944
Pre-tax net operating income $234
Securities gains (losses) $0
Applicable income taxes $76
Income before extraordinary items $158
Extraordinary gains - net $0
Net income attributable to bank $158
Net charge-offs $0
Cash dividends $158
Sale, conversion, retirement of capital stock, net $466
Net operating income $146
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.26%
Cost of funding earning assets 0.51%
Net interest margin 3.75%
Noninterest income to earning assets 1.34%
Noninterest expense to earning assets 4.02%
Net operating income to assets 0.24%
Return on assets (ROA) 0.24%
Pretax return on assets 0.36%
Return on equity (ROE) 1.89%
Retained earnings to average equity (YTD only) 0.14%
Net charge-offs to loans 1.23%
Credit loss provision to net charge-offs 86.05%
Efficiency ratio1.36%
Assets per employee$78,960
Cash dividends to net income (YTD only)3.24%
Condition Ratios (%)
Loss allowance to loans 92.41%
Loss allowance to noncurrent loans 1.00%
Noncurrent assets plus other real estate owned to assets 39.70%
Noncurrent loans to loans 2.31%
Net loans and leases to deposits2.51%
Net loans and leases to core deposits 65.53%
Equity capital to assets 75.01%
Core capital (leverage) ratio 13.25%
Tier 1 risk-based capital ratio 12.80%
Total risk-based capital ratio 22.29%
Memoranda
Average assets$23
Average earning assets$65,335
Average equity $8,380
Average loans $59,211
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2 Michigan Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
09200Central State Bank49 Benzie Boulevard, Beulah, MI 49617August 28, 1913Full Service Brick and Mortar
2254104Benzonia Branch1669 South Benzie Highway, Benzonia, MI 49616March 07, 1977Full Service Brick and Mortar
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