Cornerstone State Bank in Montgomery, Minnesota (MN)



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Cornerstone State Bank routing number info

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Cornerstone State Bank
GeneralFDIC Certificate #: 21525
Status: Active
Federal Reserve ID: 914853
Bank Holding Company (Regulatory Top Holder): Cornerstone Bancorporation, Inc. (RSSDID: 1125423, Location: Le Sueur, MN)
Date Established: April 08, 1974
WWW: http://www.cornerstonestatebank.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 5 (Domestic: 5, Interstate: No)
OTS Docket #: 14276
FDIC's unique #: 14886
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: April 08, 1974
Last Structure Change Effective Date: August 30, 2010
Last Structure Change Process Date: August 30, 2010
Last Data Update: August 30, 2010
Data Source Date: April 05, 2012
LocationAddress: 401 Fourth St Nw, Montgomery, MN 56069
County: Le Sueur
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Mankato
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: West
Financial SummaryTotal assets: $116.7 mil
Equity capital: $11.9 mil
Deposits held in domestic offices: $104.4 mil
Return on assets (ROA): 0.77% ($0.9 mil)
Quarterly return on assets: 1.29% ($1.5 mil)
Return on Equity (ROE): 8.00% ($1.0 mil)
Quarterly return on equity: 12.89% ($1.5 mil)
Net income: $0.9 mil
Quarterly Net income: $0.4 mil
Pretax return on assets: 1.27% ($1,481.9 mil)
Quarterly Pretax return on assets: 1.79% ($2,088.6 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)31
Total assets$116,683
Cash and due from depository institutions$6,358
Interest-bearing balances$3,625
Securities$20,007
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$82,177
Loan loss allowance $1,762
Trading account assets$0
Bank premises and fixed assets$4,367
Other real estate owned$480
Goodwill and other intangibles$388
All other assets$2,906
Life insurance assets$116,683
Total liabilities and capital$104,796
Total liabilities$104,409
Total deposits$92,155
Interest-bearing deposits$104,409
Deposits held in domestic offices$92
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $387
All other liabilities $11,887
Total equity capital$11,887
Total bank equity capital$11,887
Perpetual preferred stock$0
Common stock$813
Surplus$6,687
Undivided profits $4,387
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $2,096
Earning assets $0
Long-term assets (5+ years) $478
Average Assets, year-to-date $105,809
Average Assets, quarterly $16,189
Volatile liabilities $118,550
Insider loans $118,114
FHLB advances $100,913
Loans and leases held for sale $120,192
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $11,003
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $7,923
Derivatives$145
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $5,906
Total interest expense $990
Net interest income $4,916
Provision for loan and lease losses $860
Total noninterest income $471
Fiduciary activities $0
Service charges on deposit accounts $269
Trading account gains & fees $0
Additional noninterest income $202
Total noninterest expense $3,358
Salaries and employee benefits $1,925
Premises and equipment expense $433
Additional noninterest expense $1,000
Pre-tax net operating income $1,169
Securities gains (losses) $342
Applicable income taxes $600
Income before extraordinary items $911
Extraordinary gains - net $0
Net income attributable to bank $911
Net charge-offs $0
Cash dividends $911
Sale, conversion, retirement of capital stock, net $585
Net operating income $500
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.51%
Cost of funding earning assets 0.92%
Net interest margin 4.59%
Noninterest income to earning assets 0.44%
Noninterest expense to earning assets 3.13%
Net operating income to assets 0.58%
Return on assets (ROA) 0.77%
Pretax return on assets 1.27%
Return on equity (ROE) 8.00%
Retained earnings to average equity (YTD only) 3.61%
Net charge-offs to loans 0.70%
Credit loss provision to net charge-offs 147.01%
Efficiency ratio3.47%
Assets per employee$61,110
Cash dividends to net income (YTD only)3.76%
Condition Ratios (%)
Loss allowance to loans 54.88%
Loss allowance to noncurrent loans 2.10%
Noncurrent assets plus other real estate owned to assets 84.06%
Noncurrent loans to loans 2.21%
Net loans and leases to deposits2.50%
Net loans and leases to core deposits 78.71%
Equity capital to assets 81.32%
Core capital (leverage) ratio 10.19%
Tier 1 risk-based capital ratio 9.15%
Total risk-based capital ratio 10.90%
Memoranda
Average assets$12
Average earning assets$118,550
Average equity $11,393
Average loans $107,181
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5 Minnesota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
014886Cornerstone State Bank401 Fourth St Nw, Montgomery, MN 56069April 08, 1974Full Service Brick and Mortar
1440421516 Cloquet Avenue Branch1516 Cloquet Avenue, Cloquet, MN 55720January 01, 1958Full Service Brick and Mortar
256265Belle Plaine Branch406 Poplar Street, Belle Plaine, MN 56011January 22, 1996Full Service Brick and Mortar
3290404Green Isle Branch451 Third Street, Green Isle, MN 55338September 22, 1997Full Service Brick and Mortar
4488808Le Sueur Branch415 North Main St, Le Sueur, MN 56058August 01, 2008Full Service Brick and Mortar
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