First State Bank of Bigfork in Bigfork, Minnesota (MN)

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First State Bank of Bigfork
GeneralFDIC Certificate #: 10991
Status: Active
Federal Reserve ID: 364850
Bank Holding Company (Regulatory Top Holder): Bigfork Bancshares, Inc. (RSSDID: 1990087, Location: Bigfork, MN)
Date Established: August 12, 1912
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 #: 9196
FDIC's unique #: 7042
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: All Other Specialization < 1 Billion
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: January 01, 2011
Last Structure Change Process Date: Febuary 07, 2011
Last Data Update: Febuary 07, 2011
Data Source Date: April 05, 2012
LocationAddress: 400 Main Avenue, Bigfork, MN 56628
County: Itasca
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Grand Forks
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: West
History of ChangesParticipated in Absorption/Consolidation/Merger
Financial SummaryTotal assets: $62.4 mil
Equity capital: $6.7 mil
Deposits held in domestic offices: $51.7 mil
Return on assets (ROA): 0.53% ($0.3 mil)
Quarterly return on assets: 0.03% ($0.0 mil)
Return on Equity (ROE): 5.00% ($0.3 mil)
Quarterly return on equity: 0.24% ($0.0 mil)
Net income: $0.3 mil
Quarterly Net income: $0.0 mil
Pretax return on assets: 0.74% ($461.7 mil)
Quarterly Pretax return on assets: 0.22% ($137.3 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)21
Total assets$62,395
Cash and due from depository institutions$9,083
Interest-bearing balances$7,014
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$43,944
Loan loss allowance $579
Trading account assets$0
Bank premises and fixed assets$547
Other real estate owned$748
Goodwill and other intangibles$0
All other assets$1,435
Life insurance assets$62,395
Total liabilities and capital$55,734
Total liabilities$51,746
Total deposits$45,867
Interest-bearing deposits$51,746
Deposits held in domestic offices$96
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$3,612
Other borrowed funds $0
Subordinated debt $376
All other liabilities $6,661
Total equity capital$6,661
Total bank equity capital$6,661
Perpetual preferred stock$0
Common stock$240
Undivided profits $3,411
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 $2,481
Earning assets $413
Long-term assets (5+ years) $299
Average Assets, year-to-date $57,596
Average Assets, quarterly $12,943
Volatile liabilities $58,038
Insider loans $62,663
FHLB advances $37,298
Loans and leases held for sale $62,180
Unused loan commitments $337
Tier 1 (core) risk-based capital $337
Tier 2 risk-based capital $6,458
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $2,961
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $3,127
Total interest expense $782
Net interest income $2,345
Provision for loan and lease losses $144
Total noninterest income $250
Fiduciary activities $0
Service charges on deposit accounts $220
Trading account gains & fees $0
Additional noninterest income $30
Total noninterest expense $2,021
Salaries and employee benefits $1,171
Premises and equipment expense $206
Additional noninterest expense $644
Pre-tax net operating income $430
Securities gains (losses) $1
Applicable income taxes $122
Income before extraordinary items $309
Extraordinary gains - net $0
Net income attributable to bank $309
Net charge-offs $0
Cash dividends $309
Sale, conversion, retirement of capital stock, net $93
Net operating income $85
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.86%
Cost of funding earning assets 1.46%
Net interest margin 4.39%
Noninterest income to earning assets 0.47%
Noninterest expense to earning assets 3.79%
Net operating income to assets 0.53%
Return on assets (ROA) 0.53%
Pretax return on assets 0.74%
Return on equity (ROE) 5.00%
Retained earnings to average equity (YTD only) 3.62%
Net charge-offs to loans 0.23%
Credit loss provision to net charge-offs 154.84%
Efficiency ratio6.17%
Assets per employee$77,881
Cash dividends to net income (YTD only)2.97%
Condition Ratios (%)
Loss allowance to loans 27.51%
Loss allowance to noncurrent loans 1.30%
Noncurrent assets plus other real estate owned to assets 23.34%
Noncurrent loans to loans 5.18%
Net loans and leases to deposits5.57%
Net loans and leases to core deposits 84.92%
Equity capital to assets 86.55%
Core capital (leverage) ratio 10.68%
Tier 1 risk-based capital ratio 10.39%
Total risk-based capital ratio 17.31%
Average assets$19
Average earning assets$58,038
Average equity $6,182
Average loans $53,385
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2 Minnesota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
07042First State Bank Of Bigfork400 Main Avenue, Bigfork, MN 56628August 12, 1912Full Service Brick and Mortar
110773Kelliher Branch184 Main St, Kelliher, MN 56650July 05, 1916Full Service Brick and Mortar
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