First State Bank of Middlebury in Middlebury, Indiana (IN)

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First State Bank of Middlebury
GeneralFDIC Certificate #: 8745
Status: Active
Federal Reserve ID: 967046
Bank Holding Company (Regulatory Top Holder): Crystal Valley Financial Corporation (RSSDID: 1210244, Location: Middlebury, IN)
Date Established: January 01, 1910
Trust Powers Granted: Yes
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 6 (Domestic: 6, Interstate: No)
OTS Docket #: 11002
FDIC's unique #: 5567
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: 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: 111 South Main Street, Middlebury, IN 46540
County: Elkhart
Quarterly Banking Profile Region: Chicago
FDIC Geographic Region: Chicago
FDIC Supervisory Region: Chicago
FDIC Field Office: Indianapolis
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: Central
Metropolitan Statistical Area (MSA): Elkhart-Goshen, IN (#2330)
Combined Statistical Area (CSA): South Bend-Elkhart-Mishawaka, IN-MI (#515)
Core Based Statistical Area (CBSA): Elkhart-Goshen, IN (#21140)
CBSA Metro Statistical Area: Elkhart-Goshen, IN (#21140)
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $384.1 mil
Equity capital: $38.0 mil
Deposits held in domestic offices: $312.3 mil
Return on assets (ROA): 0.64% ($2.5 mil)
Quarterly return on assets: 0.85% ($3.3 mil)
Return on Equity (ROE): 6.87% ($2.6 mil)
Quarterly return on equity: 8.66% ($3.3 mil)
Net income: $2.5 mil
Quarterly Net income: $0.8 mil
Pretax return on assets: 0.77% ($2,957.3 mil)
Quarterly Pretax return on assets: 1.10% ($4,224.7 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)104
Total assets$384,064
Cash and due from depository institutions$23,381
Interest-bearing balances$14,258
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$270,743
Loan loss allowance $6,460
Trading account assets$0
Bank premises and fixed assets$3,871
Other real estate owned$2,021
Goodwill and other intangibles$145
All other assets$16,046
Life insurance assets$384,064
Total liabilities and capital$346,044
Total liabilities$312,349
Total deposits$259,529
Interest-bearing deposits$312,349
Deposits held in domestic offices$83
% insured (estimated)7825.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$22,531
Other borrowed funds $0
Subordinated debt $3,339
All other liabilities $38,020
Total equity capital$38,020
Total bank equity capital$38,020
Perpetual preferred stock$0
Common stock$100
Undivided profits $27,373
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $280
Income earned, not collected on loans $8,720
Earning assets $0
Long-term assets (5+ years) $1,338
Average Assets, year-to-date $352,858
Average Assets, quarterly $74,818
Volatile liabilities $388,108
Insider loans $385,990
FHLB advances $280,354
Loans and leases held for sale $380,350
Unused loan commitments $7,849
Tier 1 (core) risk-based capital $7,849
Tier 2 risk-based capital $36,337
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $52,776
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $18,149
Total interest expense $4,453
Net interest income $13,696
Provision for loan and lease losses $2,107
Total noninterest income $2,669
Fiduciary activities $347
Service charges on deposit accounts $765
Trading account gains & fees $0
Additional noninterest income $1,557
Total noninterest expense $11,557
Salaries and employee benefits $6,070
Premises and equipment expense $1,589
Additional noninterest expense $3,898
Pre-tax net operating income $2,701
Securities gains (losses) $302
Applicable income taxes $500
Income before extraordinary items $2,503
Extraordinary gains - net $0
Net income attributable to bank $2,503
Net charge-offs $0
Cash dividends $2,503
Sale, conversion, retirement of capital stock, net $2,115
Net operating income $1,350
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.05%
Cost of funding earning assets 1.24%
Net interest margin 3.81%
Noninterest income to earning assets 0.74%
Noninterest expense to earning assets 3.22%
Net operating income to assets 0.58%
Return on assets (ROA) 0.64%
Pretax return on assets 0.77%
Return on equity (ROE) 6.87%
Retained earnings to average equity (YTD only) 3.17%
Net charge-offs to loans 0.75%
Credit loss provision to net charge-offs 99.62%
Efficiency ratio2.27%
Assets per employee$70,620
Cash dividends to net income (YTD only)3.69%
Condition Ratios (%)
Loss allowance to loans 53.94%
Loss allowance to noncurrent loans 2.33%
Noncurrent assets plus other real estate owned to assets 74.08%
Noncurrent loans to loans 2.80%
Net loans and leases to deposits3.15%
Net loans and leases to core deposits 86.68%
Equity capital to assets 91.36%
Core capital (leverage) ratio 9.90%
Tier 1 risk-based capital ratio 9.55%
Total risk-based capital ratio 12.96%
Average assets$14
Average earning assets$388,108
Average equity $36,424
Average loans $359,082
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Total Fiduciary and Related Assets (December 31, 2011)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$56,498
Number of Accounts1
Personal trust and agency accounts$14,055
Employee benefit-defined contribution accounts$14,055
Employee benefit-defined benefit accounts$0
Other retirement accounts$0
Corporate trust and agency accounts$0
Investment management agency accounts$0
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$0
Non-managed Assets$0
Number of Accounts317
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$0
Employee benefit-defined benefit accounts$0
Other retirement accounts$42,443
Corporate trust and agency accounts$10,336
Other fiduciary accounts$3,455
Fiduciary accounts held in foreign offices$11,028
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6 Indiana Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
05567First State Bank Of Middlebury111 South Main Street, Middlebury, IN 46540January 01, 1910Full Service Brick and Mortar
1218896Goshen Branch201 North Main Street, Goshen, IN 46526August 22, 1988Full Service Brick and Mortar
2218897Greencroft Branch1820 Greencroft Boulevard, Goshen, IN 46526December 15, 1997Full Service Brick and Mortar
3218898Cobblestone Crossing Branch1515 Cobblestone Boulevlard, Elkhart, IN 46516January 06, 2000Full Service Brick and Mortar
4439702Riverwalk Branch200 Nibco Parkway, Elkhart, IN 46516April 04, 2005Full Service Brick and Mortar
5458377Mishawaka Branch4101 Edison Lakes Parkway, Suite 140, Mishawaka, IN 46545Febuary 01, 2007Full Service Brick and Mortar
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