Gate City Bank in Fargo, North Dakota (ND), MN



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Gate City Bank
GeneralFDIC Certificate #: 27774
Status: Active
Federal Reserve ID: 657271
Date Established: January 01, 1923
WWW: http://www.gatecitybank.com
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 32 (Domestic: 32, Interstate: Yes)
OTS Docket #: 257
FDIC's unique #: 40608
Numeric code: 34
Regulator: OCC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
FDIC Insured: Yes
Insured Savings Institution: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: No
Subchapter S Corporations: No
Asset Concentration Hierarchy: Consumer Lending Specialization
Date of Deposit Insurance: July 12, 1935
Last Structure Change Effective Date: July 21, 2011
Last Structure Change Process Date: July 21, 2011
Last Data Update: July 21, 2011
Data Source Date: April 05, 2012
LocationAddress: 500 Second Avenue North, Fargo, ND 58102
County: Cass
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Fargo
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: West
Metropolitan Statistical Area (MSA): Fargo-Moorhead, ND-MN (#2520)
Combined Statistical Area (CSA): Fargo-Wahpeton, ND-MN (#244)
Core Based Statistical Area (CBSA): Fargo, ND-MN (#22020)
CBSA Metro Statistical Area: Fargo, ND-MN (#22020)
History of ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $1,403.0 mil
Equity capital: $156.8 mil
Deposits held in domestic offices: $1,231.5 mil
Return on assets (ROA): 0.80% ($11.2 mil)
Quarterly return on assets: 0.82% ($11.5 mil)
Return on Equity (ROE): 6.88% ($10.8 mil)
Quarterly return on equity: 7.22% ($11.3 mil)
Net income: $10.4 mil
Quarterly Net income: $2.8 mil
Pretax return on assets: 1.29% ($18,098.9 mil)
Quarterly Pretax return on assets: 1.34% ($18,800.4 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)345
Total assets$1,403,013
Cash and due from depository institutions$240,655
Interest-bearing balances$228,490
Securities$64,662
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$1,045,373
Loan loss allowance $8,693
Trading account assets$0
Bank premises and fixed assets$35,894
Other real estate owned$1,161
Goodwill and other intangibles$6,220
All other assets$9,048
Life insurance assets$1,403,013
Total liabilities and capital$1,246,239
Total liabilities$1,231,488
Total deposits$1,208,609
Interest-bearing deposits$1,231,488
Deposits held in domestic offices$93
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $14,751
All other liabilities $156,774
Total equity capital$156,774
Total bank equity capital$156,774
Perpetual preferred stock$0
Common stock$0
Surplus$0
Undivided profits $156,774
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 $2,287
Earning assets $335
Long-term assets (5+ years) $3,686
Average Assets, year-to-date $1,338,525
Average Assets, quarterly $0
Volatile liabilities $1,304,550
Insider loans $1,374,113
FHLB advances $839,784
Loans and leases held for sale $1,402,803
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $156,637
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $70,177
Derivatives$1,241
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $51,318
Total interest expense $10,035
Net interest income $41,283
Provision for loan and lease losses $2,949
Total noninterest income $19,829
Fiduciary activities $0
Service charges on deposit accounts $15,027
Trading account gains & fees $0
Additional noninterest income $4,802
Total noninterest expense $41,308
Salaries and employee benefits $20,040
Premises and equipment expense $8,335
Additional noninterest expense $12,933
Pre-tax net operating income $16,855
Securities gains (losses) $0
Applicable income taxes $6,441
Income before extraordinary items $10,414
Extraordinary gains - net $0
Net income attributable to bank $10,414
Net charge-offs $0
Cash dividends $10,414
Sale, conversion, retirement of capital stock, net $1,193
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.13%
Cost of funding earning assets 0.81%
Net interest margin 3.32%
Noninterest income to earning assets 1.60%
Noninterest expense to earning assets 3.32%
Net operating income to assets 0.80%
Return on assets (ROA) 0.80%
Pretax return on assets 1.29%
Return on equity (ROE) 6.88%
Retained earnings to average equity (YTD only) 6.88%
Net charge-offs to loans 0.12%
Credit loss provision to net charge-offs 247.19%
Efficiency ratio16.60%
Assets per employee$67,594
Cash dividends to net income (YTD only)4.07%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 0.82%
Noncurrent assets plus other real estate owned to assets 380.10%
Noncurrent loans to loans 0.25%
Net loans and leases to deposits0.22%
Net loans and leases to core deposits 84.89%
Equity capital to assets 86.80%
Core capital (leverage) ratio 11.17%
Tier 1 risk-based capital ratio 11.17%
Total risk-based capital ratio 18.65%
Memoranda
Average assets$20
Average earning assets$1,304,550
Average equity $151,352
Average loans $1,242,411
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4 Minnesota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
107263362Moorhead Branch2929 20th Street South, Moorhead, MN 56560October 06, 1997Full Service Brick and Mortar
109359243Moorhead Downtown Branch305 8th Street South, Moorhead, MN 56560October 18, 1999Full Service Brick and Mortar
114495449Alexandria Branch1630 Broadway St, Alexandria, MN 56308June 17, 2009Full Service Brick and Mortar
115495450Fergus Falls Branch428 West Lincoln Ave, Fergus Falls, MN 56537June 22, 2009Full Service Brick and Mortar
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28 North Dakota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
040608Gate City Bank500 Second Avenue North, Fargo, ND 58102January 01, 1923Full Service Brick and Mortar
1263342304 Rosser Avenue Branch304 East Rosser Avenue, Bismarck, ND 58502January 01, 1923Full Service Brick and Mortar
2263343601 Fourth Street Branch601 Fourth Street, Devils Lake, ND 58301January 01, 1923Full Service Brick and Mortar
3263344204 Sims St Branch204 Simms St., Dickinson, ND 58601January 01, 1923Full Service Brick and Mortar
4263345Jamestown Branch309 2nd Ave Sw, Jamestown, ND 58401January 01, 1923Full Service Brick and Mortar
52633461017 S. Broadway Branch1017 S. Broadway, Minot, ND 58701January 01, 1923Full Service Brick and Mortar
626334711 1st St Se Branch11 1st St Se, Mayville, ND 58257January 01, 1923Full Service Brick and Mortar
7263348720 Main Branch720 Main Street, Carrington, ND 58421January 01, 1923Full Service Brick and Mortar
8263349802 Dakota Ave Branch802 Dakota Ave, Wahpeton, ND 58075January 01, 1923Full Service Brick and Mortar
10263351111 South Main St Branch111 South Main St, Hettinger, ND 58639January 01, 1923Full Service Brick and Mortar
11263352201 Briggs Ave So Branch201 Briggs Ave. S., Park River, ND 58270January 01, 1923Full Service Brick and Mortar
122633533909 13th Ave So Branch3909 13th Ave. S., Fargo, ND 58103January 01, 1923Full Service Brick and Mortar
13263354422 Main Branch422 Main Street, Williston, ND 58801January 01, 1923Full Service Brick and Mortar
1002633552850 24th Ave. S. Branch2850 24th Ave. S., Grand Forks, ND 58206January 01, 1923Full Service Brick and Mortar
101263356101 East Main St Branch101 East Main St, Mohall, ND 58761January 01, 1923Full Service Brick and Mortar
102263357Dakota Square Branch924 31st Ave Sw, Dakota Square, Minot, ND 58702January 01, 1923Full Service Brick and Mortar
1032633582710 State Street Branch2710 State Street, Bismarck, ND 58503January 01, 1923Full Service Brick and Mortar
104263359Demers Avenue Branch501 Demers Avenue, Grand Forks, ND 58201March 02, 1992Full Service Brick and Mortar
1052633603100 25 St S Branch3100 25 St S, Fargo, ND 58103April 04, 1994Full Service Brick and Mortar
1062633611501 S. University Drive Branch1501 S. University Drive, Fargo, ND 58103June 19, 1995Full Service Brick and Mortar
108359168Mandan Branch405 East Main Street, Mandan, ND 58554January 31, 2000Full Service Brick and Mortar
110360520West Fargo Branch1119 9th Street East, West Fargo, ND 58078January 15, 2001Full Service Brick and Mortar
1114645682501 Broadway Branch2501 Broadway, Fargo, ND 58102December 02, 2002Full Service Brick and Mortar
112464573South Washington Grand Forks Branch3205 South Washington, Grand Forks, ND 58201December 20, 2004Full Service Brick and Mortar
11346457745th Street Fargo Branch4151 45th Street S, Fargo, ND 58104April 26, 2006Full Service Brick and Mortar
116518109Golf Drive Branch1725 Golf Drive, Bismarck, ND 58503January 08, 2007Full Service Brick and Mortar
11751811032nd South Branch1532 32nd Avenue South, Fargo, ND 58103November 20, 2009Full Service Brick and Mortar
118522121Www.Gatecitybank.com Branch500 2nd Ave N, Fargo, ND 58102January 02, 2007Full Service Cyber
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