Lake Area Bank in Lindstrom, Minnesota (MN)
Overview, Financial Summary, Detailed Financial Reports, Branches


Lake Area Bank - Overview

  • General
  • FDIC Certificate #: 1390
    Status: Active
    Federal Reserve ID: 987053
    Bank Holding Company (Regulatory Top Holder): Freedom Bancorporation, Inc. (RSSDID: 1136933, Location: Lindstrom, MN)
    Date Established: October 22, 1915
    WWW: http://www.lakeareabank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 8 (Domestic: 8, Interstate: No)
    OTS Docket #: 13604
    FDIC's unique #: 913
    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: Yes
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: January 01, 1934
    Last Structure Change Effective Date: Febuary 16, 2008
    Last Structure Change Process Date: June 04, 2008
    Last Data Update: June 04, 2008
    Data Source Date: April 05, 2012
  • Location
  • Address: 12790 First Avenue North, Lindstrom, MN 55045
    County: Chisago
    Quarterly Banking Profile Region: Kansas City
    FDIC Geographic Region: Kansas City
    FDIC Supervisory Region: Kansas City
    FDIC Field Office: Minneapolis
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: West
    Metropolitan Statistical Area (MSA): Minneapolis-St. Paul, MN-WI (#5120)
    Combined Statistical Area (CSA): Minneapolis-St. Paul-St. Cloud, MN-WI (#378)
    Core Based Statistical Area (CBSA): Minneapolis-St. Paul-Bloomington, MN-WI (#33460)
    CBSA Metro Statistical Area: Minneapolis-St. Paul-Bloomington, MN-WI (#33460)
  • History of Changes
  • Office Purchased
  • Financial Summary
  • Total assets: $274.3 mil
    Equity capital: $26.2 mil
    Deposits held in domestic offices: $233.1 mil
    Return on assets (ROA): -0.59% (-$1.6 mil)
    Quarterly return on assets: 0.42% ($1.2 mil)
    Return on Equity (ROE): -6.30% (-$1.6 mil)
    Quarterly return on equity: 4.39% ($1.1 mil)
    Net income: -$1.6 mil
    Quarterly Net income: $0.3 mil
    Pretax return on assets: -0.59% (-$1,618.4 mil)
    Quarterly Pretax return on assets: 0.42% ($1,152.1 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
  • 94Total employees (full-time equivalent)
  • $274,300Total assets
  • $12,083Cash and due from depository institutions
  • $9,822Interest-bearing balances
  • $57,541Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $178,634Net loans & leases
  • $4,745Loan loss allowance
  • $0Trading account assets
  • $7,061Bank premises and fixed assets
  • $7,974Other real estate owned
  • $3,676Goodwill and other intangibles
  • $274,300Life insurance assets
  • $7,331All other assets
  • $248,058Total liabilities and capital
  • $233,135Total liabilities
  • $203,877Total deposits
  • $233,135Interest-bearing deposits
  • $92Deposits held in domestic offices
  • 913.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $11,500Trading liabilities
  • $0Other borrowed funds
  • $2,510Subordinated debt
  • $26,242All other liabilities
  • $26,242Total equity capital
  • $26,242Total bank equity capital
  • $0Perpetual preferred stock
  • $120Common stock
  • $27,555Surplus
  • $-1,433Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $2,768Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $10,386Income earned, not collected on loans
  • $0Earning assets
  • $979Long-term assets (5+ years)
  • $245,997Average Assets, year-to-date
  • $82,658Average Assets, quarterly
  • $278,175Volatile liabilities
  • $276,282Insider loans
  • $200,545FHLB advances
  • $272,871Loans and leases held for sale
  • $3,457Unused loan commitments
  • $3,457Tier 1 (core) risk-based capital
  • $22,581Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $18,214Restructured Loans and leases
  • $1,095Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $12,871Total interest income
  • $2,670Total interest expense
  • $10,201Net interest income
  • $3,950Provision for loan and lease losses
  • $4,405Total noninterest income
  • $0Fiduciary activities
  • $1,401Service charges on deposit accounts
  • $0Trading account gains & fees
  • $3,004Additional noninterest income
  • $12,913Total noninterest expense
  • $5,772Salaries and employee benefits
  • $1,759Premises and equipment expense
  • $5,382Additional noninterest expense
  • -$2,257Pre-tax net operating income
  • $621Securities gains (losses)
  • $5Applicable income taxes
  • -$1,641Income before extraordinary items
  • $0Extraordinary gains - net
  • -$1,641Net income attributable to bank
  • $0Net charge-offs
  • -$1,641Cash dividends
  • $4,090Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.15%Yield on earning assets
  • 1.07%Cost of funding earning assets
  • 4.09%Net interest margin
  • 1.76%Noninterest income to earning assets
  • 5.17%Noninterest expense to earning assets
  • -0.81%Net operating income to assets
  • -0.59%Return on assets (ROA)
  • -0.59%Pretax return on assets
  • -6.30%Return on equity (ROE)
  • -6.30%Retained earnings to average equity (YTD only)
  • 2.17%Net charge-offs to loans
  • 96.58%Credit loss provision to net charge-offs
  • 0.41%Efficiency ratio
  • 87,902Assets per employee
  • 2.92%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.59%Loss allowance to noncurrent loans
  • 45.69%Noncurrent assets plus other real estate owned to assets
  • 6.69%Noncurrent loans to loans
  • 5.66%Net loans and leases to deposits
  • 76.62%Net loans and leases to core deposits
  • 79.88%Equity capital to assets
  • 9.57%Core capital (leverage) ratio
  • 8.28%Tier 1 risk-based capital ratio
  • 11.26%Total risk-based capital ratio
  • Memoranda
  • $13Average assets
  • $278,175Average earning assets
  • $26,059Average equity
  • $249,694Average loans

List of branches

  • 8 Minnesota Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0913Lake Area Bank12790 First Avenue North, Lindstrom, MN 55045October 22, 1915Full Service Brick and Mortar
    1189456White Bear Branch1400 East Highway 96, White Bear Lake, MN 55110June 27, 1989Full Service Brick and Mortar
    2189457Forest Lake Branch91 South Lake Street, Forest Lake, MN 55025May 06, 1994Full Service Brick and Mortar
    3189458Maplewood Branch1535a Beam Avenue, Maplewood, MN 55109December 10, 1998Full Service Brick and Mortar
    4362836Hugo Branch14602 Everton Avenue North, Hugo, MN 55038December 04, 2001Full Service Brick and Mortar
    5356915Almelund15785 Maple Lane, Almelund, MN 55002July 14, 2000Full Service Brick and Mortar
    6223536Harris Branch6545 Stark Road, Box 22, Harris, MN 55032November 25, 1980Full Service Brick and Mortar
    7364086Stillwater Branch5795 Morning Dove Avenue North, Stillwater, MN 55082April 01, 2002Full Service Brick and Mortar

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