Lake Area Bank in Lindstrom, Minnesota (MN)



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Lake Area Bank
GeneralFDIC 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
LocationAddress: 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 ChangesOffice Purchased
Financial SummaryTotal 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)
Total employees (full-time equivalent)94
Total assets$274,300
Cash and due from depository institutions$12,083
Interest-bearing balances$9,822
Securities$57,541
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$178,634
Loan loss allowance $4,745
Trading account assets$0
Bank premises and fixed assets$7,061
Other real estate owned$7,974
Goodwill and other intangibles$3,676
All other assets$7,331
Life insurance assets$274,300
Total liabilities and capital$248,058
Total liabilities$233,135
Total deposits$203,877
Interest-bearing deposits$233,135
Deposits held in domestic offices$92
% insured (estimated)913.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$11,500
Other borrowed funds $0
Subordinated debt $2,510
All other liabilities $26,242
Total equity capital$26,242
Total bank equity capital$26,242
Perpetual preferred stock$0
Common stock$120
Surplus$27,555
Undivided profits $-1,433
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $2,768
Income earned, not collected on loans $10,386
Earning assets $0
Long-term assets (5+ years) $979
Average Assets, year-to-date $245,997
Average Assets, quarterly $82,658
Volatile liabilities $278,175
Insider loans $276,282
FHLB advances $200,545
Loans and leases held for sale $272,871
Unused loan commitments $3,457
Tier 1 (core) risk-based capital $3,457
Tier 2 risk-based capital $22,581
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $18,214
Derivatives$1,095
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $12,871
Total interest expense $2,670
Net interest income $10,201
Provision for loan and lease losses $3,950
Total noninterest income $4,405
Fiduciary activities $0
Service charges on deposit accounts $1,401
Trading account gains & fees $0
Additional noninterest income $3,004
Total noninterest expense $12,913
Salaries and employee benefits $5,772
Premises and equipment expense $1,759
Additional noninterest expense $5,382
Pre-tax net operating income -$2,257
Securities gains (losses) $621
Applicable income taxes $5
Income before extraordinary items -$1,641
Extraordinary gains - net $0
Net income attributable to bank -$1,641
Net charge-offs $0
Cash dividends -$1,641
Sale, conversion, retirement of capital stock, net $4,090
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 assets5.15%
Cost of funding earning assets 1.07%
Net interest margin 4.09%
Noninterest income to earning assets 1.76%
Noninterest expense to earning assets 5.17%
Net operating income to assets -0.81%
Return on assets (ROA) -0.59%
Pretax return on assets -0.59%
Return on equity (ROE) -6.30%
Retained earnings to average equity (YTD only) -6.30%
Net charge-offs to loans 2.17%
Credit loss provision to net charge-offs 96.58%
Efficiency ratio0.41%
Assets per employee$87,902
Cash dividends to net income (YTD only)2.92%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 2.59%
Noncurrent assets plus other real estate owned to assets 45.69%
Noncurrent loans to loans 6.69%
Net loans and leases to deposits5.66%
Net loans and leases to core deposits 76.62%
Equity capital to assets 79.88%
Core capital (leverage) ratio 9.57%
Tier 1 risk-based capital ratio 8.28%
Total risk-based capital ratio 11.26%
Memoranda
Average assets$13
Average earning assets$278,175
Average equity $26,059
Average loans $249,694
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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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