Lakes State Bank in Pequot Lakes, Minnesota (MN)

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Lakes State Bank
GeneralFDIC Certificate #: 1389
Status: Active
Federal Reserve ID: 1898419
Bank Holding Company (Regulatory Top Holder): Walker Ban Co. (RSSDID: 1126318, Location: Walker, MN)
Date Established: September 25, 1907
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 2 (Domestic: 2, Interstate: No)
FDIC's unique #: 912
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: March 31, 2006
Last Structure Change Process Date: November 03, 2006
Last Data Update: November 03, 2006
Data Source Date: April 05, 2012
LocationAddress: 30886 Second Street, Pequot Lakes, MN 56472
County: Crow Wing
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
Core Based Statistical Area (CBSA): Brainerd, MN (#14660)
CBSA Micro Statistical Area: Yes
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $102.2 mil
Equity capital: $12.6 mil
Deposits held in domestic offices: $89.4 mil
Return on assets (ROA): 0.98% ($1.0 mil)
Quarterly return on assets: 1.27% ($1.3 mil)
Return on Equity (ROE): 8.19% ($1.1 mil)
Quarterly return on equity: 10.58% ($1.4 mil)
Net income: $1.0 mil
Quarterly Net income: $0.3 mil
Pretax return on assets: 0.98% ($1,001.5 mil)
Quarterly Pretax return on assets: 1.27% ($1,297.9 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)30
Total assets$102,194
Cash and due from depository institutions$6,455
Interest-bearing balances$2,603
Federal funds sold & reverse repurchase agreements$8,000
Net loans & leases$66,554
Loan loss allowance $869
Trading account assets$0
Bank premises and fixed assets$2,829
Other real estate owned$2,184
Goodwill and other intangibles$1,816
All other assets$1,149
Life insurance assets$102,194
Total liabilities and capital$89,631
Total liabilities$89,419
Total deposits$77,401
Interest-bearing deposits$89,419
Deposits held in domestic offices$89
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $212
All other liabilities $12,563
Total equity capital$12,563
Total bank equity capital$12,563
Perpetual preferred stock$0
Common stock$40
Undivided profits $5,563
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $431
Income earned, not collected on loans $899
Earning assets $0
Long-term assets (5+ years) $377
Average Assets, year-to-date $90,364
Average Assets, quarterly $2,321
Volatile liabilities $102,496
Insider loans $104,372
FHLB advances $67,847
Loans and leases held for sale $102,226
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $10,696
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $7,763
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $4,973
Total interest expense $869
Net interest income $4,104
Provision for loan and lease losses $620
Total noninterest income $1,267
Fiduciary activities $0
Service charges on deposit accounts $345
Trading account gains & fees $0
Additional noninterest income $922
Total noninterest expense $3,749
Salaries and employee benefits $2,102
Premises and equipment expense $530
Additional noninterest expense $1,117
Pre-tax net operating income $1,002
Securities gains (losses) $0
Applicable income taxes $2
Income before extraordinary items $1,000
Extraordinary gains - net $0
Net income attributable to bank $1,000
Net charge-offs $0
Cash dividends $1,000
Sale, conversion, retirement of capital stock, net $585
Net operating income $430
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.46%
Cost of funding earning assets 0.95%
Net interest margin 4.51%
Noninterest income to earning assets 1.39%
Noninterest expense to earning assets 4.12%
Net operating income to assets 0.98%
Return on assets (ROA) 0.98%
Pretax return on assets 0.98%
Return on equity (ROE) 8.19%
Retained earnings to average equity (YTD only) 4.67%
Net charge-offs to loans 0.87%
Credit loss provision to net charge-offs 105.98%
Efficiency ratio2.77%
Assets per employee$69,801
Cash dividends to net income (YTD only)3.41%
Condition Ratios (%)
Loss allowance to loans 43.00%
Loss allowance to noncurrent loans 1.29%
Noncurrent assets plus other real estate owned to assets 96.66%
Noncurrent loans to loans 3.02%
Net loans and leases to deposits1.33%
Net loans and leases to core deposits 74.43%
Equity capital to assets 82.22%
Core capital (leverage) ratio 12.29%
Tier 1 risk-based capital ratio 10.46%
Total risk-based capital ratio 15.76%
Average assets$17
Average earning assets$102,496
Average equity $12,214
Average loans $91,034
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2 Minnesota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
0912Lakes State Bank30886 Second Street, Pequot Lakes, MN 56472September 25, 1907Full Service Brick and Mortar
4189455Crosslake Branch35197 County Rd 3, Crosslake, MN 56442December 18, 1995Full Service Brick and Mortar
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