Magnolia State Bank in Bay Springs, Mississippi (MS)



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Magnolia State Bank
GeneralFDIC Certificate #: 22081
Status: Active
Federal Reserve ID: 34434
Bank Holding Company (Regulatory Top Holder): Magnolia State Corporation, The (RSSDID: 1084016, Location: Bay Springs, MS)
Date Established: August 04, 1975
WWW: http://www.bankmagnolia.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 10 (Domestic: 10, Interstate: No)
FDIC's unique #: 15331
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: August 04, 1975
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: 15 East Sixth Avenue, Bay Springs, MS 39422
County: Jasper
Quarterly Banking Profile Region: Dallas
FDIC Geographic Region: Dallas
FDIC Supervisory Region: Dallas
FDIC Field Office: Jackson Ms
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: West
Core Based Statistical Area (CBSA): Laurel, MS (#29860)
CBSA Micro Statistical Area: Yes
History of ChangesChange in Location
Merge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $264.5 mil
Equity capital: $26.2 mil
Deposits held in domestic offices: $236.3 mil
Return on assets (ROA): 1.49% ($3.9 mil)
Quarterly return on assets: 0.90% ($2.4 mil)
Return on Equity (ROE): 17.16% ($4.5 mil)
Quarterly return on equity: 9.66% ($2.5 mil)
Net income: $3.8 mil
Quarterly Net income: $0.6 mil
Pretax return on assets: 1.52% ($4,020.3 mil)
Quarterly Pretax return on assets: 1.01% ($2,671.4 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)92
Total assets$264,492
Cash and due from depository institutions$9,849
Interest-bearing balances$0
Securities$42,792
Federal funds sold & reverse repurchase agreements$3,888
Net loans & leases$195,099
Loan loss allowance $1,576
Trading account assets$0
Bank premises and fixed assets$8,003
Other real estate owned$694
Goodwill and other intangibles$798
All other assets$3,369
Life insurance assets$264,492
Total liabilities and capital$238,247
Total liabilities$236,341
Total deposits$215,878
Interest-bearing deposits$236,341
Deposits held in domestic offices$99
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $1,906
All other liabilities $26,245
Total equity capital$26,245
Total bank equity capital$26,245
Perpetual preferred stock$0
Common stock$325
Surplus$14,075
Undivided profits $11,845
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $7,746
Income earned, not collected on loans $401
Earning assets $0
Long-term assets (5+ years) $1,177
Average Assets, year-to-date $241,779
Average Assets, quarterly $50,148
Volatile liabilities $255,150
Insider loans $263,779
FHLB advances $178,497
Loans and leases held for sale $261,329
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $24,466
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $15,217
Derivatives$1,311
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $13,253
Total interest expense $2,013
Net interest income $11,240
Provision for loan and lease losses $840
Total noninterest income $2,674
Fiduciary activities $0
Service charges on deposit accounts $715
Trading account gains & fees $0
Additional noninterest income $1,959
Total noninterest expense $9,407
Salaries and employee benefits $5,152
Premises and equipment expense $1,333
Additional noninterest expense $2,922
Pre-tax net operating income $3,667
Securities gains (losses) $211
Applicable income taxes $71
Income before extraordinary items $3,807
Extraordinary gains - net $0
Net income attributable to bank $3,807
Net charge-offs $0
Cash dividends $3,807
Sale, conversion, retirement of capital stock, net $340
Net operating income $1,989
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.67%
Cost of funding earning assets 0.86%
Net interest margin 4.81%
Noninterest income to earning assets 1.14%
Noninterest expense to earning assets 4.02%
Net operating income to assets 1.41%
Return on assets (ROA) 1.49%
Pretax return on assets 1.52%
Return on equity (ROE) 17.16%
Retained earnings to average equity (YTD only) 8.20%
Net charge-offs to loans 0.18%
Credit loss provision to net charge-offs 247.06%
Efficiency ratio13.26%
Assets per employee$67,515
Cash dividends to net income (YTD only)2.87%
Condition Ratios (%)
Loss allowance to loans 52.25%
Loss allowance to noncurrent loans 0.80%
Noncurrent assets plus other real estate owned to assets 393.02%
Noncurrent loans to loans 0.41%
Net loans and leases to deposits0.20%
Net loans and leases to core deposits 82.55%
Equity capital to assets 85.79%
Core capital (leverage) ratio 9.92%
Tier 1 risk-based capital ratio 9.36%
Total risk-based capital ratio 13.71%
Memoranda
Average assets$15
Average earning assets$255,150
Average equity $22,181
Average loans $233,767
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10 Mississippi Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
015331Magnolia State Bank15 East Sixth Avenue, Bay Springs, MS 39422August 04, 1975Full Service Brick and Mortar
1254045Heidelberg Branch407 Main Street, Heidelberg, MS 39439September 13, 1976Full Service Brick and Mortar
2254046Downtown Motor Branch10 Thigpen Street, Bay Springs, MS 39422Febuary 05, 1979Limited Service Facility
4254048Taylorsville Branch748 Highway 28 East, Taylorsville, MS 39168November 13, 1989Full Service Brick and Mortar
5441477Laurel Branch3220 Highway 15 North, Laurel, MS 39440July 06, 2005Full Service Brick and Mortar
6465733Petal Branch1227 Highway 42, Suite 110, Petal, MS 39465July 17, 2007Full Service Brick and Mortar
7496084Greenwood Lpo/Dpo107 Fulton Street, Greenwood, MS 38930November 02, 2009Limited Service Loan Production
8496085Lucedale Lpo/Dpo5168 Main Street, Lucedale, MS 39452November 02, 2009Limited Service Loan Production
9501269Hattiesburg Branch560 Weathersby Road, Hattiesburg, MS 39402January 20, 2010Full Service Brick and Mortar
10526491Flowood Branch437 Katherine Drive, Flowood, MS 39232November 01, 2011Full Service Brick and Mortar
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