Merchants & Miners State Bank of Hibbing in Hibbing, Minnesota (MN)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of March 12, 1993

Merchants & Miners State Bank of Hibbing in Hibbing, Minnesota (MN)
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Merchants & Miners State Bank of Hibbing - Overview

General
FDIC Certificate #: 9765
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Norwest Bank Minnesota Mesabi, National Association (#16352)
Federal Reserve ID: 1010752
Date Established: December 31, 1902
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 2 (Interstate: No)
FDIC's unique #: 6250
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: Yes
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: March 12, 1993
Last Structure Change Process Date: April 01, 1993
Last Data Update: April 01, 1993
Data Source Date: April 05, 2012
Location
Address: 301 East Howard Street, Hibbing, MN 55746
County: St. Louis
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): Duluth-Superior, MN-WI (#2240)
Core Based Statistical Area (CBSA): Duluth, MN-WI (#20260)
CBSA Metro Statistical Area: Duluth, MN-WI (#20260)
Financial Summary
Total assets: $60.9 mil

Assets and Liabilities (December 31, 1992)

Dollar figures in thousands
0Total employees (full-time equivalent)
$39Total assets
$60,921Cash and due from depository institutions
$2,983Interest-bearing balances
$657Securities
$22,224Federal funds sold & reverse repurchase agreements
$3,525Net loans & leases
$30,286Loan loss allowance
$640Trading account assets
$0Bank premises and fixed assets
$1,101Other real estate owned
$131Goodwill and other intangibles
$671Life insurance assets
$0All other assets
$0Total liabilities and capital
$60,921Total liabilities
$55,260Total deposits
$54,793Interest-bearing deposits
$46,327Deposits held in domestic offices
54793.00%% insured (estimated)
$89Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$109Subordinated debt
$0All other liabilities
$358Total equity capital
$358Total bank equity capital
$5,661Perpetual preferred stock
$0Common stock
$1,400Surplus
$2,100Undivided profits
Memoranda
$2,161Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$291Income earned, not collected on loans
$228Earning assets
$56,692Long-term assets (5+ years)
$7,676Average Assets, year-to-date
$59,704Average Assets, quarterly
$60,313Volatile liabilities
$1,609Insider loans
$0FHLB advances
$0Loans and leases held for sale
$0Unused loan commitments
$2,085Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$5,661Total risk weighted assets
$32,015Total unused commitments
$0Restructured Loans and leases
$0Derivatives

Income and Expense (December 31, 1992)

Dollar figures in thousands
$0Total interest income
$4,835Total interest expense
$1,985Net interest income
$2,850Provision for loan and lease losses
$77Total noninterest income
$485Fiduciary activities
$0Service charges on deposit accounts
$237Trading account gains & fees
$0Additional noninterest income
$248Total noninterest expense
$1,874Salaries and employee benefits
$1,050Premises and equipment expense
$265Additional noninterest expense
$559Pre-tax net operating income
$1,384Securities gains (losses)
$11Applicable income taxes
$540Income before extraordinary items
$855Extraordinary gains - net
$0Net income attributable to bank
$855Net charge-offs
$342Cash dividends
$700Sale, conversion, retirement of capital stock, net
$0Net operating income

Performance and Condition Ratios (December 31, 1992)

Dollar figures in thousands
Performance Ratios (%, annualized)
0.00%Yield on earning assets
8.76%Cost of funding earning assets
3.59%Net interest margin
5.16%Noninterest income to earning assets
0.88%Noninterest expense to earning assets
3.39%Net operating income to assets
1.42%Return on assets (ROA)
1.43%Pretax return on assets
2.34%Return on equity (ROE)
15.94%Retained earnings to average equity (YTD only)
2.89%Net charge-offs to loans
1.11%Credit loss provision to net charge-offs
22.51%Efficiency ratio
56,192Assets per employee
1.56%Cash dividends to net income (YTD only)
Condition Ratios (%)
81.87%Loss allowance to loans
2.07%Loss allowance to noncurrent loans
219.93%Noncurrent assets plus other real estate owned to assets
0.69%Noncurrent loans to loans
0.94%Net loans and leases to deposits
55.27%Net loans and leases to core deposits
56.95%Equity capital to assets
9.29%Core capital (leverage) ratio
9.38%Tier 1 risk-based capital ratio
17.68%Total risk-based capital ratio
Memoranda
$19Average assets
$59,704Average earning assets
$5,365Average equity
$55,222Average loans

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