Mid-Central Federal Savings Bank in Wadena, Minnesota (MN)



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Mid-Central Federal Savings Bank
GeneralFDIC Certificate #: 30943
Status: Active
Federal Reserve ID: 773171
Date Established: March 11, 1957
WWW: http://www.midcentralbank.com
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 3 (Domestic: 3, Interstate: No)
OTS Docket #: 6149
FDIC's unique #: 43777
Numeric code: 33
Regulator: OCC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
FDIC Insured: Yes
Insured Savings Institution: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: No
Subchapter S Corporations: Yes
Asset Concentration Hierarchy: Mortgage Lending Specialization
Date of Deposit Insurance: March 11, 1957
Last Structure Change Effective Date: July 21, 2011
Last Structure Change Process Date: July 21, 2011
Last Data Update: July 21, 2011
Data Source Date: April 05, 2012
LocationAddress: 520 South Jefferson St, Wadena, MN 56482
County: Wadena
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Fargo
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: West
History of ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $97.1 mil
Equity capital: $7.9 mil
Deposits held in domestic offices: $82.7 mil
Return on assets (ROA): 1.08% ($1.0 mil)
Quarterly return on assets: 1.45% ($1.4 mil)
Return on Equity (ROE): 13.98% ($1.1 mil)
Quarterly return on equity: 17.87% ($1.4 mil)
Net income: $1.1 mil
Quarterly Net income: $0.3 mil
Pretax return on assets: 1.08% ($1,049.1 mil)
Quarterly Pretax return on assets: 1.45% ($1,408.6 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)38
Total assets$97,143
Cash and due from depository institutions$8,677
Interest-bearing balances$5,315
Securities$1,654
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$81,416
Loan loss allowance $960
Trading account assets$0
Bank premises and fixed assets$2,662
Other real estate owned$1,459
Goodwill and other intangibles$0
All other assets$1,275
Life insurance assets$97,143
Total liabilities and capital$89,194
Total liabilities$82,690
Total deposits$77,691
Interest-bearing deposits$82,690
Deposits held in domestic offices$94
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$6,000
Other borrowed funds $0
Subordinated debt $504
All other liabilities $7,949
Total equity capital$7,949
Total bank equity capital$7,949
Perpetual preferred stock$0
Common stock$100
Surplus$1,432
Undivided profits $6,417
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $850
Earning assets $0
Long-term assets (5+ years) $508
Average Assets, year-to-date $88,385
Average Assets, quarterly $0
Volatile liabilities $97,557
Insider loans $96,553
FHLB advances $59,784
Loans and leases held for sale $97,143
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $7,949
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $2,766
Derivatives$816
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $5,576
Total interest expense $1,218
Net interest income $4,358
Provision for loan and lease losses $266
Total noninterest income $431
Fiduciary activities $0
Service charges on deposit accounts $409
Trading account gains & fees $0
Additional noninterest income $22
Total noninterest expense $3,466
Salaries and employee benefits $2,129
Premises and equipment expense $516
Additional noninterest expense $821
Pre-tax net operating income $1,057
Securities gains (losses) $0
Applicable income taxes $0
Income before extraordinary items $1,057
Extraordinary gains - net $0
Net income attributable to bank $1,057
Net charge-offs $0
Cash dividends $1,057
Sale, conversion, retirement of capital stock, net -$112
Net operating income $368
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets6.28%
Cost of funding earning assets 1.37%
Net interest margin 4.91%
Noninterest income to earning assets 0.49%
Noninterest expense to earning assets 3.90%
Net operating income to assets 1.08%
Return on assets (ROA) 1.08%
Pretax return on assets 1.08%
Return on equity (ROE) 13.98%
Retained earnings to average equity (YTD only) 9.11%
Net charge-offs to loans -0.14%
Credit loss provision to net charge-offs -237.50%
Efficiency ratio0.00%
Assets per employee$72,374
Cash dividends to net income (YTD only)2.56%
Condition Ratios (%)
Loss allowance to loans 34.82%
Loss allowance to noncurrent loans 1.17%
Noncurrent assets plus other real estate owned to assets 112.94%
Noncurrent loans to loans 2.38%
Net loans and leases to deposits1.03%
Net loans and leases to core deposits 98.46%
Equity capital to assets 99.82%
Core capital (leverage) ratio 8.18%
Tier 1 risk-based capital ratio 8.18%
Total risk-based capital ratio 13.30%
Memoranda
Average assets$15
Average earning assets$97,557
Average equity $7,561
Average loans $88,844
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3 Minnesota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
043777Mid-Central Federal Savings Bank520 South Jefferson St, Wadena, MN 56482March 11, 1957Full Service Brick and Mortar
1282701Long Prairie Branch610 Lake St S., Long Prairie, MN 56347March 11, 1957Full Service Brick and Mortar
2282702Staples Branch128 2nd Avenue West, Staples, MN 56479March 11, 1957Full Service Brick and Mortar
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