Mountain Iron First State Bank in Mountain Iron, Minnesota (MN)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of April 01, 2002

  • Mountain Iron First State Bank in Mountain Iron, Minnesota (MN)
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Mountain Iron First State Bank - Overview

  • General
  • FDIC Certificate #: 1928
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: American Bank of the North (#5216)
    Federal Reserve ID: 714558
    Date Established: November 11, 1916
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 4 (Interstate: No)
    OTS Docket #: 11200
    FDIC's unique #: 1293
    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: April 01, 2002
    Last Structure Change Process Date: April 25, 2002
    Last Data Update: April 25, 2002
    Data Source Date: April 05, 2012
  • Location
  • Address: 8401 8th Street South, Mountain Iron, MN 55768
    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: $80.7 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, 2001)

  • Dollar figures in thousands
  • 33Total employees (full-time equivalent)
  • $82,360Total assets
  • $3,829Cash and due from depository institutions
  • $30Interest-bearing balances
  • $2,089Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $73,304Net loans & leases
  • $688Loan loss allowance
  • $0Trading account assets
  • $1,240Bank premises and fixed assets
  • $400Other real estate owned
  • $0Goodwill and other intangibles
  • $0Life insurance assets
  • $1,498All other assets
  • $82,360Total liabilities and capital
  • $76,219Total liabilities
  • $65,643Total deposits
  • $56,938Interest-bearing deposits
  • $65,643Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $5,839Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $4,500Other borrowed funds
  • $0Subordinated debt
  • $237All other liabilities
  • $6,141Total equity capital
  • $6,141Total bank equity capital
  • $6,141Perpetual preferred stock
  • $0Common stock
  • $190Surplus
  • $5,560Undivided profits
  • Memoranda
  • $391Noncurrent loans and leases
  • $11,526Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $481Earning assets
  • $0Long-term assets (5+ years)
  • $560Average Assets, year-to-date
  • $75,423Average Assets, quarterly
  • $5,190Volatile liabilities
  • $75,806Insider loans
  • $80,281FHLB advances
  • $16,071Loans and leases held for sale
  • $446Unused loan commitments
  • $4,500Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $11,526Total unused commitments
  • $0Restructured Loans and leases
  • $688Derivatives

Income and Expense (December 31, 2001)

  • Dollar figures in thousands
  • $6,060Total interest income
  • $2,706Total interest expense
  • $3,354Net interest income
  • $290Provision for loan and lease losses
  • $207Total noninterest income
  • $0Fiduciary activities
  • $139Service charges on deposit accounts
  • $0Trading account gains & fees
  • $68Additional noninterest income
  • $1,851Total noninterest expense
  • $1,003Salaries and employee benefits
  • $236Premises and equipment expense
  • $612Additional noninterest expense
  • $1,420Pre-tax net operating income
  • $0Securities gains (losses)
  • $62Applicable income taxes
  • $1,358Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,358Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $100Sale, conversion, retirement of capital stock, net
  • $453Net operating income

Performance and Condition Ratios (December 31, 2001)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 8.51%Yield on earning assets
  • 3.80%Cost of funding earning assets
  • 4.71%Net interest margin
  • 0.29%Noninterest income to earning assets
  • 2.60%Noninterest expense to earning assets
  • 1.79%Net operating income to assets
  • 1.79%Return on assets (ROA)
  • 1.87%Pretax return on assets
  • 24.05%Return on equity (ROE)
  • 16.03%Retained earnings to average equity (YTD only)
  • 0.15%Net charge-offs to loans
  • 290.00%Credit loss provision to net charge-offs
  • 17.10%Efficiency ratio
  • 51,980Assets per employee
  • 2.50%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 33.36%Loss allowance to loans
  • 0.93%Loss allowance to noncurrent loans
  • 143.04%Noncurrent assets plus other real estate owned to assets
  • 1.07%Noncurrent loans to loans
  • 0.65%Net loans and leases to deposits
  • 111.67%Net loans and leases to core deposits
  • 125.50%Equity capital to assets
  • 7.46%Core capital (leverage) ratio
  • 7.86%Tier 1 risk-based capital ratio
  • 10.02%Total risk-based capital ratio
  • Memoranda
  • $11Average assets
  • $75,806Average earning assets
  • $5,646Average equity
  • $71,249Average loans

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