The Lake Bank in Two Harbors, Minnesota (MN)

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The Lake Bank
GeneralFDIC Certificate #: 12195
Status: Active
Federal Reserve ID: 834755
Bank Holding Company (Regulatory Top Holder): Mesaba Bancshares, Inc. (RSSDID: 2217503, Location: Grand Rapids, MN)
Date Established: January 01, 1889
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 3 (Domestic: 3, Interstate: No)
OTS Docket #: 13988
FDIC's unique #: 7746
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: No
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: 613 First Avenue, Two Harbors, MN 55616
County: Lake
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
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $99.8 mil
Equity capital: $9.9 mil
Deposits held in domestic offices: $89.6 mil
Return on assets (ROA): 0.70% ($0.7 mil)
Quarterly return on assets: 2.81% ($2.8 mil)
Return on Equity (ROE): 7.50% ($0.8 mil)
Quarterly return on equity: 28.71% ($2.9 mil)
Net income: $0.7 mil
Quarterly Net income: $0.7 mil
Pretax return on assets: 0.03% ($29.9 mil)
Quarterly Pretax return on assets: -0.35% (-$349.4 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)27
Total assets$99,824
Cash and due from depository institutions$3,456
Interest-bearing balances$2,986
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$70,680
Loan loss allowance $2,203
Trading account assets$0
Bank premises and fixed assets$1,309
Other real estate owned$3,807
Goodwill and other intangibles$279
All other assets$2,339
Life insurance assets$99,824
Total liabilities and capital$89,884
Total liabilities$89,585
Total deposits$82,675
Interest-bearing deposits$89,585
Deposits held in domestic offices$93
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $299
All other liabilities $9,940
Total equity capital$9,940
Total bank equity capital$9,940
Perpetual preferred stock$0
Common stock$120
Undivided profits $1,640
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $98
Income earned, not collected on loans $6,930
Earning assets $0
Long-term assets (5+ years) $368
Average Assets, year-to-date $91,620
Average Assets, quarterly $20,954
Volatile liabilities $100,055
Insider loans $99,449
FHLB advances $64,018
Loans and leases held for sale $97,599
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $8,621
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $7,731
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $4,557
Total interest expense $755
Net interest income $3,802
Provision for loan and lease losses $1,375
Total noninterest income $50
Fiduciary activities $0
Service charges on deposit accounts $150
Trading account gains & fees $0
Additional noninterest income -$100
Total noninterest expense $2,857
Salaries and employee benefits $1,532
Premises and equipment expense $366
Additional noninterest expense $959
Pre-tax net operating income -$380
Securities gains (losses) $414
Applicable income taxes -$671
Income before extraordinary items $705
Extraordinary gains - net $0
Net income attributable to bank $705
Net charge-offs $0
Cash dividends $705
Sale, conversion, retirement of capital stock, net $740
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.95%
Cost of funding earning assets 0.82%
Net interest margin 4.13%
Noninterest income to earning assets 0.05%
Noninterest expense to earning assets 3.11%
Net operating income to assets 0.29%
Return on assets (ROA) 0.70%
Pretax return on assets 0.03%
Return on equity (ROE) 7.50%
Retained earnings to average equity (YTD only) 7.50%
Net charge-offs to loans 0.98%
Credit loss provision to net charge-offs 185.81%
Efficiency ratio1.34%
Assets per employee$74,169
Cash dividends to net income (YTD only)3.70%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 3.02%
Noncurrent assets plus other real estate owned to assets 31.79%
Noncurrent loans to loans 10.76%
Net loans and leases to deposits9.51%
Net loans and leases to core deposits 78.90%
Equity capital to assets 84.88%
Core capital (leverage) ratio 9.96%
Tier 1 risk-based capital ratio 8.83%
Total risk-based capital ratio 13.47%
Average assets$15
Average earning assets$100,055
Average equity $9,401
Average loans $91,975
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3 Minnesota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
07746The Lake Bank613 First Avenue, Two Harbors, MN 55616January 01, 1889Full Service Brick and Mortar
1226647Silver Bay Branch88 Outer Drive, Silver Bay, MN 55614November 23, 1993Full Service Brick and Mortar
2226648Super One Branch802 11th Street, Two Harbors, MN 55616December 19, 1996Limited Service Facility
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