COP'{ - Federal Reserve Bank of Chicago - Federal Reserve …/media/others/banking/... · ·...

COP Board of Governors of the Federal Reserve System

FRY-6 OMB Number 7100-0297 Ap proval expires December 31 2015 of2

Annual Report of Holding Companies-FR Y-6

Report at the close of business as of the end of fiscal year

This Report is required by law Section 5(c)(1 )(A) of the Bank Holding Company Act (12 USC sect 1844 (c)(1 )(A)) Section 8(a) of the International Banking Act (12 USC sect 3106(a)) Sections 11(a)(1) 25 and 25A of the Federal Reserve Act (12 USC sectsect 248(a)(1 ) 602 and 611 a) Section 21113(c) of Regulation K (12 CFR sect 21113(c)) and Section 225S(b) of Regulation Y (12 CFR sect 225S(b)) and section 10(c)(2)(H) of the Home Owners Loan Act Return to the appropriate Federal Reserve Bank the original and the number of copies specified

NOTE The Annual Report of Holding Companies must be signed by one director of the top-tier holding company This individual should also be a senior official of the top-tier holding company In the event that the top-tier holding company does not have an individual who is a senior official and is also a director the chairshyman of the board must sign the report

1 Timothy J Brown Name of the Holding Company Director and Official

President Title of the Holding Company Director and Official

attest that the Annual Report of Holding Companies (including the supporting attachments) for this report date has been preshypared in conformance with the instructions issued by the Federal Reserve System and are true and correct to the best of my knowledge and belief

With respect to information regarding individuals contained in this report the Reporter certifies that it has the authority to provide this information to the Federal Reserve The Reporter also certifies that it has the authority on behalf of each individual to consent or object to public release of information regarding that individual The Federal Reserve may assume in the absence of a request for confidential treatment submitted in accordance with the Boards Rules Regarding Availability of Information 12 CFR Part 261 that the Reporter fil1d individ nt to public release of all details in the report co Fgtiag th

middot middot dual

Signature

of Holding Company Dlfector and 3 - L Date of Signatur e I

For holding companies not registered with the SEC-Indicate status of Annual Report to Shareholders

is included with the FR Y-6 report

D will be sent under separate cover

D is not prepared

For Federal Reserve Bank Use Only

RSSDID 113=oJY CI

This report form is to be filed by all top-tier bank holding compashynies and top-tier savings and loan holding companies organized under US law and by any foreign banking organization that does not meet the requirements of and is not treated as a qualifyshying foreign banking organization under Section 21123 of Regulation K (12 CFR sect 21123) (See page one of the general instructions for more detail of who must file) The Federal Reserve may not conduct or sponsor and an organization (or a person) is not required to respond to an information collection unless it displays a currently valid OMS control number

Date of Report (top-tier holding companys fiscal year-end)

December 31 2014 Month I Day I Year NA Reportes Legal Entity Identifier (LEI) (20-Character LEI Code)

Reporters Name Street and Mailing Address

Commercial Financial Corp

Legal Title of Holding Company

600 Lake Avenue (Mailing Address of the Holding Company) Street I PO Box

Storm Lake IA 50588 City State Zip Code

Physical Location (if different from mailing address)

Person to whom questions about this report should be directed Ronald L Hintz CPA Name

515-222-4400 Area Code I Phone Number I Extension

515-222-4444 Area Code I FAX Number

ronhintzclaconnectcom E-mail Address

---- Title

Address (URL) for the Holding Companys web page

Does the reporter request confidential treatment for any portion of this

submission

0 Yes Please identify the report items to which this request applies

igj No

D In accordance with the instructions on pages GEN-2 and 3 a letter jusUfying the request is being provided

D The information for which confidential treatment is sought is being submitted separately labeled Confidential

Public reporting burden for this information collection is estimated to vary from 13 to 101 hours per response with an average of 525 hours per response including time to gather and maintain data in the required form and to review instructions and complete the information collection Send comments regarding this burden estimate or any other aspect of this collection of Information including suggestions for reducing this burden to Secretary Board or Governors or the Federal Reserve System 20th and C Streets NW Washington DC 20551 and to the Office of Management and Budget Papeiwork Reduction Project (7100-0297) Washington DC 20503

102014

For Use By Tiered Holding Companies

FRY-6 Page 2 of 2

Top-tiered holding companies must list the names mailing address and physical locations of each of their subsidiary holding companies below

Lakes Bancorporation Inc Legal Title of Subsidiary Holding Company Legal Title of Subsidiary Holding Company

600 Lake Avenue (Mailing Address of the Subsidiary Holding Company) Street PO Box (Mailing Address of the Subsidiary Holding Company) Street I PO Box

Storm Lake IA 50588 City State Zip Code City State Zip Code

Physical Location (if different from mailing address) Physical Location (if different from mailing address)

Legal Title of Subsidiary Holding Company Legal Title of Subsidiary Holding Company

(Mailing Address of the Subsidiary Holding Company) Street I PO Box (Mailing Address of the Subsidiary Holding Company) Street I PO Box

City State Zip Code City State Zip Code







(Mailing Address of the Subsidiary Holding Company) Street I PO Box (Mailing Address of the Subsidiary Holding Company) Street PO Box



122012

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TABLE OF CONTENTS

PAGE

ACCOUNTANTS COMPILATION REPORT 1

FINANCIAL STATEMENTS

Balance Sheets 2 Statements of Operations 3 Statements of Comprehensive lncome 4 Statements of Stockholders Equity 5 Statements of Cash Flows 6

Notes to Financial Statements 7

---middotmiddotmiddot--------------


CliftonlarsonAllen

Board of Directors Commercial Financial Corp Storm Lake Iowa

Accountants Compilation Report

CliftonlarsonAllen LLP CLAconnectcom

We have compiled the accompanying balance sheets of Commercial Financial Corp (parent company only) as of December 31 2014 and 2013 and the related statements of operations comprehensive income stockholders equity and cash flows for the years then ended We have not audited or reviewed the accompanying financial statements and accordingly do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing implementing and maintaining internal control relevant to the preparation and fair presentation of the financial statements

Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements During our compilations we did become aware of a departure from accounting principles generally accepted in the United States of America that is described in the following paragraph

As disclosed in Note 1 to the financial statements accounting principles generally accepted in the United States of America require that majority-owned subsidiaries be reported on a consolidated basis Management has informed us that the Company has not consolidated its investment in its majority-owned subsidiaries instead it is reported under the equity method in these financial statements and that if accounting principles generally accepted in the United States of America had been followed total assets and liabilities would have both increased by $588629725 and $591763344 at December 31 2014 and 2013 respectively

LL West Des Moines Iowa March 6 2015

1


ASSETS Cash

COMMERCIAL FINANCIAL CORP (PARENT COMPANY ONLY)

BALANCE SHEETS December 31 2014 and 2013

ASSETS

$ Investments in subsidiaries -

2014

481555

Net equity in net assets of subsidiary 67517276 Excess of cost over net assets of subsidiaries 911572

Notes receivable - related parties 170136 Loans receivable - participation 2000000 Accrued interest receivable 9777 Income tax recoverable 339698 Deferred income taxes Other assets 749766

2013

$ 514943

60973592

167623

6 979 1734263

17000 746003

TOTAL ASSETS $ 72179780 $ 64160403

LIABILITIES AND STOCKHOLDERS EQUITY

LIABILITIES Accrued interest payable Due lo subsidiaries Subordinated debentures payable to nonbank subsidiary Deferred income taxes Dividend payable - Senior Preferred stock

Total liabilities

STOCKHOLDERS EQUITY Senior Non-Cumulative Perpetual Preferred stock

Series A $1000 par value 18000 shares authorized and issued variable dividend

Class A Preferred stock $100 par value 30000 shares authorized and issued 4 annum non-cumulative dividend preference

Class A Common stock no par value 10000000 shares authorized 8394 shares issued and outstanding

Class B Non-voting Common stock no par value 10000000 shares authorized 1370 shares issued and outstanding

Retained earnings Accumulated other comprehensive income

Total stockholders equity

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

2

$ 7316 325621

8248000 756

45000

8626693

18000000

3000000

1298505

398368 40744799

111415

63553087

$ 72179780

$ 6397 1630203 8248000

9884600

18000000

3000000

1298505

392 140 31412730

172428

54275803

$ 64 160403

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STATEMENTS OF OPERATIONS Years Ended December 31 2014 and 2013

2014

INCOME Interest and dividend income $ 16996

OPERATING EXPENSES Salaries and benefits 12 935 Interest expense 166480 Professional fees 114475 Other expenses 51862

Total operating expenses 345752

Loss before equity in income of subsidiaries and income tax benefit (328756)

EQUITY IN INCOME OF SUBSIDIARIES 10001319

Income before income tax benefit 9672563

INCOME TAX BENEFIT 111261

NET INCOME $ 9783824

3

2013

$ 13 155

433423 168978

44845 3980

651226

(638071)

2824716

2 186645

207552

$ 2394 197



STATEMENTS OF COMPREHENSIVE INCOME Years Ended December 31 2014 and 2013

2014 2013

NET INCOME $ 9783824 $ 2394197

Other comprehensive loss Unrealized gains (losses) on subsidiary

available-for-sale securities Income tax benefit

Total other comprehensive Joss

Total comprehensive income

4

(98409) 37395

(61014)

(412795) 156863

(255932)

$ 9722810 $ 2 138265


BALANCE DECEMBER 31 2012 Net income

Other comprehensive loss

Redemption of 53 shares of Class B common stock

Issuance of 30 shares of Class B common stock

Dividends declared and paid





Dividends declared

BALANCE DECEMBER 31 2014


STATEMENTS OF STOCKHOLDERS EQUITY Years Ended December 31 2014 and 2013

Retained Earnings

Accumulated Other

Comprehensive Income

Common Stock Class A Class B

$ 52543726 $ 29438533 $ 428360 $ 1298505 $ 378328 $

2394197

(255932) (81431) 95243

(420000)

54275803 9783824

(61013) (95243) 101471

(451755)

2394197

(420000)

31412730 9783824

(451755)

(255932)

172428 1298505

(61013)

(81431) 95243

392140

(95243) 101471

$ 63 5_53 087 $ 40 744 799 $1h1b1plusmn4gt15 $ 1 298 505 $ 398 368 $

5

Class A Preferred

Stock

Senior Preferred

Stock

3000000 $ 18000000

3000000 18000000

3 000 000 $ 18 000 000

bull bull COMMERCIAL FINANCIAL CORP

(PARENT COMPANY ONLY)

bull STATEMENTS OF CASH FLOWS Years Ended December 31 2014 and 2013

bull bull 2014 2013

bull CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 9783824 $ 2394 197

bull Adjustments to reconcile net income to net cash used in operating activities

bull Equity in earnings of subsidiaries (10001319) (2824716) Losses on other assets 3618 3980

bull Effects of changes in operating assets and liabilities Due to and from subsidiaries (1304582) 1596002

bull Other (14949) Income tax receivable 1394565 (1368384) bull Notes receivable - related parties (2513) 4353

bull Deferred income taxes 17756 Accrued interest receivable (2798) 1391

bull Accrued interest payable 919 (209)

bull Net cash used in operating activities (125479) (193386)

bull CASH FLOWS FROM INVESTING ACTIVITIES Dividends received from subsidiaries 2500000 1250000

bull Loans receivable - participation (2000000) Investment in limited liability company (9382) (650724)

bull Other 2000 1500

bull Net cash provided by investing activities 492618 600776

bull CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to stockholders (406755) (465000)

bull Proceeds from issuance of Class B common stock 101471 95243

bull Payment to redeem Class B common stock (95243) (81431)

Net cash provided by financing activities (400527) (451 188)

bull NET DECREASE IN CASH (33388) (43798) bull

bull CASH BEGINNING OF YEAR 514943 558741

bull CASH END OF YEAR $ 481555 $ 514943

bull SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

bull Cash paid for interest was $165561 in 2014 and $169 187 in 2013 Cash received for income taxes was $219000 in 2014 and $435 170 in 2013

bull SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES Dividends declared on Senior Preferred stock of $45000 in 2014

bull is included in liabilities

bull bull

6

bull



NOTES TO FINANCIAL STATEMENTS December 31 2014 and 2013

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Commercial Financial Corp (the Company) is an Iowa-based bank holding company At December 31 2014 the Company owns 100 of the voting common stock of Central Bank headquartered in Storm Lake Iowa During 2014 Lakes Bancorporation Inc was merged into Central Bank thereby increasing the Companys direct ownership in Central Bank to 100 Previously the Company owned 65 of Central Bank and 100 of Lakes Bancorporation which owned 35 of Central Bank Central Bank owns 100 of the common stock of Milford Holdings Inc and 100 of the membership interest in Real Estate Owned LLC and Central Florida Real Estate Owned LLC The Company also owns 100 of the common stock of Central Statutory Trust II (Central Statutory Trust)

The principal market areas for the Company and its subsidiaries are Storm Lake Cherokee Spirit Lake Sioux City Des Moines and the surrounding Iowa communities

The Companys subsidiaries make commercial agricultural real estate and installment loans to businesses and individuals as well as maintaining deposits for customers in their market areas

Use of Estimates in Preparing Financial Statements

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period Actual results could vary from those estimates

Investments in Subsidiaries

Accounting standards require the consolidation of majority-owned subsidiaries with the parent for financial reporting purposes Commercial Financial Corps wholly-owned subsidiaries Central Bank and Central Statutory Trust are included in the accompanying financial statements under the equity method rather than consolidated with the Company (See Note 6)

The accompanying financial statements are not intended to replace any consolidated financial statements of Commercial Financial Corp and subsidiaries

NOTE 2 - GROUP CONCENTRATION OF CREDIT RISK

The Companys primary business activity is with Central Bank in Storm Lake Cherokee Spirit Lake Des Moines and Sioux City Iowa The Bank makes commercial agricultural real estate and installment loans to customers in the Storm Lake Cherokee Spirit Lake Des Moines and Sioux City Iowa areas Although the Bank has a diversified loan portfolio a substantial portion of its debtors ability to honor their contracts is dependent upon the agricultural economy

7




NOTE 3 - SUBORDINATED DEBENTURES PAYABLE TO NONBANK SUBSIDIARY

Subordinated debentures payable to nonbank subsidiary at December 31 2014 and 2013 represents indebtedness to Central Statutory Trust II and bears interest at a rate equal to the 3-month LIBOR rate plus 175 At December 31 2014 and 2013 the interest rate was 199 and 199 respectively The principal amounts of the debentures are due June 21 2037

NOTE 4 - INCOME TAXES

The Company and its subsidiaries file consolidated federal and State of Iowa income tax return The subsidiaries provide for income taxes on a separate return basis and remit to the Company amounts determined to be currently payable

The Company follows the accounting requirements for uncertain tax positions The Company determined that no liability related to uncertain tax positions was required as of December 31 2014 and 2013

The federal and state income tax returns of the Company for 2011 and thereafter are subject to examination by the IRS and state taxing authorities generally for three years after they were filed

NOTE 5 - RESTRICTIONS ON SUBSIDIARY DIVIDENDS

The ability of the Company to service its debt is dependent on cash dividends paid to the Company by its subsidiary bank The Bank is a state chartered bank that is also a member of a federal reserve bank The subsidiary bank is subject to certain statutory and regulatory restrictions on the amount it may pay in dividends

A state bank that is registered as a federal reserve bank may not pay a dividend which would impair the capital of the bank A federal reserve member bank is required to obtain prior approval of the Board of Governors of the Federal Reserve System if the total of all dividends including the proposed dividends declared by the bank in any calendar year exceeds the total of the banks net profits of that year combined with its retained net profits of the preceding two years In addition a bank chartered under Iowa law may pay dividends up to the amount of its undivided profits provided its surplus account equals or exceeds its capital account subject to maintenance of minimum capital requirements

8




NOTE 6 - SUBSIDIARY CONDENSED FINANCIAL STATEMENTS

The following is a summary of selected unaudited financial information of Central Bank based upon the December 31 2014 and 2013 financial statements submitted to the Federal Deposit Insurance Corporation

2014 2013

Total assets $ 655686000 $ 651573000

Liabilities $ 588121000 $ 591764000 Stockholders equity 67565000 59809000

Total liabilities and stockholders equity $ 655686000 $ 651573000

Net income $ 10001000 $ 2825000

During 2014 Lakes Bancorporation Inc was merged into Central Bank In connection with the merger the Company recognized $911572 in excess of cost over net assets of subsidiaries (goodwill) which had been previously recognized by Lakes Bancorporation Inc The following is a summary of selected unaudited parent company only financial information of Lakes Bancorporation based on December 31 2013 parent company only financial statements filed with the Federal Reserve System

2013

Total assets $ 21 916000

Liabilities $ Stockholders equity 21 916000

Total liabilities and stockholders equity $ 21 916000

Net income $ 989000

Central Bank owns 100 of the common stock of Milford Holdings Inc The following is a summary of selected unaudited financial information of Milford Holdings Inc

2014 2013

Total assets $ 7660000 $ 7022000

Liabilities $ 31000 $ Stockholders equity 7629000 7022000


Net income $ 607000 $ 370000

9




NOTE 6 - SUBSIDIARY CONDENSED FINANCIAL STATEMENTS (CONTINUED)

During 2013 Central Bank acquired 100 of the membership interest in Real Estate Owned LLC The following is a summary of selected unaudited financial information of Real Estate Owned LLC

2014 2013

Total assets $ 4508000 $ 3456000



Net income $ 206000 $

During 2013 Central Bank acquired 100 of the membership interest in Central Florida Real Estate Owned LLC The following is a summary of selected unaudited financial information of Central Florida Real Estate Owned LLC

Total assets

Liabilities Stockholders equity

Total liabilities and stockholders equity

Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $

The Company owns 100 of the trust common securities of Central Statutory Trust II Central Statutory Trust II was formed to issue Company obligated mandatorily redeemable preferred securities (Preferred Securities) Central Statutory Trust II has issued all of the 8000000 authorized shares of preferred securities The preferred securities are considered liabilities on the balance sheet for Central Statutory Trust II For regulatory purposes a portion of the preferred securities are allowed in the calculation of Tier 1 and Tier 2 capital of the Company

10





The following is a summary of selected unaudited financial information of Central Statutory Trust II based on December 31 2014 and 2013 quarterly financial statements of nonbank subsidiaries filed with the Federal Reserve System

2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $

NOTE 7 - SENIOR PREFERRED STOCK

The Company executed a Small Business Lending Fund Securities Purchase Agreement with the United States Department of the Treasury (Treasury) effective September 20 2011 Through the Small Business Lending Fund (SBLF) the Treasury provides Tier 1 capital to community banks and other eligible institutions Each institution pays dividend rates that go down as its small business lending goes up

Treasury was issued 18000 shares of Senior Non-Cumulative Perpetual Preferred Stock Series A for $18000000 on September 20 2011 The initial dividend rate was 5 The variable dividend rate may decrease each of the following nine quarters based on the increase in qualified small business lending as defined in the agreement The dividend rate will vary between 1 and 5 as lending increases vary between 10 and 25 The fixed dividend rate for the tenth quarter after funding through the end of the first four and one-half years is set as described above if lending has increased at the end of the eighth quarter after funding If lending has not increased at the end of the eighth quarter after funding the fixed dividend rate is set at 7 The fixed dividend rate after four and one-half years is set at 9 if the funding has not already been repaid The dividend rate at December 31 2014 and 2013 was 1 for both years

The Treasury has a liquidation preference of $1000 per share or $18000000 as of December 31 2014 Dividends are payable quarterly in arrears on January 1 April 1 July 1 and October 1 of each year Dividends payable at December 31 2014 and 2013 are $45000 and $0 respectively The Company may repay the funding at any time with regulatory approval

11




NOTE 8 - ACCUMULATED OTHER COMPREHENSIVE INCOME

Central Bank and Milford Holdings Inc maintain certain securities in an available-for-sale category At December 31 2014 and 2013 combined accumulated other comprehensive income related to available-for-sale securities in the amount of $111415 and $172428 respectively was recorded directly to the Companys stockholders equity for its 100 proportionate share of the other comprehensive income

NOTE 9 - SUBSEQUENT EVENTS

Management evaluated subsequent events through March 6 2015 the date the financial statements were available to be issued Events or transactions occurring after December 31 2014 but prior to March 6 2015 that provided additional evidence about conditions that existed at December 31 2014 have been recognized in the financial statements for the year ended December 31 2014 Events or transactions that provided evidence about conditions that did not exist at December 31 2014 but arose before the financial statements were available to be issued have not been recognized in the financial statements for the year ended December 31 2014

See accountants compilation report

12

COMMERCIAL FINANCIAL CORP

Report - rem J Commercial Fuianc1al Corp is not required to file with the Secunt1es and

Exchange Comfriiksion r bull 1 R

eport

Item 111 Fmancial statenints parent company only of Commercial Fmancial Corp middotI

are attached Cppsolidated financial statements are not prepared h 1 I I fb m t e norma colirtse o usmess

Report-Item 2J U Organizational Chart middot See attabhed chart

Report- Item 2J k Banch Verification l Ii See attced chart

Report-Item 3 l middot middot Listing of sharehfders that directly or indirectly own control or hold with power to v9t 5 or more of any class of shares of the bank holding Company middotmiddotj

gt ll I

Name andAddrJJs J Timothy J Brovampn 1 Storm Lake IoWa I

i

John C Brown f 1 Spirit Lake IovM

1 f - (

Citizenship

1JSA

USA

Report Item 4 -se Schedule Attached

t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321

ORGANIZATIONAL CHART

Report - Item 2(a) - Organization chart - Commercial Financial Corp Incorporated State of Iowa - Lakes Bancorporation Inc Incorporated State of Iowa - Central Bank Incorporated State of Iowa - Milford Holdings Inc Incorporated State of Iowa - Central Statutory Trust II Deleware Statutory Trust - Real Estate Owned LLC lncorprated State of Iowa - Central Florida Real Estate Owned LLC Incorporated State of Florida - Toss II LLC Incorporated State of Iowa

COMMERCIAL FINANCIAL CORP STORM LAKE IA

Non-Managing M Owns 40

ember

Toss II LLC Stonn Lake IA

Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100

MILFORD HOLDINGS INC STORM LAKE IA

(See footnote 1)

Lakes Bancorporation Inc

Stonn Lake IA

Owns 35

Managing Member Owns 100

REAL ESTATE OWNED LLC

STORM LAKE IA

1 Commercial Financial Corp owns 5540000 (100) of the outstanding shares of voting common stock

Owns 100

CENTRAL STATUTORY TRUST II

STORM LAKE IA

Managing Memb Owns 100

CENTRAL FLORIDA REAL ESTATE OWNED LLC

STORM LAKE IA

er

Results A list of branches for your holding company COMMERC1ALflNANCJALCORP (1978574) of STORM IAKE IA The data are as of 12312014 Data reflects lnfo1maton that was received and processd through Ol07 2015

Reconcl1alon md Vertncaloo SICli 1 Jn the Data Action column of each branch row enter one or more of the actions specified below 2 If required enter the date In the Effective Date column

Actions OK If the branch Information Is correct enterOK In the Data Action coumn

Change tr the branch Information Is Incorrect or Incomplete revise the data enterOrnnge In the Data Action colllmn and the date when this Information rlrstbecame vaJd In the Effective Dale column Close If a branch lsted was sold or closed enter Clos In the Data Actlori column and the sale or closure date In the Effective Date coumn Delete ]f a branch Med was never owned by this depository Institution enter Odele In the Data Action column Add Jf a reportable branch Is missing Insert a row add the branch data and enterAdd In the Data Action column and the opening or acqulsltfon date In theEHectlve Date column

If printing this Hsi you may need to adjust your pa Be setup In MS Excel Try uslng landscape orientation page scaling andor e(lal siled paper

Submission Procedure When you are finished send a saved copy to your FRB contact See the detailed Instructions on this site for more Information If you are e-malllng th ls to your FRB contact put your Institution name dty and state In the subject tine of the emiddotmall

Note To sltitislythe FR YmiddotlO reporting requirements you must aim submit FR YmiddotlO Domestic Branch Schedules for each branch with a Data Action of Q1ange dose Delete or Add The FR Y-10 report may be submitted In a hardcopy format or via the FR YmiddotlO Onlne applcatlon bull httpsylOonUnefederalreservegov

bull FOCUNINUM Office Number and D_RSSD columns are for reference only Verlflcatron of these values ls not required

Data Action Effective Date Branch Service Type Branch ID RSSDbull Popular Name Street Address City

OK Full Service Head Office) 545544 CENTRAL BANK 600 LAKE AVENUE STORM lAKE OK Full Service 4154B52 ANKENY BOULEVARD BRANCH 2805 NORTH ANKENY BOULEVARD ANKENY

OK Umlted Servke 2116588 CHEROKEE BRANCH 2BOW DRIVE CHEROKEE

OK Full Service 802848 CHEROKEE CENTRAL TRUST BRANCH 401 WEST MAIN STREET CHEROKEE

OK Full Service 2161147 4018 UNIVERSITY AVENUEOFFJCE 4018 UNIVERSITY AVENUE DES MOINES

OK Full Service 4155104 HUBBEL AVENUE BRANCH 2742 HUBBELLAVENUE DES MOINES

OK Full Service 4155270 WALNUT STREETS RANCH 700 WALNUT STREET DES MOINES

OK Full Service 4493169 4201 SOUTH LAKEPORT BRANCH 4201 SOUTH LAKEPORT SIOUX CITY

OK FuI Service 3078064 522 fOURTH STREET BRANCH 522 4TH STREET SIOUX CITY

OK Full Service 3596719 stoux OiY BRANCH 2-906 HAMILTON BLVD SIOUX CITY

OK Full Servke 810142 SPIRIT IAKE BRANCH 1400 1BTH STREET SPIRIT LAKE

OK limited Service 2045050 DRIVEmiddotIN BRANCH 1237 LAKE AVENUE STORM LAKE

OK Full Servke 4155252 URBANDALE BRANCH 3800 lOOTH STREET URBANDALE

OK Full Service 44931SO 6501 WESTOWN PARKWAY BRANCH 6601 WESTOWN PARKWAYSUITE140 WEST DES MOINES

OK Full Service 4639444 ASHWORTH ROAD BRANCH 6139 ASHWORTH ROAD WEST DES MOINES OK Full Service 4155131 MILLS ClVJCPARr-NAY BRANCH 5070 MILLS CIVIC PARKWAY WEST DES MOINES

State Zip Code County IA 505BS BUENA VISTA IA 50023 POLK IA 51012 CHEROKEE IA 51012 CHEROKEE IA 50311 POLK

IA 50317 POLK IA 50309 POLK IA 51106 WOODBURY

IA 51101 WOODBURY

IA 51104 WOODBURY IA Sl360 DICKINSON IA 505BBmiddot19 BUENA VISTA IA 50322 POLK IA S0266 POLK IA 50266 POLK IA 50265 POLK

Country FDICUNINUM+ Office Numberbull Head Offlce Head Office ID RSSDbull Comments UNITED STATES 9849 0 CENTRAL BANK 546544

UNITED STATES Not Required Not Required CENTRAL BANK 545544 UNITED STATES 263121 6 CENTRAL BANK 546544 UNITED STATES 6467 3 CENTRAL BANK 545544 UNITED STATES Not Requred Not Required CENTRAL BANK 546544

UNITED STATES Not Required Not Required CENTRAL BANK 545544

UNITED STATES Not Required Not Required CENTRAL BANK 546S44 UNITED STATES Not Required Nol Required CENTRAL BANK S46544 UNITED STATES 362876 7 CENTRAL BANK S45544 UNITED STATES 465474 9 CENTRAL BANK S46544

UNITED STATES 9695 8 CENTRAL BANK 546544

UNITED STATES 234537 l CENTRAL BANK 546S44 UNITED STATES Not Required Not Required CENTRAL BANK 546544


UNITED STATES Not Required Not Requred CENTRAL BANK 546544

UNITED STATES Nol Required Not Required CENTRAL BANK 546544

Report Item 4 - Brincipal Shareholders Director Executive Officer ofBaMlHolding Company

1 (1) Name and adhress middoti

(2) Principal oc4Lation if other than with Miaing company

(3) Title or posltion with 1 I (a) Bank ho)g company

I j

(b) See Atta9ped I ( c) Other busfuess companies

l TossLLC Toss IT1f-LC

i Imiddot ( 4) Number of sliitres and percentage

of voting sedrities owned middot controlled oJ eldwith power to vote ii (a) Barik holtlmg company -1

Clas Common Class Common (Nobivoting)

i I (b) Subsidiaries of bank

h ld ti 0 mgmiddot1rmpany

i (c) Otherbusillfss companies

I

TossLic Meser units

Toss II ILLC Member units

I

Timothy J Brown Storm Lake Iowa

NIA

President and Director

Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667

John C Brown Spirit Lake Iowa

NIA

Secretary Treasurer and Director

Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r

Report Item 4 - Rrincipal Shareholders Director Executive Officer of BanhlEolding Company

middotI

(3) Title or p9itiori with middotI I

bull1 (b) Subsidiaes of

holding 1qompany

Central Bank I I

middot1 ti

Jvlilford Holtljitgs Inc I

i

I

I

middotl 1 i

i





Executive ViceshyPresident Secretary and Director

Executive ViceshyPtesident Secretary and Director

FR Y-6 Cover Page


Report Item 1 Annual Report to Shareholders

Report Item 2a Organization Chart

Report Item 2b Domestic Branch Listing

Report Item 3 Securities Holders

Report Item 4 Insiders


FRY-6 of 2

Top-tiered holding companies must list the names mailing address and physical locations of each of their subsidiary holding companies below

Lakes Bancorporation Inc Legal Title of Subsidiary Holding Company Legal Title of Subsidiary Holding Company

600 Lake Avenue (Mailing Address of the Subsidiary Holding Company) Street PO Box (Mailing Address of the Subsidiary Holding Company) Street I PO Box

Storm Lake IA 50588 City State Zip Code City State Zip Code











(Mailing Address of the Subsidiary Holding Company) Street I PO Box (Mailing Address of the Subsidiary Holding Company) Street PO Box



122012


TABLE OF CONTENTS

PAGE







CliftonlarsonAllen









1


ASSETS Cash



ASSETS


2014

481555



2013

$ 514943

60973592

167623

6 979 1734263

17000 746003

TOTAL ASSETS $ 72179780 $ 64160403



Total liabilities









2

$ 7316 325621

8248000 756

45000

8626693

18000000

3000000

1298505

398368 40744799

111415

63553087

$ 72179780

$ 6397 1630203 8248000

9884600

18000000

3000000

1298505

392 140 31412730

172428

54275803

$ 64 160403


bull



2014









3

2013

$ 13 155

433423 168978

44845 3980

651226

(638071)

2824716

2 186645

207552

$ 2394 197




2014 2013

NET INCOME $ 9783824 $ 2394197





4

(98409) 37395

(61014)

(412795) 156863

(255932)

$ 9722810 $ 2 138265











Dividends declared




Retained Earnings

Accumulated Other



$ 52543726 $ 29438533 $ 428360 $ 1298505 $ 378328 $

2394197

(255932) (81431) 95243

(420000)

54275803 9783824

(61013) (95243) 101471

(451755)

2394197

(420000)

31412730 9783824

(451755)

(255932)

172428 1298505

(61013)

(81431) 95243

392140

(95243) 101471

$ 63 5_53 087 $ 40 744 799 $1h1b1plusmn4gt15 $ 1 298 505 $ 398 368 $

5

Class A Preferred

Stock

Senior Preferred

Stock

3000000 $ 18000000

3000000 18000000

3 000 000 $ 18 000 000




bull bull 2014 2013
























bull bull

6

bull















7













8






2014 2013

Total assets $ 655686000 $ 651573000



Net income $ 10001000 $ 2825000


2013




Net income $ 989000


2014 2013

Total assets $ 7660000 $ 7022000



Net income $ 607000 $ 370000

9






2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page








TABLE OF CONTENTS

PAGE







CliftonlarsonAllen









1


ASSETS Cash



ASSETS


2014

481555



2013

$ 514943

60973592

167623

6 979 1734263

17000 746003

TOTAL ASSETS $ 72179780 $ 64160403



Total liabilities









2

$ 7316 325621

8248000 756

45000

8626693

18000000

3000000

1298505

398368 40744799

111415

63553087

$ 72179780

$ 6397 1630203 8248000

9884600

18000000

3000000

1298505

392 140 31412730

172428

54275803

$ 64 160403


bull



2014









3

2013

$ 13 155

433423 168978

44845 3980

651226

(638071)

2824716

2 186645

207552

$ 2394 197




2014 2013

NET INCOME $ 9783824 $ 2394197





4

(98409) 37395

(61014)

(412795) 156863

(255932)

$ 9722810 $ 2 138265











Dividends declared




Retained Earnings

Accumulated Other



$ 52543726 $ 29438533 $ 428360 $ 1298505 $ 378328 $

2394197

(255932) (81431) 95243

(420000)

54275803 9783824

(61013) (95243) 101471

(451755)

2394197

(420000)

31412730 9783824

(451755)

(255932)

172428 1298505

(61013)

(81431) 95243

392140

(95243) 101471

$ 63 5_53 087 $ 40 744 799 $1h1b1plusmn4gt15 $ 1 298 505 $ 398 368 $

5

Class A Preferred

Stock

Senior Preferred

Stock

3000000 $ 18000000

3000000 18000000

3 000 000 $ 18 000 000




bull bull 2014 2013
























bull bull

6

bull















7













8






2014 2013

Total assets $ 655686000 $ 651573000



Net income $ 10001000 $ 2825000


2013




Net income $ 989000


2014 2013

Total assets $ 7660000 $ 7022000



Net income $ 607000 $ 370000

9






2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page








CliftonlarsonAllen









1


ASSETS Cash



ASSETS


2014

481555



2013

$ 514943

60973592

167623

6 979 1734263

17000 746003

TOTAL ASSETS $ 72179780 $ 64160403



Total liabilities









2

$ 7316 325621

8248000 756

45000

8626693

18000000

3000000

1298505

398368 40744799

111415

63553087

$ 72179780

$ 6397 1630203 8248000

9884600

18000000

3000000

1298505

392 140 31412730

172428

54275803

$ 64 160403


bull



2014









3

2013

$ 13 155

433423 168978

44845 3980

651226

(638071)

2824716

2 186645

207552

$ 2394 197




2014 2013

NET INCOME $ 9783824 $ 2394197





4

(98409) 37395

(61014)

(412795) 156863

(255932)

$ 9722810 $ 2 138265











Dividends declared




Retained Earnings

Accumulated Other



$ 52543726 $ 29438533 $ 428360 $ 1298505 $ 378328 $

2394197

(255932) (81431) 95243

(420000)

54275803 9783824

(61013) (95243) 101471

(451755)

2394197

(420000)

31412730 9783824

(451755)

(255932)

172428 1298505

(61013)

(81431) 95243

392140

(95243) 101471

$ 63 5_53 087 $ 40 744 799 $1h1b1plusmn4gt15 $ 1 298 505 $ 398 368 $

5

Class A Preferred

Stock

Senior Preferred

Stock

3000000 $ 18000000

3000000 18000000

3 000 000 $ 18 000 000




bull bull 2014 2013
























bull bull

6

bull















7













8






2014 2013

Total assets $ 655686000 $ 651573000



Net income $ 10001000 $ 2825000


2013




Net income $ 989000


2014 2013

Total assets $ 7660000 $ 7022000



Net income $ 607000 $ 370000

9






2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page








ASSETS Cash



ASSETS


2014

481555



2013

$ 514943

60973592

167623

6 979 1734263

17000 746003

TOTAL ASSETS $ 72179780 $ 64160403



Total liabilities









2

$ 7316 325621

8248000 756

45000

8626693

18000000

3000000

1298505

398368 40744799

111415

63553087

$ 72179780

$ 6397 1630203 8248000

9884600

18000000

3000000

1298505

392 140 31412730

172428

54275803

$ 64 160403


bull



2014









3

2013

$ 13 155

433423 168978

44845 3980

651226

(638071)

2824716

2 186645

207552

$ 2394 197




2014 2013

NET INCOME $ 9783824 $ 2394197





4

(98409) 37395

(61014)

(412795) 156863

(255932)

$ 9722810 $ 2 138265











Dividends declared




Retained Earnings

Accumulated Other



$ 52543726 $ 29438533 $ 428360 $ 1298505 $ 378328 $

2394197

(255932) (81431) 95243

(420000)

54275803 9783824

(61013) (95243) 101471

(451755)

2394197

(420000)

31412730 9783824

(451755)

(255932)

172428 1298505

(61013)

(81431) 95243

392140

(95243) 101471

$ 63 5_53 087 $ 40 744 799 $1h1b1plusmn4gt15 $ 1 298 505 $ 398 368 $

5

Class A Preferred

Stock

Senior Preferred

Stock

3000000 $ 18000000

3000000 18000000

3 000 000 $ 18 000 000




bull bull 2014 2013
























bull bull

6

bull















7













8






2014 2013

Total assets $ 655686000 $ 651573000



Net income $ 10001000 $ 2825000


2013




Net income $ 989000


2014 2013

Total assets $ 7660000 $ 7022000



Net income $ 607000 $ 370000

9






2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page








bull



2014









3

2013

$ 13 155

433423 168978

44845 3980

651226

(638071)

2824716

2 186645

207552

$ 2394 197




2014 2013

NET INCOME $ 9783824 $ 2394197





4

(98409) 37395

(61014)

(412795) 156863

(255932)

$ 9722810 $ 2 138265











Dividends declared




Retained Earnings

Accumulated Other



$ 52543726 $ 29438533 $ 428360 $ 1298505 $ 378328 $

2394197

(255932) (81431) 95243

(420000)

54275803 9783824

(61013) (95243) 101471

(451755)

2394197

(420000)

31412730 9783824

(451755)

(255932)

172428 1298505

(61013)

(81431) 95243

392140

(95243) 101471

$ 63 5_53 087 $ 40 744 799 $1h1b1plusmn4gt15 $ 1 298 505 $ 398 368 $

5

Class A Preferred

Stock

Senior Preferred

Stock

3000000 $ 18000000

3000000 18000000

3 000 000 $ 18 000 000




bull bull 2014 2013
























bull bull

6

bull















7













8






2014 2013

Total assets $ 655686000 $ 651573000



Net income $ 10001000 $ 2825000


2013




Net income $ 989000


2014 2013

Total assets $ 7660000 $ 7022000



Net income $ 607000 $ 370000

9






2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page










2014 2013

NET INCOME $ 9783824 $ 2394197





4

(98409) 37395

(61014)

(412795) 156863

(255932)

$ 9722810 $ 2 138265











Dividends declared




Retained Earnings

Accumulated Other



$ 52543726 $ 29438533 $ 428360 $ 1298505 $ 378328 $

2394197

(255932) (81431) 95243

(420000)

54275803 9783824

(61013) (95243) 101471

(451755)

2394197

(420000)

31412730 9783824

(451755)

(255932)

172428 1298505

(61013)

(81431) 95243

392140

(95243) 101471

$ 63 5_53 087 $ 40 744 799 $1h1b1plusmn4gt15 $ 1 298 505 $ 398 368 $

5

Class A Preferred

Stock

Senior Preferred

Stock

3000000 $ 18000000

3000000 18000000

3 000 000 $ 18 000 000




bull bull 2014 2013
























bull bull

6

bull















7













8






2014 2013

Total assets $ 655686000 $ 651573000



Net income $ 10001000 $ 2825000


2013




Net income $ 989000


2014 2013

Total assets $ 7660000 $ 7022000



Net income $ 607000 $ 370000

9






2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page

















Dividends declared




Retained Earnings

Accumulated Other



$ 52543726 $ 29438533 $ 428360 $ 1298505 $ 378328 $

2394197

(255932) (81431) 95243

(420000)

54275803 9783824

(61013) (95243) 101471

(451755)

2394197

(420000)

31412730 9783824

(451755)

(255932)

172428 1298505

(61013)

(81431) 95243

392140

(95243) 101471

$ 63 5_53 087 $ 40 744 799 $1h1b1plusmn4gt15 $ 1 298 505 $ 398 368 $

5

Class A Preferred

Stock

Senior Preferred

Stock

3000000 $ 18000000

3000000 18000000

3 000 000 $ 18 000 000




bull bull 2014 2013
























bull bull

6

bull















7













8






2014 2013

Total assets $ 655686000 $ 651573000



Net income $ 10001000 $ 2825000


2013




Net income $ 989000


2014 2013

Total assets $ 7660000 $ 7022000



Net income $ 607000 $ 370000

9






2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page










bull bull 2014 2013
























bull bull

6

bull















7













8






2014 2013

Total assets $ 655686000 $ 651573000



Net income $ 10001000 $ 2825000


2013




Net income $ 989000


2014 2013

Total assets $ 7660000 $ 7022000



Net income $ 607000 $ 370000

9






2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page





















7













8






2014 2013

Total assets $ 655686000 $ 651573000



Net income $ 10001000 $ 2825000


2013




Net income $ 989000


2014 2013

Total assets $ 7660000 $ 7022000



Net income $ 607000 $ 370000

9






2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page



















8






2014 2013

Total assets $ 655686000 $ 651573000



Net income $ 10001000 $ 2825000


2013




Net income $ 989000


2014 2013

Total assets $ 7660000 $ 7022000



Net income $ 607000 $ 370000

9






2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page












2014 2013

Total assets $ 655686000 $ 651573000



Net income $ 10001000 $ 2825000


2013




Net income $ 989000


2014 2013

Total assets $ 7660000 $ 7022000



Net income $ 607000 $ 370000

9






2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page












2014 2013

Total assets $ 4508000 $ 3456000





Total assets



Net income

$

$

$

$

2014 2013

744000 $ 1476000

$ 744000 1476000

744000 $ 1476000

140000 $


10






2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page












2014 2013

Total assets $ 8248000 $ 8248000



Net income $ $





11









12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page















12




eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page










eport






gt ll I


i


1 f - (

Citizenship

1JSA

USA


t

l H

il

Class A Common

Shares Owned

5009

3385

Percentage

5967

4033

Class B Common

Shares Owned

1296

44

Percentage

9460

321





ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page











ember


Footnotes

Owns 65

CENTRAL BANK

STORM LAKE IA

Owns 100


(See footnote 1)


Stonn Lake IA

Owns 35



STORM LAKE IA


Owns 100


STORM LAKE IA



STORM LAKE IA

er


























IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page
































IA 51101 WOODBURY















I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page











I j









I

TossLic Meser units


I


NIA


Member Member

5009 Shares 5967

1296 Shares 9460

None

1667

1667


NIA


Member Member

3385 Shares 4033

44 Shares 321

None

1667

1667

r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page







r


middotI



holding 1qompany

Central Bank I I

middot1 ti


i

I

I

middotl 1 i

i







FR Y-6 Cover Page







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