Castle State Bank has the following financial information.
Balance Sheet Income Statement
Cash $100
Interest Income $400
Securities Investments $600
Interest Expenses ($150)
Net Loans$1200
Non-Interest Income$50
Net Premises and Equip.$300
Non-Interest Expenses ($100)
Total Assets$2200
Provision for Loan Losses ($60)
Deposits $1100
Pre Tax Net Operating Income$140
Non-Deposit Borrowings * $800
Securities Gains (Losses) ($40)
Equity Capital$300
Taxes ($45)
Total Liabilities and Equity$2200
Net Income$55*
Use this information to calculate Castle State Bank's equity multiplier
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