Bank Midwest in Spirit Lake, Iowa (IA), MN
Overview, Financial Summary, Detailed Financial Reports, Branches


  • Bank Midwest in Spirit Lake, Iowa (IA), MN
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Bank Midwest - Overview

  • General
  • FDIC Certificate #: 5170
    Status: Active
    Federal Reserve ID: 45551
    Bank Holding Company (Regulatory Top Holder): Goodenow Bancorporation (RSSDID: 1203714, Location: Okoboji, IA)
    Date Established: January 01, 1887
    WWW: http://www.bankmidwest.com
    Trust Powers Granted: Yes
    Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
    Offices: 10 (Domestic: 10, Interstate: Yes)
    FDIC's unique #: 3464
    Numeric code: 13
    Regulator: FED
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Agricultural lending institution: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: Yes
    Asset Concentration Hierarchy: Agricultural Specialization
    Date of Deposit Insurance: January 01, 1934
    Last Structure Change Effective Date: June 03, 2011
    Last Structure Change Process Date: June 08, 2011
    Last Data Update: June 08, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 1525 18th Street, Spirit Lake, IA 51360
    County: Dickinson
    Quarterly Banking Profile Region: Kansas City
    FDIC Geographic Region: Kansas City
    FDIC Supervisory Region: Kansas City
    FDIC Field Office: Sioux City
    Office of the Comptroller the Currency (OCC) District: Midwest
    Office of Thrift Supervision Region: Western
    Core Based Statistical Area (CBSA): Spirit Lake, IA (#44020)
    CBSA Micro Statistical Area: Yes
  • History of Changes
  • Participated in Absorption/Consolidation/Merger
  • Financial Summary
  • Total assets: $678.7 mil
    Equity capital: $66.4 mil
    Deposits held in domestic offices: $567.5 mil
    Return on assets (ROA): 1.18% ($8.0 mil)
    Quarterly return on assets: 0.77% ($5.2 mil)
    Return on Equity (ROE): 12.37% ($8.2 mil)
    Quarterly return on equity: 7.85% ($5.2 mil)
    Net income: $7.7 mil
    Quarterly Net income: $1.3 mil
    Pretax return on assets: 1.20% ($8,144.0 mil)
    Quarterly Pretax return on assets: 0.79% ($5,361.5 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
  • 180Total employees (full-time equivalent)
  • $678,667Total assets
  • $22,708Cash and due from depository institutions
  • $2,208Interest-bearing balances
  • $165,510Securities
  • $556Federal funds sold & reverse repurchase agreements
  • $443,734Net loans & leases
  • $5,598Loan loss allowance
  • $0Trading account assets
  • $15,088Bank premises and fixed assets
  • $93Other real estate owned
  • $9,519Goodwill and other intangibles
  • $678,667Life insurance assets
  • $21,459All other assets
  • $612,304Total liabilities and capital
  • $567,545Total liabilities
  • $434,383Total deposits
  • $567,545Interest-bearing deposits
  • $84Deposits held in domestic offices
  • 18324.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $22,000Trading liabilities
  • $0Other borrowed funds
  • $4,435Subordinated debt
  • $66,363All other liabilities
  • $66,363Total equity capital
  • $66,363Total bank equity capital
  • $0Perpetual preferred stock
  • $2,100Common stock
  • $18,433Surplus
  • $45,830Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $1,950Income earned, not collected on loans
  • $0Earning assets
  • $6,241Long-term assets (5+ years)
  • $612,008Average Assets, year-to-date
  • $120,250Average Assets, quarterly
  • $657,624Volatile liabilities
  • $674,889Insider loans
  • $506,661FHLB advances
  • $660,510Loans and leases held for sale
  • $9,865Unused loan commitments
  • $7,381Tier 1 (core) risk-based capital
  • $52,448Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $2,484Total unused commitments
  • $12,831Restructured Loans and leases
  • $4,759Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $29,890Total interest income
  • $5,884Total interest expense
  • $24,006Net interest income
  • $948Provision for loan and lease losses
  • $6,870Total noninterest income
  • $201Fiduciary activities
  • $1,550Service charges on deposit accounts
  • $0Trading account gains & fees
  • $5,119Additional noninterest income
  • $22,486Total noninterest expense
  • $13,098Salaries and employee benefits
  • $2,558Premises and equipment expense
  • $6,830Additional noninterest expense
  • $7,442Pre-tax net operating income
  • $436Securities gains (losses)
  • $142Applicable income taxes
  • $7,736Income before extraordinary items
  • $0Extraordinary gains - net
  • $7,736Net income attributable to bank
  • $0Net charge-offs
  • $7,736Cash dividends
  • $310Sale, conversion, retirement of capital stock, net
  • $2,450Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.98%Yield on earning assets
  • 0.98%Cost of funding earning assets
  • 4.00%Net interest margin
  • 1.14%Noninterest income to earning assets
  • 3.75%Noninterest expense to earning assets
  • 1.11%Net operating income to assets
  • 1.18%Return on assets (ROA)
  • 1.20%Pretax return on assets
  • 12.37%Return on equity (ROE)
  • 8.46%Retained earnings to average equity (YTD only)
  • 0.07%Net charge-offs to loans
  • 305.81%Credit loss provision to net charge-offs
  • 27.06%Efficiency ratio
  • 71,308Assets per employee
  • 3.77%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 31.67%Loss allowance to loans
  • 1.25%Loss allowance to noncurrent loans
  • 287.08%Noncurrent assets plus other real estate owned to assets
  • 0.40%Noncurrent loans to loans
  • 0.43%Net loans and leases to deposits
  • 78.18%Net loans and leases to core deposits
  • 80.38%Equity capital to assets
  • 9.78%Core capital (leverage) ratio
  • 7.94%Tier 1 risk-based capital ratio
  • 10.35%Total risk-based capital ratio
  • Memoranda
  • $11Average assets
  • $657,624Average earning assets
  • $62,515Average equity
  • $600,328Average loans

Total Fiduciary and Related Assets (December 31, 2011)

  • Dollar figures in thousands
  • $1Total fiduciary and related assets
  • 1Number of Fiduciary Accounts and Related Asset Accounts
  • YesFiduciary powers granted
  • YesFiduciary or related activity
  • $48,784Managed Assets
  • 1Number of Accounts
  • $46,769Personal trust and agency accounts
  • $28,878Employee benefit-defined contribution accounts
  • $0Employee benefit-defined benefit accounts
  • $0Other retirement accounts
  • $11,992Corporate trust and agency accounts
  • $0Investment management agency accounts
  • $5,899Other fiduciary accounts
  • $0Fiduciary accounts held in foreign offices
  • $0Non-managed Assets
  • 66Number of Accounts
  • $0Personal trust and agency accounts
  • $11,992Employee benefit-defined contribution accounts
  • $0Employee benefit-defined benefit accounts
  • $2,015Other retirement accounts
  • $0Corporate trust and agency accounts
  • $0Other fiduciary accounts
  • $2,015Fiduciary accounts held in foreign offices

List of branches

  • 4 Iowa Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    03464Bank Midwest1525 18th Street, Spirit Lake, IA 51360January 01, 1887Full Service Brick and Mortar
    29104Okoboji Branch1102 Sanborn Avenue, Okoboji, IA 51355June 27, 1927Full Service Brick and Mortar
    35151Wall Lake Branch102 West Second Street, Wall Lake, IA 51466January 01, 1880Full Service Brick and Mortar
    4231746Armstrong BranchMain Street, Armstrong, IA 50514December 31, 1993Full Service Brick and Mortar
  • 6 Minnesota Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    13444Jackson Branch509 Third Street, Jackson, MN 56143January 01, 1907Full Service Brick and Mortar
    67043Windom Branch245 Ninth Street, Windom, MN 56101January 01, 1902Full Service Brick and Mortar
    710548Westbrook Branch640 First Avenue, Westbrook, MN 56183January 11, 1946Full Service Brick and Mortar
    9266744New Ulm Branch26 South Broadway, New Ulm, MN 56073January 01, 1923Full Service Brick and Mortar
    10485642Fairmont Branch118 Downtown Plaza, Fairmont, MN 56031July 01, 2008Full Service Brick and Mortar
    115240Farmers State Bank Of Sherburn Branc33 North Main Street, Sherburn, MN 56171November 01, 1930Full Service Brick and Mortar

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