BankWest, Inc. in Pierre, South Dakota (SD)



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BankWest, Inc.
GeneralFDIC Certificate #: 4009
Status: Active
Federal Reserve ID: 540551
Bank Holding Company (Regulatory Top Holder): South Dakota Bancshares, Inc. (RSSDID: 1124060, Location: Pierre, SD)
Date Established: August 30, 1889
WWW: http://www.bankwest-sd.com
Trust Powers Granted: Yes
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 14 (Domestic: 13, Interstate: No)
OTS Docket #: 11916
FDIC's unique #: 2598
Numeric code: 21
Regulator: FDIC
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: March 31, 2006
Last Structure Change Process Date: November 03, 2006
Last Data Update: November 03, 2006
Data Source Date: April 05, 2012
LocationAddress: 420 South Pierre Street, Pierre, SD 57501
County: Hughes
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Sioux Falls
Office of the Comptroller the Currency (OCC) District: Midwest
Office of Thrift Supervision Region: West
Core Based Statistical Area (CBSA): Pierre, SD (#38180)
CBSA Micro Statistical Area: Yes
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $739.9 mil
Equity capital: $68.3 mil
Deposits held in domestic offices: $615.4 mil
Return on assets (ROA): 1.29% ($9.5 mil)
Quarterly return on assets: 1.49% ($11.0 mil)
Return on Equity (ROE): 14.58% ($9.9 mil)
Quarterly return on equity: 16.36% ($11.1 mil)
Net income: $9.5 mil
Quarterly Net income: $2.8 mil
Pretax return on assets: 1.35% ($9,988.7 mil)
Quarterly Pretax return on assets: 1.58% ($11,690.5 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)
Total employees (full-time equivalent)221
Total assets$739,907
Cash and due from depository institutions$44,963
Interest-bearing balances$31,180
Securities$101,311
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$545,304
Loan loss allowance $8,795
Trading account assets$0
Bank premises and fixed assets$14,468
Other real estate owned$12,190
Goodwill and other intangibles$737
All other assets$20,934
Life insurance assets$739,907
Total liabilities and capital$671,646
Total liabilities$615,359
Total deposits$515,621
Interest-bearing deposits$615,359
Deposits held in domestic offices$91
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$49,900
Other borrowed funds $0
Subordinated debt $6,387
All other liabilities $68,261
Total equity capital$68,261
Total bank equity capital$68,261
Perpetual preferred stock$0
Common stock$2,000
Surplus$44,500
Undivided profits $21,761
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $2,053
Income earned, not collected on loans $3,588
Earning assets $0
Long-term assets (5+ years) $8,583
Average Assets, year-to-date $677,795
Average Assets, quarterly $322,240
Volatile liabilities $740,822
Insider loans $740,028
FHLB advances $593,427
Loans and leases held for sale $738,336
Unused loan commitments $3,076
Tier 1 (core) risk-based capital $1,168
Tier 2 risk-based capital $69,456
Total risk weighted assets $0
Total unused commitments $1,908
Restructured Loans and leases $80,333
Derivatives$298
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $43,571
Total interest expense $9,869
Net interest income $33,702
Provision for loan and lease losses $3,080
Total noninterest income $6,979
Fiduciary activities $1,068
Service charges on deposit accounts $1,288
Trading account gains & fees $0
Additional noninterest income $4,623
Total noninterest expense $26,459
Salaries and employee benefits $16,007
Premises and equipment expense $3,376
Additional noninterest expense $7,076
Pre-tax net operating income $11,142
Securities gains (losses) -$1,127
Applicable income taxes $483
Income before extraordinary items $9,532
Extraordinary gains - net $0
Net income attributable to bank $9,532
Net charge-offs $0
Cash dividends $9,532
Sale, conversion, retirement of capital stock, net $1,604
Net operating income $7,285
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets6.42%
Cost of funding earning assets 1.46%
Net interest margin 4.97%
Noninterest income to earning assets 1.03%
Noninterest expense to earning assets 3.90%
Net operating income to assets 1.43%
Return on assets (ROA) 1.29%
Pretax return on assets 1.35%
Return on equity (ROE) 14.58%
Retained earnings to average equity (YTD only) 3.44%
Net charge-offs to loans 0.29%
Credit loss provision to net charge-offs 192.02%
Efficiency ratio8.87%
Assets per employee$64,947
Cash dividends to net income (YTD only)3.35%
Condition Ratios (%)
Loss allowance to loans 76.43%
Loss allowance to noncurrent loans 1.59%
Noncurrent assets plus other real estate owned to assets 245.12%
Noncurrent loans to loans 2.13%
Net loans and leases to deposits0.65%
Net loans and leases to core deposits 88.62%
Equity capital to assets 104.89%
Core capital (leverage) ratio 9.23%
Tier 1 risk-based capital ratio 9.41%
Total risk-based capital ratio 11.70%
Memoranda
Average assets$13
Average earning assets$740,822
Average equity $65,392
Average loans $678,264
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Total Fiduciary and Related Assets (December 31, 2011)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$312,284
Number of Accounts1
Personal trust and agency accounts$109,092
Employee benefit-defined contribution accounts$49,205
Employee benefit-defined benefit accounts$0
Other retirement accounts$0
Corporate trust and agency accounts$6,800
Investment management agency accounts$0
Other fiduciary accounts$34,237
Fiduciary accounts held in foreign offices$18,850
Non-managed Assets$0
Number of Accounts411
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$6,800
Employee benefit-defined benefit accounts$0
Other retirement accounts$203,192
Corporate trust and agency accounts$196,955
Other fiduciary accounts$302
Fiduciary accounts held in foreign offices$4,177
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14 South Dakota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
02598Bankwest, Inc.420 South Pierre Street, Pierre, SD 57501August 30, 1889Full Service Brick and Mortar
1202199Capitol Avenue Branch107 South Highland Avenue, Pierre, SD 57501October 18, 1966Full Service Brick and Mortar
2762Kadoka Branch310 Main Street, Kadoka, SD 57543March 02, 1907Full Service Brick and Mortar
41098Vivian Branch137 South Main Street, Vivian, SD 57576January 02, 1909Full Service Brick and Mortar
613693Onida Branch101 Main Street, Onida, SD 57564July 15, 1963Full Service Brick and Mortar
7208686Kennebec Branch213 S. Main St., Kennebec, SD 57544August 01, 1969Full Service Brick and Mortar
82600Bankwest Branch4400 Main Street, Selby, SD 57472January 01, 1906Full Service Brick and Mortar
9233574Gregory Branch615 Main Street, Gregory, SD 57533August 24, 1936Full Service Brick and Mortar
10202200Harrison Hill Branch1611 North Harrison, Pierre, SD 57501March 17, 1998Full Service Brick and Mortar
12360149Mobile Branch420 South Pierre Street, Pierre, SD 57501November 28, 2000Limited Service Mobile
13360292Winner Branch110 West 2nd Street, Winner, SD 57580June 01, 2001Full Service Brick and Mortar
14364290Mitchell Branch2100 Highland Way, Mitchell, SD 57301July 16, 2002Full Service Brick and Mortar
15426588Rapid City Branch311 Omaha Street, Rapid City, SD 57701March 08, 2004Full Service Brick and Mortar
16528444Mitchell - Sanborn Blvd1920 North Sanborn Boulevard, Mitchell, SD 57301Febuary 01, 2012Full Service Brick and Mortar
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