Choice Financial Group in Grafton, North Dakota (ND)



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Choice Financial Group
GeneralFDIC Certificate #: 9423
Status: Active
Federal Reserve ID: 826956
Bank Holding Company (Regulatory Top Holder): Choice Financial Holdings, Inc. (RSSDID: 1125030, Location: Grafton, ND)
Date Established: January 01, 1906
WWW: http://www.choicefinancialgroup.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 9 (Domestic: 9, Interstate: No)
OTS Docket #: 14054
FDIC's unique #: 6054
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: 645 Hill Avenue, Grafton, ND 58237
County: Walsh
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Grand Forks
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: $593.8 mil
Equity capital: $59.6 mil
Deposits held in domestic offices: $513.0 mil
Return on assets (ROA): 1.40% ($8.3 mil)
Quarterly return on assets: 1.91% ($11.3 mil)
Return on Equity (ROE): 14.88% ($8.9 mil)
Quarterly return on equity: 19.07% ($11.4 mil)
Net income: $8.1 mil
Quarterly Net income: $2.8 mil
Pretax return on assets: 1.48% ($8,787.9 mil)
Quarterly Pretax return on assets: 2.04% ($12,113.1 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)150
Total assets$593,779
Cash and due from depository institutions$17,063
Interest-bearing balances$696
Securities$81,847
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$471,440
Loan loss allowance $4,739
Trading account assets$0
Bank premises and fixed assets$8,140
Other real estate owned$4,908
Goodwill and other intangibles$919
All other assets$9,462
Life insurance assets$593,779
Total liabilities and capital$534,215
Total liabilities$512,956
Total deposits$414,675
Interest-bearing deposits$512,956
Deposits held in domestic offices$85
% insured (estimated)7185.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$11,000
Other borrowed funds $0
Subordinated debt $3,074
All other liabilities $59,564
Total equity capital$59,564
Total bank equity capital$59,564
Perpetual preferred stock$0
Common stock$100
Surplus$38,642
Undivided profits $20,822
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $14,386
Earning assets $0
Long-term assets (5+ years) $6,024
Average Assets, year-to-date $553,983
Average Assets, quarterly $112,562
Volatile liabilities $579,057
Insider loans $582,718
FHLB advances $499,274
Loans and leases held for sale $576,424
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $55,721
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $91,705
Derivatives$30,321
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $29,012
Total interest expense $6,686
Net interest income $22,326
Provision for loan and lease losses $3,950
Total noninterest income $4,967
Fiduciary activities $0
Service charges on deposit accounts $642
Trading account gains & fees $0
Additional noninterest income $4,325
Total noninterest expense $14,796
Salaries and employee benefits $8,608
Premises and equipment expense $1,624
Additional noninterest expense $4,564
Pre-tax net operating income $8,547
Securities gains (losses) $14
Applicable income taxes $432
Income before extraordinary items $8,129
Extraordinary gains - net $0
Net income attributable to bank $8,129
Net charge-offs $0
Cash dividends $8,129
Sale, conversion, retirement of capital stock, net $4,052
Net operating income $525
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.34%
Cost of funding earning assets 1.23%
Net interest margin 4.11%
Noninterest income to earning assets 0.91%
Noninterest expense to earning assets 2.72%
Net operating income to assets 1.40%
Return on assets (ROA) 1.40%
Pretax return on assets 1.48%
Return on equity (ROE) 14.88%
Retained earnings to average equity (YTD only) 13.92%
Net charge-offs to loans 0.87%
Credit loss provision to net charge-offs 97.48%
Efficiency ratio3.08%
Assets per employee$54,190
Cash dividends to net income (YTD only)3.96%
Condition Ratios (%)
Loss allowance to loans 6.46%
Loss allowance to noncurrent loans 1.00%
Noncurrent assets plus other real estate owned to assets 32.94%
Noncurrent loans to loans 3.25%
Net loans and leases to deposits3.02%
Net loans and leases to core deposits 91.91%
Equity capital to assets 114.79%
Core capital (leverage) ratio 10.03%
Tier 1 risk-based capital ratio 9.67%
Total risk-based capital ratio 11.16%
Memoranda
Average assets$12
Average earning assets$579,057
Average equity $54,641
Average loans $543,229
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9 North Dakota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
06054Choice Financial Group645 Hill Avenue, Grafton, ND 58237January 01, 1906Full Service Brick and Mortar
1220116Petersburg Branch202 South Fifth Street, Petersburg, ND 58272January 17, 1995Full Service Brick and Mortar
25341Walhalla State Bank BranchMain Street, Walhalla, ND 58282January 01, 1915Full Service Brick and Mortar
310373First State Bank Langdon Branch210 Eighth Avenue, Langdon, ND 58249March 28, 1905Full Service Brick and Mortar
410124First Capital Bank Of North Dakota B210 Sheyenne Street, West Fargo, ND 58078January 01, 1902Full Service Brick and Mortar
6235725Goodrich Branch123 Clark Avenue, Goodrich, ND 58444August 25, 1999Full Service Brick and Mortar
7425757Grand Forks Branch1697 South 42nd Street, Grand Forks, ND 58201January 20, 2004Full Service Brick and Mortar
9456852South Fargo Office4501 23rd Avenue South, Fargo, ND 58103December 04, 2006Full Service Brick and Mortar
10463640Grand Forks Branch4501 South Washington Street, Unit T, Grand Forks, ND 58201June 05, 2007Full Service Brick and Mortar
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