Choice Financial Savings Bank in Comfrey, Minnesota (MN)



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Choice Financial Savings Bank
GeneralFDIC Certificate #: 12197
Status: Active
Federal Reserve ID: 281751
Bank Holding Company (Regulatory Top Holder): Choice Financial Holdings, Inc. (RSSDID: 1125030, Location: Grafton, ND)
Date Established: April 01, 1908
WWW: http://www.choicefinancialsavings.com
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 1 (Domestic: 1, Interstate: No)
OTS Docket #: 18002
FDIC's unique #: 7747
Numeric code: 33
Regulator: OCC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
FDIC Insured: Yes
Insured Savings Institution: Yes
Deposit Insurance Fund member: Yes
Agricultural lending institution: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: No
Subchapter S Corporations: No
Asset Concentration Hierarchy: Agricultural Specialization
Date of Deposit Insurance: September 15, 2005
Last Structure Change Effective Date: July 21, 2011
Last Structure Change Process Date: July 21, 2011
Last Data Update: July 21, 2011
Data Source Date: April 05, 2012
LocationAddress: 101 Brown Street West, Comfrey, MN 56019
County: Brown
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Mankato
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: West
Core Based Statistical Area (CBSA): New Ulm, MN (#35580)
CBSA Micro Statistical Area: Yes
History of ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $15.0 mil
Equity capital: $2.0 mil
Deposits held in domestic offices: $12.9 mil
Return on assets (ROA): 0.70% ($0.1 mil)
Quarterly return on assets: 0.36% ($0.1 mil)
Return on Equity (ROE): 5.66% ($0.1 mil)
Quarterly return on equity: 2.75% ($0.1 mil)
Net income: $0.1 mil
Quarterly Net income: $0.0 mil
Pretax return on assets: 1.03% ($154.3 mil)
Quarterly Pretax return on assets: 0.52% ($77.9 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)4
Total assets$14,981
Cash and due from depository institutions$940
Interest-bearing balances$25
Securities$5,611
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$7,496
Loan loss allowance $112
Trading account assets$0
Bank premises and fixed assets$75
Other real estate owned$0
Goodwill and other intangibles$425
All other assets$434
Life insurance assets$14,981
Total liabilities and capital$12,948
Total liabilities$12,850
Total deposits$10,894
Interest-bearing deposits$12,850
Deposits held in domestic offices$99
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $98
All other liabilities $2,033
Total equity capital$2,033
Total bank equity capital$2,033
Perpetual preferred stock$0
Common stock$120
Surplus$2,861
Undivided profits $-948
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 $334
Earning assets $0
Long-term assets (5+ years) $128
Average Assets, year-to-date $13,132
Average Assets, quarterly $5,467
Volatile liabilities $15,763
Insider loans $15,367
FHLB advances $8,709
Loans and leases held for sale $14,457
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $1,472
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $758
Derivatives$634
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $623
Total interest expense $113
Net interest income $510
Provision for loan and lease losses -$90
Total noninterest income $55
Fiduciary activities $0
Service charges on deposit accounts $49
Trading account gains & fees $0
Additional noninterest income $6
Total noninterest expense $493
Salaries and employee benefits $214
Premises and equipment expense $55
Additional noninterest expense $224
Pre-tax net operating income $162
Securities gains (losses) $0
Applicable income taxes $51
Income before extraordinary items $111
Extraordinary gains - net $0
Net income attributable to bank $111
Net charge-offs $0
Cash dividends $111
Sale, conversion, retirement of capital stock, net -$62
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.61%
Cost of funding earning assets 0.84%
Net interest margin 3.77%
Noninterest income to earning assets 0.41%
Noninterest expense to earning assets 3.65%
Net operating income to assets 0.70%
Return on assets (ROA) 0.70%
Pretax return on assets 1.03%
Return on equity (ROE) 5.66%
Retained earnings to average equity (YTD only) 5.66%
Net charge-offs to loans -0.79%
Credit loss provision to net charge-offs 145.16%
Efficiency ratio0.00%
Assets per employee$83,894
Cash dividends to net income (YTD only)3.75%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.47%
Noncurrent assets plus other real estate owned to assets 33.53%
Noncurrent loans to loans 2.23%
Net loans and leases to deposits4.39%
Net loans and leases to core deposits 58.33%
Equity capital to assets 62.25%
Core capital (leverage) ratio 13.57%
Tier 1 risk-based capital ratio 10.18%
Total risk-based capital ratio 16.90%
Memoranda
Average assets$18
Average earning assets$15,763
Average equity $1,963
Average loans $13,514
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1 Minnesota Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
07747Choice Financial Savings Bank101 Brown Street West, Comfrey, MN 56019April 01, 1908Full Service Brick and Mortar
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