Farmers State Bank of Underwood in Underwood, Minnesota (MN)
Overview, Financial Summary, Detailed Financial Reports, Branches

Farmers State Bank of Underwood - Overview

  • General
  • FDIC Certificate #: 10174
    Status: Active
    Federal Reserve ID: 865852
    Bank Holding Company (Regulatory Top Holder): Underwood Bancshares, Inc. (RSSDID: 1128385, Location: Underwood, MN)
    Date Established: December 01, 1915
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 2 (Domestic: 2, Interstate: No)
    FDIC's unique #: 6515
    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
  • Location
  • Address: 110 Main St, Underwood, MN 56586
    County: Otter Tail
    Quarterly Banking Profile Region: Kansas City
    FDIC Geographic Region: Kansas City
    FDIC Supervisory Region: Kansas City
    FDIC Field Office: Fargo
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: West
    Core Based Statistical Area (CBSA): Fergus Falls, MN (#22260)
    CBSA Micro Statistical Area: Yes
  • History of Changes
  • Change in Location
    Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $44.8 mil
    Equity capital: $4.5 mil
    Deposits held in domestic offices: $40.2 mil
    Return on assets (ROA): 1.62% ($0.7 mil)
    Quarterly return on assets: 1.97% ($0.9 mil)
    Return on Equity (ROE): 16.91% ($0.8 mil)
    Quarterly return on equity: 19.88% ($1.0 mil)
    Net income: $0.7 mil
    Quarterly Net income: $0.2 mil
    Pretax return on assets: 1.62% ($726.1 mil)
    Quarterly Pretax return on assets: 1.97% ($883.0 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
  • 13Total employees (full-time equivalent)
  • $44,824Total assets
  • $5,395Cash and due from depository institutions
  • $3,855Interest-bearing balances
  • $4,776Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $32,843Net loans & leases
  • $361Loan loss allowance
  • $0Trading account assets
  • $458Bank premises and fixed assets
  • $17Other real estate owned
  • $0Goodwill and other intangibles
  • $44,824Life insurance assets
  • $1,335All other assets
  • $40,296Total liabilities and capital
  • $40,170Total liabilities
  • $34,026Total deposits
  • $40,170Interest-bearing deposits
  • $93Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $126Subordinated debt
  • $4,528All other liabilities
  • $4,528Total equity capital
  • $4,528Total bank equity capital
  • $0Perpetual preferred stock
  • $25Common stock
  • $2,475Surplus
  • $2,028Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $293Income earned, not collected on loans
  • $0Earning assets
  • $441Long-term assets (5+ years)
  • $41,474Average Assets, year-to-date
  • $3,715Average Assets, quarterly
  • $44,442Volatile liabilities
  • $45,160Insider loans
  • $33,814FHLB advances
  • $45,357Loans and leases held for sale
  • $729Unused loan commitments
  • $729Tier 1 (core) risk-based capital
  • $4,368Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $1,087Restructured Loans and leases
  • $36Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $2,161Total interest income
  • $483Total interest expense
  • $1,678Net interest income
  • $40Provision for loan and lease losses
  • $338Total noninterest income
  • $0Fiduciary activities
  • $259Service charges on deposit accounts
  • $0Trading account gains & fees
  • $79Additional noninterest income
  • $1,271Total noninterest expense
  • $732Salaries and employee benefits
  • $217Premises and equipment expense
  • $322Additional noninterest expense
  • $705Pre-tax net operating income
  • $16Securities gains (losses)
  • $0Applicable income taxes
  • $721Income before extraordinary items
  • $0Extraordinary gains - net
  • $721Net income attributable to bank
  • $0Net charge-offs
  • $721Cash dividends
  • -$8Sale, conversion, retirement of capital stock, net
  • $290Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.42%Yield on earning assets
  • 1.21%Cost of funding earning assets
  • 4.20%Net interest margin
  • 0.85%Noninterest income to earning assets
  • 3.18%Noninterest expense to earning assets
  • 1.59%Net operating income to assets
  • 1.62%Return on assets (ROA)
  • 1.62%Pretax return on assets
  • 16.91%Return on equity (ROE)
  • 10.11%Retained earnings to average equity (YTD only)
  • -0.03%Net charge-offs to loans
  • -500.00%Credit loss provision to net charge-offs
  • 0.00%Efficiency ratio
  • 63,046Assets per employee
  • 3.45%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 40.22%Loss allowance to loans
  • 1.09%Loss allowance to noncurrent loans
  • 123.21%Noncurrent assets plus other real estate owned to assets
  • 0.69%Noncurrent loans to loans
  • 0.88%Net loans and leases to deposits
  • 81.76%Net loans and leases to core deposits
  • 84.35%Equity capital to assets
  • 10.10%Core capital (leverage) ratio
  • 9.63%Tier 1 risk-based capital ratio
  • 12.92%Total risk-based capital ratio
  • Memoranda
  • $14Average assets
  • $44,442Average earning assets
  • $4,263Average equity
  • $39,907Average loans

List of branches

  • 2 Minnesota Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    06515Farmers State Bank Of Underwood110 Main St, Underwood, MN 56586December 01, 1915Full Service Brick and Mortar
    1221987Dalton Branch105 Main Street West, Dalton, MN 56324October 01, 1999Full Service Retail

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