Financial Security Bank in Kerkhoven, Minnesota (MN)
| Financial Security Bank | |
|---|---|
| General | FDIC Certificate #: 10176 Status: Active Federal Reserve ID: 88950 Bank Holding Company (Regulatory Top Holder): Kerkhoven Bancshares, Inc. (RSSDID: 1124435, Location: Kerkhoven, MN) Date Established: January 01, 1906 WWW: http://www.financialsecuritybank.com 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 #: 6517 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: 1011 Atlantic Ave, Kerkhoven, MN 56252 County: Swift 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 |
| History of Changes | Change in Location Merge BIF and SAIF Funds into DIF |
| Financial Summary | Total assets: $51.1 mil Equity capital: $6.8 mil Deposits held in domestic offices: $40.9 mil Return on assets (ROA): 1.56% ($0.8 mil) Quarterly return on assets: 1.79% ($0.9 mil) Return on Equity (ROE): 13.06% ($0.9 mil) Quarterly return on equity: 12.95% ($0.9 mil) Net income: $0.7 mil Quarterly Net income: $0.2 mil Pretax return on assets: 1.56% ($797.5 mil) Quarterly Pretax return on assets: 1.79% ($915.1 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 13 |
| Total assets | $51,124 |
| Cash and due from depository institutions | $3,334 |
| Interest-bearing balances | $2,240 |
| Securities | $3,110 |
| Federal funds sold & reverse repurchase agreements | $2,071 |
| Net loans & leases | $41,529 |
| Loan loss allowance | $586 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $274 |
| Other real estate owned | $63 |
| Goodwill and other intangibles | $0 |
| All other assets | $743 |
| Life insurance assets | $51,124 |
| Total liabilities and capital | $44,351 |
| Total liabilities | $40,945 |
| Total deposits | $33,288 |
| Interest-bearing deposits | $40,945 |
| Deposits held in domestic offices | $89 |
| % insured (estimated) | 800.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $2,542 |
| Other borrowed funds | $0 |
| Subordinated debt | $64 |
| All other liabilities | $6,773 |
| Total equity capital | $6,773 |
| Total bank equity capital | $6,773 |
| Perpetual preferred stock | $0 |
| Common stock | $100 |
| Surplus | $6,100 |
| Undivided profits | $573 |
| 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 | $567 |
| Earning assets | $0 |
| Long-term assets (5+ years) | $361 |
| Average Assets, year-to-date | $48,950 |
| Average Assets, quarterly | $8,715 |
| Volatile liabilities | $46,492 |
| Insider loans | $48,269 |
| FHLB advances | $40,712 |
| Loans and leases held for sale | $48,021 |
| Unused loan commitments | $0 |
| Tier 1 (core) risk-based capital | $0 |
| Tier 2 risk-based capital | $6,683 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $4,423 |
| Derivatives | $513 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $2,525 |
| Total interest expense | $423 |
| Net interest income | $2,102 |
| Provision for loan and lease losses | $60 |
| Total noninterest income | $201 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $81 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $120 |
| Total noninterest expense | $1,517 |
| Salaries and employee benefits | $838 |
| Premises and equipment expense | $269 |
| Additional noninterest expense | $410 |
| Pre-tax net operating income | $726 |
| Securities gains (losses) | $0 |
| Applicable income taxes | $0 |
| Income before extraordinary items | $726 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $726 |
| Net charge-offs | $0 |
| Cash dividends | $726 |
| Sale, conversion, retirement of capital stock, net | $6 |
| Net operating income | $0 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 5.67% |
| Cost of funding earning assets | 0.95% |
| Net interest margin | 4.72% |
| Noninterest income to earning assets | 0.45% |
| Noninterest expense to earning assets | 3.41% |
| Net operating income to assets | 1.56% |
| Return on assets (ROA) | 1.56% |
| Pretax return on assets | 1.56% |
| Return on equity (ROE) | 13.06% |
| Retained earnings to average equity (YTD only) | 13.06% |
| Net charge-offs to loans | 0.02% |
| Credit loss provision to net charge-offs | 1000.00% |
| Efficiency ratio | 131.00% |
| Assets per employee | $65,871 |
| Cash dividends to net income (YTD only) | 3.93% |
| Condition Ratios (%) | |
| Loss allowance to loans | 0.00% |
| Loss allowance to noncurrent loans | 1.39% |
| Noncurrent assets plus other real estate owned to assets | 103.35% |
| Noncurrent loans to loans | 1.23% |
| Net loans and leases to deposits | 1.35% |
| Net loans and leases to core deposits | 101.43% |
| Equity capital to assets | 108.60% |
| Core capital (leverage) ratio | 13.25% |
| Tier 1 risk-based capital ratio | 13.92% |
| Total risk-based capital ratio | 16.42% |
| Memoranda | |
| Average assets | $18 |
| Average earning assets | $46,492 |
| Average equity | $5,560 |
| Average loans | $44,522 |
| 2 Minnesota Branches as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 6517 | Financial Security Bank | 1011 Atlantic Ave, Kerkhoven, MN 56252 | January 01, 1906 | Full Service Brick and Mortar |  |
| 1 | 469375 | Albertville Branch | 5600 Lacentre Avenue, Albertville, MN 55301 | November 19, 2007 | Full Service Brick and Mortar |  |
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