Financial Security Bank in Kerkhoven, Minnesota (MN)
Overview, Financial Summary, Detailed Financial Reports, Branches

Financial Security Bank - Overview

  • 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
    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)

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)
  • $51,124Total assets
  • $3,334Cash and due from depository institutions
  • $2,240Interest-bearing balances
  • $3,110Securities
  • $2,071Federal funds sold & reverse repurchase agreements
  • $41,529Net loans & leases
  • $586Loan loss allowance
  • $0Trading account assets
  • $274Bank premises and fixed assets
  • $63Other real estate owned
  • $0Goodwill and other intangibles
  • $51,124Life insurance assets
  • $743All other assets
  • $44,351Total liabilities and capital
  • $40,945Total liabilities
  • $33,288Total deposits
  • $40,945Interest-bearing deposits
  • $89Deposits held in domestic offices
  • 800.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $2,542Trading liabilities
  • $0Other borrowed funds
  • $64Subordinated debt
  • $6,773All other liabilities
  • $6,773Total equity capital
  • $6,773Total bank equity capital
  • $0Perpetual preferred stock
  • $100Common stock
  • $6,100Surplus
  • $573Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $567Income earned, not collected on loans
  • $0Earning assets
  • $361Long-term assets (5+ years)
  • $48,950Average Assets, year-to-date
  • $8,715Average Assets, quarterly
  • $46,492Volatile liabilities
  • $48,269Insider loans
  • $40,712FHLB advances
  • $48,021Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $6,683Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $4,423Restructured Loans and leases
  • $513Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $2,525Total interest income
  • $423Total interest expense
  • $2,102Net interest income
  • $60Provision for loan and lease losses
  • $201Total noninterest income
  • $0Fiduciary activities
  • $81Service charges on deposit accounts
  • $0Trading account gains & fees
  • $120Additional noninterest income
  • $1,517Total noninterest expense
  • $838Salaries and employee benefits
  • $269Premises and equipment expense
  • $410Additional noninterest expense
  • $726Pre-tax net operating income
  • $0Securities gains (losses)
  • $0Applicable income taxes
  • $726Income before extraordinary items
  • $0Extraordinary gains - net
  • $726Net income attributable to bank
  • $0Net charge-offs
  • $726Cash dividends
  • $6Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.67%Yield on earning assets
  • 0.95%Cost of funding earning assets
  • 4.72%Net interest margin
  • 0.45%Noninterest income to earning assets
  • 3.41%Noninterest expense to earning assets
  • 1.56%Net operating income to assets
  • 1.56%Return on assets (ROA)
  • 1.56%Pretax return on assets
  • 13.06%Return on equity (ROE)
  • 13.06%Retained earnings to average equity (YTD only)
  • 0.02%Net charge-offs to loans
  • 1000.00%Credit loss provision to net charge-offs
  • 131.00%Efficiency ratio
  • 65,871Assets per employee
  • 3.93%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.39%Loss allowance to noncurrent loans
  • 103.35%Noncurrent assets plus other real estate owned to assets
  • 1.23%Noncurrent loans to loans
  • 1.35%Net loans and leases to deposits
  • 101.43%Net loans and leases to core deposits
  • 108.60%Equity capital to assets
  • 13.25%Core capital (leverage) ratio
  • 13.92%Tier 1 risk-based capital ratio
  • 16.42%Total risk-based capital ratio
  • Memoranda
  • $18Average assets
  • $46,492Average earning assets
  • $5,560Average equity
  • $44,522Average loans

List of branches

  • 2 Minnesota Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    06517Financial Security Bank1011 Atlantic Ave, Kerkhoven, MN 56252January 01, 1906Full Service Brick and Mortar
    1469375Albertville Branch5600 Lacentre Avenue, Albertville, MN 55301November 19, 2007Full Service Brick and Mortar

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