First Independent Bank in Russell, Minnesota (MN)
Overview, Financial Summary, Detailed Financial Reports, Branches

First Independent Bank - Overview

  • General
  • FDIC Certificate #: 1900
    Status: Active
    Federal Reserve ID: 761851
    Bank Holding Company (Regulatory Top Holder): Finlayson Bancshares, Inc. (RSSDID: 1126037, Location: Finlayson, MN)
    Date Established: January 01, 1903
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 8 (Domestic: 8, Interstate: No)
    OTS Docket #: 10527
    FDIC's unique #: 1266
    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: No
    Asset Concentration Hierarchy: Agricultural Specialization
    Date of Deposit Insurance: January 01, 1934
    Last Structure Change Effective Date: December 31, 2011
    Last Structure Change Process Date: January 11, 2012
    Last Data Update: January 11, 2012
    Data Source Date: April 05, 2012
  • Location
  • Address: 300 Front Street, Russell, MN 56169
    County: Lyon
    Quarterly Banking Profile Region: Kansas City
    FDIC Geographic Region: Kansas City
    FDIC Supervisory Region: Kansas City
    FDIC Field Office: Sioux Falls
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: West
    Core Based Statistical Area (CBSA): Marshall, MN (#32140)
    CBSA Micro Statistical Area: Yes
  • History of Changes
  • Participated in Absorption/Consolidation/Merger
  • Financial Summary
  • Total assets: $205.8 mil
    Equity capital: $18.2 mil
    Deposits held in domestic offices: $186.4 mil
    Return on assets (ROA): 0.76% ($1.6 mil)
    Quarterly return on assets: 0.69% ($1.4 mil)
    Return on Equity (ROE): 7.97% ($1.4 mil)
    Quarterly return on equity: 7.54% ($1.4 mil)
    Net income: $1.3 mil
    Quarterly Net income: $0.3 mil
    Pretax return on assets: 1.16% ($2,386.9 mil)
    Quarterly Pretax return on assets: 1.02% ($2,098.8 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
  • 48Total employees (full-time equivalent)
  • $205,765Total assets
  • $8,018Cash and due from depository institutions
  • $1,871Interest-bearing balances
  • $43,476Securities
  • $9,214Federal funds sold & reverse repurchase agreements
  • $135,075Net loans & leases
  • $1,831Loan loss allowance
  • $0Trading account assets
  • $3,219Bank premises and fixed assets
  • $865Other real estate owned
  • $1,313Goodwill and other intangibles
  • $205,765Life insurance assets
  • $4,585All other assets
  • $187,584Total liabilities and capital
  • $186,432Total liabilities
  • $156,434Total deposits
  • $186,432Interest-bearing deposits
  • $97Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $249Trading liabilities
  • $0Other borrowed funds
  • $903Subordinated debt
  • $18,181All other liabilities
  • $18,181Total equity capital
  • $18,181Total bank equity capital
  • $0Perpetual preferred stock
  • $30Common stock
  • $9,470Surplus
  • $8,681Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $1,556Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $1,648Income earned, not collected on loans
  • $0Earning assets
  • $1,981Long-term assets (5+ years)
  • $189,636Average Assets, year-to-date
  • $52,737Average Assets, quarterly
  • $167,931Volatile liabilities
  • $185,293Insider loans
  • $152,832FHLB advances
  • $165,185Loans and leases held for sale
  • $937Unused loan commitments
  • $937Tier 1 (core) risk-based capital
  • $16,240Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $33,127Restructured Loans and leases
  • $104Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $8,096Total interest income
  • $2,039Total interest expense
  • $6,057Net interest income
  • $279Provision for loan and lease losses
  • $573Total noninterest income
  • $0Fiduciary activities
  • $327Service charges on deposit accounts
  • $0Trading account gains & fees
  • $246Additional noninterest income
  • $4,402Total noninterest expense
  • $2,552Salaries and employee benefits
  • $710Premises and equipment expense
  • $1,140Additional noninterest expense
  • $1,949Pre-tax net operating income
  • $0Securities gains (losses)
  • $680Applicable income taxes
  • $1,269Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,269Net income attributable to bank
  • $0Net charge-offs
  • $1,269Cash dividends
  • $419Sale, conversion, retirement of capital stock, net
  • $1,000Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.18%Yield on earning assets
  • 1.31%Cost of funding earning assets
  • 3.88%Net interest margin
  • 0.37%Noninterest income to earning assets
  • 2.82%Noninterest expense to earning assets
  • 0.76%Net operating income to assets
  • 0.76%Return on assets (ROA)
  • 1.16%Pretax return on assets
  • 7.97%Return on equity (ROE)
  • 1.69%Retained earnings to average equity (YTD only)
  • 0.36%Net charge-offs to loans
  • 66.59%Credit loss provision to net charge-offs
  • 5.32%Efficiency ratio
  • 64,887Assets per employee
  • 4.29%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 78.80%Loss allowance to loans
  • 1.34%Loss allowance to noncurrent loans
  • 111.10%Noncurrent assets plus other real estate owned to assets
  • 1.22%Noncurrent loans to loans
  • 1.20%Net loans and leases to deposits
  • 72.45%Net loans and leases to core deposits
  • 74.79%Equity capital to assets
  • 8.84%Core capital (leverage) ratio
  • 9.83%Tier 1 risk-based capital ratio
  • 10.63%Total risk-based capital ratio
  • Memoranda
  • $12Average assets
  • $167,931Average earning assets
  • $15,922Average equity
  • $156,201Average loans

List of branches

  • 8 Minnesota Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    01266First Independent Bank300 Front Street, Russell, MN 56169January 01, 1903Full Service Brick and Mortar
    2190412Balaton Branch108 Third Street, Balaton, MN 56115April 22, 1999Full Service Brick and Mortar
    4266753Marshall Branch105 South Market, Marshall, MN 56258January 01, 1923Full Service Brick and Mortar
    5439914Marshall Branch1221 East Main Street, Marshall, MN 56258April 13, 2005Limited Service Retail
    6442555Wal-Mart Location Branch1221 East Main, Marshall, MN 56258April 13, 2005Full Service Retail
    76779First Independent Bank Of Wood LakeMain Street, Wood Lake, MN 56297April 01, 1902Full Service Brick and Mortar
    8222758Detached Facility110 North Third Street, Hanley Falls, MN 56245June 04, 1984Full Service Brick and Mortar
    910126State Bank Of Lucan Branch106 Main Street, Lucan, MN 56255May 05, 1936Full Service Brick and Mortar

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