First Independent Bank in Russell, Minnesota (MN)

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First Independent Bank
GeneralFDIC 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
LocationAddress: 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 ChangesParticipated in Absorption/Consolidation/Merger
Financial SummaryTotal 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)
Total employees (full-time equivalent)48
Total assets$205,765
Cash and due from depository institutions$8,018
Interest-bearing balances$1,871
Federal funds sold & reverse repurchase agreements$9,214
Net loans & leases$135,075
Loan loss allowance $1,831
Trading account assets$0
Bank premises and fixed assets$3,219
Other real estate owned$865
Goodwill and other intangibles$1,313
All other assets$4,585
Life insurance assets$205,765
Total liabilities and capital$187,584
Total liabilities$186,432
Total deposits$156,434
Interest-bearing deposits$186,432
Deposits held in domestic offices$97
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$249
Other borrowed funds $0
Subordinated debt $903
All other liabilities $18,181
Total equity capital$18,181
Total bank equity capital$18,181
Perpetual preferred stock$0
Common stock$30
Undivided profits $8,681
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $1,556
Income earned, not collected on loans $1,648
Earning assets $0
Long-term assets (5+ years) $1,981
Average Assets, year-to-date $189,636
Average Assets, quarterly $52,737
Volatile liabilities $167,931
Insider loans $185,293
FHLB advances $152,832
Loans and leases held for sale $165,185
Unused loan commitments $937
Tier 1 (core) risk-based capital $937
Tier 2 risk-based capital $16,240
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $33,127
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $8,096
Total interest expense $2,039
Net interest income $6,057
Provision for loan and lease losses $279
Total noninterest income $573
Fiduciary activities $0
Service charges on deposit accounts $327
Trading account gains & fees $0
Additional noninterest income $246
Total noninterest expense $4,402
Salaries and employee benefits $2,552
Premises and equipment expense $710
Additional noninterest expense $1,140
Pre-tax net operating income $1,949
Securities gains (losses) $0
Applicable income taxes $680
Income before extraordinary items $1,269
Extraordinary gains - net $0
Net income attributable to bank $1,269
Net charge-offs $0
Cash dividends $1,269
Sale, conversion, retirement of capital stock, net $419
Net operating income $1,000
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.18%
Cost of funding earning assets 1.31%
Net interest margin 3.88%
Noninterest income to earning assets 0.37%
Noninterest expense to earning assets 2.82%
Net operating income to assets 0.76%
Return on assets (ROA) 0.76%
Pretax return on assets 1.16%
Return on equity (ROE) 7.97%
Retained earnings to average equity (YTD only) 1.69%
Net charge-offs to loans 0.36%
Credit loss provision to net charge-offs 66.59%
Efficiency ratio5.32%
Assets per employee$64,887
Cash dividends to net income (YTD only)4.29%
Condition Ratios (%)
Loss allowance to loans 78.80%
Loss allowance to noncurrent loans 1.34%
Noncurrent assets plus other real estate owned to assets 111.10%
Noncurrent loans to loans 1.22%
Net loans and leases to deposits1.20%
Net loans and leases to core deposits 72.45%
Equity capital to assets 74.79%
Core capital (leverage) ratio 8.84%
Tier 1 risk-based capital ratio 9.83%
Total risk-based capital ratio 10.63%
Average assets$12
Average earning assets$167,931
Average equity $15,922
Average loans $156,201
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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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