First Resource Bank in Savage, Minnesota (MN)
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| First Resource Bank | |
|---|---|
| General | FDIC Certificate #: 58039 Status: Active Federal Reserve ID: 3314043 Date Established: June 27, 2005 WWW: http://www.firstresourceonline.com Trust Powers Granted: No Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 4 (Domestic: 1, Interstate: No) FDIC's unique #: 436973 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes Ownership Type: Non-Stock FFIEC Call Report 31 Filer: No State Chartered: Yes Subchapter S Corporations: Yes Asset Concentration Hierarchy: Commercial Lending Specialization Date of Deposit Insurance: June 27, 2005 Last Structure Change Effective Date: March 08, 2012 Last Structure Change Process Date: March 08, 2012 Last Data Update: March 08, 2012 Data Source Date: April 05, 2012 |
| Location | Address: 4022 County Road 42 West, Savage, MN 55378 County: Scott Quarterly Banking Profile Region: Kansas City FDIC Geographic Region: Kansas City FDIC Supervisory Region: Kansas City FDIC Field Office: Minneapolis Office of the Comptroller the Currency (OCC) District: Central Office of Thrift Supervision Region: West Metropolitan Statistical Area (MSA): Minneapolis-St. Paul, MN-WI (#5120) Combined Statistical Area (CSA): Minneapolis-St. Paul-St. Cloud, MN-WI (#378) Core Based Statistical Area (CBSA): Minneapolis-St. Paul-Bloomington, MN-WI (#33460) CBSA Metro Statistical Area: Minneapolis-St. Paul-Bloomington, MN-WI (#33460) |
| Financial Summary | Total assets: $14.2 mil Equity capital: $9.6 mil Deposits held in domestic offices: $4.6 mil Return on assets (ROA): -3.19% (-$0.4 mil) Quarterly return on assets: -6.84% (-$1.0 mil) Return on Equity (ROE): -5.86% (-$0.6 mil) Quarterly return on equity: -10.21% (-$1.0 mil) Net income: -$0.6 mil Quarterly Net income: -$0.2 mil Pretax return on assets: -3.19% (-$454.2 mil) Quarterly Pretax return on assets: -6.84% (-$973.8 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 7 |
| Total assets | $14,237 |
| Cash and due from depository institutions | $5,621 |
| Interest-bearing balances | $4,778 |
| Securities | $0 |
| Federal funds sold & reverse repurchase agreements | $0 |
| Net loans & leases | $7,045 |
| Loan loss allowance | $122 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $171 |
| Other real estate owned | $797 |
| Goodwill and other intangibles | $362 |
| All other assets | $241 |
| Life insurance assets | $14,237 |
| Total liabilities and capital | $4,607 |
| Total liabilities | $4,577 |
| Total deposits | $4,093 |
| Interest-bearing deposits | $4,577 |
| Deposits held in domestic offices | $100 |
| % insured (estimated) | 0.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $30 |
| All other liabilities | $9,630 |
| Total equity capital | $9,630 |
| Total bank equity capital | $9,630 |
| Perpetual preferred stock | $0 |
| Common stock | $10 |
| Surplus | $10,435 |
| Undivided profits | $-815 |
| 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 | $381 |
| Earning assets | $0 |
| Long-term assets (5+ years) | $30 |
| Average Assets, year-to-date | $11,823 |
| Average Assets, quarterly | $925 |
| Volatile liabilities | $18,289 |
| Insider loans | $14,566 |
| FHLB advances | $9,246 |
| Loans and leases held for sale | $14,240 |
| Unused loan commitments | $0 |
| Tier 1 (core) risk-based capital | $0 |
| Tier 2 risk-based capital | $9,268 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $686 |
| Derivatives | $0 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $705 |
| Total interest expense | $99 |
| Net interest income | $606 |
| Provision for loan and lease losses | $0 |
| Total noninterest income | $44 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $12 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $32 |
| Total noninterest expense | $1,230 |
| Salaries and employee benefits | $518 |
| Premises and equipment expense | $178 |
| Additional noninterest expense | $534 |
| Pre-tax net operating income | -$580 |
| Securities gains (losses) | -$4 |
| Applicable income taxes | $0 |
| Income before extraordinary items | -$584 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | -$584 |
| Net charge-offs | $0 |
| Cash dividends | -$584 |
| Sale, conversion, retirement of capital stock, net | $8 |
| Net operating income | $0 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 4.52% |
| Cost of funding earning assets | 0.63% |
| Net interest margin | 3.88% |
| Noninterest income to earning assets | 0.28% |
| Noninterest expense to earning assets | 7.88% |
| Net operating income to assets | -3.17% |
| Return on assets (ROA) | -3.19% |
| Pretax return on assets | -3.19% |
| Return on equity (ROE) | -5.86% |
| Retained earnings to average equity (YTD only) | -5.86% |
| Net charge-offs to loans | 0.10% |
| Credit loss provision to net charge-offs | 0.00% |
| Efficiency ratio | -72.50% |
| Assets per employee | $189,231 |
| Cash dividends to net income (YTD only) | 2.03% |
| Condition Ratios (%) | |
| Loss allowance to loans | 0.00% |
| Loss allowance to noncurrent loans | 1.70% |
| Noncurrent assets plus other real estate owned to assets | 32.02% |
| Noncurrent loans to loans | 8.27% |
| Net loans and leases to deposits | 5.32% |
| Net loans and leases to core deposits | 153.92% |
| Equity capital to assets | 153.92% |
| Core capital (leverage) ratio | 67.64% |
| Tier 1 risk-based capital ratio | 65.08% |
| Total risk-based capital ratio | 100.24% |
| Memoranda | |
| Average assets | $102 |
| Average earning assets | $18,289 |
| Average equity | $9,961 |
| Average loans | $15,614 |
| 4 Minnesota Branches as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 436973 | First Resource Bank | 4022 County Road 42 West, Savage, MN 55378 | June 27, 2005 | Full Service Brick and Mortar |  |
| 1 | 61735 | Patriot Bank Minnesota Branch | 19810 Headwaters Boulevard, Forest Lake, MN 55025 | July 20, 1998 | Full Service Brick and Mortar |  |
| 2 | 359479 | Lino Lakes Branch | 2290 70th Street East, Lino Lakes, MN 55038 | January 08, 2001 | Full Service Brick and Mortar | |
| 3 | 445627 | Lino Lakes Branch | 7449 Village Drive, Lino Lakes, MN 55014 | November 14, 2005 | Full Service Brick and Mortar | |
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BankEncyclopedia.com does not guarantee the accuracy or timeliness of any information on this site. Use at your own risk.