First Southeast Bank in Harmony, Minnesota (MN)

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First Southeast Bank
GeneralFDIC Certificate #: 10576
Status: Active
Federal Reserve ID: 22552
Bank Holding Company (Regulatory Top Holder): First Southeastern Banc Group, Inc. (RSSDID: 1137510, Location: Harmony, MN)
Date Established: March 15, 1893
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 3 (Domestic: 3, Interstate: No)
OTS Docket #: 12917
FDIC's unique #: 6777
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: August 27, 2011
Last Structure Change Process Date: September 19, 2011
Last Data Update: September 19, 2011
Data Source Date: April 05, 2012
LocationAddress: 3 Main Ave N, Harmony, MN 55939
County: Fillmore
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
History of ChangesParticipated in Absorption/Consolidation/Merger
Financial SummaryTotal assets: $85.7 mil
Equity capital: $7.9 mil
Deposits held in domestic offices: $77.4 mil
Return on assets (ROA): 1.58% ($1.4 mil)
Quarterly return on assets: 1.62% ($1.4 mil)
Return on Equity (ROE): 17.63% ($1.4 mil)
Quarterly return on equity: 17.33% ($1.4 mil)
Net income: $1.3 mil
Quarterly Net income: $0.3 mil
Pretax return on assets: 1.58% ($1,354.7 mil)
Quarterly Pretax return on assets: 1.62% ($1,389.0 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)20
Total assets$85,738
Cash and due from depository institutions$2,366
Interest-bearing balances$240
Federal funds sold & reverse repurchase agreements$6,760
Net loans & leases$65,464
Loan loss allowance $979
Trading account assets$0
Bank premises and fixed assets$343
Other real estate owned$183
Goodwill and other intangibles$0
All other assets$1,532
Life insurance assets$85,738
Total liabilities and capital$77,884
Total liabilities$77,388
Total deposits$65,806
Interest-bearing deposits$77,388
Deposits held in domestic offices$93
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$100
Other borrowed funds $0
Subordinated debt $396
All other liabilities $7,854
Total equity capital$7,854
Total bank equity capital$7,854
Perpetual preferred stock$0
Common stock$100
Undivided profits $2,854
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 $257
Earning assets $25
Long-term assets (5+ years) $950
Average Assets, year-to-date $81,554
Average Assets, quarterly $18,836
Volatile liabilities $82,879
Insider loans $82,621
FHLB advances $64,711
Loans and leases held for sale $81,810
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $7,671
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $11,439
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $4,410
Total interest expense $843
Net interest income $3,567
Provision for loan and lease losses $60
Total noninterest income $401
Fiduciary activities $0
Service charges on deposit accounts $232
Trading account gains & fees $0
Additional noninterest income $169
Total noninterest expense $2,599
Salaries and employee benefits $1,438
Premises and equipment expense $231
Additional noninterest expense $930
Pre-tax net operating income $1,309
Securities gains (losses) $0
Applicable income taxes $1
Income before extraordinary items $1,308
Extraordinary gains - net $0
Net income attributable to bank $1,308
Net charge-offs $0
Cash dividends $1,308
Sale, conversion, retirement of capital stock, net -$1
Net operating income $716
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.61%
Cost of funding earning assets 1.07%
Net interest margin 4.53%
Noninterest income to earning assets 0.51%
Noninterest expense to earning assets 3.30%
Net operating income to assets 1.58%
Return on assets (ROA) 1.58%
Pretax return on assets 1.58%
Return on equity (ROE) 17.63%
Retained earnings to average equity (YTD only) 7.98%
Net charge-offs to loans -0.00%
Credit loss provision to net charge-offs -6000.00%
Efficiency ratio0.00%
Assets per employee$65,499
Cash dividends to net income (YTD only)4.29%
Condition Ratios (%)
Loss allowance to loans 54.74%
Loss allowance to noncurrent loans 1.47%
Noncurrent assets plus other real estate owned to assets 380.93%
Noncurrent loans to loans 0.51%
Net loans and leases to deposits0.39%
Net loans and leases to core deposits 84.59%
Equity capital to assets 92.78%
Core capital (leverage) ratio 9.16%
Tier 1 risk-based capital ratio 9.38%
Total risk-based capital ratio 11.85%
Average assets$13
Average earning assets$82,879
Average equity $7,418
Average loans $78,665
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3 Minnesota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
06777First Southeast Bank3 Main Ave N, Harmony, MN 55939March 15, 1893Full Service Brick and Mortar
15625Granger Branch50 Main Street, Granger, MN 55939December 22, 1917Limited Service Facility
210474Canton Branch111 N Main St, Canton, MN 55922June 28, 1945Full Service Brick and Mortar
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