Security State Bank in Independence, Iowa (IA)
Overview, Financial Summary, Detailed Financial Reports, Branches


Security State Bank - Overview

  • General
  • FDIC Certificate #: 15851
    Status: Active
    Federal Reserve ID: 924348
    Bank Holding Company (Regulatory Top Holder): Independence Bancshares, Inc. (RSSDID: 1206201, Location: Independence, IA)
    Date Established: October 04, 1941
    WWW: http://www.ssbindee.com
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 3 (Domestic: 3, Interstate: No)
    OTS Docket #: 12144
    FDIC's unique #: 10091
    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: October 04, 1941
    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: 231 First Street East, Independence, IA 50644
    County: Buchanan
    Quarterly Banking Profile Region: Kansas City
    FDIC Geographic Region: Kansas City
    FDIC Supervisory Region: Kansas City
    FDIC Field Office: Cedar Rapids
    Office of the Comptroller the Currency (OCC) District: Midwest
    Office of Thrift Supervision Region: Western
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $94.5 mil
    Equity capital: $10.6 mil
    Deposits held in domestic offices: $75.8 mil
    Return on assets (ROA): 1.31% ($1.2 mil)
    Quarterly return on assets: 1.34% ($1.3 mil)
    Return on Equity (ROE): 12.13% ($1.3 mil)
    Quarterly return on equity: 11.75% ($1.3 mil)
    Net income: $1.2 mil
    Quarterly Net income: $0.3 mil
    Pretax return on assets: 1.59% ($1,503.3 mil)
    Quarterly Pretax return on assets: 1.63% ($1,541.1 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
  • 23Total employees (full-time equivalent)
  • $94,549Total assets
  • $1,964Cash and due from depository institutions
  • $0Interest-bearing balances
  • $41,928Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $46,238Net loans & leases
  • $1,097Loan loss allowance
  • $0Trading account assets
  • $1,739Bank premises and fixed assets
  • $120Other real estate owned
  • $419Goodwill and other intangibles
  • $94,549Life insurance assets
  • $2,141All other assets
  • $83,987Total liabilities and capital
  • $75,822Total liabilities
  • $53,209Total deposits
  • $75,822Interest-bearing deposits
  • $94Deposits held in domestic offices
  • 1659.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $5,392Trading liabilities
  • $0Other borrowed funds
  • $1,114Subordinated debt
  • $10,562All other liabilities
  • $10,562Total equity capital
  • $10,562Total bank equity capital
  • $0Perpetual preferred stock
  • $300Common stock
  • $2,150Surplus
  • $8,112Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $266Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $137Income earned, not collected on loans
  • $0Earning assets
  • $758Long-term assets (5+ years)
  • $88,166Average Assets, year-to-date
  • $45,169Average Assets, quarterly
  • $88,109Volatile liabilities
  • $91,603Insider loans
  • $59,361FHLB advances
  • $90,856Loans and leases held for sale
  • $739Unused loan commitments
  • $739Tier 1 (core) risk-based capital
  • $9,289Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $9,796Restructured Loans and leases
  • $3,111Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $4,043Total interest income
  • $624Total interest expense
  • $3,419Net interest income
  • $180Provision for loan and lease losses
  • $593Total noninterest income
  • $18Fiduciary activities
  • $220Service charges on deposit accounts
  • $0Trading account gains & fees
  • $355Additional noninterest income
  • $2,481Total noninterest expense
  • $1,479Salaries and employee benefits
  • $314Premises and equipment expense
  • $688Additional noninterest expense
  • $1,351Pre-tax net operating income
  • $48Securities gains (losses)
  • $243Applicable income taxes
  • $1,156Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,156Net income attributable to bank
  • $0Net charge-offs
  • $1,156Cash dividends
  • $1Sale, conversion, retirement of capital stock, net
  • $85Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.94%Yield on earning assets
  • 0.76%Cost of funding earning assets
  • 4.17%Net interest margin
  • 0.72%Noninterest income to earning assets
  • 3.03%Noninterest expense to earning assets
  • 1.27%Net operating income to assets
  • 1.31%Return on assets (ROA)
  • 1.59%Pretax return on assets
  • 12.13%Return on equity (ROE)
  • 11.24%Retained earnings to average equity (YTD only)
  • 0.00%Net charge-offs to loans
  • 18000.00%Credit loss provision to net charge-offs
  • 1531.00%Efficiency ratio
  • 61,665Assets per employee
  • 4.11%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 7.35%Loss allowance to loans
  • 2.32%Loss allowance to noncurrent loans
  • 800.73%Noncurrent assets plus other real estate owned to assets
  • 0.27%Noncurrent loans to loans
  • 0.29%Net loans and leases to deposits
  • 60.98%Net loans and leases to core deposits
  • 64.15%Equity capital to assets
  • 11.17%Core capital (leverage) ratio
  • 10.22%Tier 1 risk-based capital ratio
  • 15.65%Total risk-based capital ratio
  • Memoranda
  • $17Average assets
  • $88,109Average earning assets
  • $9,530Average equity
  • $81,894Average loans

Total Fiduciary and Related Assets (December 31, 2011)

  • Dollar figures in thousands
  • $1Total fiduciary and related assets
  • 1Number of Fiduciary Accounts and Related Asset Accounts
  • YesFiduciary powers granted
  • YesFiduciary or related activity
  • $1,330Managed Assets
  • 1Number of Accounts
  • $1,249Personal trust and agency accounts
  • $1,249Employee benefit-defined contribution accounts
  • $0Employee benefit-defined benefit accounts
  • $0Other retirement accounts
  • $0Corporate trust and agency accounts
  • $0Investment management agency accounts
  • $0Other fiduciary accounts
  • $0Fiduciary accounts held in foreign offices
  • $0Non-managed Assets
  • 17Number of Accounts
  • $0Personal trust and agency accounts
  • $0Employee benefit-defined contribution accounts
  • $0Employee benefit-defined benefit accounts
  • $81Other retirement accounts
  • $81Corporate trust and agency accounts
  • $0Other fiduciary accounts
  • $0Fiduciary accounts held in foreign offices

List of branches

  • 3 Iowa Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    010091Security State Bank231 First Street East, Independence, IA 50644October 04, 1941Full Service Brick and Mortar
    2418706Urbana Branch205 North Union Avenue, Urbana, IA 52345September 09, 2002Full Service Brick and Mortar
    38993Dysart Branch402 Main, Dysart, IA 52224May 01, 1900Full Service Brick and Mortar

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