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

This bank is inactive as of May 31, 2002

Security State Bank in Milford, Iowa (IA)
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Security State Bank - Overview

General
FDIC Certificate #: 218
Status: Inactive
Closing history: Absorption - Without Assistance
Acquiring institution: United Community Bank (#13656)
Federal Reserve ID: 975845
Date Established: May 11, 1933
Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
Offices: 2 (Interstate: No)
FDIC's unique #: 172
Numeric code: 13
Regulator: FED
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: Yes
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: May 31, 2002
Last Structure Change Process Date: July 25, 2002
Last Data Update: July 25, 2002
Data Source Date: April 05, 2012
Location
Address: 1905 Okoboji Avenue, Milford, IA 51351
County: Dickinson
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Sioux City
Office of the Comptroller the Currency (OCC) District: Midwest
Office of Thrift Supervision Region: Western
Core Based Statistical Area (CBSA): Spirit Lake, IA (#44020)
CBSA Micro Statistical Area: Yes
Financial Summary
Total assets: $40.1 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, 2001)

Dollar figures in thousands
15Total employees (full-time equivalent)
$44,358Total assets
$1,495Cash and due from depository institutions
$0Interest-bearing balances
$7,015Securities
$3,125Federal funds sold & reverse repurchase agreements
$30,234Net loans & leases
$383Loan loss allowance
$0Trading account assets
$1,343Bank premises and fixed assets
$43Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$1,103All other assets
$44,358Total liabilities and capital
$41,412Total liabilities
$40,721Total deposits
$36,338Interest-bearing deposits
$40,721Deposits held in domestic offices
0.00%% insured (estimated)
$477Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$214All other liabilities
$2,946Total equity capital
$2,946Total bank equity capital
$2,946Perpetual preferred stock
$0Common stock
$161Surplus
$3,353Undivided profits
Memoranda
$-568Noncurrent loans and leases
$5,761Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$1,087Earning assets
$199Long-term assets (5+ years)
$417Average Assets, year-to-date
$40,374Average Assets, quarterly
$2,011Volatile liabilities
$42,633Insider loans
$43,297FHLB advances
$5,096Loans and leases held for sale
$557Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$5,761Total unused commitments
$0Restructured Loans and leases
$381Derivatives

Income and Expense (December 31, 2001)

Dollar figures in thousands
$3,053Total interest income
$1,703Total interest expense
$1,350Net interest income
$230Provision for loan and lease losses
$139Total noninterest income
$0Fiduciary activities
$98Service charges on deposit accounts
$0Trading account gains & fees
$41Additional noninterest income
$1,412Total noninterest expense
$813Salaries and employee benefits
$191Premises and equipment expense
$408Additional noninterest expense
-$153Pre-tax net operating income
$6Securities gains (losses)
-$454Applicable income taxes
$307Income before extraordinary items
$0Extraordinary gains - net
$307Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$814Sale, conversion, retirement of capital stock, net
$0Net operating income

Performance and Condition Ratios (December 31, 2001)

Dollar figures in thousands
Performance Ratios (%, annualized)
7.87%Yield on earning assets
4.39%Cost of funding earning assets
3.48%Net interest margin
0.36%Noninterest income to earning assets
3.64%Noninterest expense to earning assets
0.71%Net operating income to assets
0.72%Return on assets (ROA)
-0.34%Pretax return on assets
11.21%Return on equity (ROE)
11.21%Retained earnings to average equity (YTD only)
2.48%Net charge-offs to loans
28.26%Credit loss provision to net charge-offs
0.09%Efficiency ratio
94,829Assets per employee
2.96%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
1.25%Loss allowance to noncurrent loans
35.23%Noncurrent assets plus other real estate owned to assets
2.55%Noncurrent loans to loans
3.55%Net loans and leases to deposits
74.25%Net loans and leases to core deposits
83.75%Equity capital to assets
6.64%Core capital (leverage) ratio
6.81%Tier 1 risk-based capital ratio
9.66%Total risk-based capital ratio
Memoranda
$11Average assets
$42,633Average earning assets
$2,738Average equity
$38,781Average loans

Total Fiduciary and Related Assets (December 31, 2001)

Dollar figures in thousands
$1Total fiduciary and related assets
1Number of Fiduciary Accounts and Related Asset Accounts
YesFiduciary powers granted
YesFiduciary or related activity
$874Managed Assets
1Number of Accounts
$700Personal trust and agency accounts
$700Employee 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
40Number of Accounts
$0Personal trust and agency accounts
$0Employee benefit-defined contribution accounts
$0Employee benefit-defined benefit accounts
$174Other retirement accounts
$174Corporate trust and agency accounts
$0Other fiduciary accounts
$0Fiduciary accounts held in foreign offices

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