Security State Bank of Aitkin in Aitkin, Minnesota (MN)

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Table of contents:
Security State Bank of Aitkin
GeneralFDIC Certificate #: 16656
Status: Active
Federal Reserve ID: 267652
Bank Holding Company (Regulatory Top Holder): Security State Agency Of Aitkin, Inc. (RSSDID: 1125441, Location: Aitkin, MN)
Date Established: December 23, 1947
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 4 (Domestic: 4, Interstate: No)
OTS Docket #: 10704
FDIC's unique #: 10789
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: January 02, 1948
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
LocationAddress: 402 Minnesota Avenue North, Aitkin, MN 56431
County: Aitkin
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 ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $85.4 mil
Equity capital: $9.6 mil
Deposits held in domestic offices: $74.9 mil
Return on assets (ROA): 1.27% ($1.1 mil)
Quarterly return on assets: 1.12% ($1.0 mil)
Return on Equity (ROE): 11.94% ($1.2 mil)
Quarterly return on equity: 10.17% ($1.0 mil)
Net income: $1.1 mil
Quarterly Net income: $0.2 mil
Pretax return on assets: 1.27% ($1,085.0 mil)
Quarterly Pretax return on assets: 1.12% ($956.8 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)25
Total assets$85,433
Cash and due from depository institutions$4,859
Interest-bearing balances$4,256
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$59,831
Loan loss allowance $679
Trading account assets$0
Bank premises and fixed assets$1,786
Other real estate owned$2,263
Goodwill and other intangibles$0
All other assets$4,179
Life insurance assets$85,433
Total liabilities and capital$75,862
Total liabilities$74,881
Total deposits$52,382
Interest-bearing deposits$74,881
Deposits held in domestic offices$96
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $981
All other liabilities $9,571
Total equity capital$9,571
Total bank equity capital$9,571
Perpetual preferred stock$0
Common stock$270
Undivided profits $2,571
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $622
Income earned, not collected on loans $462
Earning assets $0
Long-term assets (5+ years) $354
Average Assets, year-to-date $76,602
Average Assets, quarterly $6,311
Volatile liabilities $86,785
Insider loans $86,602
FHLB advances $69,004
Loans and leases held for sale $87,159
Unused loan commitments $2,827
Tier 1 (core) risk-based capital $2,827
Tier 2 risk-based capital $9,373
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $9,208
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $4,331
Total interest expense $401
Net interest income $3,930
Provision for loan and lease losses $590
Total noninterest income $272
Fiduciary activities $0
Service charges on deposit accounts $114
Trading account gains & fees $0
Additional noninterest income $158
Total noninterest expense $2,509
Salaries and employee benefits $1,414
Premises and equipment expense $312
Additional noninterest expense $783
Pre-tax net operating income $1,103
Securities gains (losses) $0
Applicable income taxes $0
Income before extraordinary items $1,103
Extraordinary gains - net $0
Net income attributable to bank $1,103
Net charge-offs $0
Cash dividends $1,103
Sale, conversion, retirement of capital stock, net $610
Net operating income $650
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.57%
Cost of funding earning assets 0.52%
Net interest margin 5.06%
Noninterest income to earning assets 0.35%
Noninterest expense to earning assets 3.23%
Net operating income to assets 1.27%
Return on assets (ROA) 1.27%
Pretax return on assets 1.27%
Return on equity (ROE) 11.94%
Retained earnings to average equity (YTD only) 4.90%
Net charge-offs to loans 1.01%
Credit loss provision to net charge-offs 96.72%
Efficiency ratio2.78%
Assets per employee$59,710
Cash dividends to net income (YTD only)3.42%
Condition Ratios (%)
Loss allowance to loans 58.93%
Loss allowance to noncurrent loans 1.12%
Noncurrent assets plus other real estate owned to assets 146.97%
Noncurrent loans to loans 3.19%
Net loans and leases to deposits0.76%
Net loans and leases to core deposits 79.90%
Equity capital to assets 79.90%
Core capital (leverage) ratio 11.20%
Tier 1 risk-based capital ratio 10.75%
Total risk-based capital ratio 13.58%
Average assets$15
Average earning assets$86,785
Average equity $9,237
Average loans $77,730
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4 Minnesota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
010789Security State Bank Of Aitkin402 Minnesota Avenue North, Aitkin, MN 56431December 23, 1947Full Service Brick and Mortar
1238534Detached Facility27310 Central Street, Garrison, MN 56450September 01, 1978Full Service Brick and Mortar
255110Detached Facility6 Wisconsin Street, Grand Marais, MN 55604October 03, 1994Full Service Brick and Mortar
3461764Paulbecks County Market BranchRed Oak Drive, Aitkin, MN 56431March 01, 2007Full Service Retail
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