Security State Bank of Aitkin in Aitkin, Minnesota (MN)
Overview, Financial Summary, Detailed Financial Reports, Branches

Security State Bank of Aitkin - Overview

  • General
  • FDIC 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
  • Location
  • Address: 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 Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total 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
  • 25Total employees (full-time equivalent)
  • $85,433Total assets
  • $4,859Cash and due from depository institutions
  • $4,256Interest-bearing balances
  • $12,515Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $59,831Net loans & leases
  • $679Loan loss allowance
  • $0Trading account assets
  • $1,786Bank premises and fixed assets
  • $2,263Other real estate owned
  • $0Goodwill and other intangibles
  • $85,433Life insurance assets
  • $4,179All other assets
  • $75,862Total liabilities and capital
  • $74,881Total liabilities
  • $52,382Total deposits
  • $74,881Interest-bearing deposits
  • $96Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $981Subordinated debt
  • $9,571All other liabilities
  • $9,571Total equity capital
  • $9,571Total bank equity capital
  • $0Perpetual preferred stock
  • $270Common stock
  • $6,730Surplus
  • $2,571Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $622Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $462Income earned, not collected on loans
  • $0Earning assets
  • $354Long-term assets (5+ years)
  • $76,602Average Assets, year-to-date
  • $6,311Average Assets, quarterly
  • $86,785Volatile liabilities
  • $86,602Insider loans
  • $69,004FHLB advances
  • $87,159Loans and leases held for sale
  • $2,827Unused loan commitments
  • $2,827Tier 1 (core) risk-based capital
  • $9,373Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $9,208Restructured Loans and leases
  • $1,905Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $4,331Total interest income
  • $401Total interest expense
  • $3,930Net interest income
  • $590Provision for loan and lease losses
  • $272Total noninterest income
  • $0Fiduciary activities
  • $114Service charges on deposit accounts
  • $0Trading account gains & fees
  • $158Additional noninterest income
  • $2,509Total noninterest expense
  • $1,414Salaries and employee benefits
  • $312Premises and equipment expense
  • $783Additional noninterest expense
  • $1,103Pre-tax net operating income
  • $0Securities gains (losses)
  • $0Applicable income taxes
  • $1,103Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,103Net income attributable to bank
  • $0Net charge-offs
  • $1,103Cash dividends
  • $610Sale, conversion, retirement of capital stock, net
  • $650Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.57%Yield on earning assets
  • 0.52%Cost of funding earning assets
  • 5.06%Net interest margin
  • 0.35%Noninterest income to earning assets
  • 3.23%Noninterest expense to earning assets
  • 1.27%Net operating income to assets
  • 1.27%Return on assets (ROA)
  • 1.27%Pretax return on assets
  • 11.94%Return on equity (ROE)
  • 4.90%Retained earnings to average equity (YTD only)
  • 1.01%Net charge-offs to loans
  • 96.72%Credit loss provision to net charge-offs
  • 2.78%Efficiency ratio
  • 59,710Assets per employee
  • 3.42%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 58.93%Loss allowance to loans
  • 1.12%Loss allowance to noncurrent loans
  • 146.97%Noncurrent assets plus other real estate owned to assets
  • 3.19%Noncurrent loans to loans
  • 0.76%Net loans and leases to deposits
  • 79.90%Net loans and leases to core deposits
  • 79.90%Equity capital to assets
  • 11.20%Core capital (leverage) ratio
  • 10.75%Tier 1 risk-based capital ratio
  • 13.58%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $86,785Average earning assets
  • $9,237Average equity
  • $77,730Average loans

List of branches

  • 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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