Success Bank in Bloomfield, Iowa (IA)

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Success Bank
GeneralFDIC Certificate #: 10127
Status: Active
Federal Reserve ID: 179148
Bank Holding Company (Regulatory Top Holder): Garrett Bancshares, Ltd. (RSSDID: 1205044, Location: Bloomfield, IA)
Date Established: January 01, 1900
Trust Powers Granted: Yes
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 3 (Domestic: 3, Interstate: No)
FDIC's unique #: 6480
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: January 02, 2008
Last Structure Change Process Date: Febuary 07, 2008
Last Data Update: Febuary 07, 2008
Data Source Date: April 05, 2012
LocationAddress: 109 North Madison Street, Bloomfield, IA 52537
County: Davis
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Des Moines
Office of the Comptroller the Currency (OCC) District: Midwest
Office of Thrift Supervision Region: Western
History of ChangesName Change
Financial SummaryTotal assets: $114.7 mil
Equity capital: $13.5 mil
Deposits held in domestic offices: $100.2 mil
Return on assets (ROA): 1.70% ($2.0 mil)
Quarterly return on assets: 1.60% ($1.8 mil)
Return on Equity (ROE): 14.78% ($1.9 mil)
Quarterly return on equity: 13.46% ($1.7 mil)
Net income: $1.9 mil
Quarterly Net income: $0.4 mil
Pretax return on assets: 1.76% ($2,018.1 mil)
Quarterly Pretax return on assets: 1.68% ($1,926.4 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)32
Total assets$114,665
Cash and due from depository institutions$11,648
Interest-bearing balances$7,894
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$87,239
Loan loss allowance $1,375
Trading account assets$0
Bank premises and fixed assets$3,979
Other real estate owned$249
Goodwill and other intangibles$0
All other assets$4,140
Life insurance assets$114,665
Total liabilities and capital$101,194
Total liabilities$100,160
Total deposits$79,739
Interest-bearing deposits$100,160
Deposits held in domestic offices$90
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $1,034
All other liabilities $13,471
Total equity capital$13,471
Total bank equity capital$13,471
Perpetual preferred stock$0
Common stock$760
Undivided profits $10,471
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 $371
Earning assets $0
Long-term assets (5+ years) $1,545
Average Assets, year-to-date $102,543
Average Assets, quarterly $28,417
Volatile liabilities $112,181
Insider loans $112,062
FHLB advances $94,680
Loans and leases held for sale $113,734
Unused loan commitments $2,018
Tier 1 (core) risk-based capital $2,018
Tier 2 risk-based capital $13,116
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $10,021
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $6,067
Total interest expense $1,231
Net interest income $4,836
Provision for loan and lease losses $231
Total noninterest income $1,042
Fiduciary activities $4
Service charges on deposit accounts $279
Trading account gains & fees $0
Additional noninterest income $759
Total noninterest expense $3,671
Salaries and employee benefits $2,119
Premises and equipment expense $672
Additional noninterest expense $880
Pre-tax net operating income $1,976
Securities gains (losses) $0
Applicable income taxes $69
Income before extraordinary items $1,907
Extraordinary gains - net $0
Net income attributable to bank $1,907
Net charge-offs $0
Cash dividends $1,907
Sale, conversion, retirement of capital stock, net $138
Net operating income $1,372
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.98%
Cost of funding earning assets 1.21%
Net interest margin 4.77%
Noninterest income to earning assets 1.03%
Noninterest expense to earning assets 3.62%
Net operating income to assets 1.70%
Return on assets (ROA) 1.70%
Pretax return on assets 1.76%
Return on equity (ROE) 14.78%
Retained earnings to average equity (YTD only) 4.15%
Net charge-offs to loans 0.16%
Credit loss provision to net charge-offs 167.39%
Efficiency ratio15.99%
Assets per employee$62,453
Cash dividends to net income (YTD only)3.58%
Condition Ratios (%)
Loss allowance to loans 71.95%
Loss allowance to noncurrent loans 1.55%
Noncurrent assets plus other real estate owned to assets 370.62%
Noncurrent loans to loans 0.54%
Net loans and leases to deposits0.42%
Net loans and leases to core deposits 87.10%
Equity capital to assets 95.53%
Core capital (leverage) ratio 11.75%
Tier 1 risk-based capital ratio 11.53%
Total risk-based capital ratio 13.85%
Average assets$15
Average earning assets$112,181
Average equity $12,902
Average loans $101,421
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Total Fiduciary and Related Assets (December 31, 2011)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$4,352
Number of Accounts1
Personal trust and agency accounts$4,352
Employee benefit-defined contribution accounts$4,352
Employee benefit-defined benefit accounts$0
Other retirement accounts$0
Corporate trust and agency accounts$0
Investment management agency accounts$0
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$0
Non-managed Assets$0
Number of Accounts10
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$0
Employee benefit-defined benefit accounts$0
Other retirement accounts$0
Corporate trust and agency accounts$0
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$0
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3 Iowa Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
06480Success Bank109 North Madison Street, Bloomfield, IA 52537January 01, 1900Full Service Brick and Mortar
1221898Moulton Branch112 North Main Street, Moulton, IA 52572August 05, 1935Limited Service Facility
2448807Davis County Savings Bank408 North Main Street, Milton, IA 52570Febuary 06, 2006Limited Service Facility
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