Vergas State Bank in Vergas, Minnesota (MN)

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Vergas State Bank routing number info

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Vergas State Bank
GeneralFDIC Certificate #: 9747
Status: Active
Federal Reserve ID: 804150
Bank Holding Company (Regulatory Top Holder): Vergas Bancorporation, Inc. (RSSDID: 2206842, Location: Vergas, MN)
Date Established: September 01, 1909
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 1 (Domestic: 1, Interstate: No)
FDIC's unique #: 6235
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: No
Asset Concentration Hierarchy: All Other Specialization < 1 Billion
Date of Deposit Insurance: January 01, 1934
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: 106 East Main Street, Vergas, MN 56587
County: Otter Tail
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Fargo
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: West
Core Based Statistical Area (CBSA): Fergus Falls, MN (#22260)
CBSA Micro Statistical Area: Yes
History of ChangesChange in Location
Merge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $46.3 mil
Equity capital: $6.2 mil
Deposits held in domestic offices: $39.9 mil
Return on assets (ROA): 0.63% ($0.3 mil)
Quarterly return on assets: 0.23% ($0.1 mil)
Return on Equity (ROE): 4.64% ($0.3 mil)
Quarterly return on equity: 1.74% ($0.1 mil)
Net income: $0.3 mil
Quarterly Net income: $0.0 mil
Pretax return on assets: 0.95% ($439.7 mil)
Quarterly Pretax return on assets: 0.43% ($199.0 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)11
Total assets$46,287
Cash and due from depository institutions$2,190
Interest-bearing balances$688
Federal funds sold & reverse repurchase agreements$7,898
Net loans & leases$18,726
Loan loss allowance $408
Trading account assets$0
Bank premises and fixed assets$144
Other real estate owned$0
Goodwill and other intangibles$0
All other assets$484
Life insurance assets$46,287
Total liabilities and capital$40,071
Total liabilities$39,856
Total deposits$34,291
Interest-bearing deposits$39,856
Deposits held in domestic offices$99
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $215
All other liabilities $6,216
Total equity capital$6,216
Total bank equity capital$6,216
Perpetual preferred stock$0
Common stock$50
Undivided profits $3,591
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 $131
Earning assets $0
Long-term assets (5+ years) $297
Average Assets, year-to-date $44,157
Average Assets, quarterly $13,797
Volatile liabilities $44,940
Insider loans $46,627
FHLB advances $22,735
Loans and leases held for sale $46,537
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $6,119
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $0
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $1,692
Total interest expense $454
Net interest income $1,238
Provision for loan and lease losses $40
Total noninterest income $172
Fiduciary activities $0
Service charges on deposit accounts $157
Trading account gains & fees $0
Additional noninterest income $15
Total noninterest expense $944
Salaries and employee benefits $607
Premises and equipment expense $77
Additional noninterest expense $260
Pre-tax net operating income $426
Securities gains (losses) $3
Applicable income taxes $148
Income before extraordinary items $281
Extraordinary gains - net $0
Net income attributable to bank $281
Net charge-offs $0
Cash dividends $281
Sale, conversion, retirement of capital stock, net $17
Net operating income $50
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets3.96%
Cost of funding earning assets 1.06%
Net interest margin 2.90%
Noninterest income to earning assets 0.40%
Noninterest expense to earning assets 2.21%
Net operating income to assets 0.62%
Return on assets (ROA) 0.63%
Pretax return on assets 0.95%
Return on equity (ROE) 4.64%
Retained earnings to average equity (YTD only) 3.81%
Net charge-offs to loans 0.09%
Credit loss provision to net charge-offs 235.29%
Efficiency ratio27.41%
Assets per employee$66,950
Cash dividends to net income (YTD only)4.21%
Condition Ratios (%)
Loss allowance to loans 17.79%
Loss allowance to noncurrent loans 2.13%
Noncurrent assets plus other real estate owned to assets 311.45%
Noncurrent loans to loans 0.28%
Net loans and leases to deposits0.68%
Net loans and leases to core deposits 46.98%
Equity capital to assets 48.23%
Core capital (leverage) ratio 13.43%
Tier 1 risk-based capital ratio 13.15%
Total risk-based capital ratio 26.91%
Average assets$28
Average earning assets$44,940
Average equity $6,061
Average loans $42,745
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1 Minnesota Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
06235Vergas State Bank106 East Main Street, Vergas, MN 56587September 01, 1909Full Service Brick and Mortar
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