Vergas State Bank in Vergas, Minnesota (MN)
Overview, Financial Summary, Detailed Financial Reports, Branches

Vergas State Bank - Overview

  • General
  • FDIC 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
  • Location
  • Address: 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 Changes
  • Change in Location
    Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total 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
  • 11Total employees (full-time equivalent)
  • $46,287Total assets
  • $2,190Cash and due from depository institutions
  • $688Interest-bearing balances
  • $16,845Securities
  • $7,898Federal funds sold & reverse repurchase agreements
  • $18,726Net loans & leases
  • $408Loan loss allowance
  • $0Trading account assets
  • $144Bank premises and fixed assets
  • $0Other real estate owned
  • $0Goodwill and other intangibles
  • $46,287Life insurance assets
  • $484All other assets
  • $40,071Total liabilities and capital
  • $39,856Total liabilities
  • $34,291Total deposits
  • $39,856Interest-bearing deposits
  • $99Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $215Subordinated debt
  • $6,216All other liabilities
  • $6,216Total equity capital
  • $6,216Total bank equity capital
  • $0Perpetual preferred stock
  • $50Common stock
  • $2,575Surplus
  • $3,591Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $131Income earned, not collected on loans
  • $0Earning assets
  • $297Long-term assets (5+ years)
  • $44,157Average Assets, year-to-date
  • $13,797Average Assets, quarterly
  • $44,940Volatile liabilities
  • $46,627Insider loans
  • $22,735FHLB advances
  • $46,537Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $6,119Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $0Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $1,692Total interest income
  • $454Total interest expense
  • $1,238Net interest income
  • $40Provision for loan and lease losses
  • $172Total noninterest income
  • $0Fiduciary activities
  • $157Service charges on deposit accounts
  • $0Trading account gains & fees
  • $15Additional noninterest income
  • $944Total noninterest expense
  • $607Salaries and employee benefits
  • $77Premises and equipment expense
  • $260Additional noninterest expense
  • $426Pre-tax net operating income
  • $3Securities gains (losses)
  • $148Applicable income taxes
  • $281Income before extraordinary items
  • $0Extraordinary gains - net
  • $281Net income attributable to bank
  • $0Net charge-offs
  • $281Cash dividends
  • $17Sale, conversion, retirement of capital stock, net
  • $50Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 3.96%Yield on earning assets
  • 1.06%Cost of funding earning assets
  • 2.90%Net interest margin
  • 0.40%Noninterest income to earning assets
  • 2.21%Noninterest expense to earning assets
  • 0.62%Net operating income to assets
  • 0.63%Return on assets (ROA)
  • 0.95%Pretax return on assets
  • 4.64%Return on equity (ROE)
  • 3.81%Retained earnings to average equity (YTD only)
  • 0.09%Net charge-offs to loans
  • 235.29%Credit loss provision to net charge-offs
  • 27.41%Efficiency ratio
  • 66,950Assets per employee
  • 4.21%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 17.79%Loss allowance to loans
  • 2.13%Loss allowance to noncurrent loans
  • 311.45%Noncurrent assets plus other real estate owned to assets
  • 0.28%Noncurrent loans to loans
  • 0.68%Net loans and leases to deposits
  • 46.98%Net loans and leases to core deposits
  • 48.23%Equity capital to assets
  • 13.43%Core capital (leverage) ratio
  • 13.15%Tier 1 risk-based capital ratio
  • 26.91%Total risk-based capital ratio
  • Memoranda
  • $28Average assets
  • $44,940Average earning assets
  • $6,061Average equity
  • $42,745Average loans

List of branches

  • 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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