Vermillion State Bank in Vermillion, Minnesota (MN)

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Vermillion State Bank
GeneralFDIC Certificate #: 10214
Status: Active
Federal Reserve ID: 208057
Bank Holding Company (Regulatory Top Holder): Vermillion Bancshares, Inc. (RSSDID: 1128581, Location: Vermillion, MN)
Date Established: August 10, 1918
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 5 (Domestic: 5, Interstate: No)
OTS Docket #: 15483
FDIC's unique #: 6552
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 01, 1934
Last Structure Change Effective Date: April 19, 2011
Last Structure Change Process Date: April 20, 2011
Last Data Update: April 20, 2011
Data Source Date: April 05, 2012
LocationAddress: 107 E Main St., Vermillion, MN 55085
County: Dakota
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
Metropolitan Statistical Area (MSA): Minneapolis-St. Paul, MN-WI (#5120)
Combined Statistical Area (CSA): Minneapolis-St. Paul-St. Cloud, MN-WI (#378)
Core Based Statistical Area (CBSA): Minneapolis-St. Paul-Bloomington, MN-WI (#33460)
CBSA Metro Statistical Area: Minneapolis-St. Paul-Bloomington, MN-WI (#33460)
Financial SummaryTotal assets: $489.0 mil
Equity capital: $60.2 mil
Deposits held in domestic offices: $421.7 mil
Return on assets (ROA): 1.92% ($9.4 mil)
Quarterly return on assets: 1.59% ($7.8 mil)
Return on Equity (ROE): 16.00% ($9.6 mil)
Quarterly return on equity: 13.01% ($7.8 mil)
Net income: $9.3 mil
Quarterly Net income: $1.9 mil
Pretax return on assets: 1.92% ($9,387.9 mil)
Quarterly Pretax return on assets: 1.59% ($7,774.4 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)45
Total assets$488,953
Cash and due from depository institutions$5,843
Interest-bearing balances$175
Federal funds sold & reverse repurchase agreements$3,315
Net loans & leases$285,733
Loan loss allowance $7,620
Trading account assets$0
Bank premises and fixed assets$1,701
Other real estate owned$1,011
Goodwill and other intangibles$0
All other assets$5,674
Life insurance assets$488,953
Total liabilities and capital$428,719
Total liabilities$421,701
Total deposits$371,999
Interest-bearing deposits$421,701
Deposits held in domestic offices$96
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$6,000
Other borrowed funds $0
Subordinated debt $1,018
All other liabilities $60,234
Total equity capital$60,234
Total bank equity capital$60,234
Perpetual preferred stock$0
Common stock$50
Undivided profits $38,234
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $1,347
Income earned, not collected on loans $2,766
Earning assets $30
Long-term assets (5+ years) $2,299
Average Assets, year-to-date $474,899
Average Assets, quarterly $103,601
Volatile liabilities $486,396
Insider loans $491,208
FHLB advances $324,685
Loans and leases held for sale $495,584
Unused loan commitments $952
Tier 1 (core) risk-based capital $952
Tier 2 risk-based capital $58,287
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $23,793
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $21,936
Total interest expense $5,094
Net interest income $16,842
Provision for loan and lease losses $3,800
Total noninterest income $2,022
Fiduciary activities $0
Service charges on deposit accounts $628
Trading account gains & fees $0
Additional noninterest income $1,394
Total noninterest expense $5,798
Salaries and employee benefits $3,330
Premises and equipment expense $490
Additional noninterest expense $1,978
Pre-tax net operating income $9,266
Securities gains (losses) $76
Applicable income taxes $0
Income before extraordinary items $9,342
Extraordinary gains - net $0
Net income attributable to bank $9,342
Net charge-offs $0
Cash dividends $9,342
Sale, conversion, retirement of capital stock, net $1,420
Net operating income $7,032
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.64%
Cost of funding earning assets 1.08%
Net interest margin 3.56%
Noninterest income to earning assets 0.43%
Noninterest expense to earning assets 1.23%
Net operating income to assets 1.91%
Return on assets (ROA) 1.92%
Pretax return on assets 1.92%
Return on equity (ROE) 16.00%
Retained earnings to average equity (YTD only) 3.96%
Net charge-offs to loans 0.49%
Credit loss provision to net charge-offs 267.61%
Efficiency ratio9.20%
Assets per employee$30,736
Cash dividends to net income (YTD only)10.87%
Condition Ratios (%)
Loss allowance to loans 75.27%
Loss allowance to noncurrent loans 2.60%
Noncurrent assets plus other real estate owned to assets 275.49%
Noncurrent loans to loans 0.77%
Net loans and leases to deposits0.94%
Net loans and leases to core deposits 67.76%
Equity capital to assets 80.67%
Core capital (leverage) ratio 12.32%
Tier 1 risk-based capital ratio 11.76%
Total risk-based capital ratio 17.95%
Average assets$19
Average earning assets$486,396
Average equity $58,381
Average loans $472,704
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5 Minnesota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
06552Vermillion State Bank107 E Main St., Vermillion, MN 55085August 10, 1918Full Service Brick and Mortar
1222016Hastings Branch975 Lyn Way, Hastings, MN 55033November 24, 1981Full Service Brick and Mortar
2222017Hastings Branch255 West 33rd Street, Hastings, MN 55033September 03, 1991Full Service Brick and Mortar
3222018Rosemount Branch15040 Canada Avenue West, Rosemount, MN 55068November 01, 1994Full Service Brick and Mortar
4222019Inver Grove Heights Branch2975 80th Street East, Inver Grove Heights, MN 55075January 01, 1996Full Service Brick and Mortar
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