Wells Federal Bank, FSB in Wells, Minnesota (MN)

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Wells Federal Bank, FSB
GeneralFDIC Certificate #: 29141
Status: Active
Federal Reserve ID: 822976
Date Established: September 01, 1934
WWW: http://www.wellsfederal.com
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 10 (Domestic: 10, Interstate: No)
OTS Docket #: 2984
FDIC's unique #: 41975
Numeric code: 37
Regulator: OCC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
FDIC Insured: Yes
Insured Savings Institution: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: No
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: November 17, 1934
Last Structure Change Effective Date: July 21, 2011
Last Structure Change Process Date: July 21, 2011
Last Data Update: July 21, 2011
Data Source Date: April 05, 2012
LocationAddress: 53 First Streeet, S.W., Wells, MN 56097
County: Faribault
Quarterly Banking Profile Region: Kansas City
FDIC Geographic Region: Kansas City
FDIC Supervisory Region: Kansas City
FDIC Field Office: Mankato
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: West
History of ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $239.5 mil
Equity capital: $25.8 mil
Deposits held in domestic offices: $213.1 mil
Return on assets (ROA): 0.66% ($1.6 mil)
Quarterly return on assets: 0.68% ($1.6 mil)
Return on Equity (ROE): 6.24% ($1.6 mil)
Quarterly return on equity: 6.33% ($1.6 mil)
Net income: $1.6 mil
Quarterly Net income: $0.4 mil
Pretax return on assets: 1.02% ($2,442.6 mil)
Quarterly Pretax return on assets: 0.93% ($2,227.1 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)82
Total assets$239,475
Cash and due from depository institutions$16,234
Interest-bearing balances$10,104
Federal funds sold & reverse repurchase agreements$12,590
Net loans & leases$173,267
Loan loss allowance $1,674
Trading account assets$0
Bank premises and fixed assets$3,398
Other real estate owned$4,500
Goodwill and other intangibles$1,776
All other assets$4,717
Life insurance assets$239,475
Total liabilities and capital$213,716
Total liabilities$213,101
Total deposits$209,789
Interest-bearing deposits$213,101
Deposits held in domestic offices$96
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $615
All other liabilities $25,759
Total equity capital$25,759
Total bank equity capital$25,759
Perpetual preferred stock$0
Common stock$10
Undivided profits $15,760
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 $2,113
Earning assets $12
Long-term assets (5+ years) $1,043
Average Assets, year-to-date $218,954
Average Assets, quarterly $0
Volatile liabilities $240,890
Insider loans $240,415
FHLB advances $166,627
Loans and leases held for sale $238,860
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $23,999
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $47,577
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $11,054
Total interest expense $1,907
Net interest income $9,147
Provision for loan and lease losses $1,412
Total noninterest income $2,100
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $2,100
Total noninterest expense $8,207
Salaries and employee benefits $4,220
Premises and equipment expense $1,579
Additional noninterest expense $2,408
Pre-tax net operating income $1,628
Securities gains (losses) $833
Applicable income taxes $878
Income before extraordinary items $1,583
Extraordinary gains - net $0
Net income attributable to bank $1,583
Net charge-offs $0
Cash dividends $1,583
Sale, conversion, retirement of capital stock, net $1,594
Net operating income $865
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.01%
Cost of funding earning assets 0.86%
Net interest margin 4.15%
Noninterest income to earning assets 0.95%
Noninterest expense to earning assets 3.72%
Net operating income to assets 0.44%
Return on assets (ROA) 0.66%
Pretax return on assets 1.02%
Return on equity (ROE) 6.24%
Retained earnings to average equity (YTD only) 2.83%
Net charge-offs to loans 0.89%
Credit loss provision to net charge-offs 88.58%
Efficiency ratio1.91%
Assets per employee$72,971
Cash dividends to net income (YTD only)2.92%
Condition Ratios (%)
Loss allowance to loans 54.64%
Loss allowance to noncurrent loans 0.96%
Noncurrent assets plus other real estate owned to assets 79.22%
Noncurrent loans to loans 2.76%
Net loans and leases to deposits1.21%
Net loans and leases to core deposits 81.31%
Equity capital to assets 82.10%
Core capital (leverage) ratio 10.76%
Tier 1 risk-based capital ratio 10.53%
Total risk-based capital ratio 14.40%
Average assets$15
Average earning assets$240,890
Average equity $25,362
Average loans $220,671
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10 Minnesota Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
041975Wells Federal Bank, Fsb53 First Streeet, S.W., Wells, MN 56097September 01, 1934Full Service Brick and Mortar
1273169Blue Earth Branch303 South Main Street, Blue Earth, MN 56013September 01, 1934Full Service Brick and Mortar
2273170Madison East Shopping Center Branch1601 Adams St, Mankato, MN 56002September 01, 1934Full Service Brick and Mortar
3273171Fair Mall Shopping Center Branch1015 Hwy 15 S, Fairmont, MN 56031September 01, 1934Full Service Brick and Mortar
100273172North Mankato Branch1748 Commerce Drive, North Mankato, MN 56003September 01, 1934Full Service Brick and Mortar
101273173Skyline Shopping Center Branch2630 Bridge Ave, Albert Lea, MN 56007June 30, 1988Full Service Brick and Mortar
102273174St. Peter Branch1618 S Minnesota Ave, Saint Peter, MN 56082July 03, 1989Full Service Brick and Mortar
103273175108 West Park Square Branch496 North St, Owatonna, MN 55060Febuary 01, 1997Full Service Brick and Mortar
104495190Elmn Street Branch115 Elm St, Ste 1, Farmington, MN 55024August 19, 2003Full Service Brick and Mortar
105495191Albert Lea - Nelson's Branch1619 West Main, Albert Lea, MN 56007Febuary 23, 2004Full Service Brick and Mortar
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