Grand Rapids State Bank in Grand Rapids, Minnesota (MN)
| Grand Rapids State Bank | |
|---|---|
| General | FDIC Certificate #: 10962 Status: Active Federal Reserve ID: 1003558 Bank Holding Company (Regulatory Top Holder): Wilcox Bancshares, Inc. (RSSDID: 1125245, Location: Grand Rapids, MN) Date Established: June 15, 1914 WWW: http://www.grsb.com Trust Powers Granted: No Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB) Offices: 2 (Domestic: 2, Interstate: No) FDIC's unique #: 7018 Numeric code: 13 Regulator: FED 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: 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: 523 Nw 1st Avenue, Grand Rapids, MN 55744 County: Itasca Quarterly Banking Profile Region: Kansas City FDIC Geographic Region: Kansas City FDIC Supervisory Region: Kansas City FDIC Field Office: Grand Forks Office of the Comptroller the Currency (OCC) District: Central Office of Thrift Supervision Region: West |
| History of Changes | Change in Location Merge BIF and SAIF Funds into DIF |
| Financial Summary | Total assets: $238.7 mil Equity capital: $28.0 mil Deposits held in domestic offices: $195.2 mil Return on assets (ROA): 1.21% ($2.9 mil) Quarterly return on assets: 1.23% ($2.9 mil) Return on Equity (ROE): 10.31% ($2.9 mil) Quarterly return on equity: 10.26% ($2.9 mil) Net income: $2.8 mil Quarterly Net income: $0.7 mil Pretax return on assets: 1.21% ($2,888.7 mil) Quarterly Pretax return on assets: 1.23% ($2,936.4 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 50 |
| Total assets | $238,734 |
| Cash and due from depository institutions | $22,231 |
| Interest-bearing balances | $18,012 |
| Securities | $80,307 |
| Federal funds sold & reverse repurchase agreements | $2,075 |
| Net loans & leases | $119,475 |
| Loan loss allowance | $2,417 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $1,976 |
| Other real estate owned | $2,281 |
| Goodwill and other intangibles | $0 |
| All other assets | $10,389 |
| Life insurance assets | $238,734 |
| Total liabilities and capital | $210,713 |
| Total liabilities | $195,192 |
| Total deposits | $171,354 |
| Interest-bearing deposits | $195,192 |
| Deposits held in domestic offices | $85 |
| % insured (estimated) | 10042.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $3,500 |
| Other borrowed funds | $0 |
| Subordinated debt | $1,979 |
| All other liabilities | $28,021 |
| Total equity capital | $28,021 |
| Total bank equity capital | $28,021 |
| Perpetual preferred stock | $0 |
| Common stock | $1,000 |
| Surplus | $16,500 |
| Undivided profits | $10,521 |
| Memoranda | |
| 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 | $96 |
| Earning assets | $0 |
| Long-term assets (5+ years) | $1,294 |
| Average Assets, year-to-date | $219,869 |
| Average Assets, quarterly | $73,484 |
| Volatile liabilities | $229,534 |
| Insider loans | $233,365 |
| FHLB advances | $174,173 |
| Loans and leases held for sale | $229,498 |
| Unused loan commitments | $7,215 |
| Tier 1 (core) risk-based capital | $7,215 |
| Tier 2 risk-based capital | $25,237 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $13,288 |
| Derivatives | $350 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $11,028 |
| Total interest expense | $2,036 |
| Net interest income | $8,992 |
| Provision for loan and lease losses | $320 |
| Total noninterest income | $1,139 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $315 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $824 |
| Total noninterest expense | $7,036 |
| Salaries and employee benefits | $3,648 |
| Premises and equipment expense | $641 |
| Additional noninterest expense | $2,747 |
| Pre-tax net operating income | $2,775 |
| Securities gains (losses) | $0 |
| Applicable income taxes | $5 |
| Income before extraordinary items | $2,770 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $2,770 |
| Net charge-offs | $0 |
| Cash dividends | $2,770 |
| Sale, conversion, retirement of capital stock, net | $256 |
| Net operating income | $2,300 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 5.21% |
| Cost of funding earning assets | 0.96% |
| Net interest margin | 4.25% |
| Noninterest income to earning assets | 0.54% |
| Noninterest expense to earning assets | 3.32% |
| Net operating income to assets | 1.21% |
| Return on assets (ROA) | 1.21% |
| Pretax return on assets | 1.21% |
| Return on equity (ROE) | 10.31% |
| Retained earnings to average equity (YTD only) | 1.75% |
| Net charge-offs to loans | 0.20% |
| Credit loss provision to net charge-offs | 125.00% |
| Efficiency ratio | 12.09% |
| Assets per employee | $69,450 |
| Cash dividends to net income (YTD only) | 4.77% |
| Condition Ratios (%) | |
| Loss allowance to loans | 83.03% |
| Loss allowance to noncurrent loans | 1.98% |
| Noncurrent assets plus other real estate owned to assets | 2517.71% |
| Noncurrent loans to loans | 1.00% |
| Net loans and leases to deposits | 0.08% |
| Net loans and leases to core deposits | 61.21% |
| Equity capital to assets | 67.02% |
| Core capital (leverage) ratio | 11.74% |
| Tier 1 risk-based capital ratio | 11.00% |
| Total risk-based capital ratio | 14.49% |
| Memoranda | |
| Average assets | $16 |
| Average earning assets | $229,534 |
| Average equity | $26,854 |
| Average loans | $211,776 |
| 2 Minnesota Branches as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 7018 | Grand Rapids State Bank | 523 Nw 1st Avenue, Grand Rapids, MN 55744 | June 15, 1914 | Full Service Brick and Mortar |  |
| 1 | 223522 | Pokegama Branch | 169 South And Golf Course Road, Grand Rapids, MN 55744 | May 08, 1989 | Full Service Brick and Mortar |  |
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