ProGrowth Bank in Nicollet, Minnesota (MN)
| ProGrowth Bank | |
|---|---|
| General | FDIC Certificate #: 8536 Status: Active Federal Reserve ID: 751254 Bank Holding Company (Regulatory Top Holder): Progressive Growth Corp. (RSSDID: 1126877, Location: Gaylord, MN) Date Established: January 01, 1903 WWW: http://www.progrowth.com Trust Powers Granted: No Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 4 (Domestic: 4, Interstate: No) OTS Docket #: 10870 FDIC's unique #: 5444 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes Agricultural lending institution: Yes Ownership Type: Non-Stock FFIEC Call Report 31 Filer: No State Chartered: Yes Subchapter S Corporations: No Asset Concentration Hierarchy: Agricultural 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: 703 3rd Street, Nicollet, MN 56074 County: Nicollet 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 Core Based Statistical Area (CBSA): Mankato-North Mankato, MN (#31860) CBSA Metro Statistical Area: Mankato-North Mankato, MN (#31860) |
| History of Changes | Corrections Merge BIF and SAIF Funds into DIF |
| Financial Summary | Total assets: $142.7 mil Equity capital: $9.9 mil Deposits held in domestic offices: $116.8 mil Return on assets (ROA): 0.38% ($0.5 mil) Quarterly return on assets: 0.58% ($0.8 mil) Return on Equity (ROE): 5.47% ($0.5 mil) Quarterly return on equity: 8.10% ($0.8 mil) Net income: $0.5 mil Quarterly Net income: $0.2 mil Pretax return on assets: 0.65% ($927.5 mil) Quarterly Pretax return on assets: 0.97% ($1,384.0 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 36 |
| Total assets | $142,685 |
| Cash and due from depository institutions | $20,547 |
| Interest-bearing balances | $6,356 |
| Securities | $36,303 |
| Federal funds sold & reverse repurchase agreements | $20 |
| Net loans & leases | $75,346 |
| Loan loss allowance | $1,928 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $935 |
| Other real estate owned | $4,742 |
| Goodwill and other intangibles | $0 |
| All other assets | $4,792 |
| Life insurance assets | $142,686 |
| Total liabilities and capital | $132,796 |
| Total liabilities | $116,841 |
| Total deposits | $83,354 |
| Interest-bearing deposits | $116,841 |
| Deposits held in domestic offices | $92 |
| % insured (estimated) | 0.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $15,450 |
| Other borrowed funds | $0 |
| Subordinated debt | $505 |
| All other liabilities | $9,890 |
| Total equity capital | $9,890 |
| Total bank equity capital | $9,890 |
| Perpetual preferred stock | $0 |
| Common stock | $140 |
| Surplus | $7,610 |
| Undivided profits | $2,140 |
| 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 | $3,844 |
| Earning assets | $240 |
| Long-term assets (5+ years) | $723 |
| Average Assets, year-to-date | $118,025 |
| Average Assets, quarterly | $37,827 |
| Volatile liabilities | $140,156 |
| Insider loans | $137,194 |
| FHLB advances | $93,249 |
| Loans and leases held for sale | $132,550 |
| Unused loan commitments | $0 |
| Tier 1 (core) risk-based capital | $0 |
| Tier 2 risk-based capital | $10,771 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $10,246 |
| Derivatives | $176 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $7,003 |
| Total interest expense | $1,604 |
| Net interest income | $5,399 |
| Provision for loan and lease losses | $445 |
| Total noninterest income | $266 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $302 |
| Trading account gains & fees | $0 |
| Additional noninterest income | -$36 |
| Total noninterest expense | $4,182 |
| Salaries and employee benefits | $2,103 |
| Premises and equipment expense | $341 |
| Additional noninterest expense | $1,738 |
| Pre-tax net operating income | $1,038 |
| Securities gains (losses) | -$131 |
| Applicable income taxes | $374 |
| Income before extraordinary items | $533 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $533 |
| Net charge-offs | $0 |
| Cash dividends | $533 |
| Sale, conversion, retirement of capital stock, net | $270 |
| Net operating income | $0 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 5.73% |
| Cost of funding earning assets | 1.31% |
| Net interest margin | 4.42% |
| Noninterest income to earning assets | 0.22% |
| Noninterest expense to earning assets | 3.42% |
| Net operating income to assets | 0.44% |
| Return on assets (ROA) | 0.38% |
| Pretax return on assets | 0.65% |
| Return on equity (ROE) | 5.47% |
| Retained earnings to average equity (YTD only) | 5.47% |
| Net charge-offs to loans | 0.35% |
| Credit loss provision to net charge-offs | 164.81% |
| Efficiency ratio | 5.49% |
| Assets per employee | $73,822 |
| Cash dividends to net income (YTD only) | 3.96% |
| Condition Ratios (%) | |
| Loss allowance to loans | 0.00% |
| Loss allowance to noncurrent loans | 2.50% |
| Noncurrent assets plus other real estate owned to assets | 50.16% |
| Noncurrent loans to loans | 6.02% |
| Net loans and leases to deposits | 4.97% |
| Net loans and leases to core deposits | 64.49% |
| Equity capital to assets | 65.57% |
| Core capital (leverage) ratio | 6.93% |
| Tier 1 risk-based capital ratio | 8.13% |
| Total risk-based capital ratio | 11.55% |
| Memoranda | |
| Average assets | $13 |
| Average earning assets | $140,156 |
| Average equity | $9,745 |
| Average loans | $122,192 |
| 4 Minnesota Branches as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 5444 | Progrowth Bank | 703 3rd Street, Nicollet, MN 56074 | January 01, 1903 | Full Service Brick and Mortar |  |
| 1 | 218682 | Progrowth Bank Branch | 1881 Madison Avenue, Mankato, MN 56001 | June 28, 1999 | Full Service Retail |  |
| 2 | 922 | Progrowth Bank Branch | 320 Main Street, Gaylord, MN 55334 | March 01, 1904 | Full Service Brick and Mortar | |
| 3 | 478365 | Progrowth Bank Branch | 45 Teton Lane, Mankato, MN 56001 | October 24, 2007 | Limited Service Loan Production | |
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