State Bank of Fairmont in Fairmont, Minnesota (MN)
| State Bank of Fairmont | |
|---|---|
| General | FDIC Certificate #: 8541 Status: Active Federal Reserve ID: 723158 Bank Holding Company (Regulatory Top Holder): Web, Inc. (RSSDID: 1126112, Location: Fairmont, MN) Date Established: June 01, 1917 WWW: http://www.sbof.com Trust Powers Granted: No Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 1 (Domestic: 1, Interstate: No) OTS Docket #: 15645 FDIC's unique #: 5449 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: Yes 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: 918 East Blue Earth Avenue, Fairmont, MN 56031 County: Martin 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): Fairmont, MN (#21860) CBSA Micro Statistical Area: Yes |
| History of Changes | Merge BIF and SAIF Funds into DIF |
| Financial Summary | Total assets: $92.9 mil Equity capital: $10.6 mil Deposits held in domestic offices: $78.8 mil Return on assets (ROA): 1.50% ($1.4 mil) Quarterly return on assets: 0.29% ($0.3 mil) Return on Equity (ROE): 13.59% ($1.5 mil) Quarterly return on equity: 2.61% ($0.3 mil) Net income: $1.4 mil Quarterly Net income: $0.1 mil Pretax return on assets: 1.50% ($1,393.6 mil) Quarterly Pretax return on assets: 0.29% ($269.4 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 16 |
| Total assets | $92,905 |
| Cash and due from depository institutions | $3,437 |
| Interest-bearing balances | $3,424 |
| Securities | $23,240 |
| Federal funds sold & reverse repurchase agreements | $1,666 |
| Net loans & leases | $61,882 |
| Loan loss allowance | $1,239 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $734 |
| Other real estate owned | $701 |
| Goodwill and other intangibles | $0 |
| All other assets | $1,245 |
| Life insurance assets | $92,905 |
| Total liabilities and capital | $82,354 |
| Total liabilities | $78,817 |
| Total deposits | $70,266 |
| Interest-bearing deposits | $78,817 |
| Deposits held in domestic offices | $98 |
| % insured (estimated) | 2400.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $1,000 |
| Other borrowed funds | $0 |
| Subordinated debt | $137 |
| All other liabilities | $10,551 |
| Total equity capital | $10,551 |
| Total bank equity capital | $10,551 |
| Perpetual preferred stock | $0 |
| Common stock | $150 |
| Surplus | $4,850 |
| Undivided profits | $5,551 |
| 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 | $1,378 |
| Earning assets | $0 |
| Long-term assets (5+ years) | $760 |
| Average Assets, year-to-date | $90,212 |
| Average Assets, quarterly | $20,382 |
| Volatile liabilities | $93,522 |
| Insider loans | $93,987 |
| FHLB advances | $70,684 |
| Loans and leases held for sale | $95,074 |
| Unused loan commitments | $0 |
| Tier 1 (core) risk-based capital | $0 |
| Tier 2 risk-based capital | $10,075 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $11,823 |
| Derivatives | $142 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $4,833 |
| Total interest expense | $1,067 |
| Net interest income | $3,766 |
| Provision for loan and lease losses | $170 |
| Total noninterest income | $168 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $194 |
| Trading account gains & fees | $0 |
| Additional noninterest income | -$26 |
| Total noninterest expense | $2,373 |
| Salaries and employee benefits | $1,569 |
| Premises and equipment expense | $250 |
| Additional noninterest expense | $554 |
| Pre-tax net operating income | $1,391 |
| Securities gains (losses) | $10 |
| Applicable income taxes | $1 |
| Income before extraordinary items | $1,400 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $1,400 |
| Net charge-offs | $0 |
| Cash dividends | $1,400 |
| Sale, conversion, retirement of capital stock, net | $183 |
| Net operating income | $903 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 5.36% |
| Cost of funding earning assets | 1.18% |
| Net interest margin | 4.18% |
| Noninterest income to earning assets | 0.19% |
| Noninterest expense to earning assets | 2.63% |
| Net operating income to assets | 1.49% |
| Return on assets (ROA) | 1.50% |
| Pretax return on assets | 1.50% |
| Return on equity (ROE) | 13.59% |
| Retained earnings to average equity (YTD only) | 4.83% |
| Net charge-offs to loans | 0.28% |
| Credit loss provision to net charge-offs | 92.90% |
| Efficiency ratio | 8.53% |
| Assets per employee | $60,320 |
| Cash dividends to net income (YTD only) | 5.81% |
| Condition Ratios (%) | |
| Loss allowance to loans | 64.50% |
| Loss allowance to noncurrent loans | 1.96% |
| Noncurrent assets plus other real estate owned to assets | 89.91% |
| Noncurrent loans to loans | 2.24% |
| Net loans and leases to deposits | 2.18% |
| Net loans and leases to core deposits | 78.51% |
| Equity capital to assets | 80.12% |
| Core capital (leverage) ratio | 11.36% |
| Tier 1 risk-based capital ratio | 10.60% |
| Total risk-based capital ratio | 14.25% |
| Memoranda | |
| Average assets | $16 |
| Average earning assets | $93,522 |
| Average equity | $10,300 |
| Average loans | $90,112 |
| 1 Minnesota Branch as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 5449 | State Bank Of Fairmont | 918 East Blue Earth Avenue, Fairmont, MN 56031 | June 01, 1917 | Full Service Brick and Mortar |  |
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