Western State Bank Financial Reports
Quater Ended: 2023-12-31
Western State Bank is a Commercial bank, state charter, Fed non-member, and supervised by the Federal Deposit Insurance Corporation (FDIC) located in Devils Lake, ND. Established on 10/01/1902, the bank is regulated by the FDIC and has 10 domestic offices. It operates in the N/A.
The bank has 284 employees and holds $2,165,597k in total assets. With a focus on community banking, the bank has been serving its customers since 10/01/1902.
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Western State Bank Institution Profile
| Established Date | 10/01/1902 | Institution Class | Commercial bank, state charter, Fed non-member, and supervised by the Federal Deposit Insurance Corporation (FDIC) |
| Primary Regulator | FDIC | Number of Domestic Offices | 10 |
| Number of Foreign Offices | 0 | Number of US Offices | 0 |
| Number of Employees | 284 | Directly owned by another bank (CERT) | No |
| Community Bank | Yes | ZIP | 58301 |
| Ownership Type | Not Mutual | City | Devils Lake |
| State Alpha code | ND | State and County Number | 38071 |
| Subchapter S Corporations | No | Trust Powers | Trust Powers Not Known |
| Federal Reserve ID Number | 9 | Federal Reserve ID Number Description | MINNEAPOLIS |
| Office of The Comptroller District: | CENTRAL DISTRICT | Office of Thrift Supervision Region | West |
| Last Structure Change Effective Date | 08/31/2022 | Date of Deposit Insurance | 01/01/1934 |
| Primary Insurance Agency | DIF |
Institution Profile Overview
Delve into the foundational details of Western State Bank with our “Institution Profile” table. The 10/01/1902 marks the bank’s inception, providing historical context. Categorized as a Commercial bank, state charter, Fed non-member, and supervised by the Federal Deposit Insurance Corporation (FDIC), the bank operates under the oversight of FDIC, ensuring compliance and regulatory adherence.
10 domestic offices reflect the bank’s physical footprint, while insights into ownership type, trust powers, and regulatory affiliations contribute to understanding its operational structure. Details such as Devils Lake, ND, and 58301 provide geographic context. Explore these attributes to gain a holistic view of Western State Bank in the financial landscape.
Western State Bank Financials
(USD, in thousands)
| Total Assets | 2,165,597 | Total Liabilities | 1,928,865 |
| Total Equity Capital | 236,732 | Total Deposits | 1,880,044 |
| Net Loans and Leases | 1,912,824 | Total Interest Income | 37,184 |
| Total Noninterest Income | 1,761 | Total Interest Expense | 13,156 |
| Total Noninterest Expense | 12,500 | Tier 1 Risk-Based Capital Ratio | 12 |
| Net Loans and Leases to Core Deposits | 116 | Return on Assets | 2 |
| Return on Equity | 16 | Efficiency Ratio | 48 |
Financial Performance Overview
Gain a comprehensive perspective on Western State Bank’s financial landscape through our “Financials” table. The bank boasts total assets of $2,165,597k, showcasing its substantial scale and influential market presence. A nuanced breakdown reveals insights into the bank’s financial structure and stability, with total liabilities standing at $1,928,865k and total equity capital at $236,732k.
Delve into key operational metrics, including total deposits of $1,880,044k, net loans and leases at $1,913k, and a meticulous analysis of income and expense components. Explore vital ratios such as the Tier 1 Risk-Based Capital Ratio, standing at 11.7059, and Return on Assets at 1.72. These metrics provide valuable insights into the bank’s risk management strategies and overall profitability.
This detailed financial overview is designed to enhance your understanding of Western State Bank’s performance and competitive positioning within the financial industry.
Western State Bank Additional Financial Information
(USD, in thousands)
| Earnings Coverage of Net Loan Charge-Offs(x) | 18 | Net Loans and Leases to Core Deposits | 116 |
| Tier 1 Risk-Based Capital Ratio | 12 | Securities Gains (Losses) | 85 |
| Goodwill and Other Intangibles | N/A | Cost of Funding Earning Assets | 3 |
| Yield on Earning Assets | 7 | Total Interest Income | 37,184 |
| Applicable Income Taxes | 2,469 | Loss Allowance to Loans and Leases | 2 |
| Net Loans and Leases | 1,912,824 | Loss Allowance to Noncurrent Loans and Leases | 329 |
| Noncurrent Loans to Loans | 1 | Net Income Attributable to Bank and Noncontrolling Interests | 9,105 |
| Net Interest Income | 24,028 | Net Interest Margin | 5 |
| Net Operating Income to Assets | 2 | Noninterest Income to Average Assets | 0 |
| Total Noninterest Income | 1,761 | Noninterest Expense to Average Assets | 2 |
| Total Noninterest Expense | 12,500 | Net Charge-Offs to Loans and Leases | 0 |
| All Other Assets | 25,567 | Other Real Estate Owned | 0 |
| Other borrowed funds | 5,613 | Pre-tax Net Operating Income | 11,489 |
| Pretax Return on Assets | 2 | Return on Assets | 2 |
| Retained Earnings to Average Equity (YTD only) | 11 |
Insights into Financial Metrics
Enhance your understanding of Western State Bank’s financial standing through our “Additional Financial Information” table. Explore key metrics such as Net Loans and Leases: $1,912,824k and Net Interest Income $24,028k to gain valuable insights into the bank’s core operations and revenue streams. Assess the Tier 1 Risk-Based Capital Ratio: 11.7059 for in-depth insights into capital adequacy and risk management strategies.
Delve into the intricacies of Net Charge-Offs to Loans and Leases: 0.23 to evaluate the bank’s asset quality and risk mitigation efforts. Examine the composition of income through Total Noninterest Income:$1,761k and evaluate operational efficiency using metrics like Efficiency Ratio: 48.47. This nuanced financial overview empowers a comprehensive analysis of Western State Bank’s strategic financial position and performance in the industry.
