Bank Midwest is headquartered in Spirit Lake and is the 18st largest bank in the state of Iowa. It is also the 978th largest bank in the nation. It was established in 1887 and as of March of 2014, it had grown to 181 employees at 10 locations. Bank Midwest has a B+ health rating.
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Data for Q1 2014
Institution Health
Texas Ratio
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Bank Midwest had $4.08 million in non-current loans and owned real-estate with $82.1 million in equity and loan loss allowances on hand to cover it. This gives Bank Midwest a Texas Ratio of 4.97% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Bank Midwest experienced no significant changes from 4.56% as of March 31, 2013 to 4.97% as of March 31, 2014, resulting in a negative change of 9.17%. This indicates that the balance sheet and financial strength for Bank Midwest has had no significant changes in recent periods.
Deposit Growth
In the past year, Bank Midwest has decreased its total deposits by -$7.56 million, resulting in -1.27% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Bank Midwest has shown is average.
Capitalization
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Bank Midwest has $695.15 million in assets with $82.1 million in equity, resulting in a capitalization level of 11.81%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| FDIC Certificate # | 5170 |
| Year Established | 1887 |
| Employees | 181 |
| Primary Regulator | FED |
| Assets and Liabilities | |
|---|---|
| Assets | $695.15 million |
| Loans | $505.85 million |
| Deposits | $588.18 million |
| Equity Capital | $74.87 million |
| Loan Loss Allowance | $7.23 million |
| Unbacked Noncurrent Loans | $1.10 million |
| Real Estate Owned | $2.98 million |
| Historic Data - March 2013 | |
|---|---|
| Assets | $704.23 million |
| Equity Capital | $72.93 million |
| Loan Loss Allowance | $6.47 million |
| Unbacked Noncurrent Loans | $1.10 million |
| Real Estate Owned | $62,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 4.21% |
| Return on Assets | 1.39% |
| Return on Equity | 13.17% |
| Interest Income | $7.06 million |
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Bank Midwest Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | $25k | - | Variable Rate IRA Savings | |
| 0.25% | $25k | - | Variable Rate Roth IRA Savings | |
| 0.10% | - | - | Onederful Savings - Qualifying | |
| 0.05% | $100 | - | Statement Savings | |
| 0.05% | - | - | Health Savings Account | |
| 0.05% | - | - | Onederful Savings - Non Qualifying |
Bank Midwest Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | $250k | - | Business Performance Money Market |
Bank Midwest Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.11% | - | $10k | Great Rewards Checking - Qualifying | |
| 0.05% | - | - | Great Rewards Checking - Non Qualifying | |
| 0.03% | $100 | - | Small Business Checking |
Bank Midwest CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.60% | $250k | - | 60 Month CD | |
| 1.35% | $250k | - | 48 Month CD | |
| 1.10% | $250k | - | 36 Month CD | |
| 0.70% | $250k | - | 30 Month CD | |
| 0.50% | $250k | - | 24 Month CD | |
| 0.40% | $250k | - | 18 Month CD | |
| 0.30% | $250k | - | 12 Month CD | |
| 0.25% | $250k | - | 182 Day CD | |
| 0.20% | $250k | - | 91 Day CD |
| Bank Midwest Locations | ||
|---|---|---|
| Wall Lake Branch | 102 West Second Street | Wall Lake, IA 51466 |
| Okoboji Branch | 1102 Sanborn Avenue | Okoboji, IA 51355 |
| Fairmont Branch | 118 Downtown Plaza | Fairmont, MN 56031 |
| Bank Midwest | 1525 18th Street | Spirit Lake, IA 51360 |
| Windom Branch | 245 Ninth Street | Windom, MN 56101 |
| New Ulm Branch | 26 South Broadway | New Ulm, MN 56073 |
| Sherburn Branch | 33 North Main Street | Sherburn, MN 56171 |
| Jackson Branch | 509 Third Street | Jackson, MN 56143 |
| Westbrook Branch | 640 First Avenue | Westbrook, MN 56183 |
| Armstrong Branch | Main Street | Armstrong, IA 50514 |