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Overview / Commentary
701-352-0242
645 Hill Avenue
Grafton, ND 58237

Choice Financial is headquartered in Grafton and is the 12st largest bank in the state of North Dakota. It is also the 1,029th largest bank in the nation. It was established in 1906 and as of December of 2013, it had grown to 154 employees at 10 locations. Choice Financial has a A health rating.

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Health

Data for Q4 2013

Institution Health

A

Texas Ratio

GRADE:
A

The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Choice Financial had $7.3 million in non-current loans and owned real-estate with $70.93 million in equity and loan loss allowances on hand to cover it. This gives Choice Financial a Texas Ratio of 10.29% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A

The Texas Ratio for Choice Financial decreased dramatically from 16.41% as of December 31, 2012 to 10.29% as of December 31, 2013, resulting in a positive change of 37.31%.This indicates that the balance sheet and financial strength for Choice Financial has improved dramatically in recent periods.

Deposit Growth

GRADE:
A

In the past year, Choice Financial has increased its total deposits by $16.98 million, resulting in 3.04% 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 Choice Financial has shown is excellent.

Capitalization

GRADE:
B+

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. Choice Financial has $653.12 million in assets with $70.93 million in equity, resulting in a capitalization level of 10.86%, which is above average.

Institution Statistics

Overall
FDIC Certificate #9423
Year Established1906
Employees154
Primary RegulatorFDIC
Assets and Liabilities
Assets$653.12 million
Loans$558.23 million
Deposits$575.81 million
Equity Capital$63.50 million
Loan Loss Allowance$7.43 million
Unbacked Noncurrent Loans$1.73 million
Real Estate Owned$5.56 million
Historic Data - December 2012
Assets$651.97 million
Equity Capital$68.04 million
Loan Loss Allowance$5.66 million
Unbacked Noncurrent Loans$1.73 million
Real Estate Owned$3.29 million
Profit Margin - Quarterly
Net Interest Margin4.37%
Return on Assets2.79%
Return on Equity26.66%
Interest Income$29.96 million
Rates
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Choice Financial Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.55%$15k-Health Savings Account
0.55%$15k-Business Health Savings Account
Locations


Choice Financial Locations
Choice Financial Savings Bank Branch101 Brown Street WestComfrey, MN 56019
Goodrich Branch123 Clark AvenueGoodrich, ND 58444
Grand Forks Branch1697 South 42nd StreetGrand Forks, ND 58201
Petersburg Branch202 South Fifth StreetPetersburg, ND 58272
First State Bank Langdon Branch210 Eighth AvenueLangdon, ND 58249
First Capital Bank Of North Dakota Branch210 Sheyenne StreetWest Fargo, ND 58078
Walhalla State Bank Branch407 12th StWalhalla, ND 58282
South Fargo Office4501 23rd Avenue SouthFargo, ND 58103
Grand Forks Branch4501 South Washington Street, Unit TGrand Forks, ND 58201
Choice Financial Group645 Hill AvenueGrafton, ND 58237