First Independent Bank (Russell, MN): Call Report & UBPR Financial Data
Data as of · sourced from FFIEC call reports. How we update
Operating from Russell, MN, First Independent Bank serves its local market as an FDIC-insured commercial bank. First Independent's Q2 2026 balance sheet shows $632M in assets funded primarily by $533M in customer deposits. Profitability is strong, 1.70% ROA, paired with 17.87% ROE and a 3.80% net interest margin. Capital cushions are healthy: 12.26% CET1, 9.87% Tier 1 leverage. Asset quality is pristine, 0.14% NPLs and a 0.95% Texas Ratio. Its footprint covers 12 branches concentrated in Minnesota.
As of June 30, 2026, First Independent Bank reported a CET1 capital ratio of 12.26%, a return on assets of 1.70%, a nonperforming-loan ratio of 0.14%, a Texas ratio of 0.95%, per financial data filed with the FFIEC.
Headquarters Profile
- Address
- 300 Front St, Russell, MN 56169
- County
- Lyon
- Metro Area
- Marshall, MN
- Charter
- Commercial bank, state charter, Fed non-member, FDIC-supervised
- Primary Regulator
- FDIC
- FDIC Region
- Kansas City (Region 11)
- Federal Reserve member
- No
- Federal Reserve district
- District 9, Minneapolis
- Fiduciary (trust) powers
- —
- Call Report form
- FFIEC 051
- Established
- January 1, 1903
- Offices
- 12 domestic
- Employees (FTE)
- 90
- Domestic deposits
- $533.0M
- Allowance for credit losses
- $6.1M
- Net charge-offs (YTD)
- $34K
- Tax status
- Subchapter S
- Ownership
- Stock
- Community bank
- Yes
- FDIC-insured since
- January 1, 1934
- FDIC Cert
- 1900
- Fed RSSD
- 761851
- SEC CIK
- 2127904 → filed by FINLAYSON BANCSHARES, INC.
- Website
- www.fibmn.com →
- Parent Holding Company
- FINLAYSON BANCSHARES, INC. (RSSD 1126037)
Profitability
Capital & Liquidity
Balance Sheet
Income Statement
Operating & Funding
Rows tagged YTD are fiscal year to date through June 30, 2026, as filed. Net income is tagged Q2 because it is that quarter's own figure, not a running total, so it cannot be compared with a YTD row.
Quarterly trends
Last 12 quarters from this bank's own FFIEC call reports. Dollar figures are the quarter's own amount: the income statement is filed year to date, so those lines are shown net of the preceding quarter.
Balances at each quarter end. The gap between the two lines is equity capital.
Balances at each quarter end. Loans rising toward deposits is the loan-to-deposit ratio tightening.
Balances at each quarter end. Each line is its own balance, not stacked on the other.
Each bar is that quarter alone. The gap between the two is net interest income.
What the balance sheet earned on spread that quarter, before fees and operating costs.
Fees, trading and other income against salaries, premises and the rest of the cost base.
What the bank charged to earnings that quarter to build its allowance for expected losses.
The quarter's own net income, as filed. It needs no adjustment because the filing does not accumulate it through the year.
CET1 is common equity tier 1 as a share of risk-weighted assets; the leverage ratio is tier 1 capital as a share of average total assets. A bank that files the community bank leverage ratio reports no CET1 ratio, so only its leverage line appears.
Inside the full First Independent Bank terminal
25 years of quarterly trends · 8 tabs · peer percentiles · Excel export
Unlock First Independent Bank, freeWatch flags
Automated conditions triggered on this bank's latest filing. Advisory only; see the source metric pages for full context. Each flag is tagged Regulatory when it cites an official supervisory threshold, or BRR analysis when it's our own band, informed by our data and models.
Held-to-maturity securities carry unrealized losses worth 10–25% of book equity. Carried at amortized cost, they do not reduce reported capital, but they shrink the bank's true mark-to-market cushion if the securities ever have to be sold. BankRegReports analysis, HTM marks aren't a reported regulatory metric.
First Independent Bank rankings
How this bank ranks on each leaderboard. Click any rank to see the full ranked list.
Ranked among banks that report this metric, so the total differs from card to card. The CET1 ranking leaves out community bank leverage ratio filers, which report no CET1 ratio.
Banks merged into First Independent Bank
- First Security Bank-Hendricks, effective July 12, 2025
Quarterly trend: last 8 quarters
Quarter-over-quarter movement in the five most-watched ratios. Sourced from the bank's own FFIEC call report filings.
| Quarter | CET1 | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 12.26% | 1.70% | 0.14% | 0.95% | 3.80% |
| Q1 2026 | 12.31% | 1.39% | 0.17% | 1.54% | 3.75% |
| Q4 2025 | 10.31% | 0.95% | 0.13% | 1.73% | 3.71% |
| Q3 2025 | 9.99% | 1.01% | 0.18% | 1.93% | 3.47% |
| Q2 2025 | 11.56% | 1.56% | 0.11% | 1.84% | 3.47% |
| Q1 2025 | 10.59% | 0.90% | 0.06% | 2.07% | 3.26% |
| Q4 2024 | 10.32% | 0.68% | 0.06% | 1.24% | 3.77% |
| Q3 2024 | 10.52% | 0.88% | 0.48% | 5.03% | 3.01% |
Swipe the table sideways to see every column.
Branch Network
Every branch from the FDIC Summary of Deposits, mapped, and listed with the deposits booked at each location. The FDIC's office count above also includes administrative and limited-service offices, so the two totals can differ. View all 12 branches →
| Branch | Location | ZIP | Deposits |
|---|---|---|---|
| Marshall Branch | Marshall , MN | 56258 | $136.5M |
| First Independent Bank (main office) | Russell , MN | 56169 | $91.2M |
| State Bank of Lucan Branch | Lucan , MN | 56255 | $50.1M |
| Balaton Branch | Balaton , MN | 56115 | $46.3M |
| Tyler Branch | Tyler , MN | 56178 | $38.9M |
| First Security Bank Branch | Hendricks , MN | 56136 | $35.4M |
| Cottonwood Branch | Cottonwood , MN | 56229 | $33.2M |
| Main Street - Ruthton Branch | Ruthton , MN | 56170 | $30.9M |
| Wood Lake Branch | Wood Lake , MN | 56297 | $26.3M |
| Beardsley Branch | Beardsley , MN | 56211 | $24.0M |
| 176 South Broadway Branch | Vesta , MN | 56292 | $18.8M |
| Detached Facility | Hanley Falls , MN | 56245 | $1.4M |
Events & Regulatory History
Mergers, charter changes, enforcement actions, FDIC assistance, and (if applicable) failure events recorded against this institution. Click a year to see what else was happening across US banking that year.
| Date | Category | Event | Source |
|---|---|---|---|
| July 12, 2025 | Structure Change | Acquired First Security Bank-Hendricks Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| July 11, 2025 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| May 28, 2022 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| May 28, 2022 | Structure Change | Acquired Citizens State Bank of Tyler, Incorporated Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| December 11, 2021 | Structure Change | Acquired United Southwest Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| December 10, 2021 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| March 16, 2013 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| March 16, 2013 | Structure Change | Acquired The Buffalo Ridge Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| December 31, 2011 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| December 31, 2011 | Structure Change | Acquired State Bank of Lucan Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| November 29, 2008 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| November 29, 2008 | Structure Change | Acquired First Independent Bank of Wood Lake Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
Sourced from the bank event history (FDIC, Federal Reserve NIC, OCC, and OTS). Showing the most recent 12 events, scroll the table for the full history.
Regulatory record
What the public regulatory sources show for First Independent Bank, each with its period and source. These are facts as filed or published, not a rating or score. "Not on file" means we hold no record from that source, which is not the same as a clean record.
- Enforcement actions
- Not on file: no matched FDIC, Federal Reserve or OCC action
- Period: not on file. Source: FDIC, Federal Reserve and OCC enforcement releases.
- Deposit market share
- 0.2% of deposits in MN, rank 54 of 279 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- Mortgage lending (HMDA)
- Not on file: no HMDA filing matched
- Period: not on file. Source: FFIEC HMDA loan application register.
- Consumer complaints
- Not on file: no CFPB complaints matched
- Period: not on file. Source: CFPB consumer complaint database.
- CFPB enforcement
- Not on file: CFPB enforcement actions are not loaded
- Period: not on file. Source: CFPB enforcement actions.
- CRA examination rating
- Not on file: FFIEC CRA ratings are not loaded
- Period: not on file. Source: FFIEC CRA ratings.
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Frequently asked about First Independent Bank
What are First Independent Bank's total assets?
As of the Q2 2026 filing, First Independent Bank reported total assets of $632.3 million in its FFIEC call report. All figures come directly from the bank's quarterly Schedule RC filing.
Where is First Independent Bank headquartered?
First Independent Bank is headquartered in Russell, MN, United States. It files quarterly FFIEC call reports as required of all FDIC-insured commercial banks.
When was First Independent Bank founded?
First Independent Bank was established in 1903, per the FDIC institution directory.
Is First Independent Bank FDIC-insured?
Yes. First Independent Bank is an FDIC-insured commercial bank (FDIC Certificate #1900). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates First Independent Bank?
First Independent Bank's primary federal regulator is the FDIC. All FDIC-insured banks also report to the FDIC and, depending on charter, the Federal Reserve.
What is First Independent Bank's CET1 capital ratio?
First Independent Bank reported a Common Equity Tier 1 (CET1) capital ratio of 12.26% in its Q2 2026 call report, above regulatory requirements.
How many branches does First Independent Bank operate?
First Independent Bank operates 12 domestic offices, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is First Independent Bank's Texas Ratio?
First Independent Bank's Texas Ratio is 0.95% in its Q2 2026 call report, within the healthy range (under 25%). The Texas Ratio measures non-performing assets against the bank's capital and reserves; the glossary entry for the Texas Ratio carries the full definition.
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