State Profile Minnesota

Fourth Quarter 2023

ECONOMIC INDICATORS (NOT SEASONALLY ADJUSTED, UNLESS NOTED)

Q4-23 Q3-23 Q4-22 2023 2022

1.6% 1.4% 2.0% 1.8% 2.7%

Employment Growth Rates (% change from year ago, unless noted)

Total Nonfarm (share of trailing four quarter employment in parentheses)

Manufacturing

Other (non-manufacturing) Goods-Producing

Private Service-Providing

Government

Unemployment Rate (% of labor force, seasonally adjusted)

(11%)

(5%)

(70%)

(14%)

-0.5%

0.5%

1.6%

3.8%

2.7%

0.2%

1.0%

1.5%

2.5%

2.9%

2.4%

1.4%

2.0%

1.5%

2.8%

0.7%

1.4%

1.8%

2.6%

2.8%

3.3%

1.9%

3.0%

1.2%

2.5%

Other Indicators (% change of 4-qtr moving total, unless noted) Q4-23 2023 2022

Single-Family Home Permits

Multifamily Building Permits

Home Price Index (change from year ago)

Nonbusiness Bankruptcy Filings per 1000 people (quarterly annualized level)

-12.7%

-34.7%

3.7%

N/A

-23.0%

-32.9%

3.9%

1.19

-24.6%

-5.8%

7.0%

0.94

-12.7%

-34.7%

3.9%

N/A

-24.6%

-5.8%

12.0%

0.94

BANKING TRENDS

General Information Q4-23 Q3-23 Q4-22 2023 2022

Institutions (#) 251 252 256 251 256

Total Assets (in millions) $126,355 $123,029 $117,965 $126,355 $117,965

New Institutions (# < 3 years) 1 1 1 1 1

Subchapter S Institutions (#) 161 167 168 161 168

Asset Quality Q4-23 Q3-23 Q4-22 2023 2022

Past-Due and Nonaccrual Loans / Total Loans (median %) 0.52 0.62 0.49 0.52 0.49

Noncurrent Loans / Total Loans (median %) 0.16 0.22 0.13 0.16 0.13

Loan and Lease Allowance / Total Loans (median %) 1.24 1.25 1.23 1.24 1.23

Loan and Lease Allowance / Noncurrent Loans (median multiple) 4.45 3.78 5.47 4.45 5.47

Net Loan Losses / Total Loans (median %, year-to-date annualized) 0.01 0.00 0.00 0.01 0.00

Capital / Earnings (year-to-date annualized, unless noted) Q4-23 Q3-23 Q4-22 2023 2022

Tier 1 Leverage (median %, end of period) 9.90 9.92 9.54 9.90 9.54

Return on Assets (median %) 0.92 0.98 1.04 0.92 1.04

Pretax Return on Assets (median %) 1.05 1.10 1.18 1.05 1.18

Net Interest Margin (median %) 3.48 3.50 3.40 3.48 3.40

Yield on Earning Assets (median %) 4.72 4.62 3.78 4.72 3.78

Cost of Funding Earning Assets (median %) 1.24 1.12 0.34 1.24 0.34

Provisions to Avg. Assets (median %) 0.03 0.02 0.01 0.03 0.01

Noninterest Income to Avg. Assets (median %) 0.33 0.33 0.35 0.33 0.35

Overhead to Avg. Assets (median %) 2.43 2.41 2.40 2.43 2.40

Liquidity / Sensitivity Q4-23 Q3-23 2023

Net Loans to Assets (median %) 65.10 65.11 62.33 65.10 62.33

Noncore Funding to Assets (median %) 9.08 8.53 4.95 9.08 4.95

Long-term Assets to Assets (median %, call filers) 22.18 22.87 26.29 22.18 26.29

Brokered Deposits (number of institutions) 93 95 80 93 80

Brokered Deposits to Assets (median % for those above) 4.68 4.42 2.84 4.68 2.84

Loan Concentrations

(median % of Tier 1 Capital plus the Reserve for Loan and Lease Losses) Q4-23 Q3-23 Q4-22 2023 2022

Commercial and Industrial 78 77 76 78 76

Commercial Real Estate 172 168 165 172 165

Construction & Development 25 25 26 25 26

Multifamily Residential Real Estate 11 10 9 11 9

Nonresidential Real Estate 114 115 119 114 119

Residential Real Estate 132 131 121 132 121

Consumer 18 18 18 18 18

Agriculture 67 66 70 67 70

BANKING PROFILE

Asset Distribution

< $100 million 74 (29.5%)

Institutions in Market



Minneapolis-St. Paul-Bloomington, MN-WI 137 $237,643

Largest Deposit Markets (from 2023 Summary of Deposits) Deposits ($ millions) Institutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits ($ millions) Per

Employment Growth Rates (% change from year ago, unless noted)

Total Nonfarm (share of trailing four quarter employment in parentheses)

Manufacturing

Other (non-manufacturing) Goods-Producing

Private Service-Providing

Government

Unemployment Rate (% of labor force, seasonally adjusted)

Q3-23 Q4-22

Q4-22 2022

Fargo, ND-MN 32 $13,008 $100 million to $250 million 81 (32.3%)

St. Cloud, MN 33 $7,186 $250 million to $1 billion 78 (31.1%)

Rochester, MN 34 $7,140 $1 billion to $10 billion 16 (6.4%)

Duluth, MN-WI 27 $5,920 $10 billion 2 (0.8%)