The Garrett State Bank

Headquarters

120 West King Street
Garrett, IN 46738
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.10% 1.40% →
1-Year CD 0.30% 1.15% →
2-Year CD 0.40% 1.26% →
5-Year CD 0.75% 1.60% →
30-Year Mortgage N.A. 3.09% →
15-Year Mortgage N.A. 2.59% →
HELOC N.A. 2.77% →

2020 Overview

General Bank Information

The Garrett State Bank is an FDIC insured institution located in Garrett, IN. It was founded in 1893 and has approximately $0.26 billion in assets. Customers can open an account at one of its 4 branches.

FDIC Insured Yes
FDIC Certificate # 8074
Date Established 1893
Assets $ 259.77 million
Loans $ 185.66 million
Deposits $ 213.37 million
Capital $ 27.73 million
 

For a more detailed analysis of The Garrett State Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - July 5, 2020

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Savings
0.10% $100 - Learn More
Money Market
0.05% $1 $5,000 Learn More
Money Market
0.10% $5,001 $25,000 Learn More
Money Market
0.20% $25,001 - Learn More
CD Rates APY MIN MAX
3 Mo CD
0.10% $500 - Learn More
6 Mo CD
0.20% $500 - Learn More
12 Mo CD
0.30% $10,000 - Learn More
24 Mo CD
0.40% $500 - Learn More
36 Mo CD
0.60% $500 - Learn More
48 Mo CD
0.70% $500 - Learn More
60 Mo CD
0.75% $500 - Learn More

Fixed IRA Rates APY MIN MAX
Fixed IRA
0.30% $500 - Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.05% $100 - Learn MoreShow Less

Loan Rates - July 5, 2020

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for The Garrett State Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Virginia 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
AimLoan.com
NMLS ID: 2890
License#: MC-3098
3.039% 3.000% 0.50 $1,250 $1,055 Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
2.990 %
$0 Learn More
More Info

Note to The Garrett State Bank
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Branches

The Garrett State Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Ashburn,Virginia


The Garrett State Bank Locations


Financial Details

The Garrett State Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of The Garrett State Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
The Garrett State Bank U.S. Bank Average
6.47% 6.51%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of December 31, 2019, The Garrett State Bank had $1,919,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $27,731,000 in equity and $1,927,000 in loans loss reserves. That gives it a Texas Ratio of 6.47%.

Return on Equity
The Garrett State Bank U.S. Bank Average
15.47% 9.41%

The Garrett State Bank has a Return on Equity of 15.47% versus the BestCashCow average of 9.41%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
The Garrett State Bank U.S. Bank Average
10.68% 12.82%

The Garrett State Bank has a Capitalization of 10.68% versus the BestCashCow average of 12.82. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

The Garrett State Bank Balance Sheet Analysis

As of December 31, 2019, The Garrett State Bank had assets of $259,773,000, loans of $185,659,000, and deposits of $213,371,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

December 31, 2019
ASSETS
Cash & Balances due from depository institutions $ 20.39 million
Interest-bearing balances $ 18.66 million
Total securities $ 47.93 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 185.66 million
Loan loss allowance $ 1.93 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 2.78 million
     Total Assets $ 232.04 million
LIABILITIES
Total deposits $ 213.37 million
      Interest-bearing deposits $ 173.26 million
      Deposits held in domestic offices $ 213.37 million
      % insured (estimated) 64.58%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 17.10 million
Subordinated debt N.A.
All other liabilities $ 1.57 million
      Total Liabilities $ 232.04 million
      Shareholders’ Equity $ 27.73 million

Summary Income Statement

December 31, 2019
INCOME AND EXPENSES
Total Interest Income $ 11.02 million
Total Interest Expense $ 1.98 million
Net interest income $ 9.04 million
Provision for loan and lease losses $ 0.12 million
Total non interest income $ 0.70 million
Total non interest expense $ 5.52 million
Pre-tax Net Operating Income $ 4.10 million

Bank Loan Profile?

The top three loan types in The Garrett State Bank’s loan portfolio are 1-4 Family Residential Loans, Construction and Development Loans, and Commercial Real Estate.

Compared to other banks in Indiana, The Garrett State Bank has a significantly higher percent of 1-4 Family Residential Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 70.28
Multifamily
Mortgages
1.34
Credit Card Loans 0.00
Consumer Auto Loans 2.02
Small Business Loans 5.90
Construction and Development Loans 7.91
Commercial Real Estate 7.32
Commercial and Industrial Loans 6.00
Farm Loans 1.07

Frequently Asked Questions About The Garrett State Bank

Branches and Savings

Is The Garrett State Bank FDIC insured?

Yes. It is covered under FDIC Certificate #8074.

Why does The Garrett State Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are The Garrett State Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is The Garrett State Bank a commercial bank?

Yes

Where are The Garrett State Bank locations?

See branch locations nearby.

Is The Garrett State Bank open on Saturdays?

Is The Garrett State Bank open on Sundays?

What time does The Garrett State Bank open?

What time does The Garrett State Bank close?

Are The Garrett State Bank ATMs Open 24/7?

Do The Garrett State Bank ATMs accept cash deposits?

Can The Garrett State Bank customers use other ATMs?

Do The Garrett State Bank branches have notaries?

Will The Garrett State Bank notarize my document?

What address for The Garrett State Bank should I put for incoming ACH transfers?

Will the The Garrett State Bank branch print checks?

Do The Garrett State Bank checks expire?

Does The Garrett State Bank require US citizenship to open account?

Can The Garrett State Bank close my account?

Does The Garrett State Bank Report to credit bureaus?

Does The Garrett State Bank Use Equifax?

What is The Garrett State Bank's ACH Routing Number?

What is The Garrett State Bank's SWIFT code?

Products

Does The Garrett State Bank offer mortgages?

Compare mortgage rates here.

Does The Garrett State Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does The Garrett State Bank offer personal loans?

Compare personal loan rates here.

Does The Garrett State Bank offer student loans?

Will The Garrett State Bank cash a check?

Will The Garrett State Bank redeem a savings bond?

Does The Garrett State Bank cash savings bonds?

Will The Garrett State Bank cash money orders?

Can The Garrett State Bank issue a money order?

Does The Garrett State Bank do currency exchange?

Background on The Bank

Who owns The Garrett State Bank?

How long has The Garrett State Bank been around?

Can The Garrett State Bank transfer to other banks?

Does The Garrett State Bank have quick pay?

Does The Garrett State Bank accept rolled coins?

Will The Garrett State Bank accept loose change?

Where is The Garrett State Bank headquarters?

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