Retirement plan

FIRST NATIONAL BANK OF BEMIDJI EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST

Name: FIRST NATIONAL BANK OF BEMIDJI - FIRST NATIONAL BANK OF BEMIDJI EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST (2023) Form 5500
Creator: FIRST NATIONAL BANK OF BEMIDJI
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, FIRST NATIONAL BANK OF BEMIDJI EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST, FIRST NATIONAL BANK OF BEMIDJI

FIRST NATIONAL BANK OF BEMIDJIEIN 41-0145155Plan #002PY 2023

P.O BOX 670 - BEMIDJI, MN 566190670218-751-2430fnbbemidji.comLinkedIn51-200 employeesbanking

Prospect flagsLow returnsHigh feesHigh assets / participant

How to read this page

Total assets (EOY)

$29.8M

-1.2% from 2022

Total participants

102

-11.3% from 2022

Average account balance

$295,346

+10.6% from 2022

Annual return

1.59%

-10.96 pp from 2022

Benchmarks

See 7,176 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants25-99

Cohort7,176 peers

Snapshot2023

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$32.02M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$294K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

109

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

99.0%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$575K

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$6K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+21.96%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$27206

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

0 years with F_SCH_H allocation on file

Free accounts unlock saves, downloads, and 3-year history.

Service providers

Providers data not reported

Schedule C was not filed on this plan's most recent Form 5500, so no compensated service providers are available to display.

Plan features & details

Pension benefit codes2I2P2Q3I

Plan features

2I
Stock bonus
Stock bonus plan.
2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
2Q
ESOP maintained by an S corporation
The employer maintaining this ESOP is an S corporation.
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

Opportunity flags

3 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
InformationalHigh assets / participant
Assets per participant exceed $250,000 - top-decile high-value plan.

Expense breakdown

Schedule H Part II

Admin total

$1.7M

$18702 / participant

Other / not subdivided$2M100.0%

% of EOY assets

5.768%

all-in expense ratio

Categories reported

0 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

No opinion code on file for this filing.

Auditor firm: (not reported)
Auditor EIN: -
Audit fees: (not subdivided)
Opinion code: -

Metric

This plan

Peer set

Industry

Size

Avg account balance

$295,346

$125,797+134.8%

$170,057+73.7%

$75,177+292.9%

Participation rate

98.9%

83.6%+15.3pp

87.0%+11.9pp

67.2%+31.7pp

Annual return

1.59%

27.20%-25.6pp

53.42%-51.8pp

160.75%-159.2pp

Employer contribution / active EE

$5,978

$4,616+29.5%

$6,790-12.0%

$2,671+123.8%

Participant deferral / active EE

$6,838-100.0%

$10,411-100.0%

$4,126-100.0%

Admin fee / account holder

$17,035

$8,177+108.3%

$12,826+32.8%

$5,651+201.4%

FIRST NATIONAL BANK OF BEMIDJI EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

FIRST NATIONAL BANK OF BEMIDJI EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion