it’s who we are - bankers trust · on frequent feedback (the essential drucker, 2001). drucker...

It’s Who We Are

Annual Report 2014

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Introduction 3 Greetings from the Chairman 4

Message from the CEO and President 5

Commercial Services 6

Wealth Management and Institutional Trust Services 8

Consumer Services 10 BTC Capital Management 12

Financial Statements 14

Boards and Committees 16


Welcome to Bankers Trust’s 2014

annual report. It sports our new logo

and design palette, changes we hope

please the eye while they signify a

new threshold in the evolution of

our financial institution.

We invite you to celebrate the

remarkable growth we have

experienced and the opportunities

we are pursuing on your behalf.

As you read each section of this report,

you’ll be reminded that, to us, evolving

means finding new and better ways

to remain true to our core values.

These values—integrity, community,

and diversity (now evolved to

inclusion)—have deep roots. Founded

in Des Moines, Iowa, Bankers Trust

began providing commercial and

Bankers Trust—It’s Who We Areconsumer banking services nearly ten

decades ago. A single line of ownership

for the past 50 years allowed us to hold

our course as we grew to be the largest

privately held bank in the state.

Today our footprint extends into six

states, and we have customers around

the world. In addition to our 12 local

branches, we have an a�liated bank in

Cedar Rapids and o�ces in Phoenix,

AZ; Ames, IA; Quincy, IL; Minneapolis,

MN; Omaha, NE; and Sioux Falls, SD.

Our assets are growing along with

our footprint. At year-end 2014 they

totaled $3.6 billion, marking yet

another year of significant increase.

Following the same upward trend,

net income reached $33 million as

of December 31. We are proud of the

increases, but we are more proud that

we adhered to our time-tested mission,

Reasonable Profit, Ethically Earned, as

we achieved them.

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SUKU RADIAChief Executive O�cer

and President

JOHN RUAN IIIChairmanRuan Transportation Management Systems, Inc.

Fifty Years of Ownership As Chairman of the Board of Directors, it is my pleasure to address you in celebration of the Ruan family’s fifty years of ownership of Bankers Trust. My father, the late John Ruan II, who acquired control of the Bank in 1964, would be delighted with the advances made by this financial institution and the communities it serves.

He would be especially proud that Bankers Trust has made enormous strides and has delivered remarkable performance since the Great Recession. From 2009 to 2014, assets increased 32 percent and earnings more than doubled, climbing to $33 million.

For the Ruan family, the greatest pride comes in how this performance has been achieved. We have never wavered in our belief that Bankers Trust succeeds because of its extraordinary people and their commitment to the Bank’s core values—integrity, community, and inclusion.

Community engagement is the work of everyone involved with the Bank. Whether a director is networking with leaders of other organizations, a lending o�cer is interacting with a business client to finance a transaction, a Wealth Management team is addressing a succession challenge, a branch teller is helping a new customer open a checking account, a group of volunteers is building playground equipment, or a committee is approving a check for some part of the $1 million the Bank contributes in charitable giving each year, serving our customers and their communities is the goal.

Helping others as bankers and as neighbors defines who we are and what we do. It is a rich and multifaceted role that is good for the community and good for the Bank. Experience has shown that the better we serve, the stronger Bankers Trust becomes.

Thank you to each customer and each employee for making this anniversary so memorable. The Ruan family looks forward to the next fifty years.

John Ruan IIIChairmanRuan Transportation Management Systems, Inc.

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I share Mr. Ruan’s pride in reporting that fiscal 2014 was another outstanding year for Bankers Trust. It is truly remarkable that a mature organization, which ours most certainly is, was able to increase assets and more than double its earnings in six years. We are indebted to him and his family for the unflagging support and the operational autonomy that have made it possible for us to become a $3.6 billion bank. Now we are looking toward the next watershed—the $5 billion mark.

Our recent rebranding celebrates our history—rich with past achievements—and our emergent future, which awaits realization. We cannot know how the future will unfold, but we know our aspirations. We intend to grow by getting better at what we do.

Exactly what is it that you do, you ask. First and foremost, we are what our name implies: we are bankers, and banking is what we do. For years our mission has been the same: we strive to achieve reasonable profit, ethically earned by excelling at service to our customers and their communities.

Getting better at our kind of banking always means improving performance in ways that embody our core values: integrity, community, and inclusion. Holding ourselves accountable to this standard wins us the trust we strive to earn through every interaction.

Banking, of course, is not the same business it was when Bankers Trust

opened its doors in 1917. Technically, we now are more accurately described as a financial services institution that o¢ers a widening array of products and services. From more than 20 o�ce locations in multiple states, we help our customers benefit from technology and processes unimagined ten or even five decades ago.

Though our core values are a constant, our perspective on them is evolving, as is the language we use to talk about them. Precisely because we value diversity in all its forms, we now refer instead to the principle of inclusion, a term that better expresses our commitment to welcome a multitude of di¢erences within our organization and among our friends and neighbors. The Greater Des Moines Partnership recognized us with a fourth annual Inclusion Award in 2014, humbling confirmation that others value our stance.

We deal in products and processes, but our work is service, and service is a relationship business. We excel because people at every position consistently demonstrate intelligence, discipline, honesty, and compassion in their relationships—relationships with one another, their customers, and the communities where they live, work, and play. Our more than 500 employees are the reason every division and every branch contributed to this year’s growth and why I am so confident their capacity for excellence will take us further in 2015 and beyond.

At Bankers Trust, we honor our employees by supporting them in their growth as professionals and individuals. It is the responsibility of the Bank’s

senior leadership team to ensure every employee at every level can acquire the skills he or she needs to contribute fully to the pursuit of our mission. Everyone who works here is benefiting from the team’s clear thinking about what career development should mean in light of our aspirations.

Our internship program attracts diverse candidates from across the nation, and our management trainee program lets prospective leaders learn essential skills before they need them. We are particularly proud of Bankers Trust’s Leadership Academy, which o¢ers tailored opportunities to Bank professionals who have proven themselves ready for more leadership responsibilities. Of our 36 graduates, 11 have earned promotions or job enhancements, 12 contribute on internal committees, and 5 serve on external boards.

In every aspect we are reaching beyond formal training and development programs with experiences that invite learning that comes from mentors or sponsors and from being stretched and challenged by real-life, on-the-job experiences. This emphasis is one reason why we had such fantastic Employee Engagement scores in 2014 and why we expect them to be even higher in 2016.

In my own work on the boards of some 37 nonprofits over the past several decades, I have come to admire greatly the skilled professionals who volunteer their time and talent to these organizations. Peter Drucker,

the widely respected management consultant, observed that great volunteers and great employees have similar expectations. Both groups want to share in a meaningful vision and mission. They want to learn, they want to take responsibility and participate in decisions. They want to advance as their performance warrants, and they thrive on frequent feedback (The Essential Drucker, 2001).

Drucker makes his point about the value of these professionals by telling the old story of a master builder who is beginning construction on a church. The master builder needs good stonecutters, so he interviews three artisans who are cutting marble blocks for another project. He asks each one what he’s doing (back then, all stonecutters were men). The first artisan answers simply, “I’m cutting stone. It’s how I make a living.” The second says, “I am making the best cuts in the entire country.” The third man pauses and then responds, “I’m building a cathedral.”

All three elements the artisans represent are essential. We need people who want to come to work every day, we need their expertise, and we need their commitment to growing toward a shared vision.

We’re not building a cathedral, we’re building a better Bankers Trust.

Suku RadiaChief Executive O�cer and President

At Our Core


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“I like to think of us as community builders,” said Don Co�n, Executive Vice President–Chief Lending O�cer. “We are a trusted resource to a wide array of corporations, public entities, nonprofits, and small businesses. It’s our job to help our customers prosper over time. When they succeed, the communities they serve grow stronger.”

The reputation we enjoy is built one transaction at a time. Every day we put our products and services to work to help customers solve problems and take advantage of opportunities. We don’t distort reality, and we don’t make promises we can’t keep. The integrity and attention we bring to relationships is one reason we are by a wide margin the state’s leading Iowa-based commercial lender.

In fiscal 2014, our total loan portfolio grew to $2.7 billion from $2.4 billion for the previous year—an increase of 14 percent—while nonperforming loans remained below 1 percent. It was a busy 12 months for commercial lending. Our Des Moines operations had a great year, with new business coming from both new and existing customers. Operations in Omaha, Ames, and Phoenix reported combined growth of 48 percent.

Some of our commercial lending services are leading to a more regional focus. Employee Stock Ownership Plans (ESOPs), for instance, are very specialized financial arrangements that allow business owners to establish a succession plan that rewards employees with stock ownership. Our expertise in these transactions di¢erentiates us in the Midwest marketplace and a¢ords us opportunities to work with more middle-market companies. In 2014 we provided ESOP financing with total commitments exceeding $50 million, and we expect volume to increase in the coming months.

Supporting established business leaders is one way we build communities; attending to the unique needs of the entrepreneurs

Community It’s our job to help our customers prosper over time. When they succeed, the communities they serve grow stronger.

C O M M E R C I A L S E R V I C E S


who are their lifeblood is another. Our deep experience and close ties to local business organizations let us understand the financial implications of the challenges these business owners face and can help them connect with local networks of support.

The Business Banking group exists to help entrepreneurs fill information gaps, identify concerns, and gain access to financial products and services they need. “Our business bankers are especially skilled at supporting these important small business customers as they acquire the financial discipline so critical to their long-term success,” said Tina Smith Fritz, Senior Vice President–Manager of Treasury Services and International Banking.

Commitments coming through our business bankers increased 81 percent during the year, and we expect to attract more customers in 2015. “We appreciate the growth, but the dollar amounts generated directly by Business Banking are not our first interest,” Co�n added. “The real goal is to maintain and grow these relationships as the businesses mature and prosper.”

“As more of our customers conduct business in the global marketplace, they rely on Bankers Trust’s international expertise to guide them through the complexities of international commerce,” Smith Fritz explained. “We have relationships with 225 banks and branches in 62 countries, and we continually update our resources to improve communication and speed transactions. To ensure we maintain our

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high-quality service, we have added more members to our international banking team in anticipation of growing demand.”

Whether their business is large or small, start-up or mature, owners benefit from working with our cadre of relationship bankers. They value conversations with their banker that are both e�cient and reassuring, and they are surprised at how quickly they can have access to a suite of products and services that fits their needs. Our high-end security features protect against identity theft and fraud, and our seminars outline ways for businesses to protect themselves and their customers.

Administered by the Treasury Services team, the Bankers Trust Commercial Card is a purchasing card we introduced in 2012. Since then, the number of users has increased 52 percent. Many users have experienced significant e�ciencies on the accounts payable side by employing the card as an online expense reporting tool and as input for general ledger mapping.

“If you think of a community as a group that comes together for protection and opportunity, communities abound in our business environment, both inside and outside of Bankers Trust,” said Co�n. “I’m thinking of a businessman who owned and operated a plant in southern Iowa and how many members of di�erent communities interacted to bring his business on board.”

“There was a referral from a member of the prospect’s own board, two of

our own professionals who drew up a lending and treasury proposal, the plant owner and his team, and a nudge from some competition. It took four and a half years and more than 12 in-person calls, but we finally won the business—a $5.5 million revolving line of credit and more than $5,000 per month in treasury fees.”

“As of September, we acquired a new customer and he gained membership in a community of service-driven bankers. We will be good partners, and his small community will benefit as his business grows.”

Community builders—it’s who we are.


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“Bankers Trust’s new logo and color palette capture the combination of unity of purpose and diversity of choice that attracts people to our institution and wins their loyalty,” said Scott Eltjes, Executive Vice President–Investment Management and Wealth Management. “Our core values unify; our focus on service makes choice a given.”

It is a winning combination for individuals and institutions turning to this division for comprehensive, seamless support in the custody, accumulation, growth, preservation, and transfer of wealth.

“Integrity, community, and inclusion. When you’re dealing with clients’ assets, integrity must come first,” said Eltjes. “The trust clients place in us made 2014 another excellent year for this division.”

Revenues rose 11 percent in fiscal 2014, marking another year of double-digit growth, and assets for which we have fiduciary, administrative, or custodial responsibility reached $25 billion. The increases reflected strong performances in each of our three business categories: Institutional Trust Services, Retirement Plan Services, and Private Client Services.

Over the past several years we have focused on increasing capacity and adding flexibility by specializing our sales and service responsibilities, improving risk management and technology functions, introducing new distribution channels, adding new employees, and connecting with people, products, and services in all of Bankers Trust’s operations.

Our numbers tell us the hard work is taking us in the right direction. Internal e�ciency has increased, and our three distribution channels—external financial partners, direct sales, and cross-selling within Bankers Trust—are generating strong results.

A closer look at the three business categories reveals more positives:

INSTITUTIONAL TRUST SERVICESThis category includes corporate trust, public funds, and custody services. It is the foundation of our division, but it certainly is not trapped in its history. In 2014, we administered institutional trust assets of $17.3 billion and provided custodial and transactional services for businesses, governmental entities, and charitable organizations.

The Phoenix branch is a developing source of institutional trust business. We expect more development in 2015 because we recently added an institutional trust o�cer there.

Integrity Always we will remember that integrity is a first principle. Without it, there can be no trust.

W E A LT H M A N A G E M E N T a n d I N S T I T U T I O N A L T R U S T S E R V I C E S


Corporate Trust professionals oversee the administration of bonds let by private and public entities across 15 states. In 2014, we made timely payments and kept accurate records on 2,600 bonds with a collective face amount of $8.8 billion. For the sixth straight year, the bond total included more than 90 percent of all bonds issued by public entities in Iowa. Making responsibilities to bondholders our priority has consistently placed Bankers Trust among the top trustees and paying agencies in the nation as ranked by The Bond Buyer, a leading trade paper.

RETIREMENT PLAN SERVICESThis category, which includes qualified plans, nonqualified plans, and employee stock ownership plans was our best performer in 2014. BTC ESOP Services, a division of Bankers Trust Company of South Dakota, is nationally known and recognized. At year-end, Retirement Plan Services was providing trust and custodial services to a growing number of client companies across 40 states and reporting strong sales. Momentum was building as we entered 2015, spurred by a solid pipeline for our 401(k) business.

PRIVATE CLIENT SERVICESThis category consists of brokerage and personal trust plus the separately structured Bankers Trust Company of South Dakota. Led by South Dakota’s Private Client activity, these operations produced steady growth in 2014. We are searching for a Private Client o�cer for the Phoenix branch and are confident the addition of this key team

member will increase our presence in this huge metro area with promising demographics.

Phoenix will play an increasing role in our growth in 2015 and beyond. Bankers Trust has a new, larger location in Phoenix and o�ces in two retirement living communities. Two new o�cers—one in Institutional Trust and the other soon to be added in Private Client services—will build capacity and client appeal. We are exploring relationships with several potential referral partners who could add market penetration.

Certainly the Phoenix branch will be an important part of the Bank-wide e¢ort to increase our value to the organizations and individuals we serve by making it easy to match our products and services—wherever they originate—with the results they are trying to achieve. Cross-selling across

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all Bankers Trust locations and lines of business is a shared strategic objective because it is such a cost-e�cient way to increase revenue as we improve service.

We’ll take care to keep our infrastructure fine-tuned as we manage the revenue growth we’re expecting from our distribution channels. New financial partners will bring access to more clients who need us, and direct sales will let us take advantage of new opportunities to prove our expertise and demonstrate our willingness to listen and interact.

“Always,” said Eltjes, “we will remember that integrity is a first principle. Without it, there can be no trust.”

NOT FDIC INSURED

May lose value

No bank guarantee


Inclusion Internally, we embrace racial and cultural di¢erences in the same way we welcome diversity of talents, skills, training, and sensibilities. For our customers, we make convenience and value priorities of every service, every product we design. We not only invite diversity, we court it.

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“At Bankers Trust, we believe banking is about relationships,” explained Tim Kintner, Executive Vice President–Consumer, Private, and Regional Banking Markets. “The more connections we share, the wider our network of friends and neighbors—the more inclusive we are—the better we serve and the more we grow.”

This principle was evident in Consumer Services’ 2014 performance. Our 12 branches serving Greater Des Moines generated a 8 percent increase in deposit balances, a 7 percent increase in loan balances, and an increase in fee income from debit card activity. Paul Erickson, Senior Vice President–Consumer Services, praised our user-friendly mobile banking services for attracting new customers and inviting established customers to take advantage of additional o¢erings. Cross-selling helped us provide more comprehensive service to a greater number of satisfied customers.

Two years ago we aligned private banking with branch locations to better serve customers at our branches. The move was a sound strategy, making these services more accessible

and increasing customer ties to their branches and to their neighborhoods.

We had a year of tremendous growth and record profitability in our Phoenix operations. Punctuated by a 63 percent rise in deposit balances, every aspect of performance showed remarkable gains. Thanks to the leadership of Pat Rourke, Arizona Market President, and the e¢orts of her expanding bank team, we have outgrown our primary location in Phoenix.

Late in 2014 we began planning our move to larger o�ces in the Esplanade, which will double our square footage and accommodate the significant growth we intend to achieve in the next few years. “We serve a diverse and growing group of excellent customers who return our commitment with new connections and new opportunities to expand our networks,” said Rourke. “We thank them for their business.”

Bankers Trust Cedar Rapids is the seventh largest bank of the 38 within the Cedar Rapids—Iowa City corridor. Patrick Deignan, President and CEO, and his team of nearly 50 completed

the bank’s 12th consecutive year of growth and record profits. Overall, the Cedar Rapids bank reported assets of more than $450 million. “Relationship-building combined with deep banking experience continue to be keys to our success,” said Deignan.

Continuing growth is one good business reason the bank is moving its downtown o�ce to anchor Cedar Rapids’ new 11-story CRST Center. The move will result in a 24 percent increase in the bank’s downtown footprint, provide a first-class setting for its headquarters, and accommodate future expansion. Another reason is civic responsibility. “It was a pleasure to support both our interests and the community’s needs. The citizens of Cedar Rapids have labored long and hard to recover from the devastating flood they su¢ered in 2008, and we are glad to be supportive in such a meaningful way,” Deignan said.

The growth we’ve experienced in Greater Des Moines, in Phoenix, and in Cedar Rapids is proof of the power of inclusion. Secure in our foundation, we make it a priority to reach beyond familiar limits to make new connections.

C O N S U M E R S E R V I C E S


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Some steps toward inclusiveness are in-house steps. We are working hard to be e¢ective cross-sellers—not simply to promote services and products but to make our service as comprehensive and as satisfying to our customers as possible. Everybody inside the Bank knows more about all of the products and services Bankers Trust makes available than we did a year ago, and more of us have far-reaching relationships with other experts within the Bankers Trust system. Always we are learning more about our customers and the supports in products, services, and connections they need to find it easy to do business with us. Knowing the right questions to ask and the right resources—especially the right human resources—to reach always makes doing business easier for customers and for us.

Technology puts us in easy reach for many through mobile banking and additional online options. Others like visiting our branches and speaking directly with professionals who put their customers’ financial interests first. Still others like choosing among a variety of service channels—some technology driven and some not. Whatever their comfort zones, we are there to make it easy to bank with us.

Internally, we embrace racial and cultural di¢erences in the same way we welcome diversity of talents, skills, training, and sensibilities. For our customers, we make convenience and value priorities of every service, every product we design. We not only invite diversity, we court it.

Our commitment to engagement extends beyond our customers to the communities we serve. That’s why Bankers Trust contributes more than $1 million each year to civic and charitable causes and why Rourke, Deignan, Erickson, and every executive team member act in concert to ensure our institution is a visible and valued corporate citizen.

During the past twelve months, 68 employees at every level served on corporate and civic boards and committees, and many, many others throughout our organization chose to join them in contributing more than 13,000 hours of volunteer service. Day in and day out, they demonstrated that as bankers their engagement is both professional and personal.

Engagement and inclusion—they are powerful drivers of our growth.


SCOTT ELTJES, CFA, FLMI BTC Capital Management President and Chief Executive O�cer

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Fiscal 2014 was an excellent year for BTC Capital Management. Assets under management grew to $3.1 billion.

“Our deliberate approach has taken us a long way in a short time,” said Scott Eltjes, President and Chief Executive O�cer. “Thanks to so many, it has become much easier to imagine us as a $5 billion company. I am grateful to everyone here for their hard work, and I especially thank our growing number of partners and clients for choosing us.”

BTC Capital Management o�ers a full array of investment management services from customized portfolio management to full-service advice, consultation, and asset allocation. Its market share is growing because more clients know they can rely on expert advisors who deliver e�cient, high-touch service that exceeds expectations.

Eltjes is a firm believer in keeping infrastructure—people, processes, and systems—ahead of marketing: “Excellence rarely occurs by accident, and there are always more opportunities than capacity. We have to be able to see clearly, choose

Registered Investment Advisor Our deliberate approach has taken us a long way in a short time.

wisely, and take advantage of the right opportunities when they appear.”

Many opportunities come through our financial services partners. In Iowa, our clientele include insurance companies, nonprofits, and corporate accounts within the financial services channel, making BTC Capital Management’s footprint both broad and deep. E�orts are underway to add new financial services partners in contiguous states.

New distribution channels are another source, and we have reliable criteria for choosing among the most promising alternatives. We look for channels that give us access to new gateways that align with our core values and our business model.

Opportunities also come through continually refining products and services to create a tighter match with client needs and desires. We want optimum flexibility when it comes to asset management so that BTC Capital Management advisors can work successfully with both active and passive investors and make available both proprietary and nonproprietary strategies o�ered in a separately managed account environment.

Eltjes introduced yet another possibility: “Our steady growth and available capital make it possible to take advantage of acquisition opportunities. We will explore candidates with the same planning and prudence that are hallmarks of our expansion activities.”

“We are indeed fortunate to have so many avenues of growth from which to choose. I look forward to reporting on the opportunities we pursue in the new year.” 13

NOT FDIC INSURED

May lose value

No bank guarantee

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STATEMENTS OF CONDITION B A N K E R S T R U S T C O M PA N YD E C E M B E R 3 1 , 2 0 1 4

BTC CAPITAL DES MOINES CEDAR RAPIDS MANAGEMENT ELIMINATIONS* COMBINED

$ 277,422,301 8,420,748 2,409,445 (2,997,964) $ 285,254,530

430,348,053 36,877,981 — — 467,226,034

14,155,435 4,698,700 — — 18,854,135

10,585,280 1,323,500 — — 11,908,780

2,343,729,504 400,949,034 — — 2,744,678,538

(37,534,922) (8,242,569) — — (45,777,491)

2,306,194,582 392,706,465 — — 2,698,901,047

17,948,025 3,094,540 497,806 — 21,540,371

7,754,095 1,171,143 — — 8,925,238

2,013,396 810,630 — — 2,824,026

59,558,474 7,450,711 381,706 — 67,390,891

$ 3,125,979,641 456,554,418 3,288,957 (2,997,964) $ 3,582,825,052

$ 2,349,039,402 293,040,009 — (2,997,964) $ 2,639,081,447

210,528,008 27,251,479 — — 237,779,487

260,000,000 84,300,000 — — 344,300,000

44,039,343 5,995,775 685,969 — 50,721,087

2,863,606,753 410,587,263 685,969 (2,997,964) 3,271,882,021

262,372,888 45,967,155 2,602,988 — 310,943,031

$ 3,125,979,641 456,554,418 3,288,957 (2,997,964) $ 3,582,825,052

ASSETS

Cash and cash equivalents

Securities available-for-sale

Restricted equity stock

Loans held-for-sale

Loans

Allowance for loan losses

Net loans

Bank premises and equipment, net

Accrued interest receivable

Other real estate owned

Other assets

Total assets

LIABILITIES AND STOCKHOLDER’S EQUITY

Deposits

Federal funds purchased and securities sold

under agreements to repurchase

Advances from Federal Home Loan Bank

Accrued expenses

Total liabilities

Total stockholder’s equity

Total liabilities and stockholder’s equity

* Represents eliminations of inter-company transactions between Bankers Trust Company Des Moines, Bankers Trust Company Cedar Rapids, and BTC Capital Management.


STATEMENTS OF OPERATIONS B A N K E R S T R U S T C O M PA N YY E A R E N D E D D E C E M B E R 3 1 , 2 0 1 4

BTC CAPITAL DES MOINES CEDAR RAPIDS MANAGEMENT ELIMINATIONS* COMBINED

$ 104,426,374 17,485,910 2,791 (20,009) $ 121,895,066

15,550,312 3,601,699 — (20,009) 19,132,002

88,876,062 13,884,211 2,791 — 102,763,064

2,000,000 500,000 — — 2,500,000

86,876,062 13,384,211 2,791 — 100,263,064

7,070,063 596,985 — — 7,667,048

17,555,466 896,849 4,329,953 (2,572,896) 20,209,372

3,106,356 232,008 — — 3,338,364

5,019,189 761,163 — — 5,780,352

32,751,074 2,487,005 4,329,953 (2,572,896) 36,995,136

46,154,494 4,683,769 2,111,009 — 52,949,272

7,881,289 1,237,573 209,771 — 9,328,633

10,357,505 2,345,640 314,834 (4,048,624) 8,969,355

1,527,340 240,000 — — 1,767,340

454,226 55,945 — — 510,171

10,627,485 1,194,423 446,575 1,475,728 13,744,211

77,002,339 9,757,350 3,082,189 (2,572,896) 87,268,982

42,624,797 6,113,866 1,250,555 — 49,989,218

14,446,777 2,078,121 446,000 — 16,970,898

$ 28,178,020 4,035,745 804,555 — $ 33,018,320

Interest income

Interest expense

Net interest income

Provision for losses on loans

Net interest income after provision for losses on loans

Non-interest income:

Service charges on deposit accounts

Trust and investment fees

Card fees

Other operating income

Total non-interest income

Non-interest expense:

Salaries and benefits

Occupancy expense

Professional and processing services

FDIC insurance expense

Other real estate owned costs

Other operating expense

Total non-interest expense

Income before income tax expense

Income tax expense

Net income

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* Represents eliminations of inter-company transactions between Bankers Trust Company Des Moines, Bankers Trust Company Cedar Rapids, and BTC Capital Management.


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DIANE C. BRIDGEWATEREVP/Chief Financial and Administrative O�cerLife Care Services, LLC

DONALD L. BLUMENTHALPresidentBlumenthal, Inc.

DR. GREGORY L. GEOFFROYPresident EmeritusIowa State University

JAMES E. HOHMANNRetired CEOFBL Financial Group

JOHN RUAN IIIChairman and CEORuan Transportation Management Systems, Inc.

SUKU RADIACEO and PresidentBankers Trust Company Des Moines

DOUGLAS K. SHULLMemberWarren County Board of Supervisors

JAN MILLER STRAUBPresident and CEOThe Straub Corporation

JAMES W. HUBBELL IIIChairmanHubbell Realty Company

DR. ANGELA L. WALKER FRANKLINPresidentDes Moines University

DR. STEVEN LEATHPresidentIowa State University

DES MOINESB O A R D O F D I R E C T O R S

B O A R D O F D I R E C T O R S

THOMAS L. ALLER Retired SVP Operations Support Alliant EnergyRetired President, Interstate Power and Light Company

CINDY DIETZDirector, External Relations Rockwell Collins

MARC GULLICKSONPresidentRyan Companies US, Inc. Iowa

STEPHEN R. HAMMESManaging DirectorIntegrus Consulting, LLC

JEFF CANNONPresident and CEODiamond V Mills, Inc.

SUKU RADIACEO and PresidentBankers Trust Company Des Moines

CEDAR RAPIDS

TIM KINTNER Chairman, Bankers Trust Company, Cedar Rapids Executive Vice President Consumer, Private, and Regional Banking Markets

PAT DEIGNANPresident and CEOBankers Trust Company Cedar Rapids

AL RUFFALOExecutive ChairmanRu¢aloCODY

DR. JAMES PHIFERPresident (Retired)Coe College


17C O M M U N I T Y B O A R D S

DON COFFINExecutive Vice President Chief Lending O�cer

SCOTT ELTJESExecutive Vice President Investment Management and Wealth Management

JENNIFER BRYANTSenior Vice President Human Resources

KIP ALBERTSONSenior Vice President, CFO and Chief Administrative O�cer

PAUL ERICKSONSenior Vice President Consumer Services

BANKERS TRUST COMPANYE X E C U T I V E C O M M I T T E E

SUKU RADIACEO and President

TIM KINTNER Chairman, Bankers Trust Company, Cedar Rapids Executive Vice President Consumer, Private, and Regional Banking Markets

DES MOINES:

L. J. Thomas Ahlers Thomas R. Bernau C. Edward Brown Pam Carmichael David M. CastenDr. Mary L. Chapman Brenda J. CushingLt. General Ron Dardis (USAF Retired)Barbara Quijano Decker Diane HeddenNickolas J. Henderson Kent L. Henning Richard W. Hurd Ronald L. KellerDan Keough Sharon Klaus John E. Lamale

José M. Laracuente William J. LillisRon Mells Chris MurrayRosemary Parson Stanley J. Reynolds Terry RichJe¢ Russell Walt Smith Steve SukupBenjamin B. Ullem Teresa VanVleet-Danos David H. Vellinga Daniel VesselyMark Vukovich Li ZhaoSteven E. Zumbach

Abby Gerhardt, Ankeny High School

Nathan Meador, Ankeny Centennial High School

Micah Augusma, Dallas Center Grimes High School

Ben Fitzgerald, Des Moines Christian High School

Cati Kalinoski, Dowling Catholic High School

Karla Chavez-Perez, East High School

Ben Davis, Johnston High School

Marilyn Lo, Lincoln High School

Cassie Harrington, North High School

Blake Bauer, Southeast Polk High School

Daly Hardy, Valley High School

Bryce Hingst, Waukee High School

YO U T H A D V I S O R Y B O A R D

Deborah Bailey Patsy Blazek Kim Birchette Cathy Cockayne Jean Johnson Willie Jones Karen Kramer Jo Leavengood

S E C U R E L I F E S T Y L E S B O A R D

PHOENIX:

Steven R. Jordan James Bart Patterson James W. Ryan Douglas SmithBenjamin B. Ullem Kenneth J. Vegors

Vickie Lilly Cindy MayoMichelle McCreery Dana Moomey Lois Roets Rosemarie Sherer James Walters Wendy Zohrer

Emily Abbas Kip Albertson Lisa Baker Randy Bergman Jennifer Bryant Gary Buelt Kevin Chorniak Don Co�n

M A N A G E M E N T C O M M I T T E E

Chuck Leibold Suku Radia Randy Remington Jana RiekerPat Rourke

Pat Deignan Scott Eltjes Paul Erickson Tina Smith Fritz Bob GagneTim Gehm Je¢ Jungman Tim Kintner


18 NOTES


19It’s Who We Are

415668_BankersTrust_2014AnnualReport_FINAL2.indd 19 3/5/15 2:29 PM

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