FDIC Certificate #: 10054 Status: Inactive Closing history: Corrections Acquiring institution:Citizens South Bank (#28833) Federal Reserve ID: 506838 Date Established: July 21, 1909 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 5 (Interstate: No) OTS Docket #: 14471 FDIC's unique #: 6426 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes State Chartered: Yes Date of Deposit Insurance: January 01, 1934 Last Structure Change Effective Date: March 19, 2010 Last Structure Change Process Date: March 22, 2010 Last Data Update: March 22, 2010 Data Source Date: April 05, 2012
Location
Address: 20 Main Street, Hiawassee, GA 30546 County: Towns Quarterly Banking Profile Region: Atlanta FDIC Geographic Region: Atlanta FDIC Supervisory Region: Atlanta FDIC Field Office: Atlanta Office of the Comptroller the Currency (OCC) District: Southwest Office of Thrift Supervision Region: Southeast
History of Changes
Absorption - Assisted
Corrections
Financial Summary
Total assets: $377.8 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
2000 - 2011 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Historical total employees (full-time equivalent)
Assets and Liabilities (December 31, 2009)
Dollar figures in thousands
119Total employees (full-time equivalent)
$377,779Total assets
$17,559Cash and due from depository institutions
$12,386Interest-bearing balances
$25,144Securities
$18,848Federal funds sold & reverse repurchase agreements
$269,608Net loans & leases
$12,331Loan loss allowance
$0Trading account assets
$10,943Bank premises and fixed assets
$15,578Other real estate owned
$0Goodwill and other intangibles
$11,318Life insurance assets
$20,099All other assets
$377,779Total liabilities and capital
$372,131Total liabilities
$339,597Total deposits
$315,973Interest-bearing deposits
$339,597Deposits held in domestic offices
96.07%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$30,000Other borrowed funds
$0Subordinated debt
$2,534All other liabilities
$5,648Total equity capital
$5,648Total bank equity capital
$5,648Perpetual preferred stock
$0Common stock
$1,600Surplus
$27,431Undivided profits
Memoranda
$-23,383Noncurrent loans and leases
$17,148Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$57,228Earning assets
$0Long-term assets (5+ years)
$1,664Average Assets, year-to-date
$325,986Average Assets, quarterly
$29,075Volatile liabilities
$416,252Insider loans
$394,294FHLB advances
$83,210Loans and leases held for sale
$2,177Unused loan commitments
$30,000Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$17,148Total unused commitments
$2,660Restructured Loans and leases
$3,989Derivatives
Income and Expense (December 31, 2009)
Dollar figures in thousands
$16,963Total interest income
$10,754Total interest expense
$6,209Net interest income
$24,412Provision for loan and lease losses
$1,365Total noninterest income
$0Fiduciary activities
$654Service charges on deposit accounts
$0Trading account gains & fees
$711Additional noninterest income
$15,058Total noninterest expense
$6,795Salaries and employee benefits
$1,369Premises and equipment expense
$6,894Additional noninterest expense
-$31,896Pre-tax net operating income
$168Securities gains (losses)
-$1,063Applicable income taxes
-$30,665Income before extraordinary items
$0Extraordinary gains - net
-$30,665Net income attributable to bank
$0Net charge-offs
-$30,665Cash dividends
$21,872Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2009)
Dollar figures in thousands
Performance Ratios (%, annualized)
4.65%Yield on earning assets
2.95%Cost of funding earning assets
1.70%Net interest margin
0.37%Noninterest income to earning assets
4.13%Noninterest expense to earning assets
-7.41%Net operating income to assets
-7.37%Return on assets (ROA)
-7.62%Pretax return on assets
-118.79%Return on equity (ROE)
-118.79%Retained earnings to average equity (YTD only)
6.96%Net charge-offs to loans
111.61%Credit loss provision to net charge-offs
-0.34%Efficiency ratio
198,812Assets per employee
3.17%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
4.37%Loss allowance to noncurrent loans
21.55%Noncurrent assets plus other real estate owned to assets
19.27%Noncurrent loans to loans
20.30%Net loans and leases to deposits
79.39%Net loans and leases to core deposits
104.34%Equity capital to assets
1.50%Core capital (leverage) ratio
1.35%Tier 1 risk-based capital ratio
1.75%Total risk-based capital ratio
Memoranda
$3Average assets
$416,252Average earning assets
$25,813Average equity
$364,896Average loans
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