FDIC Certificate #: 20408 Status: Inactive Closing history: Absorption - Assisted Acquiring institution:Southern Bank and Trust Company (#15359) Federal Reserve ID: 821120 Date Established: April 14, 1971 Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB) Offices: 21 (Interstate: No) OTS Docket #: 15592 FDIC's unique #: 14063 Numeric code: 13 Regulator: FED 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: April 14, 1971 Last Structure Change Effective Date: September 23, 2011 Last Structure Change Process Date: September 26, 2011 Last Data Update: September 26, 2011 Data Source Date: April 05, 2012
Location
Address: Boush And Freemason Streets, Norfolk, VA 23510 County: Norfolk City Quarterly Banking Profile Region: Atlanta FDIC Geographic Region: Atlanta FDIC Supervisory Region: Atlanta FDIC Field Office: Richmond Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Southeast Metropolitan Statistical Area (MSA): Norfolk-Virginia Beach-Newport News, VA-NC (#5720) Core Based Statistical Area (CBSA): Virginia Beach-Norfolk-Newport News, VA-NC (#47260) CBSA Metro Statistical Area: Virginia Beach-Norfolk-Newport News, VA-NC (#47260)
Financial Summary
Total assets: $985.1 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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, 2010)
Dollar figures in thousands
191Total employees (full-time equivalent)
$1,112,732Total assets
$119,979Cash and due from depository institutions
$117,214Interest-bearing balances
$9,335Securities
$8Federal funds sold & reverse repurchase agreements
$888,299Net loans & leases
$63,038Loan loss allowance
$0Trading account assets
$34,770Bank premises and fixed assets
$32,228Other real estate owned
$249Goodwill and other intangibles
$1,572Life insurance assets
$27,864All other assets
$1,112,732Total liabilities and capital
$1,047,625Total liabilities
$961,095Total deposits
$918,947Interest-bearing deposits
$961,095Deposits held in domestic offices
98.82%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$79,000Other borrowed funds
$0Subordinated debt
$7,530All other liabilities
$65,107Total equity capital
$65,107Total bank equity capital
$64,858Perpetual preferred stock
$0Common stock
$1,374Surplus
$80,440Undivided profits
Memoranda
$-16,956Noncurrent loans and leases
$15,479Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$249Income earned, not collected on loans
$112,034Earning assets
$0Long-term assets (5+ years)
$5,439Average Assets, year-to-date
$1,014,856Average Assets, quarterly
$123,108Volatile liabilities
$1,206,774Insider loans
$1,145,995FHLB advances
$199,961Loans and leases held for sale
$12,518Unused loan commitments
$79,000Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$1,750Total risk weighted assets
$15,479Total unused commitments
$63,452Restructured Loans and leases
$11,908Derivatives
Income and Expense (December 31, 2010)
Dollar figures in thousands
$62,491Total interest income
$27,447Total interest expense
$35,044Net interest income
$36,513Provision for loan and lease losses
$2,677Total noninterest income
$292Fiduciary activities
$1,099Service charges on deposit accounts
$0Trading account gains & fees
$1,286Additional noninterest income
$27,153Total noninterest expense
$7,816Salaries and employee benefits
$5,823Premises and equipment expense
$13,514Additional noninterest expense
-$25,945Pre-tax net operating income
$2Securities gains (losses)
$8,456Applicable income taxes
-$34,399Income before extraordinary items
$0Extraordinary gains - net
-$34,410Net income attributable to bank
$11Net charge-offs
-$34,399Cash dividends
$19,245Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2010)
Dollar figures in thousands
Performance Ratios (%, annualized)
5.69%Yield on earning assets
2.50%Cost of funding earning assets
3.19%Net interest margin
0.24%Noninterest income to earning assets
2.47%Noninterest expense to earning assets
-2.85%Net operating income to assets
-2.85%Return on assets (ROA)
-2.15%Pretax return on assets
-38.52%Return on equity (ROE)
-38.52%Retained earnings to average equity (YTD only)
1.96%Net charge-offs to loans
189.73%Credit loss provision to net charge-offs
0.55%Efficiency ratio
71,984Assets per employee
5.83%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
6.63%Loss allowance to noncurrent loans
56.27%Noncurrent assets plus other real estate owned to assets
12.96%Noncurrent loans to loans
11.78%Net loans and leases to deposits
92.43%Net loans and leases to core deposits
112.42%Equity capital to assets
5.83%Core capital (leverage) ratio
5.58%Tier 1 risk-based capital ratio
7.21%Total risk-based capital ratio
Memoranda
$9Average assets
$1,206,774Average earning assets
$89,338Average equity
$1,097,805Average loans
Total Fiduciary and Related Assets (December 31, 2010)
Dollar figures in thousands
$1Total fiduciary and related assets
1Number of Fiduciary Accounts and Related Asset Accounts
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