FDIC Certificate #: 21521 Status: Inactive Closing history: Corrections Acquiring institution:Whidbey Island Bank (#18412) Federal Reserve ID: 456474 Date Established: April 15, 1974 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 8 (Interstate: No) OTS Docket #: 8786 FDIC's unique #: 14884 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: April 15, 1974 Last Structure Change Effective Date: April 16, 2010 Last Structure Change Process Date: April 20, 2010 Last Data Update: April 20, 2010 Data Source Date: April 05, 2012
Location
Address: 14807 Hwy 99, Lynnwood, WA 98087 County: Snohomish Quarterly Banking Profile Region: San Francisco FDIC Geographic Region: San Francisco FDIC Supervisory Region: San Francisco FDIC Field Office: Seattle Office of the Comptroller the Currency (OCC) District: Midwest Office of Thrift Supervision Region: West Metropolitan Statistical Area (MSA): Seattle-Bellevue-Everett, WA (#7600) Consolidated Metropolitan Statistical Area (CMSA): Seattle-Tacoma-Bremerton, WA (#91) Combined Statistical Area (CSA): Seattle-Tacoma-Olympia, WA (#500) Core Based Statistical Area (CBSA): Seattle-Tacoma-Bellevue, WA (#42660) CBSA Metro Statistical Area: Seattle-Tacoma-Bellevue, WA (#42660) Core Based Statistical Division: Seattle-Bellevue-Everett, WA (#42644)
History of Changes
Absorption - Assisted
Corrections
Financial Summary
Total assets: $981.9 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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
157Total employees (full-time equivalent)
$1,114,261Total assets
$13,982Cash and due from depository institutions
$2,326Interest-bearing balances
$113,049Securities
$163,000Federal funds sold & reverse repurchase agreements
$568,062Net loans & leases
$15,671Loan loss allowance
$0Trading account assets
$4,647Bank premises and fixed assets
$178,272Other real estate owned
$149Goodwill and other intangibles
$0Life insurance assets
$73,100All other assets
$1,114,261Total liabilities and capital
$1,092,671Total liabilities
$1,020,494Total deposits
$990,906Interest-bearing deposits
$1,020,494Deposits held in domestic offices
98.41%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$65,170Other borrowed funds
$0Subordinated debt
$7,007All other liabilities
$21,590Total equity capital
$21,590Total bank equity capital
$21,590Perpetual preferred stock
$0Common stock
$15,764Surplus
$39,175Undivided profits
Memoranda
$-33,349Noncurrent loans and leases
$43,125Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$190,931Earning assets
$239Long-term assets (5+ years)
$1,749Average Assets, year-to-date
$846,437Average Assets, quarterly
$9,041Volatile liabilities
$1,263,932Insider loans
$1,166,809FHLB advances
$241,830Loans and leases held for sale
$219Unused loan commitments
$65,000Tier 1 (core) risk-based capital
$21,410Tier 2 risk-based capital
$5,887Total risk weighted assets
$43,125Total unused commitments
$0Restructured Loans and leases
$11,650Derivatives
Income and Expense (December 31, 2009)
Dollar figures in thousands
$39,936Total interest income
$36,052Total interest expense
$3,884Net interest income
$105,598Provision for loan and lease losses
$2,812Total noninterest income
$0Fiduciary activities
$352Service charges on deposit accounts
$0Trading account gains & fees
$2,460Additional noninterest income
$67,776Total noninterest expense
$5,946Salaries and employee benefits
$2,336Premises and equipment expense
$59,494Additional noninterest expense
-$166,678Pre-tax net operating income
$0Securities gains (losses)
-$47,178Applicable income taxes
-$119,500Income before extraordinary items
$0Extraordinary gains - net
-$119,500Net income attributable to bank
$0Net charge-offs
-$119,500Cash dividends
$124,916Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2009)
Dollar figures in thousands
Performance Ratios (%, annualized)
3.72%Yield on earning assets
3.36%Cost of funding earning assets
0.36%Net interest margin
0.26%Noninterest income to earning assets
6.32%Noninterest expense to earning assets
-9.45%Net operating income to assets
-9.45%Return on assets (ROA)
-13.19%Pretax return on assets
-124.24%Return on equity (ROE)
-124.24%Retained earnings to average equity (YTD only)
13.93%Net charge-offs to loans
84.54%Credit loss provision to net charge-offs
-0.49%Efficiency ratio
1,012,186Assets per employee
7.10%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
2.68%Loss allowance to noncurrent loans
8.21%Noncurrent assets plus other real estate owned to assets
33.13%Noncurrent loans to loans
32.71%Net loans and leases to deposits
55.67%Net loans and leases to core deposits
67.32%Equity capital to assets
1.94%Core capital (leverage) ratio
1.80%Tier 1 risk-based capital ratio
2.32%Total risk-based capital ratio
Memoranda
$4Average assets
$1,263,932Average earning assets
$96,187Average equity
$1,072,912Average loans
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