FDIC Certificate #: 22476 Status: Active Federal Reserve ID: 533937 Bank Holding Company (Regulatory Top Holder): Covenant Bancshares, Inc. (RSSDID: 3625646, Location: Chicago, IL) Date Established: June 20, 1977 WWW:http://www.covenant-bank.com Trust Powers Granted: No Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 1 (Domestic: 1, Interstate: No) OTS Docket #: 10955 FDIC's unique #: 15670 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes Ownership Type: Non-Stock FFIEC Call Report 31 Filer: No State Chartered: Yes Subchapter S Corporations: No Asset Concentration Hierarchy: Commercial Lending Specialization Date of Deposit Insurance: June 20, 1977 Last Structure Change Effective Date: April 01, 2011 Last Structure Change Process Date: April 06, 2011 Last Data Update: April 06, 2011 Data Source Date: April 05, 2012
Location
Address: 1111 South Homan Avenue, Chicago, IL 60624 County: Cook Quarterly Banking Profile Region: Chicago FDIC Geographic Region: Chicago FDIC Supervisory Region: Chicago FDIC Field Office: Chicago Office of the Comptroller the Currency (OCC) District: Central Office of Thrift Supervision Region: Central Metropolitan Statistical Area (MSA): Chicago, IL (#1600) Consolidated Metropolitan Statistical Area (CMSA): Chicago-Gary-Kenosha, IL-IN-WI (#14) Combined Statistical Area (CSA): Chicago-Naperville-Michigan City, IL-IN-WI (#176) Core Based Statistical Area (CBSA): Chicago-Joliet-Naperville, IL-IN-WI (#16980) CBSA Metro Statistical Area: Chicago-Joliet-Naperville, IL-IN-WI (#16980) Core Based Statistical Division: Chicago-Joliet-Naperville, IL (#16974)
Financial Summary
Total assets: $63.5 mil Equity capital: $3.0 mil Deposits held in domestic offices: $56.5 mil Return on assets (ROA): -2.39% (-$1.5 mil) Quarterly return on assets: -2.38% (-$1.5 mil) Return on Equity (ROE): -39.82% (-$1.2 mil) Quarterly return on equity: -43.70% (-$1.3 mil) Net income: -$1.6 mil Quarterly Net income: -$0.4 mil Pretax return on assets: -2.39% (-$1,517.9 mil) Quarterly Pretax return on assets: -2.38% (-$1,511.5 mil)
1992 - 1999 Historical total assets, liabilities and capital ($ 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, 2011)
Dollar figures in thousands
23Total employees (full-time equivalent)
$63,510Total assets
$8,223Cash and due from depository institutions
$6,548Interest-bearing balances
$5,276Securities
$550Federal funds sold & reverse repurchase agreements
$43,720Net loans & leases
$1,115Loan loss allowance
$0Trading account assets
$2,522Bank premises and fixed assets
$1,605Other real estate owned
$211Goodwill and other intangibles
$63,510Life insurance assets
$1,403All other assets
$60,517Total liabilities and capital
$56,493Total liabilities
$50,338Total deposits
$56,493Interest-bearing deposits
$99Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$3,750Trading liabilities
$0Other borrowed funds
$274Subordinated debt
$2,993All other liabilities
$2,993Total equity capital
$2,993Total bank equity capital
$0Perpetual preferred stock
$5,998Common stock
$4,889Surplus
$-7,894Undivided profits
Memoranda
$0Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$4,936Income earned, not collected on loans
$0Earning assets
$261Long-term assets (5+ years)
$56,094Average Assets, year-to-date
$7,935Average Assets, quarterly
$65,946Volatile liabilities
$63,586Insider loans
$39,511FHLB advances
$62,844Loans and leases held for sale
$0Unused loan commitments
$0Tier 1 (core) risk-based capital
$2,785Tier 2 risk-based capital
$0Total risk weighted assets
$0Total unused commitments
$120Restructured Loans and leases
$0Derivatives
Income and Expense (December 31, 2011)
Dollar figures in thousands
$3,174Total interest income
$748Total interest expense
$2,426Net interest income
$829Provision for loan and lease losses
$834Total noninterest income
$0Fiduciary activities
$173Service charges on deposit accounts
$33Trading account gains & fees
$628Additional noninterest income
$4,068Total noninterest expense
$1,423Salaries and employee benefits
$437Premises and equipment expense
$2,208Additional noninterest expense
-$1,637Pre-tax net operating income
$60Securities gains (losses)
$0Applicable income taxes
-$1,577Income before extraordinary items
$0Extraordinary gains - net
-$1,577Net income attributable to bank
$0Net charge-offs
-$1,577Cash dividends
$1,309Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2011)
Dollar figures in thousands
Performance Ratios (%, annualized)
5.39%Yield on earning assets
1.27%Cost of funding earning assets
4.12%Net interest margin
1.42%Noninterest income to earning assets
6.90%Noninterest expense to earning assets
-2.48%Net operating income to assets
-2.39%Return on assets (ROA)
-2.39%Pretax return on assets
-39.82%Return on equity (ROE)
-39.82%Retained earnings to average equity (YTD only)
2.66%Net charge-offs to loans
63.33%Credit loss provision to net charge-offs
-0.62%Efficiency ratio
122,761Assets per employee
2.76%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
2.49%Loss allowance to noncurrent loans
22.59%Noncurrent assets plus other real estate owned to assets
10.30%Noncurrent loans to loans
11.01%Net loans and leases to deposits
77.39%Net loans and leases to core deposits
89.89%Equity capital to assets
4.71%Core capital (leverage) ratio
4.43%Tier 1 risk-based capital ratio
7.05%Total risk-based capital ratio
Memoranda
$8Average assets
$65,946Average earning assets
$3,961Average equity
$58,929Average loans
List of branches
1 Illinois Branch as of April 05, 2012
No
ID
Name
Address
Established
Service Type
Map
0
15670
Covenant Bank
1111 South Homan Avenue, Chicago, IL 60624
June 20, 1977
Full Service Brick and Mortar
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