FDIC Certificate #: 34682 Status: Inactive Closing history: Corrections Acquiring institution:Stearns Bank National Association (#10988) Federal Reserve ID: 2723796 Date Established: August 17, 1998 Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS) OTS Docket #: 14912 FDIC's unique #: 61193 Numeric code: 33 Regulator: OTS Insurance Fund Membership: Deposit Insurance Fund (DIF) FDIC Insured: Yes Insured Savings Institution: Yes Deposit Insurance Fund member: Yes State Chartered: No Date of Deposit Insurance: August 17, 1998 Last Structure Change Effective Date: August 21, 2009 Last Structure Change Process Date: August 25, 2009 Last Data Update: August 25, 2009 Data Source Date: April 05, 2012
Location
Address: 2410 Paces Ferry Road, Suite 190, Atlanta, GA 30339 County: Cobb 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 Metropolitan Statistical Area (MSA): Atlanta, GA (#520) Combined Statistical Area (CSA): Atlanta-Sandy Springs-Gainesville, GA-AL (#122) Core Based Statistical Area (CBSA): Atlanta-Sandy Springs-Marietta, GA (#12060) CBSA Metro Statistical Area: Atlanta-Sandy Springs-Marietta, GA (#12060)
History of Changes
Absorption - Assisted
Corrections
Financial Summary
Total assets: $144.7 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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, 2008)
Dollar figures in thousands
18Total employees (full-time equivalent)
$153,000Total assets
$5,062Cash and due from depository institutions
$4,427Interest-bearing balances
$23,077Securities
$13,652Federal funds sold & reverse repurchase agreements
$95,436Net loans & leases
$1,635Loan loss allowance
$0Trading account assets
$300Bank premises and fixed assets
$13,461Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$2,012All other assets
$153,000Total liabilities and capital
$147,381Total liabilities
$136,669Total deposits
$133,327Interest-bearing deposits
$136,669Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$10,000Other borrowed funds
$0Subordinated debt
$712All other liabilities
$5,619Total equity capital
$5,619Total bank equity capital
$5,619Perpetual preferred stock
$0Common stock
$9Surplus
$19,393Undivided profits
Memoranda
$-13,783Noncurrent loans and leases
$11,727Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$9,692Earning assets
$0Long-term assets (5+ years)
$770Average Assets, year-to-date
$136,592Average Assets, quarterly
$0Volatile liabilities
$146,364Insider loans
$149,609FHLB advances
$36,985Loans and leases held for sale
$1,608Unused loan commitments
$10,000Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$11,727Total unused commitments
$2,348Restructured Loans and leases
$1,315Derivatives
Income and Expense (December 31, 2008)
Dollar figures in thousands
$6,829Total interest income
$5,255Total interest expense
$1,574Net interest income
$2,964Provision for loan and lease losses
$271Total noninterest income
$0Fiduciary activities
$0Service charges on deposit accounts
$0Trading account gains & fees
$271Additional noninterest income
$6,117Total noninterest expense
$1,867Salaries and employee benefits
$1,017Premises and equipment expense
$3,233Additional noninterest expense
-$7,236Pre-tax net operating income
$113Securities gains (losses)
$0Applicable income taxes
-$7,123Income before extraordinary items
$0Extraordinary gains - net
-$7,123Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$2,673Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2008)
Dollar figures in thousands
Performance Ratios (%, annualized)
5.15%Yield on earning assets
3.96%Cost of funding earning assets
1.19%Net interest margin
0.20%Noninterest income to earning assets
4.61%Noninterest expense to earning assets
-4.94%Net operating income to assets
-4.87%Return on assets (ROA)
-4.87%Pretax return on assets
-101.29%Return on equity (ROE)
-101.29%Retained earnings to average equity (YTD only)
2.56%Net charge-offs to loans
110.89%Credit loss provision to net charge-offs
-1.60%Efficiency ratio
331,545Assets per employee
8.50%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
1.68%Loss allowance to noncurrent loans
16.87%Noncurrent assets plus other real estate owned to assets
15.13%Noncurrent loans to loans
9.98%Net loans and leases to deposits
69.83%Net loans and leases to core deposits
87.01%Equity capital to assets
3.67%Core capital (leverage) ratio
3.87%Tier 1 risk-based capital ratio
5.64%Total risk-based capital ratio
Memoranda
$7Average assets
$146,364Average earning assets
$7,032Average equity
$132,641Average loans
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