FDIC Certificate #: 57799 Status: Active Federal Reserve ID: 3282692 Date Established: July 19, 2004 WWW:http://www.firstsoundbank.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) FDIC's unique #: 425699 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: July 19, 2004 Last Structure Change Effective Date: Febuary 10, 2012 Last Structure Change Process Date: Febuary 10, 2012 Last Data Update: Febuary 10, 2012 Data Source Date: April 05, 2012
Location
Address: 925 Fourth Avenue, Suite 2350, Seattle, WA 98104 County: King 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)
Financial Summary
Total assets: $149.0 mil Equity capital: $4.1 mil Deposits held in domestic offices: $141.5 mil Return on assets (ROA): -4.05% (-$6.0 mil) Quarterly return on assets: 2.71% ($4.0 mil) Return on Equity (ROE): -123.80% (-$5.0 mil) Quarterly return on equity: 112.49% ($4.5 mil) Net income: -$6.0 mil Quarterly Net income: $1.0 mil Pretax return on assets: -4.05% (-$6,034.3 mil) Quarterly Pretax return on assets: 2.71% ($4,037.8 mil)
2000 - 2011 Historical total assets, liabilities and capital ($ 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
26Total employees (full-time equivalent)
$148,995Total assets
$45,074Cash and due from depository institutions
$42,614Interest-bearing balances
$617Securities
$0Federal funds sold & reverse repurchase agreements
$94,964Net loans & leases
$3,613Loan loss allowance
$0Trading account assets
$716Bank premises and fixed assets
$4,532Other real estate owned
$0Goodwill and other intangibles
$148,995Life insurance assets
$3,092All other assets
$144,926Total liabilities and capital
$141,540Total liabilities
$121,009Total deposits
$141,540Interest-bearing deposits
$98Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$3,386Subordinated debt
$4,069All other liabilities
$4,069Total equity capital
$4,069Total bank equity capital
$7,309Perpetual preferred stock
$0Common stock
$51,258Surplus
$-54,498Undivided profits
Memoranda
$0Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$11,220Income earned, not collected on loans
$73Earning assets
$349Long-term assets (5+ years)
$138,195Average Assets, year-to-date
$4,772Average Assets, quarterly
$147,133Volatile liabilities
$147,615Insider loans
$101,001FHLB advances
$146,824Loans and leases held for sale
$0Unused loan commitments
$0Tier 1 (core) risk-based capital
$4,059Tier 2 risk-based capital
$0Total risk weighted assets
$0Total unused commitments
$19,180Restructured Loans and leases
$170Derivatives
Income and Expense (December 31, 2011)
Dollar figures in thousands
$6,844Total interest income
$1,192Total interest expense
$5,652Net interest income
$1,723Provision for loan and lease losses
-$710Total noninterest income
$0Fiduciary activities
$144Service charges on deposit accounts
$0Trading account gains & fees
-$854Additional noninterest income
$7,728Total noninterest expense
$2,234Salaries and employee benefits
$2,018Premises and equipment expense
$3,476Additional noninterest expense
-$4,509Pre-tax net operating income
$0Securities gains (losses)
$0Applicable income taxes
-$4,509Income before extraordinary items
-$1,455Extraordinary gains - net
-$5,964Net income attributable to bank
$0Net charge-offs
-$5,964Cash dividends
$4,282Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2011)
Dollar figures in thousands
Performance Ratios (%, annualized)
5.11%Yield on earning assets
0.89%Cost of funding earning assets
4.22%Net interest margin
-0.53%Noninterest income to earning assets
5.77%Noninterest expense to earning assets
-3.06%Net operating income to assets
-4.05%Return on assets (ROA)
-4.05%Pretax return on assets
-123.80%Return on equity (ROE)
-123.80%Retained earnings to average equity (YTD only)
4.06%Net charge-offs to loans
40.24%Credit loss provision to net charge-offs
-0.65%Efficiency ratio
156,374Assets per employee
5.73%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
3.67%Loss allowance to noncurrent loans
32.20%Noncurrent assets plus other real estate owned to assets
10.57%Noncurrent loans to loans
11.38%Net loans and leases to deposits
67.09%Net loans and leases to core deposits
67.33%Equity capital to assets
2.73%Core capital (leverage) ratio
2.76%Tier 1 risk-based capital ratio
4.02%Total risk-based capital ratio
Memoranda
$5Average assets
$147,133Average earning assets
$4,817Average equity
$133,995Average loans
List of branches
1 Washington Branch as of April 05, 2012
No
ID
Name
Address
Established
Service Type
Map
0
425699
First Sound Bank
925 Fourth Avenue, Suite 2350, Seattle, WA 98104
July 19, 2004
Full Service Brick and Mortar
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