First Virginia Bank - Highlands in Covington, Virginia (VA)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of June 21, 1997

First Virginia Bank - Highlands in Covington, Virginia (VA)
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First Virginia Bank - Highlands - Overview

General
FDIC Certificate #: 6833
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: First Virginia Bank-Southwest (#20877)
Federal Reserve ID: 777928
Date Established: January 17, 1891
Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
Offices: 3 (Interstate: No)
FDIC's unique #: 4593
Numeric code: 13
Regulator: FED
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
Oakar Institutions: Yes
State Chartered: Yes
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: June 21, 1997
Last Structure Change Process Date: July 01, 1997
Last Data Update: July 01, 1997
Data Source Date: April 05, 2012
Location
Address: 450 West Main Street, Covington, VA 24426
County: Covington 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
Financial Summary
Total assets: $128.9 mil

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1996)

Dollar figures in thousands
0Total employees (full-time equivalent)
$34Total assets
$128,048Cash and due from depository institutions
$2,835Interest-bearing balances
$0Securities
$34,334Federal funds sold & reverse repurchase agreements
$5,280Net loans & leases
$82,876Loan loss allowance
$835Trading account assets
$0Bank premises and fixed assets
$1,369Other real estate owned
$0Goodwill and other intangibles
$1,354Life insurance assets
$0All other assets
$0Total liabilities and capital
$128,048Total liabilities
$118,136Total deposits
$116,638Interest-bearing deposits
$103,156Deposits held in domestic offices
116638.00%% insured (estimated)
$92Federal funds purchased & repurchase agreements
$640Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$0All other liabilities
$858Total equity capital
$858Total bank equity capital
$9,912Perpetual preferred stock
$0Common stock
$2,300Surplus
$2,300Undivided profits
Memoranda
$5,312Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$152Income earned, not collected on loans
$261Earning assets
$122,490Long-term assets (5+ years)
$38,469Average Assets, year-to-date
$130,659Average Assets, quarterly
$128,242Volatile liabilities
$10,352Insider loans
$709FHLB advances
$0Loans and leases held for sale
$0Unused loan commitments
$5,568Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$9,912Total risk weighted assets
$71,635Total unused commitments
$0Restructured Loans and leases
$0Derivatives

Income and Expense (December 31, 1996)

Dollar figures in thousands
$0Total interest income
$9,597Total interest expense
$4,101Net interest income
$5,496Provision for loan and lease losses
$198Total noninterest income
$616Fiduciary activities
$0Service charges on deposit accounts
$448Trading account gains & fees
$0Additional noninterest income
$168Total noninterest expense
$2,754Salaries and employee benefits
$920Premises and equipment expense
$191Additional noninterest expense
$1,643Pre-tax net operating income
$3,160Securities gains (losses)
$0Applicable income taxes
$1,105Income before extraordinary items
$2,055Extraordinary gains - net
$0Net income attributable to bank
$2,055Net charge-offs
$181Cash dividends
$2,414Sale, conversion, retirement of capital stock, net
$0Net operating income

Performance and Condition Ratios (December 31, 1996)

Dollar figures in thousands
Performance Ratios (%, annualized)
0.00%Yield on earning assets
7.66%Cost of funding earning assets
3.27%Net interest margin
4.39%Noninterest income to earning assets
0.49%Noninterest expense to earning assets
2.20%Net operating income to assets
1.57%Return on assets (ROA)
1.57%Pretax return on assets
2.42%Return on equity (ROE)
20.27%Retained earnings to average equity (YTD only)
-3.54%Net charge-offs to loans
0.21%Credit loss provision to net charge-offs
109.39%Efficiency ratio
45,059Assets per employee
3.77%Cash dividends to net income (YTD only)
Condition Ratios (%)
117.47%Loss allowance to loans
1.00%Loss allowance to noncurrent loans
549.34%Noncurrent assets plus other real estate owned to assets
0.12%Noncurrent loans to loans
0.18%Net loans and leases to deposits
71.05%Net loans and leases to core deposits
77.51%Equity capital to assets
7.74%Core capital (leverage) ratio
7.75%Tier 1 risk-based capital ratio
13.84%Total risk-based capital ratio
Memoranda
$15Average assets
$130,659Average earning assets
$10,138Average equity
$125,328Average loans

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