First Western Bank in Burnsville, North Carolina (NC)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of December 31, 2001

First Western Bank in Burnsville, North Carolina (NC)
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First Western Bank - Overview

General
FDIC Certificate #: 34570
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: MountainBank (#34438)
Federal Reserve ID: 2640772
Date Established: December 15, 1997
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 4 (Interstate: No)
FDIC's unique #: 59078
Numeric code: 21
Regulator: FDIC
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: December 15, 1997
Last Structure Change Effective Date: December 31, 2001
Last Structure Change Process Date: January 22, 2002
Last Data Update: January 22, 2002
Data Source Date: April 05, 2012
Location
Address: 600 West By-Pass, Burnsville, NC 28714
County: Yancey
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Charlotte
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Financial Summary
Total assets: $97.1 mil

1992 - 1999 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, 2000)

Dollar figures in thousands
37Total employees (full-time equivalent)
$71,847Total assets
$2,341Cash and due from depository institutions
$189Interest-bearing balances
$12,741Securities
$0Federal funds sold & reverse repurchase agreements
$51,323Net loans & leases
$714Loan loss allowance
$0Trading account assets
$3,814Bank premises and fixed assets
$37Other real estate owned
$1,177Goodwill and other intangibles
$0Life insurance assets
$414All other assets
$71,847Total liabilities and capital
$58,375Total liabilities
$56,926Total deposits
$48,850Interest-bearing deposits
$56,926Deposits held in domestic offices
0.00%% insured (estimated)
$710Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$739All other liabilities
$13,472Total equity capital
$13,472Total bank equity capital
$13,472Perpetual preferred stock
$0Common stock
$6,977Surplus
$6,882Undivided profits
Memoranda
$-387Noncurrent loans and leases
$6,181Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$316Earning assets
$0Long-term assets (5+ years)
$227Average Assets, year-to-date
$64,253Average Assets, quarterly
$26,264Volatile liabilities
$67,937Insider loans
$70,959FHLB advances
$12,242Loans and leases held for sale
$4,186Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$6,181Total unused commitments
$0Restructured Loans and leases
$655Derivatives

Income and Expense (December 31, 2000)

Dollar figures in thousands
$4,968Total interest income
$2,242Total interest expense
$2,726Net interest income
$199Provision for loan and lease losses
$609Total noninterest income
$0Fiduciary activities
$228Service charges on deposit accounts
$0Trading account gains & fees
$381Additional noninterest income
$3,046Total noninterest expense
$1,371Salaries and employee benefits
$401Premises and equipment expense
$1,274Additional noninterest expense
$90Pre-tax net operating income
$0Securities gains (losses)
-$349Applicable income taxes
$439Income before extraordinary items
$0Extraordinary gains - net
$439Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$47Sale, conversion, retirement of capital stock, net
$0Net operating income

Performance and Condition Ratios (December 31, 2000)

Dollar figures in thousands
Performance Ratios (%, annualized)
8.20%Yield on earning assets
3.70%Cost of funding earning assets
4.50%Net interest margin
1.01%Noninterest income to earning assets
5.03%Noninterest expense to earning assets
0.65%Net operating income to assets
0.65%Return on assets (ROA)
0.13%Pretax return on assets
3.21%Return on equity (ROE)
3.21%Retained earnings to average equity (YTD only)
0.10%Net charge-offs to loans
423.40%Credit loss provision to net charge-offs
6.15%Efficiency ratio
87,886Assets per employee
1.94%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
1.37%Loss allowance to noncurrent loans
225.95%Noncurrent assets plus other real estate owned to assets
0.49%Noncurrent loans to loans
0.61%Net loans and leases to deposits
90.16%Net loans and leases to core deposits
113.06%Equity capital to assets
18.75%Core capital (leverage) ratio
17.57%Tier 1 risk-based capital ratio
24.28%Total risk-based capital ratio
Memoranda
$26Average assets
$67,937Average earning assets
$13,667Average equity
$60,586Average loans

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