FDIC Certificate #: 35362 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Sterling Savings Bank (#32158) Federal Reserve ID: 2916879 Date Established: June 01, 2000 Bank Charter Class: Savings banks, state charter, supervised by the FDIC Offices: 1 (Interstate: No) FDIC's unique #: 78824 Numeric code: 41 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) FDIC Insured: Yes Insured Savings Institution: Yes Deposit Insurance Fund member: Yes State Chartered: Yes Date of Deposit Insurance: June 01, 2000 Last Structure Change Effective Date: August 03, 2010 Last Structure Change Process Date: August 13, 2010 Last Data Update: August 13, 2010 Data Source Date: April 05, 2012
Location
Address: 6505 218th Street S.W., Suite 9, Mountlake Terrace, WA 98043 County: Snohomish 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: $562.9 mil
2000 - 2011 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Historical total employees (full-time equivalent)
Assets and Liabilities (December 31, 2009)
Dollar figures in thousands
610Total employees (full-time equivalent)
$593,916Total assets
$7,854Cash and due from depository institutions
$4,505Interest-bearing balances
$48,118Securities
$0Federal funds sold & reverse repurchase agreements
$490,254Net loans & leases
$7,626Loan loss allowance
$0Trading account assets
$3,831Bank premises and fixed assets
$16,498Other real estate owned
$6,860Goodwill and other intangibles
$0Life insurance assets
$20,501All other assets
$593,917Total liabilities and capital
$531,808Total liabilities
$405,985Total deposits
$393,520Interest-bearing deposits
$405,985Deposits held in domestic offices
65.92%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$113,496Other borrowed funds
$0Subordinated debt
$12,327All other liabilities
$62,109Total equity capital
$62,109Total bank equity capital
$62,109Perpetual preferred stock
$25,000Common stock
$0Surplus
$35,710Undivided profits
Memoranda
$1,399Noncurrent loans and leases
$23,448Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$34,191Earning assets
$0Long-term assets (5+ years)
$2,043Average Assets, year-to-date
$542,877Average Assets, quarterly
$310,258Volatile liabilities
$575,340Insider loans
$587,876FHLB advances
$38,843Loans and leases held for sale
$210Unused loan commitments
$79,906Tier 1 (core) risk-based capital
$394,429Tier 2 risk-based capital
$189,146Total risk weighted assets
$23,448Total unused commitments
$2,059Restructured Loans and leases
$4,403Derivatives
Income and Expense (December 31, 2009)
Dollar figures in thousands
$30,108Total interest income
$13,586Total interest expense
$16,522Net interest income
$23,610Provision for loan and lease losses
$48,066Total noninterest income
$0Fiduciary activities
$17Service charges on deposit accounts
$0Trading account gains & fees
$48,049Additional noninterest income
$35,897Total noninterest expense
$17,525Salaries and employee benefits
$5,819Premises and equipment expense
$12,553Additional noninterest expense
$5,081Pre-tax net operating income
$1,246Securities gains (losses)
$2,113Applicable income taxes
$4,214Income before extraordinary items
$0Extraordinary gains - net
$4,214Net income attributable to bank
$0Net charge-offs
$4,214Cash dividends
$22,873Sale, conversion, retirement of capital stock, net
$606Net operating income
Performance and Condition Ratios (December 31, 2009)
Dollar figures in thousands
Performance Ratios (%, annualized)
5.62%Yield on earning assets
2.53%Cost of funding earning assets
3.08%Net interest margin
8.97%Noninterest income to earning assets
6.70%Noninterest expense to earning assets
0.59%Net operating income to assets
0.73%Return on assets (ROA)
1.10%Pretax return on assets
6.81%Return on equity (ROE)
5.83%Retained earnings to average equity (YTD only)
4.49%Net charge-offs to loans
103.22%Credit loss provision to net charge-offs
1.25%Efficiency ratio
55,498Assets per employee
0.97%Cash dividends to net income (YTD only)
Condition Ratios (%)
14.38%Loss allowance to loans
1.53%Loss allowance to noncurrent loans
22.30%Noncurrent assets plus other real estate owned to assets
8.53%Noncurrent loans to loans
6.87%Net loans and leases to deposits
120.76%Net loans and leases to core deposits
122.34%Equity capital to assets
10.46%Core capital (leverage) ratio
11.20%Tier 1 risk-based capital ratio
17.75%Total risk-based capital ratio
Memoranda
$19Average assets
$575,340Average earning assets
$61,890Average equity
$536,015Average loans
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