Southern Community Bank, Atlantic in Destin, Florida (FL)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of August 22, 2003

  • Southern Community Bank, Atlantic in Destin, Florida (FL)
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Southern Community Bank, Atlantic - Overview

  • General
  • FDIC Certificate #: 34816
    Status: Inactive
    Closing history: Change in Location
    Acquiring institution: Trustmark National Bank (#4988)
    Federal Reserve ID: 2736929
    Date Established: October 09, 1998
    WWW: http://www.southernbank.net
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 4 (Interstate: No)
    FDIC's unique #: 61727
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Bank Insurance Fund (BIF)
    Bank Insurance Fund: Yes
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    State Chartered: Yes
    Date of Deposit Insurance: October 09, 1998
    Last Structure Change Effective Date: August 22, 2003
    Last Structure Change Process Date: October 02, 2003
    Last Data Update: October 02, 2003
    Data Source Date: April 05, 2012
  • Location
  • Address: 16055 Emerald Coast Parkway, West, Suite 104, Destin, FL 32541
    County: Okaloosa
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: Gainesville
    Office of the Comptroller the Currency (OCC) District: Southwest
    Office of Thrift Supervision Region: Southeast
    Metropolitan Statistical Area (MSA): Fort Walton Beach, FL (#2750)
    Core Based Statistical Area (CBSA): Crestview-Fort Walton Beach-Destin, FL (#18880)
    CBSA Metro Statistical Area: Crestview-Fort Walton Beach-Destin, FL (#18880)
  • History of Changes
  • Merger - Without Assistance
    Office Sold
    Change in Location
  • Financial Summary
  • Total assets: $137.7 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, 2002)

  • Dollar figures in thousands
  • 33Total employees (full-time equivalent)
  • $102,446Total assets
  • $3,704Cash and due from depository institutions
  • $12Interest-bearing balances
  • $8,419Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $85,588Net loans & leases
  • $953Loan loss allowance
  • $0Trading account assets
  • $2,587Bank premises and fixed assets
  • $0Other real estate owned
  • $970Goodwill and other intangibles
  • $0Life insurance assets
  • $1,178All other assets
  • $102,446Total liabilities and capital
  • $91,879Total liabilities
  • $88,137Total deposits
  • $73,730Interest-bearing deposits
  • $88,137Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $3,411Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $331All other liabilities
  • $10,567Total equity capital
  • $10,567Total bank equity capital
  • $10,567Perpetual preferred stock
  • $0Common stock
  • $3,679Surplus
  • $5,617Undivided profits
  • Memoranda
  • $1,271Noncurrent loans and leases
  • $43,677Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $50Earning assets
  • $0Long-term assets (5+ years)
  • $399Average Assets, year-to-date
  • $94,019Average Assets, quarterly
  • $5,022Volatile liabilities
  • $90,239Insider loans
  • $97,233FHLB advances
  • $21,971Loans and leases held for sale
  • $7,221Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $43,677Total unused commitments
  • $0Restructured Loans and leases
  • $953Derivatives

Income and Expense (December 31, 2002)

  • Dollar figures in thousands
  • $5,187Total interest income
  • $1,812Total interest expense
  • $3,375Net interest income
  • $287Provision for loan and lease losses
  • $343Total noninterest income
  • $0Fiduciary activities
  • $169Service charges on deposit accounts
  • $0Trading account gains & fees
  • $174Additional noninterest income
  • $2,943Total noninterest expense
  • $1,322Salaries and employee benefits
  • $595Premises and equipment expense
  • $1,026Additional noninterest expense
  • $488Pre-tax net operating income
  • $34Securities gains (losses)
  • $193Applicable income taxes
  • $329Income before extraordinary items
  • $0Extraordinary gains - net
  • $329Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $44Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2002)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 6.33%Yield on earning assets
  • 2.21%Cost of funding earning assets
  • 4.12%Net interest margin
  • 0.42%Noninterest income to earning assets
  • 3.59%Noninterest expense to earning assets
  • 0.34%Net operating income to assets
  • 0.36%Return on assets (ROA)
  • 0.58%Pretax return on assets
  • 3.18%Return on equity (ROE)
  • 3.18%Retained earnings to average equity (YTD only)
  • 0.06%Net charge-offs to loans
  • 652.27%Credit loss provision to net charge-offs
  • 17.61%Efficiency ratio
  • 79,155Assets per employee
  • 3.10%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.10%Loss allowance to noncurrent loans
  • 1906.00%Noncurrent assets plus other real estate owned to assets
  • 0.05%Noncurrent loans to loans
  • 0.06%Net loans and leases to deposits
  • 97.11%Net loans and leases to core deposits
  • 123.01%Equity capital to assets
  • 10.31%Core capital (leverage) ratio
  • 9.55%Tier 1 risk-based capital ratio
  • 9.35%Total risk-based capital ratio
  • Memoranda
  • $10Average assets
  • $90,239Average earning assets
  • $10,341Average equity
  • $81,995Average loans

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