Southern Ocean State Bank in Little Egg Harbor Township, New Jersey (NJ)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of July 29, 1994

  • Southern Ocean State Bank in Little Egg Harbor Township, New Jersey (NJ)
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Southern Ocean State Bank - Overview

  • General
  • FDIC Certificate #: 22274
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Sun National Bank (#26240)
    Federal Reserve ID: 860914
    Date Established: May 17, 1976
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 4 (Interstate: No)
    FDIC's unique #: 15486
    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: May 17, 1976
    Last Structure Change Effective Date: July 29, 1994
    Last Structure Change Process Date: August 09, 1994
    Last Data Update: August 09, 1994
    Data Source Date: April 05, 2012
  • Location
  • Address: Route 9, Little Egg Harbor Township, NJ 8087
    County: Ocean
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: Jamesburg
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): Monmouth-Ocean, NJ (#5190)
    Consolidated Metropolitan Statistical Area (CMSA): New York-Northern New Jersey-Long Island, NY-NJ-CT-PA (#70)
    Combined Statistical Area (CSA): New York-Newark-Bridgeport, NY-NJ-CT-PA (#408)
    Core Based Statistical Area (CBSA): New York-Northern New Jersey-Long Island, NY-NJ-PA (#35620)
    CBSA Metro Statistical Area: New York-Northern New Jersey-Long Island, NY-NJ-PA (#35620)
    Core Based Statistical Division: Edison-New Brunswick, NJ (#20764)
  • Financial Summary
  • Total assets: $69.1 mil

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

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1993)

  • Dollar figures in thousands
  • 0Total employees (full-time equivalent)
  • $37Total assets
  • $69,900Cash and due from depository institutions
  • $3,965Interest-bearing balances
  • $1,589Securities
  • $26,340Federal funds sold & reverse repurchase agreements
  • $800Net loans & leases
  • $35,670Loan loss allowance
  • $477Trading account assets
  • $0Bank premises and fixed assets
  • $1,510Other real estate owned
  • $937Goodwill and other intangibles
  • $678Life insurance assets
  • $0All other assets
  • $0Total liabilities and capital
  • $69,900Total liabilities
  • $64,234Total deposits
  • $63,578Interest-bearing deposits
  • $53,953Deposits held in domestic offices
  • 63578.00%% insured (estimated)
  • $96Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $0All other liabilities
  • $656Total equity capital
  • $656Total bank equity capital
  • $5,666Perpetual preferred stock
  • $0Common stock
  • $1,660Surplus
  • $1,705Undivided profits
  • Memoranda
  • $2,301Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $679Income earned, not collected on loans
  • $241Earning assets
  • $64,399Long-term assets (5+ years)
  • $7,018Average Assets, year-to-date
  • $70,859Average Assets, quarterly
  • $69,380Volatile liabilities
  • $2,282Insider loans
  • $228FHLB advances
  • $0Loans and leases held for sale
  • $0Unused loan commitments
  • $4,521Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $5,666Total risk weighted assets
  • $40,423Total unused commitments
  • $0Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 1993)

  • Dollar figures in thousands
  • $0Total interest income
  • $5,013Total interest expense
  • $1,837Net interest income
  • $3,176Provision for loan and lease losses
  • -$20Total noninterest income
  • $555Fiduciary activities
  • $0Service charges on deposit accounts
  • $428Trading account gains & fees
  • $0Additional noninterest income
  • $127Total noninterest expense
  • $3,377Salaries and employee benefits
  • $1,000Premises and equipment expense
  • $374Additional noninterest expense
  • $2,003Pre-tax net operating income
  • $374Securities gains (losses)
  • $520Applicable income taxes
  • $292Income before extraordinary items
  • $602Extraordinary gains - net
  • -$207Net income attributable to bank
  • $395Net charge-offs
  • $429Cash dividends
  • $0Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 1993)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 0.00%Yield on earning assets
  • 7.72%Cost of funding earning assets
  • 2.83%Net interest margin
  • 4.89%Noninterest income to earning assets
  • 0.86%Noninterest expense to earning assets
  • 5.20%Net operating income to assets
  • 0.36%Return on assets (ROA)
  • 0.56%Pretax return on assets
  • 0.97%Return on equity (ROE)
  • 7.43%Retained earnings to average equity (YTD only)
  • 7.43%Net charge-offs to loans
  • 1.21%Credit loss provision to net charge-offs
  • -4.66%Efficiency ratio
  • 89,869Assets per employee
  • 1.89%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.32%Loss allowance to noncurrent loans
  • 70.25%Noncurrent assets plus other real estate owned to assets
  • 2.31%Noncurrent loans to loans
  • 1.88%Net loans and leases to deposits
  • 56.10%Net loans and leases to core deposits
  • 58.19%Equity capital to assets
  • 8.11%Core capital (leverage) ratio
  • 8.09%Tier 1 risk-based capital ratio
  • 14.02%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $70,859Average earning assets
  • $5,319Average equity
  • $64,908Average loans

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