FDIC Certificate #: 30763 Status: Inactive Closing history: Corrections Acquiring institution:Essex Bank (#8675) Federal Reserve ID: 494672 Date Established: January 01, 1954 Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS) OTS Docket #: 5875 FDIC's unique #: 43597 Numeric code: 34 Regulator: OTS Insurance Fund Membership: Deposit Insurance Fund (DIF) FDIC Insured: Yes Insured Savings Institution: Yes Deposit Insurance Fund member: Yes State Chartered: No Date of Deposit Insurance: Febuary 10, 1955 Last Structure Change Effective Date: January 30, 2009 Last Structure Change Process Date: January 30, 2009 Last Data Update: January 30, 2009 Data Source Date: April 05, 2012
Location
Address: 2120 Baldwin Avenue, Crofton, MD 21114 County: Anne Arundel Quarterly Banking Profile Region: New York FDIC Geographic Region: New York FDIC Supervisory Region: New York FDIC Field Office: Baltimore Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Southeast Metropolitan Statistical Area (MSA): Baltimore, MD (#720) Consolidated Metropolitan Statistical Area (CMSA): Washington-Baltimore, DC-MD-VA-WV (#97) Combined Statistical Area (CSA): Washington-Baltimore-Northern Virginia, DC-MD-VA-WV (#548) Core Based Statistical Area (CBSA): Baltimore-Towson, MD (#12580) CBSA Metro Statistical Area: Baltimore-Towson, MD (#12580)
History of Changes
Absorption - Assisted
Corrections
Financial Summary
Total assets: $347.4 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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, 2008)
Dollar figures in thousands
60Total employees (full-time equivalent)
$347,408Total assets
$7,136Cash and due from depository institutions
$264Interest-bearing balances
$10,393Securities
$1,590Federal funds sold & reverse repurchase agreements
$297,635Net loans & leases
$7,384Loan loss allowance
$0Trading account assets
$5,884Bank premises and fixed assets
$14,130Other real estate owned
$16Goodwill and other intangibles
$3,496Life insurance assets
$10,624All other assets
$347,408Total liabilities and capital
$349,393Total liabilities
$301,847Total deposits
$296,063Interest-bearing deposits
$301,847Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$45,100Other borrowed funds
$0Subordinated debt
$2,446All other liabilities
$-1,985Total equity capital
$-1,985Total bank equity capital
$-1,985Perpetual preferred stock
$0Common stock
$0Surplus
$0Undivided profits
Memoranda
$-1,985Noncurrent loans and leases
$13,244Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$33,071Earning assets
$0Long-term assets (5+ years)
$1,847Average Assets, year-to-date
$309,882Average Assets, quarterly
$0Volatile liabilities
$375,450Insider loans
$350,408FHLB advances
$125,427Loans and leases held for sale
$144Unused loan commitments
$45,100Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$13,244Total unused commitments
$14,921Restructured Loans and leases
$0Derivatives
Income and Expense (December 31, 2008)
Dollar figures in thousands
$23,675Total interest income
$13,018Total interest expense
$10,657Net interest income
$20,404Provision for loan and lease losses
-$10,147Total noninterest income
$0Fiduciary activities
$0Service charges on deposit accounts
-$403Trading account gains & fees
-$9,744Additional noninterest income
$13,763Total noninterest expense
$6,026Salaries and employee benefits
$2,327Premises and equipment expense
$5,410Additional noninterest expense
-$33,657Pre-tax net operating income
$272Securities gains (losses)
-$475Applicable income taxes
-$32,910Income before extraordinary items
$0Extraordinary gains - net
-$32,910Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$11,427Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2008)
Dollar figures in thousands
Performance Ratios (%, annualized)
6.90%Yield on earning assets
3.79%Cost of funding earning assets
3.11%Net interest margin
-2.96%Noninterest income to earning assets
4.01%Noninterest expense to earning assets
-8.84%Net operating income to assets
-8.77%Return on assets (ROA)
-8.89%Pretax return on assets
-235.97%Return on equity (ROE)
-235.97%Retained earnings to average equity (YTD only)
3.47%Net charge-offs to loans
178.56%Credit loss provision to net charge-offs
-1.16%Efficiency ratio
2,698,627Assets per employee
5.79%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
2.42%Loss allowance to noncurrent loans
22.33%Noncurrent assets plus other real estate owned to assets
13.59%Noncurrent loans to loans
10.84%Net loans and leases to deposits
98.60%Net loans and leases to core deposits
134.36%Equity capital to assets
-0.57%Core capital (leverage) ratio
-0.58%Tier 1 risk-based capital ratio
-0.77%Total risk-based capital ratio
Memoranda
-$1Average assets
$375,450Average earning assets
$13,947Average equity
$343,051Average loans
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