FDIC Certificate #: 2039 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Towne Bank (#35095) Federal Reserve ID: 684325 Date Established: January 01, 1920 Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB) Offices: 6 (Interstate: No) OTS Docket #: 13900 FDIC's unique #: 1352 Numeric code: 13 Regulator: FED Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes State Chartered: Yes Date of Deposit Insurance: January 01, 1934 Last Structure Change Effective Date: December 03, 2010 Last Structure Change Process Date: January 04, 2011 Last Data Update: January 04, 2011 Data Source Date: April 05, 2012
Location
Address: 250 Caratoke Highway, Moyock, NC 27958 County: Currituck Quarterly Banking Profile Region: Atlanta FDIC Geographic Region: Atlanta FDIC Supervisory Region: Atlanta FDIC Field Office: Raleigh Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Southeast Metropolitan Statistical Area (MSA): Norfolk-Virginia Beach-Newport News, VA-NC (#5720) Core Based Statistical Area (CBSA): Virginia Beach-Norfolk-Newport News, VA-NC (#47260) CBSA Metro Statistical Area: Virginia Beach-Norfolk-Newport News, VA-NC (#47260)
Financial Summary
Total assets: $172.6 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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, 2009)
Dollar figures in thousands
53Total employees (full-time equivalent)
$192,191Total assets
$20,859Cash and due from depository institutions
$16,391Interest-bearing balances
$18,386Securities
$10,408Federal funds sold & reverse repurchase agreements
$121,977Net loans & leases
$5,733Loan loss allowance
$0Trading account assets
$5,790Bank premises and fixed assets
$7,211Other real estate owned
$0Goodwill and other intangibles
$4,071Life insurance assets
$7,560All other assets
$192,191Total liabilities and capital
$181,490Total liabilities
$176,825Total deposits
$154,251Interest-bearing deposits
$176,825Deposits held in domestic offices
89.77%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$2,000Other borrowed funds
$0Subordinated debt
$2,665All other liabilities
$10,701Total equity capital
$10,701Total bank equity capital
$10,701Perpetual preferred stock
$4,021Common stock
$116Surplus
$5,595Undivided profits
Memoranda
$969Noncurrent loans and leases
$12,066Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$7,955Earning assets
$0Long-term assets (5+ years)
$1,016Average Assets, year-to-date
$167,162Average Assets, quarterly
$29,909Volatile liabilities
$194,563Insider loans
$197,147FHLB advances
$39,440Loans and leases held for sale
$2,653Unused loan commitments
$2,000Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$12,066Total unused commitments
$2,213Restructured Loans and leases
$1,703Derivatives
Income and Expense (December 31, 2009)
Dollar figures in thousands
$9,633Total interest income
$3,785Total interest expense
$5,848Net interest income
$9,991Provision for loan and lease losses
-$2,056Total noninterest income
$0Fiduciary activities
$729Service charges on deposit accounts
$0Trading account gains & fees
-$2,785Additional noninterest income
$6,256Total noninterest expense
$3,375Salaries and employee benefits
$788Premises and equipment expense
$2,093Additional noninterest expense
-$12,455Pre-tax net operating income
$0Securities gains (losses)
$0Applicable income taxes
-$12,455Income before extraordinary items
$0Extraordinary gains - net
-$12,455Net income attributable to bank
$0Net charge-offs
-$12,455Cash dividends
$6,099Sale, conversion, retirement of capital stock, net
$165Net operating income
Performance and Condition Ratios (December 31, 2009)
Dollar figures in thousands
Performance Ratios (%, annualized)
5.82%Yield on earning assets
2.29%Cost of funding earning assets
3.54%Net interest margin
-1.24%Noninterest income to earning assets
3.78%Noninterest expense to earning assets
-6.40%Net operating income to assets
-6.40%Return on assets (ROA)
-6.40%Pretax return on assets
-70.85%Return on equity (ROE)
-71.79%Retained earnings to average equity (YTD only)
4.56%Net charge-offs to loans
163.81%Credit loss provision to net charge-offs
-0.40%Efficiency ratio
164,979Assets per employee
3.63%Cash dividends to net income (YTD only)
Condition Ratios (%)
-1.32%Loss allowance to loans
4.49%Loss allowance to noncurrent loans
72.07%Noncurrent assets plus other real estate owned to assets
7.89%Noncurrent loans to loans
6.23%Net loans and leases to deposits
68.98%Net loans and leases to core deposits
87.51%Equity capital to assets
5.57%Core capital (leverage) ratio
5.29%Tier 1 risk-based capital ratio
7.80%Total risk-based capital ratio
Memoranda
$9Average assets
$194,563Average earning assets
$17,580Average equity
$165,430Average loans
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