The First National Bank of Garrett in Garrett, Pennsylvania (PA)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of June 26, 1996

The First National Bank of Garrett in Garrett, Pennsylvania (PA)
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The First National Bank of Garrett - Overview

General
FDIC Certificate #: 7887
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Promistar Bank (#14501)
Federal Reserve ID: 348122
Date Established: April 24, 1903
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 2 (Interstate: No)
OTS Docket #: 11219
FDIC's unique #: 5060
Numeric code: 3
Regulator: OCC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: No
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: June 26, 1996
Last Structure Change Process Date: August 14, 1996
Last Data Update: August 14, 1996
Data Source Date: April 05, 2012
Location
Address: Jackson Street, Garrett, PA 15542
County: Somerset
Quarterly Banking Profile Region: New York
FDIC Geographic Region: New York
FDIC Supervisory Region: New York
FDIC Field Office: Wexford
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Northeast
Metropolitan Statistical Area (MSA): Johnstown, PA (#3680)
Core Based Statistical Area (CBSA): Somerset, PA (#43740)
CBSA Micro Statistical Area: Yes
Financial Summary
Total assets: $44.3 mil

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

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1995)

Dollar figures in thousands
0Total employees (full-time equivalent)
$22Total assets
$44,278Cash and due from depository institutions
$1,670Interest-bearing balances
$264Securities
$10,392Federal funds sold & reverse repurchase agreements
$2,765Net loans & leases
$28,158Loan loss allowance
$364Trading account assets
$0Bank premises and fixed assets
$779Other real estate owned
$0Goodwill and other intangibles
$373Life insurance assets
$141All other assets
$0Total liabilities and capital
$44,278Total liabilities
$39,868Total deposits
$39,551Interest-bearing deposits
$36,837Deposits held in domestic offices
39551.00%% insured (estimated)
$98Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$0All other liabilities
$317Total equity capital
$317Total bank equity capital
$4,410Perpetual preferred stock
$0Common stock
$150Surplus
$2,921Undivided profits
Memoranda
$1,339Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$63Income earned, not collected on loans
$190Earning assets
$41,579Long-term assets (5+ years)
$11,349Average Assets, year-to-date
$44,078Average Assets, quarterly
$44,061Volatile liabilities
$4,620Insider loans
$519FHLB advances
$0Loans and leases held for sale
$0Unused loan commitments
$2,225Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$4,187Total risk weighted assets
$29,066Total unused commitments
$0Restructured Loans and leases
$0Derivatives

Income and Expense (December 31, 1995)

Dollar figures in thousands
$0Total interest income
$3,477Total interest expense
$1,764Net interest income
$1,713Provision for loan and lease losses
$103Total noninterest income
$109Fiduciary activities
$0Service charges on deposit accounts
$70Trading account gains & fees
$0Additional noninterest income
$39Total noninterest expense
$1,133Salaries and employee benefits
$600Premises and equipment expense
$118Additional noninterest expense
$415Pre-tax net operating income
$586Securities gains (losses)
$0Applicable income taxes
$144Income before extraordinary items
$442Extraordinary gains - net
$0Net income attributable to bank
$442Net charge-offs
$56Cash dividends
$233Sale, conversion, retirement of capital stock, net
$0Net operating income

Performance and Condition Ratios (December 31, 1995)

Dollar figures in thousands
Performance Ratios (%, annualized)
0.00%Yield on earning assets
8.39%Cost of funding earning assets
4.25%Net interest margin
4.13%Noninterest income to earning assets
0.26%Noninterest expense to earning assets
2.73%Net operating income to assets
1.00%Return on assets (ROA)
1.00%Pretax return on assets
1.33%Return on equity (ROE)
10.63%Retained earnings to average equity (YTD only)
5.02%Net charge-offs to loans
0.19%Credit loss provision to net charge-offs
183.93%Efficiency ratio
60,538Assets per employee
2.01%Cash dividends to net income (YTD only)
Condition Ratios (%)
52.71%Loss allowance to loans
1.28%Loss allowance to noncurrent loans
577.78%Noncurrent assets plus other real estate owned to assets
0.14%Noncurrent loans to loans
0.22%Net loans and leases to deposits
71.19%Net loans and leases to core deposits
80.61%Equity capital to assets
9.96%Core capital (leverage) ratio
9.53%Tier 1 risk-based capital ratio
14.40%Total risk-based capital ratio
Memoranda
$16Average assets
$44,078Average earning assets
$4,159Average equity
$41,458Average loans

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