FDIC Certificate #: 21797 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Farmers & Merchants Bank - Eastern Shore (#10362) Federal Reserve ID: 824121 Date Established: October 21, 1974 Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB) Offices: 2 (Interstate: No) FDIC's unique #: 15098 Numeric code: 13 Regulator: FED 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 21, 1974 Last Structure Change Effective Date: December 17, 1998 Last Structure Change Process Date: Febuary 18, 1999 Last Data Update: Febuary 18, 1999 Data Source Date: April 05, 2012
Location
Address: 6395 Maddox Boulevard, Chincoteague, VA 23336 County: Accomack Quarterly Banking Profile Region: Atlanta FDIC Geographic Region: Atlanta FDIC Supervisory Region: Atlanta FDIC Field Office: Richmond Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Southeast
Financial Summary
Total assets: $22.9 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Assets and Liabilities (December 31, 1997)
Dollar figures in thousands
17Total employees (full-time equivalent)
$22,376Total assets
$1,039Cash and due from depository institutions
$0Interest-bearing balances
$3,198Securities
$1,200Federal funds sold & reverse repurchase agreements
$15,565Net loans & leases
$326Loan loss allowance
$0Trading account assets
$991Bank premises and fixed assets
$126Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$257All other assets
$22,376Total liabilities and capital
$20,078Total liabilities
$19,987Total deposits
$16,993Interest-bearing deposits
$19,987Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$91All other liabilities
$2,298Total equity capital
$2,298Total bank equity capital
$2,298Perpetual preferred stock
$0Common stock
$208Surplus
$290Undivided profits
Memoranda
$1,800Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$164Earning assets
$0Long-term assets (5+ years)
$106Average Assets, year-to-date
$19,963Average Assets, quarterly
$156Volatile liabilities
$22,759Insider loans
$22,972FHLB advances
$1,224Loans and leases held for sale
$812Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$688Total unused commitments
$0Restructured Loans and leases
$12,728Derivatives
Income and Expense (December 31, 1997)
Dollar figures in thousands
$1,803Total interest income
$733Total interest expense
$1,070Net interest income
$17Provision for loan and lease losses
$123Total noninterest income
$0Fiduciary activities
$100Service charges on deposit accounts
$0Trading account gains & fees
$23Additional noninterest income
$815Total noninterest expense
$423Salaries and employee benefits
$135Premises and equipment expense
$257Additional noninterest expense
$361Pre-tax net operating income
$4Securities gains (losses)
$129Applicable income taxes
$236Income before extraordinary items
$0Extraordinary gains - net
$236Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$17Sale, conversion, retirement of capital stock, net
$82Net operating income
Performance and Condition Ratios (December 31, 1997)
Dollar figures in thousands
Performance Ratios (%, annualized)
8.93%Yield on earning assets
3.63%Cost of funding earning assets
5.30%Net interest margin
0.61%Noninterest income to earning assets
4.04%Noninterest expense to earning assets
1.03%Net operating income to assets
1.04%Return on assets (ROA)
1.60%Pretax return on assets
10.57%Return on equity (ROE)
6.90%Retained earnings to average equity (YTD only)
0.11%Net charge-offs to loans
100.00%Credit loss provision to net charge-offs
22.24%Efficiency ratio
68,315Assets per employee
1.32%Cash dividends to net income (YTD only)
Condition Ratios (%)
34.75%Loss allowance to loans
2.05%Loss allowance to noncurrent loans
198.78%Noncurrent assets plus other real estate owned to assets
1.30%Noncurrent loans to loans
1.03%Net loans and leases to deposits
77.88%Net loans and leases to core deposits
82.96%Equity capital to assets
10.27%Core capital (leverage) ratio
10.53%Tier 1 risk-based capital ratio
18.09%Total risk-based capital ratio
Memoranda
$19Average assets
$22,759Average earning assets
$2,233Average equity
$20,192Average loans
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