FDIC Certificate #: 34639 Status: Inactive Closing history: Corrections Acquiring institution:First Federal Savings and Loan Association of Charleston (#28994) Federal Reserve ID: 2706016 Date Established: June 22, 1998 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 8 (Interstate: No) FDIC's unique #: 60862 Numeric code: 21 Regulator: FDIC 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: June 22, 1998 Last Structure Change Effective Date: April 10, 2009 Last Structure Change Process Date: April 13, 2009 Last Data Update: April 13, 2009 Data Source Date: April 05, 2012
Location
Address: 1117 Military Cutoff Road, Wilmington, NC 28405 County: New Hanover 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): Wilmington, NC (#9200) Core Based Statistical Area (CBSA): Wilmington, NC (#48900) CBSA Metro Statistical Area: Wilmington, NC (#48900)
History of Changes
Absorption - Assisted
Corrections
Financial Summary
Total assets: $492.4 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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
94Total employees (full-time equivalent)
$473,112Total assets
$5,341Cash and due from depository institutions
$407Interest-bearing balances
$60,227Securities
$70Federal funds sold & reverse repurchase agreements
$381,808Net loans & leases
$8,699Loan loss allowance
$0Trading account assets
$3,808Bank premises and fixed assets
$3,945Other real estate owned
$0Goodwill and other intangibles
$5,834Life insurance assets
$17,913All other assets
$473,112Total liabilities and capital
$441,834Total liabilities
$401,488Total deposits
$379,782Interest-bearing deposits
$401,488Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$38,500Other borrowed funds
$0Subordinated debt
$1,846All other liabilities
$31,278Total equity capital
$31,278Total bank equity capital
$31,278Perpetual preferred stock
$0Common stock
$11,956Surplus
$21,334Undivided profits
Memoranda
$-2,012Noncurrent loans and leases
$51,890Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$13,994Earning assets
$0Long-term assets (5+ years)
$2,164Average Assets, year-to-date
$442,512Average Assets, quarterly
$65,529Volatile liabilities
$478,616Insider loans
$481,782FHLB advances
$93,441Loans and leases held for sale
$1,418Unused loan commitments
$38,500Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$51,890Total unused commitments
$12Restructured Loans and leases
$5,105Derivatives
Income and Expense (December 31, 2008)
Dollar figures in thousands
$27,440Total interest income
$17,184Total interest expense
$10,256Net interest income
$8,173Provision for loan and lease losses
$1,428Total noninterest income
$0Fiduciary activities
$779Service charges on deposit accounts
$0Trading account gains & fees
$649Additional noninterest income
$12,386Total noninterest expense
$4,427Salaries and employee benefits
$2,202Premises and equipment expense
$5,757Additional noninterest expense
-$8,875Pre-tax net operating income
-$48Securities gains (losses)
-$3,748Applicable income taxes
-$5,175Income before extraordinary items
$0Extraordinary gains - net
-$5,175Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$5,245Sale, conversion, retirement of capital stock, net
$500Net operating income
Performance and Condition Ratios (December 31, 2008)
Dollar figures in thousands
Performance Ratios (%, annualized)
6.13%Yield on earning assets
3.84%Cost of funding earning assets
2.29%Net interest margin
0.32%Noninterest income to earning assets
2.77%Noninterest expense to earning assets
-1.07%Net operating income to assets
-1.08%Return on assets (ROA)
-1.86%Pretax return on assets
-14.89%Return on equity (ROE)
-16.33%Retained earnings to average equity (YTD only)
1.36%Net charge-offs to loans
155.82%Credit loss provision to net charge-offs
-0.13%Efficiency ratio
106,008Assets per employee
5.03%Cash dividends to net income (YTD only)
Condition Ratios (%)
-9.66%Loss allowance to loans
2.23%Loss allowance to noncurrent loans
62.16%Noncurrent assets plus other real estate owned to assets
3.79%Noncurrent loans to loans
3.58%Net loans and leases to deposits
95.10%Net loans and leases to core deposits
115.86%Equity capital to assets
6.61%Core capital (leverage) ratio
5.74%Tier 1 risk-based capital ratio
6.85%Total risk-based capital ratio
Memoranda
$8Average assets
$478,616Average earning assets
$34,761Average equity
$447,499Average loans
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