Carolina State Bank in Shelby, North Carolina (NC)

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Carolina State Bank
GeneralFDIC Certificate #: 33368
Status: Inactive
Closing history: Corrections
Acquiring institution: First Charter Bank (#4886)
Federal Reserve ID: 1850912
Date Established: April 05, 1991
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 4 (Interstate: No)
OTS Docket #: 11297
FDIC's unique #: 46947
Numeric code: 21
Regulator: FDIC
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: April 05, 1991
Last Structure Change Effective Date: December 22, 1997
Last Structure Change Process Date: December 31, 1997
Last Data Update: January 07, 1998
Data Source Date: April 05, 2012
LocationAddress: 316 South Lafayette Street, Shelby, NC 28150
County: Cleveland
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Charlotte
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Combined Statistical Area (CSA): Charlotte-Gastonia-Salisbury, NC-SC (#172)
Core Based Statistical Area (CBSA): Shelby, NC (#43140)
CBSA Micro Statistical Area: Yes
History of ChangesMerger - Without Assistance
Financial SummaryTotal assets: $142.9 mil

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

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1996)
(Dollar figures in thousands)
Total employees (full-time equivalent)0
Total assets$57
Cash and due from depository institutions$133,401
Interest-bearing balances$3,222
Federal funds sold & reverse repurchase agreements$25,484
Net loans & leases$4,510
Loan loss allowance $94,636
Trading account assets$1,400
Bank premises and fixed assets$0
Other real estate owned$2,569
Goodwill and other intangibles$0
All other assets$736
Life insurance assets$2,244
Total liabilities and capital$0
Total liabilities$133,401
Total deposits$121,089
Interest-bearing deposits$114,641
Deposits held in domestic offices$106,344
% insured (estimated)114641.00%
Federal funds purchased & repurchase agreements $93
Trading liabilities$634
Other borrowed funds $0
Subordinated debt $5,000
All other liabilities $0
Total equity capital$814
Total bank equity capital$814
Perpetual preferred stock$12,312
Common stock$0
Undivided profits $6,220
Noncurrent loans and leases $1,295
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $355
Earning assets $717
Long-term assets (5+ years) $124,635
Average Assets, year-to-date $22,759
Average Assets, quarterly $125,123
Volatile liabilities $130,914
Insider loans $21,553
FHLB advances $2,475
Loans and leases held for sale $0
Unused loan commitments $0
Tier 1 (core) risk-based capital $10,044
Tier 2 risk-based capital $0
Total risk weighted assets $11,558
Total unused commitments $92,968
Restructured Loans and leases $0
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Income and Expense (December 31, 1996)
(Dollar figures in thousands)
Total interest income $0
Total interest expense $10,338
Net interest income $5,541
Provision for loan and lease losses $4,797
Total noninterest income $620
Fiduciary activities $1,000
Service charges on deposit accounts $0
Trading account gains & fees $577
Additional noninterest income $0
Total noninterest expense $423
Salaries and employee benefits $3,280
Premises and equipment expense $1,582
Additional noninterest expense $456
Pre-tax net operating income $1,242
Securities gains (losses) $1,897
Applicable income taxes $0
Income before extraordinary items $681
Extraordinary gains - net $1,216
Net income attributable to bank $0
Net charge-offs $1,216
Cash dividends $420
Sale, conversion, retirement of capital stock, net $0
Net operating income $2
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Performance and Condition Ratios (December 31, 1996)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets0.00%
Cost of funding earning assets 8.84%
Net interest margin 4.74%
Noninterest income to earning assets 4.10%
Noninterest expense to earning assets 0.86%
Net operating income to assets 2.81%
Return on assets (ROA) 0.97%
Pretax return on assets 0.97%
Return on equity (ROE) 1.52%
Retained earnings to average equity (YTD only) 10.37%
Net charge-offs to loans 10.37%
Credit loss provision to net charge-offs 0.47%
Efficiency ratio147.62%
Assets per employee$55,322
Cash dividends to net income (YTD only)2.34%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.46%
Noncurrent assets plus other real estate owned to assets 394.37%
Noncurrent loans to loans 0.27%
Net loans and leases to deposits0.37%
Net loans and leases to core deposits 82.55%
Equity capital to assets 97.84%
Core capital (leverage) ratio 9.23%
Tier 1 risk-based capital ratio 8.89%
Total risk-based capital ratio 12.43%
Average assets$14
Average earning assets$125,123
Average equity $11,724
Average loans $116,901
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