Citizens South Bank in Gastonia, North Carolina (NC), GA, SC

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Citizens South Bank
GeneralFDIC Certificate #: 28833
Status: Active
Federal Reserve ID: 397175
Date Established: January 01, 1904
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 21 (Domestic: 21, Interstate: Yes)
OTS Docket #: 2449
FDIC's unique #: 41667
Numeric code: 33
Regulator: OCC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
FDIC Insured: Yes
Insured Savings Institution: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: No
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: November 26, 1935
Last Structure Change Effective Date: July 21, 2011
Last Structure Change Process Date: July 21, 2011
Last Data Update: July 21, 2011
Data Source Date: April 05, 2012
LocationAddress: 519 South New Hope Road, Gastonia, NC 28054
County: Gaston
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
Metropolitan Statistical Area (MSA): Charlotte-Gastonia-Rock Hill, NC-SC (#1520)
Combined Statistical Area (CSA): Charlotte-Gastonia-Salisbury, NC-SC (#172)
Core Based Statistical Area (CBSA): Charlotte-Gastonia-Rock Hill, NC-SC (#16740)
CBSA Metro Statistical Area: Charlotte-Gastonia-Rock Hill, NC-SC (#16740)
History of ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $1,078.7 mil
Equity capital: $104.3 mil
Deposits held in domestic offices: $878.1 mil
Return on assets (ROA): 0.09% ($1.0 mil)
Quarterly return on assets: -0.53% (-$5.7 mil)
Return on Equity (ROE): 0.96% ($1.0 mil)
Quarterly return on equity: -5.48% (-$5.7 mil)
Net income: $1.0 mil
Quarterly Net income: -$1.4 mil
Pretax return on assets: 0.07% ($755.1 mil)
Quarterly Pretax return on assets: -0.94% (-$10,139.4 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, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)222
Total assets$1,078,655
Cash and due from depository institutions$88,214
Interest-bearing balances$74,918
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$724,221
Loan loss allowance $11,713
Trading account assets$0
Bank premises and fixed assets$25,888
Other real estate owned$17,572
Goodwill and other intangibles$1,373
All other assets$74,831
Life insurance assets$1,078,655
Total liabilities and capital$974,348
Total liabilities$878,058
Total deposits$789,985
Interest-bearing deposits$878,058
Deposits held in domestic offices$89
% insured (estimated)27787.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$60,688
Other borrowed funds $0
Subordinated debt $7,815
All other liabilities $104,307
Total equity capital$104,307
Total bank equity capital$104,307
Perpetual preferred stock$0
Common stock$0
Undivided profits $12,863
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $2,146
Income earned, not collected on loans $62,865
Earning assets $0
Long-term assets (5+ years) $2,769
Average Assets, year-to-date $945,695
Average Assets, quarterly $193,341
Volatile liabilities $1,079,177
Insider loans $1,088,803
FHLB advances $714,806
Loans and leases held for sale $1,085,831
Unused loan commitments $18,978
Tier 1 (core) risk-based capital $8,992
Tier 2 risk-based capital $102,539
Total risk weighted assets $0
Total unused commitments $9,986
Restructured Loans and leases $136,155
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $44,053
Total interest expense $10,224
Net interest income $33,829
Provision for loan and lease losses $10,685
Total noninterest income $6,857
Fiduciary activities $0
Service charges on deposit accounts $2,408
Trading account gains & fees $0
Additional noninterest income $4,449
Total noninterest expense $29,323
Salaries and employee benefits $14,220
Premises and equipment expense $3,336
Additional noninterest expense $11,767
Pre-tax net operating income $678
Securities gains (losses) $111
Applicable income taxes -$214
Income before extraordinary items $1,003
Extraordinary gains - net $0
Net income attributable to bank $1,003
Net charge-offs $0
Cash dividends $1,003
Sale, conversion, retirement of capital stock, net $10,896
Net operating income $1,304
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.64%
Cost of funding earning assets 1.08%
Net interest margin 3.57%
Noninterest income to earning assets 0.72%
Noninterest expense to earning assets 3.09%
Net operating income to assets 0.08%
Return on assets (ROA) 0.09%
Pretax return on assets 0.07%
Return on equity (ROE) 0.96%
Retained earnings to average equity (YTD only) -0.29%
Net charge-offs to loans 1.47%
Credit loss provision to net charge-offs 98.06%
Efficiency ratio1.04%
Assets per employee$70,749
Cash dividends to net income (YTD only)4.86%
Condition Ratios (%)
Loss allowance to loans 130.01%
Loss allowance to noncurrent loans 1.59%
Noncurrent assets plus other real estate owned to assets 18.63%
Noncurrent loans to loans 7.46%
Net loans and leases to deposits8.54%
Net loans and leases to core deposits 82.48%
Equity capital to assets 87.43%
Core capital (leverage) ratio 9.67%
Tier 1 risk-based capital ratio 9.44%
Total risk-based capital ratio 14.35%
Average assets$16
Average earning assets$1,079,177
Average equity $104,951
Average loans $948,793
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5 Georgia Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
1146426Hiawassee Branch20 South Main Street, Hiawassee, GA 30546July 21, 1909Full Service Brick and Mortar
115221752Young Harris Branch693 Main Street, Young Harris, GA 30582October 24, 1977Full Service Brick and Mortar
117221756Blairsville Branch10 Highway 515, Blairsville, GA 30512August 04, 1998Full Service Brick and Mortar
118447215Blue Ridge Branch220 Orvin Lance Connector, Blue Ridge, GA 30513January 09, 2006Full Service Brick and Mortar
124420387New Horizons Bank Branch489 Highland Xing, East Ellijay, GA 30540May 21, 2004Full Service Brick and Mortar
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15 North Carolina Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
041667Citizens South Bank519 South New Hope Road, Gastonia, NC 28054January 01, 1904Full Service Brick and Mortar
10143327Mount Holly Branch233 South Main Street, Mount Holly, NC 28120January 01, 1938Full Service Brick and Mortar
102270915Martha Rivers Branch1670 Neal Hawkins Road, Gastonia, NC 28052June 30, 1988Full Service Brick and Mortar
103270916Dallas Branch3135 Dallas High Shoals Road, Dallas, NC 28034Febuary 22, 2000Full Service Brick and Mortar
104360135Stanley Branch412 South Highway 27, Stanley, NC 28164Febuary 20, 2001Full Service Brick and Mortar
10541006Salisbury Branch401 West Innes Street, Salisbury, NC 28144January 01, 1907Full Service Brick and Mortar
106265335Rockwell Branch106 West Main Street, Rockwell, NC 28138January 01, 1907Full Service Brick and Mortar
108423000Mooresville Branch649 Brawley School Road, Mooresville, NC 28117July 14, 2003Full Service Brick and Mortar
11077677Monroe Branch310 West Franklin Street, Monroe, NC 28112November 01, 1999Full Service Brick and Mortar
111257466Weddington Branch13731 Providence Road, Weddington, NC 28104April 13, 1998Full Service Brick and Mortar
112360353Indian Trail Branch13816 East Independence Blvd., Indian Trail, NC 28079April 30, 2001Full Service Brick and Mortar
119518492Charlotte Branch5935 Carnegie Blvd., Suite 104, Charlotte, NC 28209August 13, 2009Full Service Brick and Mortar
120518501Belmont Branch192 East Woodrow Avenue, Belmont, NC 28012November 15, 2005Full Service Brick and Mortar
121518503Main Avenue Branch245 W. Main Avenue, Gastonia, NC 28052May 03, 2004Full Service Brick and Mortar
122518509Statesville Branch307 North Center Street, Statesville, NC 28677December 31, 2001Full Service Brick and Mortar
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1 South Carolina Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
113491901Rock Hill Branch2215 India Hook Road, Rock Hill, SC 29732March 12, 2008Full Service Brick and Mortar
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