Community Spirit Bank in Red Bay, Alabama (AL), MS

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Community Spirit Bank
GeneralFDIC Certificate #: 50
Status: Active
Federal Reserve ID: 470032
Bank Holding Company (Regulatory Top Holder): Independent Bancshares, Inc. Employee Stock Ownership Plan (RSSDID: 3587294, Location: Red Bay, AL)
Date Established: March 17, 1908
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 5 (Domestic: 4, Interstate: No)
OTS Docket #: 13450
FDIC's unique #: 31
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: January 01, 2012
Last Structure Change Process Date: January 11, 2012
Last Data Update: January 11, 2012
Data Source Date: April 05, 2012
LocationAddress: 200 4th Avenue Sw, Red Bay, AL 35582
County: Franklin
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Shelby
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
History of ChangesParticipated in Absorption/Consolidation/Merger
Financial SummaryTotal assets: $112.6 mil
Equity capital: $9.3 mil
Deposits held in domestic offices: $99.5 mil
Return on assets (ROA): 0.85% ($1.0 mil)
Quarterly return on assets: 0.66% ($0.7 mil)
Return on Equity (ROE): 10.62% ($1.0 mil)
Quarterly return on equity: 7.96% ($0.7 mil)
Net income: $0.9 mil
Quarterly Net income: $0.2 mil
Pretax return on assets: 1.17% ($1,317.9 mil)
Quarterly Pretax return on assets: 1.20% ($1,351.7 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)33
Total assets$112,638
Cash and due from depository institutions$9,827
Interest-bearing balances$6,374
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$74,069
Loan loss allowance $884
Trading account assets$0
Bank premises and fixed assets$2,774
Other real estate owned$66
Goodwill and other intangibles$0
All other assets$6,129
Life insurance assets$112,638
Total liabilities and capital$103,372
Total liabilities$99,540
Total deposits$88,173
Interest-bearing deposits$99,540
Deposits held in domestic offices$87
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$2,217
Other borrowed funds $0
Subordinated debt $1,615
All other liabilities $9,266
Total equity capital$9,266
Total bank equity capital$9,266
Perpetual preferred stock$0
Common stock$49
Undivided profits $6,928
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $0
Earning assets $0
Long-term assets (5+ years) $434
Average Assets, year-to-date $100,216
Average Assets, quarterly $26,424
Volatile liabilities $110,938
Insider loans $111,752
FHLB advances $78,534
Loans and leases held for sale $110,728
Unused loan commitments $4,299
Tier 1 (core) risk-based capital $4,299
Tier 2 risk-based capital $8,913
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $6,949
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $5,762
Total interest expense $1,464
Net interest income $4,298
Provision for loan and lease losses $8
Total noninterest income $810
Fiduciary activities $0
Service charges on deposit accounts $428
Trading account gains & fees $0
Additional noninterest income $382
Total noninterest expense $3,873
Salaries and employee benefits $2,163
Premises and equipment expense $595
Additional noninterest expense $1,115
Pre-tax net operating income $1,227
Securities gains (losses) $66
Applicable income taxes $348
Income before extraordinary items $945
Extraordinary gains - net $0
Net income attributable to bank $945
Net charge-offs $0
Cash dividends $945
Sale, conversion, retirement of capital stock, net $1
Net operating income $460
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.80%
Cost of funding earning assets 1.47%
Net interest margin 4.32%
Noninterest income to earning assets 0.81%
Noninterest expense to earning assets 3.90%
Net operating income to assets 0.81%
Return on assets (ROA) 0.85%
Pretax return on assets 1.17%
Return on equity (ROE) 10.62%
Retained earnings to average equity (YTD only) 5.45%
Net charge-offs to loans 0.00%
Credit loss provision to net charge-offs 800.00%
Efficiency ratio1235.00%
Assets per employee$75,822
Cash dividends to net income (YTD only)3.41%
Condition Ratios (%)
Loss allowance to loans 48.68%
Loss allowance to noncurrent loans 1.18%
Noncurrent assets plus other real estate owned to assets 0.00%
Noncurrent loans to loans 0.12%
Net loans and leases to deposits0.00%
Net loans and leases to core deposits 74.41%
Equity capital to assets 77.09%
Core capital (leverage) ratio 8.23%
Tier 1 risk-based capital ratio 8.05%
Total risk-based capital ratio 11.35%
Average assets$12
Average earning assets$110,938
Average equity $8,898
Average loans $99,387
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4 Alabama Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
031Community Spirit Bank200 4th Avenue Sw, Red Bay, AL 35582March 17, 1908Full Service Brick and Mortar
1180916Vina Branch7141 Highway 19, Vina, AL 35593July 07, 1975Full Service Brick and Mortar
4180919Russellville Branch14009 Highway 43, Russellville, AL 35653May 01, 1998Full Service Brick and Mortar
5472658Red Bay Branch1007 4th Street Nw, Red Bay, AL 35582Febuary 19, 2008Full Service Brick and Mortar
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1 Mississippi Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
661980Spirit Bank Branch342 Second Street, Belmont, MS 38827January 25, 1999Full Service Brick and Mortar
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