Covenant Bank in Chicago, Illinois (IL)
Overview, Financial Summary, Detailed Financial Reports, Branches


Covenant Bank - Overview

  • General
  • FDIC Certificate #: 22476
    Status: Active
    Federal Reserve ID: 533937
    Bank Holding Company (Regulatory Top Holder): Covenant Bancshares, Inc. (RSSDID: 3625646, Location: Chicago, IL)
    Date Established: June 20, 1977
    WWW: http://www.covenant-bank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 1 (Domestic: 1, Interstate: No)
    OTS Docket #: 10955
    FDIC's unique #: 15670
    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: June 20, 1977
    Last Structure Change Effective Date: April 01, 2011
    Last Structure Change Process Date: April 06, 2011
    Last Data Update: April 06, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 1111 South Homan Avenue, Chicago, IL 60624
    County: Cook
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Chicago
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
    Metropolitan Statistical Area (MSA): Chicago, IL (#1600)
    Consolidated Metropolitan Statistical Area (CMSA): Chicago-Gary-Kenosha, IL-IN-WI (#14)
    Combined Statistical Area (CSA): Chicago-Naperville-Michigan City, IL-IN-WI (#176)
    Core Based Statistical Area (CBSA): Chicago-Joliet-Naperville, IL-IN-WI (#16980)
    CBSA Metro Statistical Area: Chicago-Joliet-Naperville, IL-IN-WI (#16980)
    Core Based Statistical Division: Chicago-Joliet-Naperville, IL (#16974)
  • Financial Summary
  • Total assets: $63.5 mil
    Equity capital: $3.0 mil
    Deposits held in domestic offices: $56.5 mil
    Return on assets (ROA): -2.39% (-$1.5 mil)
    Quarterly return on assets: -2.38% (-$1.5 mil)
    Return on Equity (ROE): -39.82% (-$1.2 mil)
    Quarterly return on equity: -43.70% (-$1.3 mil)
    Net income: -$1.6 mil
    Quarterly Net income: -$0.4 mil
    Pretax return on assets: -2.39% (-$1,517.9 mil)
    Quarterly Pretax return on assets: -2.38% (-$1,511.5 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
  • 23Total employees (full-time equivalent)
  • $63,510Total assets
  • $8,223Cash and due from depository institutions
  • $6,548Interest-bearing balances
  • $5,276Securities
  • $550Federal funds sold & reverse repurchase agreements
  • $43,720Net loans & leases
  • $1,115Loan loss allowance
  • $0Trading account assets
  • $2,522Bank premises and fixed assets
  • $1,605Other real estate owned
  • $211Goodwill and other intangibles
  • $63,510Life insurance assets
  • $1,403All other assets
  • $60,517Total liabilities and capital
  • $56,493Total liabilities
  • $50,338Total deposits
  • $56,493Interest-bearing deposits
  • $99Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $3,750Trading liabilities
  • $0Other borrowed funds
  • $274Subordinated debt
  • $2,993All other liabilities
  • $2,993Total equity capital
  • $2,993Total bank equity capital
  • $0Perpetual preferred stock
  • $5,998Common stock
  • $4,889Surplus
  • $-7,894Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $4,936Income earned, not collected on loans
  • $0Earning assets
  • $261Long-term assets (5+ years)
  • $56,094Average Assets, year-to-date
  • $7,935Average Assets, quarterly
  • $65,946Volatile liabilities
  • $63,586Insider loans
  • $39,511FHLB advances
  • $62,844Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $2,785Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $120Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $3,174Total interest income
  • $748Total interest expense
  • $2,426Net interest income
  • $829Provision for loan and lease losses
  • $834Total noninterest income
  • $0Fiduciary activities
  • $173Service charges on deposit accounts
  • $33Trading account gains & fees
  • $628Additional noninterest income
  • $4,068Total noninterest expense
  • $1,423Salaries and employee benefits
  • $437Premises and equipment expense
  • $2,208Additional noninterest expense
  • -$1,637Pre-tax net operating income
  • $60Securities gains (losses)
  • $0Applicable income taxes
  • -$1,577Income before extraordinary items
  • $0Extraordinary gains - net
  • -$1,577Net income attributable to bank
  • $0Net charge-offs
  • -$1,577Cash dividends
  • $1,309Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.39%Yield on earning assets
  • 1.27%Cost of funding earning assets
  • 4.12%Net interest margin
  • 1.42%Noninterest income to earning assets
  • 6.90%Noninterest expense to earning assets
  • -2.48%Net operating income to assets
  • -2.39%Return on assets (ROA)
  • -2.39%Pretax return on assets
  • -39.82%Return on equity (ROE)
  • -39.82%Retained earnings to average equity (YTD only)
  • 2.66%Net charge-offs to loans
  • 63.33%Credit loss provision to net charge-offs
  • -0.62%Efficiency ratio
  • 122,761Assets per employee
  • 2.76%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.49%Loss allowance to noncurrent loans
  • 22.59%Noncurrent assets plus other real estate owned to assets
  • 10.30%Noncurrent loans to loans
  • 11.01%Net loans and leases to deposits
  • 77.39%Net loans and leases to core deposits
  • 89.89%Equity capital to assets
  • 4.71%Core capital (leverage) ratio
  • 4.43%Tier 1 risk-based capital ratio
  • 7.05%Total risk-based capital ratio
  • Memoranda
  • $8Average assets
  • $65,946Average earning assets
  • $3,961Average equity
  • $58,929Average loans

List of branches

  • 1 Illinois Branch as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    015670Covenant Bank1111 South Homan Avenue, Chicago, IL 60624June 20, 1977Full Service Brick and Mortar

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