Covenant Bank in Leeds, Alabama (AL)
Overview, Financial Summary, Detailed Financial Reports, Branches

  • Covenant Bank in Leeds, Alabama (AL)
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Covenant Bank - Overview

  • General
  • FDIC Certificate #: 34460
    Status: Active
    Federal Reserve ID: 2621285
    Bank Holding Company (Regulatory Top Holder): Covenant Bancgroup, Inc. (RSSDID: 2621294, Location: Leeds, AL)
    Date Established: December 30, 1997
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 2 (Domestic: 2, Interstate: No)
    FDIC's unique #: 57224
    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: December 30, 1997
    Last Structure Change Effective Date: Febuary 24, 2011
    Last Structure Change Process Date: Febuary 24, 2011
    Last Data Update: Febuary 24, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 7924 Parkway Drive, Leeds, AL 35094
    County: Jefferson
    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
    Metropolitan Statistical Area (MSA): Birmingham, AL (#1000)
    Combined Statistical Area (CSA): Birmingham-Hoover-Cullman, AL (#142)
    Core Based Statistical Area (CBSA): Birmingham-Hoover, AL (#13820)
    CBSA Metro Statistical Area: Birmingham-Hoover, AL (#13820)
  • History of Changes
  • Change in Geographic Region/Area/Territory/Field Office
  • Financial Summary
  • Total assets: $98.9 mil
    Equity capital: $8.4 mil
    Deposits held in domestic offices: $81.7 mil
    Return on assets (ROA): -0.83% (-$0.8 mil)
    Quarterly return on assets: -2.59% (-$2.6 mil)
    Return on Equity (ROE): -9.82% (-$0.8 mil)
    Quarterly return on equity: -29.46% (-$2.4 mil)
    Net income: -$0.9 mil
    Quarterly Net income: -$0.6 mil
    Pretax return on assets: -0.83% (-$820.9 mil)
    Quarterly Pretax return on assets: -2.59% (-$2,561.5 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
  • 34Total employees (full-time equivalent)
  • $98,899Total assets
  • $1,875Cash and due from depository institutions
  • $28Interest-bearing balances
  • $12,520Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $76,526Net loans & leases
  • $1,518Loan loss allowance
  • $0Trading account assets
  • $3,329Bank premises and fixed assets
  • $1,737Other real estate owned
  • $0Goodwill and other intangibles
  • $98,900Life insurance assets
  • $2,912All other assets
  • $90,461Total liabilities and capital
  • $81,709Total liabilities
  • $72,903Total deposits
  • $81,709Interest-bearing deposits
  • $91Deposits held in domestic offices
  • 1525.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $7,000Trading liabilities
  • $0Other borrowed funds
  • $227Subordinated debt
  • $8,439All other liabilities
  • $8,439Total equity capital
  • $8,439Total bank equity capital
  • $0Perpetual preferred stock
  • $10Common stock
  • $6,529Surplus
  • $1,900Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $936Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $2,567Income earned, not collected on loans
  • $0Earning assets
  • $578Long-term assets (5+ years)
  • $89,074Average Assets, year-to-date
  • $18,496Average Assets, quarterly
  • $105,679Volatile liabilities
  • $100,157Insider loans
  • $76,663FHLB advances
  • $100,250Loans and leases held for sale
  • $705Unused loan commitments
  • $705Tier 1 (core) risk-based capital
  • $8,318Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $4,423Restructured Loans and leases
  • $1,138Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $5,454Total interest income
  • $1,690Total interest expense
  • $3,764Net interest income
  • $1,212Provision for loan and lease losses
  • $1,034Total noninterest income
  • $0Fiduciary activities
  • $254Service charges on deposit accounts
  • $0Trading account gains & fees
  • $780Additional noninterest income
  • $4,581Total noninterest expense
  • $2,118Salaries and employee benefits
  • $420Premises and equipment expense
  • $2,043Additional noninterest expense
  • -$995Pre-tax net operating income
  • $121Securities gains (losses)
  • $0Applicable income taxes
  • -$874Income before extraordinary items
  • $0Extraordinary gains - net
  • -$874Net income attributable to bank
  • $0Net charge-offs
  • -$874Cash dividends
  • $835Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.71%Yield on earning assets
  • 1.77%Cost of funding earning assets
  • 3.94%Net interest margin
  • 1.08%Noninterest income to earning assets
  • 4.79%Noninterest expense to earning assets
  • -0.94%Net operating income to assets
  • -0.83%Return on assets (ROA)
  • -0.83%Pretax return on assets
  • -9.82%Return on equity (ROE)
  • -9.82%Retained earnings to average equity (YTD only)
  • 1.03%Net charge-offs to loans
  • 145.15%Credit loss provision to net charge-offs
  • 0.26%Efficiency ratio
  • 95,477Assets per employee
  • 2.91%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.95%Loss allowance to noncurrent loans
  • 59.14%Noncurrent assets plus other real estate owned to assets
  • 4.35%Noncurrent loans to loans
  • 3.29%Net loans and leases to deposits
  • 93.66%Net loans and leases to core deposits
  • 104.04%Equity capital to assets
  • 8.53%Core capital (leverage) ratio
  • 8.30%Tier 1 risk-based capital ratio
  • 10.85%Total risk-based capital ratio
  • Memoranda
  • $12Average assets
  • $105,679Average earning assets
  • $8,897Average equity
  • $95,570Average loans

List of branches

  • 2 Alabama Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    057224Covenant Bank7924 Parkway Drive, Leeds, AL 35094December 30, 1997Full Service Brick and Mortar
    1290656Moody Branch2460 Moody Parkway, Moody, AL 35004March 01, 1999Full Service Brick and Mortar

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