Covenant Bank in Clarksdale, Mississippi (MS)
Overview, Financial Summary, Detailed Financial Reports, Branches


Covenant Bank - Overview

  • General
  • FDIC Certificate #: 57039
    Status: Active
    Federal Reserve ID: 2950604
    Bank Holding Company (Regulatory Top Holder): Covenant Financial Corporation (RSSDID: 3212046, Location: Clarksdale, MS)
    Date Established: October 25, 2000
    WWW: http://www.covenantbank.net
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 6 (Domestic: 6, Interstate: No)
    FDIC's unique #: 334441
    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: October 25, 2000
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 206 Sharkey Avenue, Clarksdale, MS 38614
    County: Coahoma
    Quarterly Banking Profile Region: Dallas
    FDIC Geographic Region: Dallas
    FDIC Supervisory Region: Dallas
    FDIC Field Office: Memphis
    Office of the Comptroller the Currency (OCC) District: Southwest
    Office of Thrift Supervision Region: West
    Core Based Statistical Area (CBSA): Clarksdale, MS (#17260)
    CBSA Micro Statistical Area: Yes
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $230.7 mil
    Equity capital: $22.3 mil
    Deposits held in domestic offices: $183.6 mil
    Return on assets (ROA): -1.22% (-$2.8 mil)
    Quarterly return on assets: -2.57% (-$5.9 mil)
    Return on Equity (ROE): -12.81% (-$2.8 mil)
    Quarterly return on equity: -26.50% (-$5.8 mil)
    Net income: -$2.9 mil
    Quarterly Net income: -$1.5 mil
    Pretax return on assets: -1.36% (-$3,137.0 mil)
    Quarterly Pretax return on assets: -2.57% (-$5,928.0 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
  • 61Total employees (full-time equivalent)
  • $230,660Total assets
  • $13,713Cash and due from depository institutions
  • $8,110Interest-bearing balances
  • $36,731Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $156,691Net loans & leases
  • $2,304Loan loss allowance
  • $0Trading account assets
  • $9,750Bank premises and fixed assets
  • $446Other real estate owned
  • $0Goodwill and other intangibles
  • $230,660Life insurance assets
  • $13,329All other assets
  • $208,389Total liabilities and capital
  • $183,591Total liabilities
  • $138,765Total deposits
  • $183,591Interest-bearing deposits
  • $97Deposits held in domestic offices
  • 10619.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $12,055Trading liabilities
  • $0Other borrowed funds
  • $2,124Subordinated debt
  • $22,271All other liabilities
  • $22,271Total equity capital
  • $22,271Total bank equity capital
  • $0Perpetual preferred stock
  • $5,625Common stock
  • $16,825Surplus
  • $-179Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $3,899Income earned, not collected on loans
  • $0Earning assets
  • $1,358Long-term assets (5+ years)
  • $201,532Average Assets, year-to-date
  • $37,078Average Assets, quarterly
  • $238,763Volatile liabilities
  • $234,032Insider loans
  • $179,966FHLB advances
  • $242,322Loans and leases held for sale
  • $6,235Unused loan commitments
  • $6,235Tier 1 (core) risk-based capital
  • $20,720Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $19,870Restructured Loans and leases
  • $11,022Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $10,570Total interest income
  • $3,103Total interest expense
  • $7,467Net interest income
  • $2,439Provision for loan and lease losses
  • $1,998Total noninterest income
  • $0Fiduciary activities
  • $1,881Service charges on deposit accounts
  • $0Trading account gains & fees
  • $117Additional noninterest income
  • $8,705Total noninterest expense
  • $4,510Salaries and employee benefits
  • $1,351Premises and equipment expense
  • $2,844Additional noninterest expense
  • -$1,679Pre-tax net operating income
  • -$1,569Securities gains (losses)
  • -$345Applicable income taxes
  • -$2,903Income before extraordinary items
  • $0Extraordinary gains - net
  • -$2,903Net income attributable to bank
  • $0Net charge-offs
  • -$2,903Cash dividends
  • $2,504Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.08%Yield on earning assets
  • 1.49%Cost of funding earning assets
  • 3.59%Net interest margin
  • 0.96%Noninterest income to earning assets
  • 4.18%Noninterest expense to earning assets
  • -0.63%Net operating income to assets
  • -1.22%Return on assets (ROA)
  • -1.36%Pretax return on assets
  • -12.81%Return on equity (ROE)
  • -12.81%Retained earnings to average equity (YTD only)
  • 1.52%Net charge-offs to loans
  • 97.40%Credit loss provision to net charge-offs
  • 0.30%Efficiency ratio
  • 91,970Assets per employee
  • 3.78%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.45%Loss allowance to noncurrent loans
  • 59.09%Noncurrent assets plus other real estate owned to assets
  • 2.32%Noncurrent loans to loans
  • 2.45%Net loans and leases to deposits
  • 85.35%Net loans and leases to core deposits
  • 93.25%Equity capital to assets
  • 9.66%Core capital (leverage) ratio
  • 8.55%Tier 1 risk-based capital ratio
  • 11.51%Total risk-based capital ratio
  • Memoranda
  • $13Average assets
  • $238,763Average earning assets
  • $22,661Average equity
  • $208,209Average loans

List of branches

  • 6 Mississippi Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0334441Covenant Bank206 Sharkey Avenue, Clarksdale, MS 38614October 25, 2000Full Service Brick and Mortar
    1360688Tunica Office1020 South Court Street, Tunica, MS 38676December 01, 2000Full Service Brick and Mortar
    3431729Eagle Crest Shopping Center Lpo456 East Highway 6, Batesville, MS 38606September 07, 2004Limited Service Loan Production
    5441460Batesville Branch1130 Highway 6 East, Batesville, MS 38606July 05, 2005Full Service Brick and Mortar
    6469063Southaven Branch232 Goodman Road, Southaven, MS 38671November 14, 2007Full Service Brick and Mortar
    7491082Covenant Bank 61 Branch622 South State Street, Clarksdale, MS 38614June 01, 2009Full Service Brick and Mortar

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