FDIC Certificate #: 58068 Status: Inactive Closing history: Absorption - Assisted Acquiring institution:Stearns Bank National Association (#10988) Federal Reserve ID: 3448751 Date Established: June 12, 2006 WWW:http://www.covenantbankandtrust.com 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 #: 438771 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 12, 2006 Last Structure Change Effective Date: March 23, 2012 Last Structure Change Process Date: March 26, 2012 Last Data Update: March 26, 2012 Data Source Date: April 05, 2012
Location
Address: 122 Highway 95, Rock Spring, GA 30739 County: Walker Quarterly Banking Profile Region: Atlanta FDIC Geographic Region: Atlanta FDIC Supervisory Region: Atlanta FDIC Field Office: Atlanta Office of the Comptroller the Currency (OCC) District: Southwest Office of Thrift Supervision Region: Southeast Metropolitan Statistical Area (MSA): Chattanooga, TN-GA (#1560) Combined Statistical Area (CSA): Chattanooga-Cleveland-Athens, TN-GA (#174) Core Based Statistical Area (CBSA): Chattanooga, TN-GA (#16860) CBSA Metro Statistical Area: Chattanooga, TN-GA (#16860)
Financial Summary
Total assets: $95.7 mil Equity capital: $1.9 mil Deposits held in domestic offices: $90.6 mil Return on assets (ROA): -2.37% (-$2.3 mil) Quarterly return on assets: -4.59% (-$4.4 mil) Return on Equity (ROE): -68.62% (-$1.4 mil) Quarterly return on equity: -185.33% (-$3.7 mil) Net income: -$2.4 mil Quarterly Net income: -$1.1 mil Pretax return on assets: -2.38% (-$2,278.3 mil) Quarterly Pretax return on assets: -4.60% (-$4,403.3 mil)
2000 - 2011 Historical total assets, liabilities and capital ($ 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
21Total employees (full-time equivalent)
$95,725Total assets
$4,215Cash and due from depository institutions
$3,704Interest-bearing balances
$9,358Securities
$0Federal funds sold & reverse repurchase agreements
$67,639Net loans & leases
$853Loan loss allowance
$0Trading account assets
$6,896Bank premises and fixed assets
$6,512Other real estate owned
$0Goodwill and other intangibles
$95,725Life insurance assets
$1,105All other assets
$93,843Total liabilities and capital
$90,632Total liabilities
$88,722Total deposits
$90,632Interest-bearing deposits
$100Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$3,000Trading liabilities
$0Other borrowed funds
$211Subordinated debt
$1,882All other liabilities
$1,882Total equity capital
$1,882Total bank equity capital
$0Perpetual preferred stock
$6,228Common stock
$6,513Surplus
$-10,859Undivided profits
Memoranda
$0Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$8,818Income earned, not collected on loans
$0Earning assets
$233Long-term assets (5+ years)
$80,701Average Assets, year-to-date
$8,293Average Assets, quarterly
$102,597Volatile liabilities
$98,594Insider loans
$77,728FHLB advances
$99,278Loans and leases held for sale
$0Unused loan commitments
$0Tier 1 (core) risk-based capital
$1,485Tier 2 risk-based capital
$0Total risk weighted assets
$0Total unused commitments
$2,665Restructured Loans and leases
$615Derivatives
Income and Expense (December 31, 2011)
Dollar figures in thousands
$5,017Total interest income
$1,773Total interest expense
$3,244Net interest income
$2,244Provision for loan and lease losses
-$126Total noninterest income
$0Fiduciary activities
$36Service charges on deposit accounts
$0Trading account gains & fees
-$162Additional noninterest income
$3,397Total noninterest expense
$1,255Salaries and employee benefits
$526Premises and equipment expense
$1,616Additional noninterest expense
-$2,523Pre-tax net operating income
$79Securities gains (losses)
-$10Applicable income taxes
-$2,434Income before extraordinary items
$0Extraordinary gains - net
-$2,434Net income attributable to bank
$0Net charge-offs
-$2,434Cash dividends
$3,975Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2011)
Dollar figures in thousands
Performance Ratios (%, annualized)
5.63%Yield on earning assets
1.99%Cost of funding earning assets
3.64%Net interest margin
-0.14%Noninterest income to earning assets
3.81%Noninterest expense to earning assets
-2.45%Net operating income to assets
-2.37%Return on assets (ROA)
-2.38%Pretax return on assets
-68.62%Return on equity (ROE)
-68.62%Retained earnings to average equity (YTD only)
5.13%Net charge-offs to loans
56.45%Credit loss provision to net charge-offs
-0.07%Efficiency ratio
108,948Assets per employee
4.56%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
1.25%Loss allowance to noncurrent loans
9.67%Noncurrent assets plus other real estate owned to assets
16.01%Noncurrent loans to loans
12.87%Net loans and leases to deposits
74.63%Net loans and leases to core deposits
75.47%Equity capital to assets
1.97%Core capital (leverage) ratio
1.50%Tier 1 risk-based capital ratio
1.91%Total risk-based capital ratio
Memoranda
$3Average assets
$102,597Average earning assets
$3,547Average equity
$89,106Average loans
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