First Coastal Bank in Virginia Beach, Virginia (VA)

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First Coastal Bank
GeneralFDIC Certificate #: 29551
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: RBC Bank (USA) (#33184)
Federal Reserve ID: 290173
Date Established: October 01, 1935
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
OTS Docket #: 3648
FDIC's unique #: 42385
Numeric code: 33
Regulator: OTS
Insurance Fund Membership: Savings Association Insurance Fund (SAIF)
FDIC Insured: Yes
SAIF Insured: Yes
Insured Savings Institution: Yes
State Chartered: No
Date of Deposit Insurance: November 02, 1935
Last Structure Change Effective Date: March 26, 1999
Last Structure Change Process Date: April 09, 1999
Last Data Update: April 09, 1999
Data Source Date: April 05, 2012
LocationAddress: 2101 Parks Avenue, Virginia Beach, VA 23451
County: Virginia Beach City
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Richmond
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Norfolk-Virginia Beach-Newport News, VA-NC (#5720)
Core Based Statistical Area (CBSA): Virginia Beach-Norfolk-Newport News, VA-NC (#47260)
CBSA Metro Statistical Area: Virginia Beach-Norfolk-Newport News, VA-NC (#47260)
Financial SummaryTotal assets: $566.0 mil

1992 - 1999 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, 1998)
(Dollar figures in thousands)
Total employees (full-time equivalent)281
Total assets$565,962
Cash and due from depository institutions$17,565
Interest-bearing balances$262
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$445,103
Loan loss allowance $4,374
Trading account assets$0
Bank premises and fixed assets$7,631
Other real estate owned$1,881
Goodwill and other intangibles$190
All other assets$12,846
Life insurance assets$0
Total liabilities and capital$565,962
Total liabilities$520,660
Total deposits$395,440
Interest-bearing deposits$356,772
Deposits held in domestic offices$395,440
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $5,897
Trading liabilities$0
Other borrowed funds $114,734
Subordinated debt $0
All other liabilities $4,589
Total equity capital$45,302
Total bank equity capital$45,302
Perpetual preferred stock$45,302
Common stock$0
Undivided profits $9,411
Noncurrent loans and leases $35,891
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $0
Earning assets $3,159
Long-term assets (5+ years) $0
Average Assets, year-to-date $2,854
Average Assets, quarterly $526,111
Volatile liabilities $0
Insider loans $602,019
FHLB advances $574,219
Loans and leases held for sale $212,273
Unused loan commitments $6,765
Tier 1 (core) risk-based capital $114,734
Tier 2 risk-based capital $0
Total risk weighted assets $0
Total unused commitments $94,005
Restructured Loans and leases $0
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Income and Expense (December 31, 1998)
(Dollar figures in thousands)
Total interest income $45,540
Total interest expense $27,210
Net interest income $18,330
Provision for loan and lease losses $500
Total noninterest income $3,801
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $3,801
Total noninterest expense $18,708
Salaries and employee benefits $9,552
Premises and equipment expense $4,768
Additional noninterest expense $4,388
Pre-tax net operating income $2,923
Securities gains (losses) $2,601
Applicable income taxes $1,951
Income before extraordinary items $3,573
Extraordinary gains - net $0
Net income attributable to bank $3,573
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $400
Net operating income $1,410
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Performance and Condition Ratios (December 31, 1998)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets8.08%
Cost of funding earning assets 4.83%
Net interest margin 3.25%
Noninterest income to earning assets 0.67%
Noninterest expense to earning assets 3.32%
Net operating income to assets 0.31%
Return on assets (ROA) 0.59%
Pretax return on assets 0.92%
Return on equity (ROE) 8.04%
Retained earnings to average equity (YTD only) 4.87%
Net charge-offs to loans 0.09%
Credit loss provision to net charge-offs 125.00%
Efficiency ratio8.56%
Assets per employee$84,533
Cash dividends to net income (YTD only)2.01%
Condition Ratios (%)
Loss allowance to loans 39.46%
Loss allowance to noncurrent loans 0.97%
Noncurrent assets plus other real estate owned to assets 138.46%
Noncurrent loans to loans 0.89%
Net loans and leases to deposits0.70%
Net loans and leases to core deposits 112.56%
Equity capital to assets 146.51%
Core capital (leverage) ratio 8.00%
Tier 1 risk-based capital ratio 8.03%
Total risk-based capital ratio 11.92%
Average assets$13
Average earning assets$602,019
Average equity $44,422
Average loans $563,518
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