First Palmetto Savings Bank, F.S.B. in Camden, South Carolina (SC)

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First Palmetto Savings Bank, F.S.B.
GeneralFDIC Certificate #: 28396
Status: Active
Federal Reserve ID: 586072
Date Established: January 01, 1904
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 21 (Domestic: 21, Interstate: No)
OTS Docket #: 1509
FDIC's unique #: 41230
Numeric code: 33
Regulator: OCC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
FDIC Insured: Yes
Insured Savings Institution: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: No
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: April 01, 1949
Last Structure Change Effective Date: July 21, 2011
Last Structure Change Process Date: July 21, 2011
Last Data Update: July 21, 2011
Data Source Date: April 05, 2012
LocationAddress: 407 Dekalb Street, Camden, SC 29020
County: Kershaw
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Columbia Sc
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Combined Statistical Area (CSA): Columbia-Newberry, SC (#192)
Core Based Statistical Area (CBSA): Columbia, SC (#17900)
CBSA Metro Statistical Area: Columbia, SC (#17900)
History of ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $625.7 mil
Equity capital: $76.1 mil
Deposits held in domestic offices: $495.8 mil
Return on assets (ROA): 0.52% ($3.3 mil)
Quarterly return on assets: 0.71% ($4.4 mil)
Return on Equity (ROE): 4.50% ($3.4 mil)
Quarterly return on equity: 5.89% ($4.5 mil)
Net income: $3.4 mil
Quarterly Net income: $1.1 mil
Pretax return on assets: 0.84% ($5,255.5 mil)
Quarterly Pretax return on assets: 1.15% ($7,195.0 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)
Total employees (full-time equivalent)132
Total assets$625,651
Cash and due from depository institutions$50,979
Interest-bearing balances$46,792
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$503,475
Loan loss allowance $10,175
Trading account assets$0
Bank premises and fixed assets$15,542
Other real estate owned$26,154
Goodwill and other intangibles$1,037
All other assets$16,085
Life insurance assets$625,651
Total liabilities and capital$549,593
Total liabilities$495,754
Total deposits$446,020
Interest-bearing deposits$495,754
Deposits held in domestic offices$91
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$52,500
Other borrowed funds $0
Subordinated debt $1,339
All other liabilities $76,058
Total equity capital$76,058
Total bank equity capital$76,058
Perpetual preferred stock$0
Common stock$0
Undivided profits $67,482
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $22,284
Earning assets $0
Long-term assets (5+ years) $2,286
Average Assets, year-to-date $562,646
Average Assets, quarterly $0
Volatile liabilities $646,389
Insider loans $623,926
FHLB advances $517,199
Loans and leases held for sale $625,162
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $75,569
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $36,995
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $32,907
Total interest expense $6,758
Net interest income $26,149
Provision for loan and lease losses $5,930
Total noninterest income -$2,474
Fiduciary activities $0
Service charges on deposit accounts $832
Trading account gains & fees $0
Additional noninterest income -$3,306
Total noninterest expense $12,887
Salaries and employee benefits $7,537
Premises and equipment expense $2,520
Additional noninterest expense $2,830
Pre-tax net operating income $4,858
Securities gains (losses) $561
Applicable income taxes $2,045
Income before extraordinary items $3,374
Extraordinary gains - net $0
Net income attributable to bank $3,374
Net charge-offs $0
Cash dividends $3,374
Sale, conversion, retirement of capital stock, net $5,925
Net operating income $1,200
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.60%
Cost of funding earning assets 1.15%
Net interest margin 4.45%
Noninterest income to earning assets -0.42%
Noninterest expense to earning assets 2.19%
Net operating income to assets 0.47%
Return on assets (ROA) 0.52%
Pretax return on assets 0.84%
Return on equity (ROE) 4.50%
Retained earnings to average equity (YTD only) 2.90%
Net charge-offs to loans 1.07%
Credit loss provision to net charge-offs 100.08%
Efficiency ratio1.82%
Assets per employee$54,433
Cash dividends to net income (YTD only)4.74%
Condition Ratios (%)
Loss allowance to loans 35.57%
Loss allowance to noncurrent loans 1.98%
Noncurrent assets plus other real estate owned to assets 45.66%
Noncurrent loans to loans 7.68%
Net loans and leases to deposits4.34%
Net loans and leases to core deposits 101.56%
Equity capital to assets 108.12%
Core capital (leverage) ratio 12.16%
Tier 1 risk-based capital ratio 12.09%
Total risk-based capital ratio 14.61%
Average assets$16
Average earning assets$646,389
Average equity $74,987
Average loans $588,019
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21 South Carolina Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
041230First Palmetto Savings Bank, F.S.b.407 Dekalb Street, Camden, SC 29020January 01, 1904Full Service Brick and Mortar
1267184Kershaw Branch301 North Hampton Street, Kershaw, SC 29067January 01, 1904Full Service Brick and Mortar
3267185Lancaster Branch409 N. Main Street, Lancaster, SC 29720January 01, 1904Full Service Brick and Mortar
103267189Forest Drive Branch3932 Forest Drive, Columbia, SC 29204June 30, 1989Full Service Brick and Mortar
105272642Lugoff Branch788 Highway 1 South, Lugoff, SC 29078July 01, 1934Full Service Brick and Mortar
107272644Dusty Bend Branch2310 N. Broad Street, Camden, SC 29020July 01, 1934Full Service Brick and Mortar
110272647Pontiac Branch10540 Two Notch Road, Elgin, SC 29045June 30, 1989Full Service Brick and Mortar
11142066Darlington Branch206 Cashua Street, Darlington, SC 29532November 01, 1934Full Service Brick and Mortar
112219263Pageland Branch201 North Pearl Street, Pageland, SC 29728December 31, 1971Full Service Brick and Mortar
11343446Bishopville Branch201 E Church St, Bishopville, SC 29010January 01, 1904Full Service Brick and Mortar
116267643Manning Branch111 N Brooks St, Manning, SC 29102January 01, 1931Full Service Brick and Mortar
117267190Irmo Branch7327 Saint Andrews Road, Irmo, SC 29063May 13, 1996Full Service Brick and Mortar
118267191Lexington Branch5321 Sunset Boulevard, Lexington, SC 29072May 01, 1997Full Service Brick and Mortar
119267192Myrtle Beach Branch10207 North Kings Highway, Myrtle Beach, SC 29572December 01, 1997Full Service Brick and Mortar
120267193North Myrtle Beach Branch501 Highway 17, North Myrtle Beach, SC 29582October 30, 1998Full Service Brick and Mortar
121359588Surfside Beach Branch2293 Glenn's Bay Road, Surfside Beach, SC 29575Febuary 28, 2001Full Service Brick and Mortar
122461418Hard Scrabble Rd Branch4304 Hard Scrabble Rd, Columbia, SC 29229June 30, 2006Full Service Brick and Mortar
123461419Mount Pleasant Branch1636 Highway 17, North, Mount Pleasant, SC 29464June 30, 2006Full Service Brick and Mortar
12446142048th Avenue Branch1204 48th Avenue North, Myrtle Beach, SC 29578June 30, 2006Full Service Brick and Mortar
126491889West Ashley Branch5 Sumar Street, Charleston, SC 29407July 03, 2007Full Service Brick and Mortar
127498669Summerville Branch211 N. Main Street, Summerville, SC 29483September 11, 2006Full Service Brick and Mortar
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