First Piedmont Federal Savings and Loan Association of Gaffney in Gaffney, South Carolina (SC)



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First Piedmont Federal Savings and Loan Association of Gaffney
GeneralFDIC Certificate #: 28859
Status: Active
Federal Reserve ID: 646172
Date Established: January 01, 1933
WWW: http://www.firstpiedmont.com
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 6 (Domestic: 6, Interstate: No)
OTS Docket #: 2502
FDIC's unique #: 41693
Numeric code: 38
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: November 05, 1934
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: 1229 West Floyd Baker Boulevard, Gaffney, SC 29340
County: Cherokee
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
Metropolitan Statistical Area (MSA): Greenville-Spartanburg-Anderson, SC (#3160)
Combined Statistical Area (CSA): Greenville-Spartanburg-Anderson, SC (#273)
Core Based Statistical Area (CBSA): Gaffney, SC (#23500)
CBSA Micro Statistical Area: Yes
History of ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $289.2 mil
Equity capital: $77.9 mil
Deposits held in domestic offices: $209.6 mil
Return on assets (ROA): 1.35% ($3.9 mil)
Quarterly return on assets: 1.23% ($3.6 mil)
Return on Equity (ROE): 5.07% ($4.0 mil)
Quarterly return on equity: 4.58% ($3.6 mil)
Net income: $3.9 mil
Quarterly Net income: $0.9 mil
Pretax return on assets: 2.21% ($6,391.9 mil)
Quarterly Pretax return on assets: 2.12% ($6,131.6 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)71
Total assets$289,226
Cash and due from depository institutions$71,508
Interest-bearing balances$71,253
Securities$5
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$193,812
Loan loss allowance $1,957
Trading account assets$8
Bank premises and fixed assets$5,438
Other real estate owned$16,082
Goodwill and other intangibles$166
All other assets$2,207
Life insurance assets$289,226
Total liabilities and capital$211,317
Total liabilities$209,553
Total deposits$171,440
Interest-bearing deposits$209,553
Deposits held in domestic offices$88
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $1,764
All other liabilities $77,909
Total equity capital$77,909
Total bank equity capital$77,909
Perpetual preferred stock$0
Common stock$0
Surplus$0
Undivided profits $77,909
Memoranda
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 $575
Earning assets $0
Long-term assets (5+ years) $660
Average Assets, year-to-date $265,078
Average Assets, quarterly $0
Volatile liabilities $284,958
Insider loans $288,959
FHLB advances $198,405
Loans and leases held for sale $277,739
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $66,422
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $42,948
Derivatives$678
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $12,987
Total interest expense $421
Net interest income $12,566
Provision for loan and lease losses $679
Total noninterest income $3,047
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees -$4
Additional noninterest income $3,051
Total noninterest expense $9,281
Salaries and employee benefits $5,405
Premises and equipment expense $1,783
Additional noninterest expense $2,093
Pre-tax net operating income $5,653
Securities gains (losses) $651
Applicable income taxes $2,448
Income before extraordinary items $3,856
Extraordinary gains - net $0
Net income attributable to bank $3,856
Net charge-offs $0
Cash dividends $3,856
Sale, conversion, retirement of capital stock, net -$40
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.98%
Cost of funding earning assets 0.16%
Net interest margin 4.82%
Noninterest income to earning assets 1.17%
Noninterest expense to earning assets 3.56%
Net operating income to assets 1.21%
Return on assets (ROA) 1.35%
Pretax return on assets 2.21%
Return on equity (ROE) 5.07%
Retained earnings to average equity (YTD only) 5.07%
Net charge-offs to loans -0.02%
Credit loss provision to net charge-offs -1697.50%
Efficiency ratio0.00%
Assets per employee$59,444
Cash dividends to net income (YTD only)4.07%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.00%
Noncurrent assets plus other real estate owned to assets 340.35%
Noncurrent loans to loans 1.75%
Net loans and leases to deposits0.29%
Net loans and leases to core deposits 92.49%
Equity capital to assets 97.78%
Core capital (leverage) ratio 26.94%
Tier 1 risk-based capital ratio 23.92%
Total risk-based capital ratio 33.48%
Memoranda
Average assets$34
Average earning assets$284,958
Average equity $76,015
Average loans $260,801
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6 South Carolina Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
041693First Piedmont Federal Savings And L1229 West Floyd Baker Boulevard, Gaffney, SC 29340January 01, 1933Full Service Brick and Mortar
1271075210 S Limestone St Branch210 S Limestone St, Gaffney, SC 29340January 01, 1933Full Service Brick and Mortar
1002710761510 John B White Blvd1510 John B White Blvd., Spartanburg, SC 29301January 01, 1933Full Service Brick and Mortar
101271077503 N Granard St Branch503 N Granard St, Gaffney, SC 29340January 01, 1933Full Service Brick and Mortar
102271078901 E Main St Branch901 E Main St, Spartanburg, SC 29304June 30, 1985Full Service Brick and Mortar
104461416Boiling Springs Branch2101 Boiling Springs Rd, Boiling Springs, SC 29316June 30, 2006Full Service Brick and Mortar
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