First Sentinel Bank in Richlands, Virginia (VA)

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First Sentinel Bank
GeneralFDIC Certificate #: 31928
Status: Active
Federal Reserve ID: 920975
Bank Holding Company (Regulatory Top Holder): First Region Bancshares, Inc. (RSSDID: 2702250, Location: Richlands, VA)
Date Established: June 20, 1978
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
Offices: 5 (Domestic: 5, Interstate: No)
OTS Docket #: 7612
FDIC's unique #: 44762
Numeric code: 13
Regulator: FED
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: Consumer Lending Specialization
Date of Deposit Insurance: June 20, 1978
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
LocationAddress: 315 Railroad Avenue, Richlands, VA 24641
County: Tazewell
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
Core Based Statistical Area (CBSA): Bluefield, WV-VA (#14140)
CBSA Micro Statistical Area: Yes
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $167.5 mil
Equity capital: $14.8 mil
Deposits held in domestic offices: $149.9 mil
Return on assets (ROA): 1.03% ($1.7 mil)
Quarterly return on assets: 1.30% ($2.2 mil)
Return on Equity (ROE): 11.89% ($1.8 mil)
Quarterly return on equity: 14.73% ($2.2 mil)
Net income: $1.7 mil
Quarterly Net income: $0.5 mil
Pretax return on assets: 1.59% ($2,663.1 mil)
Quarterly Pretax return on assets: 1.99% ($3,333.1 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)68
Total assets$167,493
Cash and due from depository institutions$21,812
Interest-bearing balances$15,269
Federal funds sold & reverse repurchase agreements$6,870
Net loans & leases$123,419
Loan loss allowance $2,267
Trading account assets$0
Bank premises and fixed assets$3,490
Other real estate owned$883
Goodwill and other intangibles$0
All other assets$5,634
Life insurance assets$167,493
Total liabilities and capital$152,728
Total liabilities$149,924
Total deposits$130,010
Interest-bearing deposits$149,924
Deposits held in domestic offices$96
% insured (estimated)2047.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $757
All other liabilities $14,765
Total equity capital$14,765
Total bank equity capital$14,765
Perpetual preferred stock$0
Common stock$884
Undivided profits $12,061
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 $2,947
Earning assets $0
Long-term assets (5+ years) $548
Average Assets, year-to-date $150,943
Average Assets, quarterly $32,696
Volatile liabilities $169,498
Insider loans $168,638
FHLB advances $111,321
Loans and leases held for sale $169,946
Unused loan commitments $3,009
Tier 1 (core) risk-based capital $1,304
Tier 2 risk-based capital $14,644
Total risk weighted assets $0
Total unused commitments $1,705
Restructured Loans and leases $7,233
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $10,258
Total interest expense $1,925
Net interest income $8,333
Provision for loan and lease losses $866
Total noninterest income $1,286
Fiduciary activities $0
Service charges on deposit accounts $622
Trading account gains & fees $0
Additional noninterest income $664
Total noninterest expense $6,059
Salaries and employee benefits $3,196
Premises and equipment expense $736
Additional noninterest expense $2,127
Pre-tax net operating income $2,694
Securities gains (losses) $0
Applicable income taxes $948
Income before extraordinary items $1,746
Extraordinary gains - net $0
Net income attributable to bank $1,746
Net charge-offs $0
Cash dividends $1,746
Sale, conversion, retirement of capital stock, net $826
Net operating income $1,470
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets6.58%
Cost of funding earning assets 1.23%
Net interest margin 5.34%
Noninterest income to earning assets 0.82%
Noninterest expense to earning assets 3.89%
Net operating income to assets 1.03%
Return on assets (ROA) 1.03%
Pretax return on assets 1.59%
Return on equity (ROE) 11.89%
Retained earnings to average equity (YTD only) 1.88%
Net charge-offs to loans 0.65%
Credit loss provision to net charge-offs 104.84%
Efficiency ratio4.31%
Assets per employee$62,990
Cash dividends to net income (YTD only)2.46%
Condition Ratios (%)
Loss allowance to loans 84.19%
Loss allowance to noncurrent loans 1.80%
Noncurrent assets plus other real estate owned to assets 76.93%
Noncurrent loans to loans 2.29%
Net loans and leases to deposits2.34%
Net loans and leases to core deposits 82.32%
Equity capital to assets 84.13%
Core capital (leverage) ratio 8.82%
Tier 1 risk-based capital ratio 8.62%
Total risk-based capital ratio 13.15%
Average assets$14
Average earning assets$169,498
Average equity $14,686
Average loans $155,945
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5 Virginia Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
044762First Sentinel Bank315 Railroad Avenue, Richlands, VA 24641June 20, 1978Full Service Brick and Mortar
1286257Tazewell Branch200 Valley View Street, North Tazewell, VA 24630June 20, 1978Full Service Brick and Mortar
2362850Claypool Hill Branch12678 George C. Perry Hwy, Pounding Mill, VA 24637November 28, 2001Full Service Brick and Mortar
3453525Lebanon Branch66 Townview Drive, Lebanon, VA 24266May 30, 2006Full Service Brick and Mortar
4467278Bluefield Branch801 S. College Ave., Ste. 5, Bluefield, VA 24605April 30, 2007Full Service Brick and Mortar
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