First Sound Bank in Seattle, Washington (WA)
Overview, Financial Summary, Detailed Financial Reports, Branches


  • First Sound Bank in Seattle, Washington (WA)
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First Sound Bank - Overview

  • General
  • FDIC Certificate #: 57799
    Status: Active
    Federal Reserve ID: 3282692
    Date Established: July 19, 2004
    WWW: http://www.firstsoundbank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 1 (Domestic: 1, Interstate: No)
    FDIC's unique #: 425699
    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: July 19, 2004
    Last Structure Change Effective Date: Febuary 10, 2012
    Last Structure Change Process Date: Febuary 10, 2012
    Last Data Update: Febuary 10, 2012
    Data Source Date: April 05, 2012
  • Location
  • Address: 925 Fourth Avenue, Suite 2350, Seattle, WA 98104
    County: King
    Quarterly Banking Profile Region: San Francisco
    FDIC Geographic Region: San Francisco
    FDIC Supervisory Region: San Francisco
    FDIC Field Office: Seattle
    Office of the Comptroller the Currency (OCC) District: Midwest
    Office of Thrift Supervision Region: West
    Metropolitan Statistical Area (MSA): Seattle-Bellevue-Everett, WA (#7600)
    Consolidated Metropolitan Statistical Area (CMSA): Seattle-Tacoma-Bremerton, WA (#91)
    Combined Statistical Area (CSA): Seattle-Tacoma-Olympia, WA (#500)
    Core Based Statistical Area (CBSA): Seattle-Tacoma-Bellevue, WA (#42660)
    CBSA Metro Statistical Area: Seattle-Tacoma-Bellevue, WA (#42660)
    Core Based Statistical Division: Seattle-Bellevue-Everett, WA (#42644)
  • Financial Summary
  • Total assets: $149.0 mil
    Equity capital: $4.1 mil
    Deposits held in domestic offices: $141.5 mil
    Return on assets (ROA): -4.05% (-$6.0 mil)
    Quarterly return on assets: 2.71% ($4.0 mil)
    Return on Equity (ROE): -123.80% (-$5.0 mil)
    Quarterly return on equity: 112.49% ($4.5 mil)
    Net income: -$6.0 mil
    Quarterly Net income: $1.0 mil
    Pretax return on assets: -4.05% (-$6,034.3 mil)
    Quarterly Pretax return on assets: 2.71% ($4,037.8 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
  • 26Total employees (full-time equivalent)
  • $148,995Total assets
  • $45,074Cash and due from depository institutions
  • $42,614Interest-bearing balances
  • $617Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $94,964Net loans & leases
  • $3,613Loan loss allowance
  • $0Trading account assets
  • $716Bank premises and fixed assets
  • $4,532Other real estate owned
  • $0Goodwill and other intangibles
  • $148,995Life insurance assets
  • $3,092All other assets
  • $144,926Total liabilities and capital
  • $141,540Total liabilities
  • $121,009Total deposits
  • $141,540Interest-bearing deposits
  • $98Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $3,386Subordinated debt
  • $4,069All other liabilities
  • $4,069Total equity capital
  • $4,069Total bank equity capital
  • $7,309Perpetual preferred stock
  • $0Common stock
  • $51,258Surplus
  • $-54,498Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $11,220Income earned, not collected on loans
  • $73Earning assets
  • $349Long-term assets (5+ years)
  • $138,195Average Assets, year-to-date
  • $4,772Average Assets, quarterly
  • $147,133Volatile liabilities
  • $147,615Insider loans
  • $101,001FHLB advances
  • $146,824Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $4,059Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $19,180Restructured Loans and leases
  • $170Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $6,844Total interest income
  • $1,192Total interest expense
  • $5,652Net interest income
  • $1,723Provision for loan and lease losses
  • -$710Total noninterest income
  • $0Fiduciary activities
  • $144Service charges on deposit accounts
  • $0Trading account gains & fees
  • -$854Additional noninterest income
  • $7,728Total noninterest expense
  • $2,234Salaries and employee benefits
  • $2,018Premises and equipment expense
  • $3,476Additional noninterest expense
  • -$4,509Pre-tax net operating income
  • $0Securities gains (losses)
  • $0Applicable income taxes
  • -$4,509Income before extraordinary items
  • -$1,455Extraordinary gains - net
  • -$5,964Net income attributable to bank
  • $0Net charge-offs
  • -$5,964Cash dividends
  • $4,282Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.11%Yield on earning assets
  • 0.89%Cost of funding earning assets
  • 4.22%Net interest margin
  • -0.53%Noninterest income to earning assets
  • 5.77%Noninterest expense to earning assets
  • -3.06%Net operating income to assets
  • -4.05%Return on assets (ROA)
  • -4.05%Pretax return on assets
  • -123.80%Return on equity (ROE)
  • -123.80%Retained earnings to average equity (YTD only)
  • 4.06%Net charge-offs to loans
  • 40.24%Credit loss provision to net charge-offs
  • -0.65%Efficiency ratio
  • 156,374Assets per employee
  • 5.73%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 3.67%Loss allowance to noncurrent loans
  • 32.20%Noncurrent assets plus other real estate owned to assets
  • 10.57%Noncurrent loans to loans
  • 11.38%Net loans and leases to deposits
  • 67.09%Net loans and leases to core deposits
  • 67.33%Equity capital to assets
  • 2.73%Core capital (leverage) ratio
  • 2.76%Tier 1 risk-based capital ratio
  • 4.02%Total risk-based capital ratio
  • Memoranda
  • $5Average assets
  • $147,133Average earning assets
  • $4,817Average equity
  • $133,995Average loans

List of branches

  • 1 Washington Branch as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0425699First Sound Bank925 Fourth Avenue, Suite 2350, Seattle, WA 98104July 19, 2004Full Service Brick and Mortar

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