First Southern Bank in Boca Raton, Florida (FL)
Overview, Financial Summary, Detailed Financial Reports, Branches

First Southern Bank - Overview

  • General
  • FDIC Certificate #: 27044
    Status: Active
    Federal Reserve ID: 279338
    Bank Holding Company (Regulatory Top Holder): First Southern Bancorp, Inc. (RSSDID: 2349486, Location: Boca Raton, FL)
    Date Established: September 14, 1987
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
    Offices: 15 (Domestic: 15, Interstate: No)
    OTS Docket #: 13263
    FDIC's unique #: 38556
    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: Commercial Lending Specialization
    Date of Deposit Insurance: September 14, 1987
    Last Structure Change Effective Date: January 07, 2011
    Last Structure Change Process Date: January 10, 2011
    Last Data Update: January 10, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 7301 West Palmetto Park Road, Boca Raton, FL 33434
    County: Palm Beach
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: South Florida
    Office of the Comptroller the Currency (OCC) District: Southwest
    Office of Thrift Supervision Region: Southeast
    Metropolitan Statistical Area (MSA): West Palm Beach-Boca Raton, FL (#8960)
    Core Based Statistical Area (CBSA): Miami-Fort Lauderdale-Pompano Beach, FL (#33100)
    CBSA Metro Statistical Area: Miami-Fort Lauderdale-Pompano Beach, FL (#33100)
    Core Based Statistical Division: West Palm Beach-Boca Raton-Boynton Beach, FL (#48424)
  • History of Changes
  • Participated in FDIC Assisted Absorption/Consolidation/Merger
  • Financial Summary
  • Total assets: $959.5 mil
    Equity capital: $166.7 mil
    Deposits held in domestic offices: $791.5 mil
    Return on assets (ROA): 0.33% ($3.2 mil)
    Quarterly return on assets: -1.88% (-$18.0 mil)
    Return on Equity (ROE): 1.97% ($3.3 mil)
    Quarterly return on equity: -10.71% (-$17.9 mil)
    Net income: $3.0 mil
    Quarterly Net income: -$4.5 mil
    Pretax return on assets: 0.30% ($2,878.6 mil)
    Quarterly Pretax return on assets: -1.76% (-$16,887.7 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
  • 174Total employees (full-time equivalent)
  • $959,531Total assets
  • $115,264Cash and due from depository institutions
  • $106,106Interest-bearing balances
  • $142,797Securities
  • $10Federal funds sold & reverse repurchase agreements
  • $583,925Net loans & leases
  • $13,679Loan loss allowance
  • $0Trading account assets
  • $10,193Bank premises and fixed assets
  • $36,354Other real estate owned
  • $24,805Goodwill and other intangibles
  • $959,531Life insurance assets
  • $46,183All other assets
  • $792,858Total liabilities and capital
  • $791,534Total liabilities
  • $659,495Total deposits
  • $791,534Interest-bearing deposits
  • $78Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $1,324Subordinated debt
  • $166,673All other liabilities
  • $166,673Total equity capital
  • $166,673Total bank equity capital
  • $0Perpetual preferred stock
  • $98,283Common stock
  • $96,137Surplus
  • $-27,747Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $119,073Income earned, not collected on loans
  • $0Earning assets
  • $6,745Long-term assets (5+ years)
  • $832,838Average Assets, year-to-date
  • $176,935Average Assets, quarterly
  • $897,701Volatile liabilities
  • $962,740Insider loans
  • $674,286FHLB advances
  • $942,951Loans and leases held for sale
  • $2,397Unused loan commitments
  • $2,397Tier 1 (core) risk-based capital
  • $140,426Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $25,568Restructured Loans and leases
  • $1,200Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $47,667Total interest income
  • $8,155Total interest expense
  • $39,512Net interest income
  • $5,546Provision for loan and lease losses
  • $3,020Total noninterest income
  • $0Fiduciary activities
  • $432Service charges on deposit accounts
  • $0Trading account gains & fees
  • $2,588Additional noninterest income
  • $34,375Total noninterest expense
  • $14,037Salaries and employee benefits
  • $3,684Premises and equipment expense
  • $16,654Additional noninterest expense
  • $2,611Pre-tax net operating income
  • $54Securities gains (losses)
  • -$312Applicable income taxes
  • $2,977Income before extraordinary items
  • $0Extraordinary gains - net
  • $2,977Net income attributable to bank
  • $0Net charge-offs
  • $2,977Cash dividends
  • $3,913Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 6.22%Yield on earning assets
  • 1.06%Cost of funding earning assets
  • 5.16%Net interest margin
  • 0.39%Noninterest income to earning assets
  • 4.49%Noninterest expense to earning assets
  • 0.33%Net operating income to assets
  • 0.33%Return on assets (ROA)
  • 0.30%Pretax return on assets
  • 1.97%Return on equity (ROE)
  • 1.97%Retained earnings to average equity (YTD only)
  • 0.69%Net charge-offs to loans
  • 141.73%Credit loss provision to net charge-offs
  • 2.08%Efficiency ratio
  • 79,726Assets per employee
  • 5.51%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.29%Loss allowance to noncurrent loans
  • 11.49%Noncurrent assets plus other real estate owned to assets
  • 16.20%Noncurrent loans to loans
  • 19.93%Net loans and leases to deposits
  • 73.77%Net loans and leases to core deposits
  • 77.57%Equity capital to assets
  • 17.37%Core capital (leverage) ratio
  • 14.89%Tier 1 risk-based capital ratio
  • 20.83%Total risk-based capital ratio
  • Memoranda
  • $22Average assets
  • $897,701Average earning assets
  • $150,943Average equity
  • $766,322Average loans

List of branches

  • 15 Florida Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    038556First Southern Bank7301 West Palmetto Park Road, Boca Raton, FL 33434September 14, 1987Full Service Brick and Mortar
    3260693Coral Springs Branch3301 N. University Drive, Suite 110, Coral Springs, FL 33065January 22, 1996Full Service Brick and Mortar
    6358502North Palm Beach Branch801 U.S. Highway One, North Palm Beach, FL 33408August 07, 2000Full Service Brick and Mortar
    8432608Fort Lauderdale Branch2419 East Commercial Boulevard, Fort Lauderdale, FL 33308September 27, 2004Full Service Brick and Mortar
    9442245East Boca Branch900 North Federal Highway, Boca Raton, FL 33432January 15, 2005Full Service Retail
    11445957Point Vedra Beach Branch212 Ponte Vedra Park Drive, Ponte Vedra Beach, FL 32082August 29, 2006Full Service Brick and Mortar
    12467968St. Augustine Branch709 South Ponce De Leon Boulevard, Saint Augustine, FL 32084September 10, 2007Full Service Brick and Mortar
    1362139First Commercial Bank Of Florida Bra945 South Orange Avenue, Orlando, FL 32806April 21, 1999Full Service Brick and Mortar
    14363718Kissimmee Branch910 West Vine Street, Kissimmee, FL 34741April 25, 1999Full Service Brick and Mortar
    15363746West Orange Office12901 West Colonial Drive, Winter Garden, FL 34787April 08, 2002Full Service Brick and Mortar
    16365774St. Cloud Branch4601 Neptune Road, Saint Cloud, FL 34769November 15, 2002Full Service Brick and Mortar
    17419681Lake Mary Office Branch3505 West Lake Mary Boulevard, Lake Mary, FL 32746August 01, 2002Full Service Brick and Mortar
    18419682Winter Park Office Branch1250 Lee Road, Winter Park, FL 32789November 12, 2002Full Service Brick and Mortar
    19453173Pine Castle Office Branch5645 Hansel Ave, Edgewood, FL 32809December 16, 2005Full Service Brick and Mortar
    21465938West Volusia Office Branch2494 Enterprise Road, Orange City, FL 32763Febuary 20, 2007Full Service Brick and Mortar

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