First State Bank of Covington, Tennessee in Covington, Tennessee (TN)

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First State Bank of Covington, Tennessee
GeneralFDIC Certificate #: 9192
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Union Planters Bank, National Association (#4979)
Federal Reserve ID: 121558
Date Established: January 01, 1919
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 4 (Interstate: No)
OTS Docket #: 8987
FDIC's unique #: 5886
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: Yes
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: Febuary 12, 2000
Last Structure Change Process Date: March 14, 2000
Last Data Update: March 14, 2000
Data Source Date: April 05, 2012
LocationAddress: 103 East Pleasant Avenue, Covington, TN 38019
County: Tipton
Quarterly Banking Profile Region: Dallas
FDIC Geographic Region: Dallas
FDIC Supervisory Region: Dallas
FDIC Field Office: Memphis
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Memphis, TN-AR-MS (#4920)
Core Based Statistical Area (CBSA): Memphis, TN-MS-AR (#32820)
CBSA Metro Statistical Area: Memphis, TN-MS-AR (#32820)
Financial SummaryTotal assets: $118.1 mil

1992 - 1999 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, 1999)
(Dollar figures in thousands)
Total employees (full-time equivalent)65
Total assets$118,136
Cash and due from depository institutions$5,169
Interest-bearing balances$0
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$92,046
Loan loss allowance $1,444
Trading account assets$0
Bank premises and fixed assets$2,033
Other real estate owned$0
Goodwill and other intangibles$0
All other assets$1,648
Life insurance assets$0
Total liabilities and capital$118,136
Total liabilities$108,919
Total deposits$106,398
Interest-bearing deposits$87,176
Deposits held in domestic offices$106,398
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $1,485
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $1,036
Total equity capital$9,217
Total bank equity capital$9,217
Perpetual preferred stock$9,217
Common stock$0
Undivided profits $2,563
Noncurrent loans and leases $5,220
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $7,627
Income earned, not collected on loans $0
Earning assets $203
Long-term assets (5+ years) $0
Average Assets, year-to-date $565
Average Assets, quarterly $109,286
Volatile liabilities $9,845
Insider loans $127,192
FHLB advances $120,329
Loans and leases held for sale $11,910
Unused loan commitments $949
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $0
Total risk weighted assets $0
Total unused commitments $7,627
Restructured Loans and leases $0
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Income and Expense (December 31, 1999)
(Dollar figures in thousands)
Total interest income $10,328
Total interest expense $4,086
Net interest income $6,242
Provision for loan and lease losses $215
Total noninterest income $1,509
Fiduciary activities $1
Service charges on deposit accounts $960
Trading account gains & fees $0
Additional noninterest income $548
Total noninterest expense $3,544
Salaries and employee benefits $2,163
Premises and equipment expense $555
Additional noninterest expense $826
Pre-tax net operating income $3,992
Securities gains (losses) $19
Applicable income taxes $1,393
Income before extraordinary items $2,618
Extraordinary gains - net $0
Net income attributable to bank $2,618
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $213
Net operating income $7,200
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Performance and Condition Ratios (December 31, 1999)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets8.66%
Cost of funding earning assets 3.43%
Net interest margin 5.23%
Noninterest income to earning assets 1.27%
Noninterest expense to earning assets 2.97%
Net operating income to assets 2.05%
Return on assets (ROA) 2.06%
Pretax return on assets 3.15%
Return on equity (ROE) 24.62%
Retained earnings to average equity (YTD only) -43.08%
Net charge-offs to loans 0.22%
Credit loss provision to net charge-offs 100.94%
Efficiency ratio19.75%
Assets per employee$45,723
Cash dividends to net income (YTD only)1.82%
Condition Ratios (%)
Loss allowance to loans 275.02%
Loss allowance to noncurrent loans 1.54%
Noncurrent assets plus other real estate owned to assets 711.33%
Noncurrent loans to loans 0.17%
Net loans and leases to deposits0.22%
Net loans and leases to core deposits 86.51%
Equity capital to assets 95.91%
Core capital (leverage) ratio 7.80%
Tier 1 risk-based capital ratio 7.73%
Total risk-based capital ratio 10.97%
Average assets$12
Average earning assets$127,192
Average equity $10,635
Average loans $119,274
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