Grundy National Bank in Grundy, Virginia (VA)



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Grundy National Bank
GeneralFDIC Certificate #: 19011
Status: Active
Federal Reserve ID: 268828
Bank Holding Company (Regulatory Top Holder): Gnb Bankshares Corporation (RSSDID: 2630193, Location: Grundy, VA)
Date Established: January 21, 1964
WWW: http://www.grundynationalbank.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 8 (Domestic: 8, Interstate: No)
FDIC's unique #: 12852
Numeric code: 3
Regulator: OCC
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: No
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: January 21, 1964
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: 22112 Riverside Drive, Grundy, VA 24614
County: Buchanan
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
History of ChangesChange in Location
Merge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $352.0 mil
Equity capital: $63.4 mil
Deposits held in domestic offices: $287.6 mil
Return on assets (ROA): 1.00% ($3.5 mil)
Quarterly return on assets: 0.77% ($2.7 mil)
Return on Equity (ROE): 5.74% ($3.6 mil)
Quarterly return on equity: 4.18% ($2.6 mil)
Net income: $3.5 mil
Quarterly Net income: $0.7 mil
Pretax return on assets: 1.37% ($4,822.2 mil)
Quarterly Pretax return on assets: 1.05% ($3,695.9 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)86
Total assets$351,988
Cash and due from depository institutions$54,210
Interest-bearing balances$45,158
Securities$119,205
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$168,535
Loan loss allowance $3,864
Trading account assets$0
Bank premises and fixed assets$4,136
Other real estate owned$1,714
Goodwill and other intangibles$0
All other assets$4,188
Life insurance assets$351,988
Total liabilities and capital$288,585
Total liabilities$287,604
Total deposits$236,300
Interest-bearing deposits$287,604
Deposits held in domestic offices$78
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $981
All other liabilities $63,403
Total equity capital$63,403
Total bank equity capital$63,403
Perpetual preferred stock$0
Common stock$10,000
Surplus$10,000
Undivided profits $43,403
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 $1,376
Earning assets $0
Long-term assets (5+ years) $1,546
Average Assets, year-to-date $332,898
Average Assets, quarterly $119,738
Volatile liabilities $352,197
Insider loans $348,144
FHLB advances $196,026
Loans and leases held for sale $349,305
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $62,365
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $32,431
Derivatives$9,452
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $15,924
Total interest expense $2,637
Net interest income $13,287
Provision for loan and lease losses $1,705
Total noninterest income $378
Fiduciary activities $0
Service charges on deposit accounts $467
Trading account gains & fees $0
Additional noninterest income -$89
Total noninterest expense $7,141
Salaries and employee benefits $3,695
Premises and equipment expense $1,071
Additional noninterest expense $2,375
Pre-tax net operating income $4,819
Securities gains (losses) $4
Applicable income taxes $1,314
Income before extraordinary items $3,509
Extraordinary gains - net $0
Net income attributable to bank $3,509
Net charge-offs $0
Cash dividends $3,509
Sale, conversion, retirement of capital stock, net $404
Net operating income $1,333
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.79%
Cost of funding earning assets 0.79%
Net interest margin 3.99%
Noninterest income to earning assets 0.11%
Noninterest expense to earning assets 2.15%
Net operating income to assets 1.00%
Return on assets (ROA) 1.00%
Pretax return on assets 1.37%
Return on equity (ROE) 5.74%
Retained earnings to average equity (YTD only) 3.56%
Net charge-offs to loans 0.23%
Credit loss provision to net charge-offs 422.03%
Efficiency ratio16.15%
Assets per employee$52,258
Cash dividends to net income (YTD only)4.09%
Condition Ratios (%)
Loss allowance to loans 37.99%
Loss allowance to noncurrent loans 2.24%
Noncurrent assets plus other real estate owned to assets 280.81%
Noncurrent loans to loans 0.88%
Net loans and leases to deposits0.80%
Net loans and leases to core deposits 58.60%
Equity capital to assets 64.67%
Core capital (leverage) ratio 18.01%
Tier 1 risk-based capital ratio 17.85%
Total risk-based capital ratio 31.81%
Memoranda
Average assets$33
Average earning assets$352,197
Average equity $61,176
Average loans $332,636
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8 Virginia Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
012852Grundy National Bank22112 Riverside Drive, Grundy, VA 24614January 21, 1964Full Service Brick and Mortar
2247061Riverside Drive BranchU.S. 460 West At Stiltner's Creek, Grundy, VA 24614January 29, 1973Full Service Brick and Mortar
3247062Hurley BranchVirginia Routes 650 And 643, Hurley, VA 24620Febuary 02, 1976Full Service Brick and Mortar
4247063Deel BranchRoute 460, Deel, VA 24656December 20, 1982Full Service Brick and Mortar
6448960Clinch Valley Bank - Subsidiary Of G501 Railroad Avenue, Richlands, VA 24641January 16, 2006Full Service Brick and Mortar
7453455Abingdon Branch498 Cummings Street, Abingdon, VA 24210May 22, 2006Full Service Brick and Mortar
8470107Clinch Valley Bank814 West Riverside Drive, North Tazewell, VA 24630November 28, 2007Full Service Brick and Mortar
9495993Clinch Valley Bank Branch12660 Governor G. C. Peery Highway, Pounding Mill, VA 24637October 05, 2009Full Service Brick and Mortar
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