Indian River National Bank in Vero Beach, Florida (FL)



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Indian River National Bank
GeneralFDIC Certificate #: 26018
Status: Inactive
Closing history: Absorption - Without Assistance
Acquiring institution: RBC Bank (USA) (#33184)
Federal Reserve ID: 576439
Date Established: March 26, 1985
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 11 (Interstate: No)
OTS Docket #: 13840
FDIC's unique #: 32298
Numeric code: 3
Regulator: OCC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
State Chartered: No
Date of Deposit Insurance: March 26, 1985
Last Structure Change Effective Date: April 12, 2008
Last Structure Change Process Date: May 28, 2008
Last Data Update: May 28, 2008
Data Source Date: April 05, 2012
LocationAddress: 958 20th Place, Vero Beach, FL 32961
County: Indian River
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
Combined Statistical Area (CSA): Port St. Lucie-Sebastian-Vero Beach, FL (#442)
Core Based Statistical Area (CBSA): Sebastian-Vero Beach, FL (#42680)
CBSA Metro Statistical Area: Sebastian-Vero Beach, FL (#42680)
Financial SummaryTotal assets: $698.2 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, 2007)
(Dollar figures in thousands)
Total employees (full-time equivalent)154
Total assets$762,321
Cash and due from depository institutions$19,805
Interest-bearing balances$5,599
Securities$200,377
Federal funds sold & reverse repurchase agreements$1,596
Net loans & leases$494,085
Loan loss allowance $8,454
Trading account assets$0
Bank premises and fixed assets$23,370
Other real estate owned$1,334
Goodwill and other intangibles$1,796
All other assets$19,958
Life insurance assets$7,816
Total liabilities and capital$762,321
Total liabilities$703,127
Total deposits$606,451
Interest-bearing deposits$480,525
Deposits held in domestic offices$606,451
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $23,029
Trading liabilities$0
Other borrowed funds $72,008
Subordinated debt $0
All other liabilities $1,639
Total equity capital$59,194
Total bank equity capital$59,194
Perpetual preferred stock$59,194
Common stock$0
Surplus$1,103
Undivided profits $19,186
Memoranda
Noncurrent loans and leases $38,905
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $105,078
Income earned, not collected on loans $0
Earning assets $7,021
Long-term assets (5+ years) $0
Average Assets, year-to-date $3,074
Average Assets, quarterly $701,657
Volatile liabilities $232,352
Insider loans $787,866
FHLB advances $774,725
Loans and leases held for sale $151,609
Unused loan commitments $5,002
Tier 1 (core) risk-based capital $72,008
Tier 2 risk-based capital $3,112
Total risk weighted assets $3,120
Total unused commitments $105,078
Restructured Loans and leases $0
Derivatives$6,883
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Income and Expense (December 31, 2007)
(Dollar figures in thousands)
Total interest income $49,786
Total interest expense $24,102
Net interest income $25,684
Provision for loan and lease losses $4,307
Total noninterest income $4,911
Fiduciary activities $0
Service charges on deposit accounts $2,295
Trading account gains & fees $0
Additional noninterest income $2,616
Total noninterest expense $17,730
Salaries and employee benefits $9,814
Premises and equipment expense $2,235
Additional noninterest expense $5,681
Pre-tax net operating income $8,558
Securities gains (losses) -$52
Applicable income taxes $2,462
Income before extraordinary items $6,044
Extraordinary gains - net $0
Net income attributable to bank $6,044
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $1,864
Net operating income $7,000
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Performance and Condition Ratios (December 31, 2007)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets6.80%
Cost of funding earning assets 3.29%
Net interest margin 3.51%
Noninterest income to earning assets 0.67%
Noninterest expense to earning assets 2.42%
Net operating income to assets 0.77%
Return on assets (ROA) 0.77%
Pretax return on assets 1.08%
Return on equity (ROE) 10.09%
Retained earnings to average equity (YTD only) -1.60%
Net charge-offs to loans 0.37%
Credit loss provision to net charge-offs 231.06%
Efficiency ratio6.90%
Assets per employee$54,283
Cash dividends to net income (YTD only)4.95%
Condition Ratios (%)
Loss allowance to loans 115.82%
Loss allowance to noncurrent loans 1.68%
Noncurrent assets plus other real estate owned to assets 120.41%
Noncurrent loans to loans 1.10%
Net loans and leases to deposits1.40%
Net loans and leases to core deposits 81.47%
Equity capital to assets 103.39%
Core capital (leverage) ratio 7.76%
Tier 1 risk-based capital ratio 7.43%
Total risk-based capital ratio 10.57%
Memoranda
Average assets$12
Average earning assets$787,866
Average equity $59,889
Average loans $731,998
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