MagnetBank in Salt Lake City, Utah (UT)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of January 30, 2009

  • MagnetBank in Salt Lake City, Utah (UT)
  • Show street view No street view available for this location

MagnetBank - Overview

  • General
  • FDIC Certificate #: 58001
    Status: Inactive
    Federal Reserve ID: 3385285
    Date Established: September 29, 2005
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 1 (Interstate: No)
    FDIC's unique #: 433480
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    State Chartered: Yes
    Date of Deposit Insurance: September 29, 2005
    Last Structure Change Effective Date: January 30, 2009
    Last Structure Change Process Date: January 30, 2009
    Last Data Update: January 30, 2009
    Data Source Date: April 05, 2012
  • Location
  • Address: 2825 East Cottonwood Parkway, Suite 180, Salt Lake City, UT 84121
    County: Salt Lake
    Quarterly Banking Profile Region: San Francisco
    FDIC Geographic Region: San Francisco
    FDIC Supervisory Region: San Francisco
    FDIC Field Office: Salt Lake City
    Office of the Comptroller the Currency (OCC) District: Midwest
    Office of Thrift Supervision Region: West
    Metropolitan Statistical Area (MSA): Salt Lake City-Ogden, UT (#7160)
    Combined Statistical Area (CSA): Salt Lake City-Ogden-Clearfield, UT (#482)
    Core Based Statistical Area (CBSA): Salt Lake City, UT (#41620)
    CBSA Metro Statistical Area: Salt Lake City, UT (#41620)
  • History of Changes
  • Financial Difficulty - Payoff
  • Financial Summary
  • Total assets: $300.7 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
  • 55Total employees (full-time equivalent)
  • $458,361Total assets
  • $1,166Cash and due from depository institutions
  • $0Interest-bearing balances
  • $32,470Securities
  • $2,286Federal funds sold & reverse repurchase agreements
  • $406,385Net loans & leases
  • $9,804Loan loss allowance
  • $0Trading account assets
  • $770Bank premises and fixed assets
  • $5,410Other real estate owned
  • $0Goodwill and other intangibles
  • $0Life insurance assets
  • $9,874All other assets
  • $458,361Total liabilities and capital
  • $419,262Total liabilities
  • $409,982Total deposits
  • $409,480Interest-bearing deposits
  • $409,982Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $3,000Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $6,280All other liabilities
  • $39,099Total equity capital
  • $39,099Total bank equity capital
  • $39,099Perpetual preferred stock
  • $0Common stock
  • $5,008Surplus
  • $43,974Undivided profits
  • Memoranda
  • $-9,883Noncurrent loans and leases
  • $103,288Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $37,586Earning assets
  • $0Long-term assets (5+ years)
  • $2,855Average Assets, year-to-date
  • $441,141Average Assets, quarterly
  • $15,486Volatile liabilities
  • $492,253Insider loans
  • $465,245FHLB advances
  • $4,511Loans and leases held for sale
  • $4,896Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $245,772Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $103,288Total unused commitments
  • $0Restructured Loans and leases
  • $5,536Derivatives

Income and Expense (December 31, 2007)

  • Dollar figures in thousands
  • $40,769Total interest income
  • $23,660Total interest expense
  • $17,109Net interest income
  • $6,378Provision for loan and lease losses
  • $377Total noninterest income
  • $0Fiduciary activities
  • $0Service charges on deposit accounts
  • $0Trading account gains & fees
  • $377Additional noninterest income
  • $15,014Total noninterest expense
  • $6,360Salaries and employee benefits
  • $1,017Premises and equipment expense
  • $7,637Additional noninterest expense
  • -$3,906Pre-tax net operating income
  • $191Securities gains (losses)
  • $3,554Applicable income taxes
  • -$7,269Income before extraordinary items
  • $0Extraordinary gains - net
  • -$7,269Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $708Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2007)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 8.49%Yield on earning assets
  • 4.93%Cost of funding earning assets
  • 3.56%Net interest margin
  • 0.08%Noninterest income to earning assets
  • 3.13%Noninterest expense to earning assets
  • -1.52%Net operating income to assets
  • -1.48%Return on assets (ROA)
  • -0.75%Pretax return on assets
  • -15.95%Return on equity (ROE)
  • -15.95%Retained earnings to average equity (YTD only)
  • 0.17%Net charge-offs to loans
  • 900.85%Credit loss provision to net charge-offs
  • 3.49%Efficiency ratio
  • 85,863Assets per employee
  • 8.33%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.36%Loss allowance to noncurrent loans
  • 26.08%Noncurrent assets plus other real estate owned to assets
  • 8.20%Noncurrent loans to loans
  • 9.03%Net loans and leases to deposits
  • 99.12%Net loans and leases to core deposits
  • 99.49%Equity capital to assets
  • 8.53%Core capital (leverage) ratio
  • 8.35%Tier 1 risk-based capital ratio
  • 8.94%Total risk-based capital ratio
  • Memoranda
  • $10Average assets
  • $492,253Average earning assets
  • $45,567Average equity
  • $480,184Average loans

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