Main Street Bank in Covington, Georgia (GA)



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Main Street Bank
GeneralFDIC Certificate #: 9243
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Branch Banking and Trust Company (#9846)
Federal Reserve ID: 467630
Date Established: April 01, 1901
WWW: http://www.mainstreetbank.com
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 24 (Interstate: No)
OTS Docket #: 13756
FDIC's unique #: 5914
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: January 01, 1934
Last Structure Change Effective Date: September 16, 2006
Last Structure Change Process Date: October 10, 2006
Last Data Update: October 10, 2006
Data Source Date: April 05, 2012
LocationAddress: 1134 Clark Street, Covington, GA 30014
County: Newton
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Atlanta
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Atlanta, GA (#520)
Combined Statistical Area (CSA): Atlanta-Sandy Springs-Gainesville, GA-AL (#122)
Core Based Statistical Area (CBSA): Atlanta-Sandy Springs-Marietta, GA (#12060)
CBSA Metro Statistical Area: Atlanta-Sandy Springs-Marietta, GA (#12060)
Financial SummaryTotal assets: $2,570.2 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, 2005)
(Dollar figures in thousands)
Total employees (full-time equivalent)477
Total assets$2,336,896
Cash and due from depository institutions$46,022
Interest-bearing balances$2,324
Securities$245,656
Federal funds sold & reverse repurchase agreements$12,400
Net loans & leases$1,785,345
Loan loss allowance $25,239
Trading account assets$0
Bank premises and fixed assets$50,229
Other real estate owned$4,302
Goodwill and other intangibles$93,482
All other assets$99,460
Life insurance assets$0
Total liabilities and capital$2,336,896
Total liabilities$2,012,361
Total deposits$1,739,451
Interest-bearing deposits$1,483,202
Deposits held in domestic offices$1,739,451
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $34,706
Trading liabilities$0
Other borrowed funds $224,747
Subordinated debt $0
All other liabilities $13,457
Total equity capital$324,535
Total bank equity capital$324,535
Perpetual preferred stock$324,535
Common stock$0
Surplus$4,333
Undivided profits $232,235
Memoranda
Noncurrent loans and leases $87,967
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $348,455
Income earned, not collected on loans $0
Earning assets $21,401
Long-term assets (5+ years) $133
Average Assets, year-to-date $10,736
Average Assets, quarterly $2,045,725
Volatile liabilities $174,513
Insider loans $2,355,604
FHLB advances $2,398,171
Loans and leases held for sale $582,049
Unused loan commitments $4,757
Tier 1 (core) risk-based capital $224,570
Tier 2 risk-based capital $150,000
Total risk weighted assets $8,072
Total unused commitments $348,455
Restructured Loans and leases $0
Derivatives$24,482
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Income and Expense (December 31, 2005)
(Dollar figures in thousands)
Total interest income $143,900
Total interest expense $49,510
Net interest income $94,390
Provision for loan and lease losses $8,210
Total noninterest income $19,257
Fiduciary activities $0
Service charges on deposit accounts $7,876
Trading account gains & fees $0
Additional noninterest income $11,381
Total noninterest expense $56,099
Salaries and employee benefits $31,350
Premises and equipment expense $9,988
Additional noninterest expense $14,761
Pre-tax net operating income $49,338
Securities gains (losses) -$1,938
Applicable income taxes $15,266
Income before extraordinary items $32,134
Extraordinary gains - net $0
Net income attributable to bank $32,134
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $8,154
Net operating income $15,000
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Performance and Condition Ratios (December 31, 2005)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets6.95%
Cost of funding earning assets 2.39%
Net interest margin 4.56%
Noninterest income to earning assets 0.93%
Noninterest expense to earning assets 2.71%
Net operating income to assets 1.42%
Return on assets (ROA) 1.36%
Pretax return on assets 2.01%
Return on equity (ROE) 10.11%
Retained earnings to average equity (YTD only) 5.39%
Net charge-offs to loans 0.46%
Credit loss provision to net charge-offs 100.69%
Efficiency ratio7.06%
Assets per employee$49,186
Cash dividends to net income (YTD only)4.90%
Condition Ratios (%)
Loss allowance to loans 46.68%
Loss allowance to noncurrent loans 1.39%
Noncurrent assets plus other real estate owned to assets 117.93%
Noncurrent loans to loans 1.10%
Net loans and leases to deposits1.18%
Net loans and leases to core deposits 102.64%
Equity capital to assets 132.19%
Core capital (leverage) ratio 13.89%
Tier 1 risk-based capital ratio 10.12%
Total risk-based capital ratio 12.00%
Memoranda
Average assets$13
Average earning assets$2,355,604
Average equity $317,914
Average loans $2,070,693
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