Merrick Bank in South Jordan, Utah (UT)



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Merrick Bank
GeneralFDIC Certificate #: 34519
Status: Active
Federal Reserve ID: 2615190
Date Established: September 22, 1997
WWW: http://www.merrickbank.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 1 (Domestic: 1, Interstate: No)
FDIC's unique #: 59026
Numeric code: 23
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Credit Card Institutions: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Credit-Card Specialization
Date of Deposit Insurance: September 22, 1997
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: 10705 South Jordan Gateway, Suite 200, South Jordan, UT 84095
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 ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $1,320.2 mil
Equity capital: $305.0 mil
Deposits held in domestic offices: $987.1 mil
Return on assets (ROA): 8.25% ($108.9 mil)
Quarterly return on assets: 7.86% ($103.8 mil)
Return on Equity (ROE): 34.03% ($103.8 mil)
Quarterly return on equity: 34.13% ($104.1 mil)
Net income: $97.1 mil
Quarterly Net income: $25.0 mil
Pretax return on assets: 13.62% ($179,815.3 mil)
Quarterly Pretax return on assets: 12.93% ($170,705.7 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)142
Total assets$1,320,230
Cash and due from depository institutions$75,625
Interest-bearing balances$65,979
Securities$39,504
Federal funds sold & reverse repurchase agreements$927
Net loans & leases$1,032,874
Loan loss allowance $157,670
Trading account assets$0
Bank premises and fixed assets$534
Other real estate owned$0
Goodwill and other intangibles$0
All other assets$170,766
Life insurance assets$1,320,230
Total liabilities and capital$1,015,253
Total liabilities$987,052
Total deposits$831,974
Interest-bearing deposits$987,052
Deposits held in domestic offices$95
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $28,201
All other liabilities $304,977
Total equity capital$304,977
Total bank equity capital$304,977
Perpetual preferred stock$0
Common stock$10
Surplus$52,876
Undivided profits $252,091
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 $39,658
Earning assets $0
Long-term assets (5+ years) $10,156
Average Assets, year-to-date $1,139,284
Average Assets, quarterly $26,344
Volatile liabilities $1,176,728
Insider loans $1,270,012
FHLB advances $1,206,041
Loans and leases held for sale $1,303,592
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $294,554
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $387,497
Derivatives$0
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $276,112
Total interest expense $8,289
Net interest income $267,823
Provision for loan and lease losses $95,222
Total noninterest income $72,901
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $72,901
Total noninterest expense $85,255
Salaries and employee benefits $14,700
Premises and equipment expense $1,518
Additional noninterest expense $69,037
Pre-tax net operating income $160,247
Securities gains (losses) $0
Applicable income taxes $63,124
Income before extraordinary items $97,123
Extraordinary gains - net $0
Net income attributable to bank $97,123
Net charge-offs $0
Cash dividends $97,123
Sale, conversion, retirement of capital stock, net $95,002
Net operating income $50,000
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets26.99%
Cost of funding earning assets 0.81%
Net interest margin 26.18%
Noninterest income to earning assets 7.13%
Noninterest expense to earning assets 8.33%
Net operating income to assets 8.25%
Return on assets (ROA) 8.25%
Pretax return on assets 13.62%
Return on equity (ROE) 34.03%
Retained earnings to average equity (YTD only) 16.51%
Net charge-offs to loans 8.97%
Credit loss provision to net charge-offs 100.23%
Efficiency ratio2.69%
Assets per employee$25,022
Cash dividends to net income (YTD only)9.30%
Condition Ratios (%)
Loss allowance to loans 51.48%
Loss allowance to noncurrent loans 13.24%
Noncurrent assets plus other real estate owned to assets 397.57%
Noncurrent loans to loans 3.00%
Net loans and leases to deposits3.33%
Net loans and leases to core deposits 104.64%
Equity capital to assets 325.05%
Core capital (leverage) ratio 23.10%
Tier 1 risk-based capital ratio 22.60%
Total risk-based capital ratio 24.42%
Memoranda
Average assets$26
Average earning assets$1,176,728
Average equity $285,445
Average loans $1,023,072
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1 Utah Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
059026Merrick Bank10705 South Jordan Gateway, Suite 200, South Jordan, UT 84095September 22, 1997Full Service Brick and Mortar
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