FDIC Certificate #: 28077 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:First Western Bank (#34570) Federal Reserve ID: 743370 Date Established: January 01, 1924 Bank Charter Class: Savings banks, state charter, supervised by the FDIC Offices: 1 (Interstate: No) OTS Docket #: 859 FDIC's unique #: 40911 Numeric code: 41 Regulator: FDIC Insurance Fund Membership: Savings Association Insurance Fund (SAIF) FDIC Insured: Yes SAIF Insured: Yes Insured Savings Institution: Yes State Chartered: Yes Date of Deposit Insurance: August 10, 1950 Last Structure Change Effective Date: December 31, 1998 Last Structure Change Process Date: Febuary 12, 1999 Last Data Update: Febuary 12, 1999 Data Source Date: April 05, 2012
Location
Address: 210 Oak Avenue, Spruce Pine, NC 28777 County: Mitchell Quarterly Banking Profile Region: Atlanta FDIC Geographic Region: Atlanta FDIC Supervisory Region: Atlanta FDIC Field Office: Charlotte Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Southeast
Financial Summary
Total assets: $34.8 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Assets and Liabilities (December 31, 1997)
Dollar figures in thousands
6Total employees (full-time equivalent)
$33,328Total assets
$2,165Cash and due from depository institutions
$2,159Interest-bearing balances
$851Securities
$836Federal funds sold & reverse repurchase agreements
$28,991Net loans & leases
$188Loan loss allowance
$0Trading account assets
$60Bank premises and fixed assets
$91Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$334All other assets
$33,328Total liabilities and capital
$22,410Total liabilities
$20,411Total deposits
$20,411Interest-bearing deposits
$20,411Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$802Other borrowed funds
$0Subordinated debt
$1,197All other liabilities
$10,918Total equity capital
$10,918Total bank equity capital
$10,918Perpetual preferred stock
$0Common stock
$1Surplus
$4,645Undivided profits
Memoranda
$6,272Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$610Earning assets
$0Long-term assets (5+ years)
$0Average Assets, year-to-date
$32,837Average Assets, quarterly
$28,041Volatile liabilities
$31,543Insider loans
$32,995FHLB advances
$5,921Loans and leases held for sale
$112Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$322Total unused commitments
$0Restructured Loans and leases
$18,364Derivatives
Income and Expense (December 31, 1997)
Dollar figures in thousands
$2,526Total interest income
$1,020Total interest expense
$1,506Net interest income
$24Provision for loan and lease losses
$7Total noninterest income
$0Fiduciary activities
$0Service charges on deposit accounts
$0Trading account gains & fees
$7Additional noninterest income
$715Total noninterest expense
$414Salaries and employee benefits
$29Premises and equipment expense
$272Additional noninterest expense
$774Pre-tax net operating income
$0Securities gains (losses)
$306Applicable income taxes
$468Income before extraordinary items
$0Extraordinary gains - net
$468Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$0Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 1997)
Dollar figures in thousands
Performance Ratios (%, annualized)
8.14%Yield on earning assets
3.29%Cost of funding earning assets
4.85%Net interest margin
0.02%Noninterest income to earning assets
2.30%Noninterest expense to earning assets
1.48%Net operating income to assets
1.48%Return on assets (ROA)
2.45%Pretax return on assets
4.42%Return on equity (ROE)
4.42%Retained earnings to average equity (YTD only)
0.00%Net charge-offs to loans
0.00%Credit loss provision to net charge-offs
0.00%Efficiency ratio
47,257Assets per employee
5.55%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
0.64%Loss allowance to noncurrent loans
30.82%Noncurrent assets plus other real estate owned to assets
2.10%Noncurrent loans to loans
2.09%Net loans and leases to deposits
142.04%Net loans and leases to core deposits
198.81%Equity capital to assets
32.76%Core capital (leverage) ratio
32.28%Tier 1 risk-based capital ratio
57.64%Total risk-based capital ratio
Memoranda
$59Average assets
$31,543Average earning assets
$10,582Average equity
$31,047Average loans
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