Northern Neck State Bank in Warsaw, Virginia (VA)



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Northern Neck State Bank
GeneralFDIC Certificate #: 9991
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Union First Market Bank (#34589)
Federal Reserve ID: 550327
Date Established: May 09, 1909
Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
Offices: 8 (Interstate: No)
OTS Docket #: 10434
FDIC's unique #: 6385
Numeric code: 13
Regulator: FED
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: October 12, 2010
Last Structure Change Process Date: November 22, 2010
Last Data Update: November 22, 2010
Data Source Date: April 05, 2012
LocationAddress: 5839 Richmond Rd, Warsaw, VA 22572
County: Richmond
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Richmond
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Financial SummaryTotal assets: $342.0 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, 2009)
(Dollar figures in thousands)
Total employees (full-time equivalent)63
Total assets$355,033
Cash and due from depository institutions$6,049
Interest-bearing balances$395
Securities$89,754
Federal funds sold & reverse repurchase agreements$16,894
Net loans & leases$220,989
Loan loss allowance $1,993
Trading account assets$0
Bank premises and fixed assets$3,038
Other real estate owned$3,366
Goodwill and other intangibles$1,211
All other assets$13,732
Life insurance assets$6,522
Total liabilities and capital$355,033
Total liabilities$323,963
Total deposits$306,929
Interest-bearing deposits$277,086
Deposits held in domestic offices$306,929
% insured (estimated)91.69%
Federal funds purchased & repurchase agreements $5,776
Trading liabilities$0
Other borrowed funds $10,000
Subordinated debt $0
All other liabilities $1,258
Total equity capital$31,070
Total bank equity capital$31,070
Perpetual preferred stock$31,070
Common stock$0
Surplus$849
Undivided profits $2,163
Memoranda
Noncurrent loans and leases $28,058
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $49,328
Income earned, not collected on loans $0
Earning assets $1,200
Long-term assets (5+ years) $0
Average Assets, year-to-date $1,679
Average Assets, quarterly $328,032
Volatile liabilities $169,504
Insider loans $351,921
FHLB advances $353,393
Loans and leases held for sale $69,401
Unused loan commitments $7,724
Tier 1 (core) risk-based capital $10,000
Tier 2 risk-based capital $0
Total risk weighted assets $0
Total unused commitments $49,328
Restructured Loans and leases $0
Derivatives$1,993
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Income and Expense (December 31, 2009)
(Dollar figures in thousands)
Total interest income $18,118
Total interest expense $7,011
Net interest income $11,107
Provision for loan and lease losses $1,579
Total noninterest income $2,165
Fiduciary activities $0
Service charges on deposit accounts $1,382
Trading account gains & fees $0
Additional noninterest income $783
Total noninterest expense $9,936
Salaries and employee benefits $2,845
Premises and equipment expense $768
Additional noninterest expense $6,323
Pre-tax net operating income $1,757
Securities gains (losses) $11
Applicable income taxes -$91
Income before extraordinary items $1,859
Extraordinary gains - net $0
Net income attributable to bank $1,859
Net charge-offs $0
Cash dividends $1,859
Sale, conversion, retirement of capital stock, net $1,586
Net operating income $1,210
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Performance and Condition Ratios (December 31, 2009)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.52%
Cost of funding earning assets 2.14%
Net interest margin 3.39%
Noninterest income to earning assets 0.66%
Noninterest expense to earning assets 3.03%
Net operating income to assets 0.53%
Return on assets (ROA) 0.53%
Pretax return on assets 0.50%
Return on equity (ROE) 6.18%
Retained earnings to average equity (YTD only) 2.16%
Net charge-offs to loans 0.67%
Credit loss provision to net charge-offs 99.56%
Efficiency ratio2.10%
Assets per employee$71,700
Cash dividends to net income (YTD only)5.64%
Condition Ratios (%)
Loss allowance to loans 65.09%
Loss allowance to noncurrent loans 0.89%
Noncurrent assets plus other real estate owned to assets 166.08%
Noncurrent loans to loans 1.29%
Net loans and leases to deposits0.54%
Net loans and leases to core deposits 72.00%
Equity capital to assets 90.83%
Core capital (leverage) ratio 8.75%
Tier 1 risk-based capital ratio 8.40%
Total risk-based capital ratio 12.61%
Memoranda
Average assets$13
Average earning assets$351,921
Average equity $30,081
Average loans $328,099
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