Providence Bank in Rocky Mount, North Carolina (NC)



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Providence Bank
GeneralFDIC Certificate #: 58239
Status: Active
Federal Reserve ID: 3404506
Date Established: March 14, 2006
WWW: http://www.providencebanknc.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 3 (Domestic: 3, Interstate: No)
FDIC's unique #: 444132
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
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: Commercial Lending Specialization
Date of Deposit Insurance: March 14, 2006
Last Structure Change Effective Date: October 28, 2008
Last Structure Change Process Date: July 27, 2009
Last Data Update: July 27, 2009
Data Source Date: April 05, 2012
LocationAddress: 450 N Winstead Ave, Rocky Mount, NC 27804
County: Nash
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Raleigh
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Rocky Mount, NC (#6895)
Core Based Statistical Area (CBSA): Rocky Mount, NC (#40580)
CBSA Metro Statistical Area: Rocky Mount, NC (#40580)
History of ChangesChange in Location
Financial SummaryTotal assets: $209.6 mil
Equity capital: $19.7 mil
Deposits held in domestic offices: $181.0 mil
Return on assets (ROA): 0.73% ($1.5 mil)
Quarterly return on assets: 0.86% ($1.8 mil)
Return on Equity (ROE): 7.08% ($1.4 mil)
Quarterly return on equity: 8.93% ($1.8 mil)
Net income: $1.3 mil
Quarterly Net income: $0.4 mil
Pretax return on assets: 1.18% ($2,473.7 mil)
Quarterly Pretax return on assets: 1.37% ($2,872.0 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)25
Total assets$209,637
Cash and due from depository institutions$52,453
Interest-bearing balances$48,266
Securities$2,000
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$147,100
Loan loss allowance $2,429
Trading account assets$158
Bank premises and fixed assets$344
Other real estate owned$861
Goodwill and other intangibles$0
All other assets$6,721
Life insurance assets$209,637
Total liabilities and capital$189,907
Total liabilities$181,032
Total deposits$173,790
Interest-bearing deposits$181,032
Deposits held in domestic offices$68
% insured (estimated)483.00%
Federal funds purchased & repurchase agreements $158
Trading liabilities$8,000
Other borrowed funds $0
Subordinated debt $234
All other liabilities $19,730
Total equity capital$19,730
Total bank equity capital$19,730
Perpetual preferred stock$4,250
Common stock$6,300
Surplus$8,239
Undivided profits $941
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 $4,319
Earning assets $0
Long-term assets (5+ years) $600
Average Assets, year-to-date $197,524
Average Assets, quarterly $29,677
Volatile liabilities $184,189
Insider loans $202,417
FHLB advances $135,372
Loans and leases held for sale $207,125
Unused loan commitments $4,036
Tier 1 (core) risk-based capital $2,016
Tier 2 risk-based capital $19,730
Total risk weighted assets $0
Total unused commitments $2,020
Restructured Loans and leases $14,103
Derivatives$9,153
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $8,169
Total interest expense $2,337
Net interest income $5,832
Provision for loan and lease losses $315
Total noninterest income $65
Fiduciary activities $0
Service charges on deposit accounts $70
Trading account gains & fees $0
Additional noninterest income -$5
Total noninterest expense $3,400
Salaries and employee benefits $1,846
Premises and equipment expense $422
Additional noninterest expense $1,132
Pre-tax net operating income $2,182
Securities gains (losses) $0
Applicable income taxes $835
Income before extraordinary items $1,347
Extraordinary gains - net $0
Net income attributable to bank $1,347
Net charge-offs $0
Cash dividends $1,347
Sale, conversion, retirement of capital stock, net $336
Net operating income $230
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.67%
Cost of funding earning assets 1.34%
Net interest margin 3.34%
Noninterest income to earning assets 0.04%
Noninterest expense to earning assets 1.94%
Net operating income to assets 0.73%
Return on assets (ROA) 0.73%
Pretax return on assets 1.18%
Return on equity (ROE) 7.08%
Retained earnings to average equity (YTD only) 5.87%
Net charge-offs to loans 0.23%
Credit loss provision to net charge-offs 93.75%
Efficiency ratio7.43%
Assets per employee$57,656
Cash dividends to net income (YTD only)8.39%
Condition Ratios (%)
Loss allowance to loans 17.07%
Loss allowance to noncurrent loans 1.62%
Noncurrent assets plus other real estate owned to assets 56.24%
Noncurrent loans to loans 2.47%
Net loans and leases to deposits2.89%
Net loans and leases to core deposits 81.26%
Equity capital to assets 104.09%
Core capital (leverage) ratio 9.41%
Tier 1 risk-based capital ratio 9.53%
Total risk-based capital ratio 14.57%
Memoranda
Average assets$16
Average earning assets$184,189
Average equity $19,038
Average loans $174,808
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3 North Carolina Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
0444132Providence Bank450 N Winstead Ave, Rocky Mount, NC 27804March 14, 2006Full Service Brick and Mortar
1465816Tarboro Branch325 Main Street, Tarboro, NC 27886June 25, 2007Full Service Brick and Mortar
35103282401 Sunset Avenue Branch2401 Sunset Avenue, Rocky Mount, NC 27804March 14, 2006Full Service Brick and Mortar
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