Sea Island Bank in Statesboro, Georgia (GA)



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Table of contents:
Sea Island Bank
GeneralFDIC Certificate #: 5707
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Synovus Bank (#873)
Federal Reserve ID: 1632
Date Established: January 01, 1901
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 10 (Interstate: No)
FDIC's unique #: 3889
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: June 01, 2010
Last Structure Change Process Date: June 14, 2010
Last Data Update: June 14, 2010
Data Source Date: April 05, 2012
LocationAddress: 2 East Main Street, Statesboro, GA 30458
County: Bulloch
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Savannah
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Core Based Statistical Area (CBSA): Statesboro, GA (#44340)
CBSA Micro Statistical Area: Yes
Financial SummaryTotal assets: $771.6 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)118
Total assets$777,609
Cash and due from depository institutions$6,694
Interest-bearing balances$15
Securities$40,168
Federal funds sold & reverse repurchase agreements$55,588
Net loans & leases$629,684
Loan loss allowance $12,021
Trading account assets$0
Bank premises and fixed assets$13,645
Other real estate owned$9,703
Goodwill and other intangibles$0
All other assets$22,127
Life insurance assets$838
Total liabilities and capital$777,609
Total liabilities$712,373
Total deposits$648,012
Interest-bearing deposits$576,972
Deposits held in domestic offices$648,012
% insured (estimated)87.82%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $60,000
Subordinated debt $0
All other liabilities $4,361
Total equity capital$65,236
Total bank equity capital$65,236
Perpetual preferred stock$65,236
Common stock$0
Surplus$1,900
Undivided profits $57,483
Memoranda
Noncurrent loans and leases $5,853
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $77,389
Income earned, not collected on loans $0
Earning assets $27,064
Long-term assets (5+ years) $0
Average Assets, year-to-date $4,181
Average Assets, quarterly $725,455
Volatile liabilities $128,614
Insider loans $774,109
FHLB advances $784,595
Loans and leases held for sale $218,086
Unused loan commitments $28,394
Tier 1 (core) risk-based capital $60,000
Tier 2 risk-based capital $0
Total risk weighted assets $0
Total unused commitments $77,389
Restructured Loans and leases $7,239
Derivatives$8,235
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Income and Expense (December 31, 2009)
(Dollar figures in thousands)
Total interest income $38,450
Total interest expense $13,332
Net interest income $25,118
Provision for loan and lease losses $31,839
Total noninterest income -$1,587
Fiduciary activities $0
Service charges on deposit accounts $2,698
Trading account gains & fees $0
Additional noninterest income -$4,285
Total noninterest expense $17,824
Salaries and employee benefits $7,507
Premises and equipment expense $2,186
Additional noninterest expense $8,131
Pre-tax net operating income -$26,132
Securities gains (losses) $108
Applicable income taxes -$4,664
Income before extraordinary items -$21,360
Extraordinary gains - net $0
Net income attributable to bank -$21,360
Net charge-offs $0
Cash dividends -$21,360
Sale, conversion, retirement of capital stock, net $30,237
Net operating income $395
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Performance and Condition Ratios (December 31, 2009)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.28%
Cost of funding earning assets 1.83%
Net interest margin 3.45%
Noninterest income to earning assets -0.22%
Noninterest expense to earning assets 2.45%
Net operating income to assets -2.77%
Return on assets (ROA) -2.76%
Pretax return on assets -3.36%
Return on equity (ROE) -32.95%
Retained earnings to average equity (YTD only) -33.55%
Net charge-offs to loans 4.54%
Credit loss provision to net charge-offs 105.30%
Efficiency ratio0.19%
Assets per employee$75,747
Cash dividends to net income (YTD only)6.59%
Condition Ratios (%)
Loss allowance to loans -1.85%
Loss allowance to noncurrent loans 1.87%
Noncurrent assets plus other real estate owned to assets 44.42%
Noncurrent loans to loans 4.73%
Net loans and leases to deposits4.22%
Net loans and leases to core deposits 97.17%
Equity capital to assets 128.53%
Core capital (leverage) ratio 8.39%
Tier 1 risk-based capital ratio 8.28%
Total risk-based capital ratio 9.84%
Memoranda
Average assets$11
Average earning assets$774,109
Average equity $64,835
Average loans $728,525
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