Skagit State Bank in Burlington, Washington (WA)
Overview, Financial Summary, Detailed Financial Reports, Branches


  • Skagit State Bank in Burlington, Washington (WA)
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Skagit State Bank - Overview

  • General
  • FDIC Certificate #: 17874
    Status: Active
    Federal Reserve ID: 227179
    Bank Holding Company (Regulatory Top Holder): Skagit State Bancorp, Inc. (RSSDID: 3438097, Location: Burlington, WA)
    Date Established: June 16, 1958
    WWW: http://www.skagitbank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 12 (Domestic: 12, Interstate: No)
    FDIC's unique #: 11813
    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: June 16, 1958
    Last Structure Change Effective Date: October 04, 2006
    Last Structure Change Process Date: October 18, 2006
    Last Data Update: October 18, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 301 Fairhaven Avenue, Burlington, WA 98233
    County: Skagit
    Quarterly Banking Profile Region: San Francisco
    FDIC Geographic Region: San Francisco
    FDIC Supervisory Region: San Francisco
    FDIC Field Office: Seattle
    Office of the Comptroller the Currency (OCC) District: Midwest
    Office of Thrift Supervision Region: West
    Combined Statistical Area (CSA): Seattle-Tacoma-Olympia, WA (#500)
    Core Based Statistical Area (CBSA): Mount Vernon-Anacortes, WA (#34580)
    CBSA Metro Statistical Area: Mount Vernon-Anacortes, WA (#34580)
  • Financial Summary
  • Total assets: $723.3 mil
    Equity capital: $70.1 mil
    Deposits held in domestic offices: $620.5 mil
    Return on assets (ROA): 0.80% ($5.8 mil)
    Quarterly return on assets: 0.97% ($7.0 mil)
    Return on Equity (ROE): 8.34% ($5.8 mil)
    Quarterly return on equity: 9.88% ($6.9 mil)
    Net income: $5.7 mil
    Quarterly Net income: $1.7 mil
    Pretax return on assets: 0.98% ($7,088.0 mil)
    Quarterly Pretax return on assets: 1.14% ($8,245.2 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
  • 163Total employees (full-time equivalent)
  • $723,263Total assets
  • $53,029Cash and due from depository institutions
  • $41,895Interest-bearing balances
  • $300,050Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $348,644Net loans & leases
  • $5,183Loan loss allowance
  • $0Trading account assets
  • $11,036Bank premises and fixed assets
  • $4,397Other real estate owned
  • $0Goodwill and other intangibles
  • $723,263Life insurance assets
  • $6,107All other assets
  • $653,174Total liabilities and capital
  • $620,476Total liabilities
  • $528,988Total deposits
  • $620,476Interest-bearing deposits
  • $87Deposits held in domestic offices
  • 31334.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $1,364Subordinated debt
  • $70,089All other liabilities
  • $70,089Total equity capital
  • $70,089Total bank equity capital
  • $0Perpetual preferred stock
  • $6,759Common stock
  • $8,632Surplus
  • $54,698Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $521Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $16,507Income earned, not collected on loans
  • $0Earning assets
  • $2,638Long-term assets (5+ years)
  • $690,589Average Assets, year-to-date
  • $180,263Average Assets, quarterly
  • $710,626Volatile liabilities
  • $721,894Insider loans
  • $438,021FHLB advances
  • $720,905Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $66,320Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $87,583Restructured Loans and leases
  • $20,088Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $26,114Total interest income
  • $4,410Total interest expense
  • $21,704Net interest income
  • $1,229Provision for loan and lease losses
  • $3,510Total noninterest income
  • $0Fiduciary activities
  • $3,214Service charges on deposit accounts
  • $0Trading account gains & fees
  • $296Additional noninterest income
  • $17,011Total noninterest expense
  • $9,193Salaries and employee benefits
  • $1,526Premises and equipment expense
  • $6,292Additional noninterest expense
  • $6,974Pre-tax net operating income
  • $1Securities gains (losses)
  • $1,267Applicable income taxes
  • $5,708Income before extraordinary items
  • $0Extraordinary gains - net
  • $5,708Net income attributable to bank
  • $0Net charge-offs
  • $5,708Cash dividends
  • $3,125Sale, conversion, retirement of capital stock, net
  • $3,738Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 3.86%Yield on earning assets
  • 0.65%Cost of funding earning assets
  • 3.21%Net interest margin
  • 0.52%Noninterest income to earning assets
  • 2.51%Noninterest expense to earning assets
  • 0.80%Net operating income to assets
  • 0.80%Return on assets (ROA)
  • 0.98%Pretax return on assets
  • 8.34%Return on equity (ROE)
  • 2.88%Retained earnings to average equity (YTD only)
  • 0.87%Net charge-offs to loans
  • 39.33%Credit loss provision to net charge-offs
  • 2.62%Efficiency ratio
  • 67,466Assets per employee
  • 4.44%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 65.49%Loss allowance to loans
  • 1.46%Loss allowance to noncurrent loans
  • 31.40%Noncurrent assets plus other real estate owned to assets
  • 2.89%Noncurrent loans to loans
  • 4.67%Net loans and leases to deposits
  • 56.19%Net loans and leases to core deposits
  • 60.73%Equity capital to assets
  • 9.69%Core capital (leverage) ratio
  • 9.20%Tier 1 risk-based capital ratio
  • 15.14%Total risk-based capital ratio
  • Memoranda
  • $16Average assets
  • $710,626Average earning assets
  • $68,458Average equity
  • $676,967Average loans

List of branches

  • 12 Washington Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    011813Skagit State Bank301 Fairhaven Avenue, Burlington, WA 98233June 16, 1958Full Service Brick and Mortar
    1243055Mount Vernon Main Branch901 South Cleveland Street, Mount Vernon, WA 98273October 01, 1965Full Service Brick and Mortar
    2243056West Mount Vernon Branch1301 Memorial Highway, Mount Vernon, WA 98273January 02, 1973Full Service Brick and Mortar
    4243058Carter Road Branch200 Carter Street, Sedro Woolley, WA 98284April 01, 1977Full Service Brick and Mortar
    5243059Anacortes Branch1400 Commercial Avenue, Anacortes, WA 98221November 30, 1981Full Service Brick and Mortar
    6243060Ferry Street Branch300 Ferry Street, Sedro Woolley, WA 98284October 01, 1982Full Service Brick and Mortar
    8243062Cornwall Avenue Branch1501 Cornwall Avenue, Bellingham, WA 98225July 08, 1993Full Service Brick and Mortar
    9243063Stanwood Branch9606 - 271st Street, Stanwood, WA 98292Febuary 28, 1994Full Service Brick and Mortar
    10243064Sunset Square Branch1295 East Sunset Drive, Bellingham, WA 98226January 07, 1999Full Service Brick and Mortar
    11360657Arlington Branch20313 77th Avenue, Ne, Arlington, WA 98223Febuary 23, 2001Full Service Brick and Mortar
    12365285College Way Office Branch1620 Continental Place, Mount Vernon, WA 98273May 20, 2002Full Service Brick and Mortar
    13423274Birch Bay138 Birch Bay, Lynden, WA 98264August 04, 2003Full Service Brick and Mortar

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