Somerset National Bank in Somerset, Kentucky (KY)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of December 31, 2007

  • Somerset National Bank in Somerset, Kentucky (KY)
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Somerset National Bank - Overview

  • General
  • FDIC Certificate #: 34528
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: FORCHT BANK, NATIONAL ASSOCIATION (#57415)
    Federal Reserve ID: 2598275
    Date Established: August 01, 1997
    Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
    Offices: 5 (Interstate: No)
    FDIC's unique #: 59035
    Numeric code: 3
    Regulator: OCC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    State Chartered: No
    Date of Deposit Insurance: August 01, 1997
    Last Structure Change Effective Date: December 31, 2007
    Last Structure Change Process Date: January 08, 2008
    Last Data Update: January 08, 2008
    Data Source Date: April 05, 2012
  • Location
  • Address: 1846 South Highway 27, Somerset, KY 42501
    County: Pulaski
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Lexington
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Southeast
    Core Based Statistical Area (CBSA): Somerset, KY (#43700)
    CBSA Micro Statistical Area: Yes
  • Financial Summary
  • Total assets: $179.7 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, 2006)

  • Dollar figures in thousands
  • 83Total employees (full-time equivalent)
  • $172,785Total assets
  • $4,462Cash and due from depository institutions
  • $11Interest-bearing balances
  • $21,404Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $138,344Net loans & leases
  • $1,623Loan loss allowance
  • $0Trading account assets
  • $6,593Bank premises and fixed assets
  • $49Other real estate owned
  • $0Goodwill and other intangibles
  • $0Life insurance assets
  • $1,933All other assets
  • $172,785Total liabilities and capital
  • $159,451Total liabilities
  • $154,763Total deposits
  • $144,394Interest-bearing deposits
  • $154,763Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $3,403Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $1,285All other liabilities
  • $13,334Total equity capital
  • $13,334Total bank equity capital
  • $13,334Perpetual preferred stock
  • $0Common stock
  • $3,928Surplus
  • $3,928Undivided profits
  • Memoranda
  • $5,478Noncurrent loans and leases
  • $16,419Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $953Earning assets
  • $833Long-term assets (5+ years)
  • $981Average Assets, year-to-date
  • $159,759Average Assets, quarterly
  • $56,143Volatile liabilities
  • $158,461Insider loans
  • $170,207FHLB advances
  • $25,824Loans and leases held for sale
  • $4,512Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $16,419Total unused commitments
  • $0Restructured Loans and leases
  • $1,562Derivatives

Income and Expense (December 31, 2006)

  • Dollar figures in thousands
  • $10,034Total interest income
  • $4,802Total interest expense
  • $5,232Net interest income
  • $146Provision for loan and lease losses
  • $1,129Total noninterest income
  • $0Fiduciary activities
  • $835Service charges on deposit accounts
  • $0Trading account gains & fees
  • $294Additional noninterest income
  • $4,632Total noninterest expense
  • $2,240Salaries and employee benefits
  • $1,015Premises and equipment expense
  • $1,377Additional noninterest expense
  • $1,583Pre-tax net operating income
  • $0Securities gains (losses)
  • $515Applicable income taxes
  • $1,068Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,068Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $83Sale, conversion, retirement of capital stock, net
  • $620Net operating income

Performance and Condition Ratios (December 31, 2006)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 6.89%Yield on earning assets
  • 3.30%Cost of funding earning assets
  • 3.59%Net interest margin
  • 0.78%Noninterest income to earning assets
  • 3.18%Noninterest expense to earning assets
  • 0.67%Net operating income to assets
  • 0.67%Return on assets (ROA)
  • 1.00%Pretax return on assets
  • 8.20%Return on equity (ROE)
  • 3.44%Retained earnings to average equity (YTD only)
  • 0.07%Net charge-offs to loans
  • 175.90%Credit loss provision to net charge-offs
  • 20.83%Efficiency ratio
  • 72,819Assets per employee
  • 2.08%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 58.05%Loss allowance to loans
  • 1.16%Loss allowance to noncurrent loans
  • 170.30%Noncurrent assets plus other real estate owned to assets
  • 0.58%Noncurrent loans to loans
  • 0.68%Net loans and leases to deposits
  • 89.39%Net loans and leases to core deposits
  • 104.54%Equity capital to assets
  • 7.72%Core capital (leverage) ratio
  • 8.04%Tier 1 risk-based capital ratio
  • 10.86%Total risk-based capital ratio
  • Memoranda
  • $12Average assets
  • $158,461Average earning assets
  • $13,028Average equity
  • $145,654Average loans

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