Sound Banking Company in Tacoma, Washington (WA)



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Sound Banking Company
GeneralFDIC Certificate #: 33183
Status: Active
Federal Reserve ID: 1494482
Date Established: November 01, 1990
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 1 (Domestic: 1, Interstate: No)
OTS Docket #: 9429
FDIC's unique #: 46420
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: Yes
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: November 01, 1990
Last Structure Change Effective Date: March 31, 2006
Last Structure Change Process Date: November 03, 2006
Last Data Update: November 03, 2006
Data Source Date: April 05, 2012
LocationAddress: 6113 And 6115 Mt. Tacoma Drive, S.W., Tacoma, WA 98499
County: Pierce
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
Metropolitan Statistical Area (MSA): Tacoma, WA (#8200)
Consolidated Metropolitan Statistical Area (CMSA): Seattle-Tacoma-Bremerton, WA (#91)
Combined Statistical Area (CSA): Seattle-Tacoma-Olympia, WA (#500)
Core Based Statistical Area (CBSA): Seattle-Tacoma-Bellevue, WA (#42660)
CBSA Metro Statistical Area: Seattle-Tacoma-Bellevue, WA (#42660)
Core Based Statistical Division: Tacoma, WA (#45104)
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $51.9 mil
Equity capital: $4.0 mil
Deposits held in domestic offices: $47.9 mil
Return on assets (ROA): 0.78% ($0.4 mil)
Quarterly return on assets: -0.26% (-$0.1 mil)
Return on Equity (ROE): 10.24% ($0.4 mil)
Quarterly return on equity: -3.49% (-$0.1 mil)
Net income: $0.4 mil
Quarterly Net income: -$0.0 mil
Pretax return on assets: 0.78% ($404.9 mil)
Quarterly Pretax return on assets: -0.26% (-$135.0 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, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)6
Total assets$51,914
Cash and due from depository institutions$11,800
Interest-bearing balances$10,979
Securities$0
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$37,045
Loan loss allowance $592
Trading account assets$0
Bank premises and fixed assets$84
Other real estate owned$170
Goodwill and other intangibles$0
All other assets$2,815
Life insurance assets$51,914
Total liabilities and capital$47,918
Total liabilities$47,851
Total deposits$40,120
Interest-bearing deposits$47,851
Deposits held in domestic offices$88
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $67
All other liabilities $3,996
Total equity capital$3,996
Total bank equity capital$3,996
Perpetual preferred stock$0
Common stock$247
Surplus$2,189
Undivided profits $1,560
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 $472
Earning assets $0
Long-term assets (5+ years) $149
Average Assets, year-to-date $48,024
Average Assets, quarterly $0
Volatile liabilities $51,340
Insider loans $53,576
FHLB advances $34,286
Loans and leases held for sale $51,503
Unused loan commitments $2,304
Tier 1 (core) risk-based capital $2,304
Tier 2 risk-based capital $3,996
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $3,633
Derivatives$867
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $2,621
Total interest expense $445
Net interest income $2,176
Provision for loan and lease losses $320
Total noninterest income $166
Fiduciary activities $0
Service charges on deposit accounts $4
Trading account gains & fees $0
Additional noninterest income $162
Total noninterest expense $1,619
Salaries and employee benefits $739
Premises and equipment expense $108
Additional noninterest expense $772
Pre-tax net operating income $403
Securities gains (losses) $0
Applicable income taxes $0
Income before extraordinary items $403
Extraordinary gains - net $0
Net income attributable to bank $403
Net charge-offs $0
Cash dividends $403
Sale, conversion, retirement of capital stock, net $361
Net operating income $149
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.53%
Cost of funding earning assets 0.94%
Net interest margin 4.59%
Noninterest income to earning assets 0.35%
Noninterest expense to earning assets 3.42%
Net operating income to assets 0.78%
Return on assets (ROA) 0.78%
Pretax return on assets 0.78%
Return on equity (ROE) 10.24%
Retained earnings to average equity (YTD only) 6.45%
Net charge-offs to loans 0.91%
Credit loss provision to net charge-offs 88.64%
Efficiency ratio2.00%
Assets per employee$69,129
Cash dividends to net income (YTD only)8.65%
Condition Ratios (%)
Loss allowance to loans 36.97%
Loss allowance to noncurrent loans 1.57%
Noncurrent assets plus other real estate owned to assets 125.42%
Noncurrent loans to loans 1.24%
Net loans and leases to deposits1.25%
Net loans and leases to core deposits 77.42%
Equity capital to assets 88.12%
Core capital (leverage) ratio 7.70%
Tier 1 risk-based capital ratio 7.76%
Total risk-based capital ratio 11.65%
Memoranda
Average assets$13
Average earning assets$51,340
Average equity $3,936
Average loans $47,397
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1 Washington Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
046420Sound Banking Company6113 And 6115 Mt. Tacoma Drive, S.W., Tacoma, WA 98499November 01, 1990Full Service Brick and Mortar
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