Sound Banking Company in Morehead City, North Carolina (NC)
Overview, Financial Summary, Detailed Financial Reports, Branches


  • Sound Banking Company in Morehead City, North Carolina (NC)
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Sound Banking Company - Overview

  • General
  • FDIC Certificate #: 57095
    Status: Active
    Federal Reserve ID: 3047659
    Date Established: September 04, 2001
    WWW: http://www.soundbanking.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 4 (Domestic: 4, Interstate: No)
    FDIC's unique #: 357477
    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: September 04, 2001
    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
  • Location
  • Address: 5039 Executive Drive, Morehead City, NC 28557
    County: Carteret
    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
    Core Based Statistical Area (CBSA): Morehead City, NC (#33980)
    CBSA Micro Statistical Area: Yes
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $113.5 mil
    Equity capital: $12.7 mil
    Deposits held in domestic offices: $87.3 mil
    Return on assets (ROA): 0.47% ($0.5 mil)
    Quarterly return on assets: 0.45% ($0.5 mil)
    Return on Equity (ROE): 4.53% ($0.6 mil)
    Quarterly return on equity: 4.05% ($0.5 mil)
    Net income: $0.6 mil
    Quarterly Net income: $0.1 mil
    Pretax return on assets: 0.52% ($590.0 mil)
    Quarterly Pretax return on assets: 0.61% ($692.1 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
  • 30Total employees (full-time equivalent)
  • $113,460Total assets
  • $2,285Cash and due from depository institutions
  • $774Interest-bearing balances
  • $18,964Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $83,408Net loans & leases
  • $2,062Loan loss allowance
  • $0Trading account assets
  • $2,543Bank premises and fixed assets
  • $1,016Other real estate owned
  • $0Goodwill and other intangibles
  • $113,460Life insurance assets
  • $5,244All other assets
  • $100,761Total liabilities and capital
  • $87,265Total liabilities
  • $74,799Total deposits
  • $87,265Interest-bearing deposits
  • $94Deposits held in domestic offices
  • 310.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $10,200Trading liabilities
  • $2,000Other borrowed funds
  • $986Subordinated debt
  • $12,699All other liabilities
  • $12,699Total equity capital
  • $12,699Total bank equity capital
  • $3,409Perpetual preferred stock
  • $5,031Common stock
  • $3,231Surplus
  • $1,028Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $889Income earned, not collected on loans
  • $0Earning assets
  • $419Long-term assets (5+ years)
  • $103,146Average Assets, year-to-date
  • $17,183Average Assets, quarterly
  • $118,060Volatile liabilities
  • $113,518Insider loans
  • $85,654FHLB advances
  • $112,223Loans and leases held for sale
  • $2,853Unused loan commitments
  • $2,853Tier 1 (core) risk-based capital
  • $11,624Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $10,111Restructured Loans and leases
  • $2,923Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $5,713Total interest income
  • $997Total interest expense
  • $4,716Net interest income
  • $990Provision for loan and lease losses
  • $676Total noninterest income
  • $0Fiduciary activities
  • $282Service charges on deposit accounts
  • $0Trading account gains & fees
  • $394Additional noninterest income
  • $3,857Total noninterest expense
  • $1,748Salaries and employee benefits
  • $419Premises and equipment expense
  • $1,690Additional noninterest expense
  • $545Pre-tax net operating income
  • $71Securities gains (losses)
  • $66Applicable income taxes
  • $550Income before extraordinary items
  • $0Extraordinary gains - net
  • $550Net income attributable to bank
  • $0Net charge-offs
  • $550Cash dividends
  • $1,080Sale, conversion, retirement of capital stock, net
  • $167Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.35%Yield on earning assets
  • 0.93%Cost of funding earning assets
  • 4.42%Net interest margin
  • 0.63%Noninterest income to earning assets
  • 3.61%Noninterest expense to earning assets
  • 0.41%Net operating income to assets
  • 0.47%Return on assets (ROA)
  • 0.52%Pretax return on assets
  • 4.53%Return on equity (ROE)
  • 3.15%Retained earnings to average equity (YTD only)
  • 1.26%Net charge-offs to loans
  • 91.67%Credit loss provision to net charge-offs
  • 1.42%Efficiency ratio
  • 71,532Assets per employee
  • 3.78%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 30.36%Loss allowance to loans
  • 2.41%Loss allowance to noncurrent loans
  • 231.95%Noncurrent assets plus other real estate owned to assets
  • 1.68%Noncurrent loans to loans
  • 1.04%Net loans and leases to deposits
  • 95.58%Net loans and leases to core deposits
  • 110.84%Equity capital to assets
  • 11.19%Core capital (leverage) ratio
  • 10.36%Tier 1 risk-based capital ratio
  • 13.57%Total risk-based capital ratio
  • Memoranda
  • $17Average assets
  • $118,060Average earning assets
  • $12,154Average equity
  • $106,798Average loans

List of branches

  • 4 North Carolina Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0357477Sound Banking Company5039 Executive Drive, Morehead City, NC 28557September 04, 2001Full Service Brick and Mortar
    1439761Messenger Service5039 Executive Drive, Morehead City, NC 28557April 12, 2005Limited Service Messenger
    2441831Cape Cateret Branch204 W. B. Mclean Drive, Suite C, Cape Carteret, NC 28584July 05, 2005Full Service Brick and Mortar
    3468329Beaufort Branch1897 Live Oak Street, Beaufort, NC 28516July 16, 2007Full Service Brick and Mortar
Marcilio
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