South Sound Bank in Olympia, Washington (WA)

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South Sound Bank
GeneralFDIC Certificate #: 35355
Status: Active
Federal Reserve ID: 2872845
Date Established: January 10, 2000
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 2 (Domestic: 2, Interstate: No)
FDIC's unique #: 78817
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: January 10, 2000
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: 2006 Harrison Avenue Nw 10, Olympia, WA 98502
County: Thurston
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): Olympia, WA (#5910)
Consolidated Metropolitan Statistical Area (CMSA): Seattle-Tacoma-Bremerton, WA (#91)
Combined Statistical Area (CSA): Seattle-Tacoma-Olympia, WA (#500)
Core Based Statistical Area (CBSA): Olympia, WA (#36500)
CBSA Metro Statistical Area: Olympia, WA (#36500)
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $164.8 mil
Equity capital: $22.8 mil
Deposits held in domestic offices: $137.0 mil
Return on assets (ROA): -0.59% (-$1.0 mil)
Quarterly return on assets: -3.55% (-$5.9 mil)
Return on Equity (ROE): -4.16% (-$1.0 mil)
Quarterly return on equity: -24.87% (-$5.7 mil)
Net income: -$1.0 mil
Quarterly Net income: -$1.5 mil
Pretax return on assets: -0.98% (-$1,615.2 mil)
Quarterly Pretax return on assets: -5.46% (-$8,998.8 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)29
Total assets$164,814
Cash and due from depository institutions$7,519
Interest-bearing balances$3,756
Federal funds sold & reverse repurchase agreements$19,640
Net loans & leases$101,571
Loan loss allowance $4,631
Trading account assets$0
Bank premises and fixed assets$849
Other real estate owned$4,337
Goodwill and other intangibles$1,234
All other assets$6,457
Life insurance assets$164,814
Total liabilities and capital$141,987
Total liabilities$136,985
Total deposits$116,031
Interest-bearing deposits$136,985
Deposits held in domestic offices$81
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$4,000
Other borrowed funds $0
Subordinated debt $1,002
All other liabilities $22,827
Total equity capital$22,827
Total bank equity capital$22,827
Perpetual preferred stock$0
Common stock$1,275
Undivided profits $1,338
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 $2,864
Earning assets $0
Long-term assets (5+ years) $612
Average Assets, year-to-date $148,174
Average Assets, quarterly $30,389
Volatile liabilities $167,618
Insider loans $165,105
FHLB advances $127,780
Loans and leases held for sale $166,248
Unused loan commitments $2,094
Tier 1 (core) risk-based capital $2,094
Tier 2 risk-based capital $22,400
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $22,349
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $7,608
Total interest expense $1,209
Net interest income $6,399
Provision for loan and lease losses $7,777
Total noninterest income $5,002
Fiduciary activities $0
Service charges on deposit accounts $248
Trading account gains & fees $0
Additional noninterest income $4,754
Total noninterest expense $5,267
Salaries and employee benefits $2,557
Premises and equipment expense $530
Additional noninterest expense $2,180
Pre-tax net operating income -$1,643
Securities gains (losses) $0
Applicable income taxes -$650
Income before extraordinary items -$993
Extraordinary gains - net $0
Net income attributable to bank -$993
Net charge-offs $0
Cash dividends -$993
Sale, conversion, retirement of capital stock, net $5,351
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.98%
Cost of funding earning assets 0.79%
Net interest margin 4.19%
Noninterest income to earning assets 3.28%
Noninterest expense to earning assets 3.45%
Net operating income to assets -0.59%
Return on assets (ROA) -0.59%
Pretax return on assets -0.98%
Return on equity (ROE) -4.16%
Retained earnings to average equity (YTD only) -4.16%
Net charge-offs to loans 4.89%
Credit loss provision to net charge-offs 145.34%
Efficiency ratio1.15%
Assets per employee$46,198
Cash dividends to net income (YTD only)5.68%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 4.36%
Noncurrent assets plus other real estate owned to assets 161.70%
Noncurrent loans to loans 4.37%
Net loans and leases to deposits2.70%
Net loans and leases to core deposits 74.15%
Equity capital to assets 76.54%
Core capital (leverage) ratio 13.85%
Tier 1 risk-based capital ratio 13.47%
Total risk-based capital ratio 17.53%
Average assets$19
Average earning assets$167,618
Average equity $23,869
Average loans $152,664
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2 Washington Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
078817South Sound Bank2006 Harrison Avenue Nw 10, Olympia, WA 98502January 10, 2000Full Service Brick and Mortar
1360786Lacey4530 Lacey Boulevard Se, Lacey, WA 98503June 11, 2001Full Service Brick and Mortar
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