South Sound Bank in Olympia, Washington (WA)
Overview, Financial Summary, Detailed Financial Reports, Branches

South Sound Bank - Overview

  • General
  • FDIC 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
  • Location
  • Address: 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 Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total 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
  • 29Total employees (full-time equivalent)
  • $164,814Total assets
  • $7,519Cash and due from depository institutions
  • $3,756Interest-bearing balances
  • $23,207Securities
  • $19,640Federal funds sold & reverse repurchase agreements
  • $101,571Net loans & leases
  • $4,631Loan loss allowance
  • $0Trading account assets
  • $849Bank premises and fixed assets
  • $4,337Other real estate owned
  • $1,234Goodwill and other intangibles
  • $164,814Life insurance assets
  • $6,457All other assets
  • $141,987Total liabilities and capital
  • $136,985Total liabilities
  • $116,031Total deposits
  • $136,985Interest-bearing deposits
  • $81Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $4,000Trading liabilities
  • $0Other borrowed funds
  • $1,002Subordinated debt
  • $22,827All other liabilities
  • $22,827Total equity capital
  • $22,827Total bank equity capital
  • $0Perpetual preferred stock
  • $1,275Common stock
  • $20,214Surplus
  • $1,338Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $2,864Income earned, not collected on loans
  • $0Earning assets
  • $612Long-term assets (5+ years)
  • $148,174Average Assets, year-to-date
  • $30,389Average Assets, quarterly
  • $167,618Volatile liabilities
  • $165,105Insider loans
  • $127,780FHLB advances
  • $166,248Loans and leases held for sale
  • $2,094Unused loan commitments
  • $2,094Tier 1 (core) risk-based capital
  • $22,400Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $22,349Restructured Loans and leases
  • $1,843Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $7,608Total interest income
  • $1,209Total interest expense
  • $6,399Net interest income
  • $7,777Provision for loan and lease losses
  • $5,002Total noninterest income
  • $0Fiduciary activities
  • $248Service charges on deposit accounts
  • $0Trading account gains & fees
  • $4,754Additional noninterest income
  • $5,267Total noninterest expense
  • $2,557Salaries and employee benefits
  • $530Premises and equipment expense
  • $2,180Additional noninterest expense
  • -$1,643Pre-tax net operating income
  • $0Securities gains (losses)
  • -$650Applicable income taxes
  • -$993Income before extraordinary items
  • $0Extraordinary gains - net
  • -$993Net income attributable to bank
  • $0Net charge-offs
  • -$993Cash dividends
  • $5,351Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.98%Yield on earning assets
  • 0.79%Cost of funding earning assets
  • 4.19%Net interest margin
  • 3.28%Noninterest income to earning assets
  • 3.45%Noninterest expense to earning assets
  • -0.59%Net operating income to assets
  • -0.59%Return on assets (ROA)
  • -0.98%Pretax return on assets
  • -4.16%Return on equity (ROE)
  • -4.16%Retained earnings to average equity (YTD only)
  • 4.89%Net charge-offs to loans
  • 145.34%Credit loss provision to net charge-offs
  • 1.15%Efficiency ratio
  • 46,198Assets per employee
  • 5.68%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 4.36%Loss allowance to noncurrent loans
  • 161.70%Noncurrent assets plus other real estate owned to assets
  • 4.37%Noncurrent loans to loans
  • 2.70%Net loans and leases to deposits
  • 74.15%Net loans and leases to core deposits
  • 76.54%Equity capital to assets
  • 13.85%Core capital (leverage) ratio
  • 13.47%Tier 1 risk-based capital ratio
  • 17.53%Total risk-based capital ratio
  • Memoranda
  • $19Average assets
  • $167,618Average earning assets
  • $23,869Average equity
  • $152,664Average loans

List of branches

  • 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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