SouthFirst Bank in Sylacauga, Alabama (AL)



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SouthFirst Bank
GeneralFDIC Certificate #: 30433
Status: Active
Federal Reserve ID: 455477
Date Established: October 18, 1949
WWW: http://www.southfirst.com
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 3 (Domestic: 3, Interstate: No)
OTS Docket #: 5329
FDIC's unique #: 43267
Numeric code: 37
Regulator: OCC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
FDIC Insured: Yes
Insured Savings Institution: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: No
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: October 18, 1949
Last Structure Change Effective Date: July 21, 2011
Last Structure Change Process Date: July 21, 2011
Last Data Update: July 21, 2011
Data Source Date: April 05, 2012
LocationAddress: 126 N Norton Ave, Sylacauga, AL 35150
County: Talladega
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Shelby
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Core Based Statistical Area (CBSA): Talladega-Sylacauga, AL (#45180)
CBSA Micro Statistical Area: Yes
History of ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $125.0 mil
Equity capital: $7.4 mil
Deposits held in domestic offices: $109.3 mil
Return on assets (ROA): -2.23% (-$2.8 mil)
Quarterly return on assets: 0.33% ($0.4 mil)
Return on Equity (ROE): -32.26% (-$2.3 mil)
Quarterly return on equity: 5.74% ($0.4 mil)
Net income: -$2.9 mil
Quarterly Net income: $0.1 mil
Pretax return on assets: -0.22% (-$275.0 mil)
Quarterly Pretax return on assets: 0.33% ($412.5 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)33
Total assets$124,993
Cash and due from depository institutions$16,151
Interest-bearing balances$14,339
Securities$8,806
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$89,513
Loan loss allowance $1,251
Trading account assets$0
Bank premises and fixed assets$1,859
Other real estate owned$4,488
Goodwill and other intangibles$37
All other assets$4,139
Life insurance assets$124,993
Total liabilities and capital$117,579
Total liabilities$109,285
Total deposits$103,484
Interest-bearing deposits$109,285
Deposits held in domestic offices$90
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$7,000
Other borrowed funds $0
Subordinated debt $1,294
All other liabilities $7,414
Total equity capital$7,414
Total bank equity capital$7,414
Perpetual preferred stock$0
Common stock$1
Surplus$8,840
Undivided profits $-1,427
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 $436
Earning assets $0
Long-term assets (5+ years) $371
Average Assets, year-to-date $112,658
Average Assets, quarterly $0
Volatile liabilities $129,701
Insider loans $127,274
FHLB advances $87,332
Loans and leases held for sale $124,991
Unused loan commitments $2,080
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $7,412
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $14,414
Derivatives$49
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $6,033
Total interest expense $1,863
Net interest income $4,170
Provision for loan and lease losses $545
Total noninterest income $1,356
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $1,356
Total noninterest expense $5,260
Salaries and employee benefits $2,138
Premises and equipment expense $1,163
Additional noninterest expense $1,959
Pre-tax net operating income -$279
Securities gains (losses) $0
Applicable income taxes $2,615
Income before extraordinary items -$2,894
Extraordinary gains - net $0
Net income attributable to bank -$2,894
Net charge-offs $0
Cash dividends -$2,894
Sale, conversion, retirement of capital stock, net $720
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 assets5.26%
Cost of funding earning assets 1.63%
Net interest margin 3.64%
Noninterest income to earning assets 1.18%
Noninterest expense to earning assets 4.59%
Net operating income to assets -2.23%
Return on assets (ROA) -2.23%
Pretax return on assets -0.22%
Return on equity (ROE) -32.26%
Retained earnings to average equity (YTD only) -32.26%
Net charge-offs to loans 0.76%
Credit loss provision to net charge-offs 75.69%
Efficiency ratio0.37%
Assets per employee$95,186
Cash dividends to net income (YTD only)3.79%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.38%
Noncurrent assets plus other real estate owned to assets 286.93%
Noncurrent loans to loans 3.94%
Net loans and leases to deposits0.48%
Net loans and leases to core deposits 81.91%
Equity capital to assets 88.15%
Core capital (leverage) ratio 5.93%
Tier 1 risk-based capital ratio 5.93%
Total risk-based capital ratio 8.49%
Memoranda
Average assets$10
Average earning assets$129,701
Average equity $8,971
Average loans $114,588
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Total Fiduciary and Related Assets (December 31, 2007)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$9,370
Number of Accounts1
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$0
Employee benefit-defined benefit accounts$0
Other retirement accounts$0
Corporate trust and agency accounts$0
Investment management agency accounts$0
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$0
Non-managed Assets$0
Number of Accounts10
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$0
Employee benefit-defined benefit accounts$0
Other retirement accounts$9,370
Corporate trust and agency accounts$0
Other fiduciary accounts$9,370
Fiduciary accounts held in foreign offices$0
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3 Alabama Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
043267Southfirst Bank126 N Norton Ave, Sylacauga, AL 35150October 18, 1949Full Service Brick and Mortar
1280385301 W North St Branch301 West North Street, Talladega, AL 35160October 18, 1949Full Service Brick and Mortar
244245102 5th Street North Branch105 5th Street North, Clanton, AL 35045August 12, 1963Full Service Brick and Mortar
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