Southern Community Bank in Fayetteville, Georgia (GA)



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Southern Community Bank
GeneralFDIC Certificate #: 35251
Status: Inactive
Closing history: Corrections
Acquiring institution: United Community Bank (#16889)
Federal Reserve ID: 2916365
Date Established: June 02, 2000
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 5 (Interstate: No)
FDIC's unique #: 76808
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
State Chartered: Yes
Date of Deposit Insurance: June 02, 2000
Last Structure Change Effective Date: June 19, 2009
Last Structure Change Process Date: June 23, 2009
Last Data Update: June 23, 2009
Data Source Date: April 05, 2012
LocationAddress: 525 North Jeff Davis Drive, Fayetteville, GA 30214
County: Fayette
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Atlanta
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Atlanta, GA (#520)
Combined Statistical Area (CSA): Atlanta-Sandy Springs-Gainesville, GA-AL (#122)
Core Based Statistical Area (CBSA): Atlanta-Sandy Springs-Marietta, GA (#12060)
CBSA Metro Statistical Area: Atlanta-Sandy Springs-Marietta, GA (#12060)
History of ChangesAbsorption - Assisted
Corrections
Financial SummaryTotal assets: $371.7 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, 2008)
(Dollar figures in thousands)
Total employees (full-time equivalent)63
Total assets$381,791
Cash and due from depository institutions$11,709
Interest-bearing balances$7,506
Securities$71,778
Federal funds sold & reverse repurchase agreements$19,312
Net loans & leases$230,262
Loan loss allowance $9,872
Trading account assets$0
Bank premises and fixed assets$8,292
Other real estate owned$29,289
Goodwill and other intangibles$0
All other assets$11,149
Life insurance assets$5,242
Total liabilities and capital$381,791
Total liabilities$363,927
Total deposits$305,724
Interest-bearing deposits$283,740
Deposits held in domestic offices$305,724
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $5,929
Trading liabilities$0
Other borrowed funds $50,000
Subordinated debt $0
All other liabilities $2,274
Total equity capital$17,864
Total bank equity capital$17,864
Perpetual preferred stock$17,864
Common stock$0
Surplus$4,055
Undivided profits $23,276
Memoranda
Noncurrent loans and leases $-9,467
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $12,020
Income earned, not collected on loans $0
Earning assets $55,984
Long-term assets (5+ years) $0
Average Assets, year-to-date $1,226
Average Assets, quarterly $328,858
Volatile liabilities $70,152
Insider loans $390,869
FHLB advances $398,583
Loans and leases held for sale $156,649
Unused loan commitments $6,222
Tier 1 (core) risk-based capital $50,000
Tier 2 risk-based capital $0
Total risk weighted assets $0
Total unused commitments $12,020
Restructured Loans and leases $390
Derivatives$3,537
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Income and Expense (December 31, 2008)
(Dollar figures in thousands)
Total interest income $18,147
Total interest expense $12,924
Net interest income $5,223
Provision for loan and lease losses $9,373
Total noninterest income -$1,244
Fiduciary activities $0
Service charges on deposit accounts $633
Trading account gains & fees $0
Additional noninterest income -$1,877
Total noninterest expense $11,173
Salaries and employee benefits $5,256
Premises and equipment expense $1,873
Additional noninterest expense $4,044
Pre-tax net operating income -$16,567
Securities gains (losses) $624
Applicable income taxes $1,655
Income before extraordinary items -$17,598
Extraordinary gains - net $0
Net income attributable to bank -$17,598
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $7,462
Net operating income $0
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Performance and Condition Ratios (December 31, 2008)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.34%
Cost of funding earning assets 3.80%
Net interest margin 1.54%
Noninterest income to earning assets -0.37%
Noninterest expense to earning assets 3.29%
Net operating income to assets -4.66%
Return on assets (ROA) -4.50%
Pretax return on assets -4.08%
Return on equity (ROE) -65.98%
Retained earnings to average equity (YTD only) -65.98%
Net charge-offs to loans 2.87%
Credit loss provision to net charge-offs 125.61%
Efficiency ratio-0.96%
Assets per employee$280,799
Cash dividends to net income (YTD only)6.06%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 4.11%
Noncurrent assets plus other real estate owned to assets 17.63%
Noncurrent loans to loans 22.33%
Net loans and leases to deposits23.31%
Net loans and leases to core deposits 75.32%
Equity capital to assets 148.55%
Core capital (leverage) ratio 4.68%
Tier 1 risk-based capital ratio 4.40%
Total risk-based capital ratio 6.18%
Memoranda
Average assets$7
Average earning assets$390,869
Average equity $26,673
Average loans $339,822
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