Southern Independent Bank in Opp, Alabama (AL)



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Southern Independent Bank
GeneralFDIC Certificate #: 58357
Status: Active
Federal Reserve ID: 3531176
Bank Holding Company (Regulatory Top Holder): Southern Independent Bancshares, Inc. (RSSDID: 4297527, Location: Opp, AL)
Date Established: December 04, 2006
WWW: http://www.southernindependentbank.com
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 #: 447334
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: December 04, 2006
Last Structure Change Effective Date: December 10, 2008
Last Structure Change Process Date: December 10, 2008
Last Data Update: December 10, 2008
Data Source Date: April 05, 2012
LocationAddress: 503 North Main Street, Opp, AL 36467
County: Covington
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Pensacola
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Financial SummaryTotal assets: $168.1 mil
Equity capital: $17.0 mil
Deposits held in domestic offices: $149.4 mil
Return on assets (ROA): 0.87% ($1.5 mil)
Quarterly return on assets: 1.04% ($1.7 mil)
Return on Equity (ROE): 9.95% ($1.7 mil)
Quarterly return on equity: 11.02% ($1.9 mil)
Net income: $1.4 mil
Quarterly Net income: $0.4 mil
Pretax return on assets: 1.22% ($2,050.9 mil)
Quarterly Pretax return on assets: 1.20% ($2,017.3 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)25
Total assets$168,110
Cash and due from depository institutions$5,768
Interest-bearing balances$181
Securities$62,879
Federal funds sold & reverse repurchase agreements$3,625
Net loans & leases$87,344
Loan loss allowance $1,765
Trading account assets$0
Bank premises and fixed assets$3,828
Other real estate owned$145
Goodwill and other intangibles$0
All other assets$4,521
Life insurance assets$168,110
Total liabilities and capital$151,076
Total liabilities$149,372
Total deposits$132,503
Interest-bearing deposits$149,372
Deposits held in domestic offices$86
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $1,704
All other liabilities $17,034
Total equity capital$17,034
Total bank equity capital$17,034
Perpetual preferred stock$0
Common stock$12
Surplus$14,874
Undivided profits $2,148
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 $2,303
Earning assets $0
Long-term assets (5+ years) $831
Average Assets, year-to-date $154,029
Average Assets, quarterly $54,651
Volatile liabilities $159,975
Insider loans $165,639
FHLB advances $108,556
Loans and leases held for sale $165,140
Unused loan commitments $2,289
Tier 1 (core) risk-based capital $522
Tier 2 risk-based capital $16,792
Total risk weighted assets $0
Total unused commitments $1,767
Restructured Loans and leases $6,524
Derivatives$11,276
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $7,015
Total interest expense $2,005
Net interest income $5,010
Provision for loan and lease losses $720
Total noninterest income $595
Fiduciary activities $0
Service charges on deposit accounts $35
Trading account gains & fees $0
Additional noninterest income $560
Total noninterest expense $3,330
Salaries and employee benefits $1,573
Premises and equipment expense $301
Additional noninterest expense $1,456
Pre-tax net operating income $1,555
Securities gains (losses) $395
Applicable income taxes $561
Income before extraordinary items $1,389
Extraordinary gains - net $0
Net income attributable to bank $1,389
Net charge-offs $0
Cash dividends $1,389
Sale, conversion, retirement of capital stock, net $375
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 assets4.79%
Cost of funding earning assets 1.37%
Net interest margin 3.42%
Noninterest income to earning assets 0.41%
Noninterest expense to earning assets 2.27%
Net operating income to assets 0.69%
Return on assets (ROA) 0.87%
Pretax return on assets 1.22%
Return on equity (ROE) 9.95%
Retained earnings to average equity (YTD only) 9.95%
Net charge-offs to loans 0.44%
Credit loss provision to net charge-offs 192.00%
Efficiency ratio6.07%
Assets per employee$59,411
Cash dividends to net income (YTD only)6.72%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.98%
Noncurrent assets plus other real estate owned to assets 76.64%
Noncurrent loans to loans 1.46%
Net loans and leases to deposits2.58%
Net loans and leases to core deposits 58.47%
Equity capital to assets 66.97%
Core capital (leverage) ratio 10.13%
Tier 1 risk-based capital ratio 10.17%
Total risk-based capital ratio 15.47%
Memoranda
Average assets$17
Average earning assets$159,975
Average equity $13,964
Average loans $146,424
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2 Alabama Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
0447334Southern Independent Bank503 North Main Street, Opp, AL 36467December 04, 2006Full Service Brick and Mortar
14576001417 Mlk Jr Expressway Branch1417 Mlk Jr Expressway, Andalusia, AL 36420December 04, 2006Full Service Brick and Mortar
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