Summit Bank in Burlington, Washington (WA)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of May 20, 2011

  • Summit Bank in Burlington, Washington (WA)
  • Show street view No street view available for this location

Summit Bank - Overview

  • General
  • FDIC Certificate #: 513
    Status: Inactive
    Closing history: Absorption - Assisted
    Acquiring institution: Columbia State Bank (#33826)
    Federal Reserve ID: 124773
    Date Established: January 01, 1914
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 3 (Interstate: No)
    OTS Docket #: 10058
    FDIC's unique #: 369
    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: January 01, 1934
    Last Structure Change Effective Date: May 20, 2011
    Last Structure Change Process Date: May 23, 2011
    Last Data Update: May 23, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 723 Haggen Drive, Burlington, WA 98233
    County: Skagit
    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
    Combined Statistical Area (CSA): Seattle-Tacoma-Olympia, WA (#500)
    Core Based Statistical Area (CBSA): Mount Vernon-Anacortes, WA (#34580)
    CBSA Metro Statistical Area: Mount Vernon-Anacortes, WA (#34580)
  • Financial Summary
  • Total assets: $142.7 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, 2010)

  • Dollar figures in thousands
  • 36Total employees (full-time equivalent)
  • $146,564Total assets
  • $17,746Cash and due from depository institutions
  • $16,873Interest-bearing balances
  • $4,104Securities
  • $893Federal funds sold & reverse repurchase agreements
  • $111,167Net loans & leases
  • $3,553Loan loss allowance
  • $0Trading account assets
  • $6,261Bank premises and fixed assets
  • $4,226Other real estate owned
  • $206Goodwill and other intangibles
  • $0Life insurance assets
  • $1,961All other assets
  • $146,564Total liabilities and capital
  • $140,348Total liabilities
  • $131,974Total deposits
  • $125,301Interest-bearing deposits
  • $131,974Deposits held in domestic offices
  • 97.48%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $8,220Other borrowed funds
  • $0Subordinated debt
  • $154All other liabilities
  • $6,216Total equity capital
  • $6,216Total bank equity capital
  • $6,216Perpetual preferred stock
  • $0Common stock
  • $403Surplus
  • $13,968Undivided profits
  • Memoranda
  • $-8,155Noncurrent loans and leases
  • $6,188Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $9,704Earning assets
  • $161Long-term assets (5+ years)
  • $511Average Assets, year-to-date
  • $133,037Average Assets, quarterly
  • $10,149Volatile liabilities
  • $152,795Insider loans
  • $151,280FHLB advances
  • $33,360Loans and leases held for sale
  • $3,985Unused loan commitments
  • $8,220Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $6,188Total unused commitments
  • $11,788Restructured Loans and leases
  • $1,595Derivatives

Income and Expense (December 31, 2010)

  • Dollar figures in thousands
  • $8,638Total interest income
  • $2,217Total interest expense
  • $6,421Net interest income
  • $8,298Provision for loan and lease losses
  • -$1,336Total noninterest income
  • $0Fiduciary activities
  • $153Service charges on deposit accounts
  • $0Trading account gains & fees
  • -$1,489Additional noninterest income
  • $5,639Total noninterest expense
  • $2,157Salaries and employee benefits
  • $442Premises and equipment expense
  • $3,040Additional noninterest expense
  • -$8,852Pre-tax net operating income
  • $0Securities gains (losses)
  • -$171Applicable income taxes
  • -$8,681Income before extraordinary items
  • $0Extraordinary gains - net
  • -$8,681Net income attributable to bank
  • $0Net charge-offs
  • -$8,681Cash dividends
  • $6,125Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2010)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 6.24%Yield on earning assets
  • 1.60%Cost of funding earning assets
  • 4.64%Net interest margin
  • -0.97%Noninterest income to earning assets
  • 4.07%Noninterest expense to earning assets
  • -5.68%Net operating income to assets
  • -5.68%Return on assets (ROA)
  • -5.79%Pretax return on assets
  • -78.80%Return on equity (ROE)
  • -78.80%Retained earnings to average equity (YTD only)
  • 5.05%Net charge-offs to loans
  • 135.48%Credit loss provision to net charge-offs
  • -0.09%Efficiency ratio
  • 96,853Assets per employee
  • 4.07%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 3.10%Loss allowance to noncurrent loans
  • 36.61%Noncurrent assets plus other real estate owned to assets
  • 9.50%Noncurrent loans to loans
  • 8.46%Net loans and leases to deposits
  • 84.23%Net loans and leases to core deposits
  • 105.54%Equity capital to assets
  • 4.24%Core capital (leverage) ratio
  • 3.94%Tier 1 risk-based capital ratio
  • 4.72%Total risk-based capital ratio
  • Memoranda
  • $6Average assets
  • $152,795Average earning assets
  • $11,016Average equity
  • $138,445Average loans

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