Summit Savings Bank, Inc., SSB in Sanford, North Carolina (NC)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of Febuary 14, 1996

Summit Savings Bank, Inc., SSB in Sanford, North Carolina (NC)
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Summit Savings Bank, Inc., SSB - Overview

General
FDIC Certificate #: 32358
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: First-Citizens Bank & Trust Company (#11063)
Federal Reserve ID: 519678
Date Established: Febuary 19, 1917
Bank Charter Class: Savings banks, state charter, supervised by the FDIC
Offices: 5 (Interstate: No)
OTS Docket #: 8180
FDIC's unique #: 45192
Numeric code: 42
Regulator: FDIC
Insurance Fund Membership: Savings Association Insurance Fund (SAIF)
FDIC Insured: Yes
SAIF Insured: Yes
Insured Savings Institution: Yes
State Chartered: Yes
Date of Deposit Insurance: July 10, 1985
Last Structure Change Effective Date: Febuary 14, 1996
Last Structure Change Process Date: May 01, 1996
Last Data Update: May 01, 1996
Data Source Date: April 05, 2012
Location
Address: 130 N Steele Street, Sanford, NC 27330
County: Lee
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Raleigh
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Core Based Statistical Area (CBSA): Sanford, NC (#41820)
CBSA Micro Statistical Area: Yes
Financial Summary
Total assets: $163.9 mil

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1995)

Dollar figures in thousands
0Total employees (full-time equivalent)
$59Total assets
$163,852Cash and due from depository institutions
$8,674Interest-bearing balances
$4,469Securities
$10,472Federal funds sold & reverse repurchase agreements
$0Net loans & leases
$140,913Loan loss allowance
$932Trading account assets
$0Bank premises and fixed assets
$1,943Other real estate owned
$222Goodwill and other intangibles
$1,628Life insurance assets
$0All other assets
$0Total liabilities and capital
$163,852Total liabilities
$143,854Total deposits
$135,190Interest-bearing deposits
$129,073Deposits held in domestic offices
135190.00%% insured (estimated)
$97Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$7,800Subordinated debt
$0All other liabilities
$864Total equity capital
$864Total bank equity capital
$19,998Perpetual preferred stock
$0Common stock
$0Surplus
$4,000Undivided profits
Memoranda
$15,998Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$320Income earned, not collected on loans
$938Earning assets
$155,854Long-term assets (5+ years)
$69,097Average Assets, year-to-date
$162,989Average Assets, quarterly
$165,426Volatile liabilities
$17,834Insider loans
$0FHLB advances
$0Loans and leases held for sale
$65Unused loan commitments
$10,927Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$19,840Total risk weighted assets
$95,203Total unused commitments
$0Restructured Loans and leases
$0Derivatives

Income and Expense (December 31, 1995)

Dollar figures in thousands
$0Total interest income
$13,225Total interest expense
$7,131Net interest income
$6,094Provision for loan and lease losses
$125Total noninterest income
$889Fiduciary activities
$0Service charges on deposit accounts
$573Trading account gains & fees
$0Additional noninterest income
$316Total noninterest expense
$4,075Salaries and employee benefits
$2,157Premises and equipment expense
$643Additional noninterest expense
$1,275Pre-tax net operating income
$2,783Securities gains (losses)
$15Applicable income taxes
$1,060Income before extraordinary items
$1,738Extraordinary gains - net
$0Net income attributable to bank
$1,738Net charge-offs
$69Cash dividends
$475Sale, conversion, retirement of capital stock, net
$0Net operating income

Performance and Condition Ratios (December 31, 1995)

Dollar figures in thousands
Performance Ratios (%, annualized)
0.00%Yield on earning assets
8.51%Cost of funding earning assets
4.59%Net interest margin
3.92%Noninterest income to earning assets
0.57%Noninterest expense to earning assets
2.62%Net operating income to assets
1.06%Return on assets (ROA)
1.07%Pretax return on assets
1.72%Return on equity (ROE)
9.02%Retained earnings to average equity (YTD only)
6.56%Net charge-offs to loans
0.05%Credit loss provision to net charge-offs
181.16%Efficiency ratio
58,356Assets per employee
2.78%Cash dividends to net income (YTD only)
Condition Ratios (%)
27.33%Loss allowance to loans
0.66%Loss allowance to noncurrent loans
291.25%Noncurrent assets plus other real estate owned to assets
0.33%Noncurrent loans to loans
0.23%Net loans and leases to deposits
104.23%Net loans and leases to core deposits
117.96%Equity capital to assets
12.20%Core capital (leverage) ratio
12.04%Tier 1 risk-based capital ratio
20.84%Total risk-based capital ratio
Memoranda
$22Average assets
$162,989Average earning assets
$19,266Average equity
$155,423Average loans

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