The Bank of Currituck in Moyock, North Carolina (NC)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of December 03, 2010

  • The Bank of Currituck in Moyock, North Carolina (NC)
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The Bank of Currituck - Overview

  • General
  • FDIC Certificate #: 2039
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Towne Bank (#35095)
    Federal Reserve ID: 684325
    Date Established: January 01, 1920
    Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
    Offices: 6 (Interstate: No)
    OTS Docket #: 13900
    FDIC's unique #: 1352
    Numeric code: 13
    Regulator: FED
    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: December 03, 2010
    Last Structure Change Process Date: January 04, 2011
    Last Data Update: January 04, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 250 Caratoke Highway, Moyock, NC 27958
    County: Currituck
    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
    Metropolitan Statistical Area (MSA): Norfolk-Virginia Beach-Newport News, VA-NC (#5720)
    Core Based Statistical Area (CBSA): Virginia Beach-Norfolk-Newport News, VA-NC (#47260)
    CBSA Metro Statistical Area: Virginia Beach-Norfolk-Newport News, VA-NC (#47260)
  • Financial Summary
  • Total assets: $172.6 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, 2009)

  • Dollar figures in thousands
  • 53Total employees (full-time equivalent)
  • $192,191Total assets
  • $20,859Cash and due from depository institutions
  • $16,391Interest-bearing balances
  • $18,386Securities
  • $10,408Federal funds sold & reverse repurchase agreements
  • $121,977Net loans & leases
  • $5,733Loan loss allowance
  • $0Trading account assets
  • $5,790Bank premises and fixed assets
  • $7,211Other real estate owned
  • $0Goodwill and other intangibles
  • $4,071Life insurance assets
  • $7,560All other assets
  • $192,191Total liabilities and capital
  • $181,490Total liabilities
  • $176,825Total deposits
  • $154,251Interest-bearing deposits
  • $176,825Deposits held in domestic offices
  • 89.77%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $2,000Other borrowed funds
  • $0Subordinated debt
  • $2,665All other liabilities
  • $10,701Total equity capital
  • $10,701Total bank equity capital
  • $10,701Perpetual preferred stock
  • $4,021Common stock
  • $116Surplus
  • $5,595Undivided profits
  • Memoranda
  • $969Noncurrent loans and leases
  • $12,066Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $7,955Earning assets
  • $0Long-term assets (5+ years)
  • $1,016Average Assets, year-to-date
  • $167,162Average Assets, quarterly
  • $29,909Volatile liabilities
  • $194,563Insider loans
  • $197,147FHLB advances
  • $39,440Loans and leases held for sale
  • $2,653Unused loan commitments
  • $2,000Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $12,066Total unused commitments
  • $2,213Restructured Loans and leases
  • $1,703Derivatives

Income and Expense (December 31, 2009)

  • Dollar figures in thousands
  • $9,633Total interest income
  • $3,785Total interest expense
  • $5,848Net interest income
  • $9,991Provision for loan and lease losses
  • -$2,056Total noninterest income
  • $0Fiduciary activities
  • $729Service charges on deposit accounts
  • $0Trading account gains & fees
  • -$2,785Additional noninterest income
  • $6,256Total noninterest expense
  • $3,375Salaries and employee benefits
  • $788Premises and equipment expense
  • $2,093Additional noninterest expense
  • -$12,455Pre-tax net operating income
  • $0Securities gains (losses)
  • $0Applicable income taxes
  • -$12,455Income before extraordinary items
  • $0Extraordinary gains - net
  • -$12,455Net income attributable to bank
  • $0Net charge-offs
  • -$12,455Cash dividends
  • $6,099Sale, conversion, retirement of capital stock, net
  • $165Net operating income

Performance and Condition Ratios (December 31, 2009)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.82%Yield on earning assets
  • 2.29%Cost of funding earning assets
  • 3.54%Net interest margin
  • -1.24%Noninterest income to earning assets
  • 3.78%Noninterest expense to earning assets
  • -6.40%Net operating income to assets
  • -6.40%Return on assets (ROA)
  • -6.40%Pretax return on assets
  • -70.85%Return on equity (ROE)
  • -71.79%Retained earnings to average equity (YTD only)
  • 4.56%Net charge-offs to loans
  • 163.81%Credit loss provision to net charge-offs
  • -0.40%Efficiency ratio
  • 164,979Assets per employee
  • 3.63%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • -1.32%Loss allowance to loans
  • 4.49%Loss allowance to noncurrent loans
  • 72.07%Noncurrent assets plus other real estate owned to assets
  • 7.89%Noncurrent loans to loans
  • 6.23%Net loans and leases to deposits
  • 68.98%Net loans and leases to core deposits
  • 87.51%Equity capital to assets
  • 5.57%Core capital (leverage) ratio
  • 5.29%Tier 1 risk-based capital ratio
  • 7.80%Total risk-based capital ratio
  • Memoranda
  • $9Average assets
  • $194,563Average earning assets
  • $17,580Average equity
  • $165,430Average loans

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