The First National Bank of Clifton Forge in Clifton Forge, Virginia (VA)



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The First National Bank of Clifton Forge
GeneralFDIC Certificate #: 6831
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Branch Banking and Trust Company of Virginia (#22584)
Federal Reserve ID: 159720
Date Established: January 01, 1901
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 1 (Interstate: No)
FDIC's unique #: 4592
Numeric code: 3
Regulator: OCC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: No
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: July 16, 1999
Last Structure Change Process Date: August 11, 1999
Last Data Update: August 11, 1999
Data Source Date: April 05, 2012
LocationAddress: 511 Main Street, Clifton Forge, VA 24422
County: Alleghany
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Richmond
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Financial SummaryTotal assets: $123.9 mil

1992 - 1999 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, 1998)
(Dollar figures in thousands)
Total employees (full-time equivalent)15
Total assets$124,760
Cash and due from depository institutions$1,339
Interest-bearing balances$4
Securities$79,478
Federal funds sold & reverse repurchase agreements$2,160
Net loans & leases$38,863
Loan loss allowance $632
Trading account assets$0
Bank premises and fixed assets$448
Other real estate owned$73
Goodwill and other intangibles$0
All other assets$2,399
Life insurance assets$0
Total liabilities and capital$124,760
Total liabilities$109,776
Total deposits$57,918
Interest-bearing deposits$53,076
Deposits held in domestic offices$57,918
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $50,870
Trading liabilities$0
Other borrowed funds $36
Subordinated debt $0
All other liabilities $952
Total equity capital$14,984
Total bank equity capital$14,984
Perpetual preferred stock$14,984
Common stock$0
Surplus$1,575
Undivided profits $1,575
Memoranda
Noncurrent loans and leases $11,834
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $0
Earning assets $355
Long-term assets (5+ years) $0
Average Assets, year-to-date $212
Average Assets, quarterly $120,505
Volatile liabilities $37,453
Insider loans $127,753
FHLB advances $125,834
Loans and leases held for sale $55,270
Unused loan commitments $763
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $0
Total risk weighted assets $0
Total unused commitments $1,552
Restructured Loans and leases $0
Derivatives$52,081
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Income and Expense (December 31, 1998)
(Dollar figures in thousands)
Total interest income $8,838
Total interest expense $5,215
Net interest income $3,623
Provision for loan and lease losses $261
Total noninterest income $198
Fiduciary activities $0
Service charges on deposit accounts $118
Trading account gains & fees $0
Additional noninterest income $80
Total noninterest expense $1,721
Salaries and employee benefits $498
Premises and equipment expense $126
Additional noninterest expense $1,097
Pre-tax net operating income $1,839
Securities gains (losses) $19
Applicable income taxes $555
Income before extraordinary items $1,303
Extraordinary gains - net $0
Net income attributable to bank $1,303
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $76
Net operating income $903
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Performance and Condition Ratios (December 31, 1998)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets7.11%
Cost of funding earning assets 4.20%
Net interest margin 2.92%
Noninterest income to earning assets 0.16%
Noninterest expense to earning assets 1.39%
Net operating income to assets 1.01%
Return on assets (ROA) 1.02%
Pretax return on assets 1.45%
Return on equity (ROE) 8.49%
Retained earnings to average equity (YTD only) 2.61%
Net charge-offs to loans 0.19%
Credit loss provision to net charge-offs 343.42%
Efficiency ratio27.63%
Assets per employee$45,041
Cash dividends to net income (YTD only)8.32%
Condition Ratios (%)
Loss allowance to loans 69.30%
Loss allowance to noncurrent loans 1.60%
Noncurrent assets plus other real estate owned to assets 178.03%
Noncurrent loans to loans 0.34%
Net loans and leases to deposits0.90%
Net loans and leases to core deposits 67.10%
Equity capital to assets 72.57%
Core capital (leverage) ratio 12.01%
Tier 1 risk-based capital ratio 11.83%
Total risk-based capital ratio 28.81%
Memoranda
Average assets$30
Average earning assets$127,753
Average equity $15,355
Average loans $124,256
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