The First National Bank of Morgan in Morgan, Utah (UT)



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The First National Bank of Morgan
GeneralFDIC Certificate #: 2263
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: 1ST BANK (#16522)
Federal Reserve ID: 673178
Date Established: January 01, 1903
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 2 (Interstate: No)
FDIC's unique #: 1504
Numeric code: 3
Regulator: OCC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
State Chartered: No
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: Febuary 01, 2009
Last Structure Change Process Date: Febuary 27, 2009
Last Data Update: Febuary 27, 2009
Data Source Date: April 05, 2012
LocationAddress: 120 North State Street, Morgan, UT 84050
County: Morgan
Quarterly Banking Profile Region: San Francisco
FDIC Geographic Region: San Francisco
FDIC Supervisory Region: San Francisco
FDIC Field Office: Salt Lake City
Office of the Comptroller the Currency (OCC) District: Midwest
Office of Thrift Supervision Region: West
Combined Statistical Area (CSA): Salt Lake City-Ogden-Clearfield, UT (#482)
Core Based Statistical Area (CBSA): Ogden-Clearfield, UT (#36260)
CBSA Metro Statistical Area: Ogden-Clearfield, UT (#36260)
Financial SummaryTotal assets: $100.3 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, 2008)
(Dollar figures in thousands)
Total employees (full-time equivalent)25
Total assets$100,285
Cash and due from depository institutions$1,277
Interest-bearing balances$0
Securities$20,424
Federal funds sold & reverse repurchase agreements$2,247
Net loans & leases$60,731
Loan loss allowance $1,052
Trading account assets$0
Bank premises and fixed assets$2,255
Other real estate owned$47
Goodwill and other intangibles$11,519
All other assets$1,785
Life insurance assets$0
Total liabilities and capital$100,285
Total liabilities$76,643
Total deposits$70,885
Interest-bearing deposits$60,008
Deposits held in domestic offices$70,885
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $410
Trading liabilities$0
Other borrowed funds $5,000
Subordinated debt $0
All other liabilities $348
Total equity capital$23,642
Total bank equity capital$23,642
Perpetual preferred stock$23,642
Common stock$0
Surplus$50
Undivided profits $23,134
Memoranda
Noncurrent loans and leases $458
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $10,203
Income earned, not collected on loans $0
Earning assets $3,451
Long-term assets (5+ years) $0
Average Assets, year-to-date $474
Average Assets, quarterly $83,402
Volatile liabilities $15,972
Insider loans $98,246
FHLB advances $100,840
Loans and leases held for sale $13,543
Unused loan commitments $156
Tier 1 (core) risk-based capital $5,000
Tier 2 risk-based capital $0
Total risk weighted assets $0
Total unused commitments $10,203
Restructured Loans and leases $0
Derivatives$881
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Income and Expense (December 31, 2008)
(Dollar figures in thousands)
Total interest income $5,243
Total interest expense $1,856
Net interest income $3,387
Provision for loan and lease losses $337
Total noninterest income $629
Fiduciary activities $0
Service charges on deposit accounts $387
Trading account gains & fees $0
Additional noninterest income $242
Total noninterest expense $2,775
Salaries and employee benefits $1,215
Premises and equipment expense $330
Additional noninterest expense $1,230
Pre-tax net operating income $904
Securities gains (losses) $0
Applicable income taxes $306
Income before extraordinary items $598
Extraordinary gains - net $0
Net income attributable to bank $598
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $73
Net operating income $400
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Performance and Condition Ratios (December 31, 2008)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets6.47%
Cost of funding earning assets 2.29%
Net interest margin 4.18%
Noninterest income to earning assets 0.78%
Noninterest expense to earning assets 3.43%
Net operating income to assets 0.61%
Return on assets (ROA) 0.61%
Pretax return on assets 0.92%
Return on equity (ROE) 2.84%
Retained earnings to average equity (YTD only) 0.94%
Net charge-offs to loans 0.13%
Credit loss provision to net charge-offs 461.64%
Efficiency ratio17.00%
Assets per employee$65,588
Cash dividends to net income (YTD only)4.01%
Condition Ratios (%)
Loss allowance to loans 66.89%
Loss allowance to noncurrent loans 1.70%
Noncurrent assets plus other real estate owned to assets 30.48%
Noncurrent loans to loans 3.49%
Net loans and leases to deposits5.59%
Net loans and leases to core deposits 85.68%
Equity capital to assets 105.16%
Core capital (leverage) ratio 23.57%
Tier 1 risk-based capital ratio 13.23%
Total risk-based capital ratio 17.39%
Memoranda
Average assets$19
Average earning assets$98,246
Average equity $21,063
Average loans $80,992
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