The Southern Bank Company in Gadsden, Alabama (AL)

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The Southern Bank Company
GeneralFDIC Certificate #: 29731
Status: Active
Federal Reserve ID: 117775
Bank Holding Company (Regulatory Top Holder): Southern Banc Company, Inc., The (RSSDID: 2496193, Location: Gadsden, AL)
Date Established: June 01, 1936
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 4 (Domestic: 4, Interstate: No)
OTS Docket #: 3971
FDIC's unique #: 42565
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Mortgage Lending Specialization
Date of Deposit Insurance: July 02, 1936
Last Structure Change Effective Date: Febuary 24, 2011
Last Structure Change Process Date: Febuary 24, 2011
Last Data Update: Febuary 24, 2011
Data Source Date: April 05, 2012
LocationAddress: 221 S Sixth St, Gadsden, AL 35901
County: Etowah
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Shelby
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Gadsden, AL (#2880)
Core Based Statistical Area (CBSA): Gadsden, AL (#23460)
CBSA Metro Statistical Area: Gadsden, AL (#23460)
History of ChangesChange in Geographic Region/Area/Territory/Field Office
Financial SummaryTotal assets: $101.8 mil
Equity capital: $15.4 mil
Deposits held in domestic offices: $74.6 mil
Return on assets (ROA): -0.09% (-$0.1 mil)
Quarterly return on assets: 0.01% ($0.0 mil)
Return on Equity (ROE): -0.57% (-$0.1 mil)
Quarterly return on equity: 0.08% ($0.0 mil)
Net income: -$0.1 mil
Quarterly Net income: $0.0 mil
Pretax return on assets: -0.14% (-$142.5 mil)
Quarterly Pretax return on assets: 0.02% ($20.4 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, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)32
Total assets$101,769
Cash and due from depository institutions$3,363
Interest-bearing balances$36
Federal funds sold & reverse repurchase agreements$890
Net loans & leases$27,333
Loan loss allowance $249
Trading account assets$0
Bank premises and fixed assets$845
Other real estate owned$0
Goodwill and other intangibles$0
All other assets$1,605
Life insurance assets$101,769
Total liabilities and capital$86,345
Total liabilities$74,645
Total deposits$73,470
Interest-bearing deposits$74,645
Deposits held in domestic offices$93
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$10,626
Other borrowed funds $0
Subordinated debt $1,074
All other liabilities $15,424
Total equity capital$15,424
Total bank equity capital$15,424
Perpetual preferred stock$0
Common stock$1
Undivided profits $7,470
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $399
Earning assets $0
Long-term assets (5+ years) $427
Average Assets, year-to-date $95,992
Average Assets, quarterly $52,308
Volatile liabilities $97,536
Insider loans $99,511
FHLB advances $36,710
Loans and leases held for sale $99,922
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $14,385
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $2,362
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $3,341
Total interest expense $984
Net interest income $2,357
Provision for loan and lease losses $8
Total noninterest income $122
Fiduciary activities $0
Service charges on deposit accounts $64
Trading account gains & fees $0
Additional noninterest income $58
Total noninterest expense $2,761
Salaries and employee benefits $1,492
Premises and equipment expense $211
Additional noninterest expense $1,058
Pre-tax net operating income -$290
Securities gains (losses) $156
Applicable income taxes -$47
Income before extraordinary items -$87
Extraordinary gains - net $0
Net income attributable to bank -$87
Net charge-offs $0
Cash dividends -$87
Sale, conversion, retirement of capital stock, net $11
Net operating income $200
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets3.66%
Cost of funding earning assets 1.08%
Net interest margin 2.58%
Noninterest income to earning assets 0.13%
Noninterest expense to earning assets 3.02%
Net operating income to assets -0.19%
Return on assets (ROA) -0.09%
Pretax return on assets -0.14%
Return on equity (ROE) -0.57%
Retained earnings to average equity (YTD only) -1.87%
Net charge-offs to loans 0.04%
Credit loss provision to net charge-offs 72.73%
Efficiency ratio-25.64%
Assets per employee$111,376
Cash dividends to net income (YTD only)3.18%
Condition Ratios (%)
Loss allowance to loans -229.89%
Loss allowance to noncurrent loans 0.90%
Noncurrent assets plus other real estate owned to assets 62.41%
Noncurrent loans to loans 0.39%
Net loans and leases to deposits1.45%
Net loans and leases to core deposits 36.62%
Equity capital to assets 38.35%
Core capital (leverage) ratio 15.16%
Tier 1 risk-based capital ratio 14.40%
Total risk-based capital ratio 39.19%
Average assets$40
Average earning assets$97,536
Average equity $15,332
Average loans $91,370
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4 Alabama Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
042565The Southern Bank Company221 S Sixth St, Gadsden, AL 35901June 01, 1936Full Service Brick and Mortar
1276995East Main Street Branch625 East Main Street, Albertville, AL 35950June 01, 1936Full Service Brick and Mortar
22769962204 Henry Street Branch2204 Henry Street, Guntersville, AL 35976June 01, 1936Full Service Brick and Mortar
4283799390 West Main Street Branch390 West Main Street, Centre, AL 35960August 05, 1960Full Service Brick and Mortar
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