Verus Bank of Commerce in Fort Collins, Colorado (CO)
Overview, Financial Summary, Detailed Financial Reports, Branches

Verus Bank of Commerce - Overview

  • General
  • FDIC Certificate #: 58025
    Status: Active
    Federal Reserve ID: 3322468
    Bank Holding Company (Regulatory Top Holder): Verus Acquisition Group, Inc. (RSSDID: 4136439, Location: Fort Collins, CO)
    Date Established: June 27, 2005
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
    Offices: 2 (Domestic: 2, Interstate: No)
    FDIC's unique #: 434069
    Numeric code: 13
    Regulator: FED
    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: Commercial Lending Specialization
    Date of Deposit Insurance: June 27, 2005
    Last Structure Change Effective Date: Febuary 12, 2011
    Last Structure Change Process Date: Febuary 16, 2011
    Last Data Update: Febuary 16, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 3700 S. College Avenue, Unit 102, Fort Collins, CO 80525
    County: Larimer
    Quarterly Banking Profile Region: Dallas
    FDIC Geographic Region: Dallas
    FDIC Supervisory Region: Dallas
    FDIC Field Office: Denver
    Office of the Comptroller the Currency (OCC) District: Midwest
    Office of Thrift Supervision Region: Western
    Metropolitan Statistical Area (MSA): Fort Collins-Loveland, CO (#2670)
    Core Based Statistical Area (CBSA): Fort Collins-Loveland, CO (#22660)
    CBSA Metro Statistical Area: Fort Collins-Loveland, CO (#22660)
  • History of Changes
  • Participated in Absorption/Consolidation/Merger
    Name Change
  • Financial Summary
  • Total assets: $249.3 mil
    Equity capital: $37.7 mil
    Deposits held in domestic offices: $206.8 mil
    Return on assets (ROA): 1.41% ($3.5 mil)
    Quarterly return on assets: 1.57% ($3.9 mil)
    Return on Equity (ROE): 11.30% ($4.3 mil)
    Quarterly return on equity: 10.54% ($4.0 mil)
    Net income: $3.5 mil
    Quarterly Net income: $1.0 mil
    Pretax return on assets: 2.07% ($5,160.0 mil)
    Quarterly Pretax return on assets: 1.92% ($4,786.1 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
  • 16Total employees (full-time equivalent)
  • $249,275Total assets
  • $19,083Cash and due from depository institutions
  • $17,459Interest-bearing balances
  • $0Securities
  • $746Federal funds sold & reverse repurchase agreements
  • $221,402Net loans & leases
  • $4,397Loan loss allowance
  • $0Trading account assets
  • $586Bank premises and fixed assets
  • $2,487Other real estate owned
  • $0Goodwill and other intangibles
  • $249,275Life insurance assets
  • $4,971All other assets
  • $211,593Total liabilities and capital
  • $206,785Total liabilities
  • $189,029Total deposits
  • $206,785Interest-bearing deposits
  • $67Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $4,211Trading liabilities
  • $0Other borrowed funds
  • $597Subordinated debt
  • $37,682All other liabilities
  • $37,682Total equity capital
  • $37,682Total bank equity capital
  • $8,766Perpetual preferred stock
  • $12,250Common stock
  • $12,249Surplus
  • $4,417Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $2,190Income earned, not collected on loans
  • $0Earning assets
  • $888Long-term assets (5+ years)
  • $239,607Average Assets, year-to-date
  • $46,535Average Assets, quarterly
  • $244,856Volatile liabilities
  • $249,958Insider loans
  • $226,075FHLB advances
  • $248,329Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $37,682Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $16,467Restructured Loans and leases
  • $7,166Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $14,189Total interest income
  • $2,963Total interest expense
  • $11,226Net interest income
  • $1,097Provision for loan and lease losses
  • -$275Total noninterest income
  • $0Fiduciary activities
  • $169Service charges on deposit accounts
  • $0Trading account gains & fees
  • -$444Additional noninterest income
  • $4,781Total noninterest expense
  • $1,037Salaries and employee benefits
  • $797Premises and equipment expense
  • $2,947Additional noninterest expense
  • $5,073Pre-tax net operating income
  • $0Securities gains (losses)
  • $1,610Applicable income taxes
  • $3,463Income before extraordinary items
  • $0Extraordinary gains - net
  • $3,463Net income attributable to bank
  • $0Net charge-offs
  • $3,463Cash dividends
  • $237Sale, conversion, retirement of capital stock, net
  • $49Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 6.06%Yield on earning assets
  • 1.27%Cost of funding earning assets
  • 4.79%Net interest margin
  • -0.12%Noninterest income to earning assets
  • 2.04%Noninterest expense to earning assets
  • 1.41%Net operating income to assets
  • 1.41%Return on assets (ROA)
  • 2.07%Pretax return on assets
  • 11.30%Return on equity (ROE)
  • 11.14%Retained earnings to average equity (YTD only)
  • 0.11%Net charge-offs to loans
  • 462.87%Credit loss provision to net charge-offs
  • 26.03%Efficiency ratio
  • 43,658Assets per employee
  • 15.58%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 1.41%Loss allowance to loans
  • 1.95%Loss allowance to noncurrent loans
  • 200.78%Noncurrent assets plus other real estate owned to assets
  • 1.88%Noncurrent loans to loans
  • 0.97%Net loans and leases to deposits
  • 107.07%Net loans and leases to core deposits
  • 144.59%Equity capital to assets
  • 15.12%Core capital (leverage) ratio
  • 15.17%Tier 1 risk-based capital ratio
  • 16.67%Total risk-based capital ratio
  • Memoranda
  • $18Average assets
  • $244,856Average earning assets
  • $30,652Average equity
  • $234,120Average loans

List of branches

  • 2 Colorado Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0434069Verus Bank Of Commerce3700 S. College Avenue, Unit 102, Fort Collins, CO 80525June 27, 2005Full Service Brick and Mortar
    1460990Loveland Bank Of Commerce Branch102 East 29th Street, Loveland, CO 80538October 05, 2007Full Service Brick and Mortar

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