Westsound Bank in Bremerton, Washington (WA)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of May 08, 2009

  • Westsound Bank in Bremerton, Washington (WA)
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Westsound Bank - Overview

  • General
  • FDIC Certificate #: 34843
    Status: Inactive
    Closing history: Corrections
    Acquiring institution: Kitsap Bank (#6161)
    Federal Reserve ID: 2791003
    Date Established: March 12, 1999
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 9 (Interstate: No)
    FDIC's unique #: 61799
    Numeric code: 21
    Regulator: FDIC
    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: March 12, 1999
    Last Structure Change Effective Date: May 08, 2009
    Last Structure Change Process Date: May 11, 2009
    Last Data Update: May 11, 2009
    Data Source Date: April 05, 2012
  • Location
  • Address: 607 Pacific Avenue, Bremerton, WA 98337
    County: Kitsap
    Quarterly Banking Profile Region: San Francisco
    FDIC Geographic Region: San Francisco
    FDIC Supervisory Region: San Francisco
    FDIC Field Office: Seattle
    Office of the Comptroller the Currency (OCC) District: Midwest
    Office of Thrift Supervision Region: West
    Metropolitan Statistical Area (MSA): Bremerton, WA (#1150)
    Consolidated Metropolitan Statistical Area (CMSA): Seattle-Tacoma-Bremerton, WA (#91)
    Combined Statistical Area (CSA): Seattle-Tacoma-Olympia, WA (#500)
    Core Based Statistical Area (CBSA): Bremerton-Silverdale, WA (#14740)
    CBSA Metro Statistical Area: Bremerton-Silverdale, WA (#14740)
  • History of Changes
  • Absorption - Assisted
  • Financial Summary
  • Total assets: $334.6 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
  • 93Total employees (full-time equivalent)
  • $364,960Total assets
  • $13,516Cash and due from depository institutions
  • $8,759Interest-bearing balances
  • $18,443Securities
  • $32,500Federal funds sold & reverse repurchase agreements
  • $265,780Net loans & leases
  • $18,411Loan loss allowance
  • $0Trading account assets
  • $7,814Bank premises and fixed assets
  • $19,629Other real estate owned
  • $0Goodwill and other intangibles
  • $18Life insurance assets
  • $7,278All other assets
  • $364,960Total liabilities and capital
  • $332,342Total liabilities
  • $330,178Total deposits
  • $313,078Interest-bearing deposits
  • $330,178Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $2,164All other liabilities
  • $32,618Total equity capital
  • $32,618Total bank equity capital
  • $32,618Perpetual preferred stock
  • $0Common stock
  • $434Surplus
  • $59,419Undivided profits
  • Memoranda
  • $-27,235Noncurrent loans and leases
  • $8,615Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $112,232Earning assets
  • $0Long-term assets (5+ years)
  • $969Average Assets, year-to-date
  • $325,482Average Assets, quarterly
  • $15,703Volatile liabilities
  • $436,429Insider loans
  • $380,901FHLB advances
  • $94,859Loans and leases held for sale
  • $3,024Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $8,615Total unused commitments
  • $0Restructured Loans and leases
  • $4,039Derivatives

Income and Expense (December 31, 2008)

  • Dollar figures in thousands
  • $20,368Total interest income
  • $16,091Total interest expense
  • $4,277Net interest income
  • $17,379Provision for loan and lease losses
  • -$1,187Total noninterest income
  • $0Fiduciary activities
  • $357Service charges on deposit accounts
  • $0Trading account gains & fees
  • -$1,544Additional noninterest income
  • $15,196Total noninterest expense
  • $6,152Salaries and employee benefits
  • $1,811Premises and equipment expense
  • $7,233Additional noninterest expense
  • -$29,485Pre-tax net operating income
  • $0Securities gains (losses)
  • $1,455Applicable income taxes
  • -$30,940Income before extraordinary items
  • $0Extraordinary gains - net
  • -$30,940Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $18,482Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2008)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.02%Yield on earning assets
  • 3.97%Cost of funding earning assets
  • 1.06%Net interest margin
  • -0.29%Noninterest income to earning assets
  • 3.75%Noninterest expense to earning assets
  • -7.09%Net operating income to assets
  • -7.09%Return on assets (ROA)
  • -6.76%Pretax return on assets
  • -63.28%Return on equity (ROE)
  • -63.28%Retained earnings to average equity (YTD only)
  • 5.30%Net charge-offs to loans
  • 94.03%Credit loss provision to net charge-offs
  • -0.66%Efficiency ratio
  • 491,780Assets per employee
  • 3.92%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 6.48%Loss allowance to noncurrent loans
  • 16.40%Noncurrent assets plus other real estate owned to assets
  • 36.13%Noncurrent loans to loans
  • 39.49%Net loans and leases to deposits
  • 80.50%Net loans and leases to core deposits
  • 112.94%Equity capital to assets
  • 8.94%Core capital (leverage) ratio
  • 8.16%Tier 1 risk-based capital ratio
  • 10.48%Total risk-based capital ratio
  • Memoranda
  • $12Average assets
  • $436,429Average earning assets
  • $48,893Average equity
  • $405,384Average loans

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