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
Corrections
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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