Wright Express Financial Services Corporation in Midvale, Utah (UT)



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Wright Express Financial Services Corporation
GeneralFDIC Certificate #: 34697
Status: Active
Federal Reserve ID: 2700984
Date Established: June 01, 1998
WWW: http://www.wrightexpress.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 1 (Domestic: 1, Interstate: No)
FDIC's unique #: 61209
Numeric code: 23
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: Yes
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: June 01, 1998
Last Structure Change Effective Date: March 29, 2010
Last Structure Change Process Date: April 09, 2010
Last Data Update: April 09, 2010
Data Source Date: April 05, 2012
LocationAddress: 7090 South Union Park Avenue, Suite 350, Midvale, UT 84047
County: Salt Lake
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
Metropolitan Statistical Area (MSA): Salt Lake City-Ogden, UT (#7160)
Combined Statistical Area (CSA): Salt Lake City-Ogden-Clearfield, UT (#482)
Core Based Statistical Area (CBSA): Salt Lake City, UT (#41620)
CBSA Metro Statistical Area: Salt Lake City, UT (#41620)
History of ChangesChange in Location
Financial SummaryTotal assets: $1,164.9 mil
Equity capital: $159.5 mil
Deposits held in domestic offices: $941.6 mil
Return on assets (ROA): 10.30% ($120.0 mil)
Quarterly return on assets: 9.78% ($113.9 mil)
Return on Equity (ROE): 78.90% ($126.2 mil)
Quarterly return on equity: 72.32% ($115.7 mil)
Net income: $124.9 mil
Quarterly Net income: $30.6 mil
Pretax return on assets: 16.45% ($191,619.8 mil)
Quarterly Pretax return on assets: 15.54% ($181,019.6 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)30
Total assets$1,164,862
Cash and due from depository institutions$17,564
Interest-bearing balances$232
Securities$17,076
Federal funds sold & reverse repurchase agreements$1,465
Net loans & leases$1,094,175
Loan loss allowance $9,501
Trading account assets$0
Bank premises and fixed assets$98
Other real estate owned$0
Goodwill and other intangibles$0
All other assets$34,484
Life insurance assets$1,164,862
Total liabilities and capital$1,005,355
Total liabilities$941,574
Total deposits$683,261
Interest-bearing deposits$941,574
Deposits held in domestic offices$82
% insured (estimated)6900.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $56,881
All other liabilities $159,507
Total equity capital$159,507
Total bank equity capital$159,507
Perpetual preferred stock$0
Common stock$5,250
Surplus$6,155
Undivided profits $148,102
Memoranda
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 $5,833
Earning assets $0
Long-term assets (5+ years) $18
Average Assets, year-to-date $1,112,948
Average Assets, quarterly $5,357
Volatile liabilities $1,211,966
Insider loans $1,251,124
FHLB advances $1,142,126
Loans and leases held for sale $1,263,729
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $159,306
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $2,628,381
Derivatives$0
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $290,492
Total interest expense $5,418
Net interest income $285,074
Provision for loan and lease losses $19,668
Total noninterest income $129,373
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $129,373
Total noninterest expense $195,433
Salaries and employee benefits $2,427
Premises and equipment expense $264
Additional noninterest expense $192,742
Pre-tax net operating income $199,346
Securities gains (losses) $0
Applicable income taxes $74,470
Income before extraordinary items $124,876
Extraordinary gains - net $0
Net income attributable to bank $124,876
Net charge-offs $0
Cash dividends $124,876
Sale, conversion, retirement of capital stock, net $18,857
Net operating income $94,000
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets24.95%
Cost of funding earning assets 0.47%
Net interest margin 24.48%
Noninterest income to earning assets 11.11%
Noninterest expense to earning assets 16.78%
Net operating income to assets 10.30%
Return on assets (ROA) 10.30%
Pretax return on assets 16.45%
Return on equity (ROE) 78.90%
Retained earnings to average equity (YTD only) 19.51%
Net charge-offs to loans 1.64%
Credit loss provision to net charge-offs 104.30%
Efficiency ratio11.61%
Assets per employee$47,155
Cash dividends to net income (YTD only)38.83%
Condition Ratios (%)
Loss allowance to loans 75.27%
Loss allowance to noncurrent loans 0.86%
Noncurrent assets plus other real estate owned to assets 162.88%
Noncurrent loans to loans 0.50%
Net loans and leases to deposits0.53%
Net loans and leases to core deposits 116.21%
Equity capital to assets 423.58%
Core capital (leverage) ratio 13.69%
Tier 1 risk-based capital ratio 12.61%
Total risk-based capital ratio 13.95%
Memoranda
Average assets$15
Average earning assets$1,211,966
Average equity $158,274
Average loans $1,164,432
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1 Utah Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
061209Wright Express Financial Services Co7090 South Union Park Avenue, Suite 350, Midvale, UT 84047June 01, 1998Full Service Brick and Mortar
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