Covenant Bank in Clarksdale, Mississippi (MS)
| Covenant Bank | |
|---|---|
| General | FDIC Certificate #: 57039 Status: Active Federal Reserve ID: 2950604 Bank Holding Company (Regulatory Top Holder): Covenant Financial Corporation (RSSDID: 3212046, Location: Clarksdale, MS) Date Established: October 25, 2000 WWW: http://www.covenantbank.net Trust Powers Granted: No Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 6 (Domestic: 6, Interstate: No) FDIC's unique #: 334441 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: Commercial Lending Specialization Date of Deposit Insurance: October 25, 2000 Last Structure Change Effective Date: March 31, 2006 Last Structure Change Process Date: November 03, 2006 Last Data Update: November 03, 2006 Data Source Date: April 05, 2012 |
| Location | Address: 206 Sharkey Avenue, Clarksdale, MS 38614 County: Coahoma Quarterly Banking Profile Region: Dallas FDIC Geographic Region: Dallas FDIC Supervisory Region: Dallas FDIC Field Office: Memphis Office of the Comptroller the Currency (OCC) District: Southwest Office of Thrift Supervision Region: West Core Based Statistical Area (CBSA): Clarksdale, MS (#17260) CBSA Micro Statistical Area: Yes |
| History of Changes | Merge BIF and SAIF Funds into DIF |
| Financial Summary | Total assets: $230.7 mil Equity capital: $22.3 mil Deposits held in domestic offices: $183.6 mil Return on assets (ROA): -1.22% (-$2.8 mil) Quarterly return on assets: -2.57% (-$5.9 mil) Return on Equity (ROE): -12.81% (-$2.8 mil) Quarterly return on equity: -26.50% (-$5.8 mil) Net income: -$2.9 mil Quarterly Net income: -$1.5 mil Pretax return on assets: -1.36% (-$3,137.0 mil) Quarterly Pretax return on assets: -2.57% (-$5,928.0 mil) |
| Assets and Liabilities (December 31, 2011) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 61 |
| Total assets | $230,660 |
| Cash and due from depository institutions | $13,713 |
| Interest-bearing balances | $8,110 |
| Securities | $36,731 |
| Federal funds sold & reverse repurchase agreements | $0 |
| Net loans & leases | $156,691 |
| Loan loss allowance | $2,304 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,750 |
| Other real estate owned | $446 |
| Goodwill and other intangibles | $0 |
| All other assets | $13,329 |
| Life insurance assets | $230,660 |
| Total liabilities and capital | $208,389 |
| Total liabilities | $183,591 |
| Total deposits | $138,765 |
| Interest-bearing deposits | $183,591 |
| Deposits held in domestic offices | $97 |
| % insured (estimated) | 10619.00% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $12,055 |
| Other borrowed funds | $0 |
| Subordinated debt | $2,124 |
| All other liabilities | $22,271 |
| Total equity capital | $22,271 |
| Total bank equity capital | $22,271 |
| Perpetual preferred stock | $0 |
| Common stock | $5,625 |
| Surplus | $16,825 |
| Undivided profits | $-179 |
| 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 | $3,899 |
| Earning assets | $0 |
| Long-term assets (5+ years) | $1,358 |
| Average Assets, year-to-date | $201,532 |
| Average Assets, quarterly | $37,078 |
| Volatile liabilities | $238,763 |
| Insider loans | $234,032 |
| FHLB advances | $179,966 |
| Loans and leases held for sale | $242,322 |
| Unused loan commitments | $6,235 |
| Tier 1 (core) risk-based capital | $6,235 |
| Tier 2 risk-based capital | $20,720 |
| Total risk weighted assets | $0 |
| Total unused commitments | $0 |
| Restructured Loans and leases | $19,870 |
| Derivatives | $11,022 |
| Income and Expense (December 31, 2011) (Dollar figures in thousands) | |
| Total interest income | $10,570 |
| Total interest expense | $3,103 |
| Net interest income | $7,467 |
| Provision for loan and lease losses | $2,439 |
| Total noninterest income | $1,998 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $1,881 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $117 |
| Total noninterest expense | $8,705 |
| Salaries and employee benefits | $4,510 |
| Premises and equipment expense | $1,351 |
| Additional noninterest expense | $2,844 |
| Pre-tax net operating income | -$1,679 |
| Securities gains (losses) | -$1,569 |
| Applicable income taxes | -$345 |
| Income before extraordinary items | -$2,903 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | -$2,903 |
| Net charge-offs | $0 |
| Cash dividends | -$2,903 |
| Sale, conversion, retirement of capital stock, net | $2,504 |
| Net operating income | $0 |
| Performance and Condition Ratios (December 31, 2011) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 5.08% |
| Cost of funding earning assets | 1.49% |
| Net interest margin | 3.59% |
| Noninterest income to earning assets | 0.96% |
| Noninterest expense to earning assets | 4.18% |
| Net operating income to assets | -0.63% |
| Return on assets (ROA) | -1.22% |
| Pretax return on assets | -1.36% |
| Return on equity (ROE) | -12.81% |
| Retained earnings to average equity (YTD only) | -12.81% |
| Net charge-offs to loans | 1.52% |
| Credit loss provision to net charge-offs | 97.40% |
| Efficiency ratio | 0.30% |
| Assets per employee | $91,970 |
| Cash dividends to net income (YTD only) | 3.78% |
| Condition Ratios (%) | |
| Loss allowance to loans | 0.00% |
| Loss allowance to noncurrent loans | 1.45% |
| Noncurrent assets plus other real estate owned to assets | 59.09% |
| Noncurrent loans to loans | 2.32% |
| Net loans and leases to deposits | 2.45% |
| Net loans and leases to core deposits | 85.35% |
| Equity capital to assets | 93.25% |
| Core capital (leverage) ratio | 9.66% |
| Tier 1 risk-based capital ratio | 8.55% |
| Total risk-based capital ratio | 11.51% |
| Memoranda | |
| Average assets | $13 |
| Average earning assets | $238,763 |
| Average equity | $22,661 |
| Average loans | $208,209 |
| 6 Mississippi Branches as of April 05, 2012 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 334441 | Covenant Bank | 206 Sharkey Avenue, Clarksdale, MS 38614 | October 25, 2000 | Full Service Brick and Mortar |  |
| 1 | 360688 | Tunica Office | 1020 South Court Street, Tunica, MS 38676 | December 01, 2000 | Full Service Brick and Mortar |  |
| 3 | 431729 | Eagle Crest Shopping Center Lpo | 456 East Highway 6, Batesville, MS 38606 | September 07, 2004 | Limited Service Loan Production | |
| 5 | 441460 | Batesville Branch | 1130 Highway 6 East, Batesville, MS 38606 | July 05, 2005 | Full Service Brick and Mortar | |
| 6 | 469063 | Southaven Branch | 232 Goodman Road, Southaven, MS 38671 | November 14, 2007 | Full Service Brick and Mortar | |
| 7 | 491082 | Covenant Bank 61 Branch | 622 South State Street, Clarksdale, MS 38614 | June 01, 2009 | Full Service Brick and Mortar | |
User Contributions:
Comment about this bank, ask questions, or add new information about it:
Based on public records. Inadvertent errors are possible.
Faqs.org does not guarantee the accuracy or timeliness of any information on this site. Use at your own risk.
Faqs.org does not guarantee the accuracy or timeliness of any information on this site. Use at your own risk.