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| The First National Bank of West Point |
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| General | FDIC Certificate #: 5007
Status: Inactive
Closing history: Corrections
Acquiring institution: Cadence Bank, N.A. (#4999)
Federal Reserve ID: 877547
Date Established: 1872-01-01
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 4 (Interstate: No)
OTS Docket #: 11000
FDIC's unique #: 3343
Numeric code: 3
Regulator: OCC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: No
Date of Deposit Insurance: 1934-01-01
Last Structure Change Effective Date: 1998-12-31
Last Structure Change Process Date: 1999-02-04
Last Data Update: 1999-02-26
Data Source Date: 2009-05-14 |
| Location | Address: 107 Commerce Street, West Point, MS 39773
County: Clay
Quarterly Banking Profile Region: Dallas
FDIC Geographic Region: Dallas
FDIC Supervisory Region: Dallas
FDIC Field Office: Jackson Ms
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Midwest
Combined Statistical Area (CSA): Columbus-West Point, MS (#200)
Core Based Statistical Area (CBSA): West Point, MS (#48500)
CBSA Micro Statistical Area: Yes |
| History of Changes | Merger - Without Assistance
Corrections |
| Financial Summary | Total assets: $85.4 mil |
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Historical total employees (full-time equivalent)
Assets and Liabilities (December 31, 1997)
(Dollar figures in thousands) |
| Total employees (full-time equivalent) | 46 |
| Total assets | $80,218 |
| Cash and due from depository institutions | $4,670 |
| Interest-bearing balances | $60 |
| Securities | $18,934 |
| Federal funds sold & reverse repurchase agreements | $2,800 |
| Net loans & leases | $50,898 |
| Loan loss allowance | $664 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $1,533 |
| Other real estate owned | $200 |
| Goodwill and other intangibles | $0 |
| All other assets | $1,183 |
| Life insurance assets | $0 |
| Total liabilities and capital | $80,218 |
| Total liabilities | $72,233 |
| Total deposits | $67,303 |
| Interest-bearing deposits | $58,769 |
| Deposits held in domestic offices | $67,303 |
| % insured (estimated) | 82.16% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $4,294 |
| Subordinated debt | $0 |
| All other liabilities | $636 |
| Total equity capital | $7,985 |
| Total bank equity capital | $7,985 |
| Perpetual preferred stock | $0 |
| Common stock | $648 |
| Surplus | $6,600 |
| Undivided profits | $737 |
| Memoranda |
| Noncurrent loans and leases | $630 |
| Noncurrent loans that are wholly or partially guaranteed by the U.S. government | $0 |
| Income earned, not collected on loans | $625 |
| Earning assets | $72,692 |
| Long-term assets (5+ years) | $18,591 |
| Average Assets, year-to-date | $76,039 |
| Average Assets, quarterly | $78,827 |
| Volatile liabilities | $7,429 |
| Insider loans | $2,059 |
| FHLB advances | $0 |
| Loans and leases held for sale | $0 |
| Unused loan commitments | $5,224 |
| Tier 1 (core) risk-based capital | $7,806 |
| Tier 2 risk-based capital | $0 |
| Total risk weighted assets | $52,971 |
| Total unused commitments | $5,224 |
| Restructured Loans and leases | $0 |
| Derivatives | $0 |
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Income and Expense (December 31, 1997)
(Dollar figures in thousands) |
| Total interest income | $6,278 |
| Total interest expense | $2,622 |
| Net interest income | $3,656 |
| Provision for loan and lease losses | $142 |
| Total noninterest income | $639 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $439 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $200 |
| Total noninterest expense | $2,591 |
| Salaries and employee benefits | $1,391 |
| Premises and equipment expense | $427 |
| Additional noninterest expense | $773 |
| Pre-tax net operating income | $1,562 |
| Securities gains (losses) | $6 |
| Applicable income taxes | $424 |
| Income before extraordinary items | $1,144 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $1,144 |
| Net charge-offs | $10 |
| Cash dividends | $950 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $1,140 |
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Performance and Condition Ratios (December 31, 1997)
(Dollar figures in thousands) |
| Performance Ratios (%, annualized) |
| Yield on earning assets | 8.97% |
| Cost of funding earning assets | 3.75% |
| Net interest margin | 5.22% |
| Noninterest income to earning assets | 0.91% |
| Noninterest expense to earning assets | 3.70% |
| Net operating income to assets | 1.50% |
| Return on assets (ROA) | 1.50% |
| Pretax return on assets | 2.06% |
| Return on equity (ROE) | 14.48% |
| Retained earnings to average equity (YTD only) | 2.46% |
| Net charge-offs to loans | 0.02% |
| Credit loss provision to net charge-offs | 1420.00% |
| Efficiency ratio | 60.33% |
| Assets per employee | $1,744 |
| Cash dividends to net income (YTD only) | 83.04% |
| Condition Ratios (%) |
| Loss allowance to loans | 1.29% |
| Loss allowance to noncurrent loans | 105.40% |
| Noncurrent assets plus other real estate owned to assets | 1.03% |
| Noncurrent loans to loans | 1.22% |
| Net loans and leases to deposits | 75.63% |
| Net loans and leases to core deposits | 85.01% |
| Equity capital to assets | 9.95% |
| Core capital (leverage) ratio | 9.94% |
| Tier 1 risk-based capital ratio | 14.74% |
| Total risk-based capital ratio | 15.99% |
| Memoranda |
| Average assets | $76,039 |
| Average earning assets | $70,010 |
| Average equity | $49,207 |
| Average loans | $7,901 |
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