First Piedmont Federal Savings and Loan Association of Gaffney

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Overview

FDIC Cert 28859
Address
1229 West Floyd Baker Boulevard, Gaffney, SC 29340
FDIC Unique Number 41693
Federal Reserve ID 646172
Federal Reserve ID for Bank Holding Company 0
OCC Charter Number 702502
OTS Docket Number 2502
MSA Greenville-Spartanburg-Anderson, SC
County Cherokee
Website http://www.firstpiedmont.com
Established On 01/01/1933
Insured On 11/05/1934
Holding Company
Regulator Office of the Comptroller of the Currency
Asset Concentration Commercial Lending Specialization
Ownership Type
Domestic Offices 6
Foreign Offices
Bank Charter Class SA - Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)

Recent Changes

Change in Primary Regulatory Agency

Financial Snapshot

USD, Thousands
Total Assets 338,625
Total Deposits 243,150
Domestic Deposits 243,150
Bank Equity Capital 92,659
Year to Date Quarterly
Net Income USD, 000 2,770 917
Return on Assets 1.1% 1.08%
Return on Equity 4.05% 3.98%
Pre-Tax Return on Assets 1.76% 1.74%
as of 09/30/2015

Financial Health

As of 09/30/2015
Low Risk

The Texas ratio is a measure of a bank's credit troubles. It is a way to measure how risky a bank is. The higher the Texas ratio, the more severe the credit troubles. Any bank with a TX Ratio near or greater than 100% is considered at risk. Developed by Gerard Cassidy and others at RBC Capital Markets, it is calculated by dividing the value of the lender's non-performing assets (Non performing loans + Real Estate Owned) by the sum of its tangible common equity capital and loan loss reserves.

First Piedmont Federal Savings and Loan Association of Gaffney has a texas ratio of 2.5300000000000002 which puts it at low risk. As of 09/30/2015 the bank had $1,271 Non Current Loans and Leases, $1,124 Other Real Estate Owned, $92,659 Total Equity Capital and $1,953 Loan Loss Allowance.

Historical Texas Ratios

Date Non Current Loans and Leases Other Real Estate Owned Total Equity Capital Loan Loss Allowance TX Ratio
09/30/2015 $1,271 $1,124 $92,659 $1,953 2.5300000000000002
06/30/2015 $776 $1,432 $91,741 $1,953 2.36
03/31/2015 $1,301 $1,093 $90,833 $1,953 2.58
12/31/2014 $1,043 $1,106 $89,945 $1,954 2.34
09/30/2014 $1,059 $1,137 $88,847 $1,954 2.42
06/30/2014 $846 $1,718 $87,878 $1,956 2.85
03/31/2014 $988 $1,989 $86,971 $1,957 3.35
12/31/2013 $1,112 $2,680 $86,058 $1,958 4.31
09/30/2013 $1,147 $2,822 $85,140 $1,958 4.5600000000000005
06/30/2013 $2,687 $2,434 $84,159 $1,962 5.95
03/31/2013 $939 $2,119 $83,179 $1,962 3.59
12/31/2012 $771 $2,721 $81,758 $1,961 4.17
09/30/2012 $730 $3,057 $80,761 $1,966 4.58
06/30/2012 $1,882 $3,519 $79,818 $1,963 6.6
03/31/2012 $1,975 $4,316 $78,902 $1,960 7.78
12/31/2011 $575 $16,082 $77,909 $1,957 20.86
09/30/2011 $1,387 $15,150 $77,023 $1,514 21.06
06/30/2011 $2,236 $14,498 $76,004 $1,513 21.59
03/31/2011 $1,971 $14,397 $75,090 $1,266 21.44
12/31/2010 $1,980 $13,352 $74,050 $910 20.45
09/30/2010 $2,098 $11,906 $72,910 $907 18.97
06/30/2010 $3,096 $11,505 $71,838 $904 20.07
03/31/2010 $2,862 $11,266 $70,698 $904 19.73
12/31/2009 $2,405 $8,221 $69,590 $902 15.07
09/30/2009 $3,602 $5,422 $68,749 $800 12.98
06/30/2009 $3,419 $4,098 $67,644 $796 10.98
03/31/2009 $2,241 $3,863 $66,455 $680 9.09

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Assets and Liabilities

Figures in USD, Thousands 09/30/2015 06/30/2015 03/31/2015 12/31/2014 09/30/2014 Charts
Total employees (full-time equivalent) 73 72 71 73 72 Chart
Total Assets 338,625 339,147 337,493 329,380 330,642 Chart
Cash & Balances due from depository institutions 61,136 65,320 64,477 54,789 62,225 Chart
Interest-bearing balances 58,869 63,415 62,923 53,234 61,690 Chart
Securities 10,883 10,883 10,887 10,874 10,800 Chart
Federal funds sold and reverse repurchase 0 0 0 0 0 Chart
Net loans and leases 243,208 238,901 238,138 238,818 233,131 Chart
Loan loss allowance 1,953 1,953 1,953 1,954 1,954 Chart
Trading account assets 0 0 0 0 0 Chart
Bank premises and fixed assets 5,126 5,129 5,209 5,253 5,312 Chart
Other real estate owned 1,124 1,432 1,093 1,106 1,137 Chart
Goodwill and other intangibles 174 190 205 220 195 Chart
All other assets 16,974 17,292 17,484 18,320 17,842 Chart
Total Liabilities and Capital 338,625 339,147 337,493 329,380 330,642 Chart
Total Liabilities 245,966 247,406 246,660 239,435 241,795 Chart
Total deposits 243,150 244,749 244,683 236,876 239,069 Chart
Interest-bearing deposits 176,581 178,201 180,237 177,424 178,865 Chart
Deposits held in domestic offices 243,150 244,749 244,683 236,876 239,069 Chart
% insured (estimated) 94% 95% 95% 91% 94% Chart
Federal funds purchased and repurchase agreements 0 0 0 0 0 Chart
Trading liabilities 0 0 0 0 0 Chart
Other borrowed funds 0 0 0 0 0 Chart
Subordinated debt 0 0 0 0 0 Chart
All other liabilities 2,816 2,657 1,977 2,559 2,726 Chart
Total equity capital 92,659 91,741 90,833 89,945 88,847 Chart
Bank equity capital 92,659 91,741 90,833 89,945 88,847 Chart
Perpetual preferred stock 0 0 0 0 0 Chart
Common stock 0 0 0 0 0 Chart
Surplus 0 0 0 0 0 Chart
Undivided profits 92,659 91,741 90,833 89,945 88,847 Chart
Equity, minor interest in consolidated subs 0 0 0 0 0 Chart
Memoranda
Noncurrent loans and leases 1,271 776 1,301 1,043 1,059 Chart
Noncurrent loans which are wholly or partially guaranteed by the U.S. 0 0 0 0 0 Chart
Income earned, not collected on loans 751 746 729 759 715 Chart
Earning assets 312,960 313,199 311,948 302,926 305,621 Chart
Long-term assets (5+ years) 143,245 150,403 151,039 151,982 147,520 Chart
Average total assets 336,170 335,352 333,455 326,615 325,924 Chart
Average assets, quarterly 338,886 338,320 333,455 330,011 329,531 Chart
Total risk weighted assets adjusted 210,137 207,891 208,712 212,809 207,815 Chart
Adjusted average assets for leverage capital purposes 323,579 322,208 317,188 314,976 316,176 Chart
Life insurance assets 0 0 0 0 0 Chart
General account life insurance assets 0 0 0 0 0 Chart
Separate account life insurance assets 0 0 0 0 0 Chart
Hybrid life insurance assets 0 0 0 0 0 Chart
Volatile liabilities 8,744 8,690 9,184 9,519 9,734 Chart
Insider loans 513 516 506 510 499 Chart
FHLB advances 0 0 0 0 0 Chart
Loans and leases held for sale 0 0 0 0 0 Chart
Unused loan commitments 57,392 45,021 43,563 42,544 43,765 Chart
Tier one (core) capital 78,404 77,441 76,387 75,467 74,381 Chart
Tier 2 Risk-based capital 1,990 1,990 1,992 1,954 1,954 Chart
Total unused commitments 57,392 45,021 43,563 42,544 43,765 Chart
Derivatives 120 343 1,301 682 1,008 Chart

Income and Expenses

Figures in USD, Thousands 09/30/2015 06/30/2015 03/31/2015 12/31/2014 09/30/2014 Charts
Total interest income 9,701 6,449 3,261 12,651 9,426 Chart
Total interest expense 36 26 14 60 46 Chart
Net interest income 9,665 6,423 3,247 12,591 9,380 Chart
Provision for loan and lease losses 0 0 0 0 0 Chart
Total noninterest income 3,179 2,161 1,061 4,417 3,266 Chart
Gross Fiduciary activities income 0 0 0 0 0 Chart
Service charges on deposit accounts 825 539 268 1,317 1,004 Chart
Trading account gains and fees 0 0 0 0 0 Chart
Additional Noninterest Income 2,354 1,622 793 3,100 2,262 Chart
Total noninterest expense 8,394 5,608 2,799 10,882 8,166 Chart
Salaries and employee benefits 4,402 2,940 1,454 5,626 4,223 Chart
Premises and equipment expense 915 612 308 1,217 976 Chart
Additional noninterest expense 3,077 2,056 1,037 4,039 2,967 Chart
Pre-tax net operating income 4,450 2,976 1,509 6,126 4,480 Chart
Securities gains (losses) 0 0 0 0 0 Chart
Applicable income taxes 1,680 1,123 570 2,313 1,691 Chart
Income before extraordinary items 2,770 1,853 939 3,813 2,789 Chart
Extraordinary gains, net 0 0 0 0 0 Chart
Net income 2,770 1,853 939 3,813 2,789 Chart
Minority interest net income 0 0 0 0 0 Chart
Net income of bank and minority interests 2,770 1,853 939 3,813 2,789 Chart
Net charge-offs 1 1 1 4 4 Chart
Cash dividends 0 0 0 0 0 Chart
Sale, conversion, retirement of capital stock, net 0 0 0 0 0 Chart
Net operating income 2,770 1,853 939 3,813 2,789 Chart

Securities

Figures in USD, Thousands 09/30/2015 06/30/2015 03/31/2015 12/31/2014 09/30/2014 Charts
Total securities 10,883 10,883 10,887 10,874 10,800 Chart
U.S. Government securities 10,768 10,768 10,768 10,874 10,776 Chart
U.S. Treasury securities 10,768 10,768 10,768 10,768 10,768 Chart
U.S. Government agency obligations 0 0 0 106 8 Chart
Securities issued by states & political subdivisions 0 0 0 0 0 Chart
Other domestic debt securities 0 0 0 0 0 Chart
Privately issued residential mortgage-backed securities 0 0 0 0 0 Chart
Commercial mortgage-backed securities - Total 0 0 0 0 0 Chart
Asset backed securities 0 0 0 0 0 Chart
Structured financial products - Total 0 0 0 0 0 Chart
Other domestic debt securities - All other 0 0 0 0 0 Chart
Foreign debt securities 0 0 0 0 0 Chart
Equity securities 115 115 119 0 24 Chart
Assets held in trading accounts for TFR Reporters 0 0 0 0 0 Chart
General valuation allowances for securities for TFR Reporters 0 0 0 0 0 Chart
Memoranda
Pledged securities 768 768 768 768 0 Chart
Mortgage-backed securities 0 0 0 0 0 Chart
Certificates of participation in pools of residential mortgages 0 0 0 0 0 Chart
Issued or guaranteed by U.S. 0 0 0 0 0 Chart
Privately issued 0 0 0 0 0 Chart
Collaterized mortgage obligations 0 0 0 0 0 Chart
CMOs issued by government agencies or sponsored agencies 0 0 0 0 0 Chart
Privately issued 0 0 0 0 0 Chart
Commercial mortgage-backed securities 0 0 0 0 0 Chart
Commercial mortgage pass-through securities 0 0 0 0 0 Chart
Other commercial mortgage-backed securities 0 0 0 0 0 Chart
Held to maturity securities (book value) 10,768 10,768 10,768 10,768 10,768 Chart
Available-for-sale securities (fair market value) 115 115 119 106 32 Chart
Total debt securities 10,768 10,768 10,768 10,874 10,776 Chart
Structured Notes
Amortized cost 0 0 0 0 0 Chart
Fair value 0 0 0 0 0 Chart
Trading account assets 0 0 0 0 0 Chart
Revaluation gains on off-balance sheet contracts 0 0 0 0 0 Chart
Revaluation losses on off-balance sheet contracts 0 0 0 0 0 Chart

Performance and Condition Ratios

Figures in USD, Thousands 09/30/2015 06/30/2015 03/31/2015 12/31/2014 09/30/2014 Charts
% of unprofitable institutions N/A N/A N/A N/A N/A Chart
% of insitutions with earnings gains N/A N/A N/A N/A N/A Chart
Performance Ratios (%, annualized)
Yield on earning assets 4.17% 4.17% 4.24% 4.21% 4.19% Chart
Cost of funding earning assets 0.02% 0.02% 0.02% 0.02% 0.02% Chart
Net interest margin 4.15% 4.15% 4.22% 4.19% 4.17% Chart
Noninterest income to average assets 1.26% 1.29% 1.27% 1.35% 1.34% Chart
Noninterest expense to average assets 3.33% 3.34% 3.36% 3.33% 3.34% Chart
Loan and lease loss provision to assets 0.00% 0.00% 0.00% 0.00% 0.00% Chart
Net operating income to assets 1.10% 1.11% 1.13% 1.17% 1.14% Chart
Return on assets (ROA) 1.10% 1.11% 1.13% 1.17% 1.14% Chart
Pretax return on assets 1.76% 1.77% 1.81% 1.88% 1.83% Chart
Return on Equity (ROE) 4.05% 4.08% 4.16% 4.34% 4.25% Chart
Retained earnings to average equity (YTD only) 4.05% 4.08% 4.16% 4.34% 4.25% Chart
Net charge-offs to loans 0.00% 0.00% 0.00% 0.00% 0.00% Chart
Credit loss provision to net charge-offs 0.00% 0.00% 0.00% 0.00% 0.00% Chart
Earnings coverage of net charge-offs (x) 4461.05% 2976.00% 1509.00% 1531.50% 1120.67% Chart
Efficiency ratio 65.35% 65.33% 64.97% 63.98% 64.57% Chart
Assets per employee ($millions) 4.64% 4.71% 4.75% 4.51% 4.59% Chart
Cash dividends to net income (YTD only) 0.00% 0.00% 0.00% 0.00% 0.00% Chart
Condition Ratios (%)
Loss allowance to loans 0.80% 0.81% 0.81% 0.81% 0.83% Chart
Loan loss allowance to noncurrent loans 153.66% 251.68% 150.12% 187.34% 184.51% Chart
Noncurrent assets plus other real estate owned to assets 0.71% 0.65% 0.71% 0.65% 0.66% Chart
Noncurrent loans to loans 0.52% 0.32% 0.54% 0.43% 0.45% Chart
Net loans and leases to total assets 71.82% 70.44% 70.56% 72.51% 70.51% Chart
Net loans and leases to deposits 100.02% 97.61% 97.33% 100.82% 97.52% Chart
Net loans and leases to core deposits 103.76% 101.20% 101.12% 105.04% 101.66% Chart
Total domestic deposits to total assets 71.81% 72.17% 72.50% 71.92% 72.30% Chart
Equity capital to assets 27.36% 27.05% 26.91% 27.31% 26.87% Chart
Core capital (leverage) ratio 24.23% 24.03% 24.08% 23.96% 23.53% Chart
Tier 1 risk-based capital ratio 37.31% 37.25% 36.60% 35.46% 35.79% Chart
Total risk-based capital ratio 38.26% 38.21% 37.55% 36.38% 36.73% Chart
Memoranda
Average total assets 336,170 335,352 333,455 326,615 325,924 Chart
Average earning assets 310,258 309,358 307,437 300,724 300,174 Chart
Average equity 91,279 90,818 90,357 87,940 87,439 Chart
Average loans 241,720 240,572 240,432 231,438 229,104 Chart