First Covenant Bank

First Covenant Bank is headquartered in Commerce and is the 107^th largest bank in the state of Georgia. It is also the 3,657^th largest bank in the nation. It was established in 2006 and as of March of 2012, it had grown to 54 employees at 1 location. First Covenant Bank has a 1-star health rating.

Data for Q1 2012

Institution Statistics First Covenant Bank FDIC Certificate # 58294 BankRate Report View Year Established 2006 Employees 54 Primary Regulator FDIC Assets and Liabilities Assets $162.67 million Loans $95.39 million Deposits $153.47 million Equity Capital $8.66 million Loan Loss Allowance $1.54 million Unbacked Noncurrent Loans $7.00 million Real Estate Owned $14.56 million Historic Data - March 2011 Assets $161.61 million Equity Capital $9.34 million Loan Loss Allowance $1.99 million Unbacked Noncurrent Loans $9.07 million Real Estate Owned $15.74 million Profit Margin - Quarterly Net Interest Margin 4.45% Return on Assets 0.18% Return on Equity 3.33% Interest Income $1.67 million

Institution Health Overall Score: 1 out of 5 Texas Ratio The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of March 31, 2012 First Covenant Bank had $21.56 million in non-current loans and owned real-estate with $10.2 million in equity and loan loss allowances on hand to cover it. This gives First Covenant Bank a Texas Ratio of 211.43% which is poor. Any bank with a Texas Ratio near or greater than 100% is considered at risk. Texas Ratio Trend The Texas Ratio for First Covenant Bank held steady from 218.96% as of March 31, 2011 to 211.43% as of March 31, 2012, resulting in a positive change of 3.44%.This indicates that the balance sheet and financial strength for First Covenant Bank has held steady in recent periods. Deposit Growth In the past year, First Covenant Bank has increased its total deposits by $3.06 million, resulting in 2.03% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth First Covenant Bank has shown is above average. Capitalization Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. First Covenant Bank has $162.67 million in assets with $10.2 million in equity, resulting in a capitalization level of 6.27%, which is below average.

No reviews have been left for this bank yet. Be the first to review.