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Overview / Commentary
252-937-2265
450 N Winstead Ave
Rocky Mount, NC 27804

Providence Bank (NC) is headquartered in Rocky Mount and is the 49th largest bank in the state of North Carolina. It is also the 2,846th largest bank in the nation. It was established in 2006 and as of December of 2013, it had grown to 27 employees at 3 locations. Providence Bank (NC) has a A health rating.

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Health

Data for Q4 2013

Institution Health

A

Texas Ratio

GRADE:
B+

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 December 31, 2013 Providence Bank (NC) had $3.47 million in non-current loans and owned real-estate with $25.47 million in equity and loan loss allowances on hand to cover it. This gives Providence Bank (NC) a Texas Ratio of 13.63% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A

The Texas Ratio for Providence Bank (NC) decreased dramatically from 20.50% as of December 31, 2012 to 13.63% as of December 31, 2013, resulting in a positive change of 33.52%.This indicates that the balance sheet and financial strength for Providence Bank (NC) has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Providence Bank (NC) has increased its total deposits by $23.14 million, resulting in 14.56% 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 Providence Bank (NC) has shown is excellent.

Capitalization

GRADE:
A

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. Providence Bank (NC) has $217.91 million in assets with $25.47 million in equity, resulting in a capitalization level of 11.69%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #58239
Year Established2006
Employees27
Primary RegulatorFDIC
Assets and Liabilities
Assets$217.91 million
Loans$170.24 million
Deposits$182.04 million
Equity Capital$22.99 million
Loan Loss Allowance$2.48 million
Unbacked Noncurrent Loans$1.56 million
Real Estate Owned$1.91 million
Historic Data - December 2012
Assets$192.69 million
Equity Capital$21.25 million
Loan Loss Allowance$2.41 million
Unbacked Noncurrent Loans$1.56 million
Real Estate Owned$787,000
Profit Margin - Quarterly
Net Interest Margin3.64%
Return on Assets1.03%
Return on Equity9.57%
Interest Income$9.20 million
Rates
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Providence Bank (NC) Checking Account Rates

DetailsAPYMINMAXPRODUCT
1.01%-$25kE-checking

Providence Bank (NC) CD Rates

DetailsAPYMINMAXPRODUCT
1.00%$1k-60 Month CD
1.00%$1k-Business 60 Month CD
0.60%$1k-24 Month CD
0.60%$1k-Business 24 Month CD
0.55%$1k-18 Month CD
0.55%$1k-Business 18 Month CD
0.45%$1k-12 Month CD
0.45%$1k-Business 12 Month CD
0.35%$1k-6 Month CD
0.35%$1k-Business 6 Month CD
Locations


Providence Bank (NC) Locations
2401 Sunset Avenue Branch2401 Sunset AvenueRocky Mount, NC 27804
Tarboro Branch325 Main StreetTarboro, NC 27886
Providence Bank450 N Winstead AveRocky Mount, NC 27804