CresCom Bank (merged into United Bank)
CresCom Bank reported total assets of $4.8 bn at Q1 2020, its last Call Report before it merged into United Bank. The CET1 capital ratio at CresCom Bank was 16.67%, and the uninsured share of CresCom Bank was 21.63%. Source: FDIC Call Reports.
Key takeaways
- Since , CresCom Bank has taken over 4 institutions; the latest was Carolina Trust Bank on (FDIC Call Reports).
What sets CresCom Bank apart
How large is CresCom Bank?
The balance sheet of CresCom Bank at : assets $4.8 bn, deposits $3.6 bn, net loans $3.2 bn (loans equal to 89.51% of deposits). Securities make up 17.3% of total assets at CresCom Bank. Since , when CresCom Bank held $1.5 bn, its assets grew 230.5%. In the year to , deposits at CresCom Bank rose 26.2% while its total assets rose 25.0%. At , CresCom Bank employed 841 full-time equivalent staff across 75 offices, about $5.7 mn of assets per employee and $47.8 mn of deposits per office.
How much funding at CresCom Bank is uninsured?
At CresCom Bank, uninsured deposits (above the FDIC limit) made up 21.63% of domestic deposits at (-3.05 pp on a year earlier). In dollars, CresCom Bank estimated $775.5 mn of uninsured deposits.
Key facts, Q1 2020
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $3.6 bn | $2.8 bn (Q1 2019) | |
| Net loans and leases | $3.2 bn | $2.6 bn (Q1 2019) | |
| Loan-to-deposit ratio | 89.51% | 91.54% (Q1 2019) | |
| Tier 1 leverage ratio | 13.17% | 12.63% (Q1 2019) | |
| Total risk-based capital ratio | 17.23% | 16.32% (Q1 2019) | |
| Net interest margin | 3.92% | 4.01% (Q1 2019) | |
| Return on assets (ROA) | 1.18% | 1.59% (Q1 2019) | |
| Efficiency ratio | 59.01% | 55.03% (Q1 2019) | |
| Unrealized gain/loss on available-for-sale securities | Loss of $4.8 mn | Turned from a gain into a loss | |
| Noncurrent loans to total loans | 0.86% | 0.46% (Q1 2019) | |
| Net charge-offs to average loans | 0.00% | 0.02% (Q1 2019) |
US rank of CresCom Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
CresCom Bank: assets, deposits and loans
- Total assets $4.8bn
- Deposits $3.6bn
- Net loans $3.2bn
Capital and securities
The CET1 ratio of CresCom Bank stood at 16.67% in , +0.86 pp year on year. Low and high at CresCom Bank since : 13.18% () to 16.86% (). Equity capital of CresCom Bank at : $780.0 mn, or 16.2% of total assets. CresCom Bank also reported a total capital ratio of 17.23% for , and a tier 1 leverage ratio of 13.17%.
The available-for-sale portfolio of CresCom Bank showed an unrealized loss of $4.8 mn at ; the loss turned from a gain into a loss over the year.
CresCom Bank: capital ratios
- Total capital 17%
- CET1 17%
- Tier 1 leverage 13%
CresCom Bank: unrealized securities gains and losses
- Available for sale -$5mn
- Held to maturity $0
Profitability and loan quality
For the year to , CresCom Bank earned a return on equity of 7.18%; return on assets: 1.18%. Net interest margin at CresCom Bank: 3.92%, -0.09 pp in a year. CresCom Bank net income: $14.1 mn, down 7.3% year on year. The efficiency ratio of CresCom Bank was 59.01%: about 59 cents cost per revenue dollar, against 63 cents at the median peer.
At , noncurrent loans were 0.86% of total loans at CresCom Bank; net charge-offs: 0.00% of average loans. Gross loans and leases at CresCom Bank: $3.2 bn at , against $2.6 bn at .
CresCom Bank: profitability
- Return on equity 7.2%
- Net interest margin 3.9%
- Return on assets 1.2%
Peer group of CresCom Bank
The peer group of CresCom Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 5 share the charter type of CresCom Bank (state nonmember bank) and 0 have head offices in South Carolina. Against them, CresCom Bank shows CET1 ratio 16.67% against a peer median of 11.91%, return on equity 7.18% against a peer median of 8.23% and uninsured deposit share 21.63% against a peer median of 36.85%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Centier Bank | State nonmember bank | IN | $4.9 bn | 11.66% | 13.71% | 32.20% | |
| Bangor Savings Bank | State-chartered stock savings bank | ME | $4.9 bn | 12.74% | 7.76% | 41.49% | |
| Union Bank and Trust Company | State nonmember bank | NE | $4.8 bn | 12.17% | 8.58% | 12.90% | |
| CresCom Bank | State nonmember bank | SC | $4.8 bn | 16.67% | 7.18% | 21.63% | |
| Sumitomo Mitsui Trust Bank (U.S.A.) Limited | State nonmember bank | NJ | $4.8 bn | 26.50% | 7.89% | 96.36% | |
| MidWestOne Bank | State nonmember bank | IA | $4.8 bn | 10.95% | -0.47% | 28.96% | |
| Preferred Bank | State nonmember bank | CA | $4.7 bn | 10.80% | 13.69% | 75.44% | |
. FDIC Call Reports.
Last eight quarters
Two years at CresCom Bank, to : assets $3.7 bn to $4.8 bn, deposits $2.7 bn to $3.6 bn, equity $575.8 mn to $780.0 mn. Staff 749 to 841; offices 62 to 75.
| Metric | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $3.7 bn | $3.7 bn | $3.8 bn | $3.8 bn | $3.9 bn | $4.0 bn | $4.7 bn | $4.8 bn |
| Total deposits | $2.7 bn | $2.8 bn | $2.7 bn | $2.8 bn | $2.8 bn | $2.9 bn | $3.4 bn | $3.6 bn |
| Bank equity capital | $575.8 mn | $589.6 mn | $597.9 mn | $612.6 mn | $632.0 mn | $647.5 mn | $789.5 mn | $780.0 mn |
| CET1 ratio | 15.66% | 16.13% | 16.00% | 15.81% | 16.11% | 16.86% | 16.41% | 16.67% |
| Return on equity (ROE) | 7.63% | 8.82% | 9.38% | 10.03% | 10.07% | 10.31% | 9.92% | 7.18% |
| Uninsured share of domestic deposits | 25.82% | 24.28% | 22.98% | 24.67% | 26.05% | 25.71% | 22.14% | 21.63% |
| Full-time equivalent employees | 749 | 760 | 757 | 734 | 728 | 735 | 848 | 841 |
| Number of offices | 62 | 62 | 62 | 62 | 62 | 63 | 75 | 75 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of CresCom Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Congaree State Bank (FDIC certificate 58301).
- . Absorbed Greer State Bank (FDIC certificate 27413).
- . Absorbed First South Bank (FDIC certificate 31084).
- . Absorbed Carolina Trust Bank (FDIC certificate 57026).
- . Merged into United Bank (FDIC certificate 22858).
Large one-quarter moves at CresCom Bank
- Total assets at CresCom Bank changed by +29.7% in the quarter to 2017-03-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Greer State Bank.
- Total assets at CresCom Bank changed by +55.9% in the quarter to 2017-12-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from First South Bank.
Questions and identifiers
What were the total assets of CresCom Bank?
CresCom Bank reported $4.8 bn at in its Call Report.
Is CresCom Bank the same as its holding company?
No. This page covers CresCom Bank, FDIC certificate 57135; CAROLINA FINANCIAL CORP (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is CresCom Bank profitable?
CresCom Bank reported net income of $14.1 mn for the year to ; annualized return on equity: 7.18%. So yes: CresCom Bank made a profit over these months.
When is data for CresCom Bank next updated?
CresCom Bank no longer files Call Reports; its data ends at .
Where can I check the figures for CresCom Bank?
In the FDIC BankFind Suite record for certificate 57135, and in the Call Reports of CresCom Bank (RSSD ID 3013823) at the FFIEC Central Data Repository.