CresCom Bank
CresCom Bank reported total assets of $4.8 bn at Q1 2020, its last Call Report before it merged into United Bank. Its common equity tier 1 ratio was 16.67%, and an estimated 21.63% of domestic deposits were uninsured. Source: FDIC Call Report data, cross-checked against FFIEC filings.
- Return on equity (ROE): down 2.74 pp on Q4 2019, to 7.18%
- Tier 1 leverage ratio: down 2.25 pp on Q4 2019, to 13.17%
- Total deposits: up 4.6% on Q4 2019, to $3.6 bn
Ranks compare banks in our US coverage that report each metric. Sparklines: the last ten years. Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Overview
What stands out about CresCom Bank?
Its largest one-quarter change in total assets since Q1 2016 was +55.9% between Q3 2017 and Q4 2017, when it absorbed First South Bank. Against its six size peers, its tier 1 leverage ratio stands out most: 13.17% at Q1 2020, above the peer median of 10.04%.
How large is CresCom Bank?
At Q1 2020 the bank held $4.8 bn of assets. Deposits were $3.6 bn and net loans and leases $3.2 bn, a loan-to-deposit ratio of 89.51%. Securities of $829.8 mn made up 17.3% of assets.
Total assets rose 230.5% between Q1 2016 and Q1 2020, from $1.5 bn.
How much of its funding is uninsured?
An estimated 21.63% of domestic deposits were above the FDIC insurance limit at Q1 2020, -0.52 pp from the previous quarter and -3.05 pp from a year earlier.
Key facts, Q1 2020
| Metric | Value | Change from a year earlier | US rank |
|---|---|---|---|
| Total assets | $4.8 bn | +25.0% | |
| Total deposits | $3.6 bn | +26.2% | |
| Net loans and leases | $3.2 bn | +23.4% | |
| Bank equity capital | $780.0 mn | +27.3% | |
| Common equity tier 1 (CET1) ratio | 16.67% | +0.86 pp | |
| Tier 1 leverage ratio | 13.17% | +0.53 pp | |
| Return on equity (ROE) | 7.18% | -2.85 pp | |
| Net interest margin | 3.92% | -0.09 pp | |
| Uninsured share of domestic deposits | 21.63% | -3.05 pp | |
| Noncurrent loans to total loans | 0.86% | +0.40 pp | |
| Net charge-offs to average loans | 0.00% | -0.03 pp |
US rank: rank among the banks in our coverage reporting each metric, 1 = highest unless marked 1 = lowest.
Balance sheet
Total assets, deposits and net loans, quarterly, Q1 2016 to Q1 2020. Dashed amber lines mark the mergers and acquisitions listed under Mergers and acquisitions.
- Total assets $4.8bn
- Deposits $3.6bn
- Net loans $3.2bn
Capital and securities
The common equity tier 1 (CET1) ratio was 16.67% at Q1 2020, +0.86 pp from a year earlier. Since Q1 2016 it has ranged from 13.18% (Q1 2018) to 16.86% (Q3 2019). At Q1 2020 the tier 1 leverage ratio was 13.17% and the total risk-based capital ratio 17.23%. The median CET1 ratio of the size peers listed below was 11.91% at Q1 2020.
Available-for-sale securities showed an unrealized loss of $4.8 mn at Q1 2020; the loss turned from a gain into a loss from a year earlier.
Capital ratios
- Total capital 17%
- CET1 17%
- Tier 1 leverage 13%
Unrealized gains and losses on securities
- Available for sale -$5mn
- Held to maturity $0
Profitability and loan quality
Return on equity was 7.18% for the year to Q1 2020, annualized, with a return on assets of 1.18% and a net interest margin of 3.92%. The margin was -0.09 pp from a year earlier. The efficiency ratio, noninterest expense as a share of revenue as the FDIC defines it, was 59.01%. Net income for the year to Q1 2020 was $14.1 mn, down 7.3% on the same period a year earlier. The median return on equity of its size peers was 8.23% for the same period.
Noncurrent loans, those 90 days or more past due or no longer accruing interest, were 0.86% of total loans at Q1 2020. Net charge-offs for the year to date were 0.00% of average loans, annualized.
Profitability
- Return on equity 7.2%
- Net interest margin 3.9%
- Return on assets 1.2%
Compared with banks of similar size
The six banks ranked closest to CresCom Bank by total assets at Q1 2020, three above and three below where possible.
Among the seven banks in the table at Q1 2020, CresCom Bank is 4th by total assets. Its CET1 ratio of 16.67% compares with a peer median of 11.91%, its tier 1 leverage ratio of 13.17% compares with a peer median of 10.04%, and its return on equity of 7.18% compares with a peer median of 8.23%.
| Bank | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|
| Centier Bank | $4.9 bn | 11.66% | 13.71% | 32.20% | |
| Bangor Savings Bank | $4.9 bn | 12.74% | 7.76% | 41.49% | |
| Union Bank and Trust Company | $4.8 bn | 12.17% | 8.58% | 12.90% | |
| CresCom Bank | $4.8 bn | 16.67% | 7.18% | 21.63% | |
| Sumitomo Mitsui Trust Bank (U.S.A.) Limited | $4.8 bn | 26.50% | 7.89% | 96.36% | |
| MidWestOne Bank | $4.8 bn | 10.95% | -0.47% | 28.96% | |
| Preferred Bank | $4.7 bn | 10.80% | 13.69% | 75.44% | |
Q1 2020. Peer median (the six banks, excluding this one): CET1 11.91%, return on equity 8.23%. Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Last eight quarters
CresCom Bank, as reported in its Call Reports.
From Q2 2018 to Q1 2020, total assets rose 29.9% to $4.8 bn, deposits rose 31.3% to $3.6 bn and bank equity capital rose 35.5% to $780.0 mn. Over the same period its full-time equivalent staff went from 749 to 841 and its offices went from 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 |
| Common equity tier 1 (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 |
Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Mergers and acquisitions
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
- Total assets 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 changed by +55.9% in the quarter to 2017-12-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from First South Bank.
Source: FDIC BankFind API, institution history. Moves of more than 25% in one quarter are checked against that history in our review.
Identifiers and sources
- FDIC certificate
- 57135
- Federal Reserve RSSD ID
- 3013823
- Head office
- Charleston, South Carolina
- Holding company
- CAROLINA FINANCIAL CORP (as reported to the FDIC)
- Holding company RSSD ID
- 2507790
- EconoMonitor ID
- EMB-US-000352
Frequently asked questions
What were CresCom Bank's total assets?
$4.8 bn at Q1 2020, according to its Call Report as published by the FDIC.
Is CresCom Bank the same as its holding company?
No. This page covers the FDIC-insured bank (certificate 57135). Its holding company, CAROLINA FINANCIAL CORP (as reported to the FDIC), reports separately to the Federal Reserve and, if its shares are listed, to the SEC.
How often is this page updated?
Every quarter, after CresCom Bank files its Call Report and the FDIC publishes it. This page shows Q1 2020, loaded on 19 October 2026; any sentence that uses an earlier quarter names it.
Where can I check these numbers?
In the FDIC BankFind Suite record for certificate 57135, and in the Call Reports filed under RSSD ID 3013823 at the FFIEC Central Data Repository.
Sources and definitions
Definitions, Call Report fields and formulas for each metric: Bank equity capital, Uses community bank leverage ratio framework, Common equity tier 1 (CET1) ratio, Deposits in domestic offices, Efficiency ratio, Full-time equivalent employees, Loan-to-deposit ratio, Total loans and leases (gross), Net loans and leases, Net charge-offs to average loans, Net income (year to date), Net interest margin, Noncurrent loans to total loans, Number of offices, Return on assets (ROA), Return on equity (ROE), Available-for-sale securities (amortized cost), Available-for-sale securities (fair value), Held-to-maturity securities (amortized cost), Held-to-maturity securities (fair value), Total securities, Tier 1 leverage ratio, Total assets, Total deposits, Total equity capital, Total risk-based capital ratio, Uninsured share of domestic deposits, Estimated uninsured deposits, Unrealized gain/loss on available-for-sale securities, Unrealized gain/loss on held-to-maturity securities.
Checks for this release: Check A (database against the FDIC download) passed, Check B (FDIC against FFIEC Call Report filings) passed.
Source: FDIC BankFind Suite (Call Report data). EconoMonitor is not affiliated with or endorsed by the FDIC. FDIC BankFind Suite API.
Source: FFIEC Central Data Repository (Call Reports). EconoMonitor is not affiliated with or endorsed by the FFIEC. FFIEC Central Data Repository, Public Data Distribution.
Data and analysis only, not financial advice. The FDIC and the FFIEC do not endorse EconoMonitor. See the disclaimer and methodology.