First Choice Bank (merged into Enterprise Bank & Trust)
First Choice Bank reported total assets of $2.4 bn at Q2 2021, its last Call Report before it merged into Enterprise Bank & Trust. First Choice Bank uses the community bank leverage ratio framework, with a leverage ratio of 10.00%, and the uninsured share of First Choice Bank was 60.01%. Source: FDIC Call Reports.
Key takeaways
- Since , First Choice Bank has taken over one institution; the latest was Pacific Commerce Bank on (FDIC Call Reports).
What sets First Choice Bank apart
How large is First Choice Bank?
The balance sheet of First Choice Bank at : assets $2.4 bn, deposits $1.9 bn, net loans $1.9 bn (loans equal to 103.46% of deposits). Securities make up 1.6% of total assets at First Choice Bank. Since , when First Choice Bank held $811.1 mn, its assets grew 201.5%. In the year to , deposits at First Choice Bank rose 16.2% while its total assets rose 10.0%. At , First Choice Bank employed 187 full-time equivalent staff across 9 offices, about $13.1 mn of assets per employee and $207.3 mn of deposits per office.
How much funding at First Choice Bank is uninsured?
At First Choice Bank, uninsured deposits (above the FDIC limit) made up 60.01% of domestic deposits at (+7.59 pp on a year earlier). In dollars, First Choice Bank estimated $1.1 bn of uninsured deposits.
Key facts, Q2 2021
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $1.9 bn | $1.6 bn (Q2 2020) | |
| Net loans and leases | $1.9 bn | $1.8 bn (Q2 2020) | |
| Loan-to-deposit ratio | 103.46% | 114.24% (Q2 2020) | |
| Net interest margin | 4.30% | 4.53% (Q2 2020) | |
| Return on assets (ROA) | 1.69% | 1.15% (Q2 2020) | |
| Efficiency ratio | 42.31% | 51.03% (Q2 2020) | |
| Unrealized gain/loss on held-to-maturity securities | Gain of $97,000 | Fell by $20,000 | |
| Unrealized gain/loss on available-for-sale securities | Gain of $277,000 | Fell by $630,000 | |
| Noncurrent loans to total loans | 0.38% | 0.46% (Q2 2020) | |
| Net charge-offs to average loans | -0.01% | 0.06% (Q2 2020) |
US rank of First Choice Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
First Choice Bank: assets, deposits and loans
- Total assets $2.4bn
- Deposits $1.9bn
- Net loans $1.9bn
Capital and securities
First Choice Bank uses the community bank leverage ratio framework, so it reports no risk-based ratios; its leverage ratio was 10.00% in . Equity capital of First Choice Bank at : $293.9 mn, or 12.0% of total assets.
On held-to-maturity securities, First Choice Bank carried an unrealized gain of $97,000 at , equal to 0.0% of equity capital. The gain fell by $20,000 over the year. Its deepest point: $328,000 in . The available-for-sale portfolio of First Choice Bank showed an unrealized gain of $277,000 at ; the gain fell by $630,000 over the year.
First Choice Bank: capital ratios
- Total capital 14%
- CET1 13%
- Tier 1 leverage 10.0%
First Choice Bank: unrealized securities gains and losses
- Available for sale $277,000
- Held to maturity $97,000
Profitability and loan quality
For the year to , First Choice Bank earned a return on equity of 14.17%; return on assets: 1.69%. Net interest margin at First Choice Bank: 4.30%, -0.23 pp in a year. First Choice Bank net income: $20.4 mn, up 87.4% year on year. The efficiency ratio of First Choice Bank was 42.31%: about 42 cents cost per revenue dollar, against 58 cents at the median peer.
At , noncurrent loans were 0.38% of total loans at First Choice Bank; net charge-offs: -0.01% of average loans. Gross loans and leases at First Choice Bank: $2.0 bn at , against $1.9 bn at .
First Choice Bank: profitability
- Return on equity 14%
- Net interest margin 4.3%
- Return on assets 1.7%
Peer group of First Choice Bank
The peer group of First Choice Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 0 share the charter type of First Choice Bank (state member bank) and 0 have head offices in California. Against them, First Choice Bank shows return on equity 14.17% against a peer median of 13.38% and uninsured deposit share 60.01% against a peer median of 35.06%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Austin Bank, Texas | National bank | TX | $2.5 bn | not reported | 11.70% | 25.79% | |
| Forbright Bank | State nonmember bank | MD | $2.5 bn | 20.81% | 10.11% | 38.96% | |
| Westfield Bank | Federal savings bank | MA | $2.5 bn | 12.41% | 11.65% | 31.16% | |
| First Choice Bank | State member bank | CA | $2.4 bn | not reported | 14.17% | 60.01% | |
| First Bank | State nonmember bank | NJ | $2.4 bn | 10.88% | 15.07% | 45.54% | |
| Northrim Bank | State nonmember bank | AK | $2.4 bn | 11.58% | 21.44% | 43.04% | |
| First Dakota National Bank | National bank | SD | $2.4 bn | 11.17% | 21.20% | 19.61% | |
. FDIC Call Reports.
Last eight quarters
Two years at First Choice Bank, to : assets $1.7 bn to $2.4 bn, deposits $1.3 bn to $1.9 bn, equity $271.7 mn to $293.9 mn. Staff 181 to 187; offices 10 to 9.
| Metric | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $1.7 bn | $1.7 bn | $1.8 bn | $2.2 bn | $2.3 bn | $2.3 bn | $2.5 bn | $2.4 bn |
| Total deposits | $1.3 bn | $1.3 bn | $1.4 bn | $1.6 bn | $1.6 bn | $1.6 bn | $1.9 bn | $1.9 bn |
| Bank equity capital | $271.7 mn | $271.2 mn | $271.4 mn | $272.7 mn | $275.9 mn | $281.8 mn | $286.5 mn | $293.9 mn |
| CET1 ratio | 13.42% | 13.04% | not reported | not reported | not reported | not reported | not reported | not reported |
| Return on equity (ROE) | 11.42% | 10.83% | 7.07% | 8.00% | 9.29% | 10.97% | 14.23% | 14.17% |
| Uninsured share of domestic deposits | 0.00% | 0.00% | 55.21% | 52.42% | 52.67% | 56.56% | 56.52% | 60.01% |
| Full-time equivalent employees | 181 | 181 | 178 | 175 | 180 | 186 | 185 | 187 |
| Number of offices | 10 | 10 | 10 | 10 | 10 | 10 | 9 | 9 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of First Choice Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Pacific Commerce Bank (FDIC certificate 57065).
- . Merged into Enterprise Bank & Trust (FDIC certificate 27237).
Large one-quarter moves at First Choice Bank
- Total assets at First Choice Bank changed by +64.9% in the quarter to 2018-09-30: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Pacific Commerce Bank.
- Total assets at First Choice Bank changed by +25.2% in the quarter to 2020-06-30, with no FDIC structure event in that quarter.
Questions and identifiers
What were the total assets of First Choice Bank?
First Choice Bank reported $2.4 bn at in its Call Report.
Is First Choice Bank the same as its holding company?
No. This page covers First Choice Bank, FDIC certificate 57966; FIRST CHOICE BCORP (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is First Choice Bank profitable?
First Choice Bank reported net income of $20.4 mn for the year to ; annualized return on equity: 14.17%. So yes: First Choice Bank made a profit over these months.
When is data for First Choice Bank next updated?
First Choice Bank no longer files Call Reports; its data ends at .
Where can I check the figures for First Choice Bank?
In the FDIC BankFind Suite record for certificate 57966, and in the Call Reports of First Choice Bank (RSSD ID 3374878) at the FFIEC Central Data Repository.