Happy State Bank (merged into Centennial Bank)
Happy State Bank reported total assets of $6.7 bn at Q1 2022, its last Call Report before it merged into Centennial Bank. The CET1 capital ratio at Happy State Bank was 11.23%, and the uninsured share of Happy State Bank was 51.13%. Source: FDIC Call Reports.
Key takeaways
- Since , Happy State Bank has taken over 4 institutions; the latest was The First National Bank of Tahoka on (FDIC Call Reports).
What sets Happy State Bank apart
How large is Happy State Bank?
The balance sheet of Happy State Bank at : assets $6.7 bn, deposits $6.1 bn, net loans $3.6 bn (loans equal to 59.60% of deposits). Securities make up 26.3% of total assets at Happy State Bank. Since , when Happy State Bank held $2.9 bn, its assets grew 134.6%. In the year to , deposits at Happy State Bank rose 11.0% while its total assets rose 6.7%. At , Happy State Bank employed 829 full-time equivalent staff across 52 offices, about $8.1 mn of assets per employee and $116.6 mn of deposits per office.
How much funding at Happy State Bank is uninsured?
At Happy State Bank, uninsured deposits (above the FDIC limit) made up 51.13% of domestic deposits at (+0.65 pp on a year earlier). In dollars, Happy State Bank estimated $3.1 bn of uninsured deposits.
Key facts, Q1 2022
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $6.1 bn | $5.5 bn (Q1 2021) | |
| Net loans and leases | $3.6 bn | $3.4 bn (Q1 2021) | |
| Loan-to-deposit ratio | 59.60% | 62.59% (Q1 2021) | |
| Tier 1 leverage ratio | 8.07% | 11.01% (Q1 2021) | |
| Total risk-based capital ratio | 12.14% | 16.44% (Q1 2021) | |
| Net interest margin | 3.70% | 3.94% (Q1 2021) | |
| Return on assets (ROA) | 1.14% | 1.15% (Q1 2021) | |
| Efficiency ratio | 62.17% | 61.45% (Q1 2021) | |
| Unrealized gain/loss on available-for-sale securities | Loss of $128.1 mn | Turned from a gain into a loss | |
| Noncurrent loans to total loans | 0.68% | 1.25% (Q1 2021) | |
| Net charge-offs to average loans | -0.01% | 0.21% (Q1 2021) |
US rank of Happy State Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
Happy State Bank: assets, deposits and loans
- Total assets $6.7bn
- Deposits $6.1bn
- Net loans $3.6bn
Capital and securities
The CET1 ratio of Happy State Bank stood at 11.23% in , -3.96 pp year on year. Low and high at Happy State Bank since : 11.17% () to 17.06% (). Equity capital of Happy State Bank at : $568.0 mn, or 8.4% of total assets. Happy State Bank also reported a total capital ratio of 12.14% for , and a tier 1 leverage ratio of 8.07%.
The available-for-sale portfolio of Happy State Bank showed an unrealized loss of $128.1 mn at ; the loss turned from a gain into a loss over the year.
Happy State Bank: capital ratios
- Total capital 12%
- CET1 11%
- Tier 1 leverage 8.1%
Happy State Bank: unrealized securities gains and losses
- Available for sale -$128mn
- Held to maturity $0
Profitability and loan quality
For the year to , Happy State Bank earned a return on equity of 12.50%; return on assets: 1.14%. Net interest margin at Happy State Bank: 3.70%, -0.24 pp in a year. Happy State Bank net income: $19.2 mn, up 11.7% year on year. The efficiency ratio of Happy State Bank was 62.17%: about 62 cents cost per revenue dollar, against 56 cents at the median peer.
At , noncurrent loans were 0.68% of total loans at Happy State Bank; net charge-offs: -0.01% of average loans. Gross loans and leases at Happy State Bank: $3.7 bn at , against $3.5 bn at .
Happy State Bank: profitability
- Return on equity 12%
- Net interest margin 3.7%
- Return on assets 1.1%
Peer group of Happy State Bank
The peer group of Happy State Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 4 share the charter type of Happy State Bank (state nonmember bank) and 0 have head offices in Texas. Against them, Happy State Bank shows CET1 ratio 11.23% against a peer median of 13.09%, return on equity 12.50% against a peer median of 11.21% and uninsured deposit share 51.13% against a peer median of 36.26%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Pathward | National bank | SD | $6.9 bn | 13.26% | 23.00% | 0.76% | |
| Byline Bank | State nonmember bank | IL | $6.8 bn | 11.80% | 11.13% | 32.12% | |
| Ridgewood Savings Bank | State-chartered stock savings bank | NY | $6.8 bn | not reported | 2.81% | 10.37% | |
| Happy State Bank | State nonmember bank | TX | $6.7 bn | 11.23% | 12.50% | 51.13% | |
| Bank of Colorado | State nonmember bank | CO | $6.7 bn | 13.80% | 11.28% | 40.41% | |
| Hanmi Bank | State nonmember bank | CA | $6.7 bn | 13.09% | 13.01% | 44.82% | |
| German American Bank | State nonmember bank | IN | $6.7 bn | 13.07% | 6.53% | 44.40% | |
. FDIC Call Reports.
Last eight quarters
Two years at Happy State Bank, to : assets $4.5 bn to $6.7 bn, deposits $3.5 bn to $6.1 bn, equity $635.9 mn to $568.0 mn. Staff 749 to 829; offices 53 to 52.
| Metric | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $4.5 bn | $5.4 bn | $5.6 bn | $6.3 bn | $6.3 bn | $6.4 bn | $6.8 bn | $6.7 bn |
| Total deposits | $3.5 bn | $4.6 bn | $4.8 bn | $5.5 bn | $5.3 bn | $5.5 bn | $6.0 bn | $6.1 bn |
| Bank equity capital | $635.9 mn | $700.8 mn | $760.1 mn | $755.5 mn | $810.0 mn | $820.1 mn | $663.4 mn | $568.0 mn |
| CET1 ratio | 16.83% | 13.38% | 15.02% | 15.19% | 15.61% | 15.48% | 11.17% | 11.23% |
| Return on equity (ROE) | 9.70% | 9.52% | 9.11% | 9.09% | 13.84% | 12.43% | 13.17% | 12.50% |
| Uninsured share of domestic deposits | 41.10% | 44.92% | 47.83% | 50.48% | 43.99% | 46.55% | 50.97% | 51.13% |
| Full-time equivalent employees | 749 | 903 | 893 | 894 | 894 | 884 | 851 | 829 |
| Number of offices | 53 | 49 | 50 | 51 | 52 | 52 | 52 | 52 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Happy State Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed First State Bank of Mobeetie (FDIC certificate 17909).
- . Absorbed Centennial Bank (FDIC certificate 14562).
- . Absorbed First Bank of Muleshoe (FDIC certificate 17474).
- . Absorbed The First National Bank of Tahoka (FDIC certificate 5546).
- . Merged into Centennial Bank (FDIC certificate 11241).
Questions and identifiers
What were the total assets of Happy State Bank?
Happy State Bank reported $6.7 bn at in its Call Report.
Is Happy State Bank the same as its holding company?
No. This page covers Happy State Bank, FDIC certificate 10359; HAPPY BANCSHARES INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Happy State Bank profitable?
Happy State Bank reported net income of $19.2 mn for the year to ; annualized return on equity: 12.50%. So yes: Happy State Bank made a profit over these months.
When is data for Happy State Bank next updated?
Happy State Bank no longer files Call Reports; its data ends at .
Where can I check the figures for Happy State Bank?
In the FDIC BankFind Suite record for certificate 10359, and in the Call Reports of Happy State Bank (RSSD ID 466857) at the FFIEC Central Data Repository.