First Progressive Bank Reports – 177135

First Progressive Bank Financial Reports

Quarter Ended: 2024-09-30

Data Updated on: 11/22/2024

First Progressive Bank is a N/A located in Brewton, AL. Established on 11/10/1977, the bank is regulated by the FED and has 1 domestic offices. It operates in the Atmore, AL.

The bank has 6 employees and holds $32,764k in total assets. With a focus on community banking, the bank has been serving its customers since 11/10/1977.

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First Progressive Bank Institution Profile

Established Date11/10/1977Institution ClassN/A
Primary RegulatorFEDNumber of Domestic Offices1
Number of Foreign Offices0Number of US Offices0
Number of Employees6Directly owned by another bank (CERT)No
Community BankYesZIP36426
Ownership TypeNot MutualCityBrewton
State Alpha codeALState and County Number1053
Subchapter S CorporationsNoTrust PowersTrust Powers Not Known
Federal Reserve ID Number6Federal Reserve ID Number DescriptionATLANTA
Office of The Comptroller District:SOUTHERN DISTRICTOffice of Thrift Supervision RegionSoutheast
Last Structure Change Effective Date06/30/2022Date of Deposit Insurance11/10/1977
Primary Insurance AgencyDIF

Institution Profile Overview

Delve into the foundational details of First Progressive Bank with our “Institution Profile” table. The 11/10/1977 marks the bank’s inception, providing historical context. Categorized as a N/A, the bank operates under the oversight of FED, ensuring compliance and regulatory adherence.

1 domestic offices reflect the bank’s physical footprint, while insights into ownership type, trust powers, and regulatory affiliations contribute to understanding its operational structure. Details such as Brewton, AL, and 36426 provide geographic context. Explore these attributes to gain a holistic view of First Progressive Bank in the financial landscape.

First Progressive Bank Financials

(USD, in thousands)

Total Assets$32,764Total Liabilities$24,031
Total Equity Capital$8,733Total Deposits$24,026
Net Loans and Leases$10,357Total Interest Income$237
Total Noninterest Income$6Total Interest Expense$4
Total Noninterest Expense$172Tier 1 Risk-Based Capital Ratio0.00%
Net Loans and Leases to Core DepositsN/AReturn on Assets0.69%
Return on Equity2.62%Efficiency Ratio71.97%

Financial Performance Overview

Gain a comprehensive perspective on First Progressive Bank’s financial landscape through our “Financials” table. The bank boasts total assets of $32,764k, showcasing its substantial scale and influential market presence. A nuanced breakdown reveals insights into the bank’s financial structure and stability, with total liabilities standing at $24,031k and total equity capital at $8,733k.

Delve into key operational metrics, including total deposits of $24,026k, net loans and leases at $10k, and a meticulous analysis of income and expense components. Explore vital ratios such as the Tier 1 Risk-Based Capital Ratio, standing at 0, and Return on Assets at 0.69. These metrics provide valuable insights into the bank’s risk management strategies and overall profitability.

This detailed financial overview is designed to enhance your understanding of First Progressive Bank’s performance and competitive positioning within the financial industry.

First Progressive Bank Additional Financial Information

(USD, in thousands)

Earnings Coverage of Net Loan Charge-Offs(x)N/ANet Loans and Leases to Core DepositsN/A
Tier 1 Risk-Based Capital Ratio0.00%Securities Gains (Losses)$0
Goodwill and Other IntangiblesN/ACost of Funding Earning Assets0.00%
Yield on Earning Assets3.38%Total Interest Income$237
Applicable Income Taxes$19Loss Allowance to Loans and Leases1.18%
Net Loans and Leases$10,357Loss Allowance to Noncurrent Loans and Leases86.11%
Noncurrent Loans to Loans1.37%Net Income Attributable to Bank and Noncontrolling Interests$57
Net Interest Income$233Net Interest Margin3.32%
Net Operating Income to Assets0.69%Noninterest Income to Average Assets0.07%
Total Noninterest Income$6Noninterest Expense to Average Assets2.09%
Total Noninterest Expense$172Net Charge-Offs to Loans and Leases0.00%
All Other AssetsN/AOther Real Estate Owned$0
Other borrowed funds$0Pre-tax Net Operating Income$76
Pretax Return on Assets0.92%Return on Assets0.69%
Retained Earnings to Average Equity (YTD only)N/A

Insights into Financial Metrics

Enhance your understanding of First Progressive Bank‘s financial standing through our Additional Financial Information table. Explore key metrics such as Net Loans and Leases: $10,357k and Net Interest Income $233k to gain valuable insights into the bank’s core operations and revenue streams. Assess the Tier 1 Risk-Based Capital Ratio: 0 for in-depth insights into capital adequacy and risk management strategies.

Delve into the intricacies of Net Charge-Offs to Loans and Leases: 0 to evaluate the bank’s asset quality and risk mitigation efforts. Examine the composition of income through Total Noninterest Income: $6k and evaluate operational efficiency using metrics like Efficiency Ratio: 71.97. This nuanced financial overview empowers a comprehensive analysis of First Progressive Bank‘s strategic financial position and performance in the industry.

Frequently Asked Questions (FAQs)

What is the asset size of First Progressive Bank?

The asset size of First Progressive Bank is approximately $32,764k, reflecting the bank’s scale and market presence.

How does the loan-to-deposit ratio of First Progressive Bank compare to industry benchmarks?

The loan-to-deposit ratio is a crucial measure of the bank’s financial health. For First Progressive Bank, this ratio stands at
43.11%
(please calculate and adjust this logic based on real data retrieval), compared to industry averages typically ranging from 80% to 90%.

What is the capital adequacy ratio for First Progressive Bank?

The Tier 1 Risk-Based Capital Ratio, a key indicator of the bank’s financial stability, is 0.

What is the net interest margin of First Progressive Bank, and how has it trended over the past year?

The current net interest margin is 3.32. Historical trends would require a more detailed analysis over the past quarters, which can be provided upon request.

What is the percentage of non-performing loans on First Progressive Bank’s balance sheet?

The percentage of non-performing loans is an important metric indicating asset quality. For First Progressive Bank, this stands at 1.3739.

Are there any recent regulatory changes that could impact First Progressive Bank’s operations?

Regulatory environments are dynamic. Specific recent changes would require further detailed scanning of regulatory updates impacting First Progressive Bank. For tailored insights, please consult our expert or access our detailed reports.

What is the history of First Progressive Bank?

First Progressive Bank was established on 11/10/1977. It has been serving the community for several decades, continuously adapting to the changing financial landscape. For a detailed history, please refer to the bank’s about page.

Is First Progressive Bank FDIC insured?

Yes, First Progressive Bank is FDIC insured, ensuring that deposits are protected up to the applicable limits. This underlines the bank’s commitment to maintaining customer trust and financial security.

What is the routing number for First Progressive Bank in OK?

The routing number for First Progressive Bank in Oklahoma is not available. It’s recommended to verify with the bank directly for transactions.

How big is First Progressive Bank?

First Progressive Bank is a significant player in the financial sector with total assets valued at $32,764k and a network of 1 domestic offices.

Is First Progressive Bank a local bank?

First Progressive Bank is often considered a local bank due to its strong community focus and local market presence, despite having a broader operational reach. This combination allows it to serve local communities effectively while benefiting from larger-scale operations.

This table provides key financial information about First Progressive Bank. Get more data about First Progressive Bank on Visbanking Report Portal.