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First Bank of Conroe high in equity return
By T.L. Hamilton
A Carson Medlin report ranked First Bank of Conroe second in equity return out of community banks in the greater Houston area, said Sam Baker, bank president.
The bank’s returns are at 29.6 percent, Baker said. “We’re having a very good year.”
In addition to the Carson Medlin report, the Office of the Comptroller of Currency determined the bank did not have a single downgrade, meaning the bank has recognized and avoided problem loans, he said.
“Examiners told us we were the cleanest bank they’d looked at,” Baker said. “We’re quite proud of that.
“It tells our customers that we’re a very clean bank, our lending quality is high, our capital is very good, and, consequently, they can put their money here and sleep very soundly at night.”
First Bank of Conroe carries 4 percent of the market share in Montgomery County, according to a June 2007 report from the Federal Deposit Insurance Corporation. A 2008 report has not yet been released.
The bank’s earnings so far this year total about $3.6 million.
Baker said earnings have increased over last year, but he declined to say by how much.
While the hurricane slowed down lending slightly, Baker said he doesn’t think Montgomery County has seen the extent of the credit crunch experienced elsewhere in the nation.
“We see a lot of real estate transactions here,” he said. “Now it’s kicked up and we have quite a few loans in the pipeline that should be closing this week.”
Over the last year, the bank processed about 3,000 loan applications, of which 2,400 loans were granted totaling about $218 million, he said.
Baker said he is proud of the fact that the bank serves the community it lives in.
“We gave $34,000 to the local fair this year; and in total, we give about $100,000 per year to local charities,” he said. “We lend about 90 percent of our deposits right back into this county.”
The bank has seven offices, all in the county, and about 15,000 customers.
Woodforest National Bank also fared well reporting nine-month earnings, as of Sept. 30, at $70.1 million – an increase of 55.6 percent over the previous year.
By the numbers
The following is First Bank of Conroe’s statement of condition:
Assets
Cash and Due from Banks: $8,319,284
Federal Funds Sold: $9,885,091
Investment Securities: $17,392,754
Loans (net): $174,555,041
Premises & Fixed Assets: $6,744,038
Other Assets: $1,820,129
Total Assets: $218,716,337
Liabilities and Stockholders’ Equity
Non-interest bearing: $73,471,038
Interest bearing: $122,901,108
Total Deposits: $196,372,146
Other Liabilities: $1,074,98
Total Liabilities: $197,477,127
Stockholders' Equity: $21,269,210
Total Liabilities and Stockholders' Equity: $218,716,337
Source: The First Bank of Conroe, www.fboc.com
The bank’s returns are at 29.6 percent, Baker said. “We’re having a very good year.”
In addition to the Carson Medlin report, the Office of the Comptroller of Currency determined the bank did not have a single downgrade, meaning the bank has recognized and avoided problem loans, he said.
“Examiners told us we were the cleanest bank they’d looked at,” Baker said. “We’re quite proud of that.
“It tells our customers that we’re a very clean bank, our lending quality is high, our capital is very good, and, consequently, they can put their money here and sleep very soundly at night.”
First Bank of Conroe carries 4 percent of the market share in Montgomery County, according to a June 2007 report from the Federal Deposit Insurance Corporation. A 2008 report has not yet been released.
The bank’s earnings so far this year total about $3.6 million.
Baker said earnings have increased over last year, but he declined to say by how much.
While the hurricane slowed down lending slightly, Baker said he doesn’t think Montgomery County has seen the extent of the credit crunch experienced elsewhere in the nation.
“We see a lot of real estate transactions here,” he said. “Now it’s kicked up and we have quite a few loans in the pipeline that should be closing this week.”
Over the last year, the bank processed about 3,000 loan applications, of which 2,400 loans were granted totaling about $218 million, he said.
Baker said he is proud of the fact that the bank serves the community it lives in.
“We gave $34,000 to the local fair this year; and in total, we give about $100,000 per year to local charities,” he said. “We lend about 90 percent of our deposits right back into this county.”
The bank has seven offices, all in the county, and about 15,000 customers.
Woodforest National Bank also fared well reporting nine-month earnings, as of Sept. 30, at $70.1 million – an increase of 55.6 percent over the previous year.
By the numbers
The following is First Bank of Conroe’s statement of condition:
Assets
Cash and Due from Banks: $8,319,284
Federal Funds Sold: $9,885,091
Investment Securities: $17,392,754
Loans (net): $174,555,041
Premises & Fixed Assets: $6,744,038
Other Assets: $1,820,129
Total Assets: $218,716,337
Liabilities and Stockholders’ Equity
Non-interest bearing: $73,471,038
Interest bearing: $122,901,108
Total Deposits: $196,372,146
Other Liabilities: $1,074,98
Total Liabilities: $197,477,127
Stockholders' Equity: $21,269,210
Total Liabilities and Stockholders' Equity: $218,716,337
Source: The First Bank of Conroe, www.fboc.com
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Reader Comments
TX_Soldier wrote on Oct 8, 2008 10:19 AM:
" Good news. However, Mr Baker & Co. do not seem to take technology issues seriously as they should. The have no backup plan for their online banking system, and the current system seems to go down at the most inconvenient times. With an excellent secure computer center available here in Montgomery Co, it is remarkable that FBOC doesn't see the need to have a better plan. "
mdonn wrote on Oct 8, 2008 8:07 AM:
according to a June 2007 report from the Federal Deposit Insurance Corporation.
A 2008 report has not yet been released.
Baker said earnings have increased over last year, but he declined to say by how much.
AHHHHHHHHH!
A lot has happened since 2007. This story is a year old. "