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ANNUAL REPORT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION FOR THE YEAR ENDED DECEMBER 31, 1940 DIRECTORS of the FEDERAL DEPOSIT INSURANCE CORPORATION L eo T . C r o w l e y Chairman P h il l ip s L e e G o l d s b o r o u g h P reston D elan o Comptroller of the Currency LETTER OF TRANSMITTAL F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t i o n , Washington, D . C., August 15, 19^1. SIR: Pursuant to the provisions of subsection (r) of section 12B of the Federal Reserve Act, as amended, the Federal Deposit Insurance Corporation has the honor to submit its annual report. Respectfully, L e o T . C r o w le y , T h e P r e s id e n t T he Speak er of of the the H Senate ouse of R e p r e s e n t a t iv e s Chairman. CONTENTS Page I n t r o d u c t i o n a n d s u m m a r y ...................................................... ... 3 D e p o s it i n s u r a n c e a n d t h e b a n k i n g s y s t e m ............................................................ P le d g e o f assets to secu re b a n k o b lig a t io n s .............................................................. In s u ra n ce or g u a ra n ty o f b a n k o b lig a t io n s ............................................................... B a n k s u p e r v is io n .................................................................................................................... T h e ro le o f F e d e ra l in su ra n ce o f d e p o s it s .................................................................. D e p o s it in su ra n ce an d b a n k s u p e r v is io n .................................................................... 9 9 9 10 11 11 P r o t e c t io n o f d e p o s i t o r s ...................................................................................................... P r o t e c tio n o f d e p o s ito r s in in su red b a n k s ................................................................. M e th o d o f p r o v id in g in s u ra n ce p r o t e c t i o n ................................................................ P ro c e d u r e fo r p ro v id in g in s u ra n ce p r o t e c t io n ......................................................... L osse s an d r e co v e rie s o f th e C o r p o r a t io n .................................................................. R e c e iv e r s h ip a c tiv itie s o f th e C o r p o r a t io n ............................................................... 13 13 15 16 17 18 S u p e r v i s o r y a c t iv it ie s o f t h e C o r p o r a t i o n ............................................................. A c tio n s re g a rd in g b a n k s in an u n s o u n d c o n d it io n ................................................ U n s a fe an d u n s o u n d b a n k in g p r a c t ic e s ...................................................................... B a n k e x a m in a t io n s ................................................................................................................ A d m is s io n s to a n d te rm in a tio n s o f in s u r a n c e .......................................................... E s ta b lis h m e n t o f b r a n c h e s ................................................................................................ C a p ita l a d ju s tm e n ts o f b a n k s ......................................................................................... A p p r o v a l o f a s s u m p tio n o r release o f d e p o s it s ........................................................ R e p o r t s fr o m b a n k s .............................................................................................................. 18 19 20 22 23 23 23 24 24 L e g is l a t io n d u r in g 1940 a f f e c t i n g d e p o s it i n s u r a n c e ..................................... F e d e ra l le g is la t io n .................................................................................................................. S ta te le g isla tio n d ir e c tly a ffe c tin g th e o p e ra tio n s o f th e C o r p o r a t io n . . . . S ta te le g isla tio n re la tin g t o b a n k s u p e r v is io n .......................................................... 25 25 25 26 O p e r a t in g s t a t e m e n t o f t h e C o r p o r a t i o n ............................................................... O rg a n iz a tio n an d s t a f f .................................................................................................... .... I n c o m e an d e x p e n s e s ............................................................................................................ C la im s h e ld b y C o r p o r a t io n ag a in st su sp e n d e d a n d m e rg e d b a n k s ............. A sse ts an d lia b ilit ie s ............................................................................................................. A u d i t ............................................................................................................................................ 27 27 28 29 31 31 P A R T ONE O P E R A T IO N S A N D P O L IC IE S O F T H E C O R P O R A T IO N PART TWO DEPOSIT INSURANCE AND BANKING DEVELOPMENTS C o m m e r c ia l b a n k i n g o f f i c e s .................................................................................... 37 Banking offices in operation............................................................................ .......37 Insured banks........................................................................................................... 37 A s s e t s a n d l i a b i l i t i e s o f in s u r e d c o m m e r c ia l b a n k s ................................. ....... 38 Changes in assets and liabilities during 1940....................................................... 39 Analysis of loans............................................................................................... ....... 40 Instalment consumer loans..................................................................................... 40 Distribution of assets....................................................................................... ....... 42 C o n d it i o n o f i n s u r e d c o m m e r c ia l b a n k s ....................................................... ....... 43 Analysis of assets.............................................................................................. ....... 43 Analysis of capital accounts............................................................................ ....... 45 V Vi FEDERAL DEPOSIT INSURANCE CORPORATION Trends of earnings and expenses..................................................................... Rates of earnings and expenses....................................................................... Net earnings and net profits........................................................................... Net charge-offs.................................................................................................. Dividends........................................................................................................... Page 47 48 50 51 52 55 I n s u r e d m u t u a l s a v in g s b a n k s ......................................................................................... 56 E a r n in g s o f i n s u r e d c o m m e r c ia l b a n k s ......................................................... PART THREE LOSSES ON ASSETS OF COMMERCIAL BANKS, 1865-1940 L o sses on a s s e t s ......................................................................................................................... ......... 61 Amount and distribution of losses........................................................................ 61 Losses not covered by the estimate............................................................... ....... 64 Concentration of losses during crisis periods.........................................................64 Rates of loss during post-crisis and wartime periods................................... ....... 65 Losses by years, 1921-1940......................................................................................65 D e p o s it o r s ’ l o s s e s .............................................................................................................................. 65 Amount of depositors* losses and stockholders’ assessments...................... ....... 66 Rates of loss during crisis and post-crisis periods....................................... ....... 67 1865-1940. 70 Methods of estimation..................................................................................... ........70 Losses published or reported by Federal bank supervisory authorities. . . 70 Losses estimated from sample data....................................................................... 72 Losses estimated from data for other periods or groups of banks............. ....... 72 Reliability of estimates.................................................................................... ........73 Total deposits in operating banks.................................................................. ....... 73 M e t h o d of e s t im a t in g l o sses o n a ss e t s of c o m m er c ia l b a n k s , PART FOUR LEGISLATION L e g i s l a t i o n r e l a t i n g t o in s u r e d b a n k s ......................................................... Amendment to Federal statute concerning robbery of a bank.................. 77 77 PART FIVE STATISTICS OF BANKS AND DEPOSIT INSURANCE E x p l a n a t o r y n o t e s ................................................................................................................... Sources of data.................................................................................................. Classification of banks and banking offices................................................... Population of center and number of offices................................................... Deposits of banks and banking offices........................................................... Banks examined by, and submitting reports to, the Federal Deposit Insurance Corporation................................................................................. Assets and liabilities of operating banks....................................................... Analysis of examinations of insured commercial banks............................... Earnings, expenses, and disposition of profits of insured commercial banks. Suspensions, receiverships, and mergers........................................................ 81 81 81 83 83 84 84 85 88 90 N u m b e r , o f b a n k in g o f f ic e s — e n d - o f - y e a r ................................................................ 92 N u m b e r o f b a n k in g o f f ic e s — m i d y e a r ......................................................................... 110 D e p o s it s o f b a n k in g o f f i c e s .............................................................................................. 128 A s s e t s a n d l i a b i l i t i e s o f o p e r a t in g b a n k s ............................................................... 140 A n a l y s is o f e x a m in a t i o n s o f in s u r e d c o m m e r c ia l b a n k s ................................ 160 A n a l y s is o f e x a m in a t i o n s o f in s u r e d c o m m e r c ia l b a n k s e x a m i n e d b y t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t i o n ........................................... 186 CONTENTS v ii E a r n in g s o f in s u r e d c o m m e r c ia l b a n k s ......................................................... Page 190 E a r n in g s o f i n s u r e d b a n k s s u b m it t in g r e p o r t s t o t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t i o n .................................................................................. 204 S u s p e n s io n s , r e c e i v e r s h i p s , a n d m e r g e r s ...................................................... 222 S u p e r v i s o r y a c t io n s b y t h e C o r p o r a t i o n ...................................................... 240 LIST OF CHARTS Organization chart of the Federal Deposit Insurance Corporation................. A. 5 Principal assets of insured commercial banks, call dates, 1934-1940........ 39 B. Percentage distribution of assets— all commercial banks, 1919-1940.... 42 C. Current operating earnings of insured commercial banks, calendar years, 1934-1940......................................................................................................... 48 D. Current operating expenses of insured commercial banks, calendar years, 1934-1940......................................................................................................... 49 E. Charge-offs and recoveries of insured commercial banks, calendar years, 1934-1940......................................................................................................... 53 LIST OF TABLES Page PART ONE OPERATIONS AND POLICIES OF THE CORPORATION P r o t e c t io n o f d e p o s i t o r s : 1. 2. 3. 4. 5. 6. Losses and disbursements in insured banks in financial difficulties, 1934-1940............................................................................................... Depositors’ recoveries and losses in insured banks in financial diffi culties, 1934-1940.................................................................................. Disbursements of the Corporation in connection with banks in financial difficulties, 1934-1940........................................................... Deposits protected in insured banks in financial difficulties, 19341940......................................................................................................... Payment of deposits of insured banks placed in receivership, 19341940 ........................................................................................................ Repayments to the Corporation as of December 31, 1940, of dis bursements in insured banks in financial difficulties....................... 14 14 15 16 17 18 Su p e r v is o r y a c t iv it ie s o f t h e c o r p o r a t io n : 7. 8. Action to terminate insured status of banks charged with engaging in unsafe or unsound practices or violations of law or regulations, 1936-1940 ............................................................................................... Unsafe or unsound banking practices and violations of law or regulations charged against 19 banks by the Corporation during 1940 ........................................................................................................ 20 21 O p e r a t in g s t a t e m e n t of t h e C o r p o r a t io n : 9. 10. 11. 12. 13. Officers and employees of the Corporation, December 31, 1940. .. Income and expenses of the Corporation since beginning operations Income and expenses of the Federal Deposit Insurance Corporation, calendar year 1940................................................................................ Comparative balance sheet of the Federal Deposit Insurance Corporation, December 31, 1940, and December 31, 1939............. Auditors’ report..................................................................................... 27 28 29 30 31 PART TWO DEPOSIT INSURANCE AND BANKING DEVELOPMENTS C o m m e r c ia l b a n k i n g o f f i c e s : 14. Number of commercial banking offices in the United States and possessions, December 31, 1940, and December 31, 1939............... 37 15. Percentage of commercial banking offices in operation belonging to branch banking systems, June 29, 1940 In centers grouped according to population and number of banking offices in center................................................................................... 38 A s s e t s a n d l i a b i l i t i e s o f in s u r e d c o m m e r c ia l b a n k s : 16. 17. Assets and liabilities of operating insured commercial banks, December 31, 1940, and December 30, 1939..................................... Percentage distribution of assets and liabilities, 1920, 1929, 1937, and 1940 All operating commercial banks in the United States and possessions viii 40 43 LIST OF TABLES ix Page C o n d it i o n o f in s u r e d c o m m e r c ia l b a n k s : 18. 19. Appraisal of assets of insured commercial banks examined in 1940. Percentage distribution of number and deposits of insured com mercial banks, examinations in 1940 and 1939 Banks grouped by fixed and substandard assets ratio..................... 20. Percentage distribution of number and deposits of insured com mercial banks, examinations in 1940 and 1939 Banks grouped by net sound capital ratio........................................ Substandard asset and net sound capital ratios, examinations in 1940 Insured commercial banks grouped by amount of deposits.............. 21. 44 45 46 47 E a r n in g s o f in s u r e d c o m m e r c ia l b a n k s : 22. 23. 24. 25. 26. 27. 28. Earnings, expenses, and dividends of insured commercial banks, 1934-1940 ............................................................................................... Rates of income received and interest paid by insured commercial banks, 1934-1940 .................................................................................. Rates of net earnings and net profits of insured commercial banks, 1934-1940............................................................................................... Percentage distribution of insured commercial banks according to rates of net earnings on total capital accounts, 1938-1940............. Percentage distribution of insured commercial banks according to rates of net profits on total capital accounts, 1938-1940................. Charge-offs and recoveries of insured commercial banks, 1937-1940 Rates of dividends of insured commercial banks, 1934-1940.......... 48 50 51 52 52 54 55 PART THREE LOSSES ON ASSETS OF COMMERCIAL BANKS, 1865-1940 L osses on a s s e t s : 29. 30. 31. Estimated losses on assets of commercial banks, 1865-1940........... . Estimated losses on assets of commercial banks, 1865-1940, by selected periods.............................. ....................................................... Estimated rates of loss on assets of commercial banks, 1865-1940, for selected periods............................................................................... 62 62 63 D e p o s it o r s ’ l o s s e s : 32. 33. 34. Estimated net charge-offs in operating commercial banks and losses to depositors in closed commercial banks, 1921-1940, by y e a rs... Estimated losses to depositors and assessments collected from stockholders in commercial banks closed because of financial diffi culties, 1865-1940................................................................. ............... 66 68 Estimated rates of loss to depositors and of assessments collected from stockholders in commercial banks closed because of financial difficulties, 1865-1940.......................................................................... 69 1865-1940: Distribution of estimated losses on assets of commercial banks, 1865-1940, by method of estimation.................................................. 71 M e t h o d o f e s t im a t in g l o s s e s o n a s s e t s o f c o m m e r c ia l b a n k s , 35. PART FIVE STATISTICS OF BANKS AND DEPOSIT INSURANCE N u m b e r o f b a n k in g o f f ic e s — e n d - o f - y e a r : 101. Number and classification of operating banking offices, December 31, 1935-1940........................................................................................ 92 X FEDERAL DEPOSIT INSURANCE CORPORATION Page N u m b e r o f b a n k i n g o f f ic e s — e n d - o f - y e a r — C o n t in u e d : 102. A n a ly s is o f ch a n g e s in n u m b e r a n d cla ssifica tio n o f o p e ra tin g b a n k in g o ffice s in th e U n ite d S ta te s an d p ossession s d u rin g 1940.......... 94 103. N u m b e r o f o p e ra tin g b a n k in g o ffices, D e c e m b e r 31, 1940 Grouped according to insurance status and class of bank and by type of office in each State and possession........................................ 96 A n a ly s is o f a d m issio n s t o a n d te rm in a tio n s o f in s u ra n ce in e a ch class o f b a n k , 1934-1940....................................................................... 104 104. N u m b e r o f b a n k i n g o f f ic e s — m i d y e a r : 105. N u m b e r o f o p e ra tin g b a n k in g o ffices, Ju n e 29, 1940 Grouped according to insurance status and class of bank and by type of office and amount of deposits................................................. 106. N u m b e r o f o p e ra tin g b a n k s, Ju n e 110 29, 1940 Grouped according to insurance status and class of bank and by type of bank and amount of deposits................................................. 107. N u m b e r o f o p e ra tin g b a n k s, Ju n e 112 29, 1940 Grouped according to insurance status and class of bank in each State and in the possessions............................................................... 108. N u m b e r o f o p e ra tin g b a n k in g o ffices o f c o m m e r cia l b a n k s, Ju n e 114 29, 1940 Grouped according to amount of deposits and by type of office and population of center in which located................................................ 109. N u m b e r o f o p e ra tin g b a n k in g o ffices o f c o m m e r cia l b a n k s, Ju n e 29,1940 Grouped according to number of commercial banking offices in center in which located and by type of office and population of center in which located....................................................................................... 118 29, 1940 Grouped according to amount of deposits and by insurance status in each State and in the possessions...................................................... 120 110. N u m b e r o f o p e r a tin g c o m m e r cia l b a n k s, Ju n e 111. N u m b e r o f c o m m e r cia l b a n k s o p e ra tin g b r a n ch e s a n d n u m b e r o f b r a n ch e s, Ju n e 29, 1940 112. 116 Banks operating branches grouped according to character of branch system and branches grouped according to location of branch and by population of center in which located and State............................... 124 29, 1940 Grouped according to amount of deposits and by insurance status in each State....................................................................................... 126 N u m b e r o f o p e ra tin g m u tu a l sa v in g s b a n k s, J u n e D e p o s it s o f b a n k i n g o f f i c e s : 113. D e p o s its o f o p e r a tin g b a n k in g o ffices, Ju n e 114. D e p o s its o f o p e r a tin g b a n k s, Ju n e 115. D e p o s its o f o p e r a tin g b a n k s, Ju n e 116. D e p o sits , o f o p e ra tin g c o m m e r cia l b a n k s, Ju n e 117. 29, 1940 Offices grouped according to insurance status and class of bank and by type of office and amount of deposits........................................... 128 29, 1940 Banks grouped according to insurance status and class of bank and by type of bank and amount of deposits........................................... 130 29, 1940 Banks grouped according to insurance status and class of bank in each State and in the possessions...................................................... 132 29, 1940 Banks grouped according to amount of deposits and by insurance status in each State and in the possessions....................................... 134 29, 1940 Banks grouped according to amount of deposits and by insurance status in each State............................................................................. 138 D e p o s its o f o p e ra tin g m u tu a l sa v in g s b a n k s , Ju n e LIST OF TABLES xi Page A s s e t s a n d l i a b i l i t i e s o f o p e r a t in g b a n k s : 118. 119. 120. 121. 122. 123. 124. Summary of assets and liabilities of operating banks in the United States and possessions, 19 35-1 940 Banks grouped by insurance status and type of bank...................... Assets and liabilities of operating insured commercial banks, call dates 1 9 3 4 -1 9 4 0 ........................................................................................................ Classes of securities held by operating insured commercial banks, call dates 1 9 3 4 -1 9 4 0 ............................................................................................... Assets and liabilities of operating insured commercial banks not members of the Federal Reserve System, call dates 1 9 3 4 -1 9 4 0 .. . . Assets and liabilities of operating insured commercial banks sub mitting reports to the Federal Deposit Insurance Corporation, December 31, 1940 Banks grouped according to amount of deposits.............................. Averages per bank of assets and liabilities of operating insured commercial banks submitting reports to the Federal Deposit In surance Corporation, December 31, 1940 Banks grouped according to amount of deposits.............................. Percentage distribution of principal asset and liability items of operating insured commercial banks submitting reports to the Federal Deposit Insurance Corporation, December 31, 1940 Banks grouped according to amount of deposits.............................. 140 144 148 150 154 156 158 A n a l y s i s o f e x a m i n a t i o n s o f in s u r e d c o m m e r c ia l b a n k s : 125. 126. Analysis of capital and liabilities of insured commercial banks examined in 1940 Banks grouped by net sound capital ratio, fixed and substandard assets ratio, rate of average net earnings, and amount of deposits. . . Net sound capital ratios of insured commercial banks examined in 160 1940 127. 128. Banks grouped by net sound capital ratio, fixed and substandard assets ratio, rate of average net earnings, and amount of deposits. . . Analysis of capital and liabilities of insured commercial banks examined in 1940 Banks grouped by Federal Deposit Insurance Corporation District and State............................................................................................. Net sound capital ratios of insured commercial banks examined in 162 164 1940 129. 130. 131. 132. 133. 134. Banks grouped by Federal Deposit Insurance Corporation District and State............................................................................................. Appraisal of assets of insured commercial banks examined in 1940 Banks grouped by net sound capital ratio, fixed and substandard assets ratio, rate of average net earnings, and amount of deposits. .. Asset ratios of insured commercial banks examined in 1940 Banks grouped by net sound capital ratio, fixed and substandard assets ratio, rate of average net earnings, and amount of deposits. .. Appraisal of assets of insured commercial banks examined in 1940 Banks grouped by Federal Deposit Insurance Corporation District and State............................................................................................. Asset ratios of insured commercial banks examined in 1940 Banks grouped by Federal Deposit Insurance Corporation District and State........................................................................... ................. Distribution of insured commercial banks examined in. 1940 ac cording to net sound capital ratio Banks grouped by fixed and substandard assets ratio, rate of average net earnings, and amount of deposits............................................... Distribution of deposits of insured commercial banks examined in 1940 according to net sound capital ratio Banks grouped by fixed and substandard assets ratio, rate of average net earnings, and amount of deposits............................................... 166 168 172 176 180 184 185 xii FEDERAL DEPOSIT INSURANCE CORPORATION Page A n a l y s is o f e x a m i n a t i o n s o f in s u r e d c o m m e r c ia l b a n k s e x a m i n e d b y t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t i o n : 135. Net sound capital ratios of insured commercial banks examined by the Federal Deposit Insurance Corporation, 19 33-1 940 Banks grouped according to amount of deposits.............................. 186 136. Total asset ratios of insured commercial banks examined by the Federal Deposit Insurance Corporation, 1933-1 940 Banks grouped according to amount of deposits.............................. 187 137. Loan ratios of insured commercial banks examined by the Federal Deposit Insurance Corporation, 19 34-1 940 Banks grouped according to amount of deposits.............................. 188 138. Asset ratios of insured commercial banks examined by the Federal Deposit Insurance Corporation, 1940 Banks grouped according to amount of deposits.............................. 189 E a r n in g s o f in s u r e d c o m m e r c ia l b a n k s : 139. Earnings, expenses, and dividends of insured commercial banks, 1 9 3 4 -1 9 4 0 ..................................................................................................................... 190 140. Ratios of earnings, expenses, and dividends of insured commercial banks, 1 9 3 4 -1 9 4 0 ..................................................................................................... 192 141. Earnings, expenses, and dividends of insured commercial banks, 1940 By class of bank................................................................................. 194 142. Distribution of insured commercial banks according to rate of net earnings, 1940 Banks grouped by amount of deposits, population of center in which located, and number of commercial banking offices in center in which located................................................................................................. 196 143. Distribution of insured commercial banks according to rate of net profits, 1940 Banks grouped by amount of deposits, population of center in which located, and number of commercial banking offices in center in which located................................................................................................. 197 144. Distribution of insured commercial banks according to rate of net earnings and by rate of net profits, 1 9 4 0 .................................................... 198 145. Distribution of insured commercial banks according to rate of income on loans, 1940 Banks grouped by amount of deposits, population of center in which located, and rate of net earnings....................................................... 199 146. Distribution of insured commercial banks according to rate of income on loans, 1940 Banks grouped by ratio of loans to total assets and ratio of time and savings deposits to total deposits....................................................... 200 147. Distribution of insured commercial banks according to ratio of loans to total assets, 1940 Banks grouped by amount of deposits, population of center in which located, and rate of net earnings................................................... 201 148. Distribution of insured commercial banks according to rate of interest paid on time and savings deposits, 1940 Banks grouped by amount of deposits, population of center in which located, and rate of net earnings........................................................ 202 149. Distribution of insured commercial banks according to ratio of time and savings deposits to total deposits, 1940 Banks grouped by rate of interest paid on time and savings deposits, rate of net earnings, and ratio of loans to total assets...................... 203 LIST OF TABLES xiii Page E a r n in g s o f i n s u r e d b a n k s s u b m it t in g r e p o r t s t o t h e F e d e r a l D e p o s it I n su r a n c e C o r p o r a t io n : 150. 151. 152. 153. 154. 155. 156. 157. 158. Earnings, expenses, and disposition of profits of insured commercial banks submitting reports to the Federal Deposit Insurance Corpo ration, 1 9 3 4 -1 9 4 0 ..................................................................................................... Ratios of earnings, expenses, and disposition of profits of insured commercial banks submitting reports to the Federal Deposit In surance Corporation, 1 9 3 4 -1 9 4 0 ....................................................................... Earnings, expenses, and disposition of profits of insured commercial banks submitting reports to the Federal Deposit Insurance Corpo ration, 1940 Banks grouped according to amount of deposits.............................. Averages per bank of earnings, expenses, and disposition of profits of insured commercial banks submitting reports to the Federal Deposit Insurance Corporation, 1940 Banks grouped according to amount of deposits.............................. Ratios of earnings, expenses, and disposition of profits of insured commercial banks submitting reports to the Federal Deposit In surance Corporation, 1940 Banks grouped according to amount of deposits.............................. Ratios of earnings, expenses, and disposition of profits of insured commercial banks submitting reports to the Federal Deposit In surance Corporation, 1940 Banks grouped according to population of center in which located. Ratios of earnings, expenses, and disposition of profits of insured commercial banks submitting reports to the Federal Deposit In surance Corporation, 1940 Banks grouped according to rate of net earnings.............................. Ratios of earnings, expenses, and disposition of profits of insured commercial banks submitting reports to the Federal Deposit In surance Corporation, 1940 Banks grouped according to rate of income on loans....................... Earnings, expenses, and disposition of profits of insured mutual savings banks, 1 9 3 4 -1 9 4 0 ................................................................................ 204 206 20 8 210 212 21 4 216 218 220 S u s p e n s io n s , r e c e i v e r s h i p s , a n d m e r g e r s : 159. Number and deposits of banks which suspended operations, 1 9 3 4 1940 160. 161. 162. 163. Grouped according to class of bank and by year, amount of deposits, and State............................................................................................. Number and deposits of and disbursements to insured banks merged with the financial aid of the Federal Deposit Insurance Corporation, 19 35-1 940 Grouped according to class of bank and by year, amount of deposits, and State............................................................................................. Number and deposits of insured banks placed in receivership or merged with the financial aid of the Federal Deposit Insurance Corporation, 1 9 34-1 940 Grouped according to class of bank and by year, amount of deposits, and State............................................................................................. Number and deposits of banks which suspended operations, 1940 Grouped according to class of bank and by amount of deposits and State..................................................................................................... Number and deposits of and disbursements to insured banks merged with the financial aid of the Federal Deposit Insurance Corporation, 1940 Grouped according to class of bank and by amount of deposits and State..................................................................................................... 222 22 4 226 228 229 xiv FEDERAL DEPOSIT INSURANCE CORPORATION Page S u s p e n s io n s , r e c e i v e r s h i p s , a n d m e r g e r s —Continued: 164. 165. 166. 167. 168. 169. 170. 171. Number and deposits of insured banks placed in receivership or merged with the financial aid of the Federal Deposit Insurance Corporation, 1940 Grouped according to class of bank and by amount of deposits and State..................................................................................................... Accounts and deposits of and disbursements to insured banks merged with the financial aid of the Federal Deposit Insurance Corporation, 1935-1940........................................................................ Assets purchased by the Federal Deposit Insurance Corporation to facilitate completion of liquidation of insured banks in receivership, 1939-1940 As shown by books of FDIC, December 31, 191+0............................ List of insured banks placed in receivership, 1940........................... Assets of insured banks placed in receivership, 1934-1940 As shown by books of bank at date of suspension............................ Liabilities of insured banks placed in receivership, 1934-1940 As shown by books of bank at date of suspension............................ Deposits of insured banks placed in receivership, 1934-1940 As shown by books of FDIC, December 31, 191+0............................ Payments to depositors of insured banks placed in receivership, 1934-1940 As shown by books of FDIC, December 31, 191+0............................ 230 232 234 235 236 237 238 239 S u p e r v i s o r y a c t io n s b y t h e C o r p o r a t i o n : 172. 173. 174. 175. 176. Actions by the Federal Deposit Insurance Corporation upon appli cations from banks not members of the Federal Reserve System for admission to insurance, approval of establishment of branches, and approval of change of location of banking offices, August 23, 1935, to December 31, 1940................................................................. Actions by the Federal Deposit Insurance Corporation upon appli cations regarding capital and other financial adjustments, August 23, 1935, to December 31, 1940.......................................................... Amounts involved in actions by the Federal Deposit Insurance Corporation upon applications regarding capital and other financial adjustments, August 23, 1935, to December 31, 1940..................... Action to terminate insured status of banks for engaging in unsafe or unsound banking practices or violations of law or regulations, August 23, 1935, to December 31, 1940............................................. 246 Unsafe or unsound banking practices and violations of law or regulations upon which action to terminate insured status was started against 97 insured banks, August 23,1935, to December 31, 1940......................................................................................................... 247 240 242 244 INTRODUCTION AND SUMMARY I ntroduction and Summary The Federal Deposit Insurance Corporation was created in 1933 and, since January 1, 1934, has been protecting depositors in more than 13,000 banks. In 355 banks in financial difficulties, the Corporation has protected depositors from loss by paying off insured claims or by putting up cash to cover depreciated assets and thus permit merger of the banks with sound banks. More than 1 million depositors in the 355 banks have been protected from the loss of any part of their deposits and, for the most part, from serious interruption in the use of their funds. Less than 5,000 of the depositors who filed claims against these banks will suffer any loss at all. Losses of these depositors will amount to about $3 million, or seven-tenths of 1 percent of the $439 million of deposits in these banks, about one-thirtieth of the average rate of loss borne by depositors in banks which failed during the 70 years preceding deposit insurance. The Corporation's losses are estimated at 15 times the total amount borne by the depositors in the 355 insured banks, or 10 percent of deposits. In numerous other weak or hazardous banks which have been in financial difficulties the Corporation has protected depositors from loss through prompt supervisory action which has corrected the situations before losses have actually been incurred. The Corporation's losses and operating expenses have approximated income from investments, permitting the accumulation as surplus of practically all of the assessments paid in by banks. On December 31, 1940, the capital and surplus of the Corporation amounted to $496 million, an increase of $207 million over the original capital of $289 million with which the Corporation started. The banking situation has improved considerably over the past seven years, and the loans and securities of the banks are probably of higher average quality than ever before in our history. The favorable aspects of the situation and the satisfactory operating experience to date of the Federal Deposit Insurance Corporation, however, should not be permitted to obscure the existence of undesirable tendencies which may threaten the soundness of our banking system. The capital ratios of the banks are low. At the year's close the net sound capital of the banks averaged not more than 9 percent of total assets.1 1 For the most part the low capital ratios are in the larger banks; from one-fifth to one-fourth of the banks had capital ratios below 9 or 10 percent, but these banks held two-thirds of the deposits of all insured commercial banks. The average capital ratio of banks with deposits of more than $10,000,000 each was not in excess of 8.5 percent. 3 4 FEDERAL DEPOSIT INSURANCE CORPORATION Some banks continue to show unsatisfactory asset positions and undesirable management practices. Where problem cases exist the Corporation is making every effort to work out corrective programs. The Corporation's experience reveals the necessity for extension and further clarification of the Corporation's supervisory authority to provide greater assurance of achievement of the objectives of deposit insurance. The place of deposit insurance in the American banking system and the operating results of the deposit insurance system are discussed in Part One of this report. Banking developments are discussed in Part Two. A special report dealing with losses in banks over a period of 76 years is presented in Part Three. Federal legislation during 1940 affecting deposit insurance is published in Part Four. Part Five contains comprehensive statistics relating to banks and deposit in surance. FEDERAL DEPOSIT INSURANCE CORPORATION PART ONE OPERATIONS AND POLICIES OF THE CORPORATION D e p o s it I n s u r a n c e and the B a n k in g Sy s t e m The history of American banking has been characterized by a high rate of bank failures and a consequent search for methods to avoid failures and to secure the safety of funds of depositors. Prior to 1865 successive waves of bank failures occurred in such numbers as to affect seriously the fortunes of bank depositors and note holders and the economic stability of the nation. From 1865 to 1933, approximately 19,000 banks failed with losses to depositors estimated at more than $2 billion.1 These failures and the losses attendant thereon have led to repeated efforts to obtain greater safety and security in the relations of custo mers with their banks. For the most part the efforts have involved one or more of the following: pledge of specific assets against particu lar liabilities, insurance or guaranty of bank obligations, provision of facilities to improve the liquidity of banks, and public supervision of banks. Pledge of assets to secure bank obligations. In many States, prior to the establishment of the national banking system, provision was made for the pledge of assets to secure the safety of circulating bank notes. In national banks, circulating notes were secured by pledge of assets and cash and, in addition, by the guaranty of the Federal Government. During the latter part of the nineteenth century, with the increasing importance of deposits as the means of making payments and with the growing complexity of business relationships, the effect of bank failures upon the economic system became more serious and additional efforts were made to obtain security for depositors. The practice developed of pledging assets to assure the safety of the funds of individual depositors. Banks were subsequently required to discontinue the practice, however, except in the case of government deposits and of special trust funds, since the giving of preference to one depositor over another was con sidered contrary to public policy.2 Insurance or guaranty of bank obligations. The public de mand for protection of creditors of banks in the State banking systems prior to the Civil War led to the establishment of safety funds or mutual guaranty plans in six States.3 These insurance or guaranty plans met with varying degrees of success. The Michigan plan had 1 See Part Three, pages 61 to 70. * As of December 31, 1940, operating insured commercial banks reported approximately 8 percent of their deposits to be protected b y pledge of assets or by legal preference. * New York in 1829; Vermont in 1831; Indiana in 1834; Michigan in 1836; Ohio in 1845; Iowa in 1858. All debts were covered in Vermont, Indiana, and M ichigan;only circulating notes were covered in Ohio and Iowa. In New Y ork all debts were covered from 1829 to 1842 and only circulating notes thereafter. 9 10 FEDERAL DEPOSIT INSURANCE CORPORATION only a limited applicability and was unsuccessful. The New York and Vermont funds were partially successful, meeting nearly all claims. The New York and Vermont systems went out of existence with the termination of the charters of the banks involved. The plans in Indiana, Ohio, and IowTa were coupled with excellent supervisory systems and were successful; their operation was discontinued only when the member institutions were converted into national banks following the prohibitive Federal tax upon State bank note issues. Later, when deposits became a more important part of the liabilities of the banks and the State bank systems again became important, the pressure for guaranty or insurance of bank obligations was renewed, resulting in the introduction of many proposals for deposit insurance in State legislatures and in the Federal Congress. In the Federal Congress more than 125 bills were introduced between 1880 and 1933 providing for the insurance or guaranty of bank deposits. During the period, 1907-1917, deposit guaranty funds were established in eight States.1 Except in Texas, these systems ultimately became insolvent. The failure of the State deposit guaranty systems may be attributed primarily to the three defects listed below. (1) Inadequate distribution of risk. In each system the banks were located within a single State. In addition, the States which instituted deposit insurance were primarily agricultural States exposed to the unusual vicissitudes and heavy bank casualties characteristic of agricultural regions during the 1920’s. (2) Inadequate authority to establish and maintain con ditions of admission to insurance, and inadequate powers and standards of supervision. As a consequence the principle of adverse selection applied; the weaker banks joined the system and the better banks refrained from joining, or withdrew. (3) Financial resources inadequate for the nature of the risks assumed. Bank supervision. Among the nations which have or have had systems of free business enterprise, the United States has been unique with respect to the degree of detailed bank supervision practiced. In a rapidly growing banking system with large numbers of units operat ing under diverse economic circumstances, wide variations in operating results and in standards of banking practice were inevitable. These variations, combined with the numerous bank failures which accom panied our recurring business depressions, led to popular demand for 1 Oklahoma in 1907; Kansas, Nebraska, and Texas in 1909; Mississippi in 1914; South Dakota in 1915; North Dakota and Washington in 1917. DEPOSIT INSURANCE AND THE BANKING SYSTEM 11 greater public supervision. Rules and requirements were developed to avoid the growth or continuance of unsound practices and to protect bank creditors. To these rules have been added others to enforce public policy with respect to competitive practices and concentration of control. Historically, however, rules and regulations have been conceived, for the most part, in the interest of protecting creditors, now chiefly depositors, of banks. Banking reforms following the panics of 1893 and 1907 resulted, in addition to the creation of deposit insurance or guaranty systems in eight States, in the further development and extension of bank super vision and in the creation of improved facilities for translating bank assets into cash, thus providing increased liquidity to meet customers' demands. Notwithstanding these reforms bank failures occurred during the 1920's and early 1930's in such numbers and proportions and involved such heavy losses to depositors and such deflation as to threaten the stability of the entire economic structure. The demand for further security for bank depositors led to the creation in 1933 of the Federal system of deposit insurance, following the collapse of the banking system in the spring of that year. The role of Federal insurance of deposits. Federal insurance of deposits was established to protect individual depositors from loss through bank suspensions, to prevent runs, and, through avoidance of runs and fear of runs, to lessen the pressure upon banks for liqui dation of assets under adverse circumstances, and to provide for prompt payment of depositors' funds in the banks which do fail. Through the contribution of the Federal Government to the Corpo ration's capital funds and through a system of regular assessment upon all insured banks, losses are distributed over the entire banking system and the nation. Prior to 1934 these losses were borne in the first instance by individual communities and by persons in those communi ties, but their economic repercussions adversely affected the entire nation. In the banks insured by the Federal Deposit Insurance Corporation which have closed or have been merged because of financial difficulties, depositors' losses will amount to seven-tenths of 1 percent of total deposits. These losses compare with an average loss of more than 20 percent borne by depositors in the banks which failed during the 70 years preceding deposit insurance. More than 13,000 banks located throughout the country, holding 86 percent of the deposits of all banks, are insured with the Federal Deposit Insurance Corporation. The present insurance limit of $5,000 protects more than 98 percent of the depositors in insured banks from any loss whatsoever. Deposit insurance and bank supervision. Establishment of the insurance system has not been accompanied by any change in the 12 FEDERAL DEPOSIT INSURANCE CORPORATION fundamental objective of bank supervision. Protection of creditors of banks has continued to be the chief purpose of supervision. Relatively few depositors, however, now suffer any loss at all in closed insured banks. Under the deposit insurance system, the Corporation in pro tecting the depositors has succeeded to their claims against the banks and has, therefore, become the chief creditor of insured banks which fail.1 The Corporation alone of the supervisory agencies bears the finan cial responsibility of loss from bank failures, but the direct supervision of over one-half of the banks for whose solvency the Corporation has sole financial responsibility rests with other agencies. More than onehalf of the Corporation's disbursements for the protection of depositors has occurred in connection with insured banks over which the Corpora tion did not have direct supervision. Approximately two-thirds of the Corporation's expected losses to date are in those banks. The Corporation should have direct supervisory contact with each insured bank; the fact that the insurance coverage is nominally low in some banks does not affect this necessity. Experience of the Corpo ration reveals that depositors in most cases are protected for the full amount of their deposits, irrespective of the size of their balances, when it becomes necessary to eliminate weak or insolvent insured banks. In the main, the Corporation has protected depositors in the larger banks by making loans to facilitate mergers, thus avoiding receiverships. Under this procedure there has been no loss to any depositor regardless of the amount of his deposit. This protection has covered balances due other banks, building and loan companies, and other financial institutions with resulting benefit to their depositors, shareholders, and customers. As a consequence, the financial de terioration of an insured bank no longer generates widespread un easiness, in contrast with the situation prior to deposit insurance when banking difficulties were accompanied by loss of confidence, depositors' runs, and economic disturbances. Before the establishment of the Federal Deposit Insurance Corpora tion bank supervisors were subject to criticism by local depositors who suffered when banks failed. Now that the bulk of the losses is borne by the Corporation most depositors no longer look to supervisors for the protection of their funds and the supervisors are no longer under the pressure of their criticism. The Corporation, therefore, must be in a position to exert effectively its influence for the maintenance of the banks in a sound condition. The existence today of more than one system of bank supervision permits bankers a certain amount of choice of supervisory agencies. 1 The Corporation’s losses are about 15 times those of other creditors of the closed banks. PROTECTION OF DEPOSITORS 13 As a consequence, an unsound banker can balance one supervisory system against another and choose the one which will impose the lowest standards of operation on his bank. There results from this situation a tendency on the part of some supervisory agencies to engage in un desirable competition with other supervisory agencies in order to retain banks under their jurisdiction or to induce banks to come under their jurisdiction. The effect of such competition is to reduce standards of bank supervision and banking practices. It has already been pointed out that one of the important factors contributing to the failure of the State systems of deposit insurance or guaranty in the 1920's was lack of authority on the part of the insuring agencies to maintain adequate standards of supervision and banking practices. Maintenance of such standards is essential to the operation of a sound banking system. The Corporation, as insurer of accounts in more than 13,000 banks holding more than $65 billion of deposits, has the duty of preserving the safety and integrity of the system. In order to discharge the Corporation's responsibilities and to achieve the objectives of the deposit insurance law, the Corporation must have the power to require all insured banks to maintain proper standards and operate on a sound basis. P r o t e c t io n o f D e p o s it o r s Protection of depositors in insured banks. From the beginning of Federal insurance of bank deposits on January 1, 1934, to the close of 1940, 355 insured banks with deposits of $439 million were merged with the financial aid of the Corporation or suspended and were put into liquidation. Depositors' losses in these banks are estimated at about $3 million, or less than 1 percent of total deposits. This rate of loss compares with an estimated average loss of approximately 20 per cent suffered by depositors in closed banks during the 70 years im mediately preceding deposit insurance.1 The Corporation disbursed $216 million to protect over 1 million depositors in the 355 banks. The Corporation expects to lose about $46 million, one-fifth of its disbursements, or about 10 percent of the deposits of the banks. Figures are presented in Table 1. More than one-half of this loss is accounted for by 8 of the 355 banks. Nearly one-third of the Corporation's losses will be incurred in banks which were merged or placed in receivership during 1940. Approxi mately 85 percent of the estimated losses in the banks closed or merged in 1940 are in three banks. The Corporation's total disbursements in 1940 amounted to $74 million, exclusive of expenses, and involved 43 1 See Part Three, pages 61 to 70. 14 FEDERAL DEPOSIT INSURANCE CORPORATION banks with total deposits of $144 million. The name and location of the insured banks placed in receivership or merged with the financial aid of jthe Corporation during 1940, together with data respecting their assets and liabilities and the Corporation's disbursements, are presented in Tables 165 and 167 to 171, pages 232 and 235 to 239. Table 1. LOSSES AND DISBURSEMENTS IN INSURED BANKS in F in a n c ia l D if f ic u l t ie s , 1 9 34-1 940 Total 1934-1940 Banks closed or merged in 1940 Number of banks............................................................................................. 355 43 Estimated loss to depositors......................................................................... Estimated loss to the Federal Deposit Insurance C orporation............ Disbursements by the Federal Deposit Insurance Corporation........... $3,054,000 45,776,000 216,006,000 $41,000 13.655.000 74.061.000 Excluding those depositors who were fully protected by insurance but did not file claims and who could not be located by the Corpora tion's representatives, less than 5,000 depositors will suffer any loss at all. In 257 of the 355 banks not a single depositor who filed a claim will suffer any loss. Figures relating to depositors' losses and re coveries are given in Table 2. Table 2. DEPOSITORS’ RECOVERIES AND LOSSES IN INSURED BANKS in F in a n c ia l D if f ic u l t ie s , 1 9 34-1 940 Num ber of depositors.................................................................................................................... Depositors suffering no lo ss .......................................................................................................... Depositors suffering loss: Claims filed but recoveries from liquidation inadequate1........................................... .. Claims not filed within period prescribed by la w ............................................................... 1,133,379 1,106,720 Am ount of deposits........ ............................................................................................................ Estimated recoveries by depositors............................................................................................. Estimated losses by depositors filing claims1............................................................................ Estimated losses because of failure to file claim s.................................................................... $438,625,000 435,471,000 3,054,000 100,000 4,439 22,220 1 1,476 depositors will lose an estimated $2,825,000 of their deposits in accounts which exceeded the limit of $5,000 insurance and which were not otherwise protected; and 2,963 depositors will lose about $229,000 in accounts which had been restricted or deferred prior to 1934 or were otherwise ineligible for insurance protection. By the close of the year, 22,220 depositors with deposits totaling $100,000, who originally were fully protected by insurance but who had disappeared and could not be located and induced to claim their ac counts within the time prescribed by law, were barred from further insurance protection. For the most part their accounts were “ dor mant" and had been abandoned or forgotten by their owners many years ago. Most of the accounts were small; many amounted to less than one dollar. Efforts were made to locate the depositors and to induce them to claim their deposits but without success. The Corpo ration mailed notices to their last known addresses, as shown by the 15 PROTECTION OF DEPOSITORS records of the banks, inserted advertisements in local papers, and posted notices in conspicuous public places. The Banking Act of 1935 provides that, if any depositor who has been given at least three months' notice—either by mailing to his last known address or by publication—shall fail to claim his insured deposit within eighteen months after the appointment of the receiver for the closed bank, the rights of such depositor against the Corporation as insurer shall be barred.1 Method of providing insurance protection. The Corporation protects depositors in insured banks in financial difficulties (1) by advancing cash to the banks to make up deficiencies or to replace their poor assets in order to facilitate mergers with other banks, or (2) by paying off depositors, up to $5,000 per depositor, in insured banks which close without making adequate provision for payment of de positors. Disbursements under the two methods of dealing with insolvent or hazardous insured banks during the past seven years are presented in Table 3. A comparison of the protection given deposits under the two methods is shown in Table 4. Table 3. DISBURSEMENTS OF THE CORPORATION IN CONNECTION WITH BANKS in F in a n c ia l D if f ic u l t ie s , 1934-1940 Number of banks Placed in receiver ship Total Amount of disbursement (in millions) Merged Insured deposits paid Total Loans and assets purchased T o t a l .................... 355 226 129 $216 $67 1940................... 43 19 24 74 5 69 1939................... 60 32 28 68 26 42 21 $149 1938................... 74 50 24 30 9 1937................... 75 50 25 19 12 7 1936................... 69 42 27 15 8 7 1935................... 25 24 1 9 6 3 1934................... 9 9 1 1 Detailed figures for 191+0— See Table 165, page 232, and Table 171, page 239. Of the 355 banks aided or closed, 129 with deposits of $353 million were merged with no interruption of operations and without loss to depositors, while 226 banks with deposits of $86 million were placed in receivership.2 In all, nearly 98 percent of the deposits have been made available promptly to depositors, while payment of only 2 percent of the deposits has been dependent upon the course of liqui dation of the banks in receivership. 1 Depositors in insured banks placed in receivership prior to the Banking Act of 1935 can continue to claim protection from the Corporation until the termination of the receiverships of those banks. 2 While the depositors are protected against loss in the case of mergers, the stockholders are not and receive no collections on their investment until after the Corporation has been paid off in full with interest. 16 FEDERAL DEPOSIT INSURANCE CORPORATION T a b le 4 . in DEPOSITS PROTECTED IN INSURED BANKS F in a n c ia l D if f ic u l t ie s , 1934-1940 In all closed banks All b a n k s .............................................................................. In banks placed in receivership1 In banks merged2 97.8% 88.8% 100.0% B an ks w ith d ep osits o f — $100,000 or less................................................................. $100,000 to $250,000....................................................... $250,000 to $500,000....................................................... 97.1 96.4 96.2 96.3 95.4 93.9 100.0 100.0 100.0 $500,000 to $1,000,000.................................................... $1,000,000 to $2,000,000................................................ $2,000,000 to $5,000,000................................................ 93.6 98.1 97.0 87.0 92.9 84.5 100.0 100.0 100.0 $5,000,000 to $10,000,000.............................................. $10,000,000 to $50,000,000............................................ More than $50,000,000................................................... 100.0 93.3 82.4 100.0 100.0 1 Protected by insurance, security, offsetting claims, or priority over claims of other depositors. 2 With financial aid of Federal Deposit Insurance Corporation. Procedure for providing insurance protection. In the case of mergers and consolidations the Corporation uses two principal types of contract: (1) it makes a loan taking as collateral all of the assets which are not taken by the absorbing bank; (2) it purchases assets with an agreement to return to the bank any unliquidated assets and any surplus cash when it has collected the purchase price of the assets plus expenses and interest at 4 percent. The amount of the disburse ment by the Corporation is always the amount necessary to make up the deficiency between the value of assets taken over and the liabilities assumed by the absorbing bank. Under the terms of the contract with the bank which is aided, the Corporation is given control of the liquidation and disposition of the assets unacceptable to the bank assuming the deposits. In banks which suspend and are placed in receivership the Corpora tion starts payments to depositors as soon after the closing of an in sured bank as legal arrangements can be made for the subrogation of depositors' claims to the Corporation and as soon as the records for payments can be completed. Ordinarily insured deposits are made available within from 10 to 14 days after the actual closing of the bank.1 In most cases the Corporation's representatives are sent in immediately following appointment of the receiver to verify the records and make arrangements to pay off insured depositors. As soon as these arrange ments have been completed the Corporation notifies depositors by mail, posters, and advertisements of its readiness to pay all insured deposits. Thereafter payments are made as rapidly as depositors present and prove their claims. The procedure for presenting and proving claims has been so simplified that it now imposes little greater 1 In some cases delays have been longer due to the legal provisions of some States which require a waiting period before appointment of a receiver. Dates of suspension and of commencing payment of insured claims in banks placed in receivership during 1940 are given in Table 167, page 235. 17 PROTECTION OF DEPOSITORS burden upon depositors than is ordinarily involved in the closing of a deposit account in an operating bank. Figures regarding the payment of deposits in insured banks in receivership are given in Table 5. Table 5. PAYMENT OF DEPOSITS OF INSURED BANKS PLACED IN R e c e iv e r s h ip , 1934-1940 (In thousands of dollars) Paid by Dec. 31, 19401 Total Unpaid on Dec. 31, 1940 Deposits— to ta l.................................................................. 85,905 79,837 6,068 Insured................................................................................ 67,408 67,047 361 Secured, preferred, and subject to offset................... 8,875 8,790 85 Other deposits in excess of $5,000................................ 8,491 3,507 4,984 Restricted or otherwise uninsured............................... 1,031 493 538 U nclaim ed.......................................................................... 100 100 1 Payments made both by the Federal Deposit Insurance Corporation and by receivers. Detailed figures— See Tables 170 and 171, pages 238 and 239. Losses and recoveries of the Corporation. Insurance losses are estimated at $46 million: 10 percent of total deposits and approximate ly 20 percent of total disbursements.1 In the banks placed in re ceivership, the Corporation estimates losses will be 23 percent of total deposits compared with losses of 7 percent of total deposits of the banks merged. Out of the $216 million of disbursements made during the past seven years in protecting depositors and assets, $80 million had been repaid to the Corporation by the end of 1940. This is less than one-half of the amount which it* expects to recover.2 Of the 226 insured banks placed in receivership from 1934 to 1940, 38 were completely liquidated by the end of that period. The liquida tion of 13 of these banks was completed in 1940. Of the 38 banks, 20 made full repayment to the Corporation on its subrogated claims, 10 with interest. Of the 129 loan and purchase transactions, 19 were closed by December 31, 1940. In 18 of these cases all expenses in curred by the Corporation were repaid and collections were sufficient to repay the principal of the loan and to pay interest. In the remain ing case collections after deduction of expenses amounted to 96 percent of the principal of the loan. The distribution of banks according to the percent of repayment to the Corporation on its subrogated claims and on loans is shown in Table 6. 1 The figures of Corporation losses include expenses, for which the Corporation is not reimbursed, incurred by the Corporation in connection with payment of claims and liquidation of assets. They do not, of course, include ordinary administrative expenses of the Corporation. 2 Detailed figures are as follows: Banks in Banks receivership merged Disbursements.......................................................... $67,047,000 $148,959,000 Estimated losses....................................................... 20,098,000 25,678,000 29,637,000 49,845,000 Collections to December 31, 1940....................... 18 FEDERAL DEPOSIT INSURANCE CORPORATION During 1939, for the first time the Corporation exercised its power to purchase assets from the receivers of closed insured banks in order to facilitate the termination of these receiverships. During the two years, 1939 and 1940, assets were purchased from the receivers of 11 banks at a cost to the Corporation of $501,000. During 1940, assets amounting to $366,000 were purchased from the liquidators of 6 banks. Detailed figures are shown in Table 166, page 234. Table 6. of D R epaym ents is b u r s e m e n t s to in the C o r p o r a t io n In sured B anks in as Liquidation completed Total number of banks Banks in receiver ship of D 31, 1940, ecem ber F in a n c ia l D if f ic u l t ie s Liquidation not completed Banks merged Total number of banks Banks in receiver ship Banks merged T o ta l.............................................. 57 38 19 298 188 110 Repayments to Corpora tion of— 100 percent................................ 75 to 100 percent..................... 50 to 75 percent....................... 38 12 5 20 11 5 18 1 27 66 77 23 51 46 4 15 31 1 1 1 1 57 51 20 25 25 18 32 26 2 25 to 50 percent....................... 0 to 25 percent......................... N o repayments........................ N o te : In b a n k s p l a c e d in r e c e i v e r s h i p , r e p a y m e n t s c o n s i s t o f a m o u n t s received f r o m receivers by the Corporation on insured depositors’ claims to w h i c h it has been subrogated; in banks merged, repayments consist of amounts collected from disposal o f assets after deducting expenses incident to the transaction. Receivership activities of the Corporation. At the close of 1940, the Corporation was acting as receiver for 61 of the 188 insured banks in receivership. It was receiver for 12 national banks with deposits aggregating $10.7 million and for 49 State banks with deposits aggregating $11.4 million. The Corporation, as principal creditor through its subrogation to insured depositors' claims, maintains close contact with the receivers of the remaining 127 State banks with deposits at time of suspension of $56.8 million and assists as much as possible in promoting efficient liquidation of these banks. S u p e r v is o r y A c t iv it ie s o f t h e C o r p o r a t io n As insurer of deposits in banks holding 97 percent of the deposits of commercial banks, the Corporation has the duty of preserving the safety of depositors' funds in the banks of the country. In addition to paying off depositors in closed banks, the Corporation endeavors to avoid the development of situations likely to lead to accumulation of losses in the banking system. The Corporation examines insured banks not subject to examination by the Office of the Comptroller of SUPERVISORY ACTIVITIES OF THE CORPORATION 19 the Currency or the Federal Reserve authorities, and reviews reports of examinations of insured banks conducted by those Federal agencies. It has the authority to terminate the insured status of any bank which continues to. engage in unsafe or unsound practices or in violations of law or regulations. Insured banks not members of the Federal Reserve System must obtain the approval of the Corporation before reducing or retiring capital, and any insured bank must obtain the approval of the Corpo ration before assuming the deposit liabilities of, or consolidating or merging with, a noninsured bank. Noninsured banks which wish to become insured as banks not members of the Federal Reserve System, and insured banks not members of the Federal Reserve System which wish to establish or relocate branches, must obtain the approval of the Corporation. The Corporation is required to issue regulations re garding the payment of interest on deposits in insured banks not subject to the provisions of similar regulations issued by the Board of Governors of the Federal Reserve System. The Corporation may issue such other regulations as are necessary to carry out its functions. Actions regarding banks in an unsound condition. The Corporation has the authority to terminate the insured status of any insured bank which continues to engage in unsafe or unsound practices or in violations of law or regulations. The Corporation uses this power as an ultimate sanction in its efforts to maintain sound operating con ditions. For the most part the Corporation attempts by informal action jointly with the appropriate supervisory authority to secure correction of unsound situations and resorts to use of its ultimate powers only as a last resort. Knowledge of the existence of the power of the Corporation to terminate the insured status of a bank makes the Corporation's informal efforts to correct unsatisfactory situations more successful than might otherwise be the case. Where corrections do not appear to be possible or likely, the Corporation prefers to have the bank closed or merged with a sounder bank rather than to terminate the bank's insured status, because, in the case of a State bank, the bank might continue to operate and be a threat to the integrity of the banking system. During 1940, nearly 100 insured banks considered to be hazards to the banking system were eliminated. Of these banks, 43 suspended operations or were merged with the financial aid of the Corporation; 39 were absorbed or succeeded by other insured banks without finan cial aid by this Corporation; and 11 went into voluntary liquidation and paid off their depositors. Many of these hazardous banks held large amounts of substandard assets, many had inadequate capital, and many of them were operated by incompetent, untrustworthy, or self-serving managements. 20 FEDERAL DEPOSIT INSURANCE CORPORATION At the close of the year, less than 20 banks with deposits of about $25 million were still in operation which, on the basis of information available to the Corporation, were considered to be cases involving imminent risk of loss to the Corporation. More than 100 other banks, while not involving imminent risk of loss to the Corporation, were considered to be problem cases requiring special attention to avoid further deterioration. Insofar as its supervisory powers permit, the Corporation is giving special attention to all of these banks. In some cases efforts are being made to strengthen the banks through intro duction of additional capital, conservation of earnings, gradual elimi nation of undesirable assets, and improvement of bank management; in some cases negotiations are in process for loans from the Corpora tion to finance mergers with other banks; in other cases steps are being taken to institute formal proceedings to terminate insured status for continuing to engage in unsafe or unsound practices. T a b le 7 . w it h ACTION TO TERMINATE INSURED STATUS OF BANKS CHARGED E n g a g in g in of U nsafe Law or or U n s o u n d P r a c t ic e s or V io l a t io n s R e g u l a t i o n s , 1936-1940 Cases in 1940 Total cases 1936-19401 T otal banks against which action was tak en ................... Gases closed during period................................................... Corrections m ad e..................................................................... Insured status terminated for failure to make corrections3 Banks suspended4..................................................................... Banks absorbed or succeeded by other banks5................. Cases pending December 31, 1940...................................... Deferred pending consummation of recapitalization or merger plans.......................................................................... Correction period not expired............................................... Otherwise deferred.................................................................... Pending beginning of year2 Started during year 97 11 19 90 15 3 34 38 10 2 13 3 5 1 12 7 1 6 4 1 2 1 3 1 2 1 N o action to terminate insured status of any bank was taken before 1936. In 3 cases where initial action was replaced by action based upon additional charges, only the later action is included. 2 Excludes 1 bank against which action pending at the beginning of 1940 was discontinued in order that a new action could be started. 3 One of these 3 banks suspended 4 months after its insured status was terminated. 4 The date for official termination of insured status was set in 5 of these cases, but termination was not effective before the banks suspended. 6 In all except 1 of the 38 cases the Corporation made loans to facilitate the mergers or reorgani zations. Detailed figures— See Table 175, page 246. Unsafe and unsound banking practices. During the existence of Federal deposit insurance and up to the close of 1940 the Corpora tion took action against 97 banks for unsafe or unsound practices or violations of law or regulations, securing corrections in 15 cases, and terminating the insurance of 3 banks.1 Seventy-two banks suspended 1 Of the 3 banks whose insurance was terminated, 1 subsequently suspended operations. 21 SUPERVISORY ACTIVITIES OF THE CORPORATION operations or were absorbed by other banks before action to termi nate insurance became effective. Seven cases were pending at the close of the year. The figures are summarized in Table 7. During 1940, proceedings were initiated against 19 banks and con tinued against 11 banks whose cases were pending at the opening of the year. Of the 30 cases, 23 were completed and 7 were pending at the close of the year. In the completed cases, 2 banks made the neces sary corrections, 4 suspended operations, and 17 were absorbed or succeeded by other banks with financial aid from the Corporation. A list of the unsafe and unsound practices and violations of law or regulations in the case of the 19 banks against which action was taken during 1940 is given in Table 8. T a b le 8. U L nsafe aw or OR UNSOUND R by e g u l a t io n s the C B AN K IN G PRACTICES C harged A o r p o r a t io n D u r in g Type of practice or violation AND 19 1940 g a in s t B VIOLATIO N S O anks of banks charged Case identification letters Capital: Operation of bank with seriously impaired capital.................. 19 a, b, c, d, e, f, g, h, i, j, k 1, m, n, o, p, q, r, s M anagem ent and general practices: Lax credit, loan, and collection policies...................................... Carrying of losses in bank’s assets, failing to disclose true statement of condition................................................................. 18 Operation of bank by weak, hazardous, untrustworthy, or incapable management................................................................ Lax investment policy..................................................................... Unwarranted and excessive loans to directors, officers, em ployees, or their interests........................................................... Loan and investment practices: Unwarranted and excessive volume of past due loans or nonincome-producing assets....................................................... Carrying of unwarranted and excessive amounts of other real estate owned and potential other real estate......................... Excessive volume of assets in Classifications II and III or generally unsatisfactory asset condition................................. Progressive deterioration of assets................................................ Inadequate credit data and financial statements..................... Unwarranted and excessive extensions of credit in violation of la w ............................................................................................... Carrying of other real estate in excess of maximum time permitted by la w .......................................................................... Investment in and retention of assets in contravention of existing laws or regulations........................................................ Unwarranted and excessive liability in connection with a certain p rop erty. .......................................................................... Miscellaneous: Poor or rapidly declining earnings................................................ Unsatisfactory administration of trust department................. 7 b, c, d, m, n, p, r a, b, c, d, f, g, h, i, j, k, m, n, o, p, q, r, s 7 7 e, f, m, n, p, r, s b, c, d, e, m, n, p 4 b, m, n, s 10 c, d, g, h, i, j, m, n, p, s 10 a, b, c, d, g, i, j, k, 1, m 18 a, b, c, d, f, g, h, i, j, k, 1, m, n, o, p, q, r, s a, b, d, f, g, i, j, k, 1, o, q, 12 7 2 g, h, i, j, n, p, i> 1 Detailed and back figures— See Table 176, page 247. The 97 banks were engaged not merely in one, but in many unsafe or unsound practices or violations of law or regulations, and continued such practices or violations notwithstanding repeated criticisms in successive examinations. Nearly all of them had operated for some 22 FEDERAL DEPOSIT INSURANCE CORPORATION time with seriously impaired capital. A large proportion of them held an excessive volume of substandard assets. Most of them were operated by incompetent or self-serving managements. Bank examinations. From the beginning of its operations in September 1933 to the close of 1940, the Corporation conducted ap proximately 62,000 examinations of banks. In addition, the Corpora tion has conducted examinations of trust departments of the banks. All of the examinations of banks, except 155, were examinations of insured banks not examined by any other Federal bank supervisory authority.1 The 155 examinations were made in connection with actions against banks believed to be engaged in unsafe or unsound practices or violations of law or regulations, in connection with insolvent or hazardous banks applying for loans to facilitate mergers, or in connection with applications for insurance from banks wishing to withdraw from the national or Federal Reserve systems but to continue their insured status. During 1940, the Corporation conducted the following examinations of banks: 7,026 regular examinations of insured State banks subject to examination by the Corporation; 151 additional examinations of insured banks subject to examination by the Corporation believed to be engaged in unsafe or unsound practices, or to be insolvent, or otherwise to require special attention; 120 examinations and investigations of banks applying for admission to insurance (including 20 banks wishing to with draw from the national or Federal Reserve systems but to continue to be insured2), or for permission to establish or change location of branches; 3 examinations of insured banks not regularly subject to examination by the Corporation but believed to be engaged in unsafe or unsound practices or to be insolvent, and 1 exam ination of a national bank in connection with a proposed consolidation not requiring financial assistance from the Corporation;2 1,044 examinations of trust departments of banks. In addition to these examinations the Corporation reviewed 7,036 reports of examinations of insured banks and 2,135 reports of exam inations of trust departments made by other Federal agencies. 1 Insured national banks are examined by the Comptroller of the Currency and insured State banks members of the Federal Reserve System by the Federal Reserve banks. 2 Permission to conduct these examinations was granted by the Comptroller of the Currency in the case of national banks and by the Board of Governors of the Federal Reserve System in the case of banks members of that system. SUPERVISORY ACTIVITIES OF THE CORPORATION 23 Admissions to and terminations of insurance. The Corpora tion approved the application for admission to insurance of 61 banks during 1940. In addition, 12 banks became insured through action of other Federal authorities. Of the 61 banks approved for admission by the Corporation, 26 were new banks or banks replacing other banks or other financial institutions, 13 were banks in operation at the be ginning of the year, and 22 were banks reorganizing or converting from national to State banks or withdrawing from the Federal Reserve System.1 An analysis of applications approved by the Corporation is presented in Table 172, page 240. The insurance of 181 banks was terminated during the year.2 The terminations reflected the absorption of banks by other operating banks, the failure of some banks, and the voluntary liquidation of others. As indicated previously, approximately one-half of these banks were in an unsatisfactory condition, and their discontinuance eliminated weak spots in the banking situation.3 An analysis of changes in the number of insured banks by years, January 1, 1934, to December 31, 1940, is given in Table 104, page 104. Establishment of branches. During 1940, the Corporation approved the applications of 38 banks for establishment of 41 branches. Forty-seven new branches were established by 38 banks without Corporation approval. These banks were national and State banks members of the Federal Reserve System and thus were not required to obtain Corporation approval for establishment of branches. Capital adjustm ents of banks. During the year 1940, appli cations for the retirement of capital obligations held by the Recon struction Finance Corporation, filed by banks required by law to secure approval of the Federal Deposit Insurance Corporation, were approved in amounts aggregating $15.2 million and disapproved in amounts aggregating $1.9 million.4 These applications were filed by 1,645 banks. Applications for the retirement of capital obligations held by others than the Reconstruction Finance Corporation were approved in amounts aggregating nearly $1.0 million. The Corporation ap proved the reduction of par or book value, but not retirable value, of preferred capital obligations (held chiefly by the Reconstruction Finance Corporation) to the extent of $1.3 million in 9 banks. It approved the reduction of the par value of common stock to the extent of $3.9 million in 33 banks. Further details will be found in Tables 173 and 174, pages 242 and 244. 1 In addition, the Corporation approved the retention of insured status of 1 bank which had pre viously filed notice of withdrawal from insurance and the reorganization plan of 1 bank which had been a member of the Federal Reserve System and was readmitted to that system. 2 This figure includes 37 banks which were succeeded by other insured banks. 3 See page 19. 4 National banks and banks in the District of Columbia, and State banks members of the Federa Reserve System, file their applications with the Comptroller of the Currency, and the Federal Reserve banks, respectively, and are not required to have the approval of the Federal Deposit Insurance Cor poration. 24 FEDERAL DEPOSIT INSURANCE CORPORATION From August 23, 1935, to the close of 1940, the Corporation has taken action on approximately 7,500 formal applications from 3,059 banks to retire or reduce capital.1 The great bulk of these applica tions were in connection with the retirement of preferred capital obligations held by the Reconstruction Finance Corporation. Approval of assumption or release of deposits. Actions of the Corporation on applications of insured banks to assume deposit liabili ties of noninsured banks or of other noninsured financial institutions, to purchase assets in conjunction with assumption of liabilities of banks in liquidation, or to pay or release deposits which had been subordinated or restricted as to payment prior to August 23, 1935, are summarized in Tables 173 and 174, pages 242 and 244. Reports from banks. As required by law each insured bank submitted semi-annual statements of its daily deposits for the purpose of determining the amount of assessment to be paid for deposit in surance. The Corporation called for reports of assets, liabilities, and capital accounts as of June 29 and December 31, 1940, and for reports of earnings, expenses, and disposition of profits for the calendar year 1940, from each insured bank required by law to submit such reports to the Corporation.2 The forms used for the reports of assets, liabili ties, and capital accounts were those adopted by the three Federal bank supervisory agencies and by a number of State authorities. In connection with the June 29 call, the Corporation asked the commercial banks to submit information regarding their agricultural loans on a supplementary schedule, issued at the request of the Depart ment of Agriculture. The banks were also requested to submit, in connection with the December 31 call, a supplementary schedule showing the amount of instalment consumer loans outstanding. This information was re quested because of the interest of the Federal bank supervisory agencies, the Department of Commerce, bankers, and others, in the scope of operations of banks in the field of consumer financing. Identical supplementary schedules relating to agricultural loans and consumer instalment loans were also used by the other Federal bank supervisory agencies. These schedules were issued in accordance with the practice of the three supervisory agencies of seeking to obtain for other agencies such information as may reasonably be required, thus avoiding duplication and confusion in the reporting, collection, and tabulation of data relating to banks. 1 August 23, 1935, was the effective date of the law requiring Corporation approval of retirement of capital of insured banks not subject to the supervision of the other Federal bank supervisory agencies 2 Banks required to submit reports to the Corporation are the insured banks not members of the Federal Reserve System except those in the District of Columbia and national banks in the possessions which report to the Comptroller of the Currency. LEGISLATION DURING 1940 AFFECTING DEPOSIT INSURANCE 25 Each insured bank required to submit reports of assets, liabilities, and capital accounts to the Corporation and which operated more than one banking office was also requested to report to the Corporation, as of June 29, 1940, the name and location, and the amount of deposits, of each of its banking offices. The data reported have been summarized and published in pamphlet form or are given in this Annual Report. L e g is la t io n D u r in g 1940 A f f e c t i n g D e p o s i t I n s u r a n c e Federal legislation. The Federal statute which provides penal ties for those committing the offense of robbery of a bank was added to and broadened by Congress in 1940. This action consisted of a new subsection providing a penalty against anyone who might receive, possess, conceal, store, barter, sell, or dispose of anything of value knowing the same to have been taken from an insured bank in violation of law. The text of the amendment adopted in 1940 is given on page 77. State legislation directly affecting the operations of the Corporation. During 1940 only nine State Legislatures convened in regular session. The Legislatures of Kentucky, Louisiana, Mississippi, and Virginia held their regular biennial sessions. Regular annual sessions were held in New Jersey, New York, Rhode Island, and South Carolina. The regular quadrennial session for Alabama convened in 1939, recessed in June of that year and reconvened in 1940. In all of the States named there had theretofore been adopted either a part or all of the suggestions made by this Corporation for certain enactments to provide for a more effective coordination of the operations of the State banking systems and the Federal deposit insurance system. In Kentucky, the banking law was amended to require the Director of the Division of Banking to accept examinations made of a trust department in combined banks and trust companies by examiners of the Federal Deposit Insurance Corporation or of the Federal Reserve System, or by a Certified Public Accountant, if the report of such audit or examination was furnished him. In New York, an act was passed facilitating application of the Federal Deposit Insurance Corporation’s loan and merger powers to insured banks in financial difficulties operating under the jurisdiction of the Superintendent of Banks of that State. In Rhode Island, the Director of Business Regulation was authorized to accept, in lieu of his own examinations, reports of examinations conducted by the Federal Deposit Insurance Corporation or the Federal Reserve Bank, and to give those Federal agencies access to FEDERAL DEPOSIT INSURANCE CORPORATION 26 reports of examinations in the office of the Director of Business Regulation. In South Carolina, the act adopted in 1939, requiring, among other things, the paid-in capital to be sufficient to qualify an applicant bank for membership in the “ Federal Deposit Insurance Fund” before a charter could be issued to it, was amended so that existing charters might be transferred to new owners to operate a bank with new person nel provided the public interest would be promoted by such transfer. State legislation relating to bank supervision. In addition to the legislation mentioned above the following subjects were dealt with in legislation during 1940 affecting banking and bank supervision: Amount of indebtedness permitted to be incurred by officers of banking institutions and others................. Kentucky, Virginia Authorized powers of banking institutions........................................Virginia Ratio of deposits to capital and surplus of banks....................... Mississippi Providing a method to calculate value of bank stock for taxation.........................................................................................New Jersey Security for bankruptcy fund deposits authorized in same manner as with national banks................................................. New Jersey Escheat or transfer of unclaimed deposits or amounts....................................................................... New York, Kentucky Purchases of or loans upon real estate............................................... Virginia Functions of banking department................................................... Louisiana Penalizing bank officials for receiving deposits or creating debts knowing bank insolvent and making them in dividually responsible therefor.................................................... Louisiana Small loans and instalment loans....................................................... Virginia Authorizing establishment of life insurance departments by savings banks........................................................................... New York Liquidation of banks and voluntary dissolutions......................... New York Bank examinations............................................................................New York Absolute liability of trust companies as “ trustee of a trust of any kind” ......................................................................... New York Change from national to State banking institution and from State to national for consolidation with na tional bank.....................................................................................New York Preferred shares with a retirable value greater than amount received in payment for the shares authorized by a banking institution assuming deposits of an other banking institution............................................................. New York Security for deposit of State and public funds and trust funds.................................................................................................Louisiana Reorganization of Banking Department......................................... Louisiana 27 OPERATING STATEMENT OF THE CORPORATION Constitutional amendment to exempt from taxation, among other things, value of bank shares to extent represented by surplus, undivided profits, etc., was defeated in referendum.................................................................. Louisiana O p e r a t in g S t a t e m e n t of t h e C o r p o r a t io n Organization and staff. No changes in the directorship of the Corporation occurred during 1940. Mr. Leo T. Crowley continued as Chairman; Mr. Phillips Lee Goldsborough and Mr. Preston Delano, Comptroller of the Currency, continued as Directors throughout the year. The personnel increased by 443 during the year and on December 31, 1940, consisted of 1,927 officers and employees, of whom 522 were located in the main office in Washington and 1,405 in the field and at regional offices. The number of officers and employees in each division of the Corporation is given in Table 9. Table 9. OFFICERS AND EMPLOYEES OF THE CORPORATION, D E C EM BER Total 31, 1940 Officers and adminis Clerical, trative, stenographic supervisory, and and technical custodial employees employees T o t a l ................................................................................................... 1,927 726 1,201 Washington office— total...................................................... District and field offices— total............................................ 522 1,U05 U7 579 375 826 Directors and aides...................................................................... Legal D ivision................................................................................ Division of Examination............................................................. 23 37 609 8 15 445 15 22 164 Washington office........................................................................ District and field offices............................................................ uo 569 20 U25 20 1U Division of Liquidation............................................................... 998 224 774 Washington office........................................................................ District and field offices........................................................... 162 836 70 15 U 92 682 Division of Finance and Administration................................ Division of Research and Statistics......................................... 201 59 15 19 186 40 The increase in personnel during the year occurred chiefly in the Division of Liquidation although practically every division showed some expansion. The increase resulted from the expansion of the work of the Corporation in connection with the payment of insured deposits in insured banks, liquidation of banks for which the Corporation was receiver, and the liquidation of assets purchased by the Corporation or taken over as collateral on loans made by it. Effective December 31, 1940, the legal section of the Division of Liquidation was consolidated with the Legal Division and the attor neys and aides in that section transferred to the Legal Division. 28 FEDERAL DEPOSIT INSURANCE CORPORATION The organization chart of the Corporation as of December 31, 1940, is shown on page 5. Incom e and expenses. Total income of the Corporation for the entire period of its existence through December 31,1940, amounted to $274.5 million, of which $211.1 million were received from assessments paid by insured banks and $63.4 million were from income and profits on investments. Administrative expenses of the Corporation were $22.0 million and charges on account of insurance expenses and esti mated losses were $45.8 million. Accumulated surplus of the Corpo ration on December 31, 1940, was $206.7 million. The chief items of income and expense of the Corporation for each year since beginning operations are shown in Table 10. A detailed statement of income and expenses for the year 1940 is given in Table 11. Table 10. INCOME AND E XPEN SES OF THE CORPORATION S in c e B e g in n in g O p e r a t io n s 1 (In millions of dollars) Total 1940 1939 1938 1937 1936 1935 1933-342 274.5 55.9 51.2 47.8 48.1 43.8 20.7 Deposit insurance as sessments3................. Investment income and profits......................... 211.1 46.2 40.7 38.3 38.8 35.6 11.5 63.4 9.7 10.5 9.5 9.3 8.2 9.2 7.0 Expenses— to ta l............. 67.8 17.3 19.1 8.1 7.3 6.0 5.6 4.4 D e p o s i t in s u r a n c e losses and expenses.. A d m in is tr a tiv e e x penses4........................ 45.8 13.7 15.7 5.1 4.6 3.5 2.9 .3 22.0 3.6 3.4 3.0 2.7 2.5 2.7 54.1 Net income added to surplus......................... 206.7 38.6 32.1 39.7 40.8 37.8 15.1 2.6 Incom e— to ta l............... 7.0 1 Figures of total expenses, deposit insurance losses and expenses, and net income added to surplus for years prior to 1940 differ from those shown in previous Annual Reports because of revisions in esti mates of losses allocated to the different years. 2 Includes expenses from date of organization, September 11, 1933, to December 31, 1934. 3 Assessments collected from insured banks, members of the temporary insurance funds, were credited to their accounts in total at the termination of the temporary funds, being applied toward subsequent assessments under the permanent insurance fund, and resulting in no income to the Cor poration from assessments for the term of the temporary insurance funds. 4 Includes furniture, fixtures, and equipment purchased and charged off. 6 After deducting portion of expenses and losses charged to banks withdrawing from the temporary funds on June 30,1934. Total income for the calendar year 1940 was $55.9 million, of which $46.2 million represented assessments and $9.7 million interest on investments— net after provision for amortization of premiums, interest on loans and subrogated claims, and profits on securities sold. Total losses and expenses for the year amounted to $17.3 million, of which $13.7 million were insurance losses and expenses and $3.6 million were administrative expenses and other charges. The surplus of the Corporation was increased by $43.3 million during the year, reflecting net income of $38.6 million and adjustments to surplus, applicable to prior periods, of $4.6 million. 29 OPERATING STATEMENT OF THE CORPORATION T a b le 1 1 . INCOME AND EXPENSES OF THE FEDERAL DEPOSIT INSURANCE C o r p o r a t io n , C a l e n d a r Y e a r 1940 Incom e: Deposit insurance assessments............................................................. $ 46,206,023.63 Interest earned and profit on sales of securities (less provision for amortization of prem ium s)............................................................... 9,654,479.29 Interest received on loans and subrogated claims of depositors.. 48,934.61 T otal in com e.................................................................... $ 55,909,437.53 Expenses: Deposit insurance losses and expenses............................................... Administrative expenses (see below ).................................................. Furniture, fixtures, and equipment purchased and charged o ff. . . $ 13,670,357.06 3,501,533.37 92,694.39 T otal expenses................................................................. $ 17,264,584.82 Net income added to surplus.................................... $ 38,644,852.71 Surplus December 31, 1939: As previously reported........................................................................... $163,411,165.03 Plus— net adjustments applicable to periods prior to Jan. 1, 1940 4,629,256.49 Surplus as adjusted December 31, 1939........ .. $168,040,421.52 Surplus December 31, 1940......................................... $206,685,274.23 D IS T R IB U T IO N OF A D M IN IS T R A T IV E E XPEN SES Salaries........................................................................................................................................... Professional services................................................................................................................... Services of other governmental agencies............................................................................... Transportation............................................................................................................................ Subsistence................................................................................................................................... Office rental.................................................................................................................................. Printing, stationery, and supplies........................................................................................... Postage, telephone, and telegraph.......................................................................................... Insurance and fidelity bond premiums.................................................................................. Safekeeping and service charges on securities...................................................................... Subscriptions................................................................................................................................ Equipment rental........................................................................................................................ Repairs and alterations................................................................................................... .. Transportation of things........................................................................................................... M iscellaneous............................................................................................................................... $ $ 2,593,155.35 21,753.29 1,492.66 123,511.58 396,343.38 248,929.07 87,731.47 36,530.42 1,254.54 170.29 6,385.87 7,140.68 20,514.18 2,761.40 3,794.95 3,551,469.13 L ess: Miscellaneous income and other credits applicable to reduction of administrative expenses..................................................................... $ 26,941.62 Inter-departmental expense transfers................................................ 22,994.14 A d m in is tr a tiv e expen ses fo r t h e year e n d in g D e c e m b e r 31, 1940........................................................................................................ $ 49,935.76 $ 3,501,533.37 Claims held by Corporation against suspended and merged banks. On December 31, 1940, the Corporation held subrogated and pending claims of depositors against closed banks, loans to merging banks made to avert or reduce losses, and other assets acquired through bank suspensions and mergers amounting at face value to a total of $135.8 million. The reserve for losses against these claims and assets amounted to $43.6 million on December 31, 1940, and the assets were carried at a net or appraised value of $92.2 million.1 1 The reserve for losses of $43.6 million given above is less than the amount of estimated losses of $45.8 million, given in Table 1 and on pages 13 and 17, b y the amount of expenses and realized losses charged off. 30 FEDERAL DEPOSIT INSURANCE CORPORATION As soon as a disbursement in connection with a closed or merged bank is made the Corporation sets up a reserve to cover the loss which its appraisals indicate will result from the transaction. This reserve is deducted from the surplus and appropriate asset accounts in pre senting the statement of condition. Periodically, the assets purchased or held as collateral are reappraised, and the progress of the liquidation of banks in receivership is reviewed. Reserves are then revised in accordance with the information obtained. T a b le 1 2. C COMPARATIVE BALANCE SHEET OF THE FEDERAL DEPOSIT INSURANCE o r p o r a t io n , D ecem ber 31, 1940, and D 31, 1939 ecem ber 1940 1939 ASSETS Assets acquired through bank suspensions and mergers: Subrogated claims of depositors against closed insured banks........ $ 36,012,128.94 Net balances of depositors in closed insured banks pending settle ment or not claimed, to be subrogated when paid— con tra ......... 360,512.94 Loans to merging insured banks to avert deposit insurance losses. 58,981,488.18 Assets purchased from merging insured banks, to avert deposit insurance losses, under agreements to return any excess recovery 39,360,309.98 Assets purchased from merging insured banks and receivers of 1,098,827.16 $135,813,267.20 Less: Reserve for losses.......................................................................... 43,641,093.81 $ 92,172,173.39 $ 38,798,794.90 2,796,026.59 57,366,066.44 802,991.62 $ 99,763,879.55 35,533,139.86 $ 64,230,739.69 Cash on hand and on deposit................................................................. 20,460,790.83 28,276,433.37 United States Government securities (cost less reserve for amortization of premiums) and accrued interest receivable. . . . 384,513,854.80 363,542,301.83 Furniture, fixtures, and equipm ent.................................................... 1.00 1.00 Deferred charges and miscellaneous assets...................................... 61,872.29 64,251.66 Total assets............................................................................ $497,208,692.31 $456,113,727.55 L IA B IL IT IE S Current liabilities: Accounts and assessment rebates payable............................................ $ Earnest money deposits and collections in suspense, arising from subrogated claims of depositors, loans to merging insured banks, and assets purchased.............................................................................. Net balances of depositors in closed insured banks pending settle ment or not claimed— contra............................................................... Unused credits for assessments paid to temporary Federal Deposit Insurance funds and prepaid assessments.............. Deferred credits............................................................................................ 90,810.45 $ 289,113.00 672,703.30 209,678.02 360,512.94 2,796,026.59 1,696.48 2,583.76 362.41 Reserve for administrative expenses.................................................... 11,250.72 Reserve for deposit insurance expenses.............................................. 97,775.51 T otal liabilities.................................................................... $ 1,223,861.09 C A P IT A L Capital stock : United States............................................................................................... $150,000,000.00 Federal Reserve ban ks............................................................................... 139,299,556.99 $289,299,556.99 94,353.44 $ 3,403,005.53 $150,000,000.00 139,299,556.99 $289,299,556.99 Surplus— (see Table 1 1 ).............................................................................. 206,685,274.23 163.,411,165.03 Total capital......................................................................... $495,984,831.22 $452,710,722.02 Total liabilities and capital............................................ $497,208,692.31 $456,113,727.55 31 OPERATING STATEMENT OF THE CORPORATION Assets and liabilities. Condensed balance sheets of the Corpora tion as of December 31, 1939, and December 31, 1940, are given in Table 12. Audit. In accordance with the Corporation's policy of having an annual independent audit, the accounts as of June 30, 1940, were audited by Arthur Andersen & Co. The balance sheet of the Corpo ration as of that date, together with the auditor's certificate, is given in Table 13. T a b le 13. AUDITORS’ REPORT ARTHUR ANDERSEN & CO. 6 7 W a l l S thf.b t Ne w Y o r k To the B o a r d o f D ir e c t o r s , F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t i o n : We have examined the balance sheet of the Federal Deposit Insurance Corpo ration as of June 30, 1940, including the related statement of income and expenses for the year ended that date, which statement of income and expenses is summarized under the surplus account in the balance sheet. In connection therewith we have examined or tested accounting records and other supporting evidence of the Corpo ration maintained in the Washington office (except records of the Corporation as Receiver for certain closed insured banks) and have reviewed the system of internal control and the accounting procedures by methods and to the extent we deemed appropriate, but we did not make a detailed audit of the transactions. Collateral to loans to merging insured banks and sub collateral thereto, and evidences of owner ship of assets purchased from insured banks, which for the most part were held by Liquidating Agents of the Corporation at June 30, 1940, were not examined by us but we reviewed reports as of recent dates prepared by the Corporation’s internal audit department or inventories with respect to recent loans or assets purchased prepared by the Corporation’s examiners, covering their verification of such items. In our opinion the accompanying balance sheet fairly presents the financial position of the Federal Deposit Insurance Corporation at June 30, 1940, and the results of its operations for the year ended that date. (,Signed) A r t h u r A n d e r s e n & Co. New York, N. Y., October 5, 1940. T a b l e 13 . FEDERAL A u d it o r s ' R e p o r t — C o n tin u e d DEPOSIT INSURANCE CORPORATION BALANCE SHEET— JUNE 30, 1940 ASSETS LIABILITIES $ 19,368,725.53 Cash on hand and on deposit. 805,955.39 Capital stock, without nominal or par value (nonvoting and not entitled to the payment of dividends)— Held by— United States G overnm ent................................................. $150,000,000.00 Federal Reserve banks......................................................... 139,299,556.99 $289,299,556.99 63,843,041.79 25,759,605.82 677,987.20 419,383.53 $130,156,510.66 39,209,069.65 90,947,441.01 16,690,481.49 Surplus— Balance, June 30, 1939............................. $135,182,610.78 Net increase in surplus for the year ended June 30, 1940— Income— Deposit insurance assessments. . . . $ 43,265,380.46 Interest earned and net profit from sales of United States Govern ment securities (less provision for 9,504,443.69 amortization of premiums) ............ Interest received on settled loans to merging insured banks and sub rogated claims of depositors........ 45,384.15 $ 52,815,208.30 6,302.30 140,267.91 $ 4,275,000.00 6,001,787.30 CORPORATION Capital stock and surplus (The entire capital stock and surplus constitutes a reserve for future deposit insurance losses and related expenses with respect to insured banks. It is estimated that the insured deposits in operating insured banks at June 30, 191+0, amounted to approximately $27 billion): $ 38,650,536.93 505,025.43 805,955.39 INSURANCE Less— Reserve for losses...................... Funds deposited for consum m ation of com m itm en t to purchase assets from an insured bank upon its fulfillm ent of certain conditions (Note 2 ) ........................ 348,489,672.87 269,236.27 DEPOSIT Assets acquired through bank sus pensions and mergers (less col lections) : Subrogated claims of depositors against closed insured banks.......... N et balances of depositors in closed insured banks, pending final settle ment or not claimed, to be subro gated when paid— per con tra ......... Loans to merging insured banks to reduce or avert deposit insurance losses, including recoverable liqui dation expenses (Note 1 ) ................ Assets purchased from merging in sured banks to reduce or avert deposit insurance losses, including recoverable liquidation expenses, under agreements to return any excess recovery to selling banks (Note 1 ) ................................................ Assets purchased from merging in sured banks to reduce or avert deposit insurance losses................... Assets purchased from receivers of closed insured ban ks........................ $347,198,632.53 1,291,040.34 $ FEDERAL United States Government Securi ties and accrued interest re ceivable thereon: United States Government securities, $3^5,567,350 principal amount— stated at cost ($31+8,537,836.18) less reserve for amortization of premiums {$1,339,203.65).................................. Accrued interest receivable................. Liabilities: Accounts payable............................................................................... Earnest money deposits and unapplied collections applicable to loans to merging insured banks and assets purchased. . . Net balances of depositors in closed insured banks, pending final settlement or not claimed— per contra............................ Unused credits for assessments paid to Temporary Federal Deposit Insurance Funds and prepaid assessments............... Accrued expenses................................................................................ Reserve for loss on assets to be acquired under terms of com mitment to purchase assets from an insured bank upon its fulfillment of certain conditions (Note 2 ) ................................ Total liabilities.................................................................... Furniture, fixtures, and equipm ent — Nominal value................................ 1.00 Expenses— Deposit insurance losses and ex penses (Note § ) .............................. $ Administrative expenses................... Furniture, fixtures, and equipment purchased........................................ $ 4,258,546.70 3,370,466.47 104,231.62 7,733,244.79 Deferred charges and m lscellaneo:receivables......................................... 69,596.68 $475,565,918.58 Balance, June 30, 1940..................... . . . Total capital stock and surplus: 180,264,574.29 469,564,131.28 $475,565,918.58 OF THE CORPORATION (4) Under the provisions of section 12B of the Federal Reserve A ct, as amended by Title I of the Banking A ct of 1935 (subsection “ o” ), the Corporation is authorized and empowered to issue and to have outstanding its notes, debentures, bonds, or other such obligations, in a par amount aggregating not more than $974,601,472.83. The Secretary of the Treasury, in his discretion, is authorized to purchase any such obligations of the Corporation and is authorized and directed to purchase obligations of the Corporation in an amount not to exceed $250,000,000 par value whenever in the judgment of the Board of Directors of the Corporation additional funds are required for insurance purposes. The Reconstruction Finance Corporation, as provided in subsection (b) of section 5e of the Reconstruction Finance Corporation A ct, as amended, is authorized and directed to purchase at par value such obligations of the Corporation as are authorized to be issued, upon request of the Board of Directors of the Corporation, provided that the R econstruction Finance Corporation shall not purchase or hold at any time said obligations in excess of $250,000,000 par value. If the Reconstruction Finance Corporation fails for any reason to purchase any of the obligations of the Corporation, the Secretary of the Treasury is authorized and directed to purchase such obligations in an amount equal to the amount of such obligations the Reconstruction Finance Corporation so fails to purchase. STATEMENT N O TE S: (1) Loans to merging insured banks are evidenced by demand notes bearing interest at the rate of 4 % per annum and the Corporation is entitled to a return of 4% per with respect to its investments in assets purchased from merging insured banks under agreements to return any excess recoveries to the selling banks. Accrued interest receivable and accrued allowable return on the above at June 30, 1940, aggregated $5,143,194.39, which was carried by the Corporation in memorandum accounts and is not included in the foregoing balance sheet. A t June 30, 1940, the Board of Directors had authorized the purchase of assets, under special agreements, from four insured banks, subject to certain terms and conditions, in amounts not to exceed $2,600,000.00 in the aggregate. (2) As of June 30, 1940, the Corporation had deposited $16,690,481.49 in a special account for the purchase of assets from an insured bank, subject to certain terms and conditions. A reserve was provided as of June 30, 1940, for the estimated loss of $4,275,000.00 in the liquidation of these assets and the surplus of the Corporation was reduced b y this amount by the inclusion of a provision for this loss with other deposit insurance losses and expenses. The purchase of these assets was consummated on September 14, 1940, under an agreement to return any excess recovery to the selling bank. (3) The Corporation from time to time revises its estimates of probable deposit insurance losses and expenses when appraisals are completed or reappraisals are made, and follows the practice of carrying direct to surplus the adjustments of the reserve for losses insofar as such adjustments relate to assets acquired through bank suspensions and mergers which occurred in a prior period. In the accompanying balance sheet, such adjustments (amounting to a net credit of $6,604,822.86) have been transferred to the related expense account. Deposit insurance losses and expenses shown on the foregoing balance sheet include the following: Amounts with respect to assets acquired through bank suspensions and mergers which occurred in the year ended June 30, 1940............... $ 6,588,369.56 Provision for loss on assets to be acquired under terms of commitment to purchase assets from an insured bank (See Note 2 ) ...................... 4,275,000.00 $10,863,369.56 Less— Adjustments of deposit insurance losses and expenses with respect to assets acquired through bank suspensions and mergers which occurred in prior years.............................................................................................................................................................................................................. 6,604,822.86 T o ta l............................................................................................................................................................................................................................. $ 4,258,546.70 arm n m OPERATING N et increase in surplus for the year ended June 30, 1940..................... $ 45,081,963.51 CO CO PART TWO DEPOSIT INSURANCE AND BANKING DEVELOPMENTS C o m m e r c ia l B a n k i n g O f f ic e s Banking offices in operation. The number of commercial banking offices in operation in the United States and possessions was reduced from 18,095 on December 31,1939, to 17,992 on December 31, 1940, a net reduction for the year of 103. The number of offices of branch banking systems increased by 51 over the year period, while the number of unit banks declined by 154. The changes during 1940 in the number of unit banks, the number of banks operating branches, and the number of branches are shown in Table 14. Table 14. U n it e d Sta te s and NUMBER OF COMMERCIAL BANKING OFFICES IN THE P o s s e s s io n s , D ecem ber 31, 1940, and Dec. 31, 1940 D ecem ber Dec. 31, 1939 31, 1939 Change T o ta l o f fi c e s ...................................................................................... 17,992 18,095 -103 Banks............................................................................................... 14,399 14,534 -135 -15U Unit banks.................................................................................. 18,1+25 13,579 Banks operating more than one office................................. 97It 955 +19 Branches or additional offices.................................................... 3,593 3,561 + 32 Detailed figures for 191+0— See Table 103, page 96. Unit banks comprise about three-fourths of the commercial banking offices of the country, and hold nearly one-half of the deposits. Unit banks predominate in the smaller centers and in centers in which there are less than nine banking offices; on June 29, 1940, over four-fifths of the banking offices located in centers of less than 10,000 were unit banks. In contrast, branches predominate in the larger centers; in centers with a population of 50,000 or more, over two-thirds were offices of banks operating branches. Seven-eighths of the branches in these larger centers were located in the same center as the head office. Comparisons of unit and branch banks according to population of center and number of banking offices in the center are shown in Table 15. Insured banks. The Federal Deposit Insurance Corporation was insuring deposits in 13,442 of the 14,399 commercial banks in operation on December 31, 1940. These banks held $63 billion of deposits, or 97 percent of the deposits of all commercial banks. The number of commercial banks insured was reduced by 96 during the year, representing the excess of terminations of insurance through merger, liquidation, and suspension over admissions to insurance of newly organized or previously noninsured banks. 37 38 FEDERAL DEPOSIT INSURANCE CORPORATION Table 15. B PERCENTAGE OF COMMERCIAL B AN K IN G OFFICES IN OPERATION e l o n g in g in to B centers ranch B grouped a n k in g Sy st e m s, Ju n e a c c o r d in g to 29, 1940 p o p u l a t io n AND NUMBER OF BANKING OFFICES IN CENTER In centers with population of— In all centers In all c e n t e r s ................................................... 1 2 3 9 In ce n te rs w ith — banking office.............................................. banking offices............................................ to 8 banking offices................................... or more banking offices............................ Less than 1,000 1,000 to 10,000 10,000 to 50,000 50,000 or more 25.2% 15.3% 15.4% 21.6% 6 8.4% 16.9 12.8 24.6 75.3 15.9 8.4 11.1 18.3 12.7 13.1 26.2 16.3 23.1 66.7 20.0 30.0 40.8 75.4 Detailed figures— See Table 109, page 118. The changes during the year 1940 were similar in character to those which have taken place each year over the last five years. The most important source of change in the number of banks over the period has been mergers, consolidations, and absorptions. The reduction in number of banks over the period has resulted in the elimination of most of the weak or uneconomic banks admitted to insurance in the Temporary Fund. Changes in the number of insured banks, excluding those which offset each other, since January 1, 1936, were due to the following causes: Admission of banks beginning deposit operations. . . Admission of operating noninsured banks................ Terminations of insurance.......................................... Suspension of banks—not reopened.......................... Mergers, consolidations, and absorptions—net re duction ..................................................................... Other liquidations....................................................... Net change...................................................... +165 +139 --11 -188 -627 -162 -684 A s s e t s a n d L i a b il it ie s o f I n s u r e d C o m m e r c ia l B a n k s On December 31, 1940, total assets of insured commercial banks amounted to nearly $71 billion, the highest figure ever reported. Total assets were $7.6 billion larger in amount at the close than at the beginning of the year, the largest increase recorded in any 12month period since the beginning of deposit insurance. The principal types of assets of insured commercial banks as of the middle and close of each year of Federal insurance of deposits are shown in Chart A. ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS 39 CHART A PRIN CIPA L A S S E T S OF INSURED COMMERCIAL BANKS CALL DATES, 1934-1940 BILLIONS OF DOLLARS BILLIONS OF DOLLARS C h a n g e s in a ssets a n d lia b ilitie s d u r in g 1940. The growth in assets during 1940 reflected chiefly a substantial inflow of gold and the expanded program of national defense started in the spring of the year. The effect of the gold inflow upon the banking system appears in large part in the $2.6 billion increase in holdings of cash and of reserves with the Federal Reserve banks. The progress of the defense program and the industrial expansion accompanying it are reflected in an increase of $1.5 billion in holdings of Government securities, a growth of $1.5 billion in loans, and an increase in float— items in process of collection—of about $1 billion. The expansion of liabilities was chiefly in demand deposits of individuals, partnerships, and corporations which increased by more than $5 billion over the year period. Interbank deposits increased by $1 billion and time deposits by $0.5 billion. Total capital accounts of all insured banks remained practically unchanged in amount over the period, and the ratio of total capital accounts to book value of assets was reduced from 10.3 percent at the beginning to 9.4 percent at the close of the year. 40 FEDERAL DEPOSIT INSURANCE CORPORATION Changes in assets and liabilities of operating insured commercial banks from December 30, 1939, to December 31, 1940, are shown in Table 16. T a b le 16. A ssets D AND LIA BILITIE S OF OPERATING INSURED COMM ERCIAL B A N K S ecem ber 31, 1940, and D ecem ber 30 , 1939 (Amounts in millions of dollars) Amount Change Dec. 31, 1940 Dec. 30, 1939 Amount 15,227 8,216 2,847 12,671 7,344 1,861 + 2,556 +872 +986 +20 + 12 + 53 17,065 7,099 18,398 1,534 334 70,720 15,568 6,860 16,866 1,657 320 63,147 + 1,497 + 23 9 + 1,532 -123 + 14 + 7,573 + 10 + 3 + 9 -7 +4 + 12 Deposits of other American banks....................................... Other demand deposits........................................................... Other time deposits.................................................................. Total deposits................................................................. 9,830 38,040 15,600 63,470 8,761 32,238 15,077 56,076 + 1,069 + 5,802 + 523 + 7 ,394 +12 + 18 +3 + 13 Miscellaneous liabilities........................................................... Total capital accounts............................................................. Total liabilities and capital accounts................. 577 6,673 70,720 546 6,525 63,147 + 31 + 148 + 7,573 + 6 +2 + 12 Percent ASSETS Cash and reserves with Federal Reserve banks................ Balances with other banks..................................................... Items in process of collection................................................ U. S. Government obligations, direct and fully guaran teed...................................................................................... Other securities......................................................................... Loans, discounts, and overdrafts.......................................... Fixed assets................................................................................ Miscellaneous assets................................................................. Total assets..................................................................... LIABILITIES AND CAPITAL Detailed figures— See Table 119, page 144. Analysis of loans. Loans increased by $1.5 billion during the year of which $900 million occurred in business loans. Loans reported as “ all other loans,” which represent principally personal and con sumer loans, part of which are repaid on an instalment basis, increased by $400 million. Residential real estate loans, almost one-half of which are represented by loans insured under Title II of the National Housing Act, increased by $300 million. Agricultural loans also increased, while loans for the purpose of purchasing and carrying securities were reduced in volume. The major part of the expansion in total loans was in the second half of the year and was greater than for any other 6-month period since the beginning of the Federal deposit insurance system. This rapid growth probably reflected for the most part acceleration of the defense program. Instalm ent consumer loans. Comprehensive data on instal ment consumer loans of banks became available in 1940 for the first time through a special questionnaire addressed to insured banks by the Federal supervisory agencies. ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS 41 Holdings of these loans—personal instalment loans and retail instalment paper—reported by 11,551, or 86 percent of all insured commercial banks on December 31, 1940, amounted to $1,469 million. The remaining 1,868 insured commercial banks reported that they held no personal instalment consumer loans.1 Slightly more than one-half of the amount outstanding represented unpaid balances of instalment loans arising from the retail sale of and secured by specific articles, such as automobiles, trucks, tractors, household appliances, furniture, clothing, and jewelry.2 Nearly one-fifth of the total represented unpaid balances on property improvement loans made under the provisions of Title I of the National Housing Act. The remainder consisted of the unpaid balances on other personal instalment loans—the so-called "cash loans” made directly by banks to their customers, the proceeds of which were used for the most part for general personal expenditures. For all insured commercial banks instalment consumer loans averaged 8.0 percent of total loans held. This ratio exhibited a wide variation geographically, ranging from 2.9 percent in Rhode Island to 18.4 percent in Oregon. In general, the ratios of instalment consumer loans to total loans were higher in the western than in the eastern States and were higher among banks in the smaller centers than among those in the larger centers. Among the 6,934 banks submitting reports on personal and retail instalment paper to the Federal Deposit Insurance Corporation, instalment consumer loans ranged from less than 1 percent to 100 percent and averaged about 12 percent of total loans. There ap peared to be no relationship between the size of bank and the pro portion of such loans held. The banks with larger proportions of loans in the form of instalment consumer loans showed higher average rates of income on loans. This influence was particularly marked in the case of those banks with more than 60 percent of total loans in the form of instalment consumer loans. A majority of the banks in this group, which concentrate on the small personal loan financing business, are generally spoken of as “ industrial” banks. Comparable figures for 1939 are available only for retail instalment paper. This category, which on December 31, 1940, constituted approximately one-half of instalment consumer loans of the banks, showed an increase during 1940 of $235 million, or 43 percent, and rose from 3.2 percent to 4.2 percent of total loans. The banks in the larger centers showed the largest proportionate increases in their holdings of retail instalment paper. However, the banks in the smaller centers continued to have a larger proportion of their total 1 Exclusive of 23 banks from which reports were not received. 2 One-third of these loans were made directly to the banks’ customers while two-thirds represented retail paper purchased from dealers and merchants. 42 FEDERAL DEPOSIT INSURANCE CORPORATION loans in the form of retail instalment paper than did the banks in the larger centers. D is tr ib u tio n o f a sse ts. Data for all commercial banks show that during the past twenty years the asset composition of the banking system has undergone significant change. Chart B shows that the proportion of cash and of United States Government obligations held has increased substantially since the 1920's, whereas the proportion of loans has decreased materially.1 A percentage distribution of assets and liabilities for the middle of 1920,1929, and 1937, and for December 31, 1940, is shown in Table 17. CHART B PERCENTAGE DISTRIBUTION OF ASSETS - ALL COMMERCIAL BANKS 1919 -194 0 1920 1922 1924 1926 1928 1930 1932 1934 1936 1938 1940 >919-1934 APPROXIMATE JUNE 3 0 DATES; 19 35 -1 9 4 0 JUNE 3 0 AND DECEMBER 31 DATES. The dates chosen for comparison are fairly representative of three periods of substantial business activity during the interim between the two world wars. Total assets of all commercial banks in the United States and its possessions amounted to $73.1 billion on Decem ber 31, 1940, as compared with $56.9 billion on June 30, 1937, $61.7 billion in the middle of 1929, and $47.2 billion in 1920. Although total bank assets, on December 31,1940, were higher than at any other period, the amount of loans outstanding was still about one-half of the amount in 1929. The percentage of loans was less than on any of the earlier selected dates. Holdings of Government securities were nearly four times the amount held by commercial banks in 1 Data for Chart B for June 30 of each year, 1920 to 1935, are assets and liabilities of all active banks, Annual Report of the Comptroller of the Currency, 191>0, p. 320, adjusted to exclude mutual sav ings banks; data for other dates from Table 118, page 140. 43 CONDITION OF INSURED COMMERCIAL BANKS 1929. Cash and amounts due from banks constituted over one-third of the total assets of the banking system at the close of 1940, more than double the proportions for 1920 and 1929. Table 17. PERCENTAGE DISTRIB U TION OF ASSETS AND L IA B IL IT IE S, 1920, 1929, 1937, and 1940 ALL OPERATING COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS June 30, 1920 June 29, 1929 June 30, 1937 Dec. 31, 1940 14.7% 8.0 14.0 57.7 5.6 100.0 26.4% 25.7 13.2 30.7 4.0 100.0 37.1% 24.3 10.1 25.8 2.7 100.0 79.3 6.6 14.1 100.0 86.9 1.3 11.8 100.0 89.7 .8 9.5 100.0 ASSETS 17.2% Cash and amounts due from banks..................................... Obligations of U. S. G overnm 7.9 ent ......................................... Other securities......................................................................... 10.1 Loans and discounts................................................................ 59.6 Fixed and miscellaneous assets............................................. 5.2 T o ta l a sse ts..................................................................... 100.0 LIABILITIES AND CAPITAL Total deposits............................................................................ Miscellaneous liabilities........................................................... Total capital accounts............................................................. T o ta l liab ilities a n d ca p ita l a c c o u n t s ................. 77.4 10.9 11.7 100.0 Source— See footnote 1, on page 42. The growth in assets was at a more rapid rate than the additions to the banks' capital accounts and the ratio of total capital accounts to book value of assets, at 9.5 percent on December 31, 1940, was lower than at any other time of record. C o n d it io n o f I n s u r e d C o m m e r c ia l B a n k s Examinations of insured commercial banks conducted during 1940 reveal continued improvement in the quality of the assets held by the banks. However, the capital accounts of the banks are not keeping pace with the growth of the banks’ assets, and substantial reductions have occurred in capital ratios. This situation may become aggravated by credit expansion resulting from the defense effort. Analysis of assets. Total assets of 13,437 insured commercial banks examined in 1940 were valued on their books at $65.2 billion.1 The assets were appraised in the reports of examinations at $65.0 billion, or 99.7 percent of book value. Slightly less than 4 percent of the assets were of substandard quality. The data are shown in Table 18. 1 The number of insured commercial banks for which data of examinations were available and tabulated is about 100 less than the total number of insured commercial banks operating during part or all of the year. The data tabulated include figures for about 150 banks, with deposits of $3.7 billion, examined in the closing months of 1939, for which reports of examinations in 1940 were not available. For banks included and explanation of terms, see Explanatory N ote to Part Five, pages 85 to 88. 44 FEDERAL DEPOSIT INSURANCE CORPORATION Table 18. APPRA ISAL OF ASSETS OF INSURED COMMERCIAL B A N K S E x a m in e d in 1940 Amounts per $100 of book value B ook value (in bil lions of dollars) T o t a l a ss e ts ....................................................... $65.2 Cash and due from banks........................... Securities......................................................... L oans................................................................ Fixed assets..................................................... Miscellaneous assets..................................... 23.3 22.8 17.0 1.6 .5 Appraised value Examiners’ deductions (net) Total j Sub standard N ot criticized $0.34 $99.66 $3.92 $95.74 .26 .66 3.17 *-.87 100.00 99.74 99.34 96.83 100.87 4.56 6.18 27.91 3.08 100.00 95.18 93.16 68.92 97.79 1 Excess of net sound banking values not on books over examiners’ deductions. Detailed figures— See Table 129 to 132, pages 168 to 183. The appraised value of each type of asset represented a higher percentage of book value in the examinations made during 1940 than in the examinations of preceding years. In addition, the proportions of each of the principal types of non-cash assets considered to be of substandard quality were less than in preceding years. This im provement in quality has been continuous throughout the seven years of deposit insurance.1 There was also a reduction, in 1940 as com pared with 1939, in the number of banks with substantial propor tions of assets of fixed and substandard grade. A distribution of the banks in 1939 and 1940 according to their fixed and substandard assets ratios is given in Table 19. The improvement may be attributed, in part, to the increase in volume of uncriticized assets accompanying the continued growth in deposits and assets. However, about one-half of the decrease over the year in the fixed and substandard assets ratio may be at tributed to the removal of substandard assets of about $400 million from the books of insured banks. While a portion of this removal resulted from the elimination of some banks through suspension, liquidation, or merger, the major portion of the decrease occurred through sale, liquidation, or charge-off of substandard assets held by operating banks, and by improvement in the position of individual obligors. In spite of the improvement shown during the past year by nu merous banks and by the banking system as a whole, a number of individual banks continue to hold excessive amounts of fixed and substandard assets. Nearly 400 banks with deposits of more than 1 Figures since 1933 covering insured commercial banks examined by the Corporation are presented in Tables 136 and 137, pages 187 and 188. Comparable figures for banks examined by other Federal agencies have not been compiled for the years prior to 1938 but available data indicate improvement in the quality of assets of those banks during this period. 45 CONDITION OF INSURED COMMERCIAL BANKS $1 billion hold fixed and substandard assets equal to more than double the amount of their net sound capital. The amount of fixed and substandard assets exceeds the amount of net sound capital in about one-sixth of the insured commercial banks. These banks hold about one-eighth of the deposits of all insured commercial banks. The number and deposits of operating insured commercial banks examined in 1940, grouped according to net sound capital ratio and by fixed and substandard assets ratio, appear in Tables 133 and 134, pages 184 and 185. Table 19. I nsured PERCENTAGE DISTRIBUTION OF NUMBER AND DEPOSITS OF C o m m e r c ia l B an k s, E x a m in a t io n s 1940 in and 1939 BANKS GROUPED BY FIXED AND SUBSTANDARD ASSETS RATIO Number of banks 1940 1939 Deposits 1940 1939 100.0% 100.0% 100.0% 100.0% Banks with fixed and substandard assets per $100 of appraised value of assets of— $0.00......................................................................... $0.01 to $4.99................................................................ $5.00 to $9.99............................................................... .3 37.5 33.3 .3 28.7 31.7 .2 59.7 27.3 .2 43.5 36.9 $10.00 to $14.99........................................................... $15.00 to $19.99............................................................. $20.00 or more.............................................................. 15.7 7.5 5.7 19.3 10.0 10.0 7.4 3.2 2.2 10.0 5.6 3.8 All b an k s.......................................................................... Detailed figures for 19UO— See Tables 133 and 134, pages 184 and 185. Analysis of capital accounts. At the time of their 1940 exami nations, the insured commercial banks had net sound capital of $6.3 billion, as compared with $6.2 billion shown by 1939 examinations. The net sound capital, as revealed by 1940 examinations, amounted to approximately 96.5 percent of total capital accounts, as compared with 95.2 percent in the preceding year. As a result of the rapid growth in total assets, however, net sound capital amounted to only 9.7 percent of the appraised value of assets as compared with 10.6 percent in 1939.1 Investment of the Re construction Finance Corporation in the preferred capital of banks amounted to $437 million (retirable value), or 0.6 percent of the ap praised value of assets. Net sound private capital amounted to 9.1 percent of the appraised value of assets. The decline in capital ratios from 1939 to 1940 represents a con tinuation of the trend which has been in evidence since 1936 due 1 In view of the further rapid increase in deposits and assets of insured commercial banks during the latter part of the year 1940, it is estimated that the ratio of net sound capital to appraised value of assets showed a further decrease subsequent to the date of the examinations, which were made throughout the year, so that net sound capital of all the banks probably approximated 9 percent of appraised value of their assets as of December 31, 1940. 46 FEDERAL DEPOSIT INSURANCE CORPORATION to the growth in deposits and assets at a more rapid rate than the growth in capital accounts. Over this period two conflicting develop ments have been in evidence. On the one hand, the number of hazardous and very weak banks has been reduced. On the other hand, more banks have fallen into the group with capital accounts of less than 10 percent of assets. In 1940 more than one-fifth of the banks, holding almost two-thirds of the deposits in all insured commercial banks, had net sound capital of less than 10 percent of the appraised value of assets. Seven of these banks, with deposits of $39 million, had no capital at all after adjustment for estimated losses and for assets of doubtful value, and 49 other banks, with deposits of $210 million, had net sound capital of less than 5 percent of the appraised value of assets.1 Dis tribution of the banks according to their capital ratios in 1940 and 1939 examinations is shown in Table 20. Table 20. PERCENTAGE DISTRIBUTION OF NUMBER AND DEPOSITS OF I nsured C o m m e r c ia l B a n k s , E x a m in a t io n s 1940 in and 1939 BANKS GROUPED BY NET SOUND CAPITAL RATIO Number of banks 1940 1939 Deposits 1940 1939 100.0% 100.0% 100.0% 100.0% B an ks w ith n e t s o u n d ca p ita l p er $100 o f a p p ra ised value o f assets o f — 1 $0.00 or less........................................................................... $0.01 to $4.99........................................................................ $5.00 to $9.99........................................................................ .1 .4 21.3 .1 .6 20.7 .1 .4 63.5 .0 .7 57.6 $10.00 $15.00 $20.00 $25.00 45.4 21.1 7.7 4.0 44.1 21.5 8.3 4.7 29.0 4.5 1.5 1.0 32.1 6.6 1.7 1.3 A ll b a n k s .................................................................................. to to to or $14.99.................................................................... $19.99.................................................................... $24.99.................................................................... m ore...................................................................... 1 In order to eliminate the influence of seasonal fluctuations in total assets upon the ratios for individual banks, the base used in the computation of the ratio for individual banks for the most part consisted of the estimated average, over the year period preceding the date of examination, of total assets— adjusted for examiners’ net deductions. In view of the rapid increase in assets during the entire period covered by this averaging process, this table tends to represent the condition of the banks— considered as a whole— at a period close to the beginning of the respective years shown. The percentage of banks, and the per centage of deposits of banks, with a low proportion of net sound capital as of the close of the year 1940 is probably higher than shown by this table, and, conversely, the percentage represented by banks with a high proportion of net sound capital is probably lower. Detailed figures for 191+0— See Tables 133 and 134, pages 184 and 185. In general, the small banks had higher ratios of net sound capital to appraised value of assets than did the large banks. Among the 2,615 banks with deposits of less than $250,000, only one in each 1 Between the date of the examination and the end of the year, 3 of these 56 banks had suspended operations, 6 had been merged with financial aid of the Federal Deposit Insurance Corporation, and action had been taken against 4 for continuing to engage in unsafe and unsound banking practices. In 2 of the latter cases, prospective mergers were pending. In 19 of the remaining cases there was a distinct possibility that a financial expenditure by the Corporation would be required. In addition to the 7 banks with no net sound capital, there were 72 banks with deposits of $378 million whose 1940 examinations revealed no net sound capital except that represented by investment of the Reconstruction Finance Corporation. 47 EARNINGS OF INSURED COMMERCIAL BANKS thirty (3.5 percent) had a ratio of net sound capital to appraised value of assets of less than 10 percent, and one in each three had a ratio of 20 percent or more. Among the 546 banks with deposits of more than $10 million each, about two-thirds had a ratio of net sound capital to appraised value of less than 10 percent, and only ten banks had a ratio of 20 percent or more. Deposits of these (347) large banks with net sound capital ratios of less than 10 percent amounted to $32 billion, or 55 percent of the deposits of all insured commercial banks. Distributions of the number and deposits of insured com mercial banks, grouped according to net sound capital ratio and by fixed and substandard assets ratio, by rate of average net earnings, and by deposits, are shown in Tables 133 and 134, pages 184 and 185. Averages for the size groups are shown in Table 21. Table 21. SUBSTANDARD A SSET AND N E T SOUND C APITA L R A T IO S , E x a m in a t io n s in 1940 INSURED COMMERCIAL BANKS GROUPED BY AMOUNT OF DEPOSITS Number of banks Substandard assets per $100 of appraised value of assets N et sound capital per $100 of— Appraised value of assets Total capital accounts A ll b a n k s .................................................................. 13,437 $3.93 $9.74 $96.46 B an k s w ith d ep osits o f — $100,000 or less.................................................... $100,000 to $250,000.......................................... $250,000 to $500,000.......................................... 385 2,230 3,086 9.01 6 99 5.91 25.35 17.23 14.11 95.07 96.15 96.83 $500,000 to $1,000,000....................................... $1,000,000 to $2,000,000.................................... $2,000,000 to $5,000,000...............•................... 3,022 2,169 1,483 5.88 6.09 6.35 13.00 12.30 11.81 95.96 94.57 94.62 $5,000,000 to $10,000,000.................................. $10,000,000 to $50,000,000................................ More than $50,000,000...................................... 516 418 128 5.61 4.44 2.87 11.23 9.77 8.59 94.98 96.23 97.38 Detailed figures— See Tables 126, 128, 129, and 131, pages 162, 166, 168, and 176. E a r n in g s of I n su r ed C o m m ercial B a n k s The earnings reported by insured commercial banks in 1940 reflect the influence of the defense program, as well as the influence of trends which have been in evidence for a number of years. The influence of defense activities is revealed in the character of increases in income and expenses. The influence of previously existing trends is shown in lowered interest rates on securities and on time deposits and in smaller charge-offs following progressive elimination of criticized assets. Earnings, expenses, profits, and dividends of insured com mercial banks for each year, from 1934 to 1940, are shown in Table 22. 48 FEDERAL DEPOSIT INSURANCE CORPORATION Table 22. E a r n in g s , Insu red C E xpen ses, B o m m e r c ia l and anks, D iv id e n d s of 1934-1940 (Amounts in millions of dollars) 1934 1935 1936 1937 1938 1939 1940 Gross current operating earnings.................. Total current operating expenses1................. 1,518 1,117 1,486 1,083 1,567 1,126 1,634 1,167 1,584 1,158 1,605 1,160 1,631 1,193 Net current operating earnings.......... 401 403 441 467 426 445 438 Profits on assets sold, recoveries on assets, etc. Losses, charge-offs, etc..................................... 292 1,033 432 628 585 502 309 395 329 455 381 438 349 386 Net profits before dividends.................. 524 381 300 388 401 223 226 222 232 237 301 155 78 156 164 2-340 207 Cash dividends declared and interest paid on capital.................................................... 188 207 Net profits after dividends..................... 2-528 1 Including income taxes. The figures of total current operating expenses shown in Table 139 exclude income taxes of banks reporting to the Corporation, except in 1934 and 1935. Since income taxes of other banks, which represent the major portion, are not reported separately, income taxes of banks reporting to the Corporation are included under total current operating expenses in this table. 2 Net loss. Detailed figures— See Table 139, page 190. Trends o f earnings and expenses. Gross current operating earnings, total current operating expenses, and net current operating earnings of insured commercial banks have been relatively stable, and have shown only minor fluctuations, over the seven years of deposit insurance. chart c CURRENT OPERATING EARNINGS OF INSURED COMMERCIAL BANKS CALENDAR YEARS, 1934- 1940 1934 1935 1936 1937 1938 1939 1940 49 EARNINGS OF INSURED COMMERCIAL BANKS However, the major individual items of earnings and expenses have changed considerably. The figures are presented graphically in Charts C and D. The charts show that all items of earnings and expenses increased during the period with the exception of interest and dividends received on securities, and interest paid on time and savings deposits, which decreased considerably. For the most part the changes in earnings and expenses have been gradual over the period except in the case of income on loans. More than one-half of the increase in income on loans occurred between 1939 and 1940, reflecting the expansion in the volume of loans and discounts outstanding in these banks as a result largely of the heightened industrial activity induced by the defense program. Interest and dividends on securities have declined in each year since 1936. Due to these changes in earnings and expense items, the com position of gross current operating earnings and of total current operating expenses changed materially over the period, 1934-1940. Income on loans, the largest single component of income, increased from 45 percent of gross current operating earnings in 1934 to 47 percent in 1940, while interest and dividends on securities declined from 36 to 31 percent. Income from fees and service charges, which includes service charges on deposit accounts as well as collection charges and commissions on insurance policies and on servicing mortgage loans, increased from 5 percent of gross earnings in 1934 to 8 percent in 1940. The dollar amount of increase in these charges exceeded the decrease in income from securities and was more than two-thirds of the increase in income from loans. CHART D CURRENT OPERATING EXPENSES OF INSURED COMMERCIAL BANKS CALENDAR YEARS, 1934-1940 1934 1935 1936 1937 1938 1939 1940 50 FEDERAL DEPOSIT INSURANCE CORPORATION Interest paid on time and savings deposits declined by over onethird and absorbed 12 percent of gross earnings in 1940 as compared with 20 percent in 1934. This decrease was due to the reduction in rates of interest paid depositors. The proportion of earnings paid out in salaries and wages, the largest item of expense, increased from 26 percent in 1934 to 30 percent in 1940, reflecting increases in personnel as well as higher rates of compensation. Rates of earnings and expenses. The rate of income received on loans by insured commercial banks in 1940 was virtually unchanged from the rate shown for 1939, but was higher than in any of the three years, 1936-1938. The higher average rate of income received on loans in 1939 and in 1940 was due not to a rise in rates of interest but to changes in the composition of loans. Rates of interest on given classes of loans—consumer loans, mortgage loans, industrial and commercial loans—appear to have averaged lower in 1939 and 1940 than in the immediately preceding years. The higher average rate of return on loans for the insured banks as a whole in 1939 and 1940, as compared with the three years, 1936-1938, appears to be due to the relatively more rapid growth of instalment consumer loans and real estate mortgage loans than of other types of loan. These two classes of loans generally bear rates of interest above the average for all loans of insured commercial banks. Increases in the amount of loans have also been greatest among the banks in which rates of interest have been above the average for the country as a whole. Figures showing the average rates of income received on loans and on securities and the average rates of interest paid on time and savings deposits are presented in Table 23. Table 23. Interest P a id by R ates OF INCOME R EC E IV E D AND I n sured C o m m e r c ia l B an ks, 1934-1940 1934 1935 1936 1937 1938 1939 1940 Incom e on loans per $100 of total loans----- $4.63 $4.40 $4.34 $4.28 $4.36 $4.46 $4.41 Income on securities per $100 of total securities..................................................... 3.17 2.87 2.66 2.68 2.56 2.38 2.16 Interest paid per $100 of time and savings deposits....................................................... 2.40 2.01 1.72 1.62 1.55 1.43 1.30 The rate of income on securities continued the decline which has been in evidence practically without interruption since 1934, the first year for which figures for all insured commercial banks are available. As in earlier years the decline reflects both lower yields on corporate and governmental obligations and increased concentra tion of holdings of obligations of the United States Government and 51 EARNINGS OF INSURED COMMERCIAL BANKS of States and their political subdivisions, obligations which generally afford the lowest yields. The rate of interest paid on time and savings deposits by insured commercial banks declined in 1940 for the sixth consecutive year. Average rates of interest paid by the banks on time and savings deposits have been reduced by one-half over the seven-year period, amounting to about one and one-quarter percent in 1940 as compared with nearly two and one-half percent in 1934. The average rate paid in 1940 was well below the maximum rate of two and one-half percent permitted by Federal regulations. Distributions of insured com mercial banks in 1940 according to rates of income on loans and rates of interest paid on time and savings deposits, and according to other operating ratios, are shown in Tables 142 to 149, pages 196 to 203. Net earnings and net profits. The amount of net current operating earnings reported by insured commercial banks has been well sustained over the seven years of deposit insurance and has varied between 26 and 29 percent of gross earnings. Total assets, on the other hand, have shown considerable growth and the rate of net earnings oi^ total assets has declined substantially during the period. In contrast, since total capital accounts have shown only a small growth there has been no corresponding reduction in the rate of net earnings on total capital accounts. Rates of net earnings and of net profits are shown in Table 24. Table 24. RATES OF N E T EARNINGS AND N E T PROFITS OF I nsured C o m m e r c ia l B an ks, 1934-1940 N et earnings per $100 of— Gross earnings Total assets Total capital accounts N et profits per $100 of— Total assets Total capital accounts 1934...................................................................... $26.43 $0.89 $6.48 i$-0.75 1935...................................................................... 27.12 .84 6.51 .43 3.35 1936....................................................................... 28.29 .83 7.05 .98 8.35 1937...................................................................... 28.88 .86 7.40 .69 5.97 1938...................................................................... 27.13 .78 6.70 .54 4.68 1939...................................................................... 28.05 .75 6.94 .65 5.98 1940...................................................................... 27.20 .66 6.72 .60 6.08 i$-5.48 1 Net loss. In 1940, as in each of the two preceding years, about 39 percent of the banks reported net earnings of $10.00 or more per $100 of total capital accounts, approximately 60 percent reported net earnings 52 FEDERAL DEPOSIT INSURANCE CORPORATION of less than $10.00, and slightly more than 1 percent reported net deficits. The figures are shown in Table 25. Table 25. A c c o r d in g t o PERCENTAGE D ISTRIBU TION OF INSURED COMMERCIAL B A N K S R ates of N et E a r n in g s on T otal All banks1.......................................................................................... C a p it a l A ccou n ts, 1938-1940 1940 1939 1938 100.0% 100.0% 100.0% Banks with net earnings per $100 of total capital accounts of— 2 $-5.00 or less................................................................................ $-0.01 to $ -4.9 9 ............................................................................ .2 1.1 .1 .9 .1 1.1 $0.00 to $4.99................................................................................ $5.00 to $9.99................................................................................ $10.00 to $14.99............................................................................ 16.8 42.7 26.3 16.6 43.3 26.2 16.3 42.9 25.5 $15.00 to $19.99............................................................................ $20.00 or m ore............................................................................... 9.2 3.7 9.2 3.7 10.1 4.0 1 Excludes banks submitting reports covering less than the full year’s operations or materially affected by mergers. 2 Total capital accounts are averages of figures for call dates. As indicated by Table 26, rates of net profits (before dividends) among individual banks have been less stable than rates of net earnings and have exhibited some improvement over the three-year period. Approximately 29 percent of the banks reported net profits of $10.00 or more per $100 of total capital accounts in 1940, a higher proportion than in either of the two preceding years. Similarly a smaller pro portion reported net losses in 1940 than in 1939 or 1938. Distribu tions of insured commercial banks according to rates of net earnings and rates of net profits on total assets in 1940 and by other classifica tions are shown in Tables 142 to 149, pages 196 to 203. Table 26. A c c o r d in g to PERCENTAGE D ISTRIBU TION OF INSURED COMMERCIAL B A N K S R ates of N et P r o f it s on T otal C a p it a l A ccou n ts, 1938-1940 1940 1939 1938 100.0% 100.0% 100.0% Banks with net profits per $100 of total capital accounts of— 2 $-10.00 or less................................................................................ $-5.00 to $ -9 .9 9 ............................................................................ $-0.01 to $ -4 .9 9 ............................................................................ 1.3 1.5 6.2 1.6 1.8 6.0 3.3 3.4 9.3 $0.00 to $4.99................................................................................ $5.00 to $9.99................................................................................ $10.00 to $14.99............................................................................ 25.7 36.7 19.6 25.6 36.9 19.4 29.3 32.0 15.4 $15.00 to $19.99............................................................................ $20.00 or m ore............................................................................... 6.3 2.7 6.2 2.5 5.2 2.1 All banks1.......................................................................................... 1 Excludes banks submitting reports covering less than the full year’s operations or materially affected by mergers. J Total capital accounts are averages of figures for call dates. Net charge-offs. The fluctuations in the amount of net profits from year to year, shown in Table 22, reflect the wide variation in EARNINGS OF INSURED COMMERCIAL BANKS 53 the amounts charged off on assets considered to be worthless or of doubtful value, in the amounts recovered upon charged-off assets, and in the amounts of profits from sales of securities. These variations are presented in Chart E.1 CHART E CHARGE-OFFS AND RECOVERIES OF INSURED COMMERCIAL BANKS CALENDAR YEARS, MILLIONS OF DOLLARS 1934-1940 MILLIONS OF DOLLARS The chart shows that losses and charge-offs on assets were reduced more than one-half between 1934 and 1937 and have fluctuated around $400 million per year, or seven-tenths of 1 percent of total assets, since that time. Recoveries on assets and profits on assets sold, on the other hand, doubled between 1934 and 1936 and have since fluctuated between $300 and $400 million, or six-tenths of 1 percent of total assets. The reduction in charge-offs during the first three years of deposit insurance reflected chiefly the progressive elimination of assets upon which losses had previously accumulated. The increase in recoveries and profits on assets from 1934 to 1936 reflected three forces: (1) recoveries normally to be expected on the unusually large amounts of loans and real estate charged off in immediately preceding years; (2) recoveries on securities which had been written down to excessively low levels during the crisis period; and (3) profits on securities sold during the period of rapidly rising bond prices. The amounts charged off and recovered during the first three years of deposit insurance were strongly influenced by the depression of the early 1930’s; since 1937 amounts charged off and recovered have 1 Total recoveries and profits are presented combined in Chart E because profits on securities sold were not reported separately in 1934 and 1935 by banks members of the Federal Reserve System. D e preciation on banking house, furniture and fixtures is excluded. See pages 89 and 90. 54 FEDERAL DEPOSIT INSURANCE CORPORATION shown a reasonably consistent behavior. Gross charge-offs and recoveries on assets of insured commercial banks over the period, 1937-1940, are shown in Table 27. Table 27. CHARGE-OFFS AND RECOVERIES OF INSURED COMMERCIAL BAN KS, 1937-1940 Total A m ount (in m illions of dollars): Charge-offs......................................................................... R ecoveries.......................................................................... Net charge-offs.......................................................... $1,674 2680 994 Loans Securities All other1 $541 278 263 $807 259 548 $326 2143 183 Annual rate 'as percentage of corresponding assets) :3 Charge-offs......................................................................... R ecoveries..................... .................................................... Net charge-offs.......................................................... 0.71% 2.29 .42 0.82% .42 .40 0.93% .30 .63 Percentage of net current operating earnings: Charge-offs......................................................................... R ecoveries.......................................................................... Net charge-offs.......................................................... 93.2% 237.9 55.3 30.1% 15.5 14.6 44.9% 14.4 30.5 18.2% 28.0 10.2 1 Depreciation on banking house, furniture and fixtures is excluded. See pages 89 and 90. 2 Includes profits on assets other than securities for banks not reporting to the Federal Deposit Insurance Corporation. 3 The corresponding assets, to which the annual rates are related, are as follows for the respective columns: (a) total assets; (b) total loans and discounts (including overdrafts); (c) total securities. During the period, 1937-1940, insured commercial banks made provision for losses at the rate of approximately seven-tenths of 1 percent of total assets, which amounted to almost the entire amount of net current operating earnings for the period. However, recoveries on assets previously charged off were two-fifths of the amount set aside for losses so that net charge-offs amounted to about four-tenths of 1 percent of average total assets. These net charge-offs amounted to about one-half of the net current operating earnings for the past four years. Gross charge-offs on securities approximated 50 percent of net earnings, amounting to nearly 1 percent annually of the gross amount of securities outstanding. These gross charge-offs include losses sustained on the sale of securities, provision made for losses through establishment of valuation allowances, and lump sum charge off of premiums on securities purchased. Recoveries of amounts pre viously written down on securities amounted to one-third of this gross loss; and net charge-offs on securities approximated two-thirds of 1 percent of total securities annually. If profits on securities are considered in combination with re coveries, from 1937 to 1940, they exceeded the losses charged off so that the banks as a whole were able to show net recoveries and profits on securities. This favorable record with respect to securities must be attributed to the rising trend in the bond market in evidence during most of the period. EARNINGS OF INSURED COMMERCIAL BANKS 55 Gross charge-offs on loans were somewhat lower than gross chargeoffs on securities during this period. Recoveries on loans have exceeded 50 percent of the provision for losses since 1937, so that net charge-offs on loans have been about four-tenths of 1 percent annually of the average amount of loans outstanding. This is slightly more than one-half of the estimated average rate of net charge-offs on loans during the 20 years preceding deposit insurance. The lower rate reflects for the most part heavy charge-offs, in 1934 and 1935, of assets impaired by the depression. Dividends. Interest and dividends on preferred and common capital were higher in 1940 than in any of the preceding years of deposit insurance. The rate of return on preferred and common capital increased from an average of 5.6 percent in 1934 to 8.2 percent in 1940. This growth can be attributed chiefly to continuous in creases in the average rate of dividends on common stock. In 1940 common dividends averaged 9.0 percent of the par value of common stock, compared with 6.9 percent in 1934. The rate of interest and dividends paid on preferred capital increased substantially in 1935 and 1936 but declined thereafter, due to the reduction of dividend (and interest) rates by the Reconstruction Finance Corporation. In 1940, return on preferred capital averaged 3.8 percent of book value but only 2.9 percent of retirable value. Rates of dividends from 1934 to 1940 are shown in Table 28. Table 28. R ates OF D iv id e n d s OF INSURED Dividends per $100 of capital stock, notes, and debentures COMMERCIAL B A N K S , 1934-1940 Common dividends per $100 of common capital Preferred dividends per $100 of preferred capital1 Dividends per $100 of total capital accounts $3.03 1934............................................................................. $5.63 2$6.86 2$2.41 1935............................................................................. 6.22 27.37 23.37 3.36 1 9 3 6 ........................................................................... 6.99 28.23 23.77 3.56 3.54 1937............................................................................. 7.39 8.37 3.31 1938............................................................................. 7.38 8.33 2.90 3.47 1939............................................................................. 7.87 8.76 2.91 3.58 1940............................................................................. 8.18 8.98 2.92 3.59 1 Retirable value. ^Partly estimated since preferred and common capital were not tabulated separately for these years. During the first two years of deposit insurance—1934 and 1935— the banks reported substantial net charge-offs of losses previously accumulated on assets. During 1936, the banks realized profits on securities sold and recoveries on assets which together were in excess of charge-offs. The excess was attributable, in part, to recoveries 56 FEDERAL DEPOSIT INSURANCE CORPORATION on the heavy charge-offs of the preceding years and, in part, to rising prices in the bond market. Since those three years of abnormally large fluctuations in net profits, total interest and dividends paid on capital have amounted to over one-half of net earnings and to over three-fifths of net profits, During the four years, 1937-1940, approximately three-tenths o ’ net earnings—three-eighths of net profits—have been retained ii; the banks' capital accounts. Over the past four years additions ^o capital accounts from net profits after dividends have averaged about 2 percent per year of total capital accounts. I n su r e d M u t u a l S a v in g s B a n k s On December 31, 1940, the Federal Deposit Insurance Corporation was insuring deposits in 53 of the 551 mutual savings banks in the country. The 53 banks were operating 31 branches at the close of the year. Two banks, operating six branches, and holding deposits of $424 million, were admitted to insurance during the year. Insured mutual savings banks held deposits of $1.8 billion at the end of the year, amounting to 17 percent of the $10.7 billion of deposits in all mutual savings banks. Eight of the insured banks held deposits of more than $50 million each, totaling $1.4 billion, or 77 percent of the deposits in all insured mutual savings banks. The 53 insured banks were located in 12 States. More than $1.5 billion of the deposits were held by banks located in six eastern States. Of the $1,984 million of assets held by insured mutual savings banks on December 31, 1940, 30 percent were represented by real estate loans and 2 percent by other loans and discounts. United States Government securities held amounted to 28 percent of the assets and other securities to 24 percent. A1 remaining assets amounted to 16 percent of total assets. Total capital accounts which consist, for mutual savings banks, of surplus and reserve accounts and capital notes and debentures decreased $20 million during the year, or from 9.1 percent to 8.1 percent of total assets. About $19 million of this decrease was due to the excess of dividends and interest paid on deposits over net profits; approximately $700,000 was represented by retirement of capital notes and debentures. At the close of the year capital notes and debentures held by the Reconstruction Finance Corporation, in 19 banks, amounted to $7.5 million, or less than 5 percent of the total capital accounts. Capital notes and debentures held by others were negligible in amount. The rate of dividends or interest paid depositors in insured mutual savings banks has declined steadily since 1935. The following 57 INSURED MUTUAL SAVINGS BANKS figures show the amount of dividends and interest reported during the year as a percentage of total deposits held at the end of the year for each year from 1935 to 1940: 1935 1936 1937 1938 1939 1940 2.26% 1.96 1.92 1.91 1.88 1.73 Table 118, page 140, shows condensed statements of assets and liabilities of both insured and noninsured mutual savings banks for selected call dates since 1935. Figures showing earnings, expenses, and disposition of profits of insured mutual savings banks are pre sented in Table 158, page 220. Due to the small number of banks, these data, relating only to insured mutual savings banks, are not characteristic of the condition and operations of all mutual savings banks in the country. PART THREE LOSSES ON ASSETS OF COMMERCIAL BANKS, 1865-1940 L osses on A ssets The business of banking, like other types of enterprise, involves risk of loss. In banking, the major risk arises from the probability that some loans will not be collected in full, and that some securities will be defaulted or will decline in value and be disposed of at a loss. A bank may also incur losses on other assets which come into its possession during the normal course of business, and may suffer shrinkage or deterioration in the value of its banking equipment or premises. The entire amount of the losses sustained in the manner described constitutes losses on bank assets. Losses on bank assets are, in a sense, a part of the cost of banking operations. A banker expects that some assets acquired will later prove worthless, in whole or in part, and the rate of interest in effect includes a charge to cover such losses. In the ordinary course of business, operating banks meet these losses out of current income along with other costs of doing business. So long as banks continue to meet these losses regularly from current income, the actual amount of the charge-offs affects chiefly the size of capital accounts and the ability of the banks to declare dividends. However, when banks fail to make adequate provision for these losses before paying dividends the losses accumulate. If, under these circumstances, the bank suspends operations, the accumulated losses will be borne, first, by the stockholders, and second, by the depositors. In the past, when the accumulated losses in a bank which was closed exceeded the stockholders' investment, as recorded on the banks' books, each stockholder, in most of the banks, was subject to an assessment in amount up to the par value of the stock which he owned.1 If the accumulated losses together with the cost of receivership exceeded assessments collected from stockholders, losses were borne by the depositors. A m ount and distribution of losses. During the 76 years, 1865-1940, losses on assets of commercial banks in the United States amounted to about $15 billion.2 This amount is the equivalent of about 1.1 percent of deposits per year, or slightly less than 1 percent per year of total assets.* Further details are given in Table 29. Figures for selected periods are given in Tables 30 and 31. 1 In some States in which no double liability provisions existed stockholders of State banks were not subject to assessment. 2 This figure includes, prior to 1934, regular depreciation on bank premises and equipment, ordinarily considered a current operating expense, and premiums on securities purchased, ordinarily considered a deduction from current income. Because of the character of the data available these items have not been eliminated from the estimates. 3 In this study, annual rates of loss are expressed as percentages of total deposits to facilitate com parison of the losses charged off from time to time by operating banks with those which were incurred in closed banks, and might have been borne by a deposit insurance system. 61 62 FEDERAL DEPOSIT INSURANCE CORPORATION Table 29. E s t im a t e d C o m m e r c ia l B LOSSES ON ASSETS OF an ks, 1865-1940 Average per year per $100 of deposits in operating banks Amount (in millions of dollars) Total losses......................................................................................................... $14,963 Charged off by operating bar k s .................................................................. 10,239 .75 Incurred in banks closed because of financial difficulties— to ta l........ 4,724 .35 Borne by stockholders................................................................................... 2,U9U .19 Borne by depositors....................................................................................... 2,230 .16 $1.10 Approximately two-thirds of the total loss, $10.2 billion, was charged off by operating banks in the regular course of business and was therefore met largely from the income of the banks. The re maining one-third of the loss was incurred in the liquidation of the assets of banks which closed because of financial difficulties. Table 30. ESTIMATED L C o m m e r c ia l B a n k s , osses 1865-1940, By ON ASSETS OF Selected P e r io d s (In millions of dollars) Total losses 1865-1940— to ta l..................................................................... In operating banks (net chargeoffs) In closed banks Borne by stock holders Borne by depositors 14,963 10,239 2,494 2,230 20-year periods 1865-1880.............................................................................. 1881-1900.............................................................................. 1901-1920.............................................................................. | 1921-1940................................................................................ 282 833 1,945 11,903 212 590 1,680 7,757 33 150 126 2,185 37 93 139 1,961 Prior and subsequent to Federal deposit insurance Prior: 1865-1933............................................................... 12,313 7,726 2,417 2,170 3,060 9,253 2,U82 5 ,2U 309 2,108 269 1,901 1865-1920.......................................................................... 1921-1933.......................................................................... 1934-1940.................................................... ! 2,650 2,513 77 60 Insured banks................................................................... j Noninsured banks............................................................. ! 2,563 87 2 ,U 5 68 70 7 H8 12 Crisis and other years 12 crisis years2....................................................................... Remaining 64 years............................................................. | 7,306 7,657 4,118 6,121 1,780 714 1,408 822 Subsequent: 1 Includes losses of $45 million in suspended and merged banks borne by the Federal Deposit In surance Corporation. 2 Includes losses charged off in operating banks during 12 years in which net charge-offs amounted to more than 1 percent of deposits; and losses to depositors and stockholders in closed banks during 12 years in which the loss to depositors amounted to more than one-fourth of 1 percent of deposits in operating banks. The years included in the figures for charge-offs in operating banks and for losses in closed banks are not identical but relate to the same crisis periods. Both include 4 or 5 years from the 1870’s, 1 year from the 1880’s, 2 years from the 1890’s, and 4 or 5 years from the 1930’s. The figures for charge-offs in operating banks relate to 1876-1879, 1885, 1894, 1896, 1931-1935; those for losses in closed banks relate to 1873, 1875-1878 1884, 1891, 1893, 1930-1933. 63 LOSSES ON ASSETS The losses in banks closed because of financial difficulties fell in part upon the stockholders of those banks and in part upon the depositors. The stockholders' losses are estimated at $2.5 billion, and the depositors’ losses at $2.2 billion.1 Table 31. C o m m e r c ia l ESTIM ATED R B an ks, ates 1865-1940, OF LOSS ON ASSETS OF for Sele cted P e r io d s (Average per year per $100 of deposits in operating banks) Total losses In operating banks (net chargeoffs) In closed banks Borne by stock holders 1865-1940— to ta l...................................................................... $1.10 $0.75 20-year periods 1865-1880............................................................................... 1881-1900............................................................................... 1901-1920............................................................................... 1921-1940............................................................................... 1.45 1.08 .52 1.32 1.09 .77 .45 .86 Prior and subsequent to Federal deposit insurance 1865-1933................................................................ $1.21 $0.76 $0.24 $0.21 1865-1920........................................................................... 1921-1933........................................................................... .66 1.67 .53 .95 .07 .38 .06 31* 1934-1940.................................................... $0.77 $0.73 $0.02 $0.02 Insured banks.................................................................... Noninsured banks............................................................ .77 .92 .73 .72 .02 .08 i .02 .12 Crisis and other years 12 crisis years2....................................................................... Remaining 64 years............................................................. 4.05 .65 2.28 .52 .99 .06 .78 .07 Prior: Subsequent: $0.19 Borne ^ hydepositors .17 .19 .03 .24 ; $0.16 .19 .12 .04 .22 ., 1 Includes loss to the Federal Deposit Insurance Corporation in suspended and merged banks. 5 Computed on basis of deposits during years in which losses to depositors in closed banks were more than one-fourth of 1 percent of deposits in operating banks. The impact of losses in closed banks differs greatly from that of charge-offs in operating banks. The latter have been absorbed successfully by the banking system as a part of the cost of doing business. The former, however, particularly those borne by de positors, represent losses that were not successfully absorbed by the banking system. The magnitude of the losses written off in operating banks and thereby absorbed as a part of operating costs has been nearly five times as great as the losses which fell upon depositors in closed banks. 1 In this study, stockholders' losses in closed banks include the estimated losses on assets of closed banks not borne by depositors, or the amount of total book capital account of the closed banks, plus estimated collections of assessments from stockholders under the double liability provisions of law, depending upon the nature of the data available. The estimate of depositors’ losses in banks closed because of financial difficulties is smaller than a similar estimate given in the Annual Report of the Federal Deposit Insurance Corporation for the year ending December 31, 193k, p. 73, covering the 70 years, 1865-1934. The former estimate was based upon the best data then available, and depended in part upon expected recoveries in the large number of banks still in the process of receivership or liquidation. Most of these banks have since been fully liquidated with a considerably better record of recoveries than was anticipated at that time, due primarily to the rapid improvement in the banking situation and in property values. Losses to the Federal Deposit Insurance Corporation on account of subrogated claims of depositors in insured banks placed in receivership, and on account of financial aid to merged banks, are included in the present estimate of losses to depositors in banks closed because of financial difficulties. 64 FEDERAL DEPOSIT INSURANCE CORPORATION The earnings and dividend record of the banking system indicates that the losses which fell upon depositors of closed banks could have been absorbed had their accumulation been prevented and had some method been developed to spread over the entire banking system those which could not have been avoided. Improvement in stand ards of banking operations and banking supervision is designed to accomplish the former. The protection afforded by the Federal Deposit Insurance Corporation is designed to accomplish the latter by application of the well-established principle of insurance. Losses not covered by the estimate. The foregoing estimate of losses on bank assets does not take into account certain items. These omitted items are primarily of two sorts: (1) losses incurred by depositors and stockholders of banks merged with or taken over by other banks to avoid formal suspension or receivership; and (2) losses incurred by depositors, officers, and stockholders in the form of deposit waivers, contributions, or purchase of assets from the banks at more than their liquidating value, in so far as such losses were not covered by reported charge-offs. Information re garding these losses is so incomplete that estimates of their magnitude have not been made. It is believed, however, that these losses have been substantial. Concentration of losses during crisis periods. The losses on bank assets have varied in amount from year to year and from period to period. Approximately one-half of the total loss during the entire 76 years was incurred in four periods of banking crisis. The concentration of loss in crisis periods is most pronounced in the case of losses in banks closed because of financial difficulties. Approximately two-thirds of the total loss to depositors over the entire 76-year period was incurred in banks which closed during 12 years, in each of which the depositors' losses amounted to onefourth of 1 percent, or more, of deposits in operating banks. The 12 years include five years in the 1870's, one year in the 1880's, two years in the 1890's, and four years in the early 1930's.1 The annual rates of loss to depositors in banks closed during the entire 76-year period ranged from less than one hundredth of 1 percent of deposits in operating banks in certain years to more than 2 percent in 1933. The losses written off by operating banks also show concentration during periods of financial crisis and during the years immediately following such crises, although not to the same extent as losses in closed banks. It is estimated that over 40 percent of the total net charge-offs during the entire 76-year period occurred during 12 years in which the annual rate of such charge-offs was more than 1 percent of deposits. These 12 years include four years in the 1870's, one * 1873, 1875-1878, 1884, 1891, 1893, 1930-1933. DEPOSITORS' LOSSES 65 year in the 1880’s, two years in the 1890's, and five years in the 1930,s.1 The annual range of net charge-offs for the entire 76-year period was from one-third of 1 percent of deposits in 1940 to 3 percent in 1933. R a te s o f lo ss d u r in g p o s t-c r is is a n d w a r tim e p e rio d s. Periods of severe financial crisis, in which a large proportion of weak banks was eliminated, have been followed by periods in which failures were relatively few and losses to depositors relatively slight. Failures were also relatively few and losses to depositors relatively slight during the period of rapid expansion of credit and rising prices from 1915 to 1920 accompanying and following the World War. During four 5-year post-crisis and wartime periods prior to Federal insurance of deposits (1879-1883, 1885-1889, 1898-1902, 1915-1919) the average annual rate of loss to depositors on account of bank failures was only a very small fraction of the rate of loss during crisis periods, and was less than one-half the rate of loss in the remaining non-crisis years. Charge-offs in operating banks, on the other hand, have generally been at a high rate in the years immediately following banking crises. Losses b y y ears, 1921-1940. Estimates of losses charged off in operating banks, and of depositors' losses in closed banks, for each year during the period, 1921-1940, are given in Table 32. D epo sitors ' L osses One of the purposes underlying the preparation of these estimates is to provide an approximation of the losses which would have fallen upon a deposit insurance fund operating in a manner similar to the operations of the Federal Deposit Insurance Corporation. The losses which would have fallen upon a central guaranty or insurance fund during the past 76 years cannot be measured solely by the losses estimated to have been incurred directly by depositors in closed banks. On the one hand, a substantial part of the recoveries to depositors was made possible by assessments upon stockholders. For the most part, such assessments have now been eliminated through modification or removal of double liability provisions of law. Losses borne by depositors of banks in financial difficulties which were merged or absorbed to avoid formal suspension or re ceivership also would have fallen upon an insurance fund operating in the manner of the Federal Deposit Insurance Corporation.2 It is also believed that stockholders would have been less willing to contribute to the restoration of solvency and that depositors would 1 1876-1879, 1885, 1894, 1896, 1931-1935. 2 Mergers of this type are now made, for the most part, with the financial aid of the Federal Deposit Insurance Corporation. 66 FEDERAL DEPOSIT INSURANCE CORPORATION have been less willing to accept waivers of parts of their deposit claims to permit reorganization of banks in financial difficulties had an insurance agency been in existence to absorb the loss. On the other hand, a Federal deposit insurance system, particularly if ac companied by adequate bank supervision and borrowing facilities, presumably would have exerted a stabilizing effect upon the banking system and thus would have reduced both the frequency of bank failures and the magnitude of losses on bank assets. With an ade quately implemented deposit insurance system, panic withdrawals by depositors would have been forestalled, and liquidation of bank assets at sacrifice prices would have been greatly reduced if not wholly avoided. No reasonable estimate can be made of the extent to which these diverse influences might have affected either the amount of losses on assets of operating banks, or the amount of losses incurred by depositors in closed banks, during the 76-year period. Table 32. E C o m m e r c ia l B N s t im a t e d anks and C o m m e r c ia l B L C h ar g e-offs et osses an ks, to D in O p e r a t in g e p o s it o r s 1921-1940, by Y in C losed ears (In millions of dollars) Year Average deposits in operating banks Net charge-offs in operating banks1 Deposits in closed banks Losses to depositors in closed banks On deposit balances not ex ceeding $5,000 Total 1921............................ 1922............................ 1923............................ 1924............................ 1925............................ 34,011 35,891 38,430 41,776 44,808 328 249 221 217 201 173 91 150 210 167 60 38 62 79 61 49 34 55 68 53 1926............................ 1927............................ 1928............................ 1929............................ 1930............................ 46,475 48,397 50,293 50,398 49,489 220 237 241 314 423 260 199 142 231 837 83 61 44 77 237 72 51 38 64 158 1931............................ 1932............................ 1933............................ 1934............................ 1935............................ 44,687 36,668 33,252 37,482 42,796 722 909 962 902 416 1,690 706 3,597 37 14 391 168 540 10 4 288 132 344 8 3 1936............................ 1937............................ 1938............................ 1939............................ 1940............................ 48,125 48,932 49,345 54,912 61,374 192 211 308 281 203 28 34 59 159 144 4 5 5 18 14 4 5 5 16 14 1 Includes depreciation on bank premises and equipment for the years, 1921-1933; excludes such depreciation for 1934-1940. A m ount of depositors’ losses and stockholders’ assessments. Assessments collected from stockholders of closed commercial banks during the 76-year period are estimated at approximately $0.5 billion. In the absence of stockholders' assessments, the total losses to de positors in commercial banks closed because of financial difficulties DEPOSITORS’ LOSSES 67 would have amounted, it is estimated, to $2.7 billion, an average annual rate of one-fifth of 1 percent of deposits in operating banks. This is the rate of assessment upon the deposits of operating banks which it is estimated would have been required to meet all depositors' losses in closed banks during the 76-year period, 1865-1940, without making allowance for any improvement resulting from the existence of a deposit insurance system. Approximately three-fourths of the losses to depositors were in curred on deposit balances not exceeding $5,000, and one-fourth on deposit balances over this sum. Consequently, the rate of assessment necessary to have covered the losses on deposit accounts not exceeding $5,000, in the absence of stockholders' double liability and disregarding the stabilizing effects of deposit insurance, would have been $0.15 for $100 of deposits in operating banks—or nearly twice the rate of assessment under the present system of deposit insurance. The distributions of losses to depositors and of collections from stockholders for selected periods are given in Tables 33 and 34. Rates of loss during crisis and post-crisis periods. Because of the high concentration of bank failures in periods of business depression, the annual rate of loss to depositors in closed banks is subject to wide variations. The average annual rate of loss during the 12 years in which failures were primarily concentrated, together with the additional loss which would have fallen upon depositors had there been no assessments on stockholders, was $0.97 for each $100 of average deposits in operating banks. During the 64 remaining years the loss which depositors would have suffered in the absence of stockholders' double liability was equal to $0.08 per year on each $100 of deposits in operating banks or about one-twelfth of 1 percent per annum. The equivalent loss for non-crisis years on deposit balances up to $5,000 was one-fourteenth of 1 percent per year of deposits in all operating commercial banks. In contrast, in four 5-year post-crisis and wartime periods prior to Federal insurance of deposits, the rate of loss on all deposits in closed banks amounted only to $0.03 for each $100 of deposits in operating banks. During the first five years of deposit insurance the corresponding figure was only $0,013, the lowest of any period.1 This lower rate may be attributed in part to the stabilizing influence of deposit insurance and the increased effectiveness of banking super vision, and in part to the severity of the crisis of the early 1930's and the accompanying elimination of a larger proportion of unsatisfactory assets from the banking system than was eliminated during former banking crises. 1 This figure includes losses to depositors in both noninsured and insured banks, and also losses to the Federal Deposit Insurance Corporation on account of deposits it has paid and the financial aid it has extended to facilitate the merger of insolvent banks. Table 33. E s tim a te d L o s s e s t o D e p o s it o r s a n d A ss e s s m e n ts C o l l e c t e d fr o m S t o c k h o ld e r s in C o m m e r c ia l B a n k s C lo s e d B e c a u se o f F in a n c ia l D i f f i c u l t i e s , 1865-1940 (In millions of dollars) On balances exceeding $5,000 On balances not exceeding $5,000 Total Proportionate shares on— On balances exceeding $5,000 Balances not exceeding $5,000 Total Balances exceeding $5,000 1865-1940— to ta l...................................................... 2,691 2,041 650 2,230 1,694 536 461 347 114 20-year periods 1865-1880................................................................. 1881-1900................................................................. 1901-1920................................................................. 1921-1940................................................................. 42 116 161 2,372 36 99 141 1,765 6 17 20 607 37 93 139 1,961 32 79 122 1,461 5 14 17 500 5 23 22 411 4 20 19 304 1 3 3 107 Prior and subsequent to Federal deposit insurance 1865-1933.................................................. DEPOSIT 2,629 1,986 643 2,170 1,640 530 459 346 113 1865-1920............................................................ 1921-1933............................................................. 319 2,310 276 1,710 h3 600 269 1,901 233 1,U07 36 m 50 U09 U3 303 7 106 INSURANCE FEDERAL On balances not exceeding $5,000 Total Assessments collected from stockholders T xjuooco tu ucpuaitwio Losses to depositors plus assessments collected from stockholders Prior: 62 55 7 60 54 6 2 1 (2) U9 13 U6 9 3 U U8 12 U5 9 3 3 1 1 1 (2) (2) (2) Crisis and other years 12 crisis years3........................................................ Remaining 64 years.............................................. 1,747 944 1,220 821 527 123 1,408 822 983 711 425 111 339 122 237 110 102 12 Post-crisis and wartime periods Four 5-year periods prior to deposit insur ance— tota l..................................................... 61 53 8 52 45 7 9 8 1 1879-1883............................................................ 1885-1889............................................................. 1898-1902............................................................. 1915-1919................... ' ...................................... 8 11 17 25 7 9 u 23 1 2 3 2 7 9 n 22 6 7 12 20 1 2 2 2 1 2 3 3 1 2 2 3 (2) (2) (2) (2) One 5-year period subsequent to deposit in surance: 1934-1938....................................... 30 26 4 28 24 4 2 1 (2) 1 Includes losses of $45 million in suspended and merged banks borne by the Federal Deposit Insurance Corporation. 2 Less than $500,000. * See footnote 2, Table 30. CORPORATION 1934-19401.................................... Insured banks1.................................................... Noninsured b a n k s............................................. Subsequent: Table 34. E s tim a te d RATES OF LOSS TO DEPOSITORS AND OF ASSESSMENTS COLLECTED FROM STOCKHOLDERS in C o m m e rcia l B a n k s C lo s e d B e c a u s e o f F in a n c ia l D i f f i c u l t i e s , 1865-1940 (Average per year per $100 of deposits in operating banks) Losses to depositors plus assessments collected from stockholders On balances not exceeding $5,000 Total On balances exceeding $5,000 Assessments collected from stockholders T Proportionate shares on— On balances not exceeding $5,000 Total On balances exceeding $5,000 Total Balances not exceeding $5,000 Balances exceeding $5,000 1865-1940— to ta l...................................................... $0.20 $0.15 $0.05 $0.16 $0.12 $0.04 $0.04 $0.03 20-year periods 1865-1880................................................................. 1881-1900................................................................. 1901-1920................................................................. 1921-1940................................................................. .21 .15 .05 .26 .18 .13 .04 .19 .03 .02 .01 .07 .19 .12 .04 .22 .16 .10 .03 .16 .03 .02 .01 .06 .02 .03 .01 .04 .02 .03 .01 .03 (x) 0) .01 .26 .19 .06 .21 .16 .05 .05 .03 .01 .07 .U2 .06 .31 .01 .11 .06 ,3U .05 .25 .01 .09 .01 .07 .01 .05 0) .02 1865-1920............................................................ 1921-1933............................................................ Subsequent: 0) 19 34-19402.................................... .02 .02 0) .02 .02 0) (x) i1) 0) Insured banks2................................................... Noninsured banks.............................................. .02 .13 .02 .10 0) .03 .02 .12 .02 .09 0) .03 0) .01 0) .01 0) C1) Crisis and other years 12 crisis years3........................................................ Remaining 64 years.............................................. .97 .08 .68 .07 .29 .01 .78 .07 .55 .06 .23 .01 .19 .01 .13 .01 .06 0) Post-crisis and wartime periods Four 5-year periods prior to deposit insur ance— tota l..................................................... .03 .03 (*) .03 .03 (1) C1) .08 .07 .Ok .02 .07 .06 M .02 .01 .01 (!) 0) .07 .06 .03 .02 .06 .05 .03 .02 .01 .01 0) i1) .01 .01 .01 C1) .01 .01 .01 0) 0) C1) 0) 0) .01 .01 (*) .01 .01 0) 0) 0) 0) 1879-1883............................................................ 1885-1889............................................................ 1898-1902............................................................ 1915-1919............................................................ One 5-year period subsequent to deposit in surance: 1934-1938 ....................................... 1 Less than one-half of one cent. 2 Includes loss to the Federal Deposit Insurance Corporation in suspended and merged banks. 3 See footnote 2, Table 31. (x) d epo sito rs ' losses Prior and subsequent to Federal deposit insurance 1865-1933................................................. Prior: $0.01 70 FEDERAL DEPOSIT INSURANCE CORPORATION The low rate of loss incurred during the years since the beginning of deposit insurance cannot be considered typical of the burden which the Corporation may be expected to bear in the future. This burden will depend upon a number of largely unpredictable developments, notably: the frequency and extent of economic crises; the adequacy of supervisory and other methods in preparing the banking system for adverse developments; the nature of bank assets; and the level of capital ratios. In so far as capital ratios are concerned, it is im portant to note that present levels are below those prevailing during any of the 76 years prior to 1940. Had the capital ratios been as low in the past as they are now, stockholders would have borne a smaller proportion and depositors a larger proportion of the losses in closed banks. M e th o d o f E stim a tin g L o sse s on A s s e t s o f C om m ercial B an k s, 1865-1940 A description of the data and methods used in estimating losses on assets of operating and closed commercial banks, with detailed tables, is available upon request. A summary is given below of the methods employed and the character of the data used, together with a brief appraisal of the accuracy and reliability of the estimates. Methods of estimation. The estimates have been prepared by four general methods: (a) use, with relatively minor adjustments, of information reported to or collected by Federal bank supervisory authorities; (b) use of similar data subjected to substantial adjust ments; (c) use of data from samples of varying degrees of repre sentativeness; (d) use of assumptions regarding rates of loss in certain groups of banks or certain periods of time in comparison with those in other groups of banks or other periods of time. The amounts of loss derived by these four methods of estimation are given in Table 35 separately for losses charged off in operating banks, losses borne by depositors in closed banks, and losses borne by stockholders in closed banks. Losses published or reported by Federal bank supervisory authorities. The estimates of loss derived from information re ported to or collected by Federal bank supervisory authorities and used with relatively minor adjustments cover the following proportions of the total losses on commercial bank assets during the 76-year period: 66 percent of the estimated net charge-offs in operating banks, 19 percent of the estimated losses borne by depositors in closed banks, and 70 percent of the estimated losses borne by stock holders in closed banks. To what extent these reported published data fail to reveal the facts is not known. They are presumably 71 METHOD OF ESTIMATING LOSSES correct except for errors of reporting and tabulation, and errors resulting from necessary minor adjustments. Both of these types of error appear to be of minor importance. Table 35. C D o m m e r c ia l is t r ib u t io n B an k s, of E s t im a t e d 1865-1940, by M L osses ethod A on of E ssets of s t im a t io n (In millions of dollars) Loss derived or estimated from— Total Data reported to or collected by bank supervisory authorities Sample data W ith minor adjust ments T o t a l e s tim a te d lo s s e s ................................. N et ch a r g e -o ffs b y o p e ra tin g b a n k s— t o t a l ........................................................ Insured banks, 1934-1940....................... Noninsured banks, 1934-1940................ National banks, 1918-1933..................... State banks members F. R. System, 1918-1933................................................ Commercial banks not members F. R. System, 1918-1933................................ National banks, 1876-1917..................... National banks, 1865-1875..................... State and private banks, 1865-1917. . . L osses in closed b a n k s b o rn e b y d e p o sito rs — t o t a l .................................... Insured banks, 1934-1940....................... Noninsured banks, 1934-1940................ National banks permanently closed, 1865-1933................................................ State and private banks permanently closed, 1865-1933.................................. Banks reopened, succeeded, or taken over, 1921-1933...................................... Banks reopened, succeeded, or taken over, 1865-1920..................................... L osses in closed b a n k s b o rn e b y s t o c k h old ers— t o t a l ..................................... Insured banks, 1934-1940....................... Noninsured banks, 1934-1940................ National banks, 1865-1933..................... State and private banks, 1865-1933. . . With sub stantial adjust ments 1,021 14,962 10,239 2,445 68 2,987 6,727 2,445 1,295 1,295 2,130 68 2,987 1,487 72 864 421 48 1,766 373 1,402 1,402 364 364 31 31 2,493 70 7 794 1,622 43 ‘i2‘ 12 373 2,913 2,491 1,021 1,487 1,021 72 864 2,230 48 Data for other periods or groups of banks 1,750 70 364 379 7 794 1886 ‘ 372’ 1 Includes reported value of capital stock of banks closed, 1921-1933, on which recoveries are assumed to have been negligible. The data collected by national bank supervisory authorities and subjected to substantial adjustments cover 9 percent of the estimated net charge-offs in operating banks during the entire period, and relate to the losses charged off by operating national banks during the years, 1876-1917. Data published for those years by the Comptroller of the Currency refer to gross charge-offs, with no figures for recoveries. On the basis of information available for the period, 1918-1933, it has been assumed that one-fourth of the amounts charged off were subsequently recovered. If the rate of recovery during the period, 72 FEDERAL DEPOSIT INSURANCE CORPORATION 1876-1917, were one-half that of the period, 1918-1933, the estimats of all net charge-offs in operating banks would understate actual charge-offs by about ^ percent. 13 Losses estimated from sample data. Estimates of loss based upon sample data cover 79 percent of the losses borne by depositors in closed banks, and 15 percent of losses to stockholders in closed banks, during the 76-year period. The bulk of depositors' losses estimated from sample data occurred in State banks closed during 1921-1933. For this period fairly accurate and reliable data for about 30 percent of the State banks permanently closed are available in reports of State banking super visory authorities or in schedules prepared for the Federal Reserve Committee on Branch, Group, and Chain Banking. However, the banks for which results of liquidation are available are not an evenly distributed sample of all closed banks grouped by year of suspension, region, amount of deposits, or other criteria. Because of this situa tion, six different estimates of total depositors' losses were prepared by various methods of applying the results of the sample to the data for all State and private banks permanently closed. These six estimates were based on the following groupings of the sample data, listed in the order of magnitude of the total estimated losses derived therefrom: (a) eight geographic regions; (b) two periods (1921-1930 and 1931-1933) and eight geographic regions; (c) two periods (19211930 and 1931-1933); (d) year of closing; (e) year of closing and amount of deposits (the estimate finally selected); and (f) eight geographic regions and amount of deposits. The range in these various estimates was from 8 percent above to 1 percent below the estimate selected. Since the losses to depositors in State and private banks perma nently closed during 1921-1933 constituted more than one-half of the total loss to depositors in all banks closed during the entire period, these variations are equivalent, respectively, to errors of understatement of approximately 4 Y i percent, and of overstatement of one-half of 1 percent, in the estimate of total depositors' losses during the entire 76-year period. Losses estimated from data for other periods or groups of banks. Estimates based upon assumptions regarding rates of loss in certain groups of banks or certain periods of time in comparison with those in other groups of banks or other periods of time apply to 25 percent of the total estimated net charge-offs in operating banks, 2 percent of the total estimated losses to depositors in closed banks, and 15 percent of the total estimated losses to stockholders. The bulk of the loss estimated by this general method represents net charge-offs by operating banks not members of the Federal METHOD OF ESTIMATING LOSSES 73 Reserve System, 1918-1933, and by all operating State and private banks, 1865-1917. The rate of loss charged off by the former group of banks was assumed to have been nine-tenths of the rate charged off each year by country national banks during the same period. The assumed rate was based upon relationships among rates of loss shown by various classes of banks during that period and during the period, 1934-1940. In the operating State and private banks, 18651917, the rate of loss was estimated at eight-tenths of the annual rate of estimated net charge-offs in national banks. There is no valid basis for determining the margin of error in these estimates. However, an error of 25 percent for both groups of banks would not affect the estimated net charge-offs of all operating commercial banks during the entire 76-year period by more than 6 percent. Reliability of estimates. To summarize briefly, the errors in each of the three estimates for the entire period—losses charged off in operating banks, depositors' losses in closed banks, and stockholders' losses in closed banks—are probably less than 10 percent. Because of omissions, the estimates of losses are likely to be low rather than high. The estimated net charge-offs in operating banks include, for the period, 1865-1933, normal depreciation on bank premises and equipment, ordinarily considered a normal current expense of doing business, and amortization of premiums, ordinarily considered a deduction from income. These two items probably do not exceed 10 percent of the net charge-offs of operating banks during the period. For the period, 1934-1940, amortizations of premiums are excluded as are all charge-offs on bank premises and equipment whether recurring or extraordinary (except for extraordinary charge-offs, during the period, 1936-1940, of insured banks submitting reports to the Corporation, which are not reported separately). Total deposits in operating banks. Total deposits in operating banks are estimated primarily from call reports for two or more dates a year submitted by operating banks to Federal bank supervisory agencies. This method applies to deposits in national banks during the entire 76-year period, to deposits in banks members of the Federal Reserve System during the period, 1918-1940, and to deposits in insured State banks not members of the Federal Reserve System during the period, 1934-1940. Deposits for the State banks not obtained in this way are based upon data collected by this Corporation for noninsured banks in recent years, data from compilations published in the annual reports of the Comptroller of the Currency, deposits reported on tax returns or estimated from tax collections during the period, 1865-1883, and deposits for individual banks shown in bankers' directories. PART FOUR LEGISLATION Le g is l a t io n R e l a t in g t o I n su r e d B a n k s AMENDMENT TO FEDERAL STATUTE CONCERNING ROBBERY OF A BANK [P u b l i c — No. 685— 76 t h C o n g r e s s ] [C h a p t e r 4 5 5 — 3 d S e s s i o n ] [H. R. 8399] AN ACT To prohibit the receipt, possession, or disposition of money or property feloniously taken from a bank organized or operating under the laws of the United States or any member of the Federal Reserve System. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 2 of the Act of May 18, 1934, entitled “ An Act to provide punishment for certain offenses committed against banks or ganized or operating under laws of the United States or any member of the Federal Reserve System” (48 Stat. 783; U. S. C., title 12, sec. 588b), as amended, be further amended by adding thereto the following subsection: “ (c) Whoever shall receive, possess, conceal, store, barter, sell, or dispose of any property or money or other thing of value knowing the same to have been taken from a bank in violation of subsection (a) of this section shall be fined not more than $5,000 or imprisoned not more than ten years, or both.” Approved, June 29, 1940. 77 PART FIVE STATISTICS OF BANKS AND DEPOSIT INSURANCE E XP LA N A TO R Y NOTES Sources of Data Data relating to national banks and State banks in the District of Columbia were obtained from the Comptroller of the Currency or the Board of Governors of the Federal Reserve System, and data relating to State banks members of the Federal Reserve System from the Board of Governors of the Federal Reserve System, with the following exceptions: (1) analysis of examinations, the data of which were compiled by this Corporation from reports submitted by the Comptroller of the Currency and the Board of Governors of the Federal Reserve System and reviewed by the Corporation; and (2) data relating to suspensions, receiverships, and mergers with the financial aid of the Federal Deposit Insurance Corporation, wiiich were obtained from the records of the Corporation. Data relating to insured banks not members of the Federal Reserve System were obtained from the banks themselves or from the records of the Federal Deposit Insurance Corporation. Data relating to noninsured banks were obtained from the Board of Governors of the Federal Reserve System, State banking authorities, Rand McNally Bankers Directory, and Polk’s Bankers Encyclopedia. Classification of Banks and Banking Offices Insured banks include all operating banks insured by the Federal Deposit Insurance Corporation; noninsured banks include all banks not so insured. Commercial banks include the following categories of banks: All operating national banks; All incorporated State banks, trust companies, and banks and trust com panies, regularly engaged in the business of receiving deposits, whether demand or time, except mutual savings banks and, in New Hampshire, guaranty savings banks; All stock savings banks, excluding guaranty savings banks in New Hampshire; Banks in conservatorship or operating under restrictions, provided they are authorized to and in fact do accept new deposits, regardless of the char acter of the restrictions imposed on the operations of the bank; Such industrial and Morris Plan banks as operate under general banking codes or operate under the same codes of law as insured industrial banks; Branches of foreign banks which engage in a general deposit business; Cash depositories; Private banks under State supervision, and such other private banks as are reported by reliable unofficial sources to be engaged in deposit banking; All insured trust companies, even though not engaged in regular deposit banking; Branches of American and foreign banks maintained in the possessions to do a general deposit business. (Where more than one branch is maintained 81 82 FEDERAL DEPOSIT INSURANCE CORPORATION by a given bank in any one possession the chief or central office is classified as a bank and the other offices as branches). M utual savings banks include all banks operating under special State banking codes applying to mutual savings banks, including all guaranty savings banks in New Hampshire. Unit banks include all banks operating only one office at which deposits are received or checks cashed. Branches include all offices, other than head offices, of banks operating more than one office at which deposits are received or checks cashed, and all offices, other than head offices, of insured trust companies not engaged in deposit bankingThe term “ branch” is used in accordance with the definition in paragraph (15)» subsection (c) of section 12B of the Federal Reserve Act, as amended, which is as follows: “ The term ‘branch’ includes any branch bank, branch office, agency, additional office, or any branch place of business located State of the United States or in Hawaii, Alaska, Puerto Rico, Virgin Islands at which deposits are received or checks paid or lent.” branch in any or the money Institutions excluded. Figures for operating banks do not include institutions in the following categories, though such institutions may perform many of the same functions as banks: Banks which have suspended operations or have ceased to accept new deposits and are proceeding to liquidate their assets and pay off existing de posits, regardless of the amount of deposit liability still remaining and regardless of whether they are listed among operating banks or included in abstracts of condition of banks published by State banking authorities; Building and loan associations, savings and loan associations, credit unions, personal loan companies, and similar institutions, chartered under special laws applying to such institutions or under general incorporation laws, regardless of whether such institutions are authorized to accept deposits from the public or from their members and regardless of whether such institutions are called “ banks;” Noninsured Morris Plan companies, industrial banks, loan and investment companies, and similar institutions, not operating under general State banking codes, or under the same codes of law as similar institutions which have been admitted to insurance; Noninsured trust companies not engaged in receiving deposits from the general public, regardless of whether they are listed among banks or included in abstracts of condition of banks published by State banking authorities; Branches of foreign banks, and of private banks, which confine their business to foreign exchange dealings and do not receive “ deposits” as that term is commonly understood; A few special institutions chartered under general banking laws, but oper ating as mortgage or investment companies and not engaged in deposit banking; Federal Reserve banks and other banks, such as the Savings and Loan Bank of the State of New York, which operate as rediscount banks and do not accept deposits from the general public. EXPLANATORY NOTES 83 Population o f Center and Number of Offices Classification of centers according to population is based, for incorporated places, upon the 1930 census of population and for unincorporated places upon figures published in Rand NcNally Bankers Directory. The number of banking offices in the center is the number of commercial banking offices operating on June 29. Deposits of Banks and Banking Offices Deposit data for operating insured banks are obtained from two separate sources: (1) deposit figures in Tables 113-124, and used for classifying insured banks by size groups in Tables 105-112, are from reports of condition submitted by the banks for the dates indicated; and deposit figures in Tables 150-157, and used for classifying insured banks by size groups in Tables 142-148, are averages of the figures from reports of condition for call dates; (2) deposit figures in Tables 125-134, and in Table 138, summarizing the reports of examinations of banks, are for the respective dates on which each bank was examined. Operating insured banks. In Annual Reports of the Corporation for 1935 to 1938, inclusive, deposit liabilities reported by insured banks on certified statements submitted for the purpose of computing the deposit insurance assessment were used in tables showing deposits of banking offices. Deposit liabilities reported on certified statements include, in addition to deposits shown on reports of condition, outstanding drafts and uninvested trust funds held in the bank’s own trust department, and exclude a portion of cashiers’ and officers’ checks outstanding. Total deposit liabilities reported on certified statements exceed total deposits shown on reports of condition by an amount estimated at less than 2 percent. In determining the amount of insurance assessment, the banks have claimed deductions of about 4 percent of total deposit liabilities. Therefore, the amount of deposits on which the insurance assessment is based is approximately 4 percent less than total deposit liabilities reported on certified statements, and approximately 2 percent less than the amount of deposits shown on reports of condition. Deposits shown in reports of examination are defined in the same way as those shown on reports of condition. In adjusting figures for examiners’ appraisals, deposit liabilities not shown on the bank’s books are added to deposits shown on the books. Offices of insured banks operating branches. Deposits for branches and head offices of banks operating branches in Table 113, and used in classifying such offices by size in Table 105, are from special reports by banks operating branches. Total deposits for each branch system correspond to the deposit figure shown on the bank’s report of condition. Noninsured banks. Deposits of noninsured banks are from published figures or from reports received from State banking authorities, and are based on reports of condition submitted by the banks to State authorities or to bankers’ directories. Figures refer to June 30 and December 31 or nearest available dates. Figures for branches and head offices of noninsured banks operating branches are not available separately. Suspended and merged banks and banks in receivership. Deposit figures for insured banks in Tables 159-169, relating to suspensions, receiverships, and mergers with the financial aid of the Corporation, are from the records of the Cor poration with respect to such banks, and refer to the date of suspension or merger. 84 FEDERAL DEPOSIT INSURANCE CORPORATION Deposit figures for banks in receivership as shown by the books of the Corporation, December 31, 1940, given in Tables 170 and 171, differ from those shown by the books of the banks at date of suspension, given in Table 169, because of reclassi fication of liabilities and discovery of additional liabilities during liquidation. Banks Examined by, and Subm itting Reports to, the Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation regularly examines, and receives call reports of assets and liabilities, and of earnings and dividends, from all insured banks which are not members of the Federal Reserve System, except State banks in the District of Columbia and national banks in the possessions. The latter groups of banks are examined by and report to the Comptroller of the Currency. The designations “ Banks submitting reports to the Federal Deposit Insurance Corporation,” used in Tables 122-124 and 150-157, and “ Banks examined by the Federal Deposit Insurance Corporation,” used in Tables 135-138, are more accurate than the caption, “ Banks not members of the Federal Reserve System,” used in comparable tables in previous Annual Reports. Assets and Liabilities of Operating Banks Assets and liabilities of insured banks, in Tables 118-124, are tabulated from reports of condition submitted to Federal supervisory authorities: to the Comptroller of the Currency by all national banks, and by State banks located in the District of Columbia; to the Board of Governors of the Federal Reserve System by State banks members of that system; and to the Federal Deposit Insurance Corporation by all other insured State banks. Instructions provided to insured banks by the Federal supervisory authorities for the preparation of reports of condition are essentially uniform. Copies of the instructions issued to banks submitting reports to the Federal Deposit Insurance Corporation are available upon request. Assets and liabilities of noninsured banks are from published figures or from reports received from State banking authorities, and are based on reports of con dition submitted by the banks to State authorities or to bankers’ directories. Statements of assets and liabilities are submitted by insured commercial banks upon either a cash or an accrual basis, depending upon the bank’s method of book keeping. Assets and liabilities held in or administered by a savings, bond, in surance, real estate, foreign, or any other department of a bank, except a trust department, are consolidated with the respective assets and liabilities of the com mercial department. Trust funds deposited by a trust department in a commercial or savings department are reported as “ Deposits of individuals, partnerships, and corporations.” Other assets held in trust are not included in statements of assets and liabilities. In the case of banks with one or more domestic branches, the assets and liabilities reported are consolidations of figures for the head office and all domestic branches. In the case of a bank with foreign branches, net amounts due from its own foreign branches are included in “ Other assets,” and net amounts due to its own foreign branches are included in “ Other liabilities.” Assets reported represent aggregate book value, on the date of call, less valuation allowances, and, in the case of securities, less reserves for bond premiums. Re ciprocal bank balances are reported gross. Instalment loans are ordinarily reported net if the instalment payments are applied directly to the reduction of the loan. Such loans are reported gross if, under contract, the payments do not immediately reduce the unpaid balances of the loan but are assigned or pledged to assure re payment at maturity. 85 EXPLANATORY NOTES Total deposits. All funds received by a bank in the course of its commercial or fiduciary business (except funds in payment of obligations to the bank) give rise to demand or time deposit liabilities and are classified under total deposits, unless the funds are received as trust funds which the bank keeps segregated and apart from its general assets. Analysis of Examinations of Insured Commercial Banks Data for Tables 125-134, relating to the analysis of examinations of all insured commercial banks in 1940, are derived from the reports of examinations made by the Comptroller of the Currency in the case of national banks and of State banks in the District of Columbia, by the Federal Reserve banks in the case of State banks members of the Federal Reserve System, and by the Federal Deposit In surance Corporation in the case of other insured State banks.1 Figures relating to commercial banks examined by the Federal Deposit Insurance Corporation covering the period 1933 to 1940 are presented in Tables 135-138. Examination procedures of the Federal bank supervisory authorities and of numerous State banking authorities were revised in 1938 so that the data for 1939 and 1940 are not strictly comparable with data for 1937 and earlier years. Data for banks examined by the Federal Deposit Insurance Corporation are shown for 1938 on both the original and the uniform or revised basis.2 Banks included. The tabulations have been prepared from reports of examina tions available during the year and do not cover precisely the banks examined during the year. In cases in which 1940 examinations were not made or were not available, figures for banks examined in the closing months of 1939 were included in the 1940 tabulations. Figures for about 100 insured banks operating throughout or during a part of the year were not included in the tabulations, since reports of examination were, for various reasons, not available for tabulation. The number and deposits of insured commercial banks included in the 1940 tabulations, dis tributed according to month of examination, are shown below. Month of examination All b an ks.......................................................................... Banks examined in : 1939 October-D ecem ber....................................................... 1940 January.......................................................................... February........................................................................ M arch............................................................................. A pril................................................................................ M a y ................................................................................. June................................................................................. J u ly.................................................................................. A ugust............................................................................ Septem ber...................................................................... O ctober........................................................................... N ovem ber...................................................................... D ecem ber....................................................................... Number of banks Total deposits (in millions of dollars) 13,437 57,920 146 3,708 1,211 1,130 1,250 1,296 1,440 1,344 914 1,101 1,203 1,198 862 342 5,037 4,417 5,865 4,344 6,083 7,546 2,179 2,805 6,312 6,344 2,825 455 Ratios for individual banks. The base used in the computation of ratios to the appraised value of assets for each individual bank consists, for the most part, of the estimated average value of assets over the year period preceding the date of examination. This method was adopted in order to eliminate the influence 1 Similar tables relating to the analysis of examinations of all insured commercial banks in 1939 were published in the Annual Report of the Corporation for that year. Corresponding tabulations for earlier years have not been made, except for banks examined by the Corporation. 2 For a discussion of the differences between the uniform procedure and the procedure previously followed by the Corporation in analyzing and valuing assets in examination reports, see the Annual Report of the Federal Deposit Insurance Corporation for the Year Ending December SI, 1938, pages 61-78. 86 FEDERAL DEPOSIT INSURANCE CORPORATION of seasonal fluctuations in total assets upon the ratios of individual banks. How ever, in view of the rapid increase in total assets during the entire period covered by this averaging process for 1940 data, the ratios tend to represent the condition of the banks— considered as a whole— at a time close to the beginning of the year. Explanation of term s. The principal terms and methods used, under the uniform procedure, in the tables relating to analysis of examinations of bank assets and capital accounts are described below. Book value, applied to total assets, loans, securities, fixed assets, and miscel laneous assets, refers to the values (net, after deduction of valuation allowances and, in the case of securities, of premium allowances) carried by each bank on its books at the time of examination. Appraised value of total assets, loans, securities, fixed assets, and miscellaneous assets, represents the value of assets as determined by the examiners. For ex planation of method of valuing securities see the Annual Report of the Federal Deposit Insurance Corporation for the Year Ending December 31, 1938, pages 64-68. The term “ appraised value” corresponds in meaning to the term “ adjusted value” used in the Annual Report of the Corporation for 1938, and to the term “ net sound value” used in the Annual Reports of the Corporation for 1935 and 1934. Examiners’ deductions (net) from assets represent the amount by wThich the examiners’ evaluation of each bank’s assets is less than the value carried by the bank on its books. The deductions are derived from the examiners’ evaluation of the assets classified on the basis of eventual collectibility. In the case of assets other than securities, the examiner deducts, for reasons which he sets forth, (1) the amount of, or the portion of, loans and other assets regarded as worthless or uncollectible (Classi fication IV ); and (2) one-half of the amount of, or the portion of, loans and other assets regarded as of doubtful worth or collectibility (Classification III). In the case of securities, the examiner deducts: (1) the amount by which the book value (less valuation allowances) exceeds the market value of stocks and defaulted se curities; (2) one-half of the amount by which the book value (less valuation and premium allowances) of speculative securities exceeds the average of market prices over the 18 months preceding the month of examination; and (3) the amount by which book value (less valuation and premium allowances) exceeds cost less amorti zation of other (i.e., uncriticized) securities. The amounts of the deductions are reduced by the determinable sound values of assets not shown on the books. Examiners’ deductions (net) from total capital accounts represent the amount by which the examiners’ evaluation of each bank’s total capital accounts (net worth) is less than the value carried by the bank on its books. It exceeds examiners’ deductions (net) from assets by the amount of determinable liabilities not shown on the books. Substandard, applied to total assets, loans, securities, fixed assets, and miscel laneous assets, represents the appraised value of all assets believed by the examiner to involve a substantial or unreasonable degree of risk, and hence to be undesirable or hazardous for bank investment. It includes the value of assets in Classification II, including assets not shown on the books, and 50 percent of the value of assets in Classification III.1 The appraised value of substandard assets also represents the book value of all criticized assets less examiners’ deductions (net) on such 1 Seethe Annual Report of the Federal Deposit Insurance Corporation for the Year Ending December SI, 1938, pages 76-78, particularly Table 40. EXPLANATORY NOTES 87 assets. The term “ substandard” corresponds in meaning to the term “ slow” used in the Annual Reports of the Corporation for 1936, 1935, and 1934, except in the case of securities and total assets. Fixed and substandard assets include fixed assets not criticized, as well as all substandard assets. Fixed assets consist of banking house, furniture and fixtures, and other real estate. Uncriticized, applied to total assets, cash, loans, securities, fixed assets, and miscellaneous assets, represents the appraised value of all assets regarded as suitable for bank investment. The appraised value of these, assets (Classification I) repre sents acquisition values less charge-offs, valuation allowances, and, in the case of securities, amortization of bond premiums. Total capital accounts, or book value of capital accounts, refers to the “ net worth” or equity of stockholders (including holders of capital notes and deben tures) in each bank as carried by the bank on its books at the time of examination. Net sound capital represents total capital accounts less examiners’ deductions (net) from capital; and is the examiners’ evaluation of the net worth or equity of stockholders (including holders of capital notes and debentures) in each bank. The retirable value of R. F. C. capital is used to determine the amount of net sound private capital, so that the latter differs from book value of private capital accounts by the excess of retirable value of R. F. C. capital over book value as well as by the examiners’ deductions (net) from total capital accounts. The term “ net sound capital” corresponds in meaning to the term “ adjusted capital account’ ' used in the Annual Report of the Corporation for 1938, to the term “ net capital account” used in the Annual Report of the Corporation for 1937, and to the term “ sound capital” used in the Annual Report of the Corporation for 1936. The amount of R. F. C. capital in banks may correspond to any one of three values: the par or face value; the book value, which is normally the same as par value but may be less; and the retirable value. The latter is the same as the investment of the Reconstruction Finance Corporation shown in reports of that Corporation. Deposits, in all cases, represent deposits at the date of the examination. Adjusted deposits and adjusted liabilities include, in addition to liabilities shown on the books of the bank, those not shown, but determined by the examiner to exist. Average net current operating earnings, in general, represents the average of net current operating earnings for the prior 3-year period; and the figure for total assets to which it is related is the monthly average for the 3-year period immediately prior to the examination. In the case of banks operating for one year or more but less than three years, averages are for calendar years of operations. In a number of cases, the assets are as of the date of the examination. The 19 banks for which no net earnings figures were available were, in general, new in stitutions or institutions which had been merged. Irregularity in individual item s. Items referred to in footnote 5 of Table 126 and footnote 2 of Table 130, as well as the dollar figures in the corresponding tables, are strongly affected by the figures of two banks: (a) One bank with (i) $12 million in securities (stocks) not shown on the books, (ii) net sound capital of $30 per $100 of appraised value of assets, (iii) fixed and 88 FEDERAL DEPOSIT INSURANCE CORPORATION substandard assets of $24 per $100 of appraised value of assets, (iv) 3-year average net earnings of $2.14 per $100 of total assets, and (v) deposits on the date of exami nation between $10 million and $50 million. (b) One bank with (i) $7 million in securities, loans, and fixed and miscellaneous assets not shown on the books, (ii) net sound capital of $25 per $100 of appraised value of assets, (iii) fixed and substandard assets of $7 per $100 of appraised value of assets, (iv) 3-year average net earnings of $1.76 per $100 of total assets, and (v) deposits on the date of examination of more than $50 million. The Federal Deposit Insurance Corporation Districts serve the following States and possessions: District 1 Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut. District 2 New York, New Jersey, Delaware, Puerto Rico, Virgin Islands. District Ohio, Pennsylvania. 3 District 4 Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina. District Georgia, Florida, Alabama, Mississippi, Louisiana. 5 District 6 Kentucky, Tennessee, Missouri, Arkansas. District 7 Indiana, Michigan, Wisconsin. District 8 Illinois, Iowa. District 9 Minnesota, North Dakota, South Dakota, Montana. District 10 Nebraska, Kansas, Oklahoma, Colorado, Wyoming. District 11 Texas, New Mexico, Arizona. District 12 Idaho, Utah, Nevada, Washington, Oregon, California, Alaska, Hawaii. Earnings, Expenses, and Disposition of Profits of Insured Commercial Banks Reports of earnings and dividends of banks not submitting reports to the Federal Deposit Insurance Corporation are submitted semi-annually on a six months’ basis to the Comptroller of the Currency by national banks and by State banks in the District of Columbia, and to the Board of Governors of the Federal Reserve System by State banks members of that system. Reports of other insured State banks are submitted to the Federal Deposit Insurance Corporation on an annual basis at the close of each calendar year. As a result, the figures relating to earnings of all insured banks, presented in Tables 139-141, include figures for the first half of the year for banks which submitted reports to the Board of Governors of the Federal Reserve System or to the Comptroller of the Currency on June 30, and for the second half of the year for those which submitted such reports on December 31; and for the full year, or such part as they were in existence, of those banks which submitted reports to the Federal Deposit Insurance Corporation on December 31. As a consequence, in the case of banks withdrawing from membership in the Federal Reserve System during the second half of the year but continuing insurance, figures for the first half of the year are included as well as figures for the entire year. In the case of insured banks joining the Federal Reserve System during the second half of the year, earnings for only the second half of the year are included. The figures for number of banks appearing in the tables represent the number at the close of the year indicated. EXPLANATORY NOTES 89 Banks operating throughout the year. The figures relating to earnings of insured banks, presented in Tables 142-149, and to earnings of insured banks submitting reports to the Federal Deposit Insurance Corporation, given in Tables 152-157, are based only upon banks operating throughout the year whose operations were not materially affected by mergers, consolidations, or other corporate changes. Figures for banks commencing operations during the year, reporting earnings for less than the full year, or materially affected by mergers or consolidations have been excluded. In the case of banks not reporting to the Federal Deposit Insurance Corporation the earnings of each individual bank for the first half-year and the second half-year have been combined. Asset and liability averages. The base used in the computation of ratios of earnings and dividends, shown in Table 140, consists of the average of the total assets of all insured banks reporting on the call dates specified. Such asset averages include figures for banks which reported on one call date but not on another because they became insured during the year or were in operation only part of the year. No duplications in the asset figures exist because of changes in class of insured banks during the period. The ratios presented in Tables 142-149 and in Tables 154-157 are based upon averages of assets and liabilities for the identical banks to which the earnings data pertain. The asset and liability averages are derived from reports for three dates, viz: for banks submitting reports to the Federal Deposit Insurance Corporation, December 30, 1939, June 29, 1940, and December 31, 1940; for banks submitting reports to other Federal supervisory agencies, March 26, 1940, June 29, 1940, and December 31, 1940. M ethod of reporting. Reports of earnings and dividends of insured com mercial banks are submitted on the same basis, either cash or accrual, depending upon the bank’s method of bookkeeping, as the reports of assets and liabilities. Except as indicated below, the instructions issued by the three Federal bank supervisory agencies are for the most part uniform. Copies of the instructions issued to banks reporting to the Federal Deposit Insurance Corporation are available upon request. Rate of income on loans. This term refers to the reported amount of interest and discount on loans, divided by the average loans and discounts held on the dates indicated. Interest and discount on loans as reported includes renewal, mortgage, and other fees charged in connection with loans owned by the bank. Interest on tim e and savings deposits. The term “ rate of interest on time and savings deposits” refers to the reported amount of interest payments divided by the average amount of time and savings deposits reported on call dates each year. This computed rate is usually less than the announced rate in most banks, because of the methods used in computing interest. It is always less than the maximum announced rate, when rates are varied according to type, maturity, or size of deposit. The computed rate also varies from announced rates to the extent that the balance upon which interest is actually calculated by the bank differs from the average amount of the deposit. The amount of interest on time and savings deposits paid by banks submitting reports to the Federal Deposit Insurance Corporation in 1936, given in Tables 139 and 150, is believed to be overstated by $1 million to $1.5 million due to errors of reporting. The decrease in this item from 1936 to 1937, therefore, probably reflects in part the error in the preceding year. Depreciation. Data relating to national banks and to State banks members of the Federal Reserve System given in Tables 139-141 differ from those published 90 FEDERAL DEPOSIT INSURANCE CORPORATION by the Comptroller of the Currency and the Board of Governors of the Federa Reserve System due to differences in the classification of depreciation. In Tables 139-141 all reported depreciation on banking house, furniture and fixtures is tabu lated as a part of current operating expenses. Such depreciation is shown by the Comptroller of the Currency and the Board of Governors of the Federal Reserve System as a single item under losses and charge-offs. In the case of insured banks submitting reports to the Federal Deposit Insurance Corporation regularly recurring depreciation is classified under current operating expenses; extraordinary charge-offs of banking house, furniture and fixtures are included with “ Losses, charge-offs, and additions to valuation allowances.” Earnings of insured commercial banks subm itting reports to the Federal Deposit Insurance Corporation for 1934 and 1935. Figures for 1934 and 1935, shown in Tables 150 and 151, are not comparable with those for subsequent years because of several differences in reporting. For 1934 and 1935 income taxes are included in “ Taxes (other than on income)” as a part of current operating expense. Beginning with 1936, they are classified separately as a deduction from net profits. All depreciation on banking house, furniture and fixtures is included in “ Other expenses of occupancy and maintenance of banking quarters” under current ope rating expenses in 1934 and 1935. In later years, extraordinary non-recurring depreciation on banking house, furniture and fixtures is included under “ Losses, charge-offs, and additions to valuation allowances.” “ Profits on other assets sold or exchanged” were included with recoveries in 1934 and 1935. “ Salaries, wages, and fees” were reported as one item in 1934. In both years net profits were reconciled to changes in the amount of “ Undivided profits” so that items in the table beyond “ Net profits after dividends” were not reported. The asset averages for those years are based upon all banks reporting on the call dates specified. Suspensions, Receiverships, and Mergers Figures for deposits which appear in Tables 159-164 and for disbursements which appear in Tables 160 and 163 are calculated by rounding the figures for each bank to thousands of dollars. Totals appearing in these tables, therefore, in some cases do not agree exactly with totals appearing in Tables 165 and 169. Differences between the number of insured banks suspended or merged with the financial aid of the Federal Deposit Insurance Corporation, as shown in Table 102 or in the corresponding tables in previous Annual Reports, and as shown in Tables 159-165, and differences between the number of insured banks suspended and the number placed in receivership, are due to differences in the classifications employed and to particular circumstances connected with some of the cases involved. In the case of suspended banks covered by Table 159, in 1936 one bank was classified as a “ Suspended bank succeeded by another bank in same class” in Table 102 of the Annual Report for that year; in 1937 one bank was classified as “ Nonin sured bank succeeding national bank suspended,” and three banks were classified as “ Banks suspended and reopened,” in Table 102 of the Annual Report for that year. Of banks merged with financial aid of the Corporation covered by Table 160, 19 were treated as follows in the table of changes in the number of banks (Table 103 in the Annual Report for 1939, and Table 102 in the Annual Reports for 1936, 1937, and 1938): In 1936, five banks were classified among “ Successions not involving changes in number and classification” ; 91 EXPLANATORY NOTES In 1937, two banks were classified among “ Changes in classification among insured banks,” and three banks among “ Successions and reopenings not involving changes in number or class” ; In 1938, one bank was classified among “ Suspended banks not reopened or succeeded,” and one among “ Changes in title” ; In 1939, three banks were classified as “ Successions” not affecting the number in any class, one was classified among “ Changes in title and location,” and three were excluded because they continued operations under their old charters and names after being merged with other banks to which loans were also made. Differences between the number and deposits of insured banks included in sus pensions and the number and deposits of insured banks included in receiverships are due to the cases listed below. Year of closing State Class Included in suspensions but not in receiverships: R eopened................................................... R eopened................................................... Taken over by another b a n k ............... Merged with the financial aid of FD IG Merged with the financial aid of F D IC 1935 1937 1937 1937 1938 Oklahoma Kentucky Tennessee Iowa Illinois N ot member N ot member N ot member National N ot member Receiverships not in sam e year as suspensions: Placed in receivership in 1936............. Placed in receivership in 1938............. 1935 1937 Included in receiverships but not in suspensions of insured banks: Voluntary liquidation listed among receiverships (depositors paid by F D I C ) ................................................... Noninsured bank with insured deposits at date of suspension (insured status having been terminated prior to suspension) placed in receivership. . Deposits FRS FRS FRS $85,000 206,000 FRS 3.594.000 2.795.000 Texas Maryland N ot member FRS N ot member FRS 219.000 669.000 1937 Michigan N ot member FRS 64,000 1938 Tennessee N ot member FRS 278,000 Case Number 122,000 35 126 162 All banks included in Tables 159-171 are commercial banks with the exception of two mutual savings banks. The data concerning these two mutual savings banks are as follows: Year of closing State Class Deposits Case number Included in suspensions and in re ceiverships............................................ 1938 Vermont N ot member FRS $2,479,000 157 Included in banks merged with the financial aid of F D I C ........................ 1939 Indiana N ot member FRS 1,584,000 ............. co to NUMBER OF BANKING OFFICES— END-OF-YEAR Table 101. N um ber and C l a s s if ic a t io n of O p e r a t in g B a n k in g O f f ic e s , D ecem ber 31, 1935-19401 United States excluding possessions United States including possessions D ec. 31, 1939 Dec. 31, 1940 Dec. 31, 1935 D ec. 31, 1936 Dec. 31, 1937 D ec. 31, 1938 Dec. 31, 1939 D ec. 31, 1940 All banking offices.................................... Insured .............................................................. Noninsured....................................................... 19,312 17,328 1,984 19,203 17,297 1,906 19,050 17,241 1,809 18,905 17,133 1,772 18,778 17,069 1,709 18,678 17,015 1,663 19,218 17,324 1,894 19,109 17,290 1,819 18,958 17,234 1,724 18,813 17,126 1,687 18,687 17,062 1,625 18,585 17,008 1,577 All banks......................................................... Insured.......................................................... Noninsured................................................... 15,940 14,182 1,758 15,714 14,029 1,685 15,444 13,853 1,591 15,257 13,709 1,548 15,085 13,589 1,496 14,950 13,495 1,455 15,904 14,179 1,725 15,679 14,025 1,654 15,410 13,849 1,561 15,223 13,705 1,518 15,049 13,585 1,464 14,912 13,491 1,421 All branches.................................................. Insured........................................................ . Noninsured................................................... 3,372 3,146 226 3,489 3,268 221 3,606 3,388 218 3,648 3,424 224 3,693 3,480 213 3,728 3,520 208 3,314 3,145 169 3,430 3,265 165 3,548 3,385 163 3,590 3,421 169 3,638 3,477 161 3,673 3,517 156 18,622 17,265 6,7 2 k 1,956 8,585 1,357 18,516 17,234 6,733 2,03k 8,U67 1,282 18,364 17,178 6,7U8 2,075 8,355 1,186 18,220 17,073 6,727 2,106 17,992 16,931 2,3k5 7,900 1,061 18,528 17,261 6,72 k 1,956 8,581 1,267 18,422 17,227 6,733 2,03k 8,k60 1,195 18,272 17,171 6,7k8 2,075 8,3k8 1,147 18,095 16,994 6,710 2,177 8,107 1,101 18,128 17,066 6,727 2,106 8,233 1,062 18,004 16,987 6,710 2,177 8,100 1,017 17,899 16,924 6,686 2,3k5 7,893 975 B anks........................................................... Insured...................................................... Members F. R . System: national. . Members F. R . System: State.......... Not members F . R. System ............. Noninsured.............................................. 15,374 14,126 5,386 1,001 7,739 1,248 15,151 13,973 5,325 1,051 7,597 1,178 14,882 13,797 5,260 1,081 7,U56 1,085 14,703 13,661 5,22k 1,11k 7,323 1,042 14,534 13,538 5,187 1,1 75 7,176 996 14,399 13,442 5,lkk l,3k2 6,956 957 15,338 14,123 5,386 1,001 7,736 1,215 15.116 13,969 5,325 1,051 7,593 1,147 14,848 13,793 5,260 1,081 7,k52 1,055 14,669 13,657 5,22 k 1,11k 7,319 14,361 13,438 5,lkk 1,012 14,498 13,534 5,187 1,175 7,172 964 Unit banks............................................ Insured............................................... . Members F . R. System: national. Members F. R. System: State. .. Not members F . R . System ......... Noninsured.......................................... 14,518 13,312 5,198 856 7,258 1,206 14,257 13,119 5,128 898 7,093 1,138 13,958 12,912 5,06k 922 6,926 1,046 13,764 12,762 5,028 953 6,781 1,002 13,579 12,625 k,990 1,010 6,625 954 13,425 12,509 k,9k3 1,1 72 6,39k 916 14,494 13,310 5,198 856 7,256 1,184 14,233 13.117 5,128 898 7,091 1,116 13,935 12,910 5,06k 922 6,92k 1,025 13,741 12,760 5,028 953 6,779 981 13,554 12,623 k,990 1,010 6,623 931 13,398 12,507 k,9k3 1,172 6,392 891 ALL B A N K IN G OFFICES CO M M ERCIAL BA N K IN G OFFICES Banking offices............................................. Insured.......................................................... Members F. R. System: national. . .. Members F. R . System: State............. Not members F . R . System ................. Noninsured................................................... 8,2k0 6,686 1,101 l , 8k2 6,952 923 CORPORATION Dec. 31, 1938 INSURANCE Dec. 31, 1937 DEPOSIT Dec. 31, 1936 FEDERAL D ec. 31, 1935 924 885 196 159 530 39 939 899 196 161 542 40 955 913 197 165 551 42 974 933 201 170 562 41 844 813 188 145 480 31 883 852 197 153 502 31 913 883 196 159 528 30 928 897 196 161 540 31 944 911 197 165 51,9 33 963 931 201 170 560 32 Branches........................................................ Insured........................................................ Members F. R. System: national. . .. Members F. R. System: State............. Not members F . R. System ................. Noninsured................................................. 3,248 3,139 1,338 955 846 109 3,365 3,261 1,408 983 870 104 3,482 3,381 1,1,88 994 899 101 3,517 3,412 1,503 992 917 105 3,561 3,456 1,523 1,002 931 105 3,593 3,489 1,51,2 1,003 944 104 3,190 3,138 1,338 955 845 52 3,306 3,258 1,1,08 983 867 48 3,424 3,378 1,1,88 991, 896 46 3,459 3,409 1,503 992 91A 50 3,506 3,453 1,523 1,002 928 53 3,538 3,486 1,51,2 1,003 91,1 52 A ll offices of banks operating branches........................................... Insured.................................................... Members F. R. System: national. Members F. R. System: State......... Not members F . R . System............. Noninsured............................................ 4,104 3,953 1,526 1,100 1,327 151 4,259 4,115 1,605 1,136 1,371* 144 4,406 4,266 1,68 k 1,153 1,1,29 140 4,456 4,311 1,699 1,153 1,1,59 145 4,516 4,369 1,720 1,167 1,1,82 147 4,567 4,422 1,71,3 1,173 1,506 145 4,034 3,951 1,526 1,100 1,325 83 4,189 4,110 1,605 1,136 1,369 79 4,337 4,261 1,681, 1,153 76 4,387 4,306 1,699 1,153 1,45 A 81 4,450 4,364 1,720 1,167 1,1*77 86 4,501 4,417 1,71,3 1,173 1,501 84 Banking offices............................................... Insured ............................................................ N oninsured..................................................... 690 63 627 687 63 624 686 63 623 685 60 625 683 75 608 686 84 602 690 63 627 687 63 624 686 63 623 685 60 625 683 75 608 686 84 602 Banks2............................................................. Insured ........................................................ N oninsured................................................. 566 56 510 563 56 507 562 56 506 554 48 506 551 51 500 551 53 498 566 56 510 563 56 507 562 56 506 554 48 506 551 51 500 551 53 498 Unit banks............................................... Insured .................................................... Noninsured............................................. 488 52 436 485 52 433 485 52 433 475 44 431 471 43 428 470 43 427 488 52 436 485 52 433 485 52 433 475 44 431 471 43 428 470 43 427 Banks operating branches................ Insured .................................................... Noninsured............................................. 78 4 74 78 4 74 77 4 73 79 4 75 80 8 72 81 10 71 78 4 74 78 4 74 77 4 73 79 4 75 80 8 72 81 10 71 Branches........................................................ Insured........................................................ N oninsured................................................. 124 7 117 124 7 117 124 7 117 131 12 119 132 24 108 135 31 104 124 7 117 124 7 117 124 7 117 131 12 119 132 24 108 135 31 104 A ll offices of banks operating branches........................................... Insured .................................................... Noninsured............................................. 202 11 191 202 11 191 201 11 190 210 16 194 212 32 180 216 41 175 202 11 191 202 11 191 201 11 190 210 16 194 212 32 180 216 41 175 1,424 M U T U A L SAV IN G S B A N K IN G OFFICES 1 For explanation of classification of banking offices, see page 81. * N ot members of the Federal Reserve System. OFFICES— END-OF-YEAR 894 854 197 153 504 40 OF BANKING 856 814 188 11,5 481 42 NUMBER Banks operating b ranches................ Insured.................................................... Members F. R. System: national. . Members F. R . System: State......... Not members F . R . System ............. Noninsured............................................. to C O Table 102. A n a l y s is OF CHANGES IN N U M B ER AND CLASSIFICATION OF OPERATIN G B AN K IN G OFFICES in t h e U n it e d States and P o s s e s s io n s D u r in g 1940 Mutual savings banking offices Commercial banking offices All banking offices Insured Total N on Insured insured Total Total Total In sured N on in sured ALL B A N K IN G O FFICES 17,992 18,095 16,931 16,994 6,686 6,710 2,345 2,177 7,900 8,107 1,061 1,101 686 683 84 75 602 608 -100 -54 -46 -103 -63 -2 4 + 168 -207 -40 + 3 + 9 -6 O ffices o p e n e d ................................................................................................ B an ks............................................................................................................. Branches........................................................................................................ + 135 + 43 + 92 + 118 + 30 + 88 + 17 + 13 + 4 + 132 + 43 + 89 + 117 + 30 + 87 + 38 + 4 + 34 + 13 + 15 + 13 + 2 + 3 + 1 + 2 + 13 + 66 + 26 +40 + 3 + 1 +2 O ffices c lo s e d .................................................................................................. B an ks............................................................................................................. Branches........................................................................................................ -235 -178 -57 -199 -144 -55 -36 -34 -2 -235 -178 -5 7 -199 -144 -5 5 -71 -46 -2 5 -2 5 -12 -1 3 -103 -86 -1 7 -36 -34 -2 + 27 + 20 + 7 -2 7 -2 0 -7 + 19 + 18 + 1 + 9 + 180 + 6 -1 9 -1 8 -1 + 8 + 2 + 6 -8 -2 -6 -1 + 10 + 173 + 1 -170 + 12 + 1 -172 -11 53 51 498 500 +2 -2 N e t c h a n g e d u r in g y e a r ................................................................................ C h a n ges re s u ltin g fr o m — C h a n ges in cla ssific a tio n — n e t to ta l Noninsured banks to insured banks Noninsurrd branches to insured branches Among insured banks . . Am ong branches of insured banks . ........................... . .................................... .................................. .................................... ........................................ BANKS N u m b e r o f b an k s, D e c e m b e r 31, 1940..................................................... N u m b e r o f b an k s, D e c e m b e r 31, 1939..................................................... 14,950 15,085 13,495 13,589 1,455 1,496 14,399 14,534 13,442 13,538 5,144 5,187 1,342 1,175 6,956 7,176 957 996 N et c h a n g e d u rin g y e a r ............................................................................ -135 -94 -41 -135 -96 -4 3 + 167 -220 -3 9 B an k s b e g in n in g d e p o sit o p e r a t io n s .............................................. New banks1............................................................................................... Reopening of bank suspended in previous yea r............................. Financial institutions becoming banks of deposit.......................... +43 + 36 + 1 + 6 + 30 + 28 + 1 + 1 + 13 + 8 + 43 + 36 + 1 + 6 +30 +.28 ^+ 1 + 1 +4 +4 +26 + 24 + 1 + 1 + 13 + 8 B a n k s cea sin g d e p o s it o p e r a t i o n s .................................................. Suspended banks not reopened or succeeded.................................. Merged with financial aid of F D IC — net decrease........................ Other mergers, consolidations, and absorptions— net decrease. . Other liquidations................................................................................... Banks ceasing to engage in deposit banking2.................................. -178 -22 -20 -76 -52 -8 -144 -19 -20 -72 -33 -3 4 -3 -178 -22 -20 -76 -52 -8 -144 -19 -20 -72 -33 -4 6 -1 -6 -3 6 -3 -8 6 -1 8 -11 -2 8 -29 -3 4 -3 C h a n ges re s u ltin g fr o m — + 5 -4 -19 -8 -1 2 -3 -8 -1 + 5 -4 -1 9 -8 551 551 CORPORATION 1,663 1,709 INSURANCE 17,015 17,069 DEPOSIT 18,678 18,778 FEDERAL Not N on Members F . R . members insured System F. R. National State S y ste m + 20 N on in s u re d b a n k s b e c o m in g in s u r e d ........................................... Succession to noninsured b a n k .......................................................... Banks suspended and reopened.......................................................... Admission to F . R . S ystem ................................................................. Admissions to insurance, banks operating at beginning of yea r. +1 +1 +6 +12 +18 -20 -1 -1 +6 +1 +1 +6 +10 -6 -12 ' +6 + 15 -1 6 + 173 -8 -10 -6 +2 -172 -7 + 14 -182 + 3 11 3 5 BRANCHES N u m b e r o f b ra n ch e s, D e c e m b e r 31, 1940. N u m b e r o f b ra n ch e s, D e c e m b e r 31, 1939. N et c h a n g e d u r in g y e a r ................................................................. 3,520 3,480 208 213 3,593 3,561 3,489 3,456 1,542 1,523 1,003 1,002 944 931 + 35 +40 -5 + 32 + 33 + 19 +1 + 13 +92 +41 +6 + 45 +88 +40 +6 +4 +1 + 89 +41 + 13 +8 +42 +3 + 42 + 87 +40 +6 + 41 + 34 +6 + 13 + 5 + 40 +11 +6 +23 ■* + i -5 7 -5 5 -2 -5 7 -5 5 -2 5 -1 3 -1 7 -2 + 7 -7 +1 -1 + 10 +1 +8 -11 +10 -7 104 105 135 132 31 24 +3 +7 +3 +1 104 108 C h a n ges r e s u ltin g fr o m — B ra n ch es o p e n e d fo r b u s in e s s ................................................ Absorbed banks converted into branches.............................. Branches replacing banks or branches closed or relocated. Other branches opened............................................................... B ra n ch es d is c o n t in u e d ..................................................................... B ra n ch es o f n o n in su re d b a n k s a d m itte d to in s u r a n c e ___ C h a n g es in c la ss ific a tio n a m o n g b ra n ch es o f in su red ban ks Branches of banks admitted to F . R . System ............................ Branches transferred as result of absorptions or successions.. From State banks to national banks............................................ +21 +1 +2 +1 + 3 ' +1 +2 ‘ +2 +6 C h a n ges n o t in v o lv in g n u m b e r in any cla ss: Branches transferred as results of absorptions or successions.. . . Changes in title...................................................................................... Changes in location............................................................................... Change in title and location ............................................................... Name of town changed......................................................................... 1 Includes, among insured banks not members of the Federal Reserve System, 1 successor to a cooperative credit association, and 2 banks which replaced but did not directly succeed insured banks which had suspended; includes, among noninsured banks, 2 banks in the possessions. 2 Includes some banks which ceased accepting deposits prior to 1940. 8 Includes 2 charter renewals, 1 among State banks members of the Federal Reserve System, and 1 among insured banks not members of the Federal Reserve System; includes, among noninsured banks, 3 incorporations of private banks. N o te: For reconcilement of figures relating to number of suspensions, receiverships, and mergers with F D IC aid, see page 90. Back figures— See the following Annual Reports: 1939, p. 88; 1938, p . 124; 1937, pp . 70-72; 1936, p p. 102-04; 1935, p p. 144-46; 1934, p. 177. OFFICES— END-OF-YEAR 3,728 3,693 OP BANKING C h a n g es n o t in v o lv in g n u m b e r in a n y cla s s : Successions3............................................................................................. Changes in title...................................................................................... Changes in location............................................................................... Changes in title and location............................................................ . Changes in names of tow n ........................... ..................................... . +10 +2 -1 -1 NUMBER +2 + 182 -3 -1 8 +1 ' -1 C h a n ges in c la ss ific a tio n a m o n g in su red b a n k s ..................... . National banks succeeding State banks........................................ . State banks succeeding national banks........................................... Admissions to F . R . S ystem ............................................................. . Withdrawals from F . R . System with continuance of insurance. +12 +1 ^ T able 103. N um ber OF OPERATING BAN KIN G OFFICES, D E C EM BER 31, 1940 <X> <Ji GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF OFFICE IN EACH STATE AND POSSESSION All banking offices Mutual savings banking offices Commercial banking offices Insured banking offices as percentage of— Insured Total Com All N on m ercial Insured insured banking banking offices offices M utual savings banking offices 6,686 5,144 A,91+3 201 1,542 2,345 1,342 1,172 170 1,003 7,900 6,956 6,391+ 562 944 1,061 957 916 1+1 104 686 551 1+70 81 135 84 53 us 10 31 602 498 1+27 71 104 91.1 90.3 90.3 89.1+ 94.4 94.1 93.4 93.2 95.8 97.1 12.2 9.6 9.1 12.3 23.0 6,686 5,144 l+,91+3 201 1,542 2,345 1,342 1,172 170 1,003 7,893 6,952 6,392 560 941 975 923 891 32 52 686 551 1+70 81 135 84 53 1+3 10 31 602 498 1+27 71 104 91.5 90.5 90.5 90.1 95.8 94.6 93.6 93.3 96.7 98.5 12.2 9.6 9.1 12.3 23.0 7 4 2 2 3 86 34 25 9 52 7.5 10.5 7.1+ 18.2 5.5 7.5 10.5 7.1+ 18.2 5.5 8 8 8 96.6 96.3 96.3 100.0 100.0 96.6 96.3 96.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 97.4 97.2 97.0 100.0 100.0 97.4 97.2 97.0 100.0 100.0 18,585 14,912 13,868 i,o u 3,673 17,008 13,491 12,550 91+1 3,517 1,577 1,421 1,318 103 156 17,899 14,361 13,398 963 3,538 16,924 13,438 12,507 931 3,486 Possessions.......................................................... All banks........................................................... Unit banks.................................................... Banks operating branches.......................... Branches............................................................ 93 38 27 11 55 7 4 2 2 3 86 34 25 9 52 93 38 27 11 55 7 4 2 2 3 State A la b a m a.......................................................... All banks....................................................... Unit banks................................................ Banks operating branches...................... Branches........................................................ 237 217 211+ 3 20 229 209 206 3 20 8 8 8 237 217 211+ 3 20 229 209 206 3 20 84 65 63 2 19 18 17 16 1 1 127 127 127 Arizona ........................................................... All banks....................................................... Unit banks................................................ Banks operating branches...................... Branches........................................................ 38 12 8 4 26 38 12 8 A 26 38 12 8 4 26 38 12 8 k 26 26 5 s 2 21 2 2 2 10 5 3 2 5 Arkansas.......................................................... All banks....................................................... Unit banks ............................................. Banks operating branches...................... Branches........................................................ 228 213 199 1U 15 222 207 193 1U 15 228 213 199 1U 15 222 207 193 1U 15 51 50 1+9 1 1 7 7 7 164 150 187 13 14 6 6 6 6 6 6 CORPORATION 1,663 17,992 16,931 1,455 14,399 13,442 1,3 US 13,1+25 12,509 112 971+ 933 208 3,593 3,489 INSURANCE 17,015 13,495 12,552 91+3 3,520 United States..................................................... All banks........................................................... Unit banks.................................................... Banks operating branches.......................... Branches............................................................ Total DEPOSIT United States and possessions— to ta l......... 18,678 All banks............................................................... 14,950 Unit banks........................................................ 13,895 Banks operating branches............................... 1,055 Branches................................................................ 3,728 Total Members F . R . N ot N on System members insured F. R . National State S ystem FEDERAL T otal N on Insured insured California................................... All banks.................................. Unit banks........................... Banks operating branches. B ranches.................................. 15 40 8 7 6 1 1 99.2 96.6 96.5 97.0 99.9 99.2 96.6 96.5 97.0 99.9 95.2 95.2 95.2 95.2 95.2 95.2 1,051 I 1,043 205 198 172 166 32 S3 846 845 8 7 6 1 1 1,051 205 172 33 846 1,043 198 166 32 845 777 98 89 9 679 143 17 9 8 126 123 83 68 7 7 7 146 146 11+6 139 139 139 78 78 78 15 15 15 46 46 U6 7 7 7 Connecticut.............................. All banks.................................. Unit banks........................... Banks operating branches. Branches.................................. 206 189 182 7 17 108 100 95 5 98 89 87 2 9 133 117 111 6 16 108 100 95 5 8 57 52 U9 3 5 7 6 5 1 1 44 42 25 17 16 1 8 73 72 71 1 1 73 72 71 1 1 52.4 52.9 52.2 71.U 47.1 81.2 85.5 85.6 83.3 50.0 Delaware..................................... All banks.................................. Unit banks........................... Banks operating branches. B ranches.................................. 60 45 37 8 15 56 42 35 7 4 3 2 1 1 57 43 36 7 14 56 42 35 7 14 15 15 15 7 4 1 3 3 34 23 19 U 1 1 1 3 2 1 1 1 3 2 1 1 1 93.3 93.3 9U-6 87.5 93.3 98.2 97.7 97.2 100.0 100.0 District of C o lu m bia............ All banks.................................. Unit banks........................... Banks operating branches. Branches.................................. 52 22 11 11 30 52 22 11 11 30 52 22 11 11 30 52 22 11 11 30 26 9 U 5 17 17 6 2 U 11 9 7 5 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Florida......................................... All banks.................................. Unit banks........................... Banks operating branches. Branches.................................. 169 167 165 2 2 165 164 163 1 1 4 3 2 1 1 169 167 165 2 2 165 164 163 1 1 52 62 52 5 5 5 108 107 106 4 3 2 1 1 97.6 98.2 98.8 50.0 50.0 97.6 98.2 98.8 50.0 50.0 Georgia....................................... All banks................................. Unit banks........................... Banks operating branches. Branches.................................. 368 342 331 11 26 290 266 257 9 24 78 76 7J> 2 2 368 342 331 11 26 290 266 257 9 24 67 51 US 3 16 23 18 15 3 5 200 78 76 7U 2 2 78.8 77.8 77.6 81.8 92.3 78.8 77.8 77.6 81.8 92.3 86 49 U2 7 37 1 1 1 87 50 us 7 37 86 49 U2 7 37 40 18 IS 5 22 22 9 8 1 13 1 1 1 98.9 98.0 97.7 100.0 100.0 98.9 98.0 97.7 100.0 I d a h o ........................................... All banks.................................. Unit banks........................... Banks operating branches. B ranches.................................. 87 50 US 7 37 1 8 14 U1 1 2 11 2 2 1 1 197 19 U 3 3 24 22 21 1 2 OFFICES— END-OF-YEAR 139 139 139 OF BANKING 146 146 1U6 NUMBER C o lo r a d o ..................................... All banks.................................. Unit banks........................... Banks operating branches. Branches.................................. CO 00 T a b le 103. N u m b e r o f O p e r a tin g B a n k in g O f f i c e s , D e c e m b e r 31, 1940— Continued GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF OFFICE IN EACH STATE AND POSSESSION Mutual savings banking offices Commercial banking offices All banking offices Insured banking offices as percentage of— Total Total Total N ot N on Members F . R . System members insured F . R. National State S ystem 840 840 8U0 824 824 82U 337 337 33 7 82 82 82 405 405 U05 16 16 16 569 502 U60 1,2 67 544 478 U37 hi 66 25 24 23 1 1 565 498 U56 U2 67 541 475 W U 132 124 118 6 8 75 60 57 3 15 334 291 259 32 43 24 23 22 1 1 814 658 5U 117 156 733 586 U75 111 147 81 72 66 6 9 814 658 5U1 117 156 733 586 U75 111 147 103 103 103 45 45 U5 585 438 327 111 147 K ansas All banks Unit banks 662 662 662 449 449 U9 213 213 213 662 662 662 449 449 U9 181 181 181 25 25 25 K e n tu c k y ......................................... .. All banks ............................................. Unit banks Banks operating branches Branches 431 402 389 13 29 400 371 358 13 29 31 31 31 431 402 389 13 29 400 371 358 13 29 114 95 92 3 19 L o u isia n a ... ........... ... All banks ........... Unit banks . ........................ Banks operating branches 199 145 117 28 54 198 144 116 28 54 1 1 1 199 145 117 28 54 198 144 116 28 54 57 29 22 7 28 I n d ia n a ............................................................ All banks....................................................... Unit banks................................................ Banks operating branches Branches •. All banks Unit banks Banks operating branches Branches 66 98.1 98.1 98.1 98.1 98.1 98.1 95.6 95.2 95.0 97.6 98.5 95.8 95.4 95.2 97.6 98.5 81 72 66 6 9 90.0 89.1 87.8 91+.9 94.2 90.0 89.1 87.8 91+.9 94.2 243 243 2U3 213 213 213 67.8 67.8 67.8 67.8 67.8 67.8 19 17 15 2 2 267 259 251 8 8 31 31 31 92.8 92.3 92.0 100.0 100.0 92.8 92.3 92.0 100.0 100.0 9 8 7 1 1 132 107 87 20 25 1 1 1 99.5 99.3 99.1 100.0 100.0 99.5 99.3 99.1 100.0 100.0 4 4 h 3 3 3 1 1 1 75.0 75.0 75.0 CORPORATION 16 16 16 M utua savings banking offices INSURANCE 824 824 82U Com All N on m ercial Insured insured banking banking offices offices DEPOSIT 840 840 8!>0 Unit banks Total FEDERAL Insured N on Insured insured 14 9 5 u 5 34 32 SO 2 2 6 6 6 28 26 2U 2 2 73.8 65.0 62.3 73.9 88.3 88.9 86.8 89.U 81.0 91.4 17.6 18.8 20.0 1 1 1 28 12 10 2 16 2 2 2 26 10 8 2 16 90.4 94.1 9U.3 92.6 83.3 99.6 99.4 99.3 100.0 100.0 7.1 16.7 20.0 43 126 99 83 16 27 66 55 11 9 8 1 2 225 192 167 25 33 225 192 167 25 33 56.5 48.9 U6.2 61.8 76.7 96.5 95.5 9h.9 97.7 98.3 94.5 93.6 93.6 93.3 96.9 94.5 93.6 93.6 93.3 96.9 95.6 95.6 95.5 100.0 100.0 95.6 95.5 95.5 100.0 100.0 42 35 29 6 7 126 68 U7 21 58 112 59 U2 17 53 41 37 3U 3 4 31 5 M aryland................................... All banks................................. Unit banks........................... Banks operating branches. B ranches.................................. 281 185 158 27 96 254 174 1U9 25 80 27 11 9 2 16 253 173 148 25 80 252 172 1U7 25 80 73 63 60 3 10 53 10 M assachusetts......................... All banks................................. Unit banks........................... Banks operating branches. Branches.................................. 543 393 325 68 150 307 192 150 k2 115 236 201 175 26 35 318 201 158 U3 117 307 192 150 U2 115 186 125 107 18 61 M ichigan.................................... All banks................................. Unit banks........................... Banks operating branches. Branches.................................. 613 450 U05 U5 163 579 421 379 U2 158 34 29 26 3 5 613 450 U05 U5 163 579 421 379 U2 158 M inn esota................................. All banks................................. Unit banks.......................... Banks operating branches. Branches.................................. 681 675 673 2 6 651 645 6J+3 2 6 30 30 30 680 674 672 2 6 M ississippi................................ All banks.............. ................... Unit banks.......................... Banks operating branches. Branches.................................. 250 207 182 25 43 239 196 171 25 43 11 11 11 M issou ri..................................... All banks................................. Unit banks........................... Banks operating branches. B ranches.................................. 620 620 620 581 581 581 39 39 39 M o n ta n a ..................................... All banks.................................. Unit banks........................... Banks operating branches. Branches.................................. 111 111 111 111 111 111 1 U 26 u 6 29 15 U 37 10 17 132 76 66 10 56 205 144 133 242 201 180 11 21 61 41 34 29 26 3 5 650 644 6U2 2 6 194 188 186 2 6 21 435 435 U35 30 30 30 250 207 182 25 43 239 196 171 25 43 25 24 23 1 1 212 11 11 11 95.6 94.7 9U-0 100.0 100.0 95.6 94.7 9U.0 100.0 100.0 620 620 620 581 581 581 85 85 85 39 39 39 93.7 93.7 93.7 93.7 93.7 93.7 111 111 111 111 111 111 42 42 U2 100.0 100.0 100.0 100.0 100.0 100.0 21 21 170 lb6 2U 42 431 431 U31 1 1 1 1 1 1 100.0 100.0 100.0 OFFICES— END-OF-YEAR 118 65 U8 17 53 OF BANKING 160 100 77 23 60 NUMBER 40 17 7 10 23 M ain e........................................... All banks.................................. Unit banks........................... Banks operating branches. Branches.................................. Table 103. N u m b e r OF O p e r a tin g B a n k in g O f f i c e s , D e c e m b e r 31, 1940— Continued GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF OFFICE IN EACH STATE AND POSSESSION Mutual savings banking offices Commercial banking offices All banking offices Insured banking offices as percentage of— Total Unit banks . . . . Banks operating branches Branches........................... ........................... 419 417 U15 2 2 362 360 858 2 2 57 57 57 Total 362 360 858 2 2 135 133 181 2 2 14 14 1U 213 213 213 22 11 9 2 11 22 11 9 2 11 17 6 u 2 11 2 2 £ 3 3 8 22 11 9 2 11 110 107 10 u 8 3 57 56 55 1 1 53 51 U9 2 2 66 64 62 2 2 57 56 55 1 1 53 52 51 1 1 1 1 1 3 3 8 9 8 7 1 1 44 43 U2 1 1 New Jersey...................................................... All banks....................................................... Unit banks................................................ Banks operating branches...................... Branches........................................................ 502 380 826 5U 122 485 365 812 53 120 17 15 U 1 2 474 356 805 51 118 470 352 801 51 118 259 225 207 18 34 112 55 33 22 57 99 72 61 11 27 4 4 u 28 24 21 3 4 New Mexico • .............................. All banks . • . .. ••• . . . . Unit banks ................................ Banks operating branches Branches ....... ........ 48 41 36 5 7 47 40 85 5 7 1 1 1 48 41 86 5 7 47 40 85 5 7 22 22 22 5 5 5 20 13 8 5 7 1 1 1 New Y o rk ........................................................ All banks................................................. Unit banks................................................ Banks operating branches...................... 1,565 869 785 18U 696 1,373 723 627 96 650 192 146 108 88 46 1,379 735 6kl 9U 644 1,363 719 626 93 644 612 428 897 31 184 529 129 86 222 162 1U8 19 60 16 16 15 1 86.4 86.3 86.8 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 44 43 U2 1 1 51.8 52.3 52.9 83.3 33.3 86.4 87.5 88.7 50.0 50.0 186 134 9U UO 52 15 13 11 2 2 13 11 10 1 2 96.6 96.1 95.7 98.1 98.4 99.2 98.9 98.7 100.0 100.0 97.9 97.6 97.2 100.0 100.0 97.9 97.6 97.2 100.0 100.0 10 4 1 8 6 87.7 83.2 85.3 71.6 93.4 98.8 97.8 97.7 98.9 100.0 176 130 93 87 46 Mutual savings banking offices 53.6 54.2 52 4 66.7 50.0 5.4 3.0 1.1 7.5 11.5 CORPORATION 22 11 9 2 11 us 86.4 86.3 86.3 100.0 100.0 57 57 57 Nevada.............................. All b an k s............ Unit banks. . . ... . . ... ¥ Banks operating branches . Branches.............................. it- t> N ew H a m p sh ire .. ................. All banks ................................ Unit b a n k s .............................................. Banks operating branches Branches ............... .. • .. 400 Com All Non mercial Insured insured banking banking offices offices INSURANCE 419 417 U15 2 2 Total DEPOSIT Nebraska.......................................................... Total Not Non Members F. R. System members insured F. R. National State System FEDERAL Insured Non Insured insured 9 7 6 1 2 354 227 183 kk 127 345 220 177 k3 125 51 44 kl 3 7 North D ak ota................................................ 184 163 1U9 lk 21 171 150 136 lh 21 13 13 13 184 163 lk9 lk 21 171 150 136 lk 21 45 45 k5 869 696 657 89 173 850 677 638 39 173 19 19 19 866 693 65k 39 173 847 674 635 39 173 279 242 23k 8 37 390 390 390 380 380 380 10 10 10 390 390 390 380 380 380 Oregon.............................................................. All banks....................................................... Unit banks................................................ Banks operating branches...................... Branches.................................. ..................... 140 72 67 5 68 138 70 65 5 68 2 2 2 139 71 66 5 68 Pennsylvania................................................. All banks....................................................... Unit banks................................................ Banks operating branches...................... Branches........................................................ 1,193 1,082 1,033 U9 111 1,165 1,058 1,012 k6 107 28 24 21 3 4 Rhode Island................................................. All banks....................................................... Unit banks................................................ Banks operating branches...................... Branches........................................................ 72 32 20 12 40 44 16 10 6 28 South Carolina............................................. All banks....................................................... Unit banks................................................ Banks operating branches...................... Branches........................................................ 172 150 1U 6 22 135 113 107 6 22 Banks operating branches...................... Branches........................................................ O h io ................................................................... All banks....................................................... Branches........................................................ O klahom a....................................................... Unit banks................................................ Banks operating branches...................... Branches........................................................ 18 10 8 2 8 276 166 128 38 110 9 7 6 1 2 97.5 96.9 96.7 97.7 98.4 97.5 96.9 96.7 97.7 98.4 126 105 91 lk 21 13 13 13 92.9 92.0 91.3 100.0 100.0 92.9 92.0 91.3 100.0 100.0 234 121 105 16 113 334 311 296 15 23 19 19 19 97.8 97.3 97.1 100.0 100.0 97.8 97.3 97.1 100.0 100.0 208 208 208 11 11 11 161 161 161 10 10 10 97.4 97 4 97.k 97.4 97.4 97.k 137 69 6k 5 68 91 26 2k 2 65 6 6 6 40 37 3k 3 3 2 2 2 1 1 1 1 1 1 98.6 97.2 97.0 100.0 100.0 98.6 97.2 97.0 100.0 100.0 100.0 100.0 100.0 1,172 1,075 l t030 k5 97 1,145 1,052 1,010 k2 93 729 688 669 19 41 119 85 73 12 34 297 279 268 11 18 27 23 20 3 4 21 7 3 k 14 20 6 2 k 14 1 1 1 97.7 97.8 98.0 93.9 96.4 97.7 97.9 98.1 93.3 95.9 95.2 85.7 66.7 100.0 100.0 28 16 10 6 12 61 23 12 11 38 44 16 10 6 28 20 12 9 s 8 21 2 2 19 3 2 1 1 1 17 7 2 5 10 11 9 8 1 2 11 9 8 1 2 61.1 50.0 50.0 50.0 70.0 72.1 69.6 83.3 5 k-5 73.7 37 37 37 172 150 lkk 6 22 135 113 107 6 22 39 21 19 2 18 6 5 k 1 1 90 87 8k 3 3 37 37 37 78.5 75.3 7k.3 100.0 100.0 78.5 75.3 7k >3 100.0 100.0 3 3 3 3 3 3 100.0 100.0 100.0 OFFICES— END-OF-YEAR 345 220 177 US 125 OF BANKING 354 227 183 kk 127 NUMBER North C arolina............................................. All banks....................................................... Table 103. N u m b e r o f O p e r a tin g B a n k in g O f f i c e s , D e c e m b e r 31, 1940— Continued GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BAN K AND BY TYPE OF OFFICE IN EACH STATE AND POSSESSION Mutual savings banking offices Commercial banking offices All banking offices T otal Total Members F . R . N ot N on System members insured Total F. R . ^National State S ystem Total Com All m ercial N on Insured insured banking banking offices offices 202 164 1U 20 38 201 163 11+3 20 38 60 40 36 L 20 23 23 23 118 100 8A 16 18 1 1 1 99.5 99.4 99.3 100.0 100.0 99.5 99.4 99.3 100.0 100.0 T e n n e s s e e ........................................................ Alt banks....................................................... Unit banks Banks operating branches Branches 348 297 277 20 51 339 288 268 20 51 9 9 9 348 297 277 20 51 339 288 268 20 51 89 71 67 234 211 196 15 23 9 9 9 18 16 6 5 1 10 97.4 97.0 96.8 100.0 100.0 97.4 97.0 96.8 100.0 100.0 ................. T e x a s ............................... All banks.................................... .... Unit banks 858 858 858 781 781 781 77 77 77 858 858 858 781 781 781 446 446 U6 79 79 79 256 256 256 77 77 77 91.0 91.0 91.0 91.0 91.0 91.0 72 60 55 5 12 72 60 55 5 12 72 60 55 5 12 72 60 55 5 12 21 13 11 2 8 20 20 20 31 27 2A 3 4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 V e r m o n t .......................................................... All banks....................................................... Unit banks ........................................... Banks operating branches...................... B ranch es.. .................................................... 102 81 72 9 21 102 81 72 9 21 85 73 65 8 12 85 73 65 8 12 43 41 39 2 2 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 V irgin ia .. . ........ All banks . . ................. Unit banks .. ................... Banks operating branches.................... B ranches........................................................ 385 313 27 A 39 72 384 312 273 39 72 385 313 27A 39 72 384 312 273 39 72 145 130 12 A 6 15 99.7 99.7 99.6 100.0 100.0 99.7 99.7 99.6 100.0 100.0 U ta h . . All banks Unit banks Banks operating branches . Branches ... 1 1 1 a 42 32 26 6 10 54 46 A2 A 8 185 136 107 29 49 17 8 7 1 9 1 1 1 17 8 7 1 9 100.0 100.0 100.0 100.0 100.0 CORPORATION 1 1 1 INSURANCE 201 163 IAS 20 38 DEPOSIT 202 164 HA 20 38 Unit banks Banks operating branches Branches M utual savings banking offices FEDERAL Insured N on Insured insured Insured banking offices as percentage of—■ 12U 9 87 221 134 125 9 87 217 130 121 9 87 127 43 37 6 84 15 14 13 1 1 75 73 71 2 2 4 4 U W est Virginia........................... All banks................................. Unit banks.......................... Banks operating branches. Branches.................................. 180 179 178 174 173 172 180 179 178 174 173 172 1 1 77 77 77 21 21 21 76 75 7U 1 1 6 6 6 W isconsin.................................. All banks................................. Unit banks.......................... Banks operating branches. Branches.................................. 700 570 684 555 U7U 81 129 117 103 100 3 14 41 34 30 U 7 526 418 3U 7U 108 12 11 10 1 1 58 58 58 26 26 26 9 9 9 23 23 23 1 1 130 W yom in g.................................... All banks................................. Unit banks........................... Banks operating branches. Branches.................................. Hawaii2....................................... All banks................................. Unit banks........................... Banks operating branches. Branches.................................. 1 1 687 558 1*77 81 129 58 58 58 1 1 696 566 U8hr 4 4 U 3 3 3 3 3 3 1 1 1 96.7 96.6 96.6 100.0 100.0 96.7 96.6 96.6 100.0 100.0 98.1 97.9 97.7 98.8 99.2 98.3 98.1 97.9 98.8 99.2 100.0 100.0 100.0 100.0 100.0 100.0 16 15 U 1 1 11.1 11.8 12.5 11.1 11.8 12.5 2 1 2 1 4.9 14.3 4.9 14.3 1 1 1 1 39 6 4 2 33 33.3 2.9 33.3 2.9 75.0 50.0 75.0 50.0 100.0 100.0 100.0 100.0 30 12 6 6 18 3 1 3 1 1 2 1 2 1 1 1 1939, p. 90; 1938, p. 126; 1937, p. 73; 1936 p. 105; 1935, pp. 122-131. 100.0 100.0 100.0 75.0 75.0 75.0 103 98.2 97.0 96.8 100.0 100.0 2 2 2 1 Includes 4 national banks (all unit banks), 2 among insured banks not members of the Federal Reserve System, and 2 among noninsured banks. 2 Includes, among noninsured banks, 1 national bank operating 14 branches. 3 Includes, among insured banks not members of the Federal Reserve System, 1 national bank operating 2 branches. Back figures— See the following Annual Reports: 98.2 97.1 96.9 100.0 100.0 2 2 2 Puerto R ic o ............................... All banks................................. Unit banks.......................... Banks operating branches. Branches.................................. Virgin Islands3........................ All banks.................................. Unit banks.......................... Banks operating branches. Branches.................................. 3 3 3 OFFICES— END-OF-YEAR Possession Alaska1........................................ All banks.................................. Unit banks.......................... Banks operating branches. Branches.................................. 220 133 OF BANKING 224 137 128 9 87 NUMBER W ashington.............................. All banks.................................. Unit banks........................... Banks operating branches. Branches.................................. Table 104. A N A LY SIS OF ADMISSIONS TO AND TERM INATIONS OF INSURANCE IN EACH CLASS OF B A N K , 1934-1940 g __________________________________________________________________________________________________ 1934-1940 Total 1934 1936 1937 1938 1939 1940 Jan. 1- Aug. 23Aug. 22 D ec. 31 ✓ 14,219 13,495 U3.201 14,217 14,217 14,219 14,219 14,182 14,182 14,029 14,029 13,853 13,853 13,709 13,709 13,589 13,589 13,495 1,977 1,624 353 1,430 194 42 83 82 48 48 50 509 22 405 2 104 20 355 1 50 1 14 3 33 4 25 1 11 2 11 5 10 5 1 2 3 3 3 1 13 13 989 17 921 68 5 6 2 4 86 76 10 60 16 5 3 1 1 305 142 163 93 49 14 32 45 21 24 27 35 10 25 3 5 6 5 6 Admissions directly offset by term inations— to ta l......................... 939 248 691 193 55 23 120 117 78 131 222 Banks succeeding other banks in same class7........................................ Banks succeeding other insured banks not in same class7.................. Readmissions of banks which had suspended and reopened or had withdrawn from insurance...................................................................... Admissions to insurance of banks withdrawing from F . R . S ystem .. Admissions of insured banks to F . R . System8..................................... 137 186 71 41 66 145 53 30 18 11 3 6 15 30 18 35 8 18 16 25 6 31 6 31 579 1 6 129 5 25 450 1 3 22 2 3 107 i.2 1 6 68 2 6 56 5 47 5 85 3 182 Banks organized and opened since deposit insurance became ef fective: Banks opened and admitted to insurance in the same calendar y e a r.......................................................................................................... Banks opened since January 1, 1934, prior to year of admission to insurance or successors to such banks...................................... Financial institution opened since January 1, 1934, but not engaged in deposit banking prior to year of admission to insurance • ••••••••••••••••••••••••••••*•••#• 1 10 1 1 CORPORATION 1,006 INSURANCE 13,201 14,219 DEPOSIT Banks in conservatorship or operating under restrictions, or in receivership or liquidation, when deposit insurance became effective: Successors to or reorganizations of banks in conservatorship or ............................................ operating under restrictions5 . Successors to or reorganizations of banks in receivership or in process of liquidation® . . ................................................... U3,201 13,495 FEDERAL Under Under tempor perma ary plan nent plan ALL BANKS Banks operating, or with direct predecessors operating, when de posit insurance became effective: Banks of deposit operating January 1, 1934, not previously insured or successors to such banks2.............................................. Banks previously insured, or successors to such banks®................. Financial institutions operating January 1, 1934, but not engaged in deposit banking, or successors to such institutions4............... ^ 1935 Term inations not directly offset by admissions— to ta l................ 1,078 414 191 80 236 258 192 168 144 Banks suspended or merged with financial aid from F D IC : Suspended banks not reopened or succeeded.................................... Banks merged with financial aid of F D IC — net reduction............ 199 105 9 15 9 40 22 50 20 49 22 32 21 19 20 4 Other terminations: Withdrawals from insurance of operating banks (excluding those readmitted during same y e a r ).......................................................... Banks absorbed b y , succeeded b y , or consolidated with nonin sured b an ks............................................................................................ Banks absorbed b y or consolidated with other insured banks without financial aid of F D IC — net reduction............................. Other liquidations..................................................................................... Insured status terminated by F D IC 9.................................................. 191 33 1 6 6 8 3 1 2 588 173 3 172 36 95 40 60 11 139 31 150 36 1 77 37 2 90 25 72 33 Term inations directly offset by admissions— to ta l........................ 690 193 56 22 120 117 78 131 222 Banks succeeded b y other banks in same class.................................... Banks succeeded by other insured banks not in same class.............. Suspended banks, or banks withdrawing from insurance, readmitted Banks withdrawing from F. R . System and admitted to insurance.. Insured banks admitted to F . R . System 8............................................. 66 145 4 25 450 53 30 3 6 1 18 35 2 6 56 16 25 6 31 12 15 30 1 6 68 8 18 3 107 18 11 2 3 22 5 47 5 85 3 182 N um ber insured at beginning of period............................................. N um ber insured at end of period.......................................................... 5,419 5,144 5,153 5,462 5,462 5,419 5,419 5,386 5,386 5,325 5,325 5,260 5,260 5,224 5,224 5,187 5,187 5,144 Admissions not directly offset by term inations— to ta l............... 25 385 16 3 7 7 1 3 4 Banks operating, or with direct predecessors operating, when de posit insurance became effective: Successors to banks operating but not insured January 1, 1934.. 2 8 1 1 3 3 10 3 Banks organized and opened since deposit insurance became effective: Banks opened and admitted to insurance in the same calendar ye a r.......................................................................................................... 23 31 10 2 6 7 1 3 4 Admissions directly offset by terminations— tota l......................... 75 69 12 3 12 22 7 15 16 Banks succeeding other banks in same class7........................................ Banks succeeding other insured banks not in the same class7........... Readmission of bank which had suspended and reopened................. 8 66 1 44 25 7 5 3 2 10 2 19 1 1 6 2 13 1 15 Term inations not directly offset by admissions— to ta l................ 287 97 58 35 59 75 31 41 46 Banks suspended or merged with financial aid from F D IC : Suspended banks not reopened or succeeded.................................... Banks merged with financial aid of F D IC — net reduction............ 9 22 1 3 1 1 2 7 1 4 4 4 1 6 OFFICES— END-OF-YEAR 336 OF BANKING Banks in conservatorship or operating under restrictions, or in re ceivership or liquidation, when deposit insurance became ef fective: Successors to or reorganizations of banks in conservatorship. . . . Successors to or reorganizations of banks in receivership or in process of liquidation......................................... ................................. NUMBER N A T IO N A L B A N K S M E M B E R S OF T H E F E D E R A L RESE RV E SYSTEM T able 104. A n a l y s i s o f A d m ission s t o an d T e rm in a tio n s o f In s u r a n c e in E a c h C l a s s o f B a n k , 1935 1934-1940 Total 1934-1940— Continued Under Under tempor perma ary plan nent plan 1936 1934 1938 1937 1939 1940 Jan. 1- Aug. 23Aug. 22 D ec. 31 11 10 1 5 5 1 57 8 23 3 26 7 36 3 33 2 88 48 13 4 21 19 13 14 17 8 78 2 44 4 7 6 2 19 2 16 1 1 12 2 12 1 16 856 990 990 1,342 856 980 980 990 990 1,001 1,001 1,051 1,051 1,081 1,081 1,114 1,114 1,175 1,175 1,342 62 41 21 40 1 2 3 5 3 2 6 19 2 9 10 2 9 1 1 3 1 5 1 113 28 225 30 Term inations directly offset by adm issions— to ta l........................ 149 61 J3cinks succGcd^d by other bsnks in ssnno clciss • • Banks succeeded by other insured banks not in same class.............. Suspended banks, or banks withdrawing from insurance, readmitted 59 88 2 51 10 Num ber insured at beginning of period......................................... . . Num ber insured at end of period........................................................... 856 1,342 Admissions not directly offset by term inations— to ta l................ 3 1 S T A T E B A N K S M E M B E R S OF T H E F E D E R A L RESE RV E SYSTEM Banks operating, or with direct predecessors operating, when de posit insurance became effective: Banks of deposit operating January 1, 1934, not previously insured or successors to such, bsnks^ Financial institutions operating January 1, 1934, but not engaged Banks in conservatorship or operating under restrictions, or in receivership or liquidation, when deposit insurance became effective: Successors to or reorganizations of banks in conservatorship or operating under restrictions5............................................... .......... Successors to or reorganizations of banks in receivership or in Banks organized and opened since deposit insurance became effective: Banks opened and admitted to insurance in the same calendar 4 4 1 24 25 25 7 5 2 5 5 2 3 2 1 2 1 1 1 1 1 1 CORPORATION 38 12 338 58 INSURANCE 75 16 50 7 DEPOSIT Other terminations: Banks absorbed b y, succeeded b y , or consolidated with nonin sured ban ks............................................................................................ Banks absorbed by or consolidated with other insured banks without financial aid of F D IC — net reduction............................. FEDERAL N A T IO N A L B A N K S M E M B E R S OF T H E F E D E R A L R ESERVE S Y S TE M — C ontinued 461 109 24 3 1 129 4 7 450 1 1 107 2 Term inations not directly offset by admissions— to ta l............... 86 19 67 11 Banks suspended or merged with financial aid from F D IC : Suspended banks not reopened or succeeded.................................... Banks merged with financial aid of F D IC — net reduction............ 6 5 Other terminations: W ithdrawals from insurance of operating banks (excluding those readmitted during same y ea r)........................................................... Banks absorbed by or consolidated with other insured banks without financial aid of F D IC — net reduction............................. Other liquidations..................................................................................... 2 1 1 1 61 12 13 5 48 7 6 4 Terminations directly offset by admissions— to ta l........................ 84 21 63 14 Banks succeeded b y other banks in same class.................................... Banks succeeded by other insured banks not in same class.............. Banks withdrawing from F . R . System and admitted to insurance. 7 46 31 3 12 6 4 34 25 1 10 3 Num ber insured at beginning of period.............................................. Num ber insured at end of period.......................................................... 106,978 6,956 6,978 7,754 7,754 6,956 106,978 7,707 7,707 7,754 Admissions not directly offset by terminations— total................ 1,459 1,158 301 982 459 14 367 2 92 12 317 1 13 70 22 1 12 1 1 68 8 4 11 47 87 186 2 56 47 1 1 85 2 2 182 20 7 13 12 2 1 1 3 1 3 9 1 14 3 6 7 2 8 1 7 12 13 10 15 13 2 2 3 1 5 6 7 6 5 5 1 9 5 2 8 3 7,754 7,739 7,739 7,597 7,597 7,456 7,456 7,323 7,323 7,176 7,176 6,956 176 37 73 70 44 39 38 50 1 13 3 31 3 22 1 11 2 10 1 5 2 2 2 1 3 1 4 6 5 58 1 7 1 4 C O M M E R C IA L B A N K S N O T M E M B E R S OF TH E F E D E R A L R E S E R V E S Y S TE M Banks operating, or with direct predecessors operating, when de posit insurance became effective: Banks of deposit operating January 1, 1934, not previously insured, or successors to such banks2.............................................. Banks previously insured, or successors to such banks3................. Financial institutions operating January 1, 1934, but not engaged in deposit banking, or successors to such institutions4............... Banks in conservatorship or operating under restrictions, or in receivership or liquidation, when deposit insurance became effective: Successors to or reorganizations of banks in conservatorship or operating under restrictions5............................................................. Successors to or reorganizations of banks in receivership or in process of liquidation8......................................................................... Banks organized and opened since deposit insurance became effective: Banks opened and admitted to insurance in the same calendar year11........................................................................................................ Ba.nks opened since January 1, 1934, prior to year of admission to insurance; or successors to such banks........................................... Financial institution opened since January 1, 1934, but not engaged in deposit banking prior to year of admission to in surance .................................................................................................... 9 9 640 623 17 560 63 5 6 2 66 58 8 45 13 4 3 1 235 98 137 59 39 12 25 37 20 20 23 35 10 25 3 5 6 5 6 1 1 10 1 OFFICES— END-OF-YEAR 133 7 8 579 OF BANKING 594 Banks succeeding other banks in same class......................................... Banks succeeding other insured banks not in same class................... Admissions of insured banks to F . R . System8.................................... NUMBER Admissions directly offset by term inations— to ta l........................ Table 104. A n a l y s is OF A d m ission s t o and T e rm in a tio n s o f I n s u r a n c e in E a c h C l a s s o f B a n k , 1934-1940 1935 Under Under tempor perma a ry plan nent plan 1936 1934 1938 1937 1940 1939 Jan. 1- Aug. 23Aug. 22 D ec. 31 FEDERAL Total o00 1934-1940— Continued C O M M E R C IA L B A N K S N O T M E M B E R S OF TH E F E D E R A L R E S E R V E S Y S T E M — Continued 155 15 19 7 38 37 24 29 20 16 14 7 12 13 11 3 14 71 82 17 10 54 72 8 4 9 6 3 2 12 19 5 31 1 6 4 25 1 3 2 3 1 6 1 6 5 5 3 163 146 113 86 46 12 46 18 25 15 18 11 964 249 715 137 112 41 Banks suspended or merged with financial aid from F D IC : Suspended banks not reopened or succeeded.................................... Banks merged with financial aid of F D IC — net reduction............ 203 77 20 183 77 8 12 9 39 21 49 46 3 21 25 3 Other terminations: "Withdrawals from insurance of operating banks (excluding those readmitted during same y e a r)........................................................... Banks absorbed b y , succeeded b y , or consolidated with noninsured banks ......................... Banks absorbed b y or consolidated with other insured banks without financial aid of F D IC — net reduction............................. Other liquidations................................................................ .................... Insured status terminated by FDIC® Term inations directly offset by admissions— to ta l........................ Banks succeeded b y other banks in same class..................................... Banks succeeded by other insured banks not in same class.............. Suspended banks, or banks withdrawing from insurance, readmitted Insured banks admitted to F . R . System8............................................. 3 2 9 4 5 1 446 178 2 136 43 310 135 2 91 16 45 27 23 9 80 23 79 25 1 43 33 1 57 16 28 29 706 167 539 131 36 18 87 85 55 102 192 71 52 4 579 17 19 2 129 54 33 2 450 8 16 3 3 16 12 1 56 13 4 3 7 12 12 6 1 68 7 1 107 9 3 2 22 47 85 182 214 53 214 56 56 53 214 68 68 56 56 56 56 56 56 56 56 48 48 51 3 M U T U A L SAVIN GS B A N K S Num ber insured at beginning of period.............................................. Num ber insured at end of period........................................................... 51 53 CORPORATION Term inations not directly offset by admissions— to ta l................ 166 INSURANCE Banks succeeding other banks in same class7........................................ Banks succeeding other insured banks not in same class7. . . . . . . . . Readmissions of banks which had suspended and reopened or had withdrawn from insurance Admissions to insurance of banks withdrawing from F. R . System. 34 DEPOSIT 189 Admissions not directly offset by term ination— to ta l.................. Banks operating, or with direct predecessors operating, when de posit insurance became effective: Banks of deposit operating January 1,1934, not previously insured Banks previously insured........................................................................ 21 23 1 2 182 Banks suspended or merged with financial aid from F D IC : Suspended bank not reopened or succeeded...................................... Banks merged with financial aid of F D IC — net reduction............ 1 4 2 1 } 9 169 13 1 1 177 1 1 1 169 5 1 1 8 8 5 5 1 1 1 The banks admitted to insurance as of January 1, 1934, were licensed, under the provisions of the Executive Order of the President issued March 10, 1933, prior to or on the date deposit insurance became effective, with the exception of a few banks which were fully or conditionally admitted to insurance as of January 1, 1934, though formally licensed at a later date. See also footnotes 4 and 10. 2 Excludes banks operating under restrictions but unlicensed under the provisions of the Executive Order of the President issued March 10, 1933. 3 Includes banks which withdrew from insurance during or at the close of the temporary funds, or which were succeeded by noninsured banks and operated as noninsured banks for three months or more prior to readmission to insurance. 4 These cases include the following types of institutions: (a) trust companies not engaged in deposit banking but with uninvested trust funds eligible for insurance; (b) industrial and M orns Plan banks and companies not legally authorized to receive deposits on January 1, 1934, which have been authorized by laws enacted since January 1, 1934, to engage in deposit banking, or whos*3 obligations were recognized by the Corporation as eligible for the protection of deposit insurance; and (c) banks of deposit organized a3 successors to cooperative credit associations, savings and loan associations, Morris Plan companies, and similar institutions. In addition, 40 institutions of these types were admitted to insurance as of January 1, 1934. 5 Includes a few cases of banks placed under restrictions subsequent to January 1, 1934. 6 Includes a few cases of banks which were in conservatorship or operating under restrictions on January 1,1934, which were subsequently placed in receivership or liquidation, and were in process of liquidation at the time of reorganization and admission to insurance. 7 Includes private banks incorporated, new charters obtained in connection with consolidation, and charter renewals in cases where corporate identity was not maintained and the bank was required to reapply for insurance. 8 N o termination of insurance occurs in the case of insured banks not members of the Federal Reserve System which are admitted to that system, but they are insured there after under subsection (e) rather than subsection (f) of section 12B of the Federal Reserve A ct, as amended. The number of insured banks admitted to Federal Reserve member ship is shown in this table in order to indicate the admissions and terminations of insured banks by class. 9 1 of these banks subsequently suspended operations. 10 Includes about 460 banks which had been approved for insurance, but from which assessment remittances were not received until after January 1, 1934. Also includes 40 institutions of the types described in footnote 4. O 11 Includes banks opened subsequent to the suspension of other insured banks in the same communities, but not direct successors to such banks. OFFICES— END-OF-YEAR 5 2 OF BANKING 1 Term inations not directly offset by admissions— to ta l................ 4 21 6 Banks organized and opened since deposit insurance became effective: Bank opened and admitted to insurance in the same calendar year Other terminations: Withdrawals from insurance of operating banks (excluding those readmitted during same y e a r)........................................................... Banks consolidated with other insured banks without financial aid of F D IC — net reduction............................................................. Other liquidation...................................................................................... Insured status terminated by F D I C ................................................... 6 NUMBER Banks in conservatorship or operating under restrictions, or in re ceivership or liquidation, when deposit insurance became effective: Successors to or reorganizations of banks in conservatorship or operating under restrictions............................................................... 24 ^ NUMBER OF BANKING OFFICES— M IDYEAR Table 105. N um ber OF OPERATING BANKING OFFICES, JUNE 29, 1940 GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF OFFICE AND AMOUNT OF DEPOSITS Insured N on insured Insured Total National State N ot members F. R. System N on insured Total Insured Non insured 17,026 1,687 18,028 16,950 6,695 2,232 8,023 1,078 685 76 609 W ith deposits of— $100 000 or loss • $100’ooo to $250,000....................................... $250 000 to $500,000....................................... 887 2,938 3,528 591 2,645 3,386 296 293 142 8«6 2,935 3,522 591 2,644 3,383 29 372 1,031 10 100 256 552 2,172 2,096 295 291 139 1 3 6 1 3 1 2 3 $500,000 to $1,000,000.................................... $1,000,000 to $2,000,000................................ $2,000,000 to $5,000,000................................ 3,602 2,891 2,305 3,490 2,811 2,161 112 80 144 3,578 2,836 2,168 3,484 2,802 2,140 1,586 1,542 1,214 420 441 493 1,478 819 433 94 34 28 24 55 137 6 9 21 18 46 116 $5,000,000 to $10,000,000.............................. $10,000,000 to $50,000,000............................ M ore than $50,000,000................................... N one or not available1..................................... 816 617 139 990 707 484 122 £90 V >^«7 109 133 17 oul 702 478 115 808 693 471 113 629 421 298 72 130 179 125 38 170 93 48 3 329 9 7 2 179 114 139 24 182 14 13 9 100 126 15 182 Unit b a n k s........................................................ W ith deposits of— $100,000 or less............................................. $100,000 to $250,000................................... $250,000 to $500,000................................... 13,962 •e 12,603 1,359 13,492 12,560 4,964 1,066 6,530 932 470 43 427 708 2,585 3,089 412 2,292 2,947 296 293 142 707 2,582 3,084 412 2,291 2,945 20 349 885 6 77 199 386 1,865 1,861 295 291 139 1 3 5 1 2 1 2 3 $500,000 to $1,000,000................................ $1,000,000 to $2,000,000............................ $2,000,000 to $5,000,000............................ 2,933 2,095 1,532 2,821 2,015 1,388 112 80 144 2,910 2,044 1,403 2,816 2,010 1,375 1,254 1,122 847 269 205 183 1,293 683 345 94 34 28 23 51 129 5 5 13 18 46 116 $5,000,000 to $10,000,000.......................... $10,000,000 to $50,000,000........................ M ore than $50,000,000............................... 527 393 59 A1 41 109 133 17 33 418 263 40 41 409 256 38 g 274 182 29 2 70 46 8 65 28 1 9 7 2 109 130 19 9 4 4 100 126 15 3 3 33 418 260 42 Q O CORPORATION 18,713 INSURANCE All banking offices............................................. DEPOSIT Total Members F. R. System FEDERAL | Total Mutual savings banking offices Commercial banking offices All banking offices 4,536 4,390 1,731 1,166 1,493 215 33 179 353 439 179 353 438 179 353 438 9 23 146 4 23 57 166 307 235 1 1 $500,000 to $1,000,000................................ $1,000,000 to $2,000,000............................ $2,000,000 to $5,000,000............................ 669 796 773 669 796 773 668 792 765 668 792 765 332 420 367 151 236 310 185 136 88 1 4 8 1 4 8 $5,000,000 to $10,000,000.......................... $10,000,000 to $50,000,000........................ More than $50,000,000............................... N one or not available1................................. 289 224 80 949 289 224 80 621 284 215 75 621 147 116 43 128 109 79 30 167 28 20 2 326 146 5 9 5 182 5 9 5 328 284 215 75 767 1,045 931 114 964 923 200 168 555 41 81 8 8 51 103 8 51 103 8 51 103 8 51 103 1 1 6 51 102 $500,000 to $1,000,000............................ $1,000,000 to $2,000,000........................ $2,000,000 to $5,000,000........................ 110 88 95 110 88 95 110 88 95 110 88 95 2 10 32 1 6 19 107 72 44 $5,000,000 to $10,000,000..................... $10,000,000 to $50,000,000................... M ore than $50,000,000........................... N one or not available1............................ 94 98 61 337 94 98 61 223 92 94 59 223 44 44 31 35 31 35 26 49 17 15 2 139 41 2 4 2 73 2 4 2 114 92 94 59 264 Branches........................................................ W ith deposits of— $100,000 or less......................................... $100,000 to $250.000............................... $250,000 to $500,000............................... 3,706 3,492 214 3,572 3,467 1,531 998 938 105 134 25 171 302 336 171 302 336 171 302 335 171 302 335 8 23 145 3 23 57 160 256 133 1 1 $500,000 to $1,000,000........................... $1,000,000 to $2,000,000...................... $2,000,000 to $5,000,000........................ 559 708 678 559 708 678 558 704 670 558 704 670 330 410 335 150 230 291 78 64 44 1 4 8 1 4 8 $5,000,000 to $10,000,000..................... $10,000,000 to $50,000,000................... M ore than $50,000,000........................... None or not available1............................ 195 126 19 612 195 126 19 398 192 121 16 503 192 121 16 398 103 72 12 93 78 44 4 118 11 5 3 5 3 109 3 5 3 Head offices of banks operating b ranches........................................... W ith deposits of— $100,000 or less......................................... $100,000 to $250,000............................... $250,000 to $500,000............................... 328 146 182 c 214 1 187 105 For deposits of these banks, see Table 113. Back figures— See the following Annual Reports: 1939, p. 98; 1938, p. 136; 1937, p. 80; 1936, p. 112. 73 73 ^Deposits of head offices and of branches of noninsured banks operating branches, and of 222 insured banks operating branches, are not available separately. N o te : 182 109 109 OFFICES— MIDYEAR 4,423 179 353 439 OF BANKING 4,751 NUMBER All offices of banks operating branches W ith deposits of— $100,000 or less............................................. $100,000 to $250,000................................... $250,000 to $500,000................................... Table 106. N u m b e r of O p e r a t i n g B a n k s , Ju n e 29, 1940 GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF BANK AND AMOUNT OF DEPOSITS Commercial banks Mutual savings banks Insured banks s percentage of— Insured Total N on I nsured insured Total 13,534 1,473 14,456 13,483 5,164 708 2,616 3,213 412 2,320 3,066 296 296 147 707 2,613 3,208 412 2,319 3,064 349 885 $500,000 to $1,000,000........... $1,000,000 to $2,000,000____ $2,000,000 to $5,000,000____ 3,094 2,237 1,661 2,976 2,150 1,502 118 87 159 3,071 2,186 1,521 2,971 2,145 1,489 $5,000,000 to $10,000,000 . .. $10,000,000 to $50,000,000. . M ore than $50,000,000.......... N one or not available............. 653 602 180 43 530 430 139 9 123 172 41 34 535 434 138 43 521 421 132 U nit b a n k s.............................. W ith deposits of— $100,000 or less.................... $100,000 to $250,000.......... $250,000 to $500,000.......... 13,962 12,603 1,359 13,492 12,560 708 2,585 3,089 412 2,292 2,947 296 293 142 707 2,582 3,084 412 2,291 2,945 $500,000 to $1,000,000___ $1,000,000 to $2,000,000. . $2,000,000 to $5,000,000. . 2,933 2,095 1,532 2,821 2,015 1,388 112 80 144 2,910 2,044 1,403 2,816 $5,000,000 to $10,000,000. $10,000,000 to $50,000,000 M ore than $ 5 0 ,0 0 0 ,0 0 0 .... N one or not available......... 527 393 59 41 418 260 42 109 133 17 33 418 263 40 41 1,234 Com mer cial banks 90.2 93.3 9.3 3 58.2 88.7 95.4 58.3 88.7 95.5 33.3 40.0 Mutual savings banks 7,085 973 551 77 200 386 1,893 1,979 295 294 144 3 5 1,256 1,130 870 270 211 198 1,445 804 421 100 41 32 23 51 140 18 46 127 96.2 96.1 90.4 96.7 98.1 97.9 21.7 9.8 9.3 327 250 75 106 111 51 4 14 13 118 168 42 109 159 35 81.2 71.4 77.2 20.9 97.4 97.0 95.7 20.9 7.6 5.4 16.7 427 90.3 20 2 4,964 20 6 1,066 6 6 1 2 1 6,530 932 295 291 139 3 5 94 34 28 23 51 129 109 130 19 349 885 77 199 2,010 1,375 1,254 1,122 847 269 205 183 1,293 683 345 409 256 38 274 182 29 70 46 65 28 2 500 34 386 1,865 1,861 8 51 1 3 470 1 43 1 2 9.1 3 58.2 88.7 95.4 58.3 88.7 95.5 18 46 116 96.2 96.2 90.6 96.8 98.3 98.0 100 126 15 79.3 66.2 71.2 19.5 97.8 97.3 95.0 19.5 40.0 21.7 9.8 10.1 8.3 3.1 21.1 CORPORATION 15,007 W ith deposits of— $100,000 or less........................ $100,000 to $250,000.............. $250,000 to $500,000.............. All banks N on Insured insured INSURANCE All banks...................................... Total DEPOSIT Total Members F. R . N ot N on System members insured F. R. National System FEDERAL All banks Banks operating bran ches. W ith deposits of— $100,000 or less...................... $100,000 to $250,000............ $250,000 to $500,000............ 931 114 964 923 31 124 28 119 3 5 31 124 28 119 $500,000 to $1,000,000.. . $1,000,000 to $2,000,000. $2,000,000 to $5,000,000. 161 142 129 155 135 114 6 7 15 161 142 118 155 135 114 $5,000,000 to $10,000,000. . $10,000,000 to $50,000,000. M ore than $50,000,000........ N one or not available.......... 126 209 121 2 112 170 97 1 14 39 24 1 117 171 98 2 112 165 94 1 N o te : 200 168 555 41 1 28 118 3 5 2 8 23 1 6 15 152 121 76 6 7 4 53 68 46 36 65 43 1 23 32 5 5 6 4 1 For deposits of these banks, see Table 114. 11 9 38 23 11 5 3 95.7 73 9 33 20 90.3 96.0 90.3 96.0 96.3 95.1 88.4 96.3 95.1 96.6 88.9 81.3 80.2 50.0 95.7 96.5 95.9 50.0 9.9 13.2 13.0 OFFICES— MIDYEAR 1939, p. 100; 1938, p . 138; 1937, p. 82; 1936, p. 112. 8 OF BANKING Back figures— See the following Annual Reports: 81 NUMBER 1,045 CO 114 T able 107. NUMBER OF OPERATING BANKS, JUNE 29, 1940 GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK IN EACH STATE AND IN THE POSSESSIONS FEDERAL Mutual savings banks Commercial banks All banks In siired Insured T otal Membo:rs F. R . Sys tem j Total i , National State N ot members F . 11. System N on insured Total j Insured N on insured 13,534 1,473 14,456 13,483 1 5,164 1,234 7,085 973 551 51 500 14,970 13,530 1,440 14,419 13,479 5,164 1,234 7,081 940 551 51 500 P ossession s 37 4 33 37 4 4 33 S ta te AlcibiiniJi Arizona Arkansas California Colorado 218 12 216 206 146 210 12 210 199 138 8 218 12 216 206 146 210 12 210 199 138 66 5 50 99 78 17 2 7 16 13 127 5 153 84 47 8 ....................................... Connecticut Delaware • .............................. District of Columbia Florida .......................... fxPnrori'n .. 189 46 22 167 347 100 42 22 164 267 3 80 117 44 22 167 347 100 42 22 164 267 52 15 9 52 52 5 4 5 4 18 43 23 8 108 197 3 80 50 842 503 660 669 49 826 478 588 452 1 16 25 72 217 50 842 499 660 669 49 826 475 588 452 18 329 125 106 182 9 76 34 38 23 22 421 316 444 247 1 16 24 72 217 403 145 100 187 391 372 144 65 176 192 31 1 35 11 199 403 145 68 175 199 372 144 59 174 192 95 29 37 63 125 17 7 5 10 29 260 108 17 101 38 31 1 9 1 7 ... Illinois • •••.................... Kansas XTon f n r»lr\7 Louisiana * •• M assachusetts............................................... 6 7 8 89 4 6 7 8 17 2 72 2 72 2 4 3 1 32 12 192 6 2 26 10 192 CORPORATION 15,007 U n ited S ta te s ................................................... INSURANCE U n ite d S ta tes a n d p oss es sion s — t o t a l . . . . DEPOSIT Total Noninsured 29 30 10 39 456 674 206 620 112 427 644 196 581 112 82 188 24 85 43 135 20 2 60 25 210 436 170 436 44 29 30 10 39 N ebraska............ N ev a d a ............... N ew Hampshire, New Jersey........ New M exico. .. . 421 363 11 56 365 40 58 51 16 1 421 11 64 357 41 363 11 56 352 40 135 6 52 225 22 13 1 1 52 5 215 4 3 75 13 58 107 381 41 N ew Y o r k ........... N orth C arolina. North D a k o ta . . O h io..................... Oklahom a........... 873 227 163 699 391 727 220 150 680 379 146 7 13 19 12 739 227 163 696 391 723 220 150 677 379 429 43 47 244 209 125 10 Oregon................. Pennsylvania. . . Rhode Island . . . South C arolin a.. South D ak ota. . . 73 1,085 32 151 165 71 1,059 16 112 164 2 26 16 39 1 72 1,078 23 151 165 70 1,055 16 112 164 T ennessee........... T exas................... U ta h .................... V erm on t............. V irginia............... 297 861 59 81 313 288 782 59 81 312 9 79 297 861 59 73 313 Washington . . . . W est V irgin ia .. . W isconsin........... W y om in g ............ 140 181 572 58 136 174 560 58 4 7 12 137 181 568 58 N o te : 112 11 For deposits of these banks, see Table 115. Back figures— See the Annual R eport for 1939, p. 102. 1 1 1 8 5 1 43 24 13 43 11 16 7 13 19 12 134 4 130 112 9 169 167 > 103 321 161 3 3 27 690 12 21 41 7 83 2 5 22 36 282 2 86 101 2 23 7 39 1 1 7 9 1 4 288 782 59 73 312 71 446 13 41 130 6 68 20 9 79 8 8 35 211 268 26 32 147 133 174 557 58 44 78 103 26 16 21 31 9 73 75 423 23 4 7 11 3 3 4 3 3 9 1 1 OFFICES— MIDYEAR 427 645 196 581 112 OF BANKING 456 675 206 620 NUMBER M ichigan............ M innesota.......... Mississippi......... M issouri.............. M ontana............. OT N um ber OF OPERATING BAN KIN G OFFICES OF COMMERCIAL B A N K S , JUNE FEDERAL T able 108. 29, 1940 GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY TYPE OF OFFICE AND POPULATION OF CENTER IN WHICH LOCATED B a n k i n g o ffic e s w it h d e p o s it s o f — $ 1 0 0 ,0 0 0 or le s s $ 1 0 0 ,0 0 0 to $ 2 5 0 ,0 0 0 $ 2 5 0 ,0 0 0 to $ 5 0 0 ,0 0 0 1 a non o c non O K A AA 4-/-v KA AAA 886 2,935 3,522 3,578 2,836 2,168 960 2 ,1 2 0 265 335 456 999 159 540 28 129 5 12 2 2 ,8 7 2 192 918 1 ,1 0 8 491 72 1 3 ,4 6 7 2 ,0 3 0 51 9 439 1 ,1 9 5 382 649 50 57 1 ,2 5 4 805 152 478 115 808 47 103 90 94 60 28 2 5 ............. 1*534 5 19 366 648 357 25 2 . 1 ,3 1 7 621 6 14 30 136 598 121 21 3 20 3 30 23 36 350 99 231 43 410 115 315 707 2,582 263 40 41 409 883 809 43 8 386 1 ,2 9 5 5 1 ,0 7 2 448 6 ... . . 13,492 333 619 777 153 398 3,084 2,910 2,044 1 ,4 0 3 418 138 4 495 27 113 11 997 441 62 1 ,0 7 5 256 1 ,1 0 3 44 36 130 70 692 318 322 545 17 567 295 90 I n c e n te r s w ith p o p u la tio n o f — j_t____OKA 804 1 ,7 7 3 2 ,4 6 3 2 , 5 0 0 t o 5 , 0 0 0 ..................................................................... 1 0 , 0 0 0 t o 2 5 , 0 0 0 .............................................................. 2 5 , 0 0 0 t o 5 0 , 0 0 0 .............................................................. 702 N o n e or not a v a ila b le 1 293 84 3 ,1 0 7 T M ore $ 5 ,0 0 0 ,0 0 0 $ 1 0 ,0 0 0 ,0 0 0 $ 2 ,0 0 0 ,0 0 0 th a n to to to $ 5 0 ,0 0 0 ,0 0 0 $ 5 0 , 0 0 0 , 0 0 0 $ 5 ,0 0 0 ,0 0 0 $ 1 0 ,0 0 0 ,0 0 0 2 ,9 7 5 1 ,6 8 1 981 222 262 147 2 11 2 18 9 113 26 305 72 12 21 26 77 156 41 30 4 7 6 2 1 8 2 4 21 2 o £ 509 96 14 191 239 115 182 31 214 40 14 CORPORATION aaa to $ 2 ,0 0 0 ,0 0 0 INSURANCE c aaa ia $ 1 ,0 0 0 ,0 0 0 to $ 1 ,0 0 0 ,0 0 0 18,028 In ce n te r s w ith p o p u la tio n o f — -f AAA O KA A r\ r a a i _ rr AAA $ 5 0 0 ,0 0 0 DEPOSIT A ll b a n k in g o ffic e s All offices of banks operating branches In centers with population of— Less than 250........................................... 250 to 500................................................. 500 to 1 ,000............................................. 1.000 to 2 ,5 0 0 .......................................... 2,500 to 5 ,0 0 0 ......................................... 5.000 to 10,000 ....................................... 1.000 to 2 ,5 0 0 ..................................... 2.500 to 5 ,0 0 0 ..................................... 5.000 to 10,000 ................................... 10.000 to 2 5 ,0 0 0 ................................. 25.000 to 50,000................................. 50.000 or m ore.................................... 438 347 409 73 47 116 21 45 45 109 111 8 1 53 13 120 37 2 492 349 239 245 23 45 89 27 40 64 964 8 51 103 30 4 7 9 64 1 1 18 97 17 14 38 135 1 7 256 110 81 463 88 14 22 1 62 4 25 38 538 95 216 92 7 41 30 196 75 301 59 264 12 94 10 24 16 24 4 1 13 11 2 26 3,572 171 302 335 126 39 12 283 312 72 40 98 31 1 10 44 92 73 36 7 1 46 86 110 11 2 31 82 44 80 13 39 58 4 558 2 6 23 1 34 32 10 16 2 8 15 14 14 22 34 53 84 59 101 192 121 16 503 704 1 33 72 60 12 1.000.to 2 ,5 0 0 ..................................... 2.500 to 5 ,0 0 0 ..................................... 5.000 to 10,000................................... 247 183 10.000 to 2 5 ,0 00 ................................. 25.000 to 50,000................................. 50.000 or m ore.................................... 112 1 3 1 11 14 19 9 25 63 26 9 16 1 ,7 8 2 7 9 64 252 455 504 163 170 58 24 344 357 767 86 14 34 6 1 1 75 61 10 75 84 14 14 215 43 96 104 12 284 1 1 10 113 48 1 9 2 50 765 151 3 102 56 16 792 60 1 8 173 2 ,1 2 6 668 1 34 52 26 18 16 49 26 4 112 16 200 OFFICES— MIDYEAR Branches................................................. In centers with population ofLess than 250...................................... 250 to 500............................................. 500 to 1 ,000......................................... 353 43 OF BANKING Head offices of banks operating branches............................................. In centers with population ofLess than 250...................................... 250 to 500............................................. 500 to 1 ,0 0 0 ......................................... 179 156 NUMBER 10.000 to 2 5 ,0 0 0 ..................................... 25.000 to 50,000 ..................................... 50.000 or m ore......................................... 4,536 1 Deposits of head offices and of branches of noninsured banks operating branches, and of 222 insured banks operating branches, are not available separately. 117 118 N um ber OF OPERATING BAN KIN G OFFICES OF COMMERCIAL B A N K S , JU NE FEDERAL T able 109. 29, 1940 GROUPED ACCORDING TO NUMBER OF COMMERCIAL BANKING OFFICES IN CENTER IN WHICH LOCATED AND BY TYPE OF OFFICE AND POPULATION OF CENTER IN WHICH LOCATED In ce n te r s w ith p o p u la tio n o f — T pj -J-!■»qn 9 oca 4-n cnn caa frk i non nnn +a 9 ^nn ^ non (\nc\ i n nnn 1A AAA 4-rk 9 ^ non 25 000 to 50 000 .......................... In ce n te rs w ith p o p u la tio n o f— n fUnvi OKA oka 4-/-v kaa fa 1 nnn T 1 9 k nnn nnn 9 ^ non i n non 1A AAA f r\ ok non 9% 00ft to *>0 000 ............................ 3 banking offices 4 banking offices 5 banking offices 6 banking offices 7 or 8 banking offices 9 to 19 banking offices 20 or more banking offices 222 225 506 2,006 35 110 90 24 54 144 28 197 18 488 2,006 357 188 122 129 254 367 67 150 282 12 43 1 10 17 346 125 57 136 112 54 26 84 50 17 32 73 15 114 6 248 367 472 270 75 165 327 16 52 5 10 20 532 86 20 429 165 69 164 152 88 7,451 3,589 1,035 804 1,773 2^463 797 1,709 2,125 7 62 332 2 6 2,975 1,681 1,295 1,876 574 262 1,031 935 691 1,072 448 981 99 5 4 448 69 14 18,028 8,970 4,118 1,239 960 2,120 2,872 952 2,045 2,508 8 72 358 3 6 3,467 2,030 1,534 2,261 723 335 1,126 1,116 800 1,317 621 3,107 133 8 5 13,492 CORPORATION 1 9 k 2 banking offices INSURANCE AH b a n k in g o ffices .............................................................. 1 banking office DEPOSIT Banking offices in centers with— banking offices 22 71 13 83 240 21 35 39 10 9 16 3 3 15 27 34 181 74 61 65 57 1,458 7 14 44 49 1,519 529 156 347 409 155 336 383 1 10 26 1,000 to 2 ,500................................................................... 2,500 to 5,000................................................................... 5,000 to 10,000................................................................. 492 349 239 385 149 73 95 181 109 15 45 10,000 to 25,000............................................................... 25,000 to 50,000............................................................... 50,000 or m ore.................................................................. 245 173 2,126 34 3 1 84 17 6 83 40 12 28 40 34 9 26 40 Head offices of banks operating branches........ In centers with population of— 964 307 193 76 41 250 to 500...................................................................... 500 to 1 ,000 .................................................................. 30 64 97 30 60 89 4 8 1,000 to 2 ,5 0 0 .............................................................. 2,500 to 5,000.............................................................. 5,000 to 10,000............................................................ 135 102 56 90 25 9 42 66 32 3 7 13 10,000 to 25,000.......................................................... 25,000 to 50,000.......................................................... 50,000 or m ore............................................................. 75 61 344 4 33 7 1 26 Branches.......................................................................... In centers with population of— Less than 250................................................................ 250 to 500...................................................................... 500 to 1,000.................................................................. 3,572 1,212 336 128 126 283 312 125 276 294 1 6 18 1,000 to 2 ,5 0 0 ............................................................... 2,500 to 5,000.............................................................. 5,000 to 10,000............................................................ 357 247 183 295 124 64 53 115 77 10,000 to 25,000.......................................................... 25,000 to 50,000.......................................................... 50,000 or m ore............................................................. 170 112 1,782 30 3 1 51 10 5 4 '3 181 19 24 24 '3 6 23 25 10 171 1,458 OFFICES— MIDYEAR 4 5 5 1,639 4 8 57 12 2 32 20 7 OF BANKING 7 82 NUMBER 115 8 20 1,639 252 4,536 204 100 96 All offices of banks operating branches................. In centers with population of— Less than 250.................................................................... 250 to 500.......................................................................... 500 to 1,000...................................................................... CO T a b le 110. N u m b e r OF OPERATING COMMERCIAL B A N K S , JUNE 2 9 , 1940 GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY INSURANCE STATUS IN EACH STATE AND IN THE POSSESSIONS Banks with deposits of— All banks $100,000 or less $100,000 to $250,000 $250,000 to $500,000 $500,000 $1,000,000 $2,000,000 $5,000,000 $10,000,000 More to to to to to than $1,000,000 $2,000,000 $5,000,000 $10,000,000 $50,000,000 $50,000,000 None or not available 2,613 2,319 294 3,208 3,064 144 3,071 2,971 100 2,186 2,145 41 1,521 1,489 32 535 521 14 434 421 13 138 132 6 43 9 34 United States............................................ Insured ban k s.............................................. Noninsured banks....................................... 14,419 13,479 940 705 412 293 2,611 2,319 292 3,202 3,064 138 3,066 2,971 95 2,179 2,142 37 1,515 1,488 27 530 521 9 432 421 11 136 132 4 43 9 34 Possessions..................................................... Insured ban ks.............................................. Noninsured ban ks...................................... 37 4 33 2 2 6 5 2 2 6 1 5 2 2 5 7 3 4 5 6 5 2 2 State A la b a m a ...................................................... Insured b an ks......................................... Noninsured ban ks.................................. 218 210 8 15 13 2 59 55 4 62 62 39 37 2 19 19 16 16 3 3 4 4 1 1 1 1 2 2 1 1 5 5 12 12 Arkansas............................ Insured b an ks......................................... Noninsured ban ks.................................. 216 210 6 27 25 2 67 64 3 50 49 1 39 39 19 19 6 6 3 3 5 5 California......................................... Insured ban ks......................................... Noninsured ban ks.................................. 206 199 7 1 1 9 7 2 30 30 52 52 38 37 1 37 36 1 13 11 2 13 12 1 12 12 Colorado...................................................... Insured b an k s......................................... Noninsured banks.................................. 146 138 8 9 6 3 28 26 2 33 31 2 30 29 1 25 25 11 11 3 3 6 6 1 1 Connecticut............................................... Insured ban ks......................................... Noninsured banks.................................. 117 100 17 6 4 2 10 6 4 14 13 1 26 22 4 35 32 3 10 9 1 14 13 1 2 1 1 Delaware..................................................... Insured ban ks......................................... Noninsured banks.................................. 44 42 2 4 2 2 10 10 12 12 6 6 5 5 1 1 4 4 1 1 District of C olum bia.............................. Insured ban ks......................................... Noninsured banks.................................. 22 22 1 1 1 1 4 4 6 6 8 8 2 2 1 1 3 3 1 1 CORPORATION A rizona....................................... Insured ban k s......................................... Noninsured banks.................................. INSURANCE 707 412 295 DEPOSIT 14,456 13,483 973 FEDERAL United States and possessions— tota l. .. Insured b an k s................................................ Noninsured ban ks........................................... Florida..................... Insured banks Noninsured banks 167 3 22 36 37 33 20 7 8 1 164 3 21 1 36 36 1 32 1 20 7 8 1 3 G eorgia.................... Insured banks Noninsured banks 347 77 94 69 46 26 15 4 267 80 27 50 78 16 68 1 44 2 26 15 4 Id a h o ........................ Insured banks Noninsured banks 50 2 11 11 14 3 6 1 2 49 1 2 11 11 14 3 5 1 1 2 Illin o is..................... Insured banks Noninsured banks 842 18 119 199 212 114 92 45 34 6 3 826 14 116 89 3 34 6 3 209 3 45 4 197 2 114 16 2 1 In d ian a.................... Insured banks Noninsured banks 499 7 87 142 103 84 46 13 16 1 475 24 4 3 77 10 136 101 2 82 2 45 1 13 16 1 Io w a.......................... Insured b an k s. . . , Noninsured banks 660 8 95 588 2 6 76 19 M ain e....................... Insured b an k s. . . Noninsured banks M aryland................ Insured banks Noninsured banks M assachusetts........ Insured ban ks. . . , Noninsured banks M ichigan................. Insured banks Noninsured banks 220 198 185 98 31 14 5 172 29 2 5 13 92 6 14 22 4 4 669 95 244 152 97 47 25 3 5 452 217 23 72 154 90 120 79 24 1 5 18 43 4 3 32 403 28 109 93 85 52 23 6 6 1 372 31 14 14 100 9 89 82 3 51 1 23 6 6 1 4 1 1 145 5 12 30 39 32 13 5 6 3 144 1 5 12 29 1 39 32 13 5 6 3 68 1 59 9 175 174 1 5 11 3 17 23 7 4 2 9 2 16 1 21 2 6 1 4 1 22 22 36 46 35 17 10 7 2 36 46 35 17 10 6 1 2 199 1 3 10 29 43 59 27 21 5 1 192 1 2 9 1 28 1 43 57 2 27 19 2 5 1 3 7 1 456 5 48 130 109 70 55 16 16 4 427 29 3 38 107 2 68 2 16 15 1 4 10 121 9 55 2 M innesota.............. Insured banks Noninsured banks 674 12 173 213 170 66 24 9 4 3 644 30 5 159 209 23 1 3 4 64 2 4 14 168 2 9 7 M ississippi............. . Insured ban ks. . . . Noninsured banks 206 17 35 56 49 27 15 6 1 196 10 15 33 2 52 4 47 2 27 15 6 1 11 2 3 OFFICES— MIDYEAR Louisiana................ Insured banks Noninsured banks 2 OF BANKING K e n tu ck y................ Insured banks Noninsured banks 2 3 NUMBER K ansas..................... Insured banks Noninsured banks 72 6 3 11 T able 110. N umber OF O p e r a t i n g C o m m e r c i a l B a n k s , J u n e 29, 1940— Continued GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY INSURANCE STATUS IN EACH STATE AND IN THE POSSESSIONS tO K) Banks with deposits of— All banks 196 178 18 128 125 3 98 97 1 57 57 37 37 18 18 10 10 112 112 2 2 20 20 33 33 32 32 8 8 12 12 1 1 4 4 421 363 58 58 31 27 167 141 26 105 102 3 51 50 1 23 22 1 9 9 1 1 7 7 2 2 4 4 3 3 1 1 6 4 2 12 11 1 20 17 3 12 12 9 8 1 4 4 1 1 15 13 2 60 58 2 108 108 97 97 38 38 32 32 4 4 10 9 1 11 11 11 11 2 2 2 2 1 1 11 11 XT 64 56 8 1 357 352 5 1 TJq fv» Irp N ew Jersey Insured banks .............................. .... \TAninanrDrl ViJlTllfCi 'Wati/ pvi PA 1 1 41 40 1 Tncnrorl KiJTilrQ 6 6 1 1 5 5 N ew Y o r k .................................... Insured banks ........... Noninsured banks * .... 739 723 16 2 21 19 2 93 92 1 164 162 2 172 171 1 148 145 3 66 65 1 41 40 1 32 29 3 N o rth CflroHnft Insured banks .. . ... 227 220 7 9 7 2 45 43 2 53 52 1 42 41 1 39 39 26 26 6 5 1 5 5 2 2 N o rth D a k ota .................................. TuanrpH KonlfQ hank's 163 150 13 24 17 7 66 62 4 42 41 1 13 13 10 10 6 6 1 1 O h io Insured banks 696 677 19 5 2 3 67 59 8 158 151 7 175 174 1 140 140 93 93 29 29 20 20 9 9 391 379 12 28 24 4 119 113 6 119 117 2 59 59 36 36 20 20 5 5 2 2 3 3 * XTnr»TnciiT,oH ViPTi kQ .. . .................................... ............................ XTnm'nc nrpH Ko n Ire . . O k la h o m a ........................ Insured banks .... N oninsured ban ks.................................. 2 1 1 1 1 CORPORATION 69 52 17 INSURANCE 620 581 39 None or not available DEPOSIT $250,000 to $500,000 FEDERAL $100,000 to $250,000 N6Vftdfl Insured banks Tncmror? M ore $500,000 $1,000,000 $2,000,000 $5,000,000 $10,000,000 than to to to to to $50,000,000 $50,000,000 $5,000,000 $10,000,000 $1,000,000 $2,000,000 $100,000 or less 2 2 17 17 16 16 12 12 4 3 1 2 2 46 44 2 139 138 1 247 241 6 269 264 5 242 242 69 68 1 40 39 1 15 15 3 6 4 2 4 4 4 2 2 2 2 14 13 1 6 6 3 3 2 2 18 17 1 8 8 4 4 2 2 2 2 68 68 56 55 1 31 30 1 12 12 3 3 8 8 3 3 194 180 14 185 174 11 92 91 1 49 48 1 22 21 1 27 27 4 4 59 59 206 192 14 6 6 17 17 18 18 8 8 3 3 1 1 6 6 73 73 3 3 10 10 19 19 19 19 20 20 2 2 L,078 1,055 23 5 1 4 Rhode Island........... Insured b an k s. . . . Noninsured ban ks. 23 16 7 1 1 South C arolina. . . . Insured b a n k s. . . . Noninsured banks. 151 112 39 40 16 24 35 27 8 26 25 1 25 20 5 South D ak o ta......... Insured b an k s. . . . Noninsured banks. 165 164 10 10 73 73 48 48 Tennessee................. Insured b an k s. . . . Noninsured b an k s. 297 288 9 27 24 3 89 85 4 T exas.......................... Insured b an k s. . . . Noninsured banks. 861 782 79 70 45 25 U ta h ............................ Insured b an k s. . . . Noninsured banks. V e rm on t.................... Insured b an k s. . . . Noninsured banks. 1 3 3 3 313 312 3 3 39 38 1 67 67 87 87 63 63 36 36 9 9 7 7 2 2 W ash in gto n ............. Insured b an k s. . . . Noninsured banks. 137 133 4 6 5 1 27 26 1 40 40 29 29 13 13 8 7 1 7 6 1 5 5 2 2 W est Virginia.......... Insured ban ks. . . . Noninsured banks. 181 174 7 4 1 3 14 13 1 40 40 52 50 2 36 36 22 21 1 8 8 5 5 W isconsin................. Insured b an k s. . . . Noninsured banks. 568 557 6 5 1 88 86 2 155 150 5 140 137 3 102 102 56 56 12 12 7 7 11 W yom in g................... Insured b an ks. . . . Noninsured banks. 58 58 2 2 7 7 13 13 21 21 8 8 4 4 3 3 For deposits of these banks, see Table 116. 1939, p . 104; 1938, p. 140; 1937, p. 84 1936, p . 114 1935, p . 132. 2 2 123 N ote : Back figures— See the following Annual Reports: 12 12 Virginia..................... Insured ban k s. . . . Noninsured banks. 1 6 3 3 OFFICES— MIDYEAR Pennsylvania........... Insured b an k s. . . . Noninsured banks. 1 BANKING 1 OF 72 70 2 NUMBER 18 18 Oregon........................ Insured b a n k s . . . . Noninsured banks. T a b le 1 11 . NUMBER OF COMMERCIAL BANKS OPERATING BRANCHES AND NUMBER OF BRANCHES, JUNE 29, 1940 124 BANKS OPERATING BRANCHES GROUPED ACCORDING TO CHARACTER OF BRANCH SYSTEM AND BRANCHES GROUPED ACCORDING TO LOCATION OF BRANCH AND BY POPULATION OF CENTER IN WHICH LOCATED AND STATE Character of branch system In more than one State1 State wide All branches | In head office city Elsewhere in head office county Elsewhere in head office State Outside head office State1 441 244 3 3,572 1,620 787 1,159 6 276 441 233 3 3,517 1,620 774 1,117 6 13 42 1,000 to 2 ,5 0 0 ................................................................... 2,500 to 5,000 ................................. ............... 5,000 to 10,000................................................................. 135 102 56 10,000 to 25,0 00 ............................................................... 25,000 to 50,000............................................................... 50,000 or m ore.................................................................. 75 61 344 S ta te A labam a............................................................................. A rizon a............................................................................... Arkansas............................................................................. C alifornia........................................................................... C olorado............................................................................. 3 4 14 33 C onnecticut....................................................................... Delaware............................................................................ District of C o lu m b ia ................................................... Florida................................................................................. G eorgia............................................................................... 6 6 11 2 11 23 43 58 7 21 39 126 283 312 1 1 88 184 172 38 98 139 1 2 5 102 78 36 32 22 15 357 247 183 2 5 5 118 72 52 237 170 126 14 25 229 32 20 49 29 16 63 3 170 112 1,782 17 40 1,549 41 22 38 112 50 189 6 1 3 4 11 1 20 26 15 854 3 1 6 2 1 10 15 5 7 10 76 12 18 5 537 3 3 1 1 3 4 5 6 6 1 2 1 7 15 13 30 3 26 11 1 2 2 13 2 5 35 3 32 32 66 155 25 1 41 116 38 2 2 11 2 7 41 116 11 30 84 238 5 2 30 1 CORPORATION 30 64 97 55 INSURANCE I n c e n te r s w ith p o p u la tio n o f — Less than 250.................................................................... 250 to 500 . . . . ........... 500 to 1,0 0 0 .................................. ................... 11 DEPOSIT 276 953 11 County wide 964 P o s se s sio n s ........................................................................... Id a h o................................................................................... Illinois................................................................................. Indiana............................................................................... Iow a..................................................................................... Kansas................................................................................. City wide FEDERAL Ail branch systems Location of branch 48 2 24 N ebraska.............. N eva d a ................. New Hampshire. New Jersey.......... New M ex ico........ 2 2 2 51 4 New Y o r k .......... North Carolina. North D a k o ta . . O h io..................... O klahom a........... 92 44 15 39 O regon.............. P ennsylvania. . Rhode Island . . South Carolina. South D a k o ta .. 4 44 Tennessee. Texas........ U ta h ......... V erm on t. . Virginia. .. 19 15 5 8 39 2 5 17 W ashington. . W est Virginia. W isconsin. . . . W yom in g. . . . 25 43 11 6 18 1 82 5 6 3 8 30 6 20 19 2 21 34 63 4 31 3 1 29 52 57 79 116 21 163 6 42 128 i6‘ 2 15 2 2 11 2 117 6 11 11 21 4 38 87 14 26 10 3 644 126 596 9 22 170 i23 2 11 6 2 2 2 4 10 65 95 38 11 79 17 3 1 1 53 25 22 2 26 9 23’ i9 ‘ 31 4 2 1 ’ ‘ 84' 14 14 5 24 1 6 28 28 19 27 2 1 30 31 12 42 16 86 3 13 14 12 51 3 7 18 24 17 18 15 12 72 '21 31 9 3 20 22 36 50 .„ . 1 10 5 3 3 14 12 82 17 62 22 130 18' 24 ‘ 1 . 1 Out-of-State branches are operated as follows: 1 bank in California operates 1 branch in Oregon and 2 branches in Washington; 1 bank in New Jersey operates 1 branch in Pennsylvania; and 1 bank in New York operates 1 branch in Massachusetts and 1 branch in Pennsylvania. Back figures— See the following Annual Reports: OFFICES— MIDYEAR M ichigan............ M innesota............ M ississippi......... . M issouri............... M ontana............. . 20 OF BANKING 13 27 NUMBER K en tu ck y............. Louisiana............. M a in e................... M arylan d . . . . . . . M assachusetts. . , 1939, p. 110; 1938, p . 134; 1937, p. 90; 1936, p. 120. to Oi 126 Table 112. 29, 1940 NUMBER OF OPERATING MUTUAL SAVINGS BANKS, JUNE GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY INSURANCE STATUS IN EACH STATE $100,000 to $250,000 $250,000 to $500,000 1 3 1 2 5 2 3 140 13 127 18 20 1 18 20 1 72 3 8 22 72 3 8 22 1 1 1 1 S tate C o n n e c t ic u t ......................................................................... N oninsured ban k s............................................................ 1 2 2 4 3 1 2 2 1 10 2 8 1 2 1 1 1 4 3 1 10 2 M a in e ..................................................... Insured banks Noninsured banks.......................... 32 6 26 M a r y la n d .............................................................................. Insured banks Noninsured banks............................................................ 12 2 10 2 M a s sa ch u se tts .................................................................... 192 1 1 7 12 54 N oninsured banks............................................................ 192 1 1 1 1 7 12 54 51 M in n e so ta Insured banks N ew H a m p sh ire Noninsured banks. . ........... ........................ 1 1 10 2 2 1 2 4 2 1 4 2 51 60 6 60 6 1 1 43 6 10 19 4 4 43 6 10 19 4 4 CORPORATION Noninsured banks In d ia n a Insured banks Noninsured banks INSURANCE 42 7 35 51 5 46 551 51 500 D elaw are 168 9 159 118 9 109 23 5 18 U n ite d S ta tes— t o t a l ............................................................ Insured b an k s....................................................................... Noninsured banks................................................................ DEPOSIT $100,000 or less $500,000 $1,000,000 $2,000,000 $5,000,000 $10,000,000 M ore than to to to to to $50,000,000 $1,000,000 $2,000,000 $5,000,000 $10,000,000 $50,000,000 FEDERAL Banks with deposits of— All banks New Jersey........................................................................... Insured banks................................................................... Noninsured banks............................................................ 24 13 11 New Y o r k ............................................................................. Insured banks................................................................... Noninsured banks............................................................ 134 4 130 5 5 O h io ........................................................ Insured banks................................................................... Noninsured banks........................................................... 3 3 1 1 Oregon............................................................................... Insured banks................................................................... Noninsured banks........................................................... 1 1 Pennsylvania...................................................................... Insured banks................................................................... Noninsured banks........................................................... 7 4 3 Rhode Island.................................................................. Insured banks................................................................... Noninsured banks........................................................... 9 1 1 1 5 1 9 1 1 1 5 1 V erm on t......................................................................... Insured banks................................................................... Noninsured banks........................................................... 8 8 2 2 2 2 W ashington........................................................................ Insured banks................................................................... Noninsured banks........................................................... 3 3 W isconsin............................................................................. Insured banks................................................................... Noninsured banks............................................................ 4 3 1 10 5 5 1 21 25 21 25 1 1 58 1 57 25 3 22 1 1 2 1 1 3 1 2 1 2 2 1 1 2 2 1 1 2 2 1 1 1939, p. 108; 1938, p. 144; 1937, p. 88; 1936, p. 118; 1935 p. 140. 1 1 1 1 OFFICES— MIDYEAR 1 1 1 1 OF BANKING 127 7 4 3 1 1 For deposits of these banks, see Table 117 . Back figures— See the following Annual Reports: 3 2 1 2 1 1 NUMBER N o te : 1 1 to CX) DEPOSITS OF BANKING OFFICES T able 113. DEPOSITS OF OPERATING BAN K IN G OFFICES, JUNE 29, 1940 OFFICES GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF OFFICE AND AMOUNT OF DEPOSITS Insured Insured Total Total Members F. R. System National j State N ot members F. R. System N on insured N on insured 1,900,490 10,632,827 1,427,505 9,205,322 (In thousands of dollars) A ll b a n k in g o ffic e s ................... 70,958,708 59,852,896 11,105,812 60,325,881 58,425,391 33,013,714 18,715,406 6,696,271 59,099 512,454 1,286,825 42,027 465,238 1,237,761 17,072 47,216 49,064 59,000 511,955 1,284,769 42,027 465,100 1,236,622 1,880 69,171 391,105 583 19,482 97,680 39,564 376,447 747,831 16,973 46,855 48,147 99 499 2,056 138 1,139 99 361 917 $500,000 to $1,000,000........... $1,000,000 to $2,000,000----$2,000,000 to $5,000,000----- 2,592,651 4,093,918 7,063,703 2,515,324 3,980,228 6,595,624 77,327 113,690 468,079 2,574,140 4,012,183 6,614,748 2,510,464 3,966,874 6,531,507 1,170,053 2,180,036 3,724,415 308,560 632,061 1,522,180 1,031,851 1,154,777 1,284,912 63,676 45,309 83,241 18,511 81,735 448,955 4,860 13,354 64,117 13,651 68,381 384,838 $5,000,000 to $10,000,000 . . . 5,611,137 4,839,047 $10,000,000 to $50,000,000. . 12,385,505 9,567,344 M ore than $50,000,000.......... 23,922,962 21,748,557 N ot available1.......................... 13,430,454 8,861,746 772,090 4,801,808 4,736,883 2,867,365 2,818,161 9,461,059 9,280,459 5,915,433 2,174,405 21,663,511 20,793,709 12,775,314 4,568,708 9,342,708 8,861,746 3,918,942 1,248,993 2,482,387 7,783,102 4,620,372 620,525 882,639 235,293 322,432 64,925 180,600 869,802 480,962 809,329 2,924,446 2,259,451 4,087,746 102,164 286,885 954,848 707,165 2,637,561 1,304,603 4,087,746 U n it b a n k s ..................... 32,982,621 26,445,517 W ith d ep osits o f — 30,429 47,501 $100 000 or less • •■ 405,472 452,688 $100 000 to $250 0 00 ......... $250*000 to $500,000.......... 1,123,606 1,074,542 6,537,104 27,337,527 25,917,999 17,059,165 4,001,699 4,857,135 1,419,528 5,645,094 527,518 5,117,576 16,973 46,855 48,147 99 499 1,711 138 794 99 361 917 17,072 47,216 49,064 47,402 452,189 1,121,895 30,429 405,334 1,073,748 1,449 65,100 333,547 441 14,989 75,976 28,539 325,245 664,225 $500,000 to $1,000,000----- 2,094,105 $1,000,000 to $2,000,000. . 2,952,079 $2,000,000 to $5,000,000. . 4,662,976 2,016,778 2,838,389 4,194,897 77,327 113,690 468,079 2,076,099 2,875,964 4,237,639 2,012,423 2,830,655 4,154,398 918,727 1,577,359 2,574,212 194,400 293,190 569,536 899,296 960,106 1,010,650 63,676 45,309 83,241 18,006 76,115 425,337 4,355 7,734 40,499 13,651 68,381 384,838 $5,000,000 to $10,000,000. 3,611,066 $10,000,000 to $50,000,000 7,790,084 M ore than $50 ,00 0 ,0 0 0.... 10,248,516 2,838,976 4,971,923 8,074,111 772,090 2,818,161 2,174,405 2,837,099 5,079,874 8,609,366 2,772,174 4,899,274 7,739,564 1,859,708 3,495,829 6,233,234 485,371 917,149 1,450,647 427,095 486,296 55,683 64,925 180,600 869,802 773,967 2,710,210 1,639,150 66,802 72,649 334,547 707,165 2,637,561 1,304,603 CORPORATION W ith d ep osits o f — $100 000 or less $100[000 to $250,000.............. $250,000 to $500,000.............. INSURANCE Insured Total DEPOSIT Total N on insured FEDERAL Mutual savings banking offices Commercial banking offices All banking offices All offices of banks operat ing b ranches........... 37,976,087 33,407,379 W ith deposits of— $100,000 or less................. 11,598 11,598 $100,000 to $250,000____ 59,766 59,766 $250,000 to $500,000____ 163,219 163,219 $500,000 to $1,000,000.. . $1,000,000 to $2,000,000. $2,000,000 to $5,000,000. 498,546 1,141,839 2,400,727 899,987 11,598 59,766 162,874 431 4,071 57,558 142 4,493 21,710 11,025 51,202 83,606 345 345 498,041 1,136,219 2,377,109 498,041 1,136,219 2,377,109 251,326 602,677 1,150,203 114,160 338,871 952,644 132,555 194,671 274,262 505 5,620 23,618 505 5,620 23,618 1,964,709 1,964,709 4,381,185 4,381,185 13,054,145 13,054,145 4,568,708 9,342,708 8,861,746 1,007,657 2,419,604 6,542,080 3,918,942 763,622 1,565,238 6,332,455 4,620,372 193,430 396,343 179,610 322,432 35,362 214,236 620,301 4,087,746 35,362 214,236 620,301 14,933,591 14,933,591 6,962,888 6,982,619 988,084 13 87 490 9,796 37,115 498,546 1,141,839 2,400,727 $5,000,000 to $10,000,000 2,000,071 2,000,071 $10,000,000 to $50,000,000 4,595,421 4,595,421 M ore than $50,000,000... 13,674,446 13,674,446 N ot available1.................... 13,430,454 8,861,746 Head offices of banks operating branches 15,374,038 15,374,038 W ith deposits of— $100,000 or less................. 590 590 $100,000 to $250,000____ 9,796 9,796 $250,000 to $500,000____ 37,596 37,596 81,304 125,570 322,585 81,304 125,570 322,585 $5,000,000 to $10,000,000 679,269 679,269 $10,000,000 to $50,000,000 2,269,626 2,269,626 M ore than $50,000,000... 11,847,702 11,847,702 480,962 440,447 4,087,746 440,447 590 9,796 37,596 590 9,796 37,596 481 81,304 125,570 322,585 81,304 125,570 322,585 1,724 14,140 108,150 918 7,486 70,904 78,662 103,944 143,531 665,421 665,421 2,139,577 2,139,577 11,551,152 11,551,152 319,761 1,094,739 5,423,880 224,306 731,256 5,947,662 121,354 313,582 179,610 13,848 130,049 296,550 13,848 130,049 296,550 9,171,595 9,171,595 8,712,055 8,712,055 5,072,719 3,110,716 528,620 459,540 459,540 11,008 49,970 125,623 11,008 49,970 125,623 11,008 49,970 125,278 11,008 49,970 125,278 418 4,071 57,077 55 4,493 21,710 10,535 41,406 46,491 345 345 $500,000 to $1,000,000.. . $1,000,000 to $2,000,000. $2,000,000 to $5,000,000. 417,242 1,016,269 2,078,142 417,242 1,016,269 2,078,142 416,737 1,010,649 2,054,524 416,737 1,010,649 2,054,524 249,602 588,537 1,042,053 113,242 331,385 881,740 53,893 90,727 130,731 505 5,620 23,618 505 5,620 23,618 $5,000,000 to $10,000,000 $10,000,000 to $50,000,000 M ore than $50,000,000. 1,320,802 2,325,795 1,826,744 1,320,802 2,325,795 1,826,744 1,299,288 2,241,608 1,502,993 1,299,288 2,241,608 1,502,993 687,896 1,324,865 1,118,200 539,316 833,982 384,793 72,076 82,761 21,514 84,187 323,751 21,514 84,187 323,751 1 Deposits of head offices and branches of noninsured banks operating branches and of 222 insured banks operating branches are not available separately. or 34 noninsured commercial banks for which data are not available. OFFICES Branches..................... W ith deposits of— $100,000 or less.......... $100,000 to $250,000. $250,000 to $500,000. N o te : 4,087,746 OF BANKING $500,000 to $1,000,000.. . $1,000,000 to $2,000,000. $2,000,000 to $5,000,000. 480,962 DEPOSITS 4,987,733 11,598 59,766 162,874 4,568,708 32,988,354 32,507,392 15,954,549 14,713,707 Excludes figures For the number of banks on which these deposit figures are based, see Table 105. 129 Back figures— See the Annual R eport for 1939, p. 112. CO o Table 114. D e p o s it s OF OPERATING BANKS, JUNE 29, 1940 All banks Commercial banks FEDERAL BANKS GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF BANK AND AMOUNT OF DEPOSITS Mutual savings banks Insured Insured Non insured Total Total Members F. R . System National State N ot members F. R. System N on insured1 6,696,271 1,900,490 10,632,827 Total Insured N on insured 1,427,505 9,205,322 DEPOSIT Total (In thousands of dollars) 70,958,708 59,852,896 11,105,812 60,325,881 58,425,391 33,013,714 18,715,406 47,501 458,950 1,171,075 30,429 411,184 1,119,770 17,072 47,766 51,305 47,402 458,451 1,169,364 30,429 411,046 1,118,976 1,449 65,100 333,547 441 14,989 76,441 28,539 330,957 708,988 16,973 47,405 50,388 99 499 1,711 138 794 99 361 917 $500,000 to $1,000,000___ $1,000,000 to $2,000,000. . $2,000,000 to $5,000,000. . 2,210,322 3,153,053 5,085,382 2,129,024 3,028,985 4,569,177 81,298 124,068 516,205 2,192,316 3,076,938 4,626,023 2,124,669 3,021,251 4,528,678 920,295 1,589,610 2,655,619 195,190 302,284 625,845 1,009,184 1,129,357 1,247,214 67,647 55,687 97,345 18,006 76,115 459,359 4,355 7,734 40,499 13,651 68,381 418,860 $5,000,000 to $10,000,000. $10,000,000 to $50,000,000 More than $50,000,000----- 4,505,104 3,628,267 12,637,416 8,748,481 41,689,905 36,187,579 876,837 3,658,936 3,561,465 2,232,170 749,867 3,888,935 8,837,922 8,519,017 5,051,665 2,310,504 5,502,326 36,258,529 35,109,860 20,164,259 14,439,845 579,428 1,156,848 505,756 97,471 318,905 1,148,669 846,168 3,799,494 5,431,376 66,802 229,464 1,077,719 779,366 3,570,030 4,353,657 U nit b a n k s.......................... W ith deposits of— $100,000 or less............... $100,000 to $250,000. . . $250,000 to $500,000. . . 32,982,621 26,445,517 6,537,104 27,337,527 25,917,999 17,059,165 4,001,699 4,857,135 1,419,528 5,645,094 527,518 5,117,576 47,501 452,688 1,123,606 30,429 405,472 1,074,542 17,072 47,216 49,064 47,402 452,189 1,121,895 30,429 405,334 1,073,748 1,449 65,100 333,547 441 14,989 75,976 28,539 325,245 664,225 16,973 46,855 48,147 99 499 1,711 138 794 99 361 917 2,094,105 2,952,079 4,662,976 2,016,778 2,838,389 4,194,897 77,327 113,690 468,079 2,076,099 2,875,964 4,237,639 2,012,423 2,830,655 4,154,398 918,727 1,577,359 2,574,212 194,400 293,190 569,536 899,296 960,106 1,010,650 63,676 45,309 83,241 18,006 76,115 425,337 4,355 7,734 40,499 13,651 68,381 384,838 3,611,066 $5,000,000 to $10,000,000 $10,000,000 to $50,000,000 7,790,084 10,248,516 M ore than $50,000,000.. 2,838,976 4,971,923 8,074,111 772,090 2,818,161 2,174,405 2,837,099 5,079,874 8,609,366 2,772,174 1,859,708 4,899,274 3,495,829 7,739,564 II 6,233,234 485,371 917,149 1,450,647 427,095 486,296 55,683 64,925 180,600 869,802 773,967 2,710,210 1,639,150 66,802 72,649 334,547 707,165 2,637,561 1,304,603 $500,000 to $1,000,000.. $1,000,000 to $2,000,000 $2,000,000 to $5,000,000 CORPORATION W ith deposits of— $100,000 or less............. $100,000 to $250,000. . $250,000 to $500,000. . INSURANCE All banks. Banks operating branches 37,976,087 33,407,379 W ith deposits o f $100,000 or less......... 5,712 6,262 $100,000 to $250,000 45,228 47,469 $250,000 to $500,000 $500,000 to $1,000,000.. . . $1,000,000 to $2,000,000. . $2,000,000 to $5,000,000. . 116,217 200,974 422,406 112,246 190,596 374,280 894,038 789,291 $5,000,000 to $10,000,000. $10,000,000 to $50,000,000 4,847,332 3,776,558 31,441,389 28,113,468 M ore than $50,000,000. 4,568,708 32,988,354 32,507,392 15,954,549 14,713,707 480,962 465 5,712 44,763 550 2,241 790 9,094 56,309 109,888 169,251 236,564 3,971 10,378 14,104 34,022 264,496 821,837 789,291 372,462 104,747 1,070,774 3,758,048 3,619,743 1,555,836 1,393,355 3,327,921 27,649,163 27,370,296 13,931,025 12,989,198 152,333 670,552 450,073 32,546 138,305 278,867 72,201 1,089,284 3,792,226 550 2,241 6,262 47,469 5,712 45,228 3,971 10,378 48,126 116,217 200,974 388,384 112,246 190,596 374,280 1,568 12,251 81,407 For the number of banks on which these deposit figures are based, see Table Back figures— See the following Annual Reports: 4,087,746 34,022 156,815 743,172 72,201 932,469 3,049,054 OF BANKING OFFICES 106. 1939, p. 114; 1938, p . 150; 1937, p. 96; 1936, p. 125; 1935, p p. 150-54. 899,987 DEPOSITS 1 Excludes figures for 34 noninsured commercial banks for which data are not available. N o te : 4,987,733 1,839,136 h->CO 132 Table 115. DEPOSITS OF OPERATING B an ks, Ju n e 29, 1940 BANKS GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK IN EACH STATE AND IN THE POSSESSIONS (In thousands of dollars) FEDERAL Mutual savings banks Commercial banks All banks Insured 1,900,490 10.632.827 1.427.505 9.205.322 1,682,626 10.632.827 1.427.505 9.205.322 United States and posses sions— to ta l........................ 70,958,708 59,852,896 11,105,812 60,325,881 58,425,391 33,013,714 18,715,406 6,696,271 United States......................... 70,733,204 59,845,256 10,887,948 60,100,377 58,417,751 33,013,714 18,715,406 6,688,631 N on insured1 Total Total Members F. R. System National 217,864 47,372 10,639 24,782 820,492 33,813 45,173 17,454 53,384 457,769 25,067 2,082 322,314 19,703 225,068 350,287 335,296 81,862 126,599 123,619 14,411 74,830 152,088 53,440 35,990 87,307 87,215 94,805 351 52,729 3,734,792 537,474 250,253 240,500 34,351 893,866 110,256 107,168 23,115 10,798 394,803 302,976 300,743 95,426 2,549 12,074 9,913 33,526 48,498 257,892 476,122 382,716 543,142 197.821 125,745 691.822 | 411,055 2,121,355 ! 1,604,999 70,793 58,167 34,634 149,288 391,044 147,437 102,259 37,442 131,479 125,312 6,710 415 17,764 28,537 66,273 225,504 7,640 217,864 225,504 7,640 State Alabam a................................ A rizon a.................................. Arkansas................................ C alifornia.............................. C olorad o................................ 328,358 92,863 190,899 4,408,232 342,894 326,276 92,863 189,996 4,371,969 341,070 2,082 328.358 92,863 190,899 4,408,232 342,894 326,276 92,863 189,996 4,371,969 341,070 233,731 64,770 111,830 3,093,708 282,190 C onnecticut.......................... Delaware................................ District of Colum bia.......... Florida.................................... G eorgia.................................. 1,391,441 241,619 384,677 454,214 503,153 556,264 199,742 384,677 452,005 497,341 835,177 41,877 2,209 5,812 651,069 200,093 384,677 454,214 503,153 556,264 199,742 384,677 452,005 497,341 Id a h o...................................... Illinois.................................... Ind iana.................................. Iow a ........................................ Kansas................................... 100,427 5,035,535 980,828 691,690 407,539 97,878 5,023,461 964,366 658,164 359,041 2,549 12,074 16,462 33,526 48,498 100,427 5,035,535 960,619 691,690 407,539 97,878 5,023,461 950,706 658,164 359,041 K en tu ck y.............................. Louisiana............................... M a in e..................................... M arylan d .............................. M assachusetts..................... 482,832 543,557 344,644 948,812 4,350,184 476,122 543,142 212,582 693,437 2,121,355 6,710 415 132,062 255,375 2,228,829 482,832 543,557 215,585 720.359 2,187,628 903 36,263 1,824 740,372 41,526 740,372 41,526 2,209 5,812 20,209 13,660 6,549 14,761 1,615 114,298 226,838 2,162,556 I 129,059 228,453 2,162,556 CORPORATION 7,640 Possessions.............................. 903 36,263 1,824 State Total INSURANCE Non insured N on insured1 Insured DEPOSIT Insured N ot members F. R. System Total M ichigan............ M innesota.......... M ississippi......... M issouri............. M ontana............. 1,700,035 1,036,282 199,026 1,587,143 145,686 1,672,742 1,025,866 195,274 1,581,503 145,686 N ebraska............ N eva d a ............... New Hampshire New Jersey........ N ew M exico. . . . 323,240 43,125 285,417 2,147,648 62,514 314,487 43,125 84,643 1,954,362 62,149 25,296,330 19,367,652 481,358 474,337 97,642 72,944 2,648,578 2,643,856 465,805 463,876 1,700,035 969,341 199,026 1,587,143 145,683 1,672,742 958,925 195,274 1,581,503 145,686 943,826 750,180 69,210 718,244 82,307 502,165 16,102 12,719 630,596 43,713 226,751 192,643 113,345 232,663 19,666 27,293 10,416 3,752 5,640 8,753 323,240 43,125 91,473 1,820,448 62,514 314,487 43,125 84,643 1,817,851 62,149 254,606 39,845 74,118 864,319 49,701 5,673 899 1,364 590,621 2,138 54,208 2,381 9,161 382,911 10,310 8,753 7,504,949 10,453,725 111,159 196,493 49,895 1,150,353 1,047,738 410,910 4,955 *200,774 193,286 365 5,928,678 19,625,461 18,599,721 7,021 481,358 474,337 24,698 97,642 72,944 4,722 2,524,689 2,519,967 1,929 465,805 463,876 66,941 66,941 6,830 2,597 365 193,944 327,200 136,511 193,944 190,689 641,047 166,685 23,049 321,876 48,011 1,025,740 7,021 24,698 4,722 1,929 5,670,869 767,931 4,902,938 123,889 123,889 2,860 610,020 179,595 2,860 164,309 57,435 57,435 73,074 73,074 4,825 4,519 329,498 5,283,132 259,018 147,286 96,742 3,854 502,313 244,132 7,200 610 330,492 5,175,425 323,555 154,486 97,352 326,638 5,118,823 259,018 147,286 96,742 301,415 3,142,952 107,959 101,562 59,045 4,515 1,322,386 144,523 10,348 13,383 20,708 653,485 6,536 35,376 24,314 3,854 56,602 64,537 7,200 610 Tennessee........... T exas................... U ta h .................... V erm on t............. V irginia............... 571,906 1,606,888 160,951 171,125 639,557 5 6 9 ,1 8 6 17580,038 160,951 171,125 639,349 2,720 26,850 571,906 1,606,888 160,951 113,690 639,557 569,186 1,580,038 160,951 113,690 639,349 429,788 1,405,510 74,136 58,517 387,392 43,495 50,784 57,749 2,720 26,850 ' 115,226 95,903 123,744 29,066 55,173 136,731 W ashington W est V irginia.. . W isconsin........... W yom in g............ 598,510 312,183 987,249 66,823 587,233 307,915 982,707 66,823 525,436 312,183 982,424 66,823 514,159 307,915 978,188 66,823 456,772 170,520 559,276 48,196 25,871 70,662 111,582 4,880 31,516 66,733 307,330 13,747 11,277 4,268 4,236 208 11,277 4,268 4,542 208 1 Excludes figures for 34 noninsured commercial banks for which data are not available. N o te : For the number of banks on which these deposit figures are based, see Table 107. Back figures— See the following Annual Reports: 445,711 179,595 306 OFFICES 333,352 5,785,445 503,150 154,486 97,352 OF BANKING Oregon................. Pennsylvania. . . Rhode Island. . . South C arolina.. South D a k o ta ... DEPOSITS N ew Y o r k .......... N orth Carolina. N orth D a k ota . . O h io..................... Oklahom a........... 27,293 10,416 3,752 5,640 1939, p. 116; 1938, p. 152; 1937, p. 98; 1936, p. 126; 1935, p. 150; 1934, p. 182. CO CO T able 116. D e p o s it s o f O p e r a t in g C o m m e r c ia l B a n k s, Ju n e 29, 1940 134 BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY INSURANCE STATUS IN EACH STATE AND IN THE POSSESSIONS Banks with deposits of— All banks $ 100,000 or less $100,000 to $250,000 $250,000 to $500,000 $500,000 to $1,000,000 $1,000,000 to $2,000,000 $2,000,000 to $5,000,000 $5,000,000 to $10,000,000 $10,000,000 to $50,000,000 More than $50,000,000 458,451 411,046 47,405 1,169,364 1,118,976 50,388 2,192,316 2,124,669 67,647 3,076,938 3,021,251 55,687 4,626,023 4,528,678 97,345 3,658,936 3,561,465 97,471 8,837,922 8,519,017 318,905 36,258,529 35,109,860 1,148,669 United States.......... Insured b an k s. . . . Noninsured banks. 60,100,377 58,417,751 1,682,626 47,252 30,429 16,823 458,097 411,046 47,051 1,167,406 1,118,976 48,430 2,188,640 2,124,669 63,971 3,066,584 3,016,446 50,138 4,606,595 4,525,843 80,752 3,626,502 3,561,465 65,037 8,787,654 8,519,017 268,637 36,151,647 35,109,860 1,041,787 Possessions............... Insured b an ks. . . . Noninsured banks. 225,504 7,640 217,864 150 354 1,958 3,676 106,882 1,958 3,676 19,428 2,835 16,593 50,268 354 10,354 4,805 5,549 32,434 150 32,434 50,268 106,882 328,358 326,276 2,082 1,026 993 33 10,360 9,629 731 22.789 22.789 27,145 25,827 1,318 25.404 25.404 46.948 46.948 16.148 16.148 107.594 107.594 70.944 70.944 330 330 1.925 1.925 1.133 1.133 19.990 19.990 State A la b a m a ........................ Insured ban k s............ Noninsured banks. .. 69,485 69,485 92.863 92.863 Arkansas....................... Insured ban ks........... N oninsured ban ks. . . 190,899 189,996 903 1 612 l ’,512 100 11,380 10,978 402 18,713 18,312 401 27.114 27.114 25.388 25.388 16,682 16,682 21.252 21.252 68.758 68.758 California..................... Insured ban ks........... Noninsured banks. . . 4,408,232 4,371,969 36,263 93 93 1,718 1,370 348 11.911 11.911 39.242 39.242 54,477 53,074 1,403 110,644 107,238 3,406 88,576 75,191 13,385 278,342 260,621 17,721 3.823.229 3.823.229 Colorado........................ Insured banks........... Noninsured banks. . . 342,894 341,070 1,824 655 425 230 5,071 4,749 322 12,696 11,991 705 19,926 19,359 567 34.709 34.709 30.618 30.618 21.234 21.234 154.228 154.228 63.757 63.757 Connecticut................. Insured ban ks........... Noninsured banks. . . 651,069 556,264 94,805 1,108 709 399 3,572 2,077 1,495 10,607 9,998 609 40,440 33,979 6,461 110,257 103,419 6,838 76,264 68,352 7,912 260,989 249,466 11,523 147,832 88,264 59,568 Delaware..................... .. Insured ban k s........... Noninsured banks. . . 200,093 199,742 351 643 292 351 3.703 3.703 8.652 8.652 10.041 10.041 14.456 14.456 5.069 5.069 64.790 64.790 92.651 92.651 District of Colum bia. Insured ban ks........... Noninsured banks. .. 384.677 384.677 955 955 1.185 1.185 12,736 12,736 45,173 45,173 150,191 150,191 174,437 174,437 88 88 CORPORATION A rizona.......................... Insured b an k s........... Noninsured banks. . . INSURANCE 47,402 30,429 16,973 DEPOSIT 60,325,881 58,425,391 1,900,490 FEDERAL (In thousands of dollars) United States and sions— to ta l......... Insured ban ks........... Noninsured banks1. . 454,214 452,005 2,209 186 186 3,856 3,745 111 12.760 12.760 25,616 25,089 527 48,277 46,706 1,571 57.334 57.334 47.908 47.908 201.409 201.409 56.868 56.868 G e o r g ia ................................... Insured b an k s.................... Noninsured ban ks............. 503,153 497,341 5,812 3,395 1,857 1,538 16,377 13,800 2,577 23,971 23,716 255 32,051 30,609 1,442 36.193 36.193 45.517 45.517 25.591 25.591 89.269 89.269 230.789 230.789 I d a h o ....................................... Insured b an k s.................... 100,427 97,878 2,549 139 139 1.897 1.897 3.654 3.654 9.507 9.507 5.189 5.189 19,481 16,932 2,549 5.536 5.536 55.024 55.024 I l li n o is .................................... Insured b an k s.................... Noninsured banks............. 5,035,535 5,023,461 12,074 1,281 989 292 22,345 21,840 505 72,192 71,545 647 153,231 151,182 2,049 161.477 161.477 291,367 282,786 8,581 307.753 307.753 568.690 568.690 3.457.199 3.457.199 I n d i a n a ................................... Insured ban k s.................... Noninsured banks............. 960,619 950,706 9,913 513 328 185 15,924 14,323 1,601 51,187 49,046 2,141 75,209 74,054 1,155 121,575 119,327 2,248 142,278 139,695 2,583 79.369 79.369 328.735 328.735 145.829 145.829 I o w a ......................................... Insured ban ks.................... Noninsured ban ks............. 691,690 658,164 33,526 642 176 466 17,607 14,325 3,282 80,167 72,529 7,638 128,174 119,995 8,179 134,700 126,931 7,769 88,791 82,599 6,192 90.974 90.974 150.635 150.635 K a n s a s .................................... Insured ban k s.................... Noninsured ban ks............. 407,539 359,041 48,498 6,598 1,703 4,895 40,993 26,580 14,413 53,441 43,008 10,433 66,951 55,150 11,801 64,928 60,260 4,668 66,396 64,108 2,288 20.540 20.540 87.692 87.692 K e n t u c k y .............................. Insured ban k s.................... Noninsured ban ks............. 482,832 476,122 6,710 2,021 1,138 883 18,179 16,906 1,273 34,866 33,289 1,577 61,166 59,301 1,865 70,420 69,308 1,112 62.272 62.272 40.367 40.367 128.326 128.326 65.215 65.215 L o u is ia n a ............................... Insured b an k s.................... Noninsured banks 543,557 543,142 415 405 405 2,163 2,163 10,846 10,431 415 28.315 28.315 41.583 41.583 35.577 35.577 33.623 33.623 128.505 128.505 262.540 262.540 OF BANKING M a in e .................................. Insured b an k s.................... Noninsured ban ks............. 215,585 197,821 17,764 235 2,070 1,249 821 8,220 6,809 1,411 24,810 23,080 1,730 69,443 64,391 5,052 58,462 49,947 8,515 52.345 52.345 235 M a r y la n d ............................... Insured ban k s................ Noninsured banks 720,359 691,822 28,537 3,954 3,954 14,280 14,280 33.282 33.282 54.487 54.487 55.781 55.781 65.791 65.791 208,426 179,889 28,537 284.358 284.358 OFFICES M a s sa c h u se tts..................... Insured ban k s.................... Noninsured banks. 2,187,628 2,121,355 66,273 78 78 514 353 161 3,956 3,611 345 22,617 21,702 915 62.169 62.169 191,161 185,069 6,092 197.571 197.571 431,763 373,003 58,760 1.277.799 1.277.799 M ic h ig a n ................................ Insured b an k s.................... Noninsured ban ks............. 1,700,035 1,672,742 27,293 389 204 185 9,255 7,220 2,035 48,301 45,282 3,019 75,508 74,041 1,467 94,810 92,242 2,568 166,262 166,262 114.052 114.052 281,708 263,689 18,019 909.750 909.750 M in n e s o t a ............................. Insured b an k s.................... Noninsured ban ks............. 969,341 958,925 10,416 899 415 484 30,656 28,665 1,991 78,141 76,802 1,339 120,142 118,552 1,590 91,328 88,618 2,710 66,585 64,283 2,302 58.884 58.884 95.370 95.370 427.336 427.336 M is s is s ip p i............................ Insured b an k s.................... Noninsured ban ks............. 199,026 195,274 3,752 1,316 1,145 171 6,064 5,681 383 20,720 19,037 1,683 34,006 32,491 1,515 37.198 37.198 47.489 47.489 39.946 39.946 12.287 12.287 DEPOSITS F lo r id a ..................................... Insured b an k s.................... Table 116. D e p o s it s OF O p e r a t i n g C o m m e r c i a l B a n k s , J u n e 29, 1940— Continued CO o* BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY INSURANCE STATUS IN EACH STATE AND IN THE POSSESSIONS Banks with deposits of— All banks $100,000 to $250,000 $100,000 or less $250,000 to $500,000 | $500,000 to | $1,000,000 $1,000,000 to $2,000,000 $5,000,000 to $10,000,000 $10,000,000 to $50,000,000 More than $50,000,000 116.263 116.263 130.421 130.421 178.942 178.942 929.931 929.931 1,587,143 1,581,503 5,640 5,054 3,984 1,070 33,926 30,895 3,031 44,956 44,017 939 (In thousands of dollars) 78.872 68,778 68,178 78.872 600 M o n ta n a ................... Insured ban ks. . . . Noninsured ban ks. 145.686 145.686 119 119 3.610 3.610 11.770 11.770 21.750 21.750 11.335 11.335 41.247 41.247 8.303 8.303 47.552 47.552 Nebraska................... Insured b an ks. . . . N oninsured ban ks. 323,240 314,487 8,753 4,253 2,454 1,799 27,121 23,279 3,842 36,879 35,904 975 34,196 33,410 786 32,221 30,870 1,351 23.799 23.799 7.641 7.641 157.130 157.130 Nevada........................ Insured b an k s. . . . Noninsured banks. 43.125 43.125 722 722 3.061 3.061 3.759 3.759 2.459 2.459 New H am psh ire. . . Insured ban ks. . . . Noninsured banks. 91,473 84,643 6,830 982 684 298 4,315 3,828 487 15,142 12,633 2,509 17.743 17.743 26,961 23,503 3,458 26.252 26.252 ’78' New Jersey............... Insured b an k s. . . . Noninsured banks. 1,820,448 1,817,851 2,597 198 198 5,886 5,124 762 46,623 44,794 1,829 158.529 158.529 299.263 299.263 253.191 253.191 666.994 666.994 ’ 6' New M exico............. Insured b an ks. . . . Noninsured banks. 62,514 62,149 365 577 577 3,654 3,289 365 7.363 7.363 15.528 15.528 7.754 7.754 16.495 16.495 11.143 11.143 New Y o r k .................. Insured b an k s. . . . Noninsured banks. 19,625,461 18,599,721 1,025/740 94 4,278 3,878 400 35,492 35,202 290 120,317 119,151 1,166 247,394 245,965 1,429 466,319 453,405 12,914 442,147 437,119 5,028 869,436 847,236 22,200 17,439,984 16,457,765 982,219 North Carolina. . . . Insured b an k s. . . . Noninsured banks. 481,358 474,337 7,021 662 512 150 7,918 7,567 351 19,459 19,195 264 29,889 29,092 797 54.073 54.073 71.980 71.980 38,007 32,548 5,459 80.301 80.301 179.069 179.069 North D ak o ta......... Insured ban ks. . . . Noninsured banks. 97,642 72,944 24,698 1,564 1,239 325 10,849 10,145 704 14,682 14,299 383 8.543 8.543 13.291 13.291 18.374 18.374 7.053 7.053 O h io ............................ Insured b an ks. . . . Noninsured banks. 2,524,689 2,519,967 4,722 434 168 266 12,475 11,213 1,262 58,797 56,164 2,633 125,176 124,615 561 198.396 198.396 274.549 274.549 199.110 199.110 421.613 421.613 1.234.139 1.234.139 O klahom a................. Insured ban ks. . . . Noninsured banks. 465,805 463,876 1,929 2,213 1,898 315 20,118 19,187 931 40,784 40,101 683 40.762 40.762 49.102 49.102 63.194 63.194 33.047 33.047 37.134 37.134 179.451 179.451 6 33.124 33.124 389.758 389.758 CORPORATION 23,286 23,286 INSURANCE 78 DEPOSIT M issou ri.................... Insured b an k s. . . . Noninsured banks. FEDERAL $2,000,000 to $5,000,000 8 Pennsylvania........... Insured banks. . . . Noninsured banks. 5,175,425 5,118,823 56,602 280 95 185 Rhode Island........... Insured ban ks. . . . Noninsured banks. 323,555 259,018 64,537 25 25 South Carolina. . . . Insured ban k s. . . . N oninsured banks. 154,486 147,286 7,200 1,834 1,023 811 5,917 4,759 1,158 9,262 8,956 306 17,476 14,286 3,190 South D ak ota......... Insured ban ks. . . . Noninsured banks. 97,352 96,742 610 820 820 12.690 12.690 16.676 16.676 Tennessee................. Insured b an k s. . . . Noninsured banks. 571,906 569,186 2,720 2,062 1,868 194 14,901 14,421 480 T exas.......................... Insured b an k s. . . . Noninsured banks. 1,606,888 1,580,038 26,850 4,738 3,062 1,676 U ta h ............................ Insured ban k s. . . . N oninsured banks. 3.495 3.495 6.332 6.332 10.446 10.446 15.814 15.814 11,457 7,671 3,786 14.399 14.399 9,616 9,187 429 53,008 52,710 298 186,098 181,880 4,218 383,162 377,633 5,529 743.036 743.036 480,114 470,465 9,649 699,228 662,934 36,294 2.620.883 2.620.883 2.419 2.419 5,353 20,109 13,222 6,887 25.237 25.237 91,507 39,210 52,297 178.905 178.905 20,395 18,660 1,735 20.454 20.454 18.285 18.285 60.863 60.863 12,518 11,908 610 11.367 11.367 11.227 11.227 11.309 11.309 20.745 20.745 24.788 24.788 39,276 38,486 790 43,569 42,313 1,256 35.005 35.005 20.391 20.391 197.131 197.131 194.783 194.783 35,103 32,895 2,208 70,436 65.386 5,050 128,299 120,756 7,543 123,350 122,105 1,245 153,667 151,415 2,252 151,848 144,972 6,876 602.694 602.694 336.753 336.753 160.951 160.951 1.251 1.251 6.428 6.428 13.342 13.342 11.733 11.733 8.707 8.707 6.797 6.797 112.693 112.693 V e rm on t.................... Insured b an k s. . . . Noninsured banks. 113.690 113.690 526 526 3.895 3.895 13.197 13.197 27.141 27.141 55.099 55.099 13.832 13.832 Virginia..................... Insured ban ks. . . . Noninsured banks. 639,557 639,349 208 235 235 7,418 7,210 208 24.355 24.355 62.140 62.140 87.463 87.463 108.039 108.039 60,018 60,018 152.623 152.623 137.266 137.266 W ash in gto n ............. Insured ban ks. . . . Noninsured banks. 525,436 514,159 11,277 470 406 64 4,567 4,329 238 14.798 14.798 21,061 21,061 17.496 17.496 23,366 20,604 2,762 54,685 46,472 8,213 117.792 117.792 271.201 271.201 W est Virginia.......... Insured ban ks. . . . Noninsured banks. 312,183 307,915 4,268 286 75 2,921 2,755 166 14.493 14.493 37,912 36,831 1,081 48.235 48.235 63,489 60,679 2,810 43.878 43.878 100.969 100.969 211 W isconsin................. Insured ban k s. . . . Noninsured banks. 982,424 978,188 4,236 456 407 49 16,210 15,985 225 56,185 54,104 2,081 99,291 97,410 1,881 135.802 135.802 159.523 159.523 84.254 84.254 130.193 130.193 W yom in g................... Insured b an k s. . . . N oninsured ban ks. 66.823 66.823 165 165 1.131 1.131 5.088 5.088 14.004 14.004 13.540 13.540 13.190 13.190 19.705 19.705 ' '6 8 ' 5,353 300.510 300.510 137 OFFICES 1 Excludes figures for 34 noninsured commercial banks for which data are not available. N o te : For the number of banks on which these deposit figures are based, see Table 110. Back figures— See the following Annual Reports: 1939, p, 118; 1938, p. 154; 1937, p. 100; 1936, p . 128; 1935, p. 156 268.481 268.481 OF BANKING 330,492 326,638 3,854 DEPOSITS Oregon........................ Insured b an k s. . . . Noninsured banks. DEPOSITS OF OPERATING M U T U A L SAVINGS B A N K S , JUNE 138 Table 117. 29, 1940 BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY INSURANCE STATUS IN EACH STATE Banks with deposits of— $100,000 to $250,000 $250,000 to $500,000 99 499 138 361 1,711 794 917 More $1,000,000 $2,000,000 $5,000,000 $10,000,000 $500,000 than to to to to to $1,000,000 $2,000,000 $5,000,000 $10,000,000 $50,000,000 $50,000,000 (In t;housands of dollars) 10,632,827 1,427,505 9,205,322 S ta te f'! ah ti o r t l pii t .. 99 18,006 4,355 13,651 76,115 7,734 68,381 459,359 40,499 418,860 846,168 66,802 779,366 3,799,494 229,464 3,570,030 5,431,376 1,077,719 4,353,657 2,013 12,378 68,547 130,359 450,328 76,747 740,372 2,013 12,378 68,547 130,359 450,328 76,747 9,577 31,949 9,577 31,949 41,526 41,526 268 129,059 14,761 114,298 268 343 228,453 1,615 226,838 MciccorliiiQPttQ ................. 2,162,556 2,162,556 3,700 2,740 960 14,928 14,928 1.615 1.615 343 5.230 5.230 14,979 8,430 6,549 34,239 5,108 29,131 34,880 6,913 27,967 41,044 4,976 9,388 66,260 145,871 4,976 9,388 66,260 145,871 41,044 99 191 5,315 18,206 177,528 357,020 1,112,183 492,014 99 191 5,315 18,206 177,528 357,020 1,112,183 492,014 66.941 66.941 66.941 66.941 Noninsured ban ks................................................... 193,944 4,850 13,613 65,001 23,701 86,779 193,944 4,850 13,613 65,001 23,701 86,779 CORPORATION 20,209 13,660 6,549 INSURANCE 740,372 DEPOSIT $100,000 or less FEDERAL All banks 2,521 1,071 1,450 8,705 5,010 3,695 53,624 29,642 23,982 168,534 100,311 68,223 93,339 5,670,869 767,931 4,902,938 7,806 69,982 185,108 7,806 69,982 185,108 1,615,030 45,568 1,569,462 3,792,943 722,363 3,070,580 O h io ............................ Insured b a n k s. . . . Noninsured banks. 123.889 123.889 1.487 1.487 Oregon........................ Insured b an k s. . . . Noninsured banks. 2,860 2,860 2,860 2,860 Pennsylvania........... Insured ban k s. . . . Noninsured banks. 610,020 164,309 445,711 7.651 7.651 Rhode Island........... Insured ban k s. . . . Noninsured banks. 179,595 170 513 179,595 'i70 513 New Jersey............... Insured b an k s. . . . Noninsured banks. 327,200 136,511 190,689 New Y o r k .................. Insured b a n k s. . . . Noninsured banks. 73.074 73.074 W isconsin................. Insured b an k s. . . . Noninsured ban ks. 4,825 4,519 306 N o te : 3.341 3.341 7.473 7.473 138 138 306 1.835 1.835 306 For the number of banks on which these deposit figures are based, see Table 112. Back figures— See the following Annual Reports: 4.621 4.621 1939, p. 122; 1938, p. 158; 1937, p . 104; 1936, p . 132; 1935 p. 164. 2.546 2.546 13.839 13.839 515,601 108,390 407,211 105,302 67,895 105,302 67,895 35.317 35.317 65.601 65.601 OFFICES W ash in gto n ............. Insured b an k s. . . . N oninsured ban ks. 317 317 86,768 48,268 38,500 OF BANKING 57.435 57.435 114.424 114.424 7.978 7.978 5,715 93,339 DEPOSITS V e rm o n t.................... Insured ban k s. . . . Noninsured banks. 477 477 CO <£> ASSETS AND LIABILITIES OF OPERATING BANKS Table 1 18. SUMMARY OF ASSETS AND LIABILITIES OF OPERATING BANKS IN THE UNITED STATES AND POSSESSIONS, 1935-1940 140 BANKS GROUPED BY INSURANCE STATUS AND TYPE OF BANK (Amounts in millions of dollars) 1935 D ec. 31 1936 June 30 1938 1937 D ec. 31 June 30 D ec. 31 June 30 1939 D ec. 31 June 30 1940 D ec. 30 June 29 D ec. 31 FEDERAL A L L C O M M E R C IA L A N D M U T U A L S A V IN G S BANKS ASSETS Loans, discounts, and overdrafts........................................... T o t a l a s s e t s ............................................................................ 14,872 15,510 10,035 20,291 3,236 63.944 15,060 17,330 10,509 20,601 3,284 66.784 16,819 17,479 10,618 21,388 3,265 69.569 15,520 16,933 10,260 22,461 3,214 68.388 15,902 16,683 9,739 22,119 3,093 67.536 17,392 16,787 9,496 21,053 2,990 67.718 18,262 18,006 9,609 21,315 3,144 70.336 20,544 18,800 9,522 21,309 3,005 73.180 23,324 19,462 9,283 22,130 2,923 77.122 25,597 19,753 9,326 22,310 2,755 79.741 28,122 21,032 9,438 23,742 2,710 85.044 58,159 728 7,897 66.784 60,926 689 7,954 69.569 59,586 775 8,027 68.388 58,829 671 8,036 67.536 59,120 594 8,004 67.718 61,638 668 8,030 70.336 64,416 651 8,113 73.180 68,413 609 8,100 77.122 70,959 624 8,158 79.741 76,192 644 8,208 85.044 Number of banks included.......................................... Number of banks not included2................................. Total operating ban k s............................................. 15,878 62 15,940 15,776 62 15,838 15,655 59 15,714 15,525 59 15,584 15,398 46 15,444 15,293 50 15,343 15,203 54 15,257 15,096 41 15,137 15,040 45 15,085 14,970 37 15,007 14,917 33 14,950 ASSETS 13,919 13,454 7,125 15,208 2,329 52.035 14,109 14,982 7,683 15,607 2,333 54.714 15,800 14,987 7,820 16,434 2,302 57.343 14,609 14,217 7,461 17,514 2,243 56.044 15,003 13,919 7,053 17,222 2,156 55.353 16,458 13,779 6,983 16,192 2,094 55.506 17,247 14,787 7,176 16,485 2,242 57.937 19,449 15,415 7,199 16,617 2,139 60.819 22,009 15,989 7,163 17,471 2,081 64.713 24,031 16,322 7,219 17,612 1,990 67.174 26,493 17,612 7,569 19,035 1,995 72.704 Miscellaneous liabilities............................................................ Total capital accou nts............................................................... T o ta l lia b ilitie s a n d c a p ita l a c c o u n t s ........................ 45,125 573 6,337 52.035 47,637 648 6,429 54.714 50,281 602 6,460 57.343 48,832 683 6,529 56.044 48,228 587 6,538 55.353 48,469 520 6,517 55.506 50,791 589 6,557 57.937 53,573 587 6,659 60.819 57,485 550 6,678 64.713 59,853 563 6,758 67.174 65,288 582 6,834 72.704 Number of banks included.......................................... Number of banks not included2................................. Total operating ban ks.............................................. 14,179 3 14,182 14,115 6 14,121 14,026 3 14,029 13,941 2 13,943 13,851 2 13,853 13,779 4 13,783 13,707 2 13,709 13,618 2 13,620 13,586 3 13,589 13,531 3 13,534 13,491 4 13,495 Loans, discounts, and overdrafts........................................... T o t a l a s s e t s ........................................................................... LIABILITIES AND CAPITAL 3 W ej > £ Q H CORPORATION A L L IN SU R E D B A N K S INSURANCE Total capital accou nts............................................................... T o ta l lia b ilitie s a n d ca p ita l a c c o u n t s ........................ 55,512 657 7,775 63.944 Cash and amounts due from other ban ks............................ United States Government obligations1................................ hh o ui 3 LIABILITIES AND CAPITAL T otal deposits.............................................................................. DEPOSIT Cash and amounts due from other b an k s............................ United States Government obligations1................................ M U H W £ “ M ft O O W *3 O ^ !% 3 O 2 A L L N O N IN SU R E D B A N K S 951 2,348 2,826 4,994 951 12,070 1,019 2,492 2,798 4,954 963 12 226 911 2,716 2,799 4,947 971 12 344 899 2,764 2 686 4^897 937 12 183 934 3,008 O CIO 4,861 otJO LIABILITIES AND CAPITAL Total deposits................................. Miscellaneous liabilities............................ Total capital a ccou nts............................... T o t a l lia b ilitie s a n d c a p ita l a c c o u n t s ..................... 10,387 84 1,438 11,909 10,522 80 1,468 12,070 10 645 87 1,494 12,226 10,754 92 1,498 12,344 10 601 * 84 1,498 12,183 Num ber of banks included......................... Number of banks not included2................ Total operating b an k s........................................... 1,699 59 1,758 1,661 56 1,717 1,629 56 1,685 1,584 57 1,641 ASSETS Cash and amounts due from other ban k s......... United States Government obligations1............. Other securities...................... Loans, discounts, and overdrafts.......................... Miscellaneous assets...................... T o t a l a s s e t s ............................... 14,320 13,826 7,115 15,164 2,361 52,786 14,516 15,346 7,714 15,571 2,347 55,494 16,254 15,291 7,888 16,415 2,323 58 171 LIABILITIES AND CAPITAL Total deposits............................... Miscellaneous liabilities............... T otal capital accou n ts.................. T o t a l lia b ilitie s a n d ca p ita l a c c o u n t s . . 45,632 636 6,518 52,786 48,184 705 6,605 55,494 15,312 62 15,374 ASSETS Cash and amounts due from other ban k s........... United States Governm ent obligations1............. Other securities...................... Loans, discounts, and overdrafts. . . Miscellaneous assets............... T o t a l a s s e t s ............................. LIA BILITIES AND CAPITAL T otal deposits............................... Miscellaneous liabilities. . . . T otal capital accou nts...................... T o t a l lia b ilitie s a n d c a p ita l a c c o u n t s . .. . 1,015 3,219 2,433 4,830 1,315 3,473 2,120 4,659 842 12,409 1,566 3,431 2,107 4,698 765 12,567 1,629 3,420 1,869 4,707 715 12,340 1A /'Kl iu,oo± 7A t4 1 A%rI7 1,4o 12,212 10,847 7Q 1,473 12 399 10,843 OA 04 1,454 12 361 10,928 59 1,422 12,409 11,106 61 1,400 12,567 10,904 62 1,374 12,340 1,547 44 1,591 1,514 46 1,560 1,496 52 1,548 1,478 39 1,517 1,454 AO 1,496 1,439 oQ4A 1,473 1,426 29 1,455 14,991 14,591 7 514 17*,489 2 276 56*861 15,355 14,219 7 062 17^190 9 171 ^^1(1 Re OQ7 00,77/ 16,815 14,097 7i ,uuo (\(\K 16,149 9 non Ld,uyu 56,156 17,676 15,117 7,229 16,440 2,260 CQ 70') Oo,/ZZ 19,842 15,742 7,245 16,442 2,140 61,411 22,509 16,343 7,103 17,263 2,058 65,276 24,618 16,608 7,179 17,427 1,964 67,796 27,154 17,794 7,373 18,830 1,945 73,096 Ol/,ODt) 670 6 636 58,171 751 * 6 687 56,861 AQ 4o,000 RAQ D4«7 £Q9 55,997 48,908 £79 0 (6 6,676 56,156 51,355 A/f Q o4o 6,719 58,722 53,985 C Q OO jU O 6,798 61,411 57,887 588 6,801 65,276 60,325 595 6,876 67,796 65,532 619 6,945 73,096 15,211 62 15,273 15,092 59 15,151 14,963 59 15,022 14,836 46 14,882 14,731 50 14,781 14,649 04 14,703 14,544 14,585 14,489 AtZ 40 14,534 14,419 Q7i O 14,456 14,366 33 14,399 552 1,684 2,920 5^127 875 11 158 544 1,984 2 795 5*030 937 11 290 565 2,188 2 730 4*973 942 11 398 529 2,342 2 746 4^972 938 11,DZ/ 547 2,464 9 ,u £77 (i 4,929 Q •7O LdO Lt 1 1 K?0 11)007 577 2,690 9 /1Q1i ^,4y A OOzf 4,yu4 onn yuu 11,562 586 2 889 2^380 4,875 QQ^ oo4 11,614 709 3,058 2,277 4,867 865 11,769 o81laK 3,119 2,180 4,867 865 11,846 979 3,145 2,147 4,883 791 11,945 yoo 3,238 2,065 4,912 765 11,948 9 880 ’ 21 1,257 11,158 9 975 ’ 23 1,292 11,290 10 061 ’ 19 1,318 11,398 10 163 * 24 1,340 11,527 10 1hi oq IU,X 22 1 344 11,’ 539 1A 019£ iU ,£i 99 1,328 11,562 10,283 on 6\J 1,311 11,614 10,431 9Q 40 1,315 11,769 10,526 Ol Z JL 1,299 11,846 10,634 29 1,282 11,945 10,660 25 1,263 11,948 566 565 563 562 562 562 554 552 551 ---------------- --------------- ,--------------- --------------- --------------— ---------- zrzz _ _ _ _ _ _ _ r — ■■ — —.......... - 551 A L L C O M M E R C IA L B A N K S Number of banks................................ 551 --------------- BANKS A L L M U T U A L S A V IN G S B A N K S OF OPERATING Num ber of banks included.............. Num ber of banks not included2....................... Total operating b an k s............................... LIABILITIES 12,399 1,095 3,385 2,323 4,692 QDO O 12,361 AND 953 2,056 2,910 5,083 907 11,909 ASSETS ASSETS Cash and amounts due from other ban k s........................... United States Government obligations1............................. Other securities.................................................. Loans, discounts, and overdrafts.................................. Miscellaneous assets....................................... T o t a l a s s e t s ................................................ T a b le 118. SUMMARY OF ASSETS AND LIABILITIES OF OPERATING BANKS IN THE UNITED STATES AND POSSESSIONS, 193 5 -1 94 0 — Continued BANKS GROUPED BY INSURANCE STATUS AND TYPE OF BAN K 142 (Amounts in millions of dollars) 1935 1936 1940 1939 1938 1937 D ec. 31 June 30 D ec. 31 June 30 D ec. 30 June 29 D ec. 31 13,851 13,275 6,841 14,719 2,241 50,927 14,039 14,772 7,412 15,131 2,238 53,592 15,730 14,750 7,558 15,965 2,208 56,211 14,540 13,965 7,214 17,044 2,142 54,905 14,931 13,669 6,807 16,750 2,055 54,212 16,371 13,525 6,753 15,726 1,994 54,369 17,176 14,507 6,944 16,024 2,149 56,800 19,354 15,038 6,955 16,041 2,038 59,426 21,876 15,568 6,860 16,866 1,977 63,147 23,864 15,901 6,920 17,014 1,890 65,589 26,291 17,064 7,099 18,398 1,868 70,720 T o t a l lia b ilitie s a n d ca p ita l a c c o u n t s ........................ 44,147 569 6,211 50,927 46,649 644 6,299 53,592 49,283 599 6,329 56,211 47,830 679 6,396 54,905 47,224 584 6,404 54,212 47,461 516 6,392 54,369 49,779 586 6,435 56,800 52,327 584 6,515 59,426 56,076 546 6,525 63,147 58,425 557 6,607 65,589 63,470 577 6,673 70,720 Number of banks in c lu d e d ........................................ Number of banks not included2.......................... Total operating b an k s.............................................. 14,123 3 14,126 14,059 6 14,065 13,970 3 13,973 13,885 2 13,887 13,795 2 13,797 13,723 4 13,727 13,659 2 13,661 13,569 2 13,571 13,535 3 13,538 13,480 3 13,483 13,438 4 13,442 469 551 274 445 120 1,859 477 574 302 440 109 1,902 524 541 330 450 115 1,960 451 626 300 445 134 1,956 424 550 255 440 116 1,785 444 572 252 423 96 1,787 500 610 285 416 111 1,922 488 704 290 401 102 1,985 633 775 243 397 81 2,129 754 707 259 413 74 2,207 863 730 274 432 77 2,376 T o t a l lia b ilitie s a n d c a p ita l a c c o u n t s ........................ 1,485 67 307 1,859 1,535 61 306 1,902 1,582 71 307 1,960 1,593 72 291 1,956 1,432 65 288 1,785 1,447 56 284 1,787 1,576 62 284 1,922 1,658 44 283 1,985 1,811 42 276 2,129 1,900 38 269 2,207 2,062 42 272 2,376 Number of banks included................................. .. Num ber of banks not included2................................ Total operating ban ks.............................................. 1,189 59 1,248 1,152 56 1,208 1,122 56 1,178 1,078 57 1,135 1,041 44 1,085 1,008 46 1,054 990 52 1,042 975 39 1,014 954 42 996 939 34 973 928 29 957 IN SU R E D C O M M E R C IA L B A N K S ASSETS LIABILITIES AND CAPITAL N O N IN SU R E D C O M M E R C IA L B A N K S ASSETS p or,i, o-nri ommints flue from other b a n k s .. ........................ United States Governm ent obligations1................................ Loans discounts £ind ovord rsfts........................................... LIABILITIES AND CAPITAL CORPORATION June 30 INSURANCE D ec. 31 DEPOSIT June 30 FEDERAL D ec. 31 IN SU R E D M U T U A L S A Y IN G S B A N K S ASSETS 72 250 246 472 101 1,141 87 254 230 466 100 1,137 71 280 232 461 93 1,137 95 377 244 576 101 1,393 133 421 303 605 104 1,566 167 421 299 598 100 1,585 202 548 470 637 127 1,984 978 4 126 > 1,108 988 4 130 1,122 998 3 131 1,132 1,002 4 133 1,139 1,004 3 ^ 134 1,141 1,008 4 125 1,137 1,012 3 122 1,137 1,246 3 144 1,393 1,409 4 153 1,566 1,428 6 151 1,585 1,818 5 161 1,984 56 56 56 56 56 56 48 49 51 51 53 484 1,505 2,636 4,638 787 10,050 474 1,774 2,524 4,554 842 10,168 495 1,951 2,468 4,504 848 10,266 460 2,090 2,499 4,502 837 10,388 475 2,214 2,431 4,457 821 10,398 490 2,436 2,261 4,438 800 10,425 515 2,609 2,148 4,414 791 10,477 607 2,681 2,033 4,291 764 10,376 682 2,698 1,877 4,262 761 10,280 812 2,724 1,848 4,285 691 10,360 766 2,690 1,595 4,275 638 9,964 T otal deposits ........................................................................... Miscellaneous liabilities............................................................ Total capital accounts ......................................................... T o t a l lia b ilitie s a n d c a p ita l a c c o u n t s ....................... 8,902 17 1,131 10,050 8,987 19 1,162 10,168 9,063 16 1,187 10,266 9,161 20 1,207 10,388 9,169 19 1,210 10,398 9,204 18 1,203 10,425 9,271 17 1,189 10,477 9,185 20 1,171 10,376 9,117 17 1,146 10,280 9,206 23 1,131 10,360 8,842 20 1,102 9,964 Number of banks........................................................... 510 509 507 506 506 506 506 503 500 500 498 Loans, discounts, and overdrafts........................................ L IABILITIES AND CAPITAL Number of banks........................................................... N O N IN SU R E D M U T U A L S A V IN G S B AN K S ASSETS Cash and amounts due from other b an k s........................... United States Governm ent obligations1............................... Other securities ........................................................................ Loans discounts, and overdrafts.......................................... Miscellaneous assets.................................................................. T o t a l a s s e t s ........................................................................... LIA BILITIE S AND CAPITAL 143 BANKS 1 Includes both direct and fully guaranteed obligations. 2 Banks for which statements of assets and liabilities are not available, and, among insured banks, trust companies not members of the Federal Reserve System which are not engaged in deposit banking. OF OPERATING 69 252 247 470 101 1,139 LIABILITIES 70 237 262 469 94 1,132 AND 70 210 271 476 95 1,122 ASSETS 68 179 284 489 88 1,108 Table 119. A ssets AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS, CALL DATES 1934-1940 (Amounts in thousands of dollars) Num ber of banks1............................................... 1934 1935 1936 1937 1938 June 30 June 29 June 30 June 30 June 30 1939 June 30 1940 D ec. 30 June 29 D ec. 31 13,896 14,175 14,059 13,885 13,723 13,569 13,535 13,480 13,438 622,749 3,819,410 705,488 4,933,277 915,988 5,607,119 844,197 6,896,663 909,727 8,004,090 917,759 10,010,744 1,067,155 11,603,504 983,888 13,750,656 1,235,272 13,991,733 1,302,378 2,232,294 126,325 145,652 1,093,987 1,612,871 2,759,445 150,266 76,225 1,219,335 1,869,377 3,201,486 195,625 55,409 2,194,114 1,456,015 2,884,490 155,296 54,754 2,248,736 1,971,524 3,266,066 } 154,856 118,931 1,945,536 5,964,135 178,301 44,344 2,239,001 7,138,913 180,150 24,810 1,861,058 7,387,759 152,328 16,204 1,573,048 8,058,760 145,641 11,750 2,847,322 9,342,795 11,456,907 14,039,118 14,540,151 16,370,730 19,354,284 21,875,590 23,863,883 26,290,478 1,450,838 3,046,894 5,210,244 1,104,669 4,476,099 4,889,004 1,270,127 5,428,167 5,816,750 826,756 4,637,033 6,386,378 318,767 3,925,676 6,915,305 446,009 2,925,415 8,576,596 570,783 2,388,084 9,194,340 805,453 2,698,508 9,026,826 662,274 2,755,793 9,926,374 9,707,976 10,469,772 12,515,044 11,850,167 11,159,748 11,948,020 12,153,207 12,530,787 13,344,441 235,942 2295,997 61,585 246,715 21,198,549 447,451 238,076 1,444,000 575,357 221,111 1,409,116 484,318 262,725 1,440,444 493,955 168,322 658,870 1,616,440 550,646 264,239 863,705 1,655,205 500,651 394,712 870,416 1,589,066 498,353 412,263 863,465 1,609,547 514,791 731,662 593,524 1,892,715 2,257,433 2,114,545 2,365,446 3,090,195 3,414,273 3,370,098 3,719,465 205,925 134,422 258,191 139,687 199,937 131,772 113,964 156,702 137,062 122,726 162,749 162,300 147,565 165,452 215,457 2,558,536 2,758,456 2,662,173 3,285,180 3,482,795 3,608,290 21,507 19,521 22,057 117,293 158,164 142,030 162,856 154,146 (3) 2,660,288 1 | 3,141,394 19,408 1,025,574 975,497 1,173,943 1,176,996 1,203,111 1,137,234 808,747 945,644 295,610 297,859 ASSETS Digitized / \ 959,041 / 887,791 \ 942,958 886,300 696,824 134,666 910,914 760,282 644,330 126,276 862,089 646,991 599,356 185,359 850,361 624,688 637,280 176,736 273,068 207,938 \ I 216,903 2,599 216,453 2,168 202,461 1,871 192,930 1,872 1,056,801 982,014 CORPORATION O th e r s e cu ritie s : Obligations of Government corporations and agencies, not guaranteed by U . S. G ovt: Federal Land ban ks................................................ 273,466 Federal Intermediate Credit b an ks.................... } Other Government corporations and agencies 2,256,316 Obligations of States and political subdivisions. . Obligations of territorial and insular possessions 23,256 of the United States........................................... Obligations of other domestic corporations: 915,267 Railroads.................................................................... 902,784 Public utilities.......................................................... Industrials................................................................. J 810,139 All other4.................................................................... Foreign bonds, notes, and debentures— public | 334,236 and private............................................................ for Stocks FRASER of foreign corporations.................................. INSURANCE O b lig a tio n s gu a ra n te e d b y th e U. S. G o v t: Reconstruction Finance C orporation..................... H ome Owners’ Loan Corporation........................... Federal Farm Mortgage C orporation..................... Other Government corporations and agencies. . . T o t a l o b lig a tio n s g u a r a n te e d b y th e U n ited S ta tes G o v e r n m e n t ..................... DEPOSIT D ire ct o b lig a tio n s o f t h e U. S. G o v e r n m e n t : Treasury bills................................................................ Treasury n otes.............................................................. B on d s.......................... .... ................... T o t a l d ir e c t o b lig a tio n s o f t h e U n ited S ta tes G o v e r n m e n t ..................................... FEDERAL C ash, b a la n c e s w ith o th e r b a n k s, a n d ca sh ite m s in p ro ce ss o f c o lle c t io n : Currency and coin . ................................................... Reserve with Federal Reserve banks..................... Demand balances with banks in the United States (except private banks and American branches of foreign banks): In New York C ity ................................................... Elsewhere................................................................... Other balances with banks in the United S ta tes.. Balances with banks in foreign countries............. Cash items in process of collection......................... T o t a l ca s h , b a la n ces w ith o t h e r b an k s, a n d ca sh ite m s in p ro ce s s o f c o lle c t io n Corporate stocks of: 138,539 107,840 31,983 200,429 7,099,422 20,278,565 21,992,909 22,427,839 22,821,289 24,163,328 440,745 340,085 283,630 330,571 355,782 372,212 15,533 131,645 115,626 13,640 75,673 113,460 8,605 66,911 101,511 9,248 63,467 93,397 5,319 46,550 91,012 4,351 56,002 74,994 1,097,524 273,513 1,300,825 265,611 540,968 184,586 755,382 817,026 463,625 663,171 497,475 489,244 504,217 512,872 2,906,282 165,095 2,832,874 127,807 1 1 \ 69 ,504,20 5 2,876,819 86,865 661,606 3,080,036 118,973 726,400 3,208,792 124,084 925,708 530,740 / 2,468,203 \ 991,408 60,216 1,193,478 j 5,227,799 534,273 2,596,999 1,006,178 57,307 1,094,399 5,834,709 543,575 2,719,934 1,019,742 43,025 1,182,728 6,004,170 543,553 2,882,841 1,043,802 43,948 1,281,362 6,671,348 69 ,216,329 132,238 133,510 510,502 493,220 484,601 6,674,000 7,411,609 7,213,851 16,498,085 19,036,487 22,184,086 21,178,563 213,727 284,725 318,879 20,559 265,222 216,690 17,751 201,164 138,969 17,979 144,298 118,780 1,116,165 213,261 993,856 197,497 555,885 T otal securities5............................................... Loans, discounts, and overdrafts (including rediscounts): Commercial paper bought in open m arket........... N otes, bills, acceptances, etc., payable in foreign countries................................................................ Acceptances of other banks, payable in U . S . . . . Reporting banks’ own acceptances......................... Loans to brokers and dealers in securities: In New York C ity ................................................... } ^ T otal loans and securities5 6....................... Miscellaneous assets: Customers’ liability to reporting banks on acceptances outstanding.................................... Redemption fund and due from U . S. Treasurer. Incom e accrued but not collected........................... Prepaid expenses.......................................................... | Other assets6.................................................................. Total miscellaneous assets6............................ Total assets6............................................................ 69,677,036 6,966 14,515,413 | 89,037,835 .J 7,393 15,130,735 610,334,310 7,680 15,189,771 9,996 17,043,917 8,676 15,725,580 I 828,220 1 3,509,824 14,446 16,040,373 793,616 3,622,365 12,466 16,866,021 741,741 3,787,966 9,203 17,014,372 727,229 4,024,069 8,893 18,397,775 31,687,856 33,551,900 37,314,821 38,222,480 36,004,145 38,033,282 39,293,860 39,835,661 42,561,103 1,212,843 1,209,938 1,194,621 74,186 1,172,617 63,052 1,153,259 53,096 499,838 474,378 456,164 1,005,581 101,248 46,568 / 198,830 \ 206,352 993,696 97,418 42,045 182,692 197,445 985,404 95,678 38,353 155,260 176,420 979,937 91,483 33,376 139,318 166,873 104,186 93,884 92,374 85,103 54,453 49,519 44,539 38,065 1,717,218 1,656,699 1,588,028 1,534,155 103,674 109,891 81,104 83,640 107,291 11,620 91,575 320,377 109,398 11,289 99,817 301,608 111,579 11,021 128,049 334,289 63,146,526 65,589,180 70,720,025 426,996 (5) 507,573| } I (5) (5) (5) / [ (B) 1,639,839 1,717,511 1,768,645 1,710,047 1,662,519 254,360 36,249 158,934 11,842 159,267 190,745 111,499 473,411 368,289 309,751 241,135 764,020 539,065 469,018 431,880 331,868 110,572 10,973 95,856 321,075 43,434,510 47,265,383 53,591,602 54,904,558 54,369,262 59,425,859 220,369 f \ BANKS Bank premises, furniture and fixtures, and other real estate: Bank prem ises.............................................................. Furniture and fixtures................................................ } Farm land (including im provem ents).................... Residential properties................................................. [ Other real properties................................................... Investments indirectly representing bank prem ises or other real estate...................................... Other assets indirectly representing bank prem ises or other real estate..................................... Total bank premises, furniture and fixtures, and other real estate............... } OF OPERATING Real estate loans: On farm la n d ............................................................ On residential properties....................................... On other properties................................................. Loans to ban ks............................................................ Agricultural loans (excluding loans on farm land) Commercial and industrial loa n s............................ Other loans for the purpose of purchasing or carrying securities............................................... All other loa n s............................................................. Overdrafts...................................................................... Total loans, discounts, and overdrafts5 6. . f < 1 LIABILITIES 136,861 108,557 32,964 213,325 6,920,404 130,810 AND 135,546 107,655 34,616 229,211 6,860,359 146,382 501,800 ASSETS 6,753,371 134,942 112,046 36,633 235,960 6,954,694 145,990 535,131 Other domestic banks............................................ | Other domestic corporations................................ 6,196,585 Total other securities5........... ........................... Table 119. A ssets AND LIA B IL IT IE S OF OPERATING INSURED COMMERCIAL B A N K S , C A L L D A T E S (Amounts in thousands of dollars) 1934-1940— Continued 146 1939 1940 1934 1935 1936 1937 1938 June 30 June 29 June 30 June 30 June 30 June 30 D ec. 30 June 29 D ec. 31 14,881,070 1,708,141 2,023,548 18,029,625 804,567 2,586,882 21,463,913 1,105,886 2,885,335 22,624,279 651,489 3,164,685 21,986,370 560,370 2,870,496 24,772,378 738,520 3,122,328 27,196,842 790,162 2,885,787 28,899,054 755,795 3,099,291 32,400,651 666,357 3,298,173 400,287 19,013,046 445,727 21,866,801 832,437 26,287,571 802,196 27,242,649 703,876 26,121,112 837,899 29,471,125 612,776 31,485,567 521,339 33,275,479 971,452 37,336,633 deposits (exclusive of interbank d e p o s it s ) : Individuals, partnerships, and corporations: Savings deposits....................................................... Certificates of deposit............................................. Christmas savings and similar a ccou nts........... Open accounts6......................................................... Postal savings7.............................................................. States and political subdivisions.............................. T otal tim e deposits6........................................... 9,163,890 1,459,611 79,656 636,555 661,327 384,032 12,385,071 10,236,013 1,355,785 85,102 597,319 372,479 325,624 12,972,322 10,933,195 1,335,166 100,291 660,595 195,840 428,928 13,654,015 11,814,508 1,243,390 120,922 784,037 131,602 346,429 14,440,888 12,054,836 1,210,896 123,046 640,024 110,192 550,004 14,688,998 12,355,298 1,167,503 129,517 645,897 79,527 535,311 14,913,053 12,622,325 1,129,346 31,684 687,701 69,240 527,373 15,067,669 12,754,750 1,128,291 147,664 748,863 73,811 501,802 15,355,181 13,062,315 1,103,788 36,113 800,046 69,110 522,502 15,593,874 Interbank deposits: Banks in the United States....................................... Banks in foreign countries......................................... T otal interbank deposits.................................. 4,270,506 164,485 4,434,991 5,201,586 279,638 5,481,224 6,232,648 475,065 6,707,713 5,514,043 632,375 6,146,418 6,318,202 332,429 6,650,631 7,333,723 608,853 7,942,576 8,760,606 762,507 9,523,113 9,087,992 706,739 9,794,731 9,830,103 708,993 10,539,096 T otal deposits6................................................... Demand.............................................................. Time6.................................................................. 35,833,108 23, SIS, 80S 12,519,805 40,320,347 27,198,282 13,122,065 46.649,299 S2,825,7US IS,823,556 47,829,955 3S,2U0,U1 U ,5 8 9 ,5 U 47,460,741 32,613,351 1U,81*7,390 52,326,754 37,21+2,573 15,08k,181 56,076,349 UO,839,329 15,237,020 58.425,391 1+2,910,829 15,51k,562 63.469,603 k7,716,08k 15,753,519 694,790 222,045 LIABILITIES T im e Total liabilities (excluding capital accounts)*................................................... 78,850 46,299 38,558 35,425 26,929 15,550 13,609 13,844 11,481 279,212 175,659 180,299 215,267 122,601 122,169 126,107 96,114 98,056 61,387 35,304 37,897 27,578 45,682 21,823 46,599 15,520 44,640 (8) 242,836 214,630 351,598 359,431 306,338 662,285 509,789 643,715 678,545 516,028 6,613 37,451 64,479 86,786 251,017 584,065 4,906 40,731 69,859 76,562 214,033 545,807 3,600 38,019 76,194 91,075 238,444 557,290 2,602 41,863 84,133 86,863 251,971 576,969 37,190,183 41,052,181 47,293,014 48,508,500 47,976,769 52,910,819 56,622,156 58,982,681 64,046,572 f 1 CORPORATION . M isce lla n e o u s lia b ilitie s: Bills payable, rediscounts, and other liabilities for borrowed m on ey........................................... Acceptances executed by or for account of re porting banks and outstanding....................... Mortgage bonds and participation certificates outstanding........................................................... Dividends declared but not yet payable8.............. Incom e collected but not earned............................. 1 Expenses accrued and unpaid.................................. \ Other liabilities6........................................................... Total miscellaneous liabilities6..................... INSURANCE Circulating notes outstanding . . DEPOSIT Certified and officers’ checks, cash letters of credit and travelers' checks outstanding, and amounts due to Federal Reserve banks........ Total demand deposits...................................... FEDERAL Demand deposits (exclusive of interbank deposits): Individuals, partnerships, and corporations......... United States G overnm ent....................................... CAPITAL ACCOUNTS 3,053,970 2,225,180 701,477 382,287 33,144 6,396,058 3,018,570 2,292,137 723,885 317,722 40,179 6,392,493 2,954,886 2,381,233 799,018 322,503 57,400 6,515,040 2,914,004 2,442,853 789,340 318,432 59,741 6,524,370 2,892,233 2,483,865 836,841 332,995 60,565 6,606,499 2,872,070 2,563,293 838,132 336,776 63,182 6,673,453 T o t a l lia b ilitie s a n d c a p ita l a c c o u n t s 6. . . . 43,434,510 47,265,383 53,591,602 54,904,558 54,369,262 59,425,859 63,146,526 65,589,180 70,720,025 3,922,453 1,880,591 3,101,588 1,342,620 3,438,857 1,043,355 3,114,308 979,258 2,922,595 939,260 3,130,765 936,661 3,240,894 964,648 3,347,795 953,648 3,395,536 1,030,520 192,303 35,742 4,295,471 185,225 €8,984 4,459,751 186,072 47,362 4,534,877 181,315 45,757 4,653,128 3,380,256 3,452,532 3,591,185 3,725,790 796,510 28,760 18,593 4,224,119 886,246 974,707 19 i q ns /i 21/716 j 5*121 4,373,167 4,584,097 1,081,111 10,495 2,477 4,819,373 MEMORANDA P le d g e d assets a n d s e cu ritie s lo a n e d : United States Governm ent obligations, direct and guaranteed, pledged to secure liabilities. Other assets pledged to secure liabilities............... Assets pledged to qualify for exercise of fiduciary or corporate powers, and for purposes other than to secure liabilities9................................... Securities loaned9.......................................... T o ta l p led ged assets a n d secu rities loa n ed S ecu red a n d p referred lia b ilitie s: Deposits secured by pledged assets pursuant to requirements of la w ............................................ Deposits preferred under the provisions of law but not secured by pledge of assets9.............. Borrowings secured by pledged assets9.................. Other liabilities secured by pledged assets9.......... T o t a l secu red a n d p referred lia b ilitie s 4,202,769 3,445,769 1 3,838,827 3,368,921 3,122,346 i Back figures— For December 31, see the Annual Report for 1938, p. 164. BANKS ! 1ftn 1 Excludes trust companies not engaged in deposit banking which submit reports to the FD IC (1 on June 30, 1934, and June 29, 1935; 2 on June 30, 1936, and June 30, 1937; 3 on June o0, L>38; 2 on June 60, 1939; 3 on December 30, 1939, and June 29, 1940; and 4 on December 31, 1940); and banks for which statements are not available (42 on June 30, 1934; 3 on June 29, 1935; 4 on June 30, 1936; and 1 on June 30, 1938). 2 Includes Home Owners’ Loan Corporation 4 percent bonds guaranteed as to interest only. 3 Federal Home Loan Bank debentures held on June 30, 1938, are included with “ Obligations of other domestic corporations” . 4 Includes “ Obligations of real estate corporations” for which separate figures for call dates prior to June 30, 1938, are given on page 109 of the Annual Report for 1937. 6 Amounts of loans and securities for call dates prior to December 31, 1938, are not entirely comparable with amounts reported for subsequent call dates because “ Investments and other assets (chiefly loans) indirectly representing bank premises and other real estate” were not reported separately. 6 For revisions relating to call dates prior to December 31, 1938, see the Annual Report for 1938, pages 164-67. 7 Includes for call dates beginning December 31, 1938, “ United States Treasurer’s time deposits, open accounts” . 8 N ot reported separately. 9 Amounts not reported for call dates prior to December 31, 1938. OF OPERATING 3,212,615 2,042,072 626,823 399,333 17,745 6,298,588 LIABILITIES 3,365,309 1,892,655 529,230 418,597 7,411 6,213,202 AND 3,319,216 1,962,163 469,837 491,126 1,985 6,244,327 ASSETS C a p ita l a c c o u n t s : Capital stock, notes, and debentures..................... Surplus............................................................ Undivided profits6......................................... Reserve for contingencies.......................................... All other capital accounts6........................................ T o t a l ca p ita l a c c o u n t s ...................................... 148 Table 120. CLASSES OF SECU RITIES H E LD BY OPERATING INSURED COMMERCIAL B A N K S , C A L L D A T E S 1936 1937 1938 June 30 June 29 June 30 June 30 June 30 13,896 21,178,563 16,980,651 13,964,712 331,709 2,684,230 June 29 D ec. 31 13,535 13,480 13,438 20,278,565 21,992,909 22,427,839 22,821,289 24,163,328 16,525,910 13,525,194 321,020 2,679,696 18,593,078 15,038,215 413,469 3,141,394 19,260,388 15,567,480 407,728 3,285,180 19,831,455 15,900,885 447,775 3,482,795 21,200,670 17,063,906 528,474 3,608,290 (In thousands of dollars) T o t a l s e c u r it ie s .................................................................... 16,498,085 12,854,538 10,301,500 273,466 2,279,572 15,282,877 12,362,487 340,347 2,580,043 D o m e s tic co r p o r a t e b o n d s — t o t a l ............................ R ailroads.......................................................................... Public utilities................................................................ O ther................................................................................. 2,628,190 915,267 902,784 810,139 2,809,818 1,025,574 975,497 808,747 3,296,583 1,173,943 1,176,996 945,644 3,299,386 1,203,111 1,137,234 959,041 2,926,606 1,056,801 982,014 887,791 2,660,748 942,958 886,300 831,490 2,441,802 910,914 760,282 770,606 2,293,795 862,089 646,991 784,715 2,289,065 850,361 624,688 814,016 M isce lla n e o u s se cu ritie s— t o t a l ................................ Foreign securities— public and private.................... Stocks of Federal Reserve ban ks............................... Stocks of other domestic corporations..................... 1,015,357 334,236 145,990 535,131 943,792 295,610 146,382 501,800 939,171 297,859 130,810 510,502 898,526 273,068 132,238 493,220 826,049 207,938 133,510 484,601 739,083 219,502 134,942 384,639 725,649 218,621 135,546 371,482 696,039 204,332 136,861 354,846 673,593 194,802 138,539 340,252 38.0 40.3 41.4 (As percentage of total assets) T o t a l s e c u r it ie s ............................................................ 38.6 37.3 37.0 35.5 34.8 34.2 30.2 24.2 .7 5.3 30.0 24.1 .8 5.1 G o v e rn m e n ta l o b lig a tio n s — t o t a l ................... U . S. Governm ent, direct and guaranteed. .. U . S. Government agencies, not guaranteed. States and political subdivisions....................... 29.6 23.7 .6 5.3 32.3 26.2 .7 5.4 33.5 27.6 .7 5.2 30.9 25.4 .6 4.9 30.4 24.9 .6 4.9 31.3 25.3 .7 5.3 30.5 24.7 .6 5.2 D o m e s tic c o r p o r a te b o n d s — t o t a l ................... R ailroads................................................................. Public utilities........................................................ O ther......................................................................... 6.1 6.0 2.2 2.1 1.7 6.2 2.2 2.2 1.8 6.0 2.2 2.1 1.7 5.4 2.0 1.8 1.6 4.5 1.6 1.5 1.4 3.9 1.5 1.2 1.2 3.5 1.3 1.0 1.2 3.2 2.1 2.1 2.0 .6 .3 1.1 1.7 .6 .2 .9 1.7 .5 .3 .9 1.5 .4 .2 .9 1.2 .4 .2 .6 1.1 .3 .2 .6 1.1 .3 .2 .6 1.0 M isce lla n e o u s se cu ritie s— t o t a l ....................... Foreign securities— public and p riva te............ Stocks of Federal Reserve ban ks...................... Stocks of other domestic corporations............. 1.9 2.3 .8 .3 1.2 1.2 .9 1.1 .3 .2 .5 CORPORATION G o v e rn m e n ta l o b lig a tio n s — t o t a l ............................ U . S. Government, direct and guaranteed............. U. S. Government agencies, not guaranteed......... States and political subdivisions................................ 17,948,332 14,772,477 397,878 2,777,977 INSURANCE 19,036,487 22,184,086 D ec. 30 13,569 DEPOSIT 14,175 June 30 13,723 FEDERAL 1935 13,885 1940 1939 1934 14,059 1934-1940 (As percentage of total loans and securities) 52.1 56.7 59.5 55.4 56.3 57.8 57.1 57.3 56.8 G o v e r n m e n ta l o b lig a tio n s — t o t a l ................. U. S. Government, direct and guaranteed. . U. S. Government agencies, not guaranteed States and political subdivisions..................... 40.6 45.5 48.1 44.4 45.9 48.9 49.0 49.8 49.8 3 2 .5 .9 3 6 .8 3 9 .6 1 .1 3 6 .5 .9 3 7 .6 .9 3 9 .5 3 9 .6 1 .0 3 9 .9 1 .1 4 0 .1 7 .4 7 .0 7 .4 8.3 8.4 8.9 8.6 2 .9 3 .1 2 .9 3 .1 3 .0 2 .4 3 .2 3 .2 2 .5 2 .8 2 .6 1 .1 8 .3 8 .4 1 .2 8 .5 8.1 7.0 6.2 5.8 5.4 2 .9 2 .3 1 .9 2 .0 2 .0 2 .5 2 .5 2 .3 2 .2 2 .2 2 .7 2 .5 1 .6 2 .0 1 .5 1 .9 2.3 2.5 2.4 1.9 1.9 1.7 1.6 .9 .8 .7 .6 .6 .6 .4 1 .5 .3 .4 1 .3 .4 .3 1 .3 1 .0 .3 1 .0 .5 .3 .9 .5 .3 .8 T o t a l s e c u r itie s ......................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 G o v e r n m e n ta l o b lig a tio n s — t o t a l ................. U. S. Governm ent, direct and guaranteed. . TJ. S. Government agencies, not guaranteed States and political subdivisions..................... 77.9 80.3 80.9 80.2 81.5 84.5 85.9 86.9 87.7 6 2 .4 1 .7 6 4 .9 6 6 .6 1 .8 1 2 .5 6 5 .9 1 .6 6 6 .7 1 .6 1 2 .7 1 3 .2 6 8 .4 1 .9 1 4 .2 6 9 .4 1 .8 1 3 .8 1 .8 1 3 .6 1 4 .7 6 9 .7 2 .0 1 5 .2 7 0 .6 2 .2 1 4 .9 D o m e s tic c o r p o r a te b o n d s — t o t a l ................. Railroads............................................................... Public utilities...................................................... Other....................................................................... 15.9 1 4 .8 14.9 15.6 14.4 12.1 10.9 10.0 9.5 5 .5 5 .5 4 .9 4 .3 5 .3 5 .3 4 .3 5 .7 5 .4 4 .5 5 .2 4 .8 4 .4 4 .3 4 .0 3 .8 4 .1 3 .4 3 .4 3 .8 2 .8 3 .4 3 .5 2 .6 3 .4 M is c e lla n e o u s se cu ritie s— t o t a l ..................... Foreign securities— public and private......... Stocks of Federal Reserve ban ks.................... Stocks of other domestic corporations........... 6.2 4.9 4.2 4.2 4.1 3.4 3.2 3.1 2.8 2 .0 .9 1 .5 .8 2 .6 1 .3 .6 1 .3 .6 1 .0 .7 1 .0 .6 2 .3 2 .3 2 .4 1 .8 1 .0 .6 1 .6 .9 .6 1 .6 1 .4 146.5 1 .4 (As percentage of total securities) 5 .4 5 .1 3 .3 .8 .6 (As percentage of amount held on June 30, 1934) T o ta l s e c u r itie s ......................................................... 115.4 134.5 128.4 122.9 133.3 135.9 138.3 100.0 118.9 139.6 132.1 128.6 144.6 149.8 154.3 164.9 1 0 0 .0 1 0 0 .0 1 0 0 .0 1 2 0 .0 1 2 4 .5 1 1 3 .2 1 4 3 .4 1 4 5 .5 1 2 1 .9 1 3 5 .6 1 3 1 .3 1 4 6 .0 1 2 1 .3 1 1 7 .8 1 1 7 .4 1 1 7 .6 1 5 1 .2 1 3 7 .8 1 5 1 .1 1 4 9 .1 1 5 4 .4 1 6 3 .7 1 6 5 .6 1 9 3 .3 1 4 4 .1 1 5 2 .8 1 5 8 .3 D o m e s tic c o r p o r a te b o n d s — t o t a l ................. Railroads................................................................ Public utilities...................................................... Other....................................................................... 100.0 106.9 125.4 125.5 111.4 101.2 92.9 87.3 87.1 1 0 0 .0 1 0 0 .0 1 1 2 .1 1 0 8 .1 1 3 1 .4 1 2 6 .0 1 1 5 .5 1 0 8 .8 1 0 3 .0 9 9 .5 8 4 .2 9 4 .2 7 1 .7 9 2 .9 6 9 .2 1 0 0 .0 9 9 .8 1 2 8 .3 1 3 0 .4 1 1 6 .7 1 1 8 .4 1 0 9 .6 9 5 .1 9 6 .9 1 0 0 .5 M is ce lla n e o u s se cu ritie s— t o t a l ..................... Foreign securities— public and p rivate......... Stocks of Federal Reserve ban ks.................... Stocks of other dom estic corporations........... 100.0 93.0 92.5 88.5 81.4 72.8 71.5 68.6 66.3 1 0 0 .0 1 0 0 .0 1 0 0 .0 8 8 .4 1 0 0 .3 9 3 .8 8 9 .1 8 9 .6 8 1 .7 9 0 .6 6 1 .1 9 2 .2 6 5 .7 9 2 .4 7 1 .9 6 5 .4 9 2 .8 9 5 .4 6 2 .2 9 1 .5 9 0 .6 6 9 .4 6 6 .3 5 8 .3 9 4 .9 6 3 .6 G o v e r n m e n ta l o b lig a tio n s — t o t a l ................. U . S. Government, direct and guaranteed. . U. S. Government agencies, not guaranteed States and political subdivisions..................... N o te : See footnotes 1 to 5, Back figures-— For December Table 31, 119. see the Annual Report for 1938, p. 168. 9 8 .2 1 0 2 .6 9 3 .7 BANKS 100.0 OF OPERATING 2.8 1 .0 .5 1 .7 LIABILITIES 3.2 AND M isce lla n e o u s se cu ritie s— t o t a l ..................... Foreign securities— public and p rivate......... Stocks of Federal Reserve ban ks.................... Stocks of other domestic corporations........... ASSETS D o m e s tic c o r p o r a te b o n d s — t o t a l ................. R ailroads............................................................... Public utilities...................................................... Other....................................................................... 1 .0 7 .7 7 .2 0° 00 T o t a l s e c u r it ie s .......................................................... CO T a b l e 12 1. A SSETS AND L IA B IL IT IE S OF OPERATIN G INSURED COMMERCIAL B A N K S N O T M E M B E R S OF THE FE D E RA L R E S E R V E SYSTEM, C all D ates 1934-1940 (Amounts in thousands of dollars) 1934 1935 June 30 June 29 D ec. 30 June 29 Dec. 31 7,528 7,385 7,239 7,173 7,082 6,952 150,106 168,478 202,567 214,892 197,697 205,627 225,940 195,197 244,126 185,723 682,672 32,316 4,972 37,208 233,015 853,898 39,566 4,981 35,962 261,386 1,016,739 44,851 3,711 46,621 254,501 985,833 48,493 2,777 47,907 290,877 973,918 43,980 2,695 46,165 } 1,421,894 46,289 1,457 55,929 1,768,656 44,038 1,014 53,688 1,743,497 45,230 585 49,978 1,974,336 44,760 439 63,362 1,092,997 1,335,900 1,575,875 1,554,403 1,555,332 1,731,196 2,093,336 2,034,487 2,327,023 23,495 175,996 371,801 5,414 162,194 431,038 4,186 267,482 521,901 6,141 276,416 697,206 2,614 272,371 669,756 4,862 205,848 791,068 8,046 164,807 796,159 8,472 155,842 766,296 10,288 161,524 835,221. 571,292 598,646 793,569 979,763 944,741 1,001,778 969,012 930,610 1,007,033 922 263,498 20,461 2,991 2209,7 50 114,204 1,994 188,016 116,966 1,509 196,413 98,093 1,904 149,170 73,790 12,618 16,836 158,296 63,636 20,608 30,015 154,692 56,202 29,404 31,326 132,157 53,336 31,851 22,890 119,197 51,663 40,077 84,881 326,945 306,976 296,015 237,482 259,376 270,313 248,670 233,827 43,456 1,055 49,828 2,686 38,099 4,236 20,470 1,020 11,780 18,987 2,337 9,707 21,380 2,533 9,711 18,394 1,038 9,687 424,258 457,024 494,189 529,514 28,749 3,830 (3) 531,918 587,181 593,493 594,970 595,597 4,527 4,708 3,911 4,677 4,324 179,659 191,183 200,516 210,820 225,605 250,841 246,170 266,501 224,241 219,223 167,071 168,226 195,999 189,015 196,413 181,678 130,433 39,197 179,765 155,769 116,789 33,261 168,761 133,238 102,774 30,376 148,698 124,768 97,578 28,962 57,369 49,525 47,522 30,246 28,236 623 29,999 453 29,511 351 28,147 378 / \ 44,920 CORPORATION Digitized June 30 7,659 INSURANCE O th e r s e cu ritie s: Obligations of Government corporations and agencies, not guaranteed by U. S. G ovt: Federal Land ban ks........................................................ Federal Intermediate Credit banks............. .............. Other Government corporations and agencies......... Obligations of States and political subdivisions.......... Obligations of territorial and insular possessions of the United States.................................... ........................... Obligations of other domestic corporations: Railroads............................................................................ Public utilities.................................................................. Industrials......................................................................... All other4............................................................................ Foreign bonds, notes, and debentures— public and private............................................................................ for FRASER Stocks of foreign corporations.......................................... June 30 Or O DEPOSIT O b lig a tio n s gu a ra n te e d b y th e U. S. G o v t: Reconstruction Finance C orporation.............................. Home Owners’ Loan C orporation.................................... Federal Farm Mortgage C orporation............................. Other Government corporations and agencies............. T o t a l o b lig a tio n s g u a r a n te e d b y t h e U n ited S tates G o v e r n m e n t ................................................. June 30 1940 1939 FEDERAL D ire c t o b lig a tio n s o f th e U. S. G o v e r n m e n t: Treasury bills........................................................................ Treasury notes...................................................................... B o n d s...................................................................................... T o ta l d ir e c t o b lig a tio n s o f th e U n ited States C o v e r n m e n t ................................................................ 1938 7,765 Number of banks1. ASSETS C ash , b a la n ces w ith o t h e r b a n k s, a n d ca sh ite m s in p ro cess o f c o lle c t io n : Currency and coin Demand balances with banks in the United States (except private banks and American branches of foreign banks): In New York C ity ............................................................... Elsewhere............................................................................... Other balances with banks in the United States............. Balances with banks in foreign countries.......................... Cash items in process of collection...................................... T o ta l ca sh , b a la n ces w ith o th e r b a n k s, a n d cash ite m s in p rocess o f c o l l e c t i o n ................................. June 30 1937 Corporate stocks of: Affiliates of reporting ban k s........................................... Other domestic banks....................................................... Other domestic corporations.......................................... T o t a l o t h e r s e cu ritie s 5................................................. 1 }• J T o t a l s e c u ritie s 5.......................................................... 1,313,433 2,724,877 2,495,656 2,530,558 2,449,151 2,339,052 2,357,859 37,621 40,932 63,816 46,897 39,007 39,754 47,156 50,739 459 537 3,751 284 231 1,589 385 947 2,379 323 2,275 1,360 41 385 1,165 19 221 1,716 58 144 1,573 60 127 576 19,224 5,688 18,629 7,191 22,585 7,819 17,494 6,616 24,608 26,710 16,722 20,723 238,946 233,088 239,712 240,146 814,066 8,753 792,797 6,173 240,992 229,765 839,170 4,323 266,654 268,971 868,952 3,727 332,867 271,353 246,564 692,603 222,938 1,919 405,027 445,057 245,577 713,446 221,702 364,860 448,936 247,922 741,605 225,159 1,148 448,284 464,173 244.365 764.366 233,458 842 416,271 467,833 2,155 2,587,447 j 6l,015,479 1,740 2,588,890 61,040,801 1,480 2,759,042 6994,457 1,513 2,787,980 92,167 725,369 1,455 2,899,305 93,265 745,737 1,301 2,904,201 74,066 776,122 1,470 3,045,602 75,108 801,419 1,290 3,077,177 T o t a l loa n s a n d s e c u ritie s5 6.................................... 4,513,017 4,767,282 5,056,011 5,483,919 5,283,636 5,429,863 5,353,352 5,384,654 5,435,036 215,026 211,293 f 197,372 36,029 190,506 32,949 183,509 27,097 )} 145,735 141,323 141,213 149,853 23,273 23,011 72,569 50,695 144,834 22,007 20,210 66,557 47,706 142,795 21,388 17,905 59,273 46,474 137,319 19,676 14,930 53,090 43,304 15,131 11,180 6,903 140,648 | M is c e lla n e o u s a ssets: Customers’ liability to reporting banks on acceptances outstanding............................................................. Incom e accrued but not collected............................. Prepaid expenses............................................................ | Other assets6.................................................................... T o t a l m is ce lla n e o u s a ssets6............................... T o t a l a ssets6......................................................... (5) 355,674 [ n,456,247 168,487 (5) 379,780 394,267 375,958 } J 1 / \ / 1 / j 7,586 14,247 47,433 1,209,826 8,050 13,752 44,365 1,159,772 8,181 13,119 42,452 1,116,999 J 7,498 7,887 7,834 7,272 1 4,231 4,742 4,109 4,750 331,130 313,943 299,778 280,341 2,348 7,132 1,309 14,157 24,946 1,913 6,957 1,909 13,136 23,915 588 6,553 1,439 11,367 19,947 7,785,577 7,742,834 8,062,347 358,722 1,444 1,183 2,313 3,602 2,416 88,487 62,636 39,489 34,375 25,584 89,931 63,819 41,802 37,977 28,000 2,002 7,977 1,915 13,647 25,541 6,051,619 6,546,781 7,067,955 7,452,257 7,225,690 7,517,730 f ( BANKS B an k p rem ises, fu r n itu r e a n d fixtures, a n d o th e r rea l e sta te : Bank prem ises................................................................ } Furniture and fixtures.................................................. Farm land (including im provem ents)...................... Residential properties................................................... [ Other real properties..................................................... Investments indirectly representing bank premises or other real estate............................................................... Other assets indirectly representing bank premises or other real estate............................................................... T o t a l b a n k p rem ises, fu r n itu r e a n d fixtures, a n d o th e r rea l e s ta te .................................................. 81,887 OF OPERATING 1,449,099 2,467,121 92,161 LIABILITIES 1,366,576 2,179,835 95,995 AND 1,254,244 1,846,226 L o a n s, d is c o u n ts , a n d o v e r d ra fts (in c lu d in g redis co u n ts ): Commercial paper bought in open m arket..................... 18,723 N otes, bills, acceptances, etc., payable in foreign countries................................................................................. 357 Acceptances of other banks, payable in the U . S ........... 1,482 Reporting banks' own acceptances...................................... 6,532 Loans to brokers and dealers in securities: In N ew Y ork C it y ............................................................... 34,538 E lsewhere............................................................................... 5,723 Real estate loans: On farm la n d ........................................................................ 267,405 On residential properties.................................................... 838,062 On other properties............................................................. } Loans to banks......................................................................... 12,029 Agricultural loans (excluding loans on farm la n d ).......... Commercial and industrial loans......................................... Other loans for the purpose of purchasing or carrying |61,479,761 securities............................................................................ All other loans........................................................................... Overdrafts.................................................................................. 2,179 T o ta l lo a n s, d isc o u n ts, a n d o v e r d ra fts5 6............... 2,666,791 f 118,914 ASSETS 1,190,053 8,503 14,464 49,406 1,269,404 131,174 Table 121. ASSETS AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM, C a ll D a te s 1934-1940— Continued (Amounts in thousands of dollars) 1940 1939 1938 June 30 June 29 June 30 June 30 June 30 June 30 D ec. 30 June 29 D ec. 31 1,532,346 50,348 425,678 1,823,382 25,851 496,274 2,141,915 69,311 564,882 2,351,847 23,364 587,240 2,170,174 17,518 556,823 2,324,209 44,519 590,758 2,592,860 47,596 564,453 2,502,454 44,950 570,498 2,824,587 50,239 574,513 Certified and officers’ checks, cash letters of credit and travelers’ checks outstanding, and amounts due to Federal Reserve banks.................................................... Total demand deposits................................................... 28,621 2,036,993 29,116 2,374,623 43,300 2,819,408 50,582 3,013,033 41,633 2,786,148 47,746 3,007,232 49,488 3,254,397 46,298 3,164,200 58,154 3,507,493 T im e deposits (exclusive of interbank deposits): Individuals, partnerships, and corporations: Savings deposits............................................................. .. Certificates of deposit.......................................................... Christmas savings and similar a ccou nts........................ Open accounts8...................................................................... Postal savings............................................................................ States and political subdivisions........................................... Total tim e deposits6........................................................ 1,995,651 514,433 20,207 46,183 76,300 51,358 2,704,132 2,250,367 487,005 20,369 54,712 65,876 40,548 2,918,877 2,367,563 491,911 22,996 47,582 43,606 50,930 3,024,588 2,569,941 485,772 29,329 59,933 31,866 54,149 3,230,990 2,596,793 466,681 29,765 61,580 27,333 96,126 3,278,278 2,693,270 458,269 31,395 52,052 20,392 94,111 3,349,489 2,739,212 452,817 7,250 56,668 17,910 95,200 3,369,057 2,769,427 457,410 34,422 59,328 15,200 91,753 3,427,540 2,796,166 448,847 8,260 62,181 13,123 87,427 3,416,004 Interbank deposits: Banks in the United States.................................................... Banks in foreign countries..................................................... Total interbank deposits............................................... 78,109 1,507 79,616 87,410 1,310 88,720 95,514 4,225 99,739 92,812 3,074 95,886 86,667 1,330 87,997 95,161 1,618 96,779 109,024 3,719 112,743 101,190 3,341 104,531 113,678 2,818 116,496 T otal deposits®................................................................ D em and.......................................................................... 4,820,741 2,112,589 2,708,152 5,382,220 2,454,499 2,927,721 5,943,735 2,907,052 3,036,683 6,339,909 3,097,513 3,242,396 6,152,423 2,861,090 3,291,333 6,453,500 3,088,634 3,364,866 6,736,197 3,351,514 3,384,683 6,696,271 3,251,431 3,444,840 7,039,993 3,605,672 3,434,321 38,696 30,023 18,706 17,991 15,115 10,888 10,368 10,421 8,199 1,214 1,090 2,078 3,468 2,441 2,005 2,352 1,919 595 12,450 (7) 7,729 1,621 6,801 1,683 4,854 2,500 3,366 1,631 39,115 24,522 31,731 26,272 25,770 2,187 2,763 13,549 7,872 7,678 46,769 1,847 1,741 15,091 8,938 7,859 47,816 1,445 2,910 16,467 8,917 7,884 46,417 6,782,966 6,744,087 7,086,410 LIABILITIES Demand deposits (exclusive of interbank deposits): Individuals, partnerships, and corporations..................... Miscellaneous liabilities: Bills payable, rediscounts, and other liabilities for borrowed m on ey............................................................... Acceptances executed by or for account of reporting banks and outstanding................................................... Mortgage bonds and participation certificates out standing ..................................................................... Dividends declared but not yet payable............................ Incom e collected but not earned.......................................... ) Expenses accrued and unpaid............................................... Other liabilities6 ..................................................................... T otal miscellaneous liabilities6................................... Total liabilities (excluding capital accounts)6. . 91,475 64,985 60,999 55,085 48,323 2,743 1,619 12,599 8,335 7,227 45,416 4,912,216 5,447,205 6,004,734 6,394,994 6,200,746 6,498,916 f CORPORATION 1937 INSURANCE 1936 DEPOSIT 1935 FEDERAL 1934 609,721 253,716 118,415 62,639 12,772 1,057,263 589,164 257,064 113,420 49,508 15,788 1,024,944 564,863 269,664 120,985 45,816 17,486 1,018,814 550,775 276,461 114,606 41,819 18,950 1,002,611 534,940 276,557 125,556 43,395 18,299 998,747 515,812 283.672 116,688 40,937 18,828 975,937 Total liabilities and capital accounts6................... 6,051,619 6,546,781 7,067,955 7,452,257 7,225,690 7,517,730 7,785,577 7,742,834 8,062,347 182,483 370,742 225,203 256,788 265,258 199,182 255,421 190,697 262,602 202,566 296,603 210,302 277,637 207,586 268,574 206,144 275,018 194,484 37,473 293 502,206 27,862 65 474,045 19,469 269 484,906 21,185 92 528,182 21,657 637 507,517 22,474 4,234 501,426 20,852 431 490,785 406,005 374,035 372,616 420,019 395,945 386,481 387,386 60,505 20,221 16,551 503,282 66,790 16,552 9,710 467,087 75,700 14,226 2,412 464,954 73,258 10,037 3,271 506,585 88,457 9,985 2,019 496,406 78,680 83,344 7,819 750 479,299 MEMORANDA Pledged assets and securities loaned: United States Government obligations, direct and guaranteed, pledged to secure liabilities................... Other assets pledged to secure liabilities........................... Assets pledged to qualify for exercise of fiduciary or corporate powers, and for purposes other than to secure liabilities8.............................................................. Securities loaned8...................................................................... Total pledged assets and securities loaned.......... Secured and preferred liabilities: Deposits secured by pledged assets pursuant to re quirements of la w ............................................................ Deposits preferred under the provisions of law but not secured by pledge of assets8.......................................... Borrowings secured by pledged assets8.............................. Other liabilities secured by pledged assets8....................... T otal secured and preferred liabilities................... 378,632 362,174 10,000 1,247 476,408 Back figures— For December 31, see the Annual Report for 1938, p. 170. BANKS i n o * Excludes trust companies not engaged in deposit banking which submit reports to the F D IC (l on June 30, 1934, and June 29, 1935; 2 on June 30, 1936, and June 30, 1937, 3 on June 30, 1938; 2 on June 30, 1939; 3 on December 30, 1939, and June 29, 1940; and 4 on December 31, 1940); and banks for which statements are not available (42 on June 30, 1934; 3 on June 29, 1935; 4 on June 30, 1936; and 1 on June 30, 1938). 2 Includes Home Owners' Loan Corporation 4 percent bonds guaranteed as to interest only. a Federal Home Loan Bank debentures held on June 30, 1938, are included with “ Obligations of other domestic corporations” . * Includes ‘Obligations of real estate corporations” for which separate figures for call dates prior to June 30, 1938, are given on page 113 of the Annual Report for 1937. Amounts ol loans and securities for call dates prior to June 30, 1936, are not entirely comparable with amounts reported for subsequent call dates because “ Investments and other assets (chiefly loans) indirectly representing bank premises and other real estate” were not reported separately. 6 For revisions relating to call dates prior to December 31, 1938, see the Annual Report for 1938, pages 170-73. 7 N ot reported separately. 8 Amounts not reported for call dates prior to June 30, 1936. OF OPERATING 645,418 235,556 107,572 68,023 6,652 1,063,221 LIABILITIES 681,990 245,631 93,085 75,069 3,801 1,099,576 AND 667,034 271,603 82,625 116,869 1,272 1,139,403 ASSETS CAPITAL ACCOUNTS Capital accounts: Capital stock, notes, and debentures................................. Surplus........................................................................................ Undivided profits8.................................................................... Reserve for contingencies....................................................... All other capital accounts6..................................................... T otal capital accounts................................................... or CO Table 122. A SSETS AND L IA B IL IT IE S OF OPERATING INSURED COMMERCIAL B A N K S SUBMITTING R EPO RTS TO THE Federal D e p o s it I n s u r a n c e C o r p o r a t io n , D ecem ber 31, 1940 BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS 154 Banks with deposits of— All banks Num ber of banks1......................................... 6,942 $100,000 or less $100,000 to $250,000 281 1,672 $250,000 to $500,000 2,044 1,497 845 445 90 62 6 25,282 237,071 1,803 36,958 319,410 4,393 44,047 356,637 7,756 48,993 369,956 13,355 23,461 188,124 9,088 38,197 318,570 19,252 12,914 113,452 5,461 9,741 110,945 264,156 360,761 408,440 432,304 220,673 376,019 131,827 2,071 34,703 79,406 102,923 120,566 156,072 86,208 240,532 180,763 45,153 26,539 45,282 20,021 100,588 107,661 494,063 52,409 26,746 279,939 389 6,068 18,147 30,033 41,059 20,783 9,768 71,322 59,182 34,324 191,059 97,944 63,298 294,198 105,976 93,747 361,348 107,727 129,080 438,032 1,543 16,822 42,323 72,648 89,578 116,992 48,225 69,195 8,215 67,524 7,407 26,171 16,273 4,101 6,032 1,593 11,697 1,000 70,451 657 126,152 2,349 113,654 5,288 14 11 28 2 3 10 12 28 3 191 49 29 247 24 77 600 1,522 73 27 2,743 17 238 6,758 8,731 26 571 1,959 5,743 9,866 18,683 11,165 21,604 5,365 1,731 776 279 56,548 46,472 11,194 184 83,192 239 370,866 71,196 94,678 21,964 236 125,173 250 511,134 49,226 134,315 34,044 82 146,182 188 539,113 27,151 181,228 47,132 147 153,945 163 589,414 5,656 69,922 22,962 67 50,245 98 221,316 7,132 126,949 47,036 37 172,442 152 464,850 1,939 90,894 44,244 23,495 29 183,912 561,925 805,332 900,461 1,027,446 437,760 958,913 463,851 6,618 21 60 2,753 26 13,778 23,664 13,612 3,775 89 36,016 144 165,865 5,410,760 17,885 237,187 7 CORPORATION 1,312 335 4,107 49,472 54,225 216,444 INSURANCE 416,264 50,724 11,523 98,713 709 DEPOSIT 465,541 1,141 8,529 71 Acceptances of other banks, payable in the TTmi pH 127 576 Reporting banks’ own acceptances................... 20,681 Loans to brokers and dealers in securities. . . . Other loans for the purpose of purchasing or 74,982 carrying securities......................................... Real estate loans: 244,243 On farm la n d ...................................................... 758,846 On residential properties................................. 232,630 On other properties.......................................... 842 Loans to ban ks...................................................... 793,443 All other loans........................................................ 1,289 Overdrafts............................................................... T o ta l lo a n s, d isc o u n ts, a n d overd ra fts 3,060,248 $2,000,000 to $5,000,000 FEDERAL S e c u r itie s : Direct obligations of the U. S. G overnm ent.. 1,003,244 Obligations guaranteed by the U . S. Govern 232,691 ment ................................................................. Obligations of States and political sub 595,393 divisions .......................................................... 519,184 Other securities...................................................... T o t a l s e c u r itie s ............................................... 2,350,512 T o ta l lo a n s a n d s e c u r itie s ..................... $1,000,000 to $2,000,000 (In thousa:nds of dollars ) ASSETS C a s h , b a la n c e s \^ith o t h e r b a n k s, a n d ca sh ite m s in p rocess o f c o l l e c t i o n : 242,516 Currency and coin ................................................. Balances with banks............................................. 2,010,462 61,888 Cash items in process of collection................... T o t a l ca s h , b a la n ce s w ith o t h e r b a n k s, a n d ca s h ite m s in p ro ce s s o f c o l le c t io n ............................................................ 2,314,866 L oa n s, d is c o u n ts , a n d ov e r d ra fts (in c lu d in g r e d is c o u n t s ): Commercial and industrial loans...................... Agricultural loans (excluding loans on farm la n d )................................................................. Commercial paper bought in open m arket. . . N otes, bills, acceptances, etc., payable in $5,000,000 $10,000,000! __ +-0 | More than to $10,000,000 $50,000,000 $50,000,000 $500,000 to $1,000,000 M is ce lla n e o u s a s s e ts : Bank premises owned, furniture and fixtures Real estate owned other than bank premises Investments and other assets indirectly representing bank premises or other real estate........................................................ Customers’ liability on acceptances................. Incom e accrued but not collected..................... Prepaid expenses.................................................... Other miscellaneous assets.................................. T o t a l m is ce lla n e o u s a s s e t s ........................ 626 342 9,752 588 6,491 1,432 11,364 297,283 5,936 2,442 12,937 5,438 19,094 9,140 25,258 14,187 31,904 25,841 14,920 12,468 39,107 36,405 6,589 5,022 8 64 401 815 1 1 81 1,059 27 7 221 8,697 115 17 697 19,605 353 44 1,051 30,497 1 194 * 19 464 96 1,210 42,428 2,528 45 760 1ftA io 4 1,883 63,145 1,594 104 760 fiQ O O 1,185 31,119 3,038 412 3,069 QA 0 UQ 0 4,711 87,545 942 192 325 13,188 8,022,909 28,685 356,829 845,686 1,196,590 1,351,329 1,522,895 689,552 1,422,477 608,866 2,809,844 3,299,238 661,486 49,946 13,026 116,132 13,393 5,381 2,251 28 40 264 160,639 97,444 33,793 343 839 2,007 356,657 283,244 80,448 962 2,054 3,890 463,011 *tOD 104,563 2,068 3,505 7,923 489,399 DO-L,DOO 109,948 3,365 2,659 10,999 COC,v/00 QQQ 0^0 669,807 100,605 5,800 1,498 17,210 255,479 271,826 47,624 5,323 738 14,596 AOQ,O Qi7 Qrr 4oy I 605,589 128,489 12,668 1,693 QQ fiQ9 oo,uy^ 104,881 347,468 53,765 19,389 57,908 7,007,580 8,589,753 3 ,J+1 7,827 77 21,434 15,669 5,765 1,600 296,665 191+,036 102,629 4,917 732,172 1+37,607 291+,565 7 041 1,044,’ 957 571,000 / OjifO / 9 144 1,187447 608. 698 o <a ,4-4*' 11 791 ljOOi)tU77 / 1 979 AQ9 V %74C f 97f 6,740 An'y 320,332 281,991+ 10,807 I,ZOO,/OD 610,772 625,963 5,791 552,445 190,367 362,078 8,199 595 2,870 16,273 8,790 45 191 578 171 18 9 12 194 227 107 402 884 324 448 1,620 705 250 19 481 2,363 1,014 138 45 430 3,902 1,719 1 105 275 682 1,067 6,825 418 467 5,762 3,379 155 Q.OA OZ4: 463 1,445 7,829 46,001 9 93 99 818 325 2,513 45 474 3,463 707 631 5,465 172 1,273 7,679 32 1,227 3,389 489 3,151 20,491 RAA 04U 2,090 T o t a l lia b ilitie s (e x c lu d in g ca p ita l a c c o u n t s ) .................................................. 7,053,581 21,527 297,483 734,685 1,048,420 1,192,612 1 ^41 ,0^78 1 jOtI /0 DUO, / ID 1,257,226 554,535 512,302 281,657 116,136 40,545 18,688 969,328 5,121 1,312 551 80 94 7,158 38,660 12,427 6,222 969 1,068 59,346 66,979 26,651 13,236 2,368 1,767 111,001 83,400 39,477 17,982 4,674 2,637 148,170 88,238 41 653 19 937 5*420 3,469 158,717 94,833 ox ,*±ou 9Q A(\7| L iO,^U 8,098 3 729 181,’ 517 42,381 26,394 9,446 A 991 1 x ,oyo 00,00/ 75,365 56,923 20,696 10,441 1,826 165,251 17,325 25,370 4,659 4,274 <UO 54,331 T o t a l lia b ilitie s a n d c a p ita l a c c o u n t s .. 8,022,909 28,685 356,829 845,686 1,196,590 1,351,329 689,552 1,422,477 608,866 T o t a l a s s e t s ...................................................... 110 0 LIABILITIES Back figures— See the following Annual Reports: 1939, p. 138; 1938, p. 174; 1937, p . 116; 1936, p . 142; 1935, p. 176; 1934, p. 198. 155 ^ A ? ai?ks reporting to F D IC include all insured commercial banks not members of the Federal Reserve System except national banks in the possessions and State banks in the District of Columbia. Statements of 4 trust companies not engaged in deposit banking are excluded. BANKS 1,522,895 OF OPERATING CAPITAL ACCOUNTS C a p ita l a c c o u n t s : Capital stock, notes, and debentures.............. Surplus............................................................. Undivided profits................................................. Reserve for contingencies.................................... All other capital accou nts................................... T o ta l ca p ita l a c c o u n t s ................................ 0 LIABILITIES M isce lla n e o u s lia b ilitie s : Bills payable, rediscounts, and other liabilities for borrowed m on ey..................................... Acceptances outstanding..................................... Dividends declared but not yet p ayable......... Incom e collected but not earned............ .......... Expenses accrued and unpaid ............................ M ortgage bonds and participation certificates outstanding..................................................... Other miscellaneous liabilities............................ T o t a l m is c e lla n e o u s lia b ilit ie s ................ 21,151 AND D e p o s its : Individuals, partnerships, and corporations: D em and ............................................................... T im e .................................................... States and political subdivisions....................... United States G overnm ent................................. Postal savings......................................................... Other banks................................................. Certified and officers’ checks, cash letters of credit and travelers’ checks out standing, e tc................................................. T o t a l d e p o s it s ............................................... Demand.......................................... T im e................................................ ASSETS 156,371 111,285 Table 123. AVERAGES PER B A N K OF ASSETS AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS SUBMITTING REPORTS TO THE Federal D e p o s it I n s u r a n c e C o r p o r a t io n , D ecem ber 31, 1940 BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS 156 Banks with deposits o fAll banks N um ber of banks2.................................. 6 ,9 4 2 $ 100,000 or less 281 $ 100,000 $ 2 5 0 ,0 0 0 to to $ 2 5 0 ,0 0 0 $ 5 0 0 ,0 0 0 1 ,6 7 2 2 ,0 4 4 $ 5 0 0 ,0 0 0 $1 ,000,000 $ 2 ,000,000 to $1,000,000 to $2 ,000,000 $ 5 ,0 0 0 ,0 0 0 1 ,4 9 7 845 445 to $ 5 ,0 0 0 ,0 0 0 to $ 10 ,000,000 $10,000,000 More than to $ 5 0 ,0 0 0 ,0 0 0 $ 5 0 ,0 0 0 ,0 0 0 62 $ 2 6 0 ,6 7 8 C1) ASSETS T o t a l loa n s a n d s e c u r it ie s .............. $ 6 ,8 9 1 5 9 ,0 3 9 $ 1 2 ,3 6 8 1 1 5 ,9 8 4 $ 2 4 ,6 8 8 2 1 3 ,3 6 6 $ 5 2 ,1 2 6 4 2 2 ,0 5 6 253 424 883 2 ,9 3 5 9 ,1 7 8 66,354 129,235 $110,097 8 3 1 ,3 6 1 2 ,0 9 0 ,2 6 7 $ 6 1 6 ,0 8 1 5 ,1 3 8 ,2 2 6 3 0 ,0 1 1 1 0 0 ,9 7 7 3 1 0 ,5 1 6 $ 2 ,1 5 2 ,3 3 3 1 8 ,9 0 8 ,6 6 7 9 1 0 ,1 6 7 240,989 483,360 971,469 2,451,922 6,064,823 21,971,167 $ 6 8 ,7 5 3 $ 1 4 2 ,6 8 1 $ 3 5 0 ,7 2 4 $ 9 5 7 ,8 6 7 $ 3 ,8 7 9 ,5 4 8 $ 3 0 ,1 2 7 ,1 6 7 2 0 ,0 6 2 4 8 ,5 9 1 1 0 1 ,4 6 7 2 9 4 ,8 7 7 7 3 0 ,3 5 5 3 .3 3 6 .8 3 3 2 8 ,9 5 4 1 6 ,7 9 2 6 5 ,4 2 7 4 2 ,2 8 3 1 2 ^ ,4 1 5 1 1 0 ,9 4 3 2 4 2 ,0 8 3 2 9 0 ,0 6 8 5 4 9 ,6 8 9 6 0 2 ,5 0 0 1 ,6 2 2 ,3 8 7 1 ,7 3 6 ,4 6 8 196,525 8 .7 3 4 .8 3 3 4 ,4 5 7 ,6 6 7 93,472 427,630 984,342 2,404,933 7,968,758 46,656,500 333,458 34,665 $ 1 4 4 ,5 1 8 $ 7 ,3 7 0 $ 2 0 ,7 5 6 3 3 ,5 1 9 1 ,3 8 4 3 ,6 2 9 8 ,8 7 8 8 5 ,7 6 7 7 4 ,7 8 9 3 3 8 ,5 9 3 4 ,6 6 9 1 ,1 9 3 1 2 ,4 3 0 5 ,8 4 1 14,616 42,656 $ 6 7 ,0 6 2 $ 5 ,4 9 1 $ 1 0 ,0 6 1 $ 2 0 ,7 0 6 $ 4 8 ,5 2 9 $ 1 0 6 ,0 0 9 $ 2 6 2 ,9 0 3 $ 5 3 5 ,8 3 3 $ 1 ,1 1 6 ,0 4 8 $ 1 ,3 6 9 ,1 6 7 5 9 ,9 6 3 7 ,3 0 7 2 3 ,5 5 2 4 2 ,1 3 6 6 1 ,7 1 8 1 ,1 4 9 7 5 ,9 2 1 7 9 ,9 1 0 8 ,7 6 6 5 8 ,8 1 1 3 6 ,5 6 9 4 5 ,5 6 7 6 7 ,0 2 2 2 5 ,6 9 4 1 8 8 ,6 6 1 1 6 6 ,6 6 6 75 393 3 ,5 3 2 19 6 1 16 18 83 2 ,9 7 9 7 94 19 17 24 165 28 91 710 3 ,4 2 0 811 300 3 0 ,4 7 8 274 3 ,8 3 9 1 0 9 ,0 0 0 1 ,4 5 5 ,1 6 7 1 0 ,8 0 1 342 958 3 ,8 3 7 1 1 ,6 7 6 4 1 ,9 8 4 1 2 4 ,0 5 6 3 4 8 ,4 5 2 8 9 4 .1 6 7 1 4 ,1 5 3 8 ,1 4 1 2 ,2 5 8 53 2 1 ,5 4 1 2 7 ,6 6 5 4 7 ,5 5 9 6 3 ,2 4 5 1 4 ,6 7 2 6 2 ,8 4 4 7 7 6 ,9 1 1 3 4 5 ,9 4 4 366 2 5 5 ,1 3 3 744 5 5 8 ,2 7 9 1 ,0 8 9 3 2 3 .1 6 7 1 5 .1 4 9 .0 0 0 7 .3 7 4 .0 0 0 158 8 3 ,6 1 6 167 6 1 ,0 1 3 4 0 7 ,2 5 4 1 0 5 ,9 1 5 330 1 1 5 ,0 3 2 2 2 ,7 3 6 5 ,4 7 7 90 4 0 ,7 0 1 117 5 8 ,2 5 6 1 5 8 ,9 5 2 4 0 ,2 8 9 97 1 7 2 ,9 9 6 223 181,441 341,439 638,003 1,324,525 2,459,067 $274,913 $537,964 $1,065,633 $2,308,867 3 5 ,1 8 3 1 0 9 ,3 1 2 3 3 ,5 1 1 6 ,1 6 0 2 ,7 6 2 993 121 1 1 4 ,2 9 6 186 9 ,7 9 7 92 440,831 49,032 86 99,202 $779,424 $63,648 $141,858 2 ,0 4 7 ,5 6 5 7 5 8 ,6 4 5 597 2 ,7 8 1 ,3 2 2 2 ,4 5 2 ’ ’ 3,915,833 7,497,581 30,652,000 $4,864,000 $15,466,339 $77,308,500 4 ,8 3 3 CORPORATION L o a n s , d is c o u n ts , a n d ov e r d ra fts (in c lu d ing, r e d is c o u n t s ): Commercial and industrial loans.................... Agricultural loans (excluding loans on farm la n d )............................................................... Commercial paper bought in open m arket. . N otes, bills, acceptances, etc., payable in foreign countries......................................... Acceptances of other banks, payable in the United States............................................... Reporting banks' own acceptances................. Loans to brokers and dealers in securities.. . Other loans for the purpose of purchasing or carrying securities............................. Real estate loans: On farm la n d ............................................... On residential properties.......................... On other properties.................................... Loans to banks................................................ All other loans................................................. Overdrafts......................................................... T o t a l lo a n s, d is c o u n ts , a n d o v erd ra fts $ 4 ,0 6 0 3 0 ,3 5 2 8 ,9 1 5 INSURANCE S e cu ritie s: Direct obligations of the U. S. Governm ent. Obligations guaranteed by the U .S . Govern ment ............................................................... Obligations of States and political sub divisions .................................................... Other securities............................................... T o t a l s e c u r itie s ........................................ $ 3 4 ,9 3 5 2 8 9 ,6 0 8 DEPOSIT C a sh , b a la n c e s w ith o th e r b a n k s, a n d ca sh ite m s In p rocess o f c o lle c t io n : Currency and coin .............................................. Balances with banks........................................... Cash items in process of collection................. T o t a l ca sh , b a la n ces w ith o t h e r b a n k s v a n d ca s h ite m s in p ro ce s s o f c o l le c t io n .......................................................... FEDERAL 90 M is ce lla n e o u s a ss e ts: Bank premises owned, furniture and fixtures Real estate owned other than bank premises Investments and other assets indirectly representing bank premises or other real estate...................................................... Other miscellaneous assets................................ T o ta l m is ce lla n e o u s a ss e ts ...................... $22,526 16,030 $2,228 1,217 $3,550 1,461 $6,330 2,660 $12,755 6,106 $29,891 16,789 $71,694 58,069 $165,778 138,533 $630,758 587,177 $1,098,166 837,000 1,405 2,863 42,824 29 295 3,769 38 153 5,202 196 406 9,592 544 967 20,372 1,413 2,117 50,210 5,681 6,454 141,898 17,711 23,744 345,766 49,000 145,080 1,412,015 18,333 244,500 2,197,999 $102,082 $213,414 $413,740 $799,325 $1,599,203 $3,422,234 $7,661,688 $22,943,177 $101,477,666 T o t a l a s s e ts .................................................... $309,292 305,174 69,848 1,382 2,341 5,293 $579,169 664,653 130,116 3,982 3,147 13,017 $1,184,242 1,505,184 226,079 13,034 3,366 38,674 $2,838,655 3,020,289 529,156 59,144 8,200 162,178 $7,087,048 9,767,565 2,072,403 204,323 27,306 614,387 $17,480,167 57,911,333 8,960,833 3,231,500 8,342 1,009,447 517,107 1*92,81+0 274 76,278 55,762 20,516 957 177,431 116,050 61,381 2,405 358,205 211+,093 1U J12 4,704 698,034 381,1+30 316,601+ 10,821 1,404,905 720,351 681+,551+ 26,496 2,997,075 1,1+1+1,060 1,556,015 74,889 6,692,511 3,559,21+1+ 3,133,267 174,307 19,947,339 9,851,161 10,096,178 965,167 92,074,167 31,727,833 60,31+6,331+ M is ce lla n e o u s lia b ilitie s : Bills payable, rediscounts, and other lia bilities for borrowed m oney..................... Other miscellaneous liabilities.......................... T o t a l m is ce lla n e o u s lia b ilit ie s .............. $1,181 5,446 6,627 $160 171 331 $114 375 489 $283 947 1,230 $114 2,199 2,313 $296 6,172 6,468 $310 16,946 17,256 $11 37,644 37,655 $110,081 220,419 330,500 $348,333 348,333 T o t a l lia b ilitie s (e x c lu d in g c a p ita l a c c o u n t s ) ................................................ $1,016,074 $76,609 $177,920 $359,435 $700,347 $1,411,373 $3,014,331 $6,730,166 $20,277,839 $92,422,500 $73,797 40,573 16,729 5,841 2,692 139,632 $18,224 4,669 1,961 285 334 25,473 $23,122 7,433 3,721 579 639 35,494 $32,768 13,038 6,476 1,158 865 54,305 $55,711 26,371 12,012 3,123 1,761 98,978 $104,423 49,293 23,594 6,414 4,106 187,830 $213,108 115,618 52,600 18,197 8,380 407,903 T o t a l lia b ilitie s a n d c a p ita l a c c o u n t s . $1,155,706 $102,082 $213,414 $413,740 $799,325 $1,599,203 $3,422,234 CAPITAL ACCOUNTS C a p ita l a c c o u n t s : Capital stock, notes, and debentures............ Surplus................................................................... Undivided profits................................................. Reserve for contingencies.................................. All other capital accou nts................................. T o t a l ca p ita l a c c o u n t s .............................. $470,900 293,267 104,955 46,900 15,500 931,522 $1,215,564 918,113 333,806 168,403 29,452 2,665,338 3,525,167 $2,887,500 4,228,333 776.500 712,333 450.500 9,055,166 BANKS $174,490 138,573 39,358 471 1,005 1,903 OPERATING $96,076 58,280 20,211 205 502 1,200 OF $47,662 19,150 8,011 100 142 939 LIABILITIES $404,760 475,258 95,287 7,195 1,876 16,729 AND D e p o s its : Individuals, partnerships, and corporations: D em and............................................................. T im e ................................................................... States and political subdivisions..................... United States G overnm ent............................... Postal savings...................................................... Other banks.......................................................... Certified and officers’ checks, cash letters of credit and travelers’ checks out standing, etc................................................. T o t a l d e p o s it s ............................................... Demand.......................................................... T im e............................................................... ASSETS LIABILITIES $7,661,688 $22,943,177 $101,477,666 1 Because of the small number of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. Jl.Ba? ks reP °rting to F D IC include all insured commercial banks not members of the Federal Reserve System except national banks in the possessions and State banks in the District of Columbia. Statements of 4 trust companies not engaged in deposit banking are excluded. 1939, p. 140; 1938, p. 176; 1937, p. 118; 1936, p. 144; 1935, p. 178; 1934, p. 200. 157 Back figures— See the following Annual Reports: T a b le 124. PERCENTAGE D IS TR IB U TIO N OF PRINCIPAL ASSET AND L IA B IL IT Y ITEMS OF OPERATIN G INSURED COMMERCIAL B A N K S Su b m it t in g R eports to the F ederal D e p o s it Insu ran ce C o r p o r a t io n , D ecem ber 31, 1940 BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS Banks with deposits of— All banks Number of banks2......................................... 6,942 $100,000 or less 281 $100,000 to $250,000 1,672 $250,000 to $500,000 2,044 $500,000 to $1,000,000 1,497 $1,000,000 to $2,000,000 845 $2,000,000 to $5,000,000 445 $5,000,000 $10,000,000 More than to $50,000,000 to $10,000,000 $50,000,000 C1) 90 62 6 Total loans and securities..................... 3.0% 28.0 .2 3.1% 26.7 .3 3 .2% 26.4 .6 3.2% 24.3 .9 3.4% 27.3 1.3 2.7% 22.4 1.3 2.1% 18.7 .9 28.9 34.0 31.1 31.2 30.1 30.2 28.4 32.0 26.4 21.7 29.7% 7.2% 9.7% 9.4% 8.6% 8 .9% 10.2% 12.5% 16.9% 2.9 1.4 1.7 2.1 2.5 3.1 3.0 3.9 3.2 3.3 7.4 6.5 29.3 4.6 1.1 14.3 5.8 2.7 19.9 7.0 4.1 22.6 8.2 5.3 24.6 7.8 6.9 26.7 7.1 8.4 28.7 7.2 7.9 31.5 7.1 7.6 34.8 8.6 4.4 46.0 12.5% 5.8% 5.2 .6 5.4% 23.1 .0 .0 6.1% 6.6% 7.7% 19.7 .2 14.9 .3 9.5 .4 5.0 .6 1.7 1.1 .0 .0 .0 4.7% 5.0% 7.0% 4.9% 1.3% .6 .9 .1 .8 .2 1.4 .0 .0 .0 .3 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .1 .1 .0 .0 .4 .0 .0 .5 .9 .1 .2 .2 .5 .7 1.2 1.6 1.5 .9 3.0 9.5 2.9 .0 9.9 .0 38.1 6.0 2.7 1.0 6.7 5.5 1.4 .0 9.9 .0 43.9 6.0 7.9 1.8 .0 10.5 .0 42.7 3.6 9.9 2.5 .0 10.8 .1 39.9 1.8 11.9 3.1 .0 10.1 .0 38.7 .8 10.2 3.3 .0 7.3 .0 32.1 .5 9.0 3.3 .0 12.1 .0 32.7 .3 14.9 7.3 9.6 .1 48.0 6.6 3.8 1.1 .0 10.1 .1 46.5 3.9 .0 30.2 67A % 1 62.3% 66.4% 66.5% 67.3% 66.6% 67.4% 63.6% 67.5% 76.2% CORPORATION Acceptances of other banks, payable in the TTnifpH StjitpQ Reporting banks’ own acceptances................... Loans to brokers and dealers in securities----Other loans for the purpose of purchasing or carrying securities......................................... Real estate loans: On farm la n d ..................................................... On residential properties................................. On other properties.......................................... Loans to ban ks...................................................... All other loans........................................................ Overdrafts............................................................... Total loans, discounts, and overdrafts 3.2% 27.7 .2 INSURANCE Loans, discounts, and overdrafts (includ ing rediscounts): Commercial and industrial loans...................... Agricultural loans (excluding loans on farm la n d )................................................................. Commercial paper bought in open m arket. . . N otes, bills, acceptances, etc., payable in 4.0% 29.8 .2 DEPOSIT Securities: Direct obligations of the U. S. G overnm ent. . Obligations guaranteed by the U. S. Govern ment ................................................................. Obligations of States and political sub divisions .......................................................... Other securities...................................................... Total securities............................................... 3.0 % 25.1 .8 FEDERAL ASSETS Cash, balances with other banks, and cash item s in process of collection: Currency and co in ................................................. Balances with banks............................................. Cash items in process of collection................... Total cash, balances with other banks, and cash item s in process of col lection ............................................................ M is ce lla n e o u s a ssets: Bank premises owned, furniture and fixtures Real estate owned other than bank premises Investments and other assets indirectlyrepresenting bank premises or other real estate............................................. Other miscellaneous assets....................... T o t a l m is c e lla n e o u s a s s e ts ............. T o t a l a s s e t s ........................................... 1.5% .6 1.6% .8 1.9% 1.1 2 .1 % 1.7 2.1 % 1.8 2.7% 2.6 1.1% .8 .1 .2 3.7 .3 3.7 .1 2.5 .1 .1 2.3 .1 .1 2.6 .1 .1 3.2 .2 .2 4.2 .2 .3 4.4 .2 .6 6.1 .0 .2 2.1 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 35.0% 41.1 8.2 .6 .2 1.5 46.7% 18.8 7.8 .1 .1 .9 45.0% 27.3 9.5 .1 .2 .6 42.2% 33.5 9.5 .1 .2 .5 38.7% 38.2 8.7 .2 .3 .6 36.2% 41.6 8.1 .3 .2 .8 34.6% 44.0 6.6 .4 .1 1.1 37.1% 39.4 6.9 .8 .1 2.1 30.9% 42.6 9.0 .9 .1 2.7 17.2% 57.1 8.8 3.2 .7 87.3 U .7 .3 74.7 54-6 20.1 .4 83.1 54-4 28.7 .6 86.6 51.8 34.8 .6 87.3 47.7 39.6 .7 87.9 45.1 42.8 .8 87.6 1.0 87.4 46.5 40.9 .8 87.0 43.0 44.0 • 1.0 90.8 81.3 59.5 LIABILITIES D e p o s its : Individuals, partnerships, and corporations: D em and .................................................... T im e .......................................................... States and political subdivisions............. United States G overnm ent...................... Postal savings.............................................. Other ban ks................................................. Certified and officers’ checks, cash letters of credit and travelers’ checks out standing, e tc................................................... T o t a l d e p o s it s ................................................. Demand............................................................ T im e................................................................. 42.6 42.1 45.5 3.5 •1% .1 .2 •1 -L°Z Zv .2 .3 .1% .2 .3 •0% .3 .3 .0% .4 .4 •0% .5 .5 .0% .4 .4 •5% .9 1.4 .3% .3 T o t a l lia b ilitie s (e x c lu d in g ca p ita l a c c o u n t s ) .............................................. 87.9% 74.9% 83.4% 86.9% 87.6% 88.3% 88.1% 87.8% 88.4% 91.1% 6.4% 3.5 1.5 .5 .2 12.1 17.9% 4.6 2.0 .3 .3 25.1 10.8% 3.5 1.7 .3 .3 16.6 7.9% 3.2 1.5 .3 .2 13.1 7.0% 3.3 1.5 .4 .2 12.4 6.5% 3.1 1.5 .4 .2 11.7 6.2% 3.4 1.5 .5 .3 11.9 6.2% 3.8 1.4 .6 .2 12.2 5.3% 4.0 1.4 .8 .1 11.6 2.8% 4.2 .8 .7 .4 8.9 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% CAPITAL ACCOUNTS C a p ita l a c c o u n t s : Capital stock, notes, and debentures.......... Surplus................................................................. Undivided profits.............................................. Reserve for contingencies................................ All other capital accou n ts................................ T o t a l c a p ita l a c c o u n t s ............................ T o t a l lia b ilitie s a n d c a p ita l a c c o u n t s BANKS .1 % .5 .6 OF OPERATING M is ce lla n e o u s lia b ilitie s : Bills payable, rediscounts, and other lia bilities for borrowed m on ey....................... Other miscellaneous liabilities............................ T o t a l m is ce lla n e o u s lia b ilit ie s ................ LIABILITIES 1.7% .7 AND 2.2% 1.2 ASSETS 2.0% 1.4 1 Because of the small number of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. 2 Banks reporting to F D IC include all insured commercial banks not members of the Federal Reserve System except national banks in the possessions and State banks in the District of Columbia. Statements of 4 trust companies not engaged in deposit banking are excluded. Back figures— See the following Annual Reports: 1939, p . 142; 1938, p. 178; 1937, p. 120; 1936, p. 146; 1935, p . 180; 1934, p. 202. cn ANALYSIS OF EXAMINATIONS OF INSURED COM M ERCIAL BANKS T able 125. M A N A LY SIS OF C A PITA L AND LIABILITIE S OF INSURED COMMERCIAL B A N K S E XA M IN ED IN Ci O 1940 BANKS GROUPED B Y NET SOUND CAPITAL RATIO, FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF AVERAGE NET EARNINGS, AND AMOUNT OF DEPOSITS Num ber of banks Book value Private N et sound capital Total R . F . C.i ([In thousands of dollars) 6,325,809 436,880 Other liabilities Total Deposits 5,888,929 58,640,075 57,919,547 720,528 Private 365,756 6,192,079 232,026 B an k s w ith n e t s o u n d ca p ita l per $100 o f a p p ra ised va lu e of assets o f — $0.00 or less................................ $0.01 to $4.99 $5.00 to $9.99 7 49 2,872 5,334 13,662 3,145,875 1,190 2,019 176,747 4,144 11,643 2,969,128 6,839 4,089 112,345 *-1,505 9,573 3,033,530 6,140 2,748 213,325 *-7,645 6,825 2,820,205 40,511 211,335 37,280,646 39,348 209,709 36,739,600 1,163 1,626 541,046 $10.00 to $14.99 $15.00 to $19.99 $20.00 to $24.99 6,112 2,829 1,032 2,348,048 563,689 259,643 129,888 31,908 19,036 2,218,160 531,781 240,607 87,630 28,804 7,712 2,260,418 534,885 251,931 i 54,737 35,189 19,773 2,105,681 499,696 232,158 16,950,334 2,655,968 895,301 16,815,905 2,627,307 888,543 134,423 28,661 6,758 325 131 80 153,239 51,515 16,830 3,399 654 915 149,840 50,861 15,915 5,118 10,621* 344 158,352 62,139 16,486 3,399 654 915 154,953 61,485 15,571 447,453 137,317 21,210 443,984 134,811 20,340 3,469 2,506 870 B a n k s w ith fixed a n d su b sta n d a rd assets per $100 o f a p p ra ised va lu e o f a ssets o f — $ 0 .0 0 ............................................. $0.01 to $4.99 $5.00 to $9.99 46 5,022 4,481 16,253 3,311,995 1,998,547 87 84,335 136,337 16,166 3,227,660 1,862,210 708 42,802 68,648 16,961 3,269,193 1,929,899 87 99,034 164,627 16,874 3,170,159 1,765,272 135,709 35,071,817 15,924,720 133,782 34,534,419 15,802,267 1,927 537,398 122,453 $10.00 to $14.99 $15.00 to $19.99 , $20.00 to $24.99 , . 2,116 1,005 418 644,637 319,221 128,038 62,205 40,580 15,787 582,432 278,641 112,251 49,081 36,141 3,067 595,556 283,080 124,971 68,490 51,225 20,034 527,066 231,855 104,937 4,334,624 1,887,807 662,030 4,309,567 1,878,535 655,888 25,057 9,272 6,142 $25.00 to $29.99 , $30.00 to $34.99 $35.00 or m o r e ... , 200 75 74 69,860 29,804 39,480 15,942 6,411 4,072 53,918 23,393 35,408 10,880 9,747 12,368 58,980 20,057 27,112 16,567 12,234 4,582 42,413 7,823 22,530 308,135 168,424 146,809 304,333 166,752 134,004 3,802 1,672 12,805 , . $25.00 to $29.99 $30.00 to $34.99 $35.00 or m o re ... CORPORATION 6,557,835 INSURANCE 13,437 A ll b a n k s ................. DEPOSIT Total R . F. C.i Examiners’ deductions (net)2 FEDERAL Adjusted liabilities (exclusive of capital accounts) Capital accounts Banks with 3-year aver age net current oper ating earnings per $100 of total assets of— $-0.50 or less .............................. $-0.01 to $-0.4 9 .......................... 566 812 1,569 11,400 508 1,831 1,627 10,381 566 1,012 1,061 9,369 6,566 76,091 6,516 75,462 50 629 $ 0.4 9 ............................. $0.9 9 ............................. $1.4 9 ............................. $ 1.9 9 ............................. 997 4,094 4,605 2,305 1,390,397 3,129,423 1,408,258 450,920 67,224 164,099 101,759 23,865 1,323,173 2,965,324 1,306,499 427,055 35,939 121,572 72,145 7,983 1,354,458 3,007,851 1,336,113 442,937 94,398 195,543 110,909 26,472 1,260,060 2,812,308 1,225,204 416,465 14,439,659 30,851,603 10,097,915 2,357,096 14,307,125 30,357,336 10,042,462 2,340,532 132,534 494,267 55,453 16,564 $2.00 to $2.4 9 ............................. $2.50 to $2.9 9 ............................. $3.00 or m ore.............................. N ot available.............................. 848 299 194 19 100,820 38,828 23,074 1,768 4,834 1,330 827 440 95,986 37,498 22,247 1,328 9,120 676 440 52 109,940 38,152 22,634 1,716 4,834 1,330 827 989 105,106 36,822 21,807 727 520,941 170,844 106,198 13,162 514,050 161,726 101,281 13,057 6,891 9,118 4,917 105 Banks with deposits of— $100,000 or less.......................... $100,000 to $250,000................ $250,000 to $500,000................ 385 2,230 3,086 10,546 88,237 191,328 1,050 7,904 15,478 9,496 80,333 175,850 520 3,396 6,067 10,026 84,841 185,261 1,050 7,974 15,700 8,976 76,867 169,561 29,520 407,426 1,128,068 29,149 405,134 1,123,739 371 2,292 4,329 $500,000 to $1,000,000............. $1,000,000 to $2,000,000......... $2,000,000 to $5,000,000......... 3,022 2,169 1,483 338,979 456,286 644,900 23,850 35,317 50,445 315,129 420,969 594,455 13,683 24,797 34,708 325,296 431,489 610,192 25,526 36,767 57,706 299,770 394,722 552,486 2,177,754 3,076,792 4,554,449 2,169,338 3,060,390 4,530,855 8,416 16,402 23,594 $5,000,000 to $10,000,000___ $10,000,000 to $50,000,000. . . M ore than $50,000,000............ 516 418 128 474,412 959,073 3,394,074 49,412 87,328 94,972 425,000 871,745 3,299,102 23,823 36,154 88,878 450,589 922,919 3,305,196 55,731 124,034 112,392 394,858 798,885 3,192,804 3,562,270 8,521,443 35,182,353 3,538,555 8,458,526 34,603,861 23,715 62,917 578,492 $0.00 $0.50 $1.00 $1.50 to to to to N ote: For banks included and explanation of terms, see pages 85-87. Back figures— See the Annual R eport for 1939, p. 150. BANKS OF INSURED 1 B ook value is normally the same as par value, but may be less. Retirable value, which may exceed par value, is used in computing net sound private capital. 2 Figures in italics represent examiners’ net additions. Examiners’ net deductions from total capital accounts exceed examiners’ net deductions from total assets by the amount of liabilities not shown on the books. 3 Adjusted liabilities exceed the appraised value of assets. 4 Adjusted liabilities plus the retirable value of R . F. C. capital exceed the appraised value of assets. OF EXAMINATIONS 2,135 12,212 ANALYSIS 17 59 162 Table 126. NET SOUND CAPITAL RATIOS OF INSURED COMMERCIAL BANKS EXAMINED IN 1940 BANKS GROUPED B Y NET SOUND CAPITAL RATIO, FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF AVERAGE NET EARNINGS, AND AMOUNT OF DEPOSITS Number of banks Book value R . F . C.1 Private Net sound capital Total R . F . C .1 Private Appraised value of assets Deposits $100.00 $ 5.58 $94.42 $ 3.54 $96.46 $ 6.66 $89.80 $ 9.74 $10.92 B an k s w ith n e t so u n d c a p i t a l p e r $ 10 0 o f a p p r a is e d v a lu e of assets o f— $0.00 or less................................ $0.01 to $4.99............................. $5.00 to $9.99............................. 7 49 2,872 100.00 100.00 100.00 22.31 14.78 5.62 77.69 85.22 94.38 128.22 29.93 3.57 s-28.22 70.07 96.43 115.11 20.11 6.78 4-143.33 49.96 89.65 s-3.86 4.33 7.52 3-3.82 4.56 8.26 $10.00 to $14.99........................ $15.00 to $19.99........................ $20.00 to $24.99........................ 6,112 2,829 1,032 100.00 100.00 100.00 5.53 5.66 7.33 94.47 94.34 92.67 3.73 5.11 2.97 96.27 94.89 97.03 6.59 6.24 7.62 89.68 88.65 89.41 11.77 16.76 21.96 13.44 20.36 28.35 $25.00 to $29.99........................ $30.00 to $34.99........................ $35.00 or m ore........................... 325 131 80 100.00 100.00 100.00 2.22 1.27 5.44 97.78 98.73 94.56 *3.3h 520.62 2.04 5103.34 5120.62 97.96 2.22 1.27 5.44 5101.12 5119.35 92.52 26.14 31.15 43.73 35.67 46.09 81.05 B a n k s w ith fixed a n d su b sta n d a rd assets per $100 o f a p p ra ised va lu e o f assets o f— $ 0 .0 0 ............................................. $0.01 to $4.99 .......................... $5.00 to $9.9 9 ............................. 46 5,022 4,481 100.00 100.00 100.00 .54 2.55 6.82 99.46 97.45 93.18 h.36 1.29 3.43 104.36 98.71 96.57 .54 2.99 8.24 103.82 95.72 88.33 11.11 8.53 10.81 12.68 9.47 12.21 $10.00 to $14.99........................ $15.00 to $19.99........................ $20.00 to $24.99........................ 2,116 1,005 418 100.00 100.00 100.00 9.65 12.71 12.33 90.35 87.29 87.67 7.61 11.32 52.40 92.39 88.68 597.60 10.62 16.05 15.65 81.77 72.63 581.95 12.08 13.04 15.88 13.82 15.07 19.05 $25.00 to $29.99........................ $30.00 to $34.99........................ $35.00 or m ore........................... 200 75 74 100.00 100.00 100.00 22.82 21.51 10.31 77.18 78.49 89.69 15.57 32.70 31.33 84.43 67.30 68.67 23.71 41.05 11.61 60.72 26.25 57.06 16.07 10.64 15.59 19.38 12.03 20.23 CORPORATION 13,437 INSURANCE A ll b a n k s ........................................ DEPOSIT Total Examiners’ deductions (net)2 FEDERAL N et sound capital per $100 of— Per $100 of capital accounts (book value) B an k s w ith 3 -yea r aver a ge n e t cu r r e n t o p e r a tin g ea rn in g s p er $100 o f t o ta l assets o f — $-0.50 or less.......................... $-0.01 to $-0.4 9 ..................... 26.51 6.65 73.49 93.35 23.79 14.99 76.21 85.01 26.51 8.29 49.70 76.72 19.86 12.01 24.97 13.76 $ 0.4 9 ........................ $ 0.9 9 ........................ $ 1.4 9 ........................ $ 1.9 9 ........................ 997 4,094 4,605 2,305 100.00 100.00 100.00 100.00 4.83 5.24 7.23 5.29 95.17 94.76 92.77 94.71 2.58 3.88 5.12 1.77 97.42 96.12 94.88 98.23 6.79 6.25 7.88 5.87 90.63 89.87 87.00 92.36 8.58 8.88 11.69 15.82 9.47 9.91 13.30 18.92 $2.00 to $ 2.4 9 ........................ $2.50 to $ 2.9 9 ........................ $3.00 or m ore......................... N ot available.......................... 848 299 194 19 100.00 100.00 100.00 100.00 4.79 3.43 3.58 24.89 95.21 96.57 96.42 75.11 59.05 1.74 1.91 2.94 5109.05 98.26 98.09 97.06 4.79 3.43 3.58 55.94 6104.26 94.83 94.51 41.12 17.43 18.25 17.57 11.53 21.39 23.59 22.35 13.14 w ith d e p o sits ofor less..................... to $250,000............ to $500,000............ 385 2,230 3,086 100.00 100.00 100.00 9.96 8.96 8.09 90.04 91.04 91.91 4.93 3.85 3.17 95.07 96.15 96.83 9.96 9.04 8.21 85.11 87.11 88.62 25.35 17.23 14.11 34.40 20.94 16.49 $500,000 to $1,000,000........ $1,000,000 to $2,000,000. . . $2,000,000 to $5,000,000. . . 3,022 2,169 1,483 100.00 100.00 100.00 7.04 7.74 7.82 92.96 92.26 92.18 4.04 5.43 5.38 95.96 94.57 94.62 7.53 8.06 8.95 88.43 86.51 85.67 13.00 12.30 11.81 15.00 14.10 13.47 $5,000,000 to $10,000,000. . $10,000,000 to $50,000,000. M ore than $50,000,000........ 516 418 128 100.00 100.00 100.00 10.42 9.11 2.80 89.58 90.89 97.20 5.02 3.77 2.62 94.98 96.23 97.38 11.75 12.93 3.31 83.23 83.30 94.07 11.23 9.77 8.59 12.73 10.91 9.55 $0.00 $0.50 $1.00 $1.50 to to to to B anks $100,000 $100,000 $250,000 N ote: For banks included and explanation of terms, see pages 85-87. OF INSURED 1 B ook value is normally the same as par value, but may be less. Retirable value, which may exceed par value, is used in computing net sound private capital. 2 Figures in italics represent examiners’ net additions. Examiners’ net deductions from total capital accounts exceed examiners’ net deductions from total assets by the amount of liabilities not shown on the books. 3 Adjusted liabilities exceed the appraised value of assets. 4 Adjusted liabilities plus the retirable value of R . F . C. capital exceed the appraised value of assets. 6 For explanation of the apparent irregularity of this item, see pages 87-88. OP EXAMINATIONS 100.00 100.00 ANALYSIS 17 59 Back figures— See the Annual R eport for 1939, page 152. BANKS Oi CO Table 127. A N A L Y SIS OF C A PITA L AND LIABILITIE S OF IN SU RED COMMERCIAL B A N K S E X A M IN E D IN 1940 BANKS GROUPED B Y FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE (Amounts in thousands of dollars) Adjusted liabilities (exclusive of capital accounts) Capital accounts N et sound capital B ook value Total R. F. C .1 Private Examiners’ deductions (net)2 Total R .F .C .i Total Deposits Other liabilities Private 365,756 6,192,079 232,026 6,325,809 436,880 5,888,929 58,640,075 57,919,547 720,528 487 1,119 1,725 1,010 448,510 2,235,293 1,131,995 321,990 20,747 83,564 69,518 20,537 427,763 2,151,729 1,062,477 301,453 29,285 100,156 58,232 7,543 419,225 2,135,137 1,073,763 314,447 21,717 143,180 74,351 20,624 397,508 1,991,957 999,412 293,823 3,183,883 21,119,099 7,517,409 2,653,525 3,154,851 20,638,058 7,459,771 2,637,446 29,032 481,041 57,638 16,079 District District District District 5 ..................................... 6 ..................................... 7 ..................................... 8 ..................................... 977 1,450 1,458 1,409 237,530 308,469 362,504 474,769 20,687 21,258 53,901 12,670 216,843 287,211 308,603 462,099 6,856 6,263 7,355 3,670 244,386 302,206 355,149 471,099 22,740 21,924 54,041 12,670 221,646 280,282 301,108 458,429 2,059,012 2,841,130 3,521,864 5,652,278 2,046,584 2,825,510 3,508,250 5,628,070 12,428 15,620 13,614 24,208 District District District District 9 ..................................... 1 0 ................................... 1 1 ................................... 1 2 ................................... 1,068 1,393 832 509 138,007 188,348 196,922 513,498 9,433 8,030 14,496 30,915 128,574 180,318 182,426 482,583 1,802 3,283 2,783 18,510 136,205 185,065 194,139 494,988 9,840 9,008 15,151 31,634 126.365 176,057 178,988 463,354 1,277,865 1,580,198 1,759,253 5,474,559 1,269,146 1,575,275 1,751,470 5,425,116 8,719 4,923 7,783 49,443 State A labam a.......................... A rizona.......................... Arkansas...................................... California..................................... C olorad o....................................... 209 12 210 197 139 48,676 7,934 25,525 404,570 36,120 5,955 1,197 2,275 25,364 1,726 42,721 6,737 23,250 379,206 34,394 1,423 132 514 17,377 658 47.253 7,802 25,011 387,193 35,462 7,533 1,197 2,302 25,681 1,726 39,720 6,605 22,709 361,512 33,736 332,219 91,491 191,246 4,345,297 355,870 330,664 90,273 190,722 4,303,179 354,648 1,555 1,218 524 42,118 1,222 C onnecticut................................. Delaware...................................... District of C olum bia................. F lorida.......................................... G eorgia......................................... 99 42 22 162 267 75,461 40,639 48,259 43,891 65,014 4,998 210 1,663 813 2,360 70,463 40,429 46,596 43,078 62,654 4,467 1,611 1,183 829 10,325 70,994 39,028 47,076 43,062 75,339 5,132 210 1,663 813 2,360 65,862 38,818 45,413 42,249 72,979 554,140 205,025 385,696 459,949 514,359 551,027 204,410 383,988 458,445 509,370 3,113 615 1,708 1,504 4,989 Id a h o............................................ Illinois........................................... Indiana......................................... Io w a .............................................. Kansas.......................................... 48 823 477 586 451 9,825 406,270 105,848 68,500 45,369 1,262 8,201 8,910 4,469 1,811 8,563 398,069 96,938 64,031 43,558 11 3,417 2,558 255 866 9,836 402,853 103,290 68,245 44,503 1,663 8,201 8,910 4,469 2,789 8,173 394,652 94,380 63,776 41,714 98,034 4,974,819 930,625 677,461 359,347 97,813 4,952,436 927,283 675,634 358,285 221 22,383 3,342 1,827 1,062 CORPORATION 6,557,835 INSURANCE 13,437 FDIC District D istrict 1 ..................................... District 2 ..................................... District 3 ..................................... District 4 ..................................... DEPOSIT United States— to ta l................. FEDERAL Number of banks 5,283 5,760 3,092 6,348 6,218 64,883 46,990 27,341 60,032 259,503 1,788 715 3,257 1,509 15,332 68,378 52,035 27,176 64,871 250,389 5,395 5,760 3,292 6,413 6,843 62,983 46,275 23,884 58,458 243,546 481,793 548,367 200,495 686,213 1,964,457 479,267 545,102 199,781 683,409 1,942,105 2,526 3,265 714 2,804 22,352 M ichigan...................................... M innesota.................................... M ississippi...................... ............ M issouri....................................... M ontana...................................... 424 643 195 580 111 143,652 99,058 27,198 145,787 15,812 24,559 5,191 5,799 5,200 777 119,093 93,867 21,399 140,587 15,035 821 765 500 2,050 183 142,831 98,293 26,698 143,737 15,629 24,699 5,578 6,274 5,200 792 118,132 92,715 20,424 138,537 14,837 1,614,163 950,467 204,117 1,600,733 150,123 1,607,133 943,056 203,003 1,591,829 149,678 7,030 7,411 1,114 8,904 445 N ebraska...................................... N e v a d a ......................................... N ew Hampshire......................... N ew Jersey.................................. N ew M exico................................ 363 11 56 352 40 39,307 3,433 16,376 217,579 5,805 2,263 12 254 41,088 479 37,044 3,421 16,122 176,491 5,326 680 59 1,118 21,101 197 38,627 3,374 15,258 196,478 5,608 2,263 12 264 76,080 479 36,364 3,362 14,994 120,398 5,129 327,095 44,073 86,666 1,813,095 62,356 326,080 43,855 86,412 1,801,436 62,295 1,015 218 254 11,659 61 New Y o r k .................................... N orth Carolina........................... North D a k ota ............................ O h io............................................... O klahom a.................................... 725 219 150 680 382 1,977,075 54,228 10,075 300,473 58,784 42,265 3,914 1,507 41,640 1,553 1,934,810 50,314 8,568 258,833 57,231 77,445 447 519 6,452 926 1,899,630 53,781 9,556 294,021 57,858 66,889 3,914 1,512 45,602 1,553 1,832,741 49,867 8,044 248,419 56,305 19,100,980 479,896 76,772 2,512,928 470,511 18,632,212 475,453 76,432 2,492,363 469,072 468,768 4,443 340 20,565 1,439 O regon.......................................... Pennsylvania.............................. R hode Island.............................. South Carolina........................... South D a kota ............................. 69 1,045 16 113 164 27,417 831,522 36,750 17,100 13,062 546 27,878 636 1,418 1,958 26,871 803,644 36,114 15,682 11,104 259 51,780 2,228 213 334 27,158 779,742 34,522 16,887 12,728 546 28,749 636 1,421 1,958 26,612 750,993 33,886 15,466 10,770 315,779 5,004,480 266,130 155,976 100,503 312,153 4,967,408 263,919 155,515 99,979 3,626 37,072 2,211 461 524 Tennessee..................................... T exas............................................. U ta h .............................................. V erm on t....................................... Virginia......................................... 288 780 54 72 308 66,992 183,182 18,305 23,770 86,800 8,500 12,819 1,365 5,550 4,878 58,492 170,363 16,940 18,220 81,922 1,911 2,454 11 2,883 2,017 65,081 180,728 18,294 20,887 84,783 9,027 13,475 1,365 5,550 4,898 56,054 167,253 16,929 15,337 79,885 567,357 1,605,407 154,854 111,994 634,821 563,692 1,598,902 154,233 111,607 629,291 3,665 6,505 621 387 5,530 W ashington................................. W est Virginia.............................. W isconsin..................................... W yom in g..................................... 130 174 557 58 49,948 49,222 113,004 8,768 2,368 2,314 20,432 678 47,580 46,908 92,572 8,090 816 2,173 3,976 153 49,132 47,049 109,028 8,615 2,368 2,314 20,432 678 46,764 44,735 88,596 7,937 516,523 310,922 977,076 67,375 513,883 309,790 973,834 67,191 2,640 1,132 3,242 184 N o te : BANKS iB o o k value is normally the same as par value, but may be less. Retirable value, which may exceed par value, is used in computing net sound private capital. 2 Figures in italics represent examiners’ net additions. Examiners’ net deductions from total capital accounts exceed examiners’ net deductions from total assets by the amount of liabilities not shown on the books. OF INSURED 70,166 52,750 30,433 66,380 265,721 OF EXAMINATIONS 372 144 59 174 185 ANALYSIS K e n tu ck y ..................................... Louisiana..................................... M a in e........................................... M a rylan d ..................................... Massachusetts............................ For bank included and explanation of terms, see pages 85-88. Back figures— See the Annual Report for 1939, page 154. 165 M e t S ou n d C a p it a l R a t io s o f In su r e d C o m m e rcia l B a n k s E xam in ed in 166 Table 128. 1940 BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE N et sound capital per $100 of— Per $100 of capital accounts (book value) N et sound capital Book value Total R .F . C.1 Private Examiners’ deductions (net)2 Total R . F . C.i Private Appraised value of assets Deposits $5.58 $94.42 $3.54 $96.46 $6.66 $89.80 $9.74 $10.92 487 1,119 1,725 1,010 100.00 100.00 100.00 100.00 4.63 3.74 6.14 6.38 95.37 96.26 93.86 93.62 6.53 4.48 5.14 2.34 93.47 95.52 94.86 97.66 4.84 6.41 6.57 6.41 88.63 89.11 88.29 91.25 11.64 9.18 12.50 10.59 13.29 10.35 14.39 11.92 District District District District 5 ....................................... 6 ....................................... 7 ....................................... 8 ....................................... 977 1,450 1,458 1,409 100.00 100.00 100.00 100.00 8.71 6.89 14.87 2.67 91.29 93.11 85.13 97.33 2.89 2.03 2.03 .77 102.89 97.97 97.97 99.23 9.57 7.11 14.91 2.67 93.32 90.86 83.06 96.56 10.61 9.61 9.16 7.69 11.94 10.70 10.12 8.37 District District District District 9 ....................................... 1 0 ..................................... 1 1 ..................................... 1 2 ..................................... 1,068 1,393 832 509 100.00 100.00 100.00 100.00 6.84 4.26 7.36 6.02 93.16 95.74 92.64 93.98 1.31 1.74 1.41 3.60 98.69 98.26 98.59 96.40 7.13 4.78 7.69 6.16 91.56 93.48 90.90 90.24 9.63 10.48 9.94 8.29 10.73 11.75 11.08 9.12 State A labam a......................................... A rizona........................................... Arkansas........................................ C alifornia....................................... C olorado...................................... .. 209 12 210 197 139 100.00 100.00 100.00 100.00 100.00 12.23 15.09 8.91 6.27 4.78 87.77 84.91 91.09 93.73 95.22 2.92 1.66 2.01 4.30 1.82 97.08 98.34 97.99 95.70 98.18 15.48 15.09 9.02 6.35 4.78 81.60 83.25 88.97 89.35 93.40 12.45 7.86 11.57 8.18 9.06 14.29 8.64 13.11 9.00 10.00 Connecticut................................... D elaware........................................ District of C olum bia.................. Florida............................................ G eorgia........................................... 99 42 22 162 267 100.00 100.00 100.00 100.00 100.00 6.62 .52 3.45 1.85 3.63 93.38 99.48 96.55 98.15 96.37 5.92 3.96 2.45 1.89 15.88 94.08 96.04 97.55 98.11 115.88 6.80 .52 3.45 1.85 3.63 87.28 95.52 94.10 96.26 112.25 11.36 15.99 10.88 8.56 12.78 12.88 19.09 12.26 9.39 14.79 Id a h o .............................................. Illinois............................................. Indiana........................................... Io w a ................................................ Kansas............................................ 48 823 477 586 451 100.00 100.00 100.00 100.00 100.00 12.84 2.02 8.42 6.52 3.99 87.16 97.98 91.58 93.48 96.01 .11 .84 2.42 .37 1.91 100.11 99.16 97.58 99.63 98.09 16.93 2.02 8.42 6.52 6.15 83.18 97.14 89.16 93.11 91.94 9.12 7.49 9.99 9.15 11.02 10.06 8.13 11.14 10.10 12.42 CORPORATION $100.00 INSURANCE 13,437 FDIC District District 1 ....................................... District 2 ....................................... District 3 ....................................... District 4 ....................................... DEPOSIT United States— to ta l................... FEDERAL Number of banks 7.53 10.92 10.16 9.56 2.34 92.47 89.08 89.84 90.44 97.66 2.55 1.36 10.70 2.27 5.77 97.45 98.64 89.30 97.73 94.23 7.69 10.92 10.82 9.66 2.58 89.76 87.72 78.48 88.07 91.65 12.43 8.67 11.94 8.64 11.31 14.27 9.55 13.60 9.49 12.89 M ichigan........................................ M innesota...................................... M ississippi..................................... M issouri......................................... M ontana........................................ 424 643 195 580 111 100.00 100.00 100.00 100.00 100.00 17.10 5.24 21.32 3.57 4.91 82.90 94.76 78.68 96.43 95.09 .57 .77 1.84 1.41 1.16 99.43 99.23 98.16 98.59 98.84 17.19 5.63 23.07 3.57 5.01 82.24 93.60 75.09 95.02 93.83 8.13 9.37 11.57 8.24 9.43 8.89 10.42 13.15 9.03 10.44 N ebraska........................................ N e v a d a ........................................... New Hampshire........................... New Jersey.................................... New M exico.................................. 363 11 56 352 40 100.00 100.00 100.00 100.00 100.00 5.76 .35 1.55 18.88 8.25 94.24 99.65 98.45 81.12 91.75 1.73 1.72 6.83 9.70 3.39 98.27 98.28 93.17 90.30 96.61 5.76 .35 1.61 34.97 8.25 92.51 97.93 91.56 55.33 88.36 10.56 7.11 14.97 9.78 8.25 11.85 7.69 17.66 10.91 9.00 New Y o r k ...................................... N orth Carolina............................. N orth D a k ota ............................... O h io................................................. Oklahom a...................................... 725 219 150 680 382 100.00 100.00 100.00 100.00 100.00 2.14 7.22 14.96 13.86 2.64 97.86 92.78 85.04 86.14 97.36 3.92 .82 5.15 2.15 1.58 96.08 99.18 94.85 97.85 98.42 3.38 7.22 15.01 15.18 2.64 92.70 91.96 79.84 82.67 95.78 9.05 10.08 11.07 10.47 10.95 10.20 11.31 12.50 11.80 12.33 Oregon............................................ Pennsylvania................................ R hode Isla n d ................................ South Carolina............................. South D a k ota ............................... 69 1,045 16 113 164 100.00 100.00 100.00 100.00 100.00 1.99 3.35 1.73 8.29 14.99 98.01 96.65 98.27 91.71 85.01 .94 6.23 6.06 1.25 2.56 99.06 93.77 93.94 98.75 97.44 1.99 3.46 1.73 8.31 14.99 97.07 90.31 92.21 90.44 82.45 7.92 13.48 11.48 9.77 11.24 8.70 15.70 13.08 10.86 12.73 Tennessee....................................... T exa s............................................... U ta h ................................................ V erm on t......................................... Virginia........................................... 288 780 54 72 308 100.00 100.00 100.00 100.00 100.00 12.69 7.00 7.46 23.35 5.62 87.31 93.00 92.54 76.65 94.38 2.85 1.34 .06 12.13 2.32 97.15 98.66 99.94 87.87 97.68 13.47 7.36 7.46 23.35 5.64 83.68 91.30 92.48 64.52 92.04 10.29 10.12 10.57 15.72 11.78 11.55 11.30 11.86 18.71 13.47 W ashington................................... W est Virginia................................ W isconsin....................................... W yom in g....................................... 130 174 557 58 100.00 100.00 100.00 100.00 4.74 4.70 18.08 7.73 95.26 95.30 81.92 92.27 1.63 4.41 3.52 1.74 98.37 95.59 96.48 98.26 4.74 4.70 18.08 7.73 93.63 90.89 78.40 90.53 8.69 13.14 10.04 11.34 9.56 15.19 11.20 12.82 N o te : BANKS 1 B ook value is normally the same as par value, but may be less. Retirable value, which may exceed par value, is used in computing net sound private capital. 2 Figures in italics represent examiners’ net additions. Examiners’ net deductions from total capital accounts exceed examiners’ net deductions from total assets by the amount of liabilities not shown on the books. OF INSURED 100.00 100.00 100.00 100.00 100.00 OF EXAMINATIONS 372 144 59 174 185 ANALYSIS K e n tu ck y....................................... Louisiana....................................... M a in e............................................. M arylan d ....................................... M assachusetts.............................. For banks included and explanation of terms, see pages 85-88. Back figures— See the Annual Report for 1939, page 156. 167 APPRAISAL OF ASSETS OF INSURED COMMERCIAL BANKS EXAMINED IN 168 Table 129. 1940 BANKS GROUPED B Y NET SOUND CAPITAL RATIO, FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF AVERAGE NET EARNINGS, AND AMOUNT OF DEPOSITS Total assets Cash and due from banks Appraised value B ook value Examiners’ deductions (net)1 Total N ot criticized Examiners’ d eductions (net)1 Total Sub standard N ot criticized 13,437 65,184,983 219,099 64,965,884 (In thousands of dollars) 2,552,494 62,413,390 23,308,292 22,758,101 59,756 22,698,345 1,038,854 21,659,491 Banks with net sound capital per $100 of appraised value of assets of— $0.00 or less.............................. $0.01 to $4.99.......................... $5.00 to $ 9.9 9.......................... 45,514 7 224,855 49 2,872 40,421,990 6,508 39,006 220,908 3,947 107,814 40,314,176 11,811 27,195 5,822 14,479 13,947 206,961 93,250 69,315 1,197,754 39,116,422 15,007,769 14,555,596 1,815 12,664 758 68,557 28,018 14,527,578 9,240 3,424 64,961 3,596 480,553 14,047,025 $10.00 to $14.99 ...................... $15.00 to $19.99...................... $20.00 to $24.99...................... 6,112 19,294,834 2,829 3,215,533 1,032 1,154,850 84,082 19,210,752 24,680 3,190,853 7,618 1,147,232 325 131 80 600,671 188,700 38,036 5,1SU 10,756 340 605,805 199,456 37,696 47,908 26,937 6,224 557,897 172,519 31,472 6,734,246 888,642 366,202 6,406,201 1,017,418 360,621 30,524 10,129 2,733 6,375,677 1,007,289 357,888 361,925 104,502 30,222 6,013,752 902,787 327,666 156,460 46,724 9,177 260,987 63,362 10,122 3,070 11,236 85 264,057 74,598 10,037 32,307 18,977 3,348 231,750 55,621 6,689 Banks with fixed and substandard assets per $100 of appraised value of assets of— $ 0.0 0 ........................................... $0.01 to $ 4.9 9 .......................... $5.00 to $ 9.9 9 .......................... 151,958 46 5,022 38,381,252 4,481 17,920,714 712 152,670 40,242 38,341,010 66,095 17,854,619 152,670 60,578 51,228 587,196 37,753,814 15,423,852 13,603,860 850,709 17,003,910 5,685,292 6,098,448 577 51,805 12,449 13,591,411 17,071 6,081,377 51,805 304,435 13,286,976 338,563 5,742,814 $10.00 to $14.99 ...................... $15.00 to $19.99 ...................... $20.00 to $24.99 ...................... 2,116 1,005 418 4,976,693 2,206,340 787,948 46,513 35,453 947 4,930,180 2,170,887 787,001 458,864 297,013 151,488 4,471,316 1,873,874 635,513 1,292,284 519,849 192,313 1,730,602 788,690 251,115 17,012 12,732 6,852 1,713,590 775,958 257,967 163,115 111,093 62,654 1,550,475 664,865 195,313 $25.00 to $29.99 ...................... $30.00 to $34.99...................... $35.00 or m ore......................... 200 75 74 377,921 197,895 184,262 10,806 9,414 10,341 367,115 188,481 173,921 88,519 54,980 63,725 278,596 133,501 110,196 73,727 32,286 28,111 112,327 74,645 47,186 3,346 2,792 1,783 108,981 71,853 45,403 24,148 18,847 15,999 84,833 53,006 29,404 CORPORATION $25.00 to $29.99...................... $30.00 to $34.99...................... $35.00 or m ore......................... 880,613 18,330,139 268,970 2,921,883 98,330 1,048,902 INSURANCE All banks...................................... DEPOSIT Sub standard Appraised value B ook value FEDERAL Number of banks Securities B a n k s w ith 3 -y ea r a ver a ge n e t cu r r e n t o p e r a tin g e a rn in g s p er $100 o f to ta l assets o f — $-0.50 or less............................ $-0.01 to $ -0 .4 9 ...................... to to to to $0.49........................... $0.99........................... $1.49........................... $1.99........................... 8,700 88,293 997 15,826,550 4,094 33,974,109 4,605 11,504,438 2,305 2,807,545 507 1,821 8,193 86,472 32,433 15,794,117 114,655 33,859,454 70,410 11,434,028 7,512 2,800,033 1,572 4,732 6,621 81,740 2,529 37,385 2,034 23,893 356,496 15,437,621 6,862,936 5,294,273 1,242,242 32,617,212 11,830,498 12,461,222 680,753 10,753,275 3,556,351 3,928,104 769,949 196,232 2,603,801 851,922 46 538 12,942 5,281,331 30,060 12,431,162 27,377 3,900,727 20 851,942 6,164 108,359 323,463 18 216 1,358 6,146 108,143 322,105 533 8,839 24,364 5,613 99,304 297,741 700,739 1,073,289 1,696,744 5,387 9,058 14,310 695,352 1,064,231 1,682,434 56,923 79,417 128,207 638,429 984,814 1,554,227 51,684 12,458 6,140 185 579,197 196,538 122,692 14,693 168,971 47,332 27,023 5,318 141,962 36,118 14,245 4,328 11,170 4 w ith d e p o sits o f — or less........................ to $250,000.............. to $500,000.............. 385 2,230 3,086 40,042 495,548 1,319,249 496 3,281 5,920 39,546 492,267 1,313,329 3,562 34,425 77,598 35,984 457,842 1,235,731 12,722 143,831 385,044 $500,000 to $1,000,000.......... $1,000,000 to $2,000,000___ $2,000,000 to $5,000,000___ 3,022 2,169 1,483 2,516,437 3,532,751 5,199,079 13,388 24,470 34,437 2,503,049 3.508,281 5,164,642 147,111 213,548 328,152 2,355,938 3,294,733 4,836,490 737,272 1,049,379 1,571,118 224,956 3,787,903 1,276,041 1,321,076 419,091 9,025,271 3,298,016 3,101,276 1,104,051 37,383,498 14,834,869 14,426,991 8,106 1,312,970 1,216 3,102,492 22,519 14,404,472 82,682 1,230,288 144,927 2,957,565 512,962 13,891,510 OF INSURED BANKS 169 23,518 4,012,859 32,252 9,444,362 81,337 38,487,549 OF EXAMINATIONS 1 630,881 208,996 128,832 14,878 516 4,036,377 418 9,476,614 128 38,568,886 174,243 5,107,088 477,213 11,953,949 268,929 3,631,798 767,489 84,453 127,707 31,292 12,559 4,263 9,326 644 397 46 $5,000,000 to $10,000,000. . . $10,000,000 to $50,000,000. . M ore than $50,000,000.......... 1,692 21,654 25,425 4,822 1,708 64 621,555 209,640 129,229 14,924 B anks $100,000 $100,000 $250,000 296 1,701 153,132 36,114 14,267 4,327 848 299 194 19 $2.00 to $2.49........................... $2.50 to $2.99........................... $3.00 or m ore............................ N ot available............................ 1,988 23,355 ANALYSIS $0.00 $0.50 $1.00 $1.50 17 59 A p p r a is a l o f A s s e t s OF In s u r e d C o m m e rcia l B a n k s E xam in ed in 170 Table 129. 1940— Continued BANKS GROUPED B Y NET SOUND CAPITAL RATIO, FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF AVERAGE NET EARNINGS, AND AMOUNT OF DEPOSITS Loans, discounts, and overdrafts Appraised value B ook value Examiners’ deductions (net)1 Total Sub standard Appraised value N ot criticized Book Value 112,990 16,924,352 1,053,724 Banks with net sound capital account per $100 of appraised value of assets of— $0.00 or less.............................. $0.01 to $4.99.......................... $5.00 to $ 9.9 9.......................... 7 49 2,872 18,187 53,672 9,723,402 2,614 1,896 55,899 15,573 51,776 9,667,503 4,549 7,183 514,281 11,024 44,593 9,153,222 7,026 8,618 1,135,223 $10.00 to $14.99 ...................... $15.00 to $19.99...................... $20.00 to $24.99 ...................... 6,112 2,829 1,032 5,493,788 1,141,520 358,368 40,439 9,304 3,452 5,453,349 1,132,216 354,916 370,240 103,443 37,085 5,083,109 1,028,773 317,831 $25.00 to $29.99 ...................... $30.00 to $34.99...................... $35.00 or m ore......................... 325 131 80 164,631 67,767 16,007 1,151 407 130 165,782 67,360 15,877 11,482 3,754 1,707 Banks with fixed and substandard assets per $100 o f appraised value of assets of— $ 0.0 0 ........................................... $0.01 to $ 4.9 9.......................... $5.00 to $ 9.9 9 .......................... 46 5,022 4,481 39,583 8,598,506 5,415,909 18 25,027 35,932 39,565 8,573,479 5,379,977 $10.00 to $ 14.99 ...................... $15.00 to $19.99 ...................... $20.00 to $24.99...................... 2,116 1,005 418 1,688,780 737,899 275,716 21,298 14,577 4,697 $25.00 to $29.99...................... $30.00 to $34.99...................... $35.00 or m ore......................... 200 75 74 151,232 63,509 66,208 4,610 3,105 3,726 46,353 I N ot j criticized 2,034,895 459,916 1,574,979 2,079 1,293 23,897 4,947 7,325 1,111,326 3,838 3,168 202,920 1,109 4,157 908,406 660,599 167,953 69,659 13,119 5,247 1,433 647,480 162,706 68,226 148,448 61,025 31,023 499,032 101,681 37,203 154,300 63,606 14,170 18,593 10,847 2,730 913 73 125 19,506 10,774 2,605 4,119 4,206 1,169 15,387 6,568 1,436 222,189 377,414 39,565 8,351,290 5,002,563 569 755,034 721,065 153 2,766 13,092 752,268 707,973 60,572 134,732 691,696 573,241 1,667,482 723,322 271,019 205,273 116,551 52,066 1,462,209 606,771 218,953 265,027 159,902 68,804 8,203 8,144 3,102 256,824 151,758 65,702 90,476 69,369 36,768 166,348 82,389 28,934 146,622 60,404 62,482 39,181 18,970 22,080 107,441 41,434 40,402 40,635 27,455 42,757 2,850 3,517 4,832 37,785 23,938 37,925 25,190 17,163 25,646 12,595 6,775 12,279 799 7 99 CORPORATION 17,037,342 Sub standard INSURANCE 13,437 Total DEPOSIT (In thousandis of dollars) 15,870,628 2,081,248 All banks...................................... Examiners’ deductions (net)1 FEDERAL Number of banks Fixed and miscellaneous assets B an ks w ith 3 -yea r a ver age n e t c u r r e n t o p e r a tin g ea rn in g s p er $100 o f t o ta l assets o f— $-0.50 or less ........................ $-0.01 to $ -0.4 9 ........................ 106 515 2,335 22,067 310 1,515 2,025 20,552 1,696 4,433 355 768 1,341 3,665 966 1,516 375 2,149 $ 0.4 9 .......................... $ 0.9 9 .......................... $ 1 .4 9 .......................... $ 1.9 9 .......................... 997 4,094 4,605 2,305 3,274,273 8,553,988 3,609,242 1,088,277 13,120 59,150 31,199 6,315 3,261,153 8,494,838 3,578,043 1,081,962 111,310 534,418 292,654 83,526 3,149,843 7,960,420 3,285,389 998,436 395,068 1,128,401 410,741 97,397 6,371 25,445 11,834 1,217 388,697 1,102,956 398,907 96,180 70,943 230,611 119,170 28,253 317,754 872,345 279,737 67,927 $2.00 to $ 2 .4 9 .......................... $2.50 to $ 2.9 9 .......................... $3.00 or m ore........................... N ot available............................ 848 299 194 19 290,919 105,704 84,995 4,921 1,614 596 344 31 289,305 105,108 84,651 4,890 19,787 6,573 3,532 99 269,518 98,535 81,119 4,791 19,703 20,486 2,966 357 230 44 75 14 19,473 20,442 2,891 343 6,472 1,063 900 22 13,001 19,379 1,991 321 w ith d e p o sits o f — or less........................ to $250,000.............. to $500,000.............. 385 2,230 3,086 19,388 228,331 572,561 322 2,136 3,381 19,066 226,195 569,180 2,400 21,340 43,099 16,666 204,855 526,081 1,768 15,027 38,181 156 929 1,181 1,612 14,098 37,000 629 4,246 10,135 983 9,852 26,865 $500,000 to $1,000,000.......... $ 1, 000,000 to $2 ,000,000 ___ $2,000,000 to $5,000,000___ 3,022 2,169 1,483 1,000,316 1,283,919 1,723,204 5,894 10,137 13,173 994,422 1,273^782 1,710,031 70,058 98,022 134,914 924,364 1,175,760 1,575,117 78,110 126,164 208,013 2,107 5,275 6,954 76,003 120,889 201,059 20,130 36,109 65,031 55,873 84,780 136,028 516 418 128 1,266,521 2,661,226 8,281,876 .10,447 19,621 47,879 1,256,074 2,641,605 8,233,997 91,564 162,112 430,215 1,164,510 2,479,493 7,803,782 172,739 416,096 1,025,150 4,965 13,847 10,939 167,774 402,249 1,014,211 50,710 112,052 160,874 117,064 290,197 853,337 $0.00 $0.50 $1.00 $1.50 to to to to B an k s $100,000 $100,000 $250,000 $5,000,000 to $10,000,000. . . $10,000,000 to $50,000,000. . More than $50,000,000.......... N ote: For banks included and explanation of terms, see pages 85-87. Back figures— See the Annual R eport for 1939, pages 158-61. BANKS differ from examiners’ net deductions from total OF INSURED _ fig u r e s in italics represent excess of appraised value of assets over book value. Examiners’ net deductions from total capital accounts b y the inclusion in the latter of liabilities not shown on the books. OF EXAMINATIONS 2,441 22,582 ANALYSIS 17 59 Table 130. ASSET RATIOS OF INSURED COMMERCIAL BANKS EXAMINED IN 1940 tO BANKS GROUPED BY NET SOUND CAPITAL RATIO, FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF AVERAGE NET EARNINGS, AND AMOUNT OF DEPOSITS Number of banks Cash and due from banks Appraised value B ook value Examiners’ deductions (net)1 Sub standard N ot criticized Appraised value B ook value 63.81 93.72 96.51 .48 1.00 .76 99.52 99.00 99.24 5.65 10.27 8.38 93.87 88.73 90.86 100.00 100.00 100.00 *1.18 217.73 .84 2101.18 2117.73 99.16 12.38 29.95 33.08 88.80 87.78 66.08 100.00 100.00 100.00 100.00 100.00 100.00 1.13 .09 .28 101.13 99.91 99.72 2.24 5.55 101.13 97.67 94.17 89.85 84.93 80.65 100.00 100.00 100.00 100.00 100.00 100.00 .98 1.61 22.73 99.02 98.39 2102.73 9.43 14.09 24.95 89.59 84.30 77.78 73.72 67.46 59.81 100.00 100.00 100.00 100.00 100.00 100.00 2.98 3.74 3.78 97.02 96.26 96.22 21.50 25.25 33.91 75.52 71.01 62.31 100.00 100.00 100.00 100.00 100.00 100.00 92.87 91.42 82.75 100.00 100.00 100.00 1.53 4.75 100.47 98.37 94.88 99.07 98.39 299.88 9.22 13.46 19.23 97.14 95.24 94.39 23.42 27.78 34.58 25.95 6.20 2.96 59.75 92.04 96.77 100.00 100.00 100.00 .44 .77 .66 99.56 99.23 99.34 4.56 8.36 8.51 95.00 90.87 90.83 100.00 100.00 100.00 2.85 *5.70 .89 2100.85 2105.70 99.11 7.98 14.28 16.36 46 5,022 4,481 100.00 100.00 100.00 .10 .37 100.47 99.90 99.63 $10.00 to $14.99...................... $15.00 to $19.99...................... $20.00 to $24.99...................... 2,116 1,005 418 100.00 100.00 100.00 .93 1.61 *.12 $25.00 to $29.99...................... $30.00 to $34.99...................... $35.00 or m ore......................... 200 75 74 100.00 100.00 100.00 2.86 4.76 5.61 14.30 1.76 .27 6,112 2,829 1,032 100.00 100.00 100.00 $25.00 to $29.99...................... $30.00 to $34.99...................... $35.00 or m ore......................... 325 131 80 B a n k s w ith fixed a n d s u b sta n d a rd assets per $100 o f a p p ra ised va lu e o f assets o f — $0 00 . ............. $0.01 to $4.99.......................... $5.00 to $9.99.......................... 7 49 2,872 $10.00 to $14.99...................... $15.00 to $19.99...................... $20.00 to $24.99...................... $ $ CORPORATION 23.65 5.19 3.30 12.54 1.09 .19 85.70 98.24 99.73 100.00 100.00 100.00 B a n k s w ith n e t s o u n d ca p ita l p er $100 o f a p p ra ised va lu e of assets o f — $0.00 or less.............................. $0.01 to $4.99.......................... $5.00 to $ 9.99........................... $ INSURANCE 87.46 98.91 99.81 100.00 100.00 100.00 $100.00 $ N ot criticized $ 95.18 $100.00 $100.00 Sub standard 4.56 $ 99.74 $ 95.74 $ 99.66 13,437 Total 0.26 3.92 0.34 A ll b a n k s ...................................... Examiners’ deductions (net)1 DEPOSIT Total FEDERAL Per $100 of securities (book value) Per $100 of total assets (book value) B an k s w ith 3 -y ea r a ver a ge n e t c u r r e n t o p e r a tin g ea rn in g s p er $100 o f to ta l assets o f — $-0.50 or le s s ............................ $-0.01 to $-0.49 ........................ 5.83 2.06 94.17 97.94 18.07 5.36 76.10 92.58 100.00 100.00 100.00 100.00 2.26 2.25 97.74 97.75 14.55 7.12 83.19 90.63 $0.49........................... $0.99........................... $1.49.......................... $1.9 9 ........................... 997 4,094 4,605 2,305 100.00 100.00 100.00 100.00 .20 .34 .61 .27 99.80 99.66 99.39 99.73 2.25 3.66 5.92 6.99 97.55 96.00 93.47 92.74 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 .24 .24 .70 2.00 99.76 99.76 99.30 2100.00 3.29 3.83 6.85 9.91 96.47 95.93 92.45 90.09 $2.00 to $2.49........................... $2.50 to $2.99........................... $3.00 or m ore............................ N ot available............................ 848 299 194 19 100.00 100.00 100.00 100.00 21.50 .31 .31 .31 2101.50 99.69 99.69 99.69 8.32 5.94 4.75 1.24 93.18 93.75 94.94 98.45 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 27.87 .01 .15 .02 2107.87 99.99 100.15 99.98 17.91 13.35 11.99 1.48 89.96 86.64 88.16 98.50 w ith d e p o sits o f — or less........................ to $250,000.............. to $500,000.............. 385 2,230 3,086 100.00 100.00 100.00 1.24 .66 .45 98.76 99.34 99.55 8.90 6.95 5.88 89.86 92.39 93.67 100.00 100.00 100.00 100.00 100.00 100.00 .29 .20 .42 99.71 99.80 99.58 8.65 8.16 7.53 91.06 91.64 92.05 $500,000 to $1,000,000.......... $1,000,000 to $2,000,000___ $2,000,000 to $5,000,000___ 3,022 2,169 1,483 100.00 100.00 100.00 .53 .69 .66 99.47 99.31 99.34 5.85 6.04 6.31 93.62 93.27 93.03 100.00 100.00 100.00 100.00 100.00 100.00 .77 .84 .84 99.23 99.16 99.16 8.12 7.40 7.56 91.11 91.76 91.60 $5,000,000 to $10,000,000. . . $10,000,000 to $50,000,000. . M ore than $50,000,000.......... 516 418 128 100.00 100.00 100.00 .58 .34 .21 99.42 99.66 99.79 5.57 4.42 2.86 93.85 95.24 96.93 100.00 100.00 100.00 100.00 100.00 100.00 .61 *.ou .16 99.39 2100.04 99.84 | 6.26 4.67 3.56 93.13 95.37 96.28 $0.00 $0.50 $1.00 $1.50 to to to to B an k s $100,000 $100,000 $250,000 OF INSURED BANKS OF EXAMINATIONS 100.00 100.00 ANALYSIS 17 59 -3 C O Table 130. A s s e t R a t io s o f In s u r e d C o m m ercia l B a n k s E xam in ed in BANKS GROUPED BY NET SOUND CAPITAL RATIO, FIXED and 1940— Continued SUBSTANDARD ASSETS RATIO, RATE OF AVERAGE NET EARNINGS, AND AMOUNT OF DEPOSITS imber of anks Per $100 of fixed and miscellaneous assets (book value) Appraised value B ook value $100.00 7 49 2,872 $10.00 to $14.99...................... $15.00 to $19.99...................... $20.00 to $24.99...................... $ 99.34 100.00 100.00 100.00 14.37 3.53 .57 6,112 2,829 1,032 100.00 100.00 100.00 $25.00 to $29.99...................... $30.00 to $34.99...................... $35.00 or m ore......................... 325 131 80 B an k s w ith fixed a n d s u b sta n d a rd assets per $100 o f a p p ra ised va lu e o f assets o f— $ 0.0 0 ........................................... $0.01 to $ 4.99.......................... $5.00 to $9.99.......................... $ N ot criticized 6.18 $ 93.16 $100.00 85.63 96.47 99.43 25.01 13.38 5.29 60.62 83.09 94.14 .74 .82 .96 99.26 99.18 99.04 6.74 9.06 10.35 100.00 100.00 100.00 2.70 .60 .81 2100.70 99.40 99.19 46 5,022 4,481 100.00 100.00 100.00 .05 .29 .66 $10.00 to $14.99...................... $15.00 to $19.99...................... $20.00 to $24.99...................... 2,116 1,005 418 100.00 100.00 100.00 $25.00 to $29.99...................... $30.00 to $34.99...................... $35.00 or m ore......................... 200 75 74 100.00 100.00 100.00 $ Total | Sub standard N ot criticized 2.23 $ 97.77 $ 22.10 $ 75.67 100.00 100.00 100.00 29.59 15.00 2.11 70.41 85.00 97.89 54.63 36.76 17.87 15.78 48.24 80.02 92.52 90.12 88.69 100.00 100.00 100.00 1.99 3.12 2.06 98.01 96.88 97.94 22.47 36.33 44.54 75.54 60.55 53.40 6.97 5.54 10.66 93.73 93.86 88.53 100.00 100.00 100.00 H.91 .67 4.58 2104.91 99.33 95.42 22.15 38.78 42.82 82.76 60.55 52.60 99.95 99.71 99.34 2.58 6.97 99.95 97.13 92.37 100.00 100.00 100.00 26.89 .37 1.82 126.89 99.63 98.18 8.02 18.69 126.89 91.61 79.49 1.26 1.98 1.70 98.74 98.02 98.30 12.16 15.79 18.88 86.58 82.23 79.42 100.00 100.00 100.00 3.10 5.09 4.51 96.90 94.91 95.49 34.14 43.38 53.44 62.76 51.53 42.05 3.05 4.89 5.63 96.95 95.11 94.37 25.91 29.87 33.35 71.04 65.24 61.02 100.00 100.00 100.00 7.01 12.81 11.30 92.99 87.19 88.70 61.99 62.51 59.98 31.00 24.68 28.72 CORPORATION 0.66 $ Sub standard Examiners’ deductions (net)1 INSURANCE 13,437 B an k s w ith n e t sou n d ca p ita l p er $100 o f o f a p p ra ised va lu e o f assets o f— $0.00 or less.............................. $0.01 to $ 4.99.......................... $5.00 to $9.99.......................... Total Appraised value Book value DEPOSIT A ll b a n k s ...................................... Examiners’ deductions (net)1 FEDERAL Per $100 of loans (book value) Banks with 3-year aver age net current oper ating earnings per $100 of total assets of— $-0.50 or le s s ............................ $-0.01 to $ -0.4 9 ........................ 4.34 2.28 95.66 97.72 12.70 6.71 82.96 91.01 100.00 100.00 20.93 17.32 79.07 82.68 56.96 34.20 22.11 48.48 $0.4 9 ........................... $0.9 9 ........................... $1.4 9 ........................... $1.9 9 ........................... 997 4,094 4,605 2,305 100.00 100.00 100.00 100.00 .40 .69 .86 .58 99.60 99.31 99.14 99.42 3.40 6.25 8.11 7.68 96.20 93.06 91.03 91.74 100.00 100.00 100.00 100.00 1.61 2.25 2.88 1.25 98.39 97.75 97.12 98.75 17.96 20.44 29.01 29.01 80.43 77.31 68.11 69.74 $2.00 to $2.4 9 ........................... $2.50 to $2.9 9 ........................... $3.00 or m ore............................ N ot available............................ 848 299 194 19 100.00 100.00 100.00 100.00 .55 .56 .40 .63 99.45 99.44 99.60 99.37 6.80 6.22 4.16 2.01 92.65 93.22 95.44 97.36 100.00 100.00 100.00 100.00 1.17 .21 2.53 3.92 98.83 99.79 97.47 96.08 32.85 5.19 30.34 6.16 65.98 94.60 67.13 89.92 Banks with deposits of— $100,000 or less........................ $100,000 to $250,000.............. $250,000 to $500,000.............. 385 2,230 3,086 100.00 100.00 100.00 1.66 .94 .59 98.34 99.06 99.41 12.38 9.35 7.53 85.96 89.71 91.88 100.00 100.00 100.00 8.82 6.18 3.09 91.18 93.82 96.91 35.58 28.26 26.54 55.60 65.56 70.37 $500,000 to $1,000,000.......... $1,000,000 to $2,000,000___ $2,000,000 to $5,000,000___ 3,022 2,169 1,483 100,00 100.00 100.00 .59 .79 .76 99.41 99.21 99.24 7.00 7.63 7.83 92.41 91.58 91.41 100.00 100.00 100.00 2.70 4.18 3.34 97.30 95.82 96.66 25.77 28.62 31.26 71.53 67.20 65.40 100.00 100.00 ! 100.00 .82 .74 .58 99.18 99.26 99.42 7.23 6.09 5.19 91.95 93.17 94.23 100.00 100.00 100.00 2.87 3.33 1.07 97.13 96.67 98.93 29.36 26.93 15.69 67.77 69.74 83.24 $0.00 $0.50 $1.00 $1.50 to to to to $5,000,000 to $10,000,000. . . $10,000,000 to $50,000,000. . M ore than $50,000,000.......... 516 418 128 N ote: For banks included and explanation of terms, see pages 85-87. Pack figures— See the Annual R eport for 1939, pages 162-65. BANKS OF INSURED 1 Figures m italics represent excess of appraised value of assets over book value. Examiners’ net deductions from total assets differ fro n examiners’ net deductions from total capital accounts by the inclusion in the latter of liabilities not shown on the books. 2 For explanation of the apparent irregularity in this item, see pages 87-88. OF EXAMINATIONS 100.00 100.00 ANALYSIS 17 59 Or A P PR A IS A L OF ASSETS OF INSURED COMMERCIAL B A N K S E X A M IN ED IN 1940 176 Table 131. BANKS GROUPED B Y FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE (Amounts in thousands of dollars) Securities Total assets Examiners’ deductions (net)1 Total 487 3,632,309 1,119 23,348,412 1,725 8,643,825 1,010 2,975,415 29,201 3,603,108 94,176 23,254,236 52,653 8,591,172 7,443 2,967,972 District District District District 5 ................................... 6 ................................... 7 ................................... 8 ................................... 977 1,450 1,458 1,409 2,296,295 3,149,391 3,884,243 6,126,766 7,103 6,055 7,230 3,389 2,303,398 3,143,336 3,877,013 6,123,377 District District District District 9 ................................... 1 0 ................................. 1 1 ................................. 1 2 ................................. 1,068 1,393 832 509 1,415,832 1,768,446 1,956,099 5,987,950 1,762 3,183 2,707 18,403 State A labam a.................................... A rizon a...................................... Arkansas.................................... California.................................. C olorado.................................... 209 12 210 197 139 380,877 99,407 216,753 4,749,784 391,978 C onnecticut.............................. D elaware.................................... District of C olum bia.............. F lorida........................................ G eorgia...................................... 99 42 22 162 267 Id a h o.......................................... Illinois........................................ Indiana ...................................... Io w a ............................................ K ansas........................................ 48 823 477 586 451 2,552,494 62,413,390 23,308,292 22,758,101 Total 59,756 22,698,345 Sub standard N ot criticized 1,038,854 21,659,491 173,707 3,429,401 789,995 22,464,241 629,143 7,962,029 100,245 2,867,727 1,309,689 9,114,402 2,704,278 1,050,607 985,204 8,705,303 3,254,396 869,603 6,725 34,007 20,389 2,602 978,479 8,671,296 3,234,007 867,001 68,645 378,028 286,782 38,702 909,834 8,293,268 2,947,225 828,299 87,369 120,725 123,042 142,375 2,216,029 3,022,611 3,753,971 5,981,002 896,759 1,135,920 1,322,456 2,299,268 626,102 928,264 1,471,205 2,392,821 10,6 hi 859 3,332 1+00 636,743 927,405 1,467,873 2,393,221 34,124 49,676 46,185 65,216 602,619 877,729 1,421,688 2,328,005 1,414,070 1,765,263 1,953,392 5,969,547 24,464 36,137 34,519 290,773 1,389,606 1,729,126 1,918.873 5,678,774 451,504 734,346 850,986 1,438,077 461,616 458,506 476,991 2,128,090 163 167 273 2,614 461,453 458,673 476,718 2,125,476 9,786 6,896 9,762 45,052 451,667 451,777 466,956 2,080,424 1,405 114 496 17,294 646 379,472 99,293 216,257 4,732,490 391,332 19,343 1,642 6,275 270,855 6,840 360,129 97,651 209,982 4,461,635 384,492 136,292 35,100 91,413 1,019,705 198,492 101,871 27,045 54,500 1,730,200 94,103 265 65 125 2,191 111 101,606 26,980 54,375 1,728,009 94,214 3,734 436 2,447 39,092 2,676 97,872 26,544 51,928 1,688,917 91,538 629,566 245,659 433,954 503,804 579,215 4,432 1,606 1,182 793 10,1+83 625,134 244,053 432,772 503,011 589,698 38,341 14,542 12,094 11,187 30,689 586,793 229,511 420,678 491,824 559,009 213,850 89,029 157,285 222,836 210,526 183,353 83,196 134,978 159,142 111,203 692 1,012 545 406 11,31+6 182,661 82,184 134,433 158,736 122,549 8,255 7,502 3,935 5,230 17,925 174,406 74,682 130,498 153,506 104,624 107,853 5,380,830 1,036,443 745,936 404,695 17 3,158 2,528 230 845 107,870 5,377,672 1,033,915 745,706 403,850 944 117,644 41,911 24,732 9,799 106,926 5,260,028 992,004 720,974 394,051 32,213 2,069,413 337,905 229,855 150,765 39,790 2,211,058 371,200 181,764 108,562 21 50 875 1+1+8 68 39,769 2,211,008 370,325 182,212 108,630 297 60,483 13,986 4,732 848 39,472 2,150,525 356,339 177,480 107,782 CORPORATION 219,099 64,965,884 N ot criticized Examiners’ deductions (net)1 INSURANCE 13,437 65,184,983 FDIC District D istrict 1 ................................... District 2 ................................... District 3 ................................... District 4 ................................... Sub standard Appraised value B ook value DEPOSIT United States— to ta l............... Cash and due from banks Appraised value B ook value FEDERAL N um ber of banks 551,907 601,094 230,924 752,583 2,230,149 1,736 692 3,253 1,499 15,303 550,171 600,402 227,671 751,084 2,214,846 27,184 13,662 17,772 23,853 81,361 522,987 586,740 209,899 727,231 2,133,485 179,893 240,445 68,728 261,927 886,961 141,296 185,389 77,765 298,666 548,208 311 34 1,043 789 2,718 140,985 185,355 76,722 297,877 545,490 7,977 2,754 8,380 11,483 37,112 133,008 182,601 68,342 286,394 508,378 M ichigan.................................... M innesota.................................. M ississippi................................. M issouri..................................... M on tana.................................... 424 643 195 580 111 1,757,751 1,049,500 231,304 1,746,429 165,932 757 740 489 1,959 180 1,756,994 1,048,760 230,815 1,744,470 165,752 28,827 16,210 12,490 57,065 2,619 1,728,167 1,032,550 218,325 1,687,405 163,133 626,064 325,798 86,660 642,600 69,711 682,086 351,793 68,497 587,509 54,048 352 43 1 161 27 681,734 351,750 68,498 587,348 54,021 10,844 7,445 4,482 30,231 841 670,890 344,305 64,016 557,117 53,180 N ebraska.................................... N e v a d a ...................................... New Hampshire....................... N ew Jersey................................ N ew M ex ico.............................. 363 11 56 352 40 366,365 47,505 103,042 2,028,863 68,161 643 58 1,118 19,290 197 365,722 47,447 101,924 2,009,573 67,964 7,975 397 5,168 157,739 1,065 357,747 47,050 96,756 1,851,834 66,899 128,909 15,402 28,940 581,243 23,735 103,834 16,179 32,806 772,756 19,078 6 36 544 3,796 3 103,828 16,143 32,262 768,960 19,081 1,124 184 2,897 51,391 100 102,704 15,959 29,365 717,569 18,981 New Y o r k .................................. North C arolina........................ North D a k ota .......................... O h io............................................ Oklahom a.................................. 725 21,073,890 219 534,095 150 86,844 680 2,812,751 529,272 382 617,713 20,382,897 13,573 520,104 3,057 83,271 107,874 2,699,075 9,795 518,574 8,444,131 192,767 24,796 941,614 225,934 7,849,350 155,046 24,841 904,440 134,608 29,200 103 27 2,133 5 7,820,150 154,943 24,814 902,307 134,603 319,135 7,250 706 41,661 2,069 7,501,015 147,693 24,108 860,646 132,534 69 1,045 16 113 164 Tennessee , , , , .......................... T exas.......................................... U ta h ............................................ V erm on t..................................... Virginia................................ W ashington............................... West Virginia........................... W isconsin.................................. W yom in g................................... 342,937 5,784,222 300,652 172,863 113,231 4,399 521,268 13,733 2,631 2,579 338,538 5,262,954 286,919 170,232 110,652 117,792 1,762,665 83,222 79,255 31,199 121,211 2,349,957 103,043 36,002 30,934 55 18,256 536 73 66 121,156 2,331,701 102,507 35,929 30,868 1,153 245,123 6,603 1,552 794 120,003 2,086,578 95,904 34,377 30,074 288 780 54 72 308 634,302 1,864 1,788,531 2,396 173,148 135,749 ........ 2,868 721,608 2,004 632,438 1,786,135 173,148 132,881 719,604 30,200 31,812 2,408 17,332 26,986 602,238 1,754,323 170,740 115,549 692,618 222,014 792,151 61,814 27,988 226,897 144,960 430,868 47,658 40,028 166,894 262 211 21 1,191 483 144,698 430,657 47,637 38,837 166,411 9,022 9,225 542 5,398 8,141 135,676 421,432 47,095 33,439 158,270 130 174 557 58 566,465 360,132 1,090,048 76,136 565,655 357,971 1,086,104 75,990 11,770 21,107 52,304 1,728 553,885 336,864 1,033,800 74,262 191,151 132,475 358,486 30,246 173,052 78,018 417,918 17,398 288 609 2,106 1 172,764 77,409 415,812 17,397 3,786 6,341 21,353 177 168,978 71,068 394,459 17,220 810 2,161 3,944 146 BANKS 177 257 46,853 2,228 180 326 343,194 5,831,075 302,880 173,043 113,557 OF INSURED O regon........................................ Pennsylvania............................ Rhode Island ............................ South Carolina......................... South D a k ota........................... 73,280 21,000,610 418 533,677 516 86,328 5,802 2,806,949 903 528,369 OF EXAMINATIONS 372 144 59 174 185 ANALYSIS K en tu ck y.................................. L ouisiana................................... M ain e......................................... M aryland.................................. M assachusetts.......................... A P PR A IS A L OF ASSETS OF INSURED COMMERCIAL B A N K S E XA M IN ED IN 1940— Continued 178 Table 131. BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE (Amounts in thousands of dollars) Fixed and miscellaneous assets Loans, discounts, and overdrafts Appraised value Appraised value B ook value Examiners’ deductions (net)1 Total Sub j standard N ot criticized B ook value Examiners’ deductions (net)1 Total Sub standard N ot criticized 16,924,352 1,053,724 15,870,628 2,081,248 46,353 2,034,895 459,916 1,574,979 487 1,119 1,725 1,010 1,190,377 4,834,242 2,291,041 951,145 16,974 40,032 22,994 3,580 1,173,403 4,794,210 2,268,047 947,565 73,344 272,430 200,521 42,136 1,100,059 4,521,780 2,067,526 905,429 147,039 694,465 394,110 104,060 5,502 20,137 9,270 1,261 141,537 674,328 384,840 102,799 31,718 139,537 141,840 19,407 109,819 534,791 243,000 83,392 District District District District 5 ................................... 6 ................................... 7 ................................... 8 ................................... 977 1,450 1,458 1,409 690,166 993,218 996,325 1,332,735 2,682 4,092 2,596 3,091 687,484 989,126 993,729 1,329,644 32,816 54,090 55,983 60,833 654,668 935,036 937,746 1,268,811 83,268 91,989 94,257 101,942 856 1,104 1,302 698 82,412 90,885 92,955 101,244 20,429 16,959 20,874 16,326 61,983 73,926 72,081 84,918 District District District District 9 ................................... 1 0 ................................. 1 1 ................................. 1 2 ................................. 1,068 1,393 832 509 467,220 535,872 568,298 2,186,703 1,151 2,815 2,190 10,793 466,069 533,057 566,108 2,175,910 11,823 26,880 18,742 204,126 454,246 506,177 547,366 1,971,784 35,492 39,722 59,824 235,080 448 535 244 4,996 35,044 39,187 59,580 230,084 2,855 2,361 6,015 41,595 32,189 36,826 53,565 188,489 S tate A labam a.................................... A rizona...................................... Arkansas.................................... California.................................. C olorado.................................... 209 12 210 197 139 124,203 33,702 65,819 1,794,989 93,308 740 49 273 10,136 674 123,463 33,653 65,546 1,784,853 92,634 9,984 624 2,942 192,073 3,734 113,479 33,029 62,604 1,592,780 88,900 18,511 3,560 5,021 204,890 6,075 400 98 4,967 83 18,111 3,560 4,923 199,923 5,992 5,625 582 886 39,690 430 12,486 2,978 4,037 160,233 5,562 C onnecticut.............................. D elaware................................... District of Colum bia.............. F lorida....................................... Georgia...................................... 99 42 22 162 267 203,478 67,840 118,876 106,115 235,804 2,645 354 471 253 650 200,833 67,486 118,405 105,862 235,154 18,639 5,534 4,913 3,690 7,560 182,194 61,952 113,492 102,172 227,594 28,885 5,594 22,815 15,711 21,682 1,095 240 166 134 213 27,790 5,354 22,649 15,577 21,469 11,447 1,506 3,246 2,267 5,204 16,343 3,848 19,403 13,310 16,265 Id a h o.......................................... Illinois........................................ Indiana...................................... Io w a ............................................ Kansas....................................... 48 823 477 586 451 33,408 1,013,030 297,160 319,705 134,819 23 2,086 1,110 1,005 741 33,431 1,010,944 296,050 318,700 134,078 554 42,633 18,872 18,200 7,788 32,877 968,311 277,178 300,500 126,290 2,442 87,329 30,178 14,612 10,549 15 1,022 543 327 172 2,457 86,307 29,635 14,939 10,377 93 14,528 9,053 1,800 1,163 2,364 71,779 20,582 13,139 9,214 CORPORATION 112,990 INSURANCE 17,037,342 D is tr ic t 1 ................................... 2 ................................... 3 ................................... 4 ................................... DEPOSIT 13,437 F D IC District District District District U n ite d S ta tes— t o t a l ............... FEDERAL Number of banks 1 ,1 3 0 698 1 ,6 4 1 630 9 ,8 6 4 2 1 3 ,7 0 0 1 5 5 ,1 6 4 7 6 ,3 8 8 1 7 1 ,5 5 6 7 0 0 ,6 6 6 1 4 ,9 9 4 5 ,5 6 2 6 ,8 8 5 9 ,4 6 6 3 3 ,1 4 3 1 9 8 ,7 0 6 1 4 9 ,6 0 2 6 9 ,5 0 3 1 6 2 ,0 9 0 6 6 7 ,5 2 3 1 5 ,8 8 8 1 9 ,3 9 8 6 ,4 0 2 1 9 ,8 0 4 8 4 ,4 5 0 569 80 2 ,7 2 1 1 5 ,5 9 3 1 9 ,4 3 8 5 ,8 3 3 1 9 ,7 2 4 8 1 ,7 2 9 4 ,2 1 3 5 ,3 4 6 2 ,5 0 7 2 ,9 0 4 1 1 ,1 0 6 1 1 ,3 8 0 1 4 ,0 9 2 3 ,3 2 6 1 6 ,8 2 0 7 0 ,6 2 3 M ichigan............ M innesota.......... M ississippi......... M issouri............. M on tana............. 424 643 195 580 111 4 1 5 ,3 8 2 3 4 7 ,6 3 5 6 8 ,1 8 2 4 6 9 ,3 1 2 3 8 ,0 4 4 399 554 341 1 ,2 4 9 124 4 1 4 ,9 8 3 3 4 7 ,0 8 1 6 7 ,8 4 1 4 6 8 ,0 6 3 3 7 ,9 2 0 1 3 ,7 0 0 7 ,1 1 6 6 ,0 2 0 1 9 ,9 1 6 1 ,4 7 4 4 0 1 ,2 8 3 3 3 9 ,9 6 5 6 1 ,8 2 1 4 4 8 ,1 4 7 3 6 ,4 4 6 3 4 ,2 1 9 2 4 ,2 7 4 7 ,9 6 5 4 7 ,0 0 8 4 ,1 2 9 6 143 149 549 29 3 4 ,2 1 3 2 4 ,1 3 1 7 ,8 1 6 4 6 ,4 5 9 4 ,1 0 0 4 ,2 8 3 1 ,6 4 9 1 ,9 8 8 6 ,9 1 8 304 2 9 ,9 3 0 2 2 ,4 8 2 5 ,8 2 8 3 9 ,5 4 1 3 ,7 9 6 N ebraska............ N e v a d a ............... New Hampshire New Jersey........ New M e x ic o .. . . 363 11 56 352 40 1 2 4 ,5 1 8 1 4 ,5 7 2 3 8 ,1 7 4 5 5 5 ,3 6 3 2 4 ,1 3 1 498 20 419 8 ,1 6 4 205 1 2 4 ,0 2 0 1 4 ,5 5 2 3 7 ,7 5 5 5 4 7 ,1 9 9 2 3 ,9 2 6 6 ,3 1 2 196 1 ,8 6 5 6 3 ,8 7 9 899 1 1 7 ,7 0 8 1 4 ,3 5 6 3 5 ,8 9 0 4 8 3 ,3 2 0 2 3 ,0 2 7 9 ,1 0 4 1 ,3 5 2 3 ,1 2 2 1 1 9 ,5 0 1 1 ,2 1 7 139 2 155 7 ,3 3 0 5 8 ,9 6 5 1 ,3 5 0 2 ,9 6 7 1 1 2 ,1 7 1 1 ,2 2 2 539 17 406 4 2 ,4 6 9 66 8 ,4 2 6 1 ,3 3 3 2 ,5 6 1 6 9 ,7 0 2 1 ,1 5 6 New Y o r k .......... N orth Carolina. N orth D akota. . O h io..................... Oklahom a........... 725 219 150 680 382 4 ,2 1 1 ,0 3 9 1 7 2 ,2 0 9 3 3 ,6 5 1 8 6 1 ,9 6 8 1 5 6 ,2 2 6 3 1 ,5 1 5 269 308 2 ,0 5 6 779 4 ,1 7 9 ,5 2 4 1 7 1 ,9 4 0 3 3 ,3 4 3 8 5 9 ,9 1 2 1 5 5 ,4 4 7 2 0 3 ,0 1 6 3 ,8 6 6 1 ,7 8 1 4 0 ,5 8 1 7 ,5 5 7 3 ,9 7 6 ,5 0 8 1 6 8 ,0 7 4 3 1 ,5 6 2 8 1 9 ,3 3 1 1 4 7 ,8 9 0 5 6 9 ,3 7 0 1 4 ,0 7 3 3 ,5 5 6 1 0 4 ,7 2 9 1 2 ,5 0 4 1 2 ,5 6 5 46 181 1 ,6 1 3 119 5 5 6 ,8 0 5 1 4 ,0 2 7 3 ,3 7 5 1 0 3 ,1 1 6 1 2 ,3 8 5 9 5 ,5 6 2 2 ,4 5 7 570 2 5 ,6 3 2 169 4 6 1 ,2 4 3 1 1 ,5 7 0 2 ,8 0 5 7 7 ,4 8 4 1 2 ,2 1 6 O regon................ Pennsylvania. . . Rhode Island . . . South C arolin a.. South D a k o ta ... 69 1 ,0 4 5 16 113 164 9 5 ,1 9 8 1 ,4 2 9 ,0 7 3 9 9 ,5 9 0 5 3 ,9 8 7 4 7 ,8 9 0 172 2 0 ,9 3 9 1 ,2 8 6 44 166 9 5 ,0 2 6 1 ,4 0 8 ,1 3 4 9 8 ,3 0 4 5 3 ,9 4 3 4 7 ,7 2 4 2 ,7 5 6 1 5 9 ,9 3 9 4 ,5 8 4 683 1 ,4 5 1 9 2 ,2 7 0 1 ,2 4 8 ,1 9 5 9 3 ,7 2 0 5 3 ,2 6 0 4 6 ,2 7 3 8 ,9 9 3 2 8 9 ,3 8 0 1 7 ,0 2 5 3 ,7 9 9 3 ,5 3 4 30 7 ,6 5 8 406 63 94 8 ,9 6 3 2 8 1 ,7 2 2 1 6 ,6 1 9 3 ,7 3 6 3 ,4 4 0 490 1 1 6 ,2 0 6 2 ,5 4 6 396 334 8 ,4 7 3 1 6 5 ,5 1 6 1 4 ,0 7 3 3 ,3 4 0 3 ,1 0 6 Tennessee........... Texas U ta h .................... V erm ont............. Virginia............... 288 780 54 72 308 2 4 3 ,2 5 7 5 1 0 ,4 6 5 5 9 ,1 4 5 6 0 ,5 7 6 3 0 0 ,6 1 1 1 ,4 4 0 1 ,9 3 5 1 6 ,2 3 8 1 7 ,2 2 0 1 ,4 1 9 8 ,2 2 8 1 3 ,9 9 2 2 2 5 ,5 7 9 4 9 1 ,3 1 0 5 7 ,7 3 9 5 1 ,2 2 9 2 8 5 ,3 1 3 2 4 ,0 7 1 5 5 ,0 4 7 4 ,5 3 1 7 ,1 5 7 2 7 ,2 0 6 162 250 1 ,1 1 9 1 ,3 0 6 2 4 1 ,8 1 7 5 0 8 ,5 3 0 5 9 ,1 5 8 5 9 ,4 5 7 2 9 9 ,3 0 5 558 215 2 3 ,9 0 9 5 4 ,7 9 7 4 ,5 3 9 6 ,5 9 9 2 6 ,9 9 1 4 ,9 4 0 5 ,3 6 7 447 3 ,7 0 6 4 ,8 5 3 1 8 ,9 6 9 4 9 ,4 3 0 4 ,0 9 2 2 ,8 9 3 2 2 ,1 3 8 Washington W est V irgin ia ... W isconsin........... W y o m in g ........... 130 174 557 58 1 8 9 ,3 8 9 1 3 3 ,2 7 6 2 8 3 ,7 8 3 2 7 ,0 0 3 501 859 1 ,0 8 6 123 1 8 8 ,8 8 8 1 3 2 ,4 1 7 2 8 2 ,6 9 7 2 6 ,8 8 0 7 ,1 2 5 9 ,2 1 7 2 3 ,4 1 3 1 ,4 9 1 1 8 1 ,7 6 3 1 2 3 ,2 0 0 2 5 9 ,2 8 4 2 5 ,3 8 9 1 2 ,8 7 3 1 6 ,3 6 3 2 9 ,8 6 1 1 ,4 8 9 21 693 752 22 1 2 ,8 5 2 1 5 ,6 7 0 2 9 ,1 0 9 1 ,4 6 7 859 5 ,5 4 9 7 ,5 3 8 60 1 1 ,9 9 3 1 0 ,1 2 1 2 1 ,5 7 1 1 ,4 0 7 13 N ote: F o r b a n k s in c lu d e d a n d e x p la n a t i o n o f t e r m s , se e p a g e s 8 5 - 8 8 . uo 8 differ from examiners’ net deductions from total BANKS 1 Figures in italics represent excess of appraised value of assets over book value. Examiners’ net deductions from total capital accounts b y the inclusion in the latter of liabilities not shown on the books. 295 OF INSURED 2 1 4 ,8 3 0 1 5 5 ,8 6 2 7 8 ,0 2 9 1 7 2 ,1 8 6 7 1 0 ,5 3 0 OF EXAMINATIONS 372 144 59 174 185 ANALYSIS K en tu ck y........... Louisiana........... M a in e................. M arylan d........... Massachusetts. . Bach figures— See the Annual Report for 1939, pages 166-69. -3 T a b le 132. A SS E T R ATIO S OF INSURED COMMERCIAL B A N K S E X A M IN ED IN 1940 BANKS GROUPED B Y FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE Per $100 of securities (book value) Per $100 of total assets (book value) Cash and due from banks Appraised value B ook value Examiners’ deductions (net)1 Total Sub standard N ot criticized Appraised value B ook value 1.70 .09 .23 .02 101.70 99.91 99.77 100.02 5.45 5.35 3.14 2.73 96.25 94.56 96.63 97.29 100.00 100.00 100.00 100.00 .04 .04 .06 .12 99.96 100.04 99.94 99.88 2.12 1.50 2.05 2.12 97.84 98.54 97.89 97.76 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 .26 .24 .23 .13 .12 99.74 99.76 99.77 99.87 100.12 3.67 1.61 4.49 2.26 2.84 96.07 98.15 95.28 97.61 97.28 93.21 93.43 96.94 97.62 96.51 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 .38 1.22 .40 .26 10.20 99.62 98.78 99.60 99.74 110.20 4.50 9.02 2.92 3.29 16.12 95.12 89.76 96.68 96.45 94.08 99.14 97.75 95.72 96.65 97.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 .05 .00 .24 .25 .06 99.95 100.00 99.76 100.25 100.06 .75 2.74 3.77 2.60 .78 99.20 97.26 95.99 97.65 99.28 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 98.15 97.78 98.10 94.83 100.00 100.00 100.00 100.00 5.08 1.65 2.90 5.70 1.74 94.55 98.24 96.87 93.94 98.10 99.30 99.35 99.73 99.84 101.81 6.09 5.92 2.79 2.22 5.30 100.02 99.94 99.76 99.97 99.79 .88 2.19 4.04 3.32 2.42 94.42 96.22 92.11 96.38 100.00 100.00 100.00 100.00 .31 .19 .19 .06 100.31 99.81 99.81 99.94 3.80 3.83 3.17 2.32 96.51 95.98 96.64 97.62 100.00 100.00 100.00 100.00 .12 .18 .14 .31 99.88 99.82 99.86 99.69 1.73 2.04 1.76 4.86 209 12 210 197 139 100.00 100.00 100.00 100.00 100.00 .37 .11 .23 .36 .16 99.63 99.89 99.77 99.64 99.84 C onnecticu t.............................. Delaware.................................... District of Colum bia.............. Florida........................................ G eorgia...................................... 99 42 22 162 267 100.00 100.00 100.00 100.00 100.00 .70 .65 .27 .16 1.81 Id a h o.......................................... Illinois........................................ Indiana...................................... Io w a ............................................ Kansas........................................ 48 823 477 586 451 100.00 100.00 100.00 100.00 100.00 .02 .06 .24 .03 .21 977 1,450 1,458 1,409 100.00 100.00 100.00 100.00 9 ................................... 1 0 ................................. 1 1 ................................. 1 2 ................................. 1,068 1,393 832 509 State A labam a.................................... A rizon a...................................... Arkansas.................................... C alifornia.................................. C olorado.................................... District District District District 5 ................................... 6 ................................... 7 ................................... 8 ................................... District District District District $ CORPORATION 92.35 95.27 90.56 95.25 4.78 3.38 7.28 3.37 .80 .40 .61 .25 $ INSURANCE 6.97 4.34 8.81 4.45 .68 .39 .63 .30 99.20 99.60 99.39 99.75 100.00 100.00 100.00 100.00 437 1,119 1,725 1,010 $ DEPOSIT 99.32 99.61 99.37 99.70 100.00 100.00 100.00 100.00 $100.00 $ N ot criticized $ 95.18 $100.00 $100.00 Sub standard 4.56 $ 99.74 $ 95.74 $ 99.66 13,437 FDIC District District 1 ................................... District 2 ................................... District 3 ................................... District 4 ................................... Total 0.26 3.92 0.34 United States— to ta l............... Examiners’ deductions (net)1 FEDERAL Num ber of banks M ichigan............ M innesota.......... Mississippi......... M issouri............. M on tana............ 424 643 195 580 111 N ebraska............ N e v a d a ............... N ew Hampshire N ew Jersey........ N ew M e x ic o .. .. 4.93 2.27 7.70 3.17 3.65 94.76 97.61 90.89 96.63 95.66 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 .22 .02 1.34 .26 .50 99.78 99.98 98.66 99.74 99.50 5.65 1.49 10.78 3.84 6.77 94.13 98.49 87.88 95.90 92.73 100.00 100.00 100.00 100.00 100.00 99.96 99.93 99.79 99.89 99.89 1.64 1.54 5.40 3.27 1.58 98.32 98.39 94.39 96.62 98.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 .05 .01 .00 .03 .05 99.95 99.99 100.00 99.97 99.95 1.59 2.12 6.54 5.15 1.56 98.36 97.87 93.46 94.82 98.39 363 11 56 352 40 100.00 100.00 100.00 100.00 100.00 99.82 99.88 98.92 99.05 99.71 2.18 .84 5.02 7.77 1.56 97.64 99.04 93.90 91.28 98.15 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 .01 .22 1.66 .49 .02 99.99 99.78 98.34 99.51 100.02 1.08 1.14 8.83 6.65 .52 98.91 98.64 89.51 92.86 99.50 N ew Y o r k .......... N orth Carolina. N orth D a k o ta . . O h io..................... Oklahom a........... 725 219 150 680 100.00 100.00 100.00 100.00 99.65 99.92 99.41 99.79 2.93 2.54 3.52 3.84 1.85 96.72 97.38 95.89 95.95 97.98 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 .37 .07 .11 .24 .00 99.63 99.93 99.89 99.76 100.00 4.07 4.68 2.84 4.61 1.54 95.56 95.25 97.05 95.15 98.46 Oregon................ Pennsylvania. . . R hode Island . . . South Carolina. South D a k ota .. 69 1,045 16 113 164 100.00 100.00 100.00 100.00 100.00 99.93 99.20 99.26 99.90 99.71 1.28 8.94 4.53 1.52 2.27 98.65 90.26 94.73 98.38 97.44 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 .05 .78 .52 .20 .21 99.95 99.22 99.48 99.80 99.79 .95 10.43 6.41 4.31 2.57 99.00 88.79 93.07 95.49 97.22 Tennessee........... T exas................... U ta h .................... V erm on t............. Virginia............... 288 780 54 72 308 99.71 99.87 100.00 97.89 99.72 4.76 1.78 1.3 12.77 3.74 94.95 98.09 98.61 85.12 95.98 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 .18 .05 .04 2.98 .29 99.82 99.95 99.96 97.02 99.71 6.22 2.14 1.14 13.49 4.88 93.60 97.81 98.82 83.53 94.83 Washington W est Virginia. . . W isconsin........... W yom in g............ 130 174 557 58 99.40 99.64 99.81 2.08 5.86 4.80 2.27 97.78 93.54 94.84 97.54 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 .17 .78 .50 .01 99.83 99.22 99.50 99.99 2.19 8.13 5.11 1.02 97.64 91.09 94.39 98.97 100.00 100.00 100.00 100.00 BANKS 100.00 OF INSURED 99.69 99.88 98.59 99.80 99.31 OF EXAMINATIONS 372 144 59 174 185 ANALYSIS K en tu ck y........... Louisiana........... M a in e................. M arylan d........... Massachusetts. . 00 I-* Table 132. A s s e t R a tio s of In su red C o m m e r c ia l B a n k s E x a m in e d in 1940— Continued BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE Per $100 of fixed and miscellaneous assets (book value) Per $100 of loans (book value) 96.26 97.10 97.65 98.79 21.57 20.09 35.99 18.65 74.69 77.01 61.66 80.14 94.86 94.14 94.12 95.21 100.00 100.00 100.00 100.00 1.03 1.20 1.38 .68 98.97 98.80 98.62 99.32 24.53 18.44 22.15 16.01 74.44 80.36 76.47 83.31 2.53 5.01 3.30 9.33 97.22 94.46 96.31 90.18 100.00 100.00 100.00 100.00 1.26 1.35 .41 2.13 98.74 98.65 99.59 97.87 8.04 5.94 10.05 17.69 90.70 92.71 89.54 80.18 99.40 99.85 99.59 99.44 99.28 8.04 1.85 4.47 10.70 4.00 91.36 98.00 95.12 88.74 95.28 100.00 100.00 100.00 100.00 100.00 2.16 1.95 2.42 1.37 97.84 100.00 98.05 97.58 98.63 30.39 16.35 17.65 19.37 7.08 67.45 83.65 80.40 78.21 91.55 1.30 .52 .40 .24 .28 98.70 99.48 99.60 99.76 99.72 9.16 8.16 4.13 3.48 3.21 89.54 91.32 95.47 96.28 96.51 100.00 100.00 100.00 100.00 100.00 3.79 4.29 .73 .85 .98 96.21 95.71 99.27 99.15 99.02 39.63 26.92 14.23 14.43 24.00 56.58 68.79 85.04 84.72 75.02 .07 .21 .37 .31 .55 100.07 99.79 99.63 99.69 99.45 1.66 4.21 6.35 5.69 5.78 98.41 95.58 93.28 94.00 93.67 100.00 100.00 100.00 100.00 100.00 .61 1.17 1.80 2.2U 1.63 100.61 98.83 98.20 102.24 98.37 3.81 16.64 30.00 12.32 11.02 96.80 82.19 68.20 89.92 87.35 .39 .41 .26 .23 99.61 99.59 99.74 99.77 4.75 5.45 5.62 4.56 100.00 100.00 100.00 100.00 .25 .53 .39 .49 99.75 99.47 99.61 99.51 209 12 210 197 139 100.00 100.00 100.00 100.00 100.00 .60 .15 .41 .56 .72 99 42 22 162 267 100.00 100.00 100.00 100.00 100.00 48 823 477 586 451 100.00 100.00 100.00 100.00 100.00 977 1,450 1,458 1,409 100.00 100.00 100.00 100.00 1,068 1,393 832 509 CORPORATION 3.74 2.90 2.35 1.21 92.41 93.53 90.25 95.19 $ INSURANCE 100.00 100.00 100.00 100.00 6.16 5.64 8.75 4.43 $ DEPOSIT Connecticut .......................... Delaware .......................... District of C olum bia.............. N ot criticized $ 75.67 98.57 99.17 99.00 99.62 District 1 1 ................................. District 1 2 ................................. Sub standard $ 22.10 1.43 .83 1.00 .38 .......................... .......................... .......................... .......................... Total $ 97.77 100.00 100.00 100.00 100.00 $ Examiners’ deductions (net)1 2.23 $100.00 District District District District .......................... .......................... ........................ N ot criticized $ 93.16 487 1,119 1,725 1,010 Arkansas California Colorado Sub standard Book value 6.18 $100.00 ....................... Total $ 99.34 13,437 FDIC District District 1 ................................. District 2 ................................. District 3 . .......................... District 4 .......................... State Alabama Examiners’ deductions (net)1 0.66 United States— to ta l............... 5 6 7 8 Appraised value Appraised value B ook value FEDERAL Num ber of banks .53 .45 2.10 .37 1.39 99.47 99.55 97.90 99.63 98.61 6.98 3.57 8.82 5.50 4.66 92.49 95.98 89.08 94.13 93.95 100.00 100.00 100.00 100.00 100.00 1.86 .21 8.89 .40 3.22 98.14 100.21 91.11 99.60 96.78 26.52 27.56 39.16 14.66 13.15 71.62 72.65 51.95 84.94 83.63 M ichigan.................................... M innesota.................................. Mississippi................................. M issouri..................................... M ontana.................................... 424 643 195 580 111 100.00 100.00 100.00 100.00 100.00 .10 .16 .50 .27 .33 99.90 99.84 99.50 99.73 99.67 3.30 2.05 8.83 4.24 3.87 96.60 97.79 90.67 95.49 95.80 100.00 100.00 100.00 100.00 100.00 .02 .59 1.87 1.17 .70 99.98 99.41 98.13 98.83 99.30 12.52 6.79 24.96 14.72 7.36 87.46 92.62 73.17 84.11 91.94 N ebraska.................................... N eva d a ....................................... New H ampshire....................... N ew Jersey................................ N ew M ex ico .............................. 363 11 56 352 40 100.00 100.00 100.00 100.00 100.00 .40 .14 1.10 1.47 .85 99.60 99.86 98.90 98.53 99.15 5.07 1.35 4.89 11.50 3.73 94.53 98.51 94.01 87.03 95.42 100.00 100.00 100.00 100.00 100.00 1.53 .15 4.96 6.13 .hi 98.47 99.85 95.04 93.87 100.41 5.92 1.26 13.00 35.54 5.42 92.55 98.59 82.04 58.33 94.99 N ew Y o r k .................................. N orth Carolina........................ N orth D a k ota .......................... O h io............................................. Oklahom a.................................. 725 219 150 680 382 100.00 100.00 100.00 100.00 100.00 .75 .16 .92 .24 .50 99.25 99.84 99.08 99.76 99.50 4.82 2.24 5.29 4.71 4.84 94.43 97.60 93.79 95.05 94.66 100.00 100.00 100.00 100.00 100.00 2.21 .33 5.09 1.54 .95 97.79 99.67 94.91 98.46 99.05 16.78 17.46 16.03 24.47 1.35 81.01 82.21 78.88 73.99 97.70 O regon........................................ Pennsylvania............................ R hode Island ............................ South Carolina......................... South D a k ota........................... 69 1,045 16 113 164 100.00 100.00 100.00 100.00 100.00 .18 1.47 1.29 .08 .35 99.82 98.53 98.71 99.92 99.65 2.90 11.19 4.60 1.27 3.03 96.92 87.34 94.11 98.65 96.62 100.00 100.00 100.00 100.00 100.00 .33 2.65 2.38 1.66 2.66 99.67 97.35 97.62 98.34 97.34 5.45 40.16 14.95 10.42 9.45 94.22 57,19 82.67 87.92 87.89 Tennessee................................... T exas.......................................... U ta h ............................................ V erm on t..................................... Virginia...................................... 288 780 54 72 308 100.00 100.00 100.00 100.00 100.00 .59 .38 .02 1.85 .43 99.41 99.62 100.02 98.15 99.57 6.68 3.37 2.40 13.58 4.65 92.73 96.25 97.62 84.57 94.92 100.00 100.00 100.00 100.00 100.00 .67 .45 .18 7.80 .79 99.33 99.55 100.18 92.20 99.21 20.52 9.75 9.87 51.78 17.84 78.81 89.80 90.31 40.42 81.37 W ashington............................... W est Virginia............................ W isconsin................................ W yom in g................................... 130 174 557 58 100.00 100.00 100.00 100.00 .26 .64 .38 .46 99.74 99.36 99.62 99.54 3.76 6.92 8.25 5.52 95.98 92.44 91.37 94.02 100.00 100.00 100.00 100.00 .16 4.24 2.52 1.48 99.84 95.76 97.48 98.52 6.67 33.91 25.24 4.03 93.17 61.85 72.24 94.49 N ote: For banks included and explanation of terms, see pages 85-88. Back figures— See the Annual Report for 1939, pages 170-73. Examiners’ net deductions from total assets differ from examiners’ net deductions from total BANKS 1 Figures in italics represent excess of appraised value of assets over book value. capital accounts b y the inclusion in the latter of liabilities not shown on the books. OF INSURED 100.00 100.00 100.00 100.00 100.00 OF EXAMINATIONS 372 144 59 174 185 ANALYSIS K en tu cky................................... Louisiana................................... M a in e......................................... M arylan d................................... M assachusetts.......................... Table 133. DISTRIBUTION OF INSURED COMMERCIAL BANKS EXAMINED IN 1940 ACCORDING TO NET SOUND CAPITAL RATIO BANKS GROUPED B Y FIX E D AND SUBSTANDARD ASSETS RATIO, RATE OP AVERAGE NET EARNINGS, AND AMOUNT OF DEPOSITS A ll b a n k s ............................................................. 13,437 $5.00 to $9.99 $0.01 to $4.99 $0.00 or less 7 $10.00 to $14.99 $25.00 to $29.99 $20.00 to $24.99 $15.00 to $19.99 $30.00 to $34.99 184 Banks with net sound capital per $100 of appraised value of assets of— All banks $35.00 or more 2,872 6,112 2,829 1,032 325 131 80 2 14 4 13 1,518 829 17 2,291 2,188 11 799 978 1 271 318 82 113 2 28 38 19 13 2,116 1,005 418 2 4 5 5 294 114 59 970 408 141 523 288 1.30 220 126 49 63 30 16 20 23 12 20 11 6 $25.00 to $29.99.............................................. $30 00 to $34 99 $35.00 or m ore................................................. 200 75 74 2 1 2 6 3 6 19 11 15 69 19 9 60 21 19 24 14 9 12 4 5 5 2 1 3 B an k s w ith 3-year average n e t c u r r e n t o p e r a tin g ea rn in g s p er $100 o f to ta l assets o f— $-0.50 or less ......................................... $-0 01 to $-0 49 .......................... 17 59 16 6 26 5 7 3 3 1 5 1 1 1 1 14 20 9 5 387 1,300 860 240 369 1,903 2,281 1,047 137 619 995 636 55 175 333 259 20 50 86 70 8 21 24 33 5 4 15 14 51 9 8 1 336 82 53 9 265 105 57 3 117 51 35 1 45 26 18 4 18 17 8 16 9 15 1 $ 0.49.................................................. $ 0.99.................................................. $1.49.................................................. $ 1.99.................................................. 997 4,094 4,605 2,305 $2.00 to $2.49 ................................................ $2.50 to $2.99 ................................................ $3.00 or more ............................................... N ot available .. ................. 848 299 194 19 $0.00 $0.50 $1.00 $1.50 to to to to B anks $100 000 $100,000 $250 000 2 2 2 1 8 w ith d ep osits o f — or less .................................. to $250,000..................................... to $500,000 ................................... 385 2,230 3,086 2 1 3 5 8 76 366 31 650 1,681 86 863 745 102 446 206 73 128 50 47 41 19 37 21 14 $500,000 to $1,000,000.................................. $1 000 000 to $2 000 000 $2|000|000 to $5i000i000.............................. 3,022 2,169 1,483 2 2 4 13 11 728 622 503 1,549 1,103 720 539 330 195 145 74 36 43 19 10 9 6 3 3 $5 000 000 to $10 000 000 ............................ $10 000 000 to $50 000 000 Mrvrp than $^0 000 000 516 418 128 5 7 230 250 89 215 128 35 45 25 1 17 4 2 1 1 3 3 1 N ote : For banks included and explanation of terms, see pages 85-87. Back figures—See the Annual Report for 1939, page 174. 5 CORPORATION $10.00 to $14.99.............................................. $15.00 to $19.99.............................................. $20.00 to $24.99.............................................. INSURANCE 46 5,022 4,481 DEPOSIT B an k s w ith fixed a n d su b sta n d a rd assets p er $100 o f a p p ra ised valu e o f assets o f— SO 00 $0.01 to $ 4.99.................................................. $5.00 to $9.99.................................................. FEDERAL 49 Table 134. D IS TR IB U TIO N OF DE PO SITS OF INSURED COMMERCIAL B A N K S E X A M IN ED IN 1940 ACCORDING TO N E T SOUND CAPITA L R A T IO BANKS GROUPED B Y FIXE D AND SUBSTANDARD ASSETS RATIO, RATE OF AVERAGE NET EARNINGS, AND AMOUNT OF DEPOSITS Banks with net sound capital per $100 of appraised value of assets of— All banks 57,919,547 39,348 $0.01 to $4.99 $5.00 to $9.99 $10.00 to $14.99 $15.00 to $19.99 (In thousands of dollars) 16,815,905 2,627,307 36,739,600 6,966 144,299 11,501 93,263 26,014,976 8,563,389 19,292 7,423,060 5,826,105 $25.00 to $29.99 $30.00 to $34.99 $35.00 888,543 443,984 134,811 20,340 6,482 638,908 806,267 767 267,305 233,819 25,123 348,855 7,012 17,478 7,835 3,270 4,496 Banks with fixed and substandard assets per $ 1 0 0 of appraised value of assets of— $ 0 . 0 0 .......................... $ 0 .0 1 to $ 4 . 9 9 ..................... $ 5.00 to $ 9 .9 9 ............................................! ! ! ! ! ! $ 1 0 .0 0 $ 1 5 .0 0 $ 2 0 .0 0 to to to $ 2 5 .0 0 $ 3 0 .0 0 $ 3 5 .0 0 to $ 2 9 . 9 9 ....................................................... to $ 3 4 . 9 9 ....................................................... or more............................................. $ 1 4 . 9 9 ................................ $ 1 9 . 9 9 ................................ $ 2 4 . 9 9 ............................................] . . . to to to to 1,430 9,025 6,490 7,762 1,256,510 573,165 116,624 2,319,615 838,198 224,048 507,743 319,587 203,057 156,084 106,406 44,777 21,951 18,368 11,404 33,334 14,461 47,521 3,875 1,860 695 304,333 166,752 134,004 3,415 30,751 3,752 12,941 2,861 7,864 33,212 41,278 47,183 113,398 38,973 13,216 70,963 37,349 36,951 49,114 11,771 18,500 11,871 3,666 2,746 7,011 103 56 2,408 28,219 1,636 34,318 2,129 4,309 2,199 6,035 98 2,283 263 65 191 233 75,396 110,799 14,929 8,352 10,128,346 22,039,288 4,127,182 338,403 3,897,012 7,037,949 4,448,301 1,064,011 125,708 857,385 1,058,093 397,206 65,094 251,679 336,263 164,993 9,038 22,841 42,447 346,201 1,611 3,307 8,603 16,870 294 1,003 5,214 4,289 46,096 21,703 5,037 5,326 219,189 54,870 52,775 5,844 121,498 39,802 20,596 581 36,975 13,144 11,612 549 11,088 4,020 5,293 675 77,156 24,879 2,057 2,048 3,308 3,911 82 6,516 75,462 $ 0 . 4 9 ............................................................. $ 0 . 9 9 ............................................................. $ 1 . 4 9 ............................................................. $ 1 . 9 9 ............................................................ 14,307,125 30,357,336 10,042,462 2,340,532 to $ 2 . 4 9 ............................................................. to $ 2 . 9 9 ............................................................ or more............................................... Not available............................................... 514,050 161,726 101,281 13,057 $ 1 0 0 ,0 0 0 $ 1 0 0 ,0 0 0 $ 2 5 0 ,0 0 0 Banks with deposits of— or less........................................... to $ 2 5 0 , 0 0 0 ............................................ to $ 5 0 0 , 0 0 0 ............................................ 29,149 405,134 1,123,739 $ 5 0 0 ,0 0 0 to $ 1 , 0 0 0 , 0 0 0 ....................................... $ 1 , 0 0 0 , 0 0 0 to $ 2 , 0 0 0 , 0 0 0 .................................. $ 2 , 0 0 0 , 0 0 0 to $ 5 , 0 0 0 , 0 0 0 .................................. 2,169,338 3,060,390 4,530,855 $ 5 , 0 0 0 , 0 0 0 to $ 1 0 , 0 0 0 , 0 0 0 ............................... $ 1 0 , 0 0 0 , 0 0 0 to. $ 5 0 , 0 0 0 , 0 0 0 ............................. More than $ 5 0 , 0 0 0 , 0 0 0 ....................................... 3,538,555 8,458,526 34,603,861 $ 0 .0 0 $ 0 .5 0 $ 1 .0 0 $ 1 .5 0 $ 2 .0 0 $ 2 .5 0 $ 3 .0 0 N ote: 4,626 33,085 1,430 207 367 94 604 1,849 607 21,542 143,825 2,693 124,638 612,204 6,704 155,353 266,242 8,331 72,867 70,204 5,509 20,080 18,122 3,230 6,401 6,436 1,981 3,282 4,857 2,798 18,726 31,363 538,855 897,145 1,593,809 1,102,263 1,542,962 2,134,248 382,526 459,901 608,752 101,635 103,667 110,250 32,166 27,008 30,918 5,707 8,629 8,805 3,388 2,352 5,878 1,586,139 5,503,622 26,454,056 1,476,049 2,234,267 7,586,581 301,812 388,937 57,080 118,314 101,909 201,366 5,403 30,751 32,178 122,097 18,660 76,943 For banks included and explanation of terms, see pages 85-87. Back figures— See the Annual R eport for 1939, page 175. 3,736 304,778 BANKS 4,309,567 1,878,535 655,888 OF INSURED Banks with 3-year average net cur rent operating^earnings per $ 1 0 0 of total assets of— $ - 0 . 5 0 or less............................................... $ - 0 . 0 1 to $ - 0 . 4 9 ......................................................... 133,782 34,534,419 15,802,267 OF EXAMINATIONS 209,709 $20.00 to $24.99 ANALYSIS A ll banks......................................................... $0.00 6,832 00 Cn ANALYSIS OF EXAM IN ATIO N S OF INSURED COMMERCIAL BANKS EXAM IN ED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION Table 135. N et Sound C A P IT A L R A T IO S OF INSURED COMMERCIAL B A N K S EXA M IN ED BY THE F EDERAL D E P O SIT INSURANCE C o r p o r a t i o n 7, 1933-1940 2? BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS Banks with deposits of— 1 All banks $100,000 to $250,000 $250,000 to $500,000 $500,000 to $1,000,000 $1,000,000 to $2,000,000 $2,000,000 to $5,000,000 $5,000,000 $10,000,000 More than to $50,000,000 to $10,000,000 $50,000,000 (2) N E T SOUND C A P IT A L P E R $100 O F: $13.96 18.06 17.74 17.34 16.72 16.89 17.08 16.80 16.76 $10.42 14.95 15.06 14.50 13.51 13.28 13.48 13.55 13.36 $8.44 12.94 13.66 14.07 13.06 12.50 12.88 12.63 12.50 $7.90 13.06 13.86 14.04 12.61 12.10 12.50 12.24 11.80 $9.30 12.61 13.08 14.07 12.83 11.87 12.27 11.89 11.61 $9..95 12.90 13.47 $14.22 13.62 12.15 12.56 12.29 11.98 1938 uniform5............................................... 1939 ................................................. 1940................................................................ 11.15 15.80 16.58 17.09 15.33 14.64 14.81 14.30 13.90 31.82 34.46 33.52 31.59 31.30 31.70 32.13 33.10 32.97 17.18 22.51 21.87 21.21 20.29 20.54 20.82 20.28 20.24 12.17 17.94 17.96 17.09 15.72 15.39 15.66 15.75 15.48 9.80 15.19 16.05 16.57 15.17 14.38 14.89 14.54 14.36 9.17 15.41 16.39 16.58 14.56 13.90 14.43 14.06 13.50 10.62 14.84 15.36 16.59 14.85 13.59 14.11 13.58 13.23 11..52 15.13 16.10 17.29 16.17 13.99 14.53 14.17 13.78 T o t a l c a p ita l a c c o u n ts 31933 ..................................................... 41934 ........................................................ 1935 ......................................... 1936 ............................................... 1937 ................................................. 1938 original5............................................... 1938 uniform5............................................... 193 9 194 0 45.12 67.17 76.51 90.92 92.25 87.78 88.83 90.69 93.62 68.99 80.63 83.80 85.77 87.52 88.08 89.27 91.62 94.84 60.11 81.11 87.54 92.65 91.83 91.50 92.71 94.16 95.95 52.06 77.29 86.40 95.17 94.73 91.32 92.90 94.46 96.82 40.73 70.13 82.76 94.54 93.17 87.90 90.98 93.14 95.47 37.71 67.33 77.16 90.62 90.51 85.36 88.58 90.26 92.69 42.34 62.69 71.80 89.28 90.59 83.70 86.89 88.98 91.74 44..00 61.53 69.38 87.49 86.81 83.44 86.65 90.97 92.52 D e p o s its 31933 .............................................................. 41934 ................................................... 1935 .................................. 1936 ....................................... 1937 ........................................... 1 Deposits are as of date of examination, except for 1934 and 1935, when deposits are as of December 31. # 2 Because of the small number of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. * Examination for admission to insurance in late 1933 and early 1934. 6 Results of all examinations made in 1938 were tabulated both on the basis of the original procedure and of the uniform procedure. N ote : For banks included and explanation of terms, see pages 85-87. $14.12 12.57 12.53 12.41 11.37 11.29 $2.56 6.15 10.22 12.56 10.72 10.82 9.12 9.68 9.27 16.91 14.92 14.67 14.51 13.14 13.02 2.64 6.64 11.47 14.58 12.18 12.35 10.22 10.82 10.33 86.20 94.09 86.54 85.60 85.88 91.16 19.57 43.90 66.17 97.12 101.50 106.94 88.47 93.16 96.49 CORPORATION $22.77 25.07 24.66 23.78 23.50 23.74 23.98 24.61 24.58 INSURANCE $9.62 13.38 13.98 14.38 13.12 12.64 12.77 12.40 12.09 DEPOSIT A p p ra ised va lu e o f assets 31933................................................................ 41934 .............................................................. 1935 ................................................... 1936 ..................................................... 1937 ..................................................... 1938 original5............................................... 1938 uniform5............................................... 1939 ...................................................... 1940................................................................ FEDERAL $100,000 or less Table 136. T otal A sset R atios op I nsured Commercial B anks E xamined by the F ederal D eposit I nsurance C orporation, 1933-1940 BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS Banks with deposits of— 1 $100,000 or less $100,000 to $250,000 $250,000 to $500,000 $500,000 to $1,000,000 $1,000,000 to $2,000,000 $2,000,000 to $5,000,000 $5,000,000 $10,000,000 More than to to $50,000,000 $10,000,000 $50,000,000 (2) P E R $100 OF B O O K V A L U E : $8.48 4.69 2.46 1.36 1.45 1.50 1.28 1.00 .67 $8.74 5.24 2.32 .73 .80 1.21 .99 .76 .42 $10.94 5.89 2.77 .81 .96 1.65 1.22 .89 .57 $11.54 6.55 3.94 1.43 1.28 2.01 1.56 1.28 .90 $11.24 7.57 4.88 1.66 1.29 2.23 1.79 1.42 1.02 S u b sta n d a rd assets (ap p raised value) 61933.............................................................. 61934.............................................................. 71935................................................................ 71936................................................................ 81937................................................................ 1938 original5............................................... 1938 uniform5............................................... 1939................................................................ 1940................................................................ 19.62 16.21 15.62 12.37 12.75 10.47 8.44 17.80 13.38 13.94 11.83 9.06 14.95 11.93 12.33 9.57 7.51 13.75 10.32 10.68 8.63 6.53 14.84 11.31 11.75 9.09 7.05 15.72 12.25 12.68 10.36 7.86 A ssets n o t c r itic iz e d (a p p ra ised value) 61933................................................................ 61934................................................................ 71935................................................................ 71936................................................................ 1937................................................................ 1938 original5............................................... 1938 uniform5............................................... 1939................................................................ 1940................................................................ 76.27 82.37 83.32 85.95 85.72 88.32 90.79 79.03 83.60 83.35 86.09 89.69 83.60 86.57 86.39 89.43 91.82 85.45 88.47 88.33 90.61 93.05 84.20 87.04 87.03 90.02 92.38 83.00 85.74 85.76 88.36 91.24 $11.24 7.89 5.61 $1.99 1.95 2.32 1.86 1.18 .94 $2.21 .65 1.78 1.91 1.69 .92 $9.51 8.11 4.97 .37 *.16 *.71 1.17 .69 .34 16.88 13.56 14.00 11.59 10.06 18.63 14.84 15.24 11.36 9.82 16.90 14.17 14.42 12.95 10.73 10.91 8.27 8.51 6.48 5.03 81.83 84.21 84.21 86.99 88.92 79.42 82.84 82.90 87.46 89.24 82.45 84.05 83.67 85.36 88.35 89.25 92.44 90.32 92.83 94.63 N ote : For banks included and explanation of terms, see pages 85-87. 187 1 Deposits are as of date of examination, except for 1934 and 1935, when deposits are as of December 31. * Because of the small number of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. 8 Examination for admission to insurance in late 1933 and early 1934. 4 Examiners’ net additions to total assets. * Results of all examinations made in 1938 were tabulated both on the basis of the original procedure and of the uniform procedure. * Figures not available. 7 Figures not available b y size of bank. * Includes all fixed assets. BANKS $9.28 6.20 4.55 3.80 3.17 3.02 2.71 2.08 1.25 OF INSURED $10.47 6.73 4.11 1.42 1.06 1.68 1.53 1.21 .77 OF EXAMINATIONS E x a m in e rs ’ d e d u c t io n s (n et) fr o m assets 81933................................................................ 1934................................................................ 1935................................................................ 1936................................................................ 1937................................................................ 1938 original5............................................... 1938 uniform5............................................... 1939................................................................ 1940................................................................ ANALYSIS All banks L o a n R a t i o s OF INSURED COMMERCIAL BANKS EXAMINED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, 1934-1940 BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS 188 T able 1 3 7 . Banks with deposits of— 1 All banks $100,000 to $250,000 $250,000 to $500,000 $500,000 to $1,000,000 $1,000,000 to $2,000,000 $2,000,000 to $5,000,000 $5,000,000 $10,000,000 M ore than to to $50,000,000 $10,000,000 $50,000,000 (2) P E R $100 OF B O O K V A L U E : $6.08 4.64 3.55 2.62 2.08 1.59 1.27 .94 $6.50 4.29 3.08 1.99 1.51 1.20 .90 .61 $6.41 4.48 3.35 2.11 1.70 1.40 .97 .64 $7.60 6.11 4.32 2.52 1.93 1.66 1.31 .97 $8.86 7.79 5.19 2.88 2.47 2.20 1.58 1.08 $4.88 3.69 2.08 1.85 1.48 1.35 $6.31 3.05 2.50 2.26 1.90 .84 $8.71 7.84 3.80 .91 .96 .91 .41 .41 S u b sta n d a rd lo a n s (appraised value) 1934................................................................ 1935................................................................ 1936................................................................ 1937................................................................ 1938 original3............................................... 1938 uniform3............................................... 1939................................................................ 1940................................................................ 32.62 25.41 21.04 16.36 14.27 14.55 12.15 9.81 34.81 25.94 22.32 19.63 16.94 17.72 15.70 12.78 35.07 23.94 19.73 16.63 14.40 14.89 12.24 9.84 34.37 23.73 18.72 15.06 12.25 12.56 10.49 8.23 35.85 26.02 20.45 16.05 13.17 13.47 10.43 8.25 33.94 26.07 21.24 16.89 14.27 14.54 12.01 9.31 31.25 26.87 22.81 18.94 15.72 15.99 13.23 11.29 31.23 26.31 20.39 16.86 16.02 16.25 12.48 10.90 23.54 15.03 16.46 16.70 14.59 11.80 25.78 20.57 19.01 13.51 9.99 10.04 10.31 8.41 L o a n s n o t c r itic iz e d (appraised value) 1934................................................................ 1935................................................................ 1936................................................................ 1937................................................................ 1938 original3............................................... 1938 uniform3............................................... 1939................................................................ 1940................................................................ 59.36 68.06 74.55 81.10 83.74 83.74 86.54 89.32 56.76 66.98 71.28 75.61 79.32 79.32 81.64 85.56 58.85 71.42 76.72 80.75 83.52 83.52 86.49 89.22 59.13 71.98 78.20 82.95 86.24 86.24 88.61 91.16 57.74 69.50 76.20 81.84 85.13 85.13 88.60 91.11 58.46 67.82 74.44 80.59 83.80 83.80 86.68 89.72 59.89 65.34 72.00 78.18 81.81 81.81 85.19 87.63 58.85 65.18 74.73 79.45 81.90 81.90 86.04 87.75 70.15 81.92 81.04 81.04 83.51 87.36 65.51 71.59 77.19 85.58 89.05 89.05 89.28 91.18 $9.92 8.51 A Deposits are as of date of examination, except for 1934 and 1935, when deposits are as of December 31. 8 Because of the small number of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. 8 Results of all examinations made in 1938 were tabulated both on the basis of the original procedure and of the uniform procedure. N ote : For banks included and explanation of terms, see pages 85-87. CORPORATION $8.43 7.08 6.40 4.76 3.74 2.96 2.66 1.66 INSURANCE $8.02 6.53 4.41 2.54 1.99 1.71 1.31 .87 DEPOSIT E x a m in ers’ d e d u c t io n s (n et) f r o m loa n s 1934................................................................ 1935................................................................ 1936................................................................ 1937................................................................ 1938 original3............................................... 1938 uniform3............................................... 1939................................................................ 1940................................................................ FEDERAL $100,000 or less Table 138. A s s e t R a t i o s OF INSURED COMMERCIAL BANKS EXAMINED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, 1940 BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS $100,000 to $250,000 $250,000 to $500,000 $500,000 to $1,000,000 $1,000,000 to $2,000,000 $2,000,000 to $5,000,000 7,075 357 1,837 2,022 1,471 816 413 $100.00 .77 99.23 8.UU 90.79 $100.00 1.25 98.75 9.06 89.69 $100.00 .67 99.33 7.51 91.82 $100.00 .42 99.58 6.53 93.05 $100.00 .57 99.43 7.05 92.38 $100.00 .90 99.10 7.86 91.2U $100.00 1.02 98.98 10.06 88.92 $5,000,000 $10,000,000 M ore than to to $50,000,000 $10,000,000 $50,000,000 0 93 60 6 $100.00 .92 99.08 10.73 88.35 $100.00 .34 99.66 5.03 9U-63 P E R $100 OF B O O K V A L U E : T otal a ssets........................................................ Examiners' deductions (net) ........................ Appraised value............................................... Substandard.................................................. Not criticized................................................. $100.00 .94 99.06 9.82 89.2 U 100.00 100.00 100.00 100.00 100.00 100.00 100 00 100.00 100.00 100.00 .68 99.32 8.65 90.67 100.00 .30 99.70 8.U0 91.80 100.00 .13 99.87 9.11 90.76 100.00 .20 99.80 8.1U 91.66 100.00 .63 99.37 9.27 90.10 100.00 .80 99.20 9.03 90.17 100.00 1.08 98.92 10.77 88.15 100.00 .86 99.14 10.66 88.U8 100.00 .63 99.37 8.U7 90.90 100.00 .35 99.65 2.72 96.93 L oan s..................................................................... Examiners* deductions (n e t)........................ Appraised value............................................... Substandard.................................................. Not criticized................................................. 100.00 .87 99.13 9.81 89.82 100.00 1.66 98.34 12.78 85.56 100.00 .94 99.06 9.8U 89.22 100.00 .61 99.39 8.23 91.16 100.00 .64 99.36 8.25 91.11 100.00 .97 99.03 9.31 89.72 100.00 1.08 98.92 11.29 87.63 100.00 1.35 98.65 10.90 87.75 100.00 .84 99.16 11.80 87.36 100.00 .41 99.59 8.U1 91.18 Fixed and miscellaneous assets................. Examiners’ deductions (n e t)........................ Appraised v a lu e .............................................. Substandard.................................................. Not criticized................................................. 100.00 5.22 94.78 US.18 U9.60 100.00 9.51 90.49 37.U7 53.02 100.00 7.11 92.89 31.87 61.02 100.00 3.74 96.26 33.30 62.96 100.00 4.31 95.69 36.U9 59.20 100.00 7.51 92.49 U1.90 50.59 100.00 5.85 94.15 52.52 U1.63 100.00 3.97 96.03 U9.31 U6.72 100.00 5.13 94.87 U8.23 U6.6U 100.00 1.54 98.46 39.SU 59.12 1 Because of the small number of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. N o te: For banks included and explanation of terms, see pages 85-87. BANKS 100.00 Securities............................................................ Examiners’ deductions (n e t)........................ Appraised value............................................... Substandard.................................................. Not criticized................................................. OF INSURED Gash and due from banks........................... OF EXAMINATIONS Num ber of banks.................................... $100,000 or less ANALYSIS Banks with deposits of— All banks CD O EARNINGS OF INSURED COMMERCIAL BANKS Table 139. E A R N IN G S, E XPE N SE S, AND DIVIDEN DS OF INSURED COMMERCIAL B A N K S , 1934-1940' (Amounts in thousands of dollars) 1936 1935 1937 1938 1939 1940 14,123 13,969 13,795 13,657 13,534 13,438 690,601 550,092 75,748 202,008 1,518,449 643,217 547,727 90,003 205,188 1,486,135 663,195 573,991 105,056 224,490 1,566,732 709,962 572,019 110,995 240,598 1,633,574 705,037 531,854 115,226 232,263 1,584,380 726,922 521,681 121,525 235,372 1,605,500 768,770 499,650 129,380 233,274 1,631,074 302,603 7,324 262,228 2,647 402,038 410,953 77,043 47,747 280,412 1,117,167 79,258 39,912 288,074 1,083,072 237,222 1,630 10,369 177,431 249,611 95,327 52,248 299,738 1,123,576 235,350 1,333 11,239 187,024 265,141 102,771 51,457 307,559 1,161,874 229,629 926 11,721 191,984 269,952 99,032 56,384 294,851 1,154,479 215,237 622 12,178 196,426 274,934 102,344 53,567 299,795 1,155,103 200,790 474 12,439 202,357 282,837 117,168 61,811 309,489 1,187,365 INSURANCE 401,282 403,063 443,156 471,700 429,901 450,397 443,709 514,562 52,874 5191,777 528,368 81,812 5287,788 267,922 110,595 175,092 117,239 89,860 57,919 172,857 56,405 61,579 214,959 65,581 66,495 177,774 65,887 73,274 T otal profits on assets sold, recoveries, etc............................................ 32,814 292,027 34,484 432,452 31,532 585,141 43,836 308,854 38,381 329,222 34,137 381,172 32,200 349,135 Net earnings, profits and recoveries on assets, etc...................................... 693,309 835,515 1,028,297 780,554 759,123 831,569 792,844 552,857 391,547 88,874 1,033,278 318,732 239,193 70,175 628,100 250,266 154,758 96,641 501,665 141,537 176,457 77,098 395,092 150,100 221,903 82,507 454,510 136,137 215,170 86,938 438,245 113,699 193,054 79,290 386,043 Current operating earnings: Commissions, fees, and collection, exchange, and service charges............... Current operating expenses: | Other expenses of occupancy and maintenance of banking quarters4.......... Profits on assets sold or exchanged, recoveries, and reductions in valuation allowances: Recoveries and reductions in valuation allowances on loans. ....................... Recoveries and reductions in valuation allowances on securities................. All other recoveries, profits on assets sold, and reductions in valuation Losses, charge-offs, and additions to valuation allowances: All other losses, charge-offs, and additions to valuation allowances............ f { CORPORATION 14,137 DEPOSIT FEDERAL 1934 -339,969 207,415 -339,969 207,415 526,632 2,442 524,190 385,462 4,848 380,614 304,613 4,344 300,269 393,324 4,641 388,683 406,801 5,690 401,111 Gash dividends declared and interest paid on capital: Interest paid on capital notes and debentures and dividends declared on preferred s tock ................................................................................................... Dividends declared on com m on capital.............................................................. Total cash dividends declared and interest paid on capital.......... 17,796 169,973 187,769 33,321 174,216 207,537 34,531 188,886 223,417 24,195 201,450 225,645 19,435 202,674 222,109 18,448 213,836 232,284 17,313 219,437 236,750 N et profits after dividends..................................................................................... -527,738 -122 300,773 154,969 78,160 156,399 164,361 52,518 180,893 53,235 188,410 54,080 187,189 54,713 191,612 55,717 197,523 N et profits before incom e taxes and dividends6........................................... Federal and State taxes on net incom e7.................................................................. Net profits after incom e taxes.............................................................................. Number of active officers, Decem ber 3 1 .................................................... Number of other employees, December 31............................................... (8) (8) (8) (8) Minus (-) indicates net loss. BANKS 191 OF INSURED N ote: EARNINGS 1 All figures in this table differ from those published in previous Annual Reports b y the inclusion of figures for insured national banks in the possessions and insured banks in the District of Columbia not members of the Federal Reserve System, which were formerly excluded. 2 Excludes trust companies not engaged in deposit banking, which submit reports to F D IC (1 for 1934, 1 for 1935, 2 for 1936, 2 for 1937, 2 for 1938, 3 for 1939, and 4 for 1940); and banks for which statements are not available (9 for 1934, 2 for 1935, 2 for 1936, 2 for 1938, and 1 for 1939). For additional exclusions and duplications, see page 88. * E xcept for 1934 and 1935, excludes income taxes paid by banks submitting reports to F D IC . 4 For banks submitting reports to F D IC , 1936-1940, consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy and maintenance of banking quarters; for banks not submitting reports to F D IC , and in 1934 and 1935 for banks submitting reports to F D IC , consists of regular and extra ordinary depreciation allowances on banking house, furniture and fixtures. See pages 89-90. 5 Profits on securities available separately only for banks submitting reports to F D IC ; included with recoveries for banks not submitting reports to F D IC . 6 After paym ent of income taxes for banks not submitting reports to F D IC , and in 1934 and 1935 for banks submitting reports to F D IC . See footnote 3. 7 Incom e taxes available only for banks submitting reports to F D IC . See footnote 3. 8 N ot available. 192 Table 140. R A T IO S OF E A R N IN G S, E XPE N SE S, AND DIVIDEN DS OF INSURED COMMERCIAL B A N K S , 1934-1940 (Amounts per $100 of total assets1) 1935 1936 1938 1937 1939 1940 Num ber of banks2............................................................................................. 14,137 14,123 13,969 13,795 13,657 13,534 13,438 Current operating earnings: Interest and discount on loa n s............................................................................... Interest and dividends on securities..................................................................... Commissions, fees, and collection, exchange, and service charges............... Other current operating earnings.......................................................................... Gross current operating earnings.............................................................. $1.53 1.22 .17 .45 3.37 $1.33 1.14 .19 .42 3.08 $1.24 1.07 .20 .41 2.92 $1.29 1.04 .20 .44 2.97 $1.28 .96 .21 .42 2.87 $1.22 .87 .20 .39 2.68 $1.16 .75 .19 .35 2.45 DEPOSIT $0.67 .02 $0.54 .01 $0.44 .00 .02 .33 -47 .18 .09 .56 2.09 $0.43 .00 .02 .34 .48 .19 .09 .56 2.11 $0.42 .00 .02 .35 .49 .18 .10 .53 2.09 $0.36 .00 .02 .33 .46 .17 .09 .50 1.93 $0.30 .00 .02 .30 .43 .18 .09 .47 1.79 INSURANCE FEDERAL 1934 Current operating expenses: Interest on time and savings deposits.................................................................. Interest and discount on borrow ings.................................................................... Directors’ and professional fees.............................................................................. ) Officers’ salaries.......................................................................................................... Employees’ salaries and w ages............................................................................... Taxes3............................................................................................................................ Other expenses of occupancy and maintenance of banking quarters4.......... Other current operating expenses.......................................................................... T otal current operating expenses............................................................... ( .85 .17 .11 .62 2.48 .16 .08 .60 2.24 Net current operating earnings........................................................................... $0.89 $0.84 $0.83 $0.86 $0.78 $0.75 $0.66 Profits on assets sold or exchanged, recoveries, and reductions in valuation allowances: Profits on securities sold or exchanged................................................................ Recoveries and reductions in valuation allowances on loans......................... Recoveries and reductions in valuation allowances on securities................. All other recoveries, profits on assets sold, and reductions in valuation allowances............................................................................................................ Total profits on assets sold, recoveries, etc............................................ $60.03 .12 5.43 $50.06 .17 5.60 $0.50 .21 .33 $0.21 .16 .11 $0.31 .10 .11 $0.36 .11 .11 $0.27 .10 .11 .07 .65 .07 .90 .05 1.09 .08 .56 .07 .59 .06 .64 .05 .53 Net earnings, profits and recoveries on assets, etc...................................... $1.54 $1.74 $1.92 $1.42 $1.37 $1.39 $1.19 $1.23 .87 .19 2.29 $0.66 .50 .15 1.31 $0.47 .29 .18 .94 $0.26 .32 .14 .72 $0.27 .40 .15 .82 $0.23 .35 .15 .73 $0.17 .29 .12 .58 1 Losses, charge-offs, and additions to valuation allowances: On securities................................................................................................................ All other losses, charge-offs, and additions to valuation allowances............ T otal losses, charge-offs, etc......................................................................... CORPORATION .89 N et profits before incom e taxes and dividends8. Federal and State taxes on net incom e7....................... N et profits after incom e taxes.................................. $-0.75 $0.43 -0.75 .43 $0.98 .00 .98 $0.70 .01 .69 $0.55 .01 .54 $0.66 .01 .65 $0.61 .01 .60 $0.04 .38 .42 $0.07 .36 .43 $0.06 .36 .42 $0.04 .37 .41 $0.03 .37 .40 $0.03 .36 .39 $0.03 .33 .36 Net profits after dividends........................................................................... $-1.17 $-0.00 $0.56 $0.28 $0.14 $0.26 $0.24 Num ber of active officers, Decem ber 31 (average per bank) Num ber of other employees, December 31 (average per b a n k ). (8) (8) (8) (8) 3.8 12.9 3.9 13.7 4.0 13.7 4.0 14.2 4.1 14.7 Gash dividends declared and interest paid on capital: Interest paid on capital notes and debentures and dividends declared on preferred s tock ......................................................................................... Dividends declared on com m on capital.................................................... T otal cash dividends declared and interest paid on capital. Minus (-) indicates net loss. BANKS OF INSURED N ote: EARNINGS 1 Total assets are averages of figures at beginning, middle, and end of year for banks submitting statements of assets and liabilities. See page 89. 2 Excludes trust companies not engaged in deposit banking which submit reports to F D IC (1 for 1934, 1 for 1935, 2 for 1936, 2 for 1937, 2 for 1938, 3 for 1939, and 4 for 1940); and banks for which statements are not available (9 for 1934, 2 for 1935, 2 for 1936, 2 for 1938, and 1 for 1939). For additional exclusions and duplications, see page 88. 8 E xcept for 1934 and 1935, excludes income taxes paid by banks submitting reports to F D IC . 4 For banks submitting reports to F D IC , 1936-1940, consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy and maintenance of banking quarters; for banks not submitting reports to F D IC , and in 1934 and 1935 for banks submitting reports to F D IC , consists of regular and extra ordinary depreciation allowances on banking house, furniture and fixtures. See pages 89-90. 5 Profits on securities available separately only for banks submitting reports to F D IC ; included with recoveries for banks not submitting reports to F D IC . 6 A fter paym ent of incom e taxes for banks not submitting reports to F D IC , and in 1934 and 1935 for banks submitting reports to F D IC . See footnote 3. 7 Incom e taxes available only for banks submitting reports to F D IC . See footnote 3. 8 N ot available. <r> co EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED COMMERCIAL BAN KS, 194 T able 141. 1940 BY CLASS OF BANK (Amounts in thousands of dollars) Banks submitting reports to F D IC 2 Members F . R . System Other1 National Total State Operating throughout the year Operating less than full year3 1,342 10 6,942 6,871 71 Current operating earnings: Interest and discount on loa n s............................................................................... Interest and dividends on securities..................................................................... Commissions, fees, and collection, exchange, and service charges............... Other current operating earnings.......................................................................... Gross current operating earnings.............................................................. 768,770 499,650 129,380 233,274 1,631,074 410,354 283,394 63,767 104,838 862,353 185,057 147,839 28,787 99,013 460,696 1,200 308 384 92 1,984 172,159 68,109 36,442 29,331 306,041 171,012 67,770 36,179 29,213 304,174 1,147 339 263 118 1,867 Current operating expenses: Interest on time and savings deposits................................................................. Interest and discount on borrowings ............................................................. Directors’ and professional fees.............................................................................. Officers’ salaries.......................................................................................................... Employees’ salaries and w ages............................................................................... Taxes4........................................................................................................................... Other expenses of occupancy and maintenance of banking quarters5.......... Other current operating expenses.......................................................................... T otal current operating expenses............................................................... 200,790 474 12,439 202,357 282,837 117,168 61,811 309,489 1,187,365 105,120 76 5,349 103,799 150,824 65,971 28,282 166,779 626,200 42,350 48 2,341 51,667 94,010 34,431 17,191 98,256 340,294 270 15 229 350 181 53 360 1,458 53,050 350 4,734 46,662 37,653 16,585 16,285 44,094 219,413 52,750 346 4,703 46,335 37,444 16,503 16,181 43,739 218,001 300 4 31 327 209 82 104 355 1,412 N et current operating earnings........................................................................... 443,709 236,153 120,402 526 86,628 86,173 455 Profits on assets sold or exchanged, recoveries, and reductions in valuation allowances: Profits on securities sold or exchanged................................................................ Recoveries and reductions in valuation allowances on loans......................... Recoveries and reductions in valuation allowances on securities................. All other recoveries, profits on assets sold, and reductions in valuation allowances............................................................................................................ T otal profits on assets sold, recoveries, etc............................................ 177,774 65,887 73,274 105,005 36,729 40,982 54,136 18,565 22,837 33 28 15 18,600 10,565 9,440 18,519 10,502 9,411 81 63 29 32,200 349,135 15,314 198,030 9,182 104,720 6 82 7,698 46,303 7,656 46,088 42 215 Net earnings, profits and recoveries on assets, etc...................................... 792,844 434,183 225,122 608 132,931 132,261 670 CORPORATION 5,144 INSURANCE 13,438 DEPOSIT Number of banks............................................................................................... FEDERAL Banks not submitting reports to F D IC All insured banks 113,699 193,054 79,290 386,043 58,165 107,904 27,425 193,494 32,243 56,054 28,405 116,702 Net profits before incom e taxes and dividends6........................................... Federal and State taxes on net in com e................................................................... N et profits after incom e taxes.............................................................................. 406,801 75,690 401,111 240,689 (7) 240,689 108,420 (7) 108,420 Cash dividends declared and interest paid on capital: Interest paid on capital notes and debentures and dividends declared on preferred stock ................................................................................................... Dividends declared on com m on capital.............................................................. T otal cash dividends declared and interest paid on capital.......... 17,313 219,437 236,750 8,117 124,879 132,996 N et profits after dividends..................................................................................... 164,361 N um ber of active officers, December 3 1 .................................................... Num ber of other em ployees, December 31................................................ 55,717 197,523 68 69 18 155 23,223 29,027 23,442 75,692 23,093 28,898 23,353 75,344 130 129 89 348 453 453 57,239 5,690 51,549 56,917 5,653 51,264 322 37 285 4,611 72,873 77,484 28 198 226 4,557 21,487 26,044 4,540 21,303 25,843 17 184 201 107,693 30,936 227 25,505 25,421 84 26,109 103,676 9,260 60,107 56 227 20,292 33,513 20,092 33,259 200 254 (7) Back figures— See Table 139, and the following Annual Reports: BANKS 1939, p. 182; 1938, p. 214; 1937, p. 141 and p . 144; 1936, p . 165: 1935, p . 198. See pages 89-90. OF INSURED 1 National banks in the possessions and State banks in the District of Columbia, not members of the Federal Reserve System. 2 Excludes 4 trust companies not engaged in deposit banking. For additional exclusions and duplications, see page 88. ! Banks submitting reports covering less than the full year’s operations or materially affected by mergers. 4 Excludes income taxes paid by banks submitting reports to FD IC . 5 Consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures for banks not submitting reports to F D IC . 6 After paym ent of income taxes for banks not submitting reports to F D IC . See footnote 4. 7 Incom e taxes available only for banks submitting reports to F D IC . See footnote 4. EARNINGS Losses, charge-offs, and additions to valuation allowances: On loans....................................................................................................................... On securities............................................................................................................... All other losses, charge-offs, and additions to valuation allowances............ T otal losses, charge-offs, etc........................................................................ CO OT Table 142. DISTRIBUTION OF INSURED COMMERCIAL BANKS ACCORDING TO RATE OF NET EARNINGS, 1940 BAN KS GROUPED B Y AMOUNT OF DEPOSITS, POPULATION OF CENTER IN WHICH LOCATED, AND NUMBER OF COMMERCIAL BANKING OFFICES IN CENTER IN WHICH LOCATED 196 Banks with net current operating earnings per $100 of total assets of— 1 All banks $-0.50 or less $-0.01 to $-0.49 $0.00 to $0.49 $0.50 to $0.99 $1.00 to $1.49 $1.50 to $1.99 $2.00 to $2.49 $2.50 to $2.99 $3.00 or more 976 3,773 4,303 2,360 963 375 252 359 2,159 3,020 6 9 8 6 24 21 27 120 172 68 380 687 83 591 973 78 507 683 42 310 296 23 130 103 26 88 77 $500,000 to $1,000,000........................................................ $1,000,000 to $2,000,000.................................................... $2,000,000 to $5,000,000.................................................... 2,956 2,130 1,482 4 5 2 25 22 14 164 160 150 809 704 602 ' 1,043 804 519 591 311 155 199 81 28 78 30 8 43 13 4 $5,000,000 to $10,000,000................................................. $10,000,000 to $50,000 000 .......................... M ore than $50,000 000 .............................. 505 421 132 1 8 7 74 73 36 229 213 81 160 115 15 28 7 3 4 1 2 1 B a n k s in ce n te r s w ith p o p u la t io n o f — Less than 250......................................................................... 250 to 500............................................................................... 500 to 1,0 0 0 ........................................................................... 626 1,564 2,293 4 1 5 6 10 20 40 80 128 122 335 560 203 497 709 143 361 498 74 166 235 22 69 86 12 45 52 1,000 to 2 ,5 0 0 ........................................................................ 2,500 to 5 ,0 0 0 ...................................................... ................. 5,000 to 10,000..................................................................... 2,924 1,705 1,283 11 5 1 29 21 15 175 111 114 690 499 403 988 603 453 612 293 204 257 108 63 106 42 19 56 23 11 10,000 to 25,000................................................................... 25,000 to 50,000................................................................... 50,000 or m ore....................................................................... 1,105 487 1,177 3 2 3 4 5 17 101 50 177 444 206 514 380 169 301 126 39 84 21 8 31 10 2 19 16 6 31 B an k s in ce n te r s w ith — 1 banking office..................................................................... 2 banking offices................................................................... 3 banking offices................................................................... 6,913 3,553 1,050 15 11 5 52 45 6 389 279 86 1,640 1,057 391 2,225 1,249 375 1,476 604 125 682 207 28 264 78 13 170 23 21 4 banking offices................................................................... 5 banking offices................................................................... 6 banking offices ................................................................. 388 201 137 1 1 3 3 4 44 14 17 152 89 54 114 68 42 52 20 10 13 3 2 2 1 2 7 2 6 7 or 8 banking offices.......................................................... 9 to 19 banking offices........................................................ 20 or more banking offices................................................. 143 294 485 1 1 2 5 7 13 42 92 68 104 218 37 86 107 14 34 25 3 9 16 2 3 10 4 10 9 1 Asset and liability items are averages of figures for March 26, 1940, June 29, 1940, and December 31, 1940, for banks not reporting to F D IC ; and of figures for December 30, 1939, June 29, 1940, and December 31, 1940, for banks reporting to F D IC . 2 For explanation of banks included, see pages 88-89. Back figures—See the Annual Report for 1939, p. 184. CORPORATION 127 INSURANCE 35 DEPOSIT 13,164 B a n k s w ith d e p o sits o f — 1 $100,000 or less..................................................................... $100,000 to $250,000........................................................... $250,000 to $500,000........................................................... FEDERAL A ll b a n k s 2.................................................................................. Table 143. DISTRIBUTION OF INSURED COMMERCIAL BANKS ACCORDING TO RATE OF NET PROFITS, 1940 BANKS GROUPED BY AMOUNT OF DEPOSITS, POPULATION OF CENTER IN WHICH LOCATED, AND NUMBER OF COMMERCIAL BANKING OFFICES IN CENTER IN WHICH LOCATED Banks with net profits before dividends per $100 of total assets of — 1 All banks $ - 2.00 or less $ - 1.00 to $-1.99 359 2,159 3,020 12 23 23 $500,000 to $1,000,000........................................ $ 1 , 000,000 to $2 , 0 0 0 ,0 0 0 .................................... $2,000,000 to $5,000,000.................................... 2,956 2,130 1,482 23 42 22 22 22 $5,000,000 to $10,000,000.................................. $10,000,000 to $50,000,000................................ M ore than $50,000,000........................................ 505 421 132 3 4 B a n k s in c e n te r s w ith p o p u la tio n o f — Less than 250.......................................................... 250 to 500= =........................................................... 500 to 1,000............................................................ 626 1,564 2,293 1,000 to 2 ,5 0 0 ........................................................ 2,500 to 5,000........................................................ 5,000 to 10,000...................................................... 2,924 1,705 1,283 10,000 to 25,000.................................................... 25,000 to 50,000.................................................... 50,000 or m ore....................................................... 1,105 487 1,177 B an k s in ce n te r s w ith — banking office...................................................... banking offices.................................................... 3 banking offices.................................................... 6,913 3,553 1,050 1 2 18 10 149 $2 .0 0 to $2.49 $2.50 to $2.99 $3.00 or more 644 1,975 4,023 3,244 1,562 748 247 194 5 10 39 46 24 109 128 63 249 368 77 495 791 63 523 806 46 349 463 29 213 224 11 20 72 84 19 67 55 137 399 338 299 846 724 573 803 553 321 397 187 90 162 87 25 51 34 22 6 10 6 103 61 13 14 4 4 1 3 221 101 29 54 32 5 1 5 13 10 30 27 19 45 21 12 62 45 35 120 7 4 21 2 128 96 35 217 2 79 11 3 16 30 42 28 89 105 78 298 162 398 596 146 405 599 226 330 55 114 165 15 38 52 49 38 28 126 82 74 374 228 214 784 529 440 766 442 311 429 205 201 100 72 33 123 50 10 58 19 63 212 102 417 190 507 262 115 198 69 26 57 22 257 9 28 11 5 15 333 184 38 899 534 183 1,824 1,133 392 1,777 909 263 998 389 80 499 182 29 176 37 14 129 33 14 18 79 44 25 153 85 53 79 33 28 33 7 3 4 5 2 12 8 3 5 17 29 29 67 115 61 116 206 25 57 73 14 14 16 2 10 2 10 10 21 67 35 80 48 131 69 10 6 21 4 4 4 201 4 3 137 2 7 or 8 banking offices........................................... 9 to 19 banking offices......................................... 20 or more banking offices.................................. 143 294 485 2 1 5 7 1 2 2 4 4 11 87 16 212 12 6 9 15 20 3 Q 12 9 7 1 1 £ D 4 10 47 12 10 12 3 4 3 Q O 3 1 Asset and liability items are averages of figures for March 26, 1940, June 29, 1940, and December 31, 1940, for banks not reporting to F D IC ; and of figures for December 30, 1939, June 29, 1940, and December 31, 1940, for banks reporting to F D IC . 2 For explanation of banks included, see pages 88-89. Back figures— See the Annual Report for 1939, p , 185. 197 4 banking offices.................................................... 5 banking offices.................................................... 6 banking offices.................................................... 388 $1.50 to $1.99 250 22 11 $ 1 .0 0 to $1.49 BANKS 128 $0.50 to $0.99 OP INSURED 13,164 B an k s w ith d e p o sits o f — 1 $ 100 ,00 0 or less...................................................... $100,000 to $250,000............................................ $250,000 to $500,000............................................ $ 0.00 to $0.49 EARNINGS A ll b a n k s 2 .................................................................. $-0.50 $ - 0.0 1 to $-0.99 to $-0.49 Table 144. DISTRIBUTION OF INSURED COMMERCIAL BANKS ACCORDING TO RATE OF NET EARNINGS AND BY RATE OF NET PROFITS, 1940 $-0.50 or less $-0.01 to $-0.49 $0.00 to $0.49 $0.50 to $0.99 $1.00 to $1.49 $1.50 to $1.99 $2.00 to $2.49 $2.50 to $2.99 $3.00 or more 127 976 3,773 4,303 2,360 963 375 252 24 11 56 71 181 795 445 3,328 305 3,998 114 2,246 27 936 14 361 5 247 128 149 8 3 4 7 18 26 41 61 33 35 17 15 4 3 1 1 $-0.50 to $ -0 .9 9 ................................................................... $-0.01 to $ -0 .4 9 ................................................................... 250 644 3 10 6 39 36 101 101 242 65 172 21 61 12 11 5 5 1 3 $0.00 to $ 0.4 9 ........................................................................ $0.50 to $ 0.9 9 ........................................................................ 1,975 4,023 5 3 36 25 428 274 850 1,821 468 1,437 142 337 26 93 13 24 7 9 $1.00 to $ 1 .4 9 ........................................................................ $1.50 to $ 1 .9 9 ........................................................................ 3,244 1,562 2 1 6 2 69 12 508 94 1,596 352 837 692 174 318 39 67 13 24 $2.00 to $ 2.4 9 ........................................................................ $2.50 to $ 2.9 9 ........................................................................ 748 247 1 8 3 35 11 99 24 171 35 250 54 133 57 51 63 $3.00 or m ore......................................................................... 194 1 1 9 22 32 21 28 80 Banks $100 $—2.00 or $-1.00 to with net profits before dividends per of total assets of— 1 less......................................................................... $ -1 .9 9 ................................................................... 1 Total assets are averages of figures for March 26, 1940, June 29, 1940, and December 31, 1940, for banks not reporting to F D IC ; and of figures for December 30, 1939, June 29, 1940, and December 31, 1940, for banks reporting to F D IC . 2 For explanation of banks included, see pages 88-89. Back figures— See the Annual Report for 1939, p. 186. CORPORATION 35 1,171 11,993 INSURANCE 13,164 Banks with losses— to ta l.................................. Banks with profits— to ta l................................ DEPOSIT All banks2................................................................................. FEDERAL Banks with net current operating earnings per $100 of total assets of— 1 All banks Table 145. DISTRIBUTION OF INSURED COMMERCIAL BANKS ACCORDING TO RATE OF INCOME ON LOANS, 1940 BANKS GROUPED B Y AMOUNT OF DEPOSITS, POPULATION OF CENTER IN WHICH LOCATED, AND RATE OF NET EARNINGS Banks with income on loans1 per $100 of total loans of— 2 All banks Less than $4,003 $4.00 to $4.99 $5.00 to $5.99 $6.00 to $6.99 $7.00 to $7.99 $8.00 to $8.99 $9.00 to $9.99 $11.00 $10.00 to $10.99 to $11.99 $12.00 or more 4,051 3,504 1,733 960 464 233 146 184 $100,000 to $250,000............................................................ $250,000 to $500,000............................................................ 359 2,159 3,020 4 15 21 7 67 173 26 353 770 62 567 928 75 486 552 71 285 278 36 164 145 30 88 64 19 53 42 29 81 47 $500,000 to $1,000,000......................................................... $1,000,000 to $2,000,000..................................................... $2,000,000 to $5,000,000..................................................... 2,956 2,130 1,482 60 41 69 249 254 303 953 913 693 939 618 323 380 167 63 223 77 21 79 33 3 37 11 3 19 10 2 17 6 2 505 421 132 55 98 93 168 182 30 224 110 9 44 23 7 3 4 1 1 3 1 1 1 250 to 500................................................................................ 500 to 1 ,000............................................................................. 626 1,564 2,293 2 16 21 48 88 148 165 358 588 180 463 687 127 310 394 68 147 222 17 73 114 9 48 44 7 24 31 3 37 44 1,000 to 2 ,5 0 0 ......................................................................... 2,500 to 5 ,000......................................................................... 5,000 to 10,000....................................................................... 2,924 1,705 1,283 54 26 30 197 150 133 800 586 495 867 480 374 415 226 130 282 129 55 139 57 31 79 18 11 41 15 15 50 18 9 10,000 to 25,000..................................................................... 25 000 to 50,000 ........................................................... 50,000 or m ore........................................................................ 1,105 487 1,177 45 27 235 186 124 359 486 223 350 256 83 114 70 17 44 32 6 19 9 2 22 7 3 14 5 8 9 2 12 w ith n e t c u r r e n t o p e r a tin g earnings per o f t o ta l assets o f — 2 less $-0 49 ............................ 35 127 3 15 6 27 6 37 9 28 3 10 4 3 4 4 2 $0.00 to $0.49......................................................................... $0.50 to $0.99......................................................................... 976 3,773 127 234 210 652 307 1,480 196 881 74 297 29 138 9 53 10 17 8 4 6 17 $1.00 to $ 1.4 9 ......................................................................... $1.50 to $ 1.99......................................................................... 4,303 2,360 61 14 425 87 1,549 526 1,322 772 539 454 236 268 77 122 45 50 21 35 28 32 $2.00 to $ 2.4 9 ......................................................................... $2.50 to $2.99 ....................................................................... $3.00 or m ore.......................................................................... 963 375 252 2 19 4 3 114 24 8 218 56 22 242 81 33 153 86 43 105 44 46 45 30 34 29 23 26 36 27 37 B a n k s w ith d e p o sits o f — 2 $5 000 000 to $10 000,000 $10 000 000 to $50 000 000 Mnrp fVian OOft ftOft .......................................... B an k s in c e n te r s w ith p o p u la tio n o f — B an k s $100 $—0 50 or $-0 01 to 1 1 Income on loans consists of the amount reported against the caption, “ Interest and discount on loans,” which includes renewal, mortgage, and other fees charged in con nection with loans owned by the bank. . 2 Asset and liability items are averages of figures for March 26,1940, June 29,1940, and December 31,1940, for banks not reporting to F D I C ; and of figures for December 30, 1939, June 29, 1940, and December 31, 1940, for banks reporting to FD IC . 8 Includes 6 cash depositories with no loans. 4 For explanation of banks included, see pages 88-89. Back figures—See the Annual Report for 1939, p. 187. BANKS 1,433 OF INSURED 456 EARNINGS 13,164 A ll b a n k s 4................................................................................... D i s t r i b u t i o n o f I n s u r e d C o m m e rcia l B a n k s A c c o r d in g t o R a t e o f Incom e o n L o a n s, 1940 200 Table 146. BANKS GROUPED"BY RATIO OF LOANS TO TOTAL ASSETS AND RATIO OF TIME AND SAVINGS DEPOSITS TO TOTAL DEPOSITS Banks with income on loans 1 per $100 of total loans of — 2 All banks $4.00 to $4.99 $5.00 to $5.99 $6 .00 to $6.99 $7.00 to $7.99 $8 .00 to $8.99 $9.00 to $9.99 $ 1 0.00 $ 11 .0 0 to $10.99 to $11.99 $ 1 2.00 or more 1,433 4,051 3,504 1,733 960 464 233 146 184 147 1,017 2,394 19 107 127 28 160 332 25 286 782 28 564 16 108 256 8 222 57 156 5 25 73 1 11 40 4 14 24 13 27 40 $30.00 to $39.99..................................................................... $40.00 to $49.99..................................................................... $50.00 to $59.99..................................................................... 3,226 3,073 2,041 110 60 25 360 304 164 1 ,0 2 1 957 613 839 841 655 403 438 286 236 235 165 119 123 61 53 37 33 33 44 29 20 10 $60.00 to $69.99..................................................................... $70.00 to $79.99..................................................................... $80.00 or m ore........................................................................ 907 309 50 6 2 70 13 259 98 256 91 179 41 9 9 8 6 8 10 30 15 g 18 2 71 29 3 4 6 3 6 6 Banks with tim e and savings deposits per $100 of total deposits of— 2 N o n e .......................................................................................... Less than $10.00.................................................................... $10.00 to $19.99..................................................................... $20.00 to $29.99..................................................................... 411 763 1,241 1,650 18 53 114 190 62 189 327 81 118 249 369 69 128 209 298 68 102 40 71 104 79 19 37 49 47 16 24 30 30 27 30 37 32 254 244 496 618 766 530 583 680 320 304 223 139 67 45 25 31 18 16 18 26 5 4 198 103 49 840 504 147 565 268 61 131 40 37 H 11 8 $30.00 to $39.99..................................................................... $40.00 to $49.99..................................................................... $50.00 to $59.99..................................................................... 2,014 2,090 $60.00 to $69.99..................................................................... $70.00 to $79.99..................................................................... $80.00 or m ore........................................................................ 1,819 951 339 1,886 11 84 93 67 49 57 45 31 13 6 210 116 167 211 122 81 66 10 g 15 8 6 2 3 12 11 2 2 2 19 1 Incom e on loans consists of the amount reported against the caption, “ Interest and discount on loans,” which includes renewal, mortgage, and other fees charged in con nection with loans owned by the bank. * Asset and liability items are averages of figures for March 26,1940, June 29,1940, and December 31,1940, for banks not reporting to F D IC ; and of figures for December 30, 1939, June 29, 1940, and December 31, 1940, for banks reporting to F D IC . 3 Includes 6 cash depositories with no loans. 4 For explanation of banks included, see pages 88-89. CORPORATION 456 INSURANCE 13,164 Banks with loans per $100 of total assets of— 2 Less than $10 .00 ..................................................................... $10.00 to $19 .99 ..................................................................... $20.00 to $29.99..................................................................... DEPOSIT All banks4.................................................................................... FEDERAL Less than $4,003 Table 147. DISTRIBUTION OF INSURED COMMERCIAL BANKS ACCORDING TO KATIO OF LOANS TO TOTAL ASSETS, 1940 BANKS GROUPED BY AMOUNT OF DEPOSITS, POPULATION OF CENTER IN WHICH LOCATED, AND RATE OF NET EARNINGS Banks with loans per $100 of total assets of— 1 All banks Less than $10,002 $10.00 to $19.99 $20.00 to $29.99 $30.00 to $39.99 $40.00 to $49.99 $50.00 to $59.99 $60.00 to $69.99 $70.00 to $79.99 $80.00 or more 1,017 2,394 3,226 3,073 2,041 907 309 50 359 2,159 3,020 10 18 18 9 53 146 27 203 399 57 417 680 76 605 816 95 487 581 59 273 277 21 89 89 5 14 14 $500,000 to $1,000,000....................................................... $1,000,000 to $2,000,000................................................... $2,000,000 to $5,000,000................................................... 2,956 2,130 1,482 27 21 25 182 232 187 525 453 436 768 612 396 735 458 260 463 252 125 182 72 36 66 25 15 8 5 2 $5,000,000 to $10,000,000................................................. $10,000,000 to $50,000,000............................................... More than $50,000,000....................................................... 505 421 132 13 11 4 86 83 39 156 145 50 144 119 33 72 45 6 26 12 6 2 1 3 1 1 B a n k s in ce n te r s w ith p o p u la tio n o f— Less than 250........................................................................ 250 to 500............................................................................... 500 to 1,000........................................................................... 626 1,564 2,293 1 10 18 11 31 113 44 121 280 89 306 515 151 430 625 172 389 442 111 203 213 40 65 83 7 9 4 1,000 to 2 ,5 0 0 ....................................................................... 2,500 to 5,000....................................................................... 5,000 to 10,000..................................................................... 2,924 1,705 1,283 32 22 17 206 149 143 490 375 314 752 440 368 730 398 260 472 229 136 192 71 38 46 20 5 4 1 2 10,000 to 2 5,000................................................................... 25,000 to 50,000................................................................... 50,000 or m ore...................................................................... 1,105 487 1,177 14 9 24 132 61 171 325 127 318 300 155 301 212 84 183 79 35 87 27 10 42 9 5 36 7 1 15 w ith n e t c u r r e n t o p e r a tin g earnings per o f t o ta l assets o f — 1 less........................................................................ $ -0 .4 9 ................................................................... 35 127 3 11 9 33 13 41 2 22 4 13 4 6 1 $0.00 to $ 0.4 9 ....................................................................... $0.50 to $ 0.9 9 ....................................................................... 976 3,773 43 58 220 470 364 987 206 1,101 86 755 41 307 13 72 3 21 2 $1.00 to $ 1.49....................................................................... $1.50 to $ 1.9 9 ....................................................................... 4,303 2,360 21 8 210 59 691 221 1,196 493 1,193 642 697 564 239 280 54 82 2 11 $2.00 to $2.49....................................................................... $2.50 to $2.99....................................................................... $3.00 or m ore........................................................................ 963 375 252 2 9 5 2 56 14 7 130 51 25 256 85 39 262 107 53 165 75 62 73 33 43 10 5 20 B an k s $100 $-0.50 or $-0.01 to 1 1 Asset and liability items are averages of figures for March 26,1940, June 29,1940, and December 31,1940, for banks not reporting to F D IC ; and of figures for December 30, 1939, June 29, 1940, and December 31, 1940, for banks reporting to F D IC . 2 Includes 6 cash depositories with no loans. 8 For explanation of banks included, see pages 88-89. Back figutes—See the Annual Report for 1939, p. 187. BANKS 147 OF INSURED 13,164 B a n k s w it h d e p o sits o f — 1 $100,000 or less.................................................................... $100,000 to $250,000.......................................................... $250,000 to $500,000.......................................................... EARNINGS A ll b a n k s 3................................................................................. Table 148. DISTRIBUTION OF INSURED COMMERCIAL BANKS ACCORDING TO RATE OF INTEREST PAID ON TlME AND SAVINGS DEPOSITS, 1940 BANKS GROUPED B Y AMOUNT OF DEPOSITS, POPULATION OF CENTER IN WHICH LOCATED, AND RATE OF NET EARNINGS A ll b a n k s 2..................... Banks with no time and savings deposits Banks paying interest per $100 of time and savings deposits of— 1 Less than $0.50 $0.50 to $0.99 $1.00 to $1.49 $1.50 to $1.99 $2.00 to $2.49 202 All banks $2.50 or more 170 1,275 2,309 5,165 3,247 587 359 2,159 3,020 47 130 124 8 23 31 5 46 97 23 120 314 104 777 1,265 121 849 1,008 51 214 181 $500,000 to $1,000,000 ........................................................ $1,000,000 to $2,000,000............................................................................... $2,000,000 to $5,000,000........................................................................... 2,956 2,130 1,482 68 37 4 40 17 14 194 281 303 459 507 472 1,311 909 567 789 338 117 95 41 5 $5,000,000 to $10,000,000............................................................................. $10,000,000 to $50,000,000............................................. M ore than $50,000,000..................................................... 505 421 132 1 4 15 18 151 142 56 198 167 49 134 90 8 17 7 1 B an k s in ce n te r s w ith p o p u la tio n o f — Less than 250.................................................................................................... 250 to 500.......................................................................................................... 500 to 1,000..................................................................... 626 1,564 2,293 9 59 97 1 13 14 8 30 68 40 106 215 242 628 941 264 605 803 62 123 155 1,000 to 2 ,5 0 0 ................................................................................................... 2,500 to 5,0 0 0 ................................................................................................... 5,000 to 10,000................................................................................................. 2,924 1,705 1,283 136 60 35 38 29 18 135 130 185 392 327 310 1,231 718 542 841 381 176 151 60 17 10,000 to 25,000........................................................ ; ........................... 25,000 to 50,000........................................................................................ 50,000 or m ore.................................................................................................. 1,105 487 1,177 12 2 1 15 3 39 194 118 407 335 187 397 438 150 275 100 24 53 11 3 5 B an k s w ith n e t c u r r e n t o p e r a tin g ea rn in g s p er $100 o f to ta l a ssets o f — 1 $-0.50 or less .................................................................................................... $-0.01 to $ -0 .4 9 .............................................................................................. 35 127 2 4 1 4 5 21 7 24 8 39 8 27 4 8 $0.00 to $ 0.4 9 ............................................................................................. $0.50 to $ 0.99................................................................................................. 976 3,773 36 83 33 46 184 511 221 882 334 1,474 146 665 22 112 $1.00 to $ 1.4 9 ................................................................................................... $1.50 to $ 1.9 9 ................................................................................................... 4,303 2,360 115 88 46 15 366 131 741 303 1,845 909 1,029 776 161 138 $2.00 to $ 2.4 9 ................................................................................................... $2.50 to $ 2.9 9 ................................................................................................. $3.00 or m ore.................................................................................................... 963 375 252 52 19 12 11 10 4 34 16 7 89 25 17 366 112 78 335 161 100 76 32 34 DEPOSIT 411 Report for 1939, pp. 188-89. CORPORATION Back figures—See the Annual INSURANCE 1 Asset and liability items are averages of figures for March 26,1940, June 29,1940, and December 31,1940, for banks not reporting to F D IC ; and of figures for December 30, 1939, June 29, 1940, and December 31, 1940, for banks reporting to F D IC . 2 For explanation of banks included, see pages 88-89. FEDERAL 13,164 B a n k s w ith d ep o sits o f — 1 $100,000 or less......... $100,000 to $250,000................................... $250,000 to $500,000 Table 149. D IS T R IB U T IO N OF IN SU RED COMMERCIAL B AN KS ACCORDING TO R A T IO OF T lM E AND SAVINGS DE PO SITS TO T O T A L D E POSITS, 1940 BAN KS GROUPED B Y RATE OF INTEREST PAID ON TIME AND SAVINGS DEPOSITS, RATE OF NET EARNINGS, AND RATIO OF LOANS TO TOTAL ASSETS Banks with time and savings deposits per $100 of total deposits o f banks $10.00 $20.00 Less than $30.00 $10.00 to $19.99 to $29.99 to $39.99 None 13,164 411 Banks with no tim e and savings deposits.......... Banks paying interest per $100 of tim e and sav ings deposits of— 1 411 411 $80.00 or more 763 1,241 1,650 1,886 2,014 2,090 1,819 951 339 170 1,275 2,309 130 110 125 15 183 225 8 148 296 8 147 270 2 222 336 5 216 385 1 175 382 1 61 217 13 73 $1.50 to $ 1.9 9 ......................................................................... $2.00 to $ 2.4 9 ......................................................................... $2.50 or m ore.......................................................................... 5,165 3,247 587 169 150 79 420 314 84 668 436 94 795 561 105 822 551 81 873 541 70 813 407 41 459 191 22 146 96 11 Banks $100 $—0.50 or $-0.01 to with net current operating earnings per of total assets of— 1 less........................................................................... $ -0 .4 9 ..................................................................... 2 4 3 6 6 13 2 16 7 12 15 7 25 6 18 2 14 4 $0.00 to $ 0.4 9 ......................................................................... $0.50 to $ 0.9 9 ......................................................................... 976 3,773 36 83 65 187 76 311 105 389 110 507 153 554 165 684 152 617 89 339 25 102 $1.00 to $ 1.4 9 ......................................................................... $1.50 to $ 1.9 9 ......................................................................... 4,303 2,360 115 88 220 120 334 246 515 358 609 399 663 402 726 332 679 253 354 116 88 46 $2.00 to $ 2.4 9 ......................................................................... $2.50 to $ 2.9 9 ......................................................................... $3.00 or m ore.......................................................................... 963 375 252 52 19 12 89 38 35 150 70 35 143 81 41 161 54 27 148 53 26 110 21 20 67 22 5 26 7 4 17 10 47 Banks with loans per $100 of total assets of— 1 Less than $10.003................................................................... $10.00 to $19.99..................................................................... $20.00 to $29.99..................................................................... 147 1,017 2,394 25 42 90 11 87 185 11 114 258 16 106 319 15 125 311 15 146 326 16 133 345 20 140 323 11 98 185 7 26 52 $30.00 to $39.99..................................................................... $40.00 to $49.99..................................................................... $50.00 to $59.99..................................................................... 3,226 3,073 2,041 112 86 38 204 156 81 333 297 161 422 409 224 474 467 333 479 459 351 493 506 367 418 442 296 229 185 153 62 66 37 $60.00 to $69.99..................................................................... $70.00 to $79.99..................................................................... $80.00 or m ore........................................................................ 907 309 50 17 1 30 9 55 11 1 130 22 2 117 41 3 173 58 7 168 56 6 130 45 5 59 28 3 28 38 23 BANKS 35 127 OF INSURED $0.50 to $ 0.9 9 ......................................................................... $1.00 to $ 1.4 9 ......................................................................... EARNINGS All banks2................................................................................... $40.00 $50.00 $60.00 $70.00 to $49.99 to $59.99 to $69.99 to $79.99 to o C O 1 Asset and liability items are averages of figures for March 26,1940, June 29,1940, and December 31,1940, for banks not reporting to F D IC ; and of figures for December 30, 1939, June 29, 1940, and December 31, 1940, for banks reporting to FD IC . 2 For explanation of banks included, see pages 88-89. 3 Includes 6 cash depositories with no loans. B ack figures — See the Annual Report for 1939, p. 189. 204 EARNINGS OF INSURED BANKS SUBM ITTING REPORTS TO THE FEDERAL DEPOSIT INSURANCE CORPORATION Table 150. E a r n i n g s , E x p e n s e s , a n d D i s p o s i t i o n o f P r o f i t s o f I n s u r e d C o m m e r c i a l B a n k s S u b m i t t i n g R e p o r t s t o t h e F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t i o n , 1934-1940 (Amounts in thousands of dollars) 11934 N et current operating earnings.................... 1939 1940 7,682 7,723 7,580 7,442 7,307 7,161 6,942 149,129 75,713 20,124 26,769 271,735 143,319 79,894 25,201 27,927 276,341 148,170 86,365 33,877 24,357 292,769 156,093 90,803 33,126 30,080 310,102 159,967 83,336 33,803 30,640 307,746 165,211 77,195 34,683 30,462 307,551 172,159 68,109 36,442 29,331 306,041 14,556 8,288 46,142 226,132 68,512 1,411 4,487 40,543 30,590 15,368 6,222 47,435 214,568 61,664 1,017 4,067 41,616 32,949 13,961 13,475 41,914 210,663 60,582 757 4,300 43,945 35,467 16,422 14,514 45,033 221,020 58,719 639 4,472 45,215 36,146 16,578 14,235 44,698 220,702 55,858 457 4,625 46,039 36,778 16,738 15,521 44,821 220,837 53,050 350 4,734 46,662 37,653 16,585 16,285 44,094 219,413 45,603 61,773 82,106 89,082 87,044 86,714 86,628 79,666 3,682 J 1938 73,798 f \ I 14,562 28,368 8,381 5,967 8,776 37,686 9,765 10,529 7,370 56,032 36,975 1,524 16,148 14,653 7,083 76,383 18,244 2,076 14,309 7,572 10,354 52,555 20,218 1,309 11,432 7,632 9,287 49,878 25,094 1,236 10,936 10,370 6,803 54,439 18,600 1,314 10,565 9,440 6,384 46,303 Net earnings, profits and recoveries on assets, etc....................... 83,289 117,805 158,489 141,637 136,922 141,153 132,931 99,862 70,770 27,375 198,007 65,897 40,263 16,607 122,767 43,213 23,166 31,588 97,967 36,660 28,415 28,223 93,298 28,091 39,756 30,406 98,253 27,959 35,501 32,435 95,895 23,223 29,027 23,442 75,692 -114,718 -4,962 38,669 48,339 60,522 4,344 4,848 2,442 Net profits after income taxes 34,325 43,491 58,080 45,258 4,641 40,617 57,239 5,690 51,549 Losses, charge-offs, and additions to valuation allowances: On loa n s................................................................... On securities................................................................ All other losses, charge-offs, and additions to valuation allowances............ T otal losses, charge-offs, etc..................... Net profits before income taxes and dividends Federal and State taxes on net in com e................................ ................................ CORPORATION Profits on assets sold or exchanged, recoveries, and reductions in valuation allowances: Profits on securities sold or exchanged....................................... Profits on other assets sold or exchanged.................................. Recoveries and reductions in valuation allowances on loans................. .Recoveries and reductions in valuation allowances on securities........... All other recoveries and reductions in valuation allow ances....................... T otal profits on assets sold, recoveries, etc..................... INSURANCE Current operating expenses: Interest on time and savings deposits . . . . Interest and discount on borrow ings............. Directors' and professional fees......................... Officers' salaries................................................. Employees’ salaries and w ages.......................... Taxes (other than on in com e)................................ Other expenses of occupancy and maintenance of banking quarters........... Other current operating expenses............................ Total current operating expenses......................... 1937 DEPOSIT Current operating earnings: Interest and discount on loa n s........................ Interest and dividends on securities........................................ Commissions, fees, and collection, exchange, and service charges. . . . Other current operating earnings........................ Gross current operating earnings....................................... 1936 FEDERAL Number of banks2..................... 11935 Cash dividends declared and interest paid on capital: Interest paid on capital notes and debentures and dividends declared on preferred stock ................................................................................................... Dividends declared on com m on capital............................................................... T otal cash dividends declared and interest paid on capital.......... N et profits after dividends......................................... ........................................... 2,640 11,289 13,929 7,734 12,739 20,473 7,205 17,311 24,516 6,227 18,196 24,423 4,947 18,672 23,619 4,747 20,308 25,055 4,557 21,487 26,044 -128,647 -25,435 19,068 10,706 15,562 25,505 4,022 2,670 2,982 287 2,713 12,674 1,474 3,953 2,810 90 1,768 10,095 1,937 1,575 567 18 1,483 5,580 9,045 2,211 6,365 49 1,057 18,727 1,745 2,007 1,983 36 925 6,696 Other deductions from capital accounts: Preferred capital retired (par or face va lu e)................... C om m on capital retired (par va lu e)................................. Premiums on preferred capital retired............................. Paym ents on subordinated claim s..................................... T otal other deductions from capital accounts. 16,645 594 29 5,087 22,355 15,040 467 253 3,897 19,657 8,887 479 42 2,096 11,504 11,537 190 53 2,808 14,588 18,405 151 176 3,257 21,989 4,782 19,701 10,212 1,019,078 1,042,961 1,013,8 1,023,3 997,904 1,0 974,905 994,606 958,573 968,785 Cash and due from b an k s. Securities................................ L oa n s...................................... Miscellaneous assets........... T otal a ssets.................... 1,567,381 2,439,957 2,497,141 450,971 6,955,450 1,612,757 2,645,720 2,640,610 409,559 7,308,646 1,585,227 2,554,063 2,712,983 380,858 7,233,131 1,799,738 2,475,971 2,785,226 347,534 7,408,469 2,090,011 2,328,818 2,893,839 311,761 7,624,429 L IA B IL IT IE S A N D C A P IT A L Dem and deposits.................................................................. Tim e deposits........................................................................ T otal deposits................................................................ Miscellaneous liabilities..................................................... T otal capital a ccou n ts........................................................ T otal liabilities and capital accounts................. 2,877,642 2,961,437 5,839,079 72,695 1,043,676 6,955,450 3,064,795 3,159,695 6,224,490 60,068 1,024,088 7,308,646 2,960,739 3,224,404 6,185,143 46,418 1,001,570 7,233,131 3.113.906 3.262.906 6,376,812 44,829 986,828 7,408,469 3,309,692 3,304,880 6,614,572 45,713 964,144 7,624,429 20,155 30,879 20,435 32,991 20,531 32,843 20,477 33,181 20,292 33,513 9,506 Assets and liabilities:3 ASSETS N um ber of active officers, Decem ber 3 1 .. . Num ber of other em ployees, December 31. 20,854 28,955 1 For differences between figures for 1934 and 1935 and subsequent years, see page 90. Items om itted are not available for 1934 and 1935. 2 Banks reporting to F D IC include all insured commercial banks not members of the Federal Reserve System except national banks in the possessions and State banks in the District of Columbia. Figures for trust companies not engaged in deposit banking (1 for 1934, 1 for 1935, 2 for 1936, 2 for 1937, 2 for 1938, 3 for 1939, and 4 for 1940) and banks for which statements are not available (9 for 1934, 2 for 1935, 2 for 1936, 2 for 1938, and 1 for 1939) are excluded from this table. 3 Asset and liability items are averages of figures for beginning, middle, and end of year except for 1936 when they are averages of end-of-m onth figures. N ote: Minus (-) indicates net loss. BANKS 23,883 Total capital accounts at beginning o f year........................... Total capital accounts at end o f y ea r...................................... OF INSURED N et change in total capital accounts for year........... EARNINGS 33,564 Other additions to capital accounts: Preferred capital sold (par or face v a lu e )....................... Com m on capital sold (par va lu e)...................................... Premiums on new capital sold ............................................ Deposits waived and subordinated.................................... Assessments and other contributions................................ T otal other additions to capital accounts.......... to o Ql RATIOS OF EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS S u b m ittin g R e p o r t s t o t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n , 1934-1940 206 Table 151. (Amounts per $100 of total assets1) 21934 21935 1936 1937 1938 1939 1940 7,307 7,161 6,942 $2.42 1.23 .33 .42 4.40 $2.21 1.23 .39 .43 4.26 $2.13 1.24 .49 .35 4.21 $2.14 1.24 .45 .41 4.24 $2.21 1.15 .47 .42 4.25 $2.23 1.04 .47 .41 4.15 $2.26 .89 .48 .38 4.01 $1.28 .06 $1.06 .02 .07 .62 .47 .24 .09 .73 3.30 $0.89 .02 .06 .60 .47 .20 .19 .60 3.03 $0.83 .01 .05 .60 .49 .22 .20 .62 3.02 $0.81 .01 .06 .63 .50 .23 .20 .61 3.05 $0.75 .01 .06 .62 .50 .23 .21 .60 2.98 $0.70 .00 .06 .61 .49 .22 .21 .58 2.87 $0.74 $0.96 $1.18 $1.22 $1.20 $1.17 $1.14 $0.23 $0.44 .14 .10 .14 .61 .15 .16 .11 .86 $0.53 .02 .23 .21 .11 1.10 $0.25 .03 .20 .10 .14 .72 $0.28 .02 .16 .11 .12 .69 $0.34 .02 .15 .14 .08 .73 $0.24 .02 .14 .12 .08 .60 $1.35 $1.82 $2.28 $1.94 $1.89 $1.90 $1.74 All other losses, charge-offs, and additions to valuation allowances............ Total losses, charge-offs, etc......................................................................... $1.61 1.15 .45 3.21 $1.02 .62 .26 1.90 $0.62 .33 .46 1.41 $0.50 .39 .39 1.28 $0.39 .55 .42 1.36 $0.38 .48 .43 1.29 $0.30 .38 •31 .99 Net profits before income taxes and dividends............................................. Federal and State taxes on net incom e ................................................................. Net profits after income taxes.............................................................................. $-1.86 $-0.08 $0.87 .04 .83 $0.66 .07 .59 $0.53 .06 .47 $0.61 .06 .55 $0.75 .07 .68 Current operating earnings: Interest and discount on loans............................................................................... Interest and dividends on securities..................................................................... Commissions, fees, and collection, exchange, and service charges............... Gross current operating earnings.............................................................. Current operating expenses: Interest on time and savings deposits.................................................................. Interest and discount on borrow ings.................................................................... Directors’ and professional fees.............................................................................. | Officers’ salaries.......................................................................................................... \ Employees’ salaries and wages............................................................................... J Taxes (other than on incom e)................................................................................ Other expenses of occupancy and maintenance of banking quarters........... Other current operating expenses.......................................................................... Total current operating expenses............................................................... Net current operating earnings........................................................................... Profits on assets sold or exchanged, recoveries, and reductions in valuation allowances: Profits on securities sold or exchanged................................................................ Profits on other assets sold or exchanged . ............................................ Recoveries and reductions in valuation allowances on loans......................... Recoveries and reductions in valuation allowances on securities................. All other recoveries and reductions in valuation allowances......................... T otal profits on assets sold, recoveries, etc............................................ Net earnings, profits and recoveries on assets, etc...................................... Losses, charge-offs, and additions to valuation allowances: On loans....................................................................................................................... f 1.20 i [ .24 .13 .75 3.66 CORPORATION 7,442 INSURANCE 7,580 DEPOSIT 7,723 FEDERAL 7,682 Number of banks3............................................................................................. $0.04 .19 .23 0.12 .19 .31 $0.10 .25 .35 $0.09 .24 .33 0.07 .25 .32 $0.06 .28 .34 $0.06 .29 .35 Net profits after dividends..................................................................................... $-2.09 $-0.39 $0.48 $0.26 $0.15 $0.21 $0.33 $0.06 .04 $0.02 .06 .04 .00 .02 .14 $0.03 .02 .01 .00 .02 .08 0.12 .03 .09 .00 .02 .26 0.02 .03 .03 .00 .01 .09 $0.24 .01 0.21 .01 .00 .05 .27 $0.12 .01 .00 .03 .16 $0.16 .00 .00 .04 .20 0.24 .00 .00 .04 .28 Other additions to capital accounts: Preferred capital sold (par or face v a lu e )....................... Common capital sold (par v a lu e)...................................... Premiums on new capital sold ............................................ Deposits waived and subordinated................................... Assessments and other contributions................................ Total other additions to capital accounts.......... Other deductions from capital accounts: Preferred capital retired (par or face value)................... Comm on capital retired (par v a lu e )................................ Premiums on preferred capital retired............................. Payments on subordinated claim s.................................... Total other deductions from capital accounts. .07 .32 $0.13 $0.07 $0.27 $0.14 1U .65 1U .99 13 .8 7 1 3 .1 6 lk-00 13 .7 9 1 3 .8 6 12 .5 7 12 .7 1 Cash and due from ban ks. Securities............................... L oans...................................... Miscellaneous assets........... Total a ssets.................... $22.53 35.08 35.90 6.49 100.00 $22.07 36.20 36.13 5.60 100.00 $21.92 35.31 37.51 5.26 100.00 $24.29 33.42 37.60 4.69 100.00 $27.41 30.54 37.95 4.10 100.00 L IA B IL IT IE S A N D C A PITA L Demand deposits.................................................................. Tim e deposits........................................................................ Total deposits................................................................ Miscellaneous liabilities..................................................... T otal capital a ccou nts........................................................ Total liabilities and capital accounts................. $41.37 42.58 83.95 1.05 15.00 100.00 $41.93 43.24 85.17 .82 14.01 100.00 $40.93 44.58 85.51 .64 13.85 100.00 $42.03 44.04 86.07 .61 13.32 100.00 $43.40 43.35 86.75 .60 12.65 100.00 2.7 4.1 2.7 4.4 2.8 4.5 2.9 4.6 2.9 4.8 13.US Assets and liabilities:4 ASSETS Number of active officers, December 31 (average per bank) Number of other employees, December 31 (average per bank) . 2.7 3.7 N ote: Minus (-) indicates net loss. 207 1 Total assets for 1937-1940 are averages of figures at beginning, middle, and end of year, and for 1936, averages of figures at end of each month, for banks submitting earnings reports; total assets for 1935 are averages of figures at three call dates, and for 1934 averages at two call dates, for banks submitting statements of assets and liabilities. 2 For differences between figures for 1934 and 1935 and subsequent years, see page 90. Items omitted are not available for 1934 and 1935. 3 Banks reporting to F D IC include all insured commercial banks not members of the Federal Reserve System except national banks in the possessions and State banks in the District of Columbia. Figures for trust companies not engaged in deposit banking (1 for 1934, 1 for 1935, 2 for 1936, 2 for 1937, 2 for 1938, 3 for 1939, and 4 for 1940) and banks for which statements are not available (9 for 1934, 2 for 1935, 2 for 1936, 2 for 1938, and 1 for 1939) are excluded from this table. 4 Asset and liability items are averages of figures for beginning, middle, and end of year except for 1936 when they are averages of end-of-month figures. BANKS $0.34 Total capital accounts at beginning of year........................... Total capital accounts at end of yea r...................................... OF INSURED Net change in total capital accounts for year........... EARNINGS Cash dividends declared and interest paid on capital: Interest paid on capital notes and debentures and dividends declared on preferred stock .................................................................................................. Dividends declared on common capital.............................................................. T otal cash dividends declared and interest paid on capital.......... Table 152. EARNINGS, E x p e n s e s , AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS S u b m ittin g R e p o r t s t o t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n , 1940 BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS 208 Banks with deposits of— 1 All banks Num ber of banks2................................................. $100,000 to $250,000 $250,000 to $500,000 $500,000 $1,000,000 $2,000,000 $5,000,000 $10,000,000 More than to to to to to $1,000,000 $2,000,000 $5,000,000 $10,000,000 $50,000,000 $50,000,000 337 1,785 1,974 1,433 171,012 67,770 1,379 163 12,836 2,004 24,176 6,240 31,800 9,597 36,179 29,213 304,174 342 167 2,051 2,972 609 19,021 5,422 1,450 37,288 797 397 82 60 6 30,766 11,258 28,338 12,438 10,975 5,805 22,518 12,675 8,224 6,990 6,375 2,206 49,978 6,141 3,154 51,319 5,797 4,883 51,456 2,708 3,535 23,023 5,004 12,109 52,306 1,418 1,100 17,732 3,820 5,587 (In thousa nds of dollar■s) 152 3 25 587 143 117 2,278 14 297 4,882 1,127 921 5,598 20 675 8,256 2,582 1,706 8,528 13 791 9,156 4,274 2,488 9,061 45 850 8,040 5,903 2,720 9,591 10 802 6,659 6,991 2,963 288 2,743 3,746 1,456 8,135 241 675 4,934 10,023 3,513 300 1,078 2,655 619 16,181 43,739 218,001 116 345 1,488 920 2,832 13,271 1,673 5,231 25,741 2,272 6,881 34,403 2,391 7,347 36,357 2,727 7,391 37,134 1,209 3,576 16,838 3,904 8,200 39,625 969 1,936 13,144 N et c u r r e n t o p e r a tin g e a r n in g s ............................... 86,173 563 5,750 11,547 15,575 14,962 14,322 6,185 12,681 4,588 18,519 1,311 24 5 498 84 1,205 165 1,992 221 2,895 210 3,470 269 1,929 95 4,612 112 1,894 150 10,502 108 906 1,498 1,680 1,491 1,662 680 1,795 682 9,411 20 258 605 1,139 1,577 1,848 1,628 1,997 339 6,345 46,088 24 181 282 2,028 598 4,071 805 5,837 1,148 7,321 1,045 8,294 614 4,946 1,054 9,570 775 3,840 132,261 744 7,778 15,618 21,412 22,283 22,616 11,131 22,251 8,428 23,093 28,898 187 27 1,537 676 2,250 1,879 3,295 3,618 3,441 5,032 4,670 6,799 1,517 3,005 4,856 6,755 1,340 1,107 23,353 75,344 114 328 896 3,109 1,605 5,734 2,253 9,166 2,852 11,325 3,232 14,701 1,433 5,955 8,368 19,979 2,600 5,047 P rofits o n assets s o ld o r exc h a n g e d , recoveries, a n d r e d u c tio n s in v a lu a tio n a llo w a n c e s : Profits on securities sold or exchanged.................... Profits on other assets sold or exchanged............... Recoveries and reductions in valuation allowances on loans.................................................................... Recoveries and reductions in valuation allowances on securities............................................................ All other recoveries and reductions in valuation T o t a l p ro fits o n assets s o ld , recoveries, e tc. N et ea rn in g s, p rofits a n d recov eries o n assets, L osses, ch a r g e -o ffs , a n d a d d it io n s t o v a lu a tio n a llo w a n c e s : On securities............ ....................................................... All other losses, charge-offs, and additions to valuation allowances............................................. FRASER T o t a l losses, ch a r g e -o ffs, e t c ............................. Digitized for CORPORATION 52,750 346 4,703 46,335 37,444 16,503 INSURANCE C u rre n t o p e ra tin g exp en ses: Interest on time and savings deposits...................... Interest and discount on borrow ings........................ Directors’ and professional fees.................................. Officers’ salaries.............................................................. Employees’ salaries and w ages................................... Taxes (other than on in com e).................................... Other expenses of occupancy and maintenance of banking quarters................................................... Other current operating expenses.............................. T o t a l c u r r e n t o p e r a tin g ex p e n se s................... DEPOSIT 6,871 FEDERAL C u rre n t o p e r a tin g e a r n in g s : Interest and discount on loa n s................................... Interest and dividends on securities......................... Commissions, fees, and collection, exchange, and service charges........................................................ Other current operating earnings.............................. G ross c u r r e n t o p e r a tin g e a r n in g s .................. $100,000 or less Net profits before incom e taxes and dividends.. Federal and State taxes on net income....................... Net profits after incom e taxes.................................. Cash dividends declared and interest paid on capital: Interest paid on capital notes and debentures and dividends declared on preferred stock............. Dividends declared on common capital................... Total cash dividends declared and interest paid on cap ital................................................... 56,917 5,653 51,264 416 51 365 4,669 448 4,221 9,884 874 9,010 12,246 1,161 11,085 10,958 925 10,033 7,915 746 7,169 5,176 374 4,802 2,272 751 1,521 3,381 323 3,058 4,540 21,303 31 132 286 1,490 470 3,047 640 3,851 868 3,364 911 3,013 420 1,550 694 3,438 220 1,418 1,776 3,517 4,491 4,232 3,924 1,970 4,132 1,638 202 2,445 5,493 6,594 5,801 3,245 2,832 -2,611 1,420 Other additions to capital accounts: Preferred capital sold (par or face value)............... Common capital sold (par value).............................. Premiums on new capital sold................................... Deposits waived and subordinated........................... Assessments and other contributions....................... T otal other additions to capital accou n ts.. 1,738 1,615 1,836 36 679 5,904 27 64 26 2 43 162 103 183 86 34 68 474 35 186 91 354 456 714 282 277 120 237 138 19 700 300 780 113 425 55 1,579 7 686 371 765 1 1,781 1,145 2,401 65 9 583 3,630 1 25 476 2,688 1,339 2,558 60 322 37 1,067 30 105 11 21 32 Other deductions from capital accounts: Preferred capital retired (par or face value).......... Common capital retired (par value)......................... Premiums on preferred capital retired..................... Payments on subordinated claims............................ Total other deductions from capital accou n ts................................................................ 18,351 151 176 3,256 94 1 6 197 2,571 84 15 500 21,934 101 1,342 3,170 3,058 4,132 3,070 2,443 2,693 Net change in total capital accounts for year.. 9,391 133 1,265 2,797 3,961 3,248 861 1,154 -3,523 -505 8,551 8,684 63,965 65,230 108,849 111,646 146,487 150,448 156,220 159,468 168,243 169,104 78,887 80,041 166,105 162,582 54,836 54,331 Total capital accounts, December SO, 1939 .................... Total capital accounts, December 31, 19U0.................... 952,1 US 961,53U 1,925 1,925 Assets and liabilities:1 2,074,081 2,315,074 2,872,529 310,240 7,571,924 11,239 5,064 16,840 1,387 34,530 112,781 80,221 176,855 10,223 380,080 240,628 194,124 363,208 20,884 818,844 328,680 298,829 493,771 32,096 1,153,376 367,614 359,144 509,257 45,857 1,281,872 369,913 420,523 505,048 61,324 1,356,808 178,518 205,546 206,474 31,376 621,914 350,533 482,704 423,093 92,737 1,349,067 114,175 268,919 177,983 14,356 575,433 L IA B IL IT IE S A N D C A P IT A L Demand deposits........................................................... Tim e deposits.................................................................. Total deposits.......................................................... Miscellaneous liabilities............................................... Total capital accou nts.................................................. T otal liabilities and capital accounts.......... 3,284,891 3,284,266 6,569,157 45,417 957,350 7,571,924 18,536 7,256 25,792 164 8,574 34,530 200,852 113,875 314,727 853 64,500 380,080 412,511 293,799 706,310 2,326 110,208 818,844 531,246 469,085 1,000,331 4,117 148,928 1,153,376 566,041 552,062 1,118,103 5,458 158,311 1,281,872 553,796 627,709 1,181,505 6,471 168,832 1,356,808 268,650 269,806 538,456 3,865 79,593 621,914 568,152 597,006 1,165,158 20,288 163,621 1,349,067 165,107 353,668 518,775 1,875 54,783 575,433 Num ber of active officers, Decem ber 3 1 ........ _____ Num ber of other employees, December 31.. . 20,092 33,259 510 293 3,576 2,009 4,931 3,730 4,454 1,977 3,043 848 624 129 4,957 5,434 5,565 2,769 6,969 1,533 1 Asset and liability items are averages of figures for December 30, 1939, June 29, 1940, and December 31, 1940. 2 Banks reporting to F D IC include all insured commercial banks not members of the Federal Reserve System except national banks in the possessions and State banks in the District of Columbia. Figures for 4 trust companies not engaged in deposit banking and 71 banks submitting reports covering less than the full year’s operations or materially affected b y mergers are excluded from this table. N ote: Minus (-) indicates net loss or net decrease in total capital accounts. Back figures— S ee the following Annual Reports: 1939, p. 192; 1938, p. 218; 1937, p. 146; 1936, p. 168; 1935, p . 216; 1934, p . 236. BANKS ASSETS Cash and due from banks........................................... Securities.......................................................................... Loans................................................................................. Miscellaneous assets..................................................... T otal assets.............................................................. OF INSURED 163 25,421 EARNINGS 25,843 Net profits after dividends......................................... to o CD Table 153. A verages PER BANK OF EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS S ubmitting R eports to the Federal D eposit I nsurance C orporation , 1940 BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS Banks with deposits of— 1 All banks Number of banks3................................................. N et e a rn in g s, p ro fits a n d recov eries o n a ssets, e t c .................................................................................. L osses, ch a r g e -o ffs , a n d a d d it io n s t o v a lu a tio n a llo w a n c e s : On loa n s........................................................................... On securities.................................................................... All other losses, charge-offs, and additions to valuation allowances............................................. T o t a l losses, ch a r g e -o ffs , e t c ............................. 6,871 337 1,785 1,974 1,433 797 397 82 60 6 $24,889 9,863 $4,092 484 $7,191 1,459 $12,247 3,161 $22,191 6,697 $38,602 14,125 $71,380 31,330 $133,841 70,793 $375,300 211,250 $1,370,667 1,165,000 5,265 4,252 44,269 1,015 495 6,086 1,665 341 10,656 2,747 735 18,890 4,449 1,539 34,876 7,705 3,958 64,390 14,602 12,300 129,612 33,024 43,110 280,768 83,400 201,817 871,767 236,333 183,333 2,955,333 $7,677 50 684 6,744 5,450 2,402 $451 9 74 1,742 424 347 $1,276 8 166 2,735 631 516 $2,836 10 342 4,182 1,308 864 $5,951 9 552 6,389 2,983 1,736 $11,369 56 1,066 10,088 7,407 3,413 $24,159 25 2,020 16,773 17,610 7,463 $46,585 $135,583 4,017 11,250 82,233 167,050 58,550 $931,167 3,512 33,451 45,683 17,756 2,355 6,366 31,728 344 1,024 4,415 515 1,588 7,435 848 2,650 13,040 1,585 4,802 24,007 3,000 9,218 45,617 6,869 18,617 93,536 14,744 43,610 205,341 65,067 136,667 660,417 161,500 322,665 2,190,666 $12,541 $1,671 $3,221 $5,850 $10,869 $18,773 $36,076 $75,427 $211,350 $764,667 $2,695 191 $71 15 $279 47 $610 84 $1,390 154 $3,632 263 $8,741 678 $23,524 1,159 $76,866 1,867 $315,667 25,000 113,667 50,000 179,667 442,500 103,167 1,528 320 508 759 1,172 1,871 4,186 8,293 29,917 1,370 59 145 306 795 1,979 4,655 19,854 33,283 56,500 924 6,708 72 537 157 1,136 303 2,062 562 4,073 1,441 9,186 2,631 20,891 7,487 60,317 17,567 159,500 129,166 640,000 $19,249 $2,208 $4,357 $7,912 $14,942 $27,959 $56,967 $135,744 $370,850 $1,404,667 $3,361 4,206 $555 80 $861 379 $1,140 952 $2,299 2,525 $4,317 6,314 $11,763 17,126 $18,500 36,646 $80,933 112,583 $223,333 184,500 3,398 10,965 339 974 501 1,741 813 2,905 1,572 6,396 3,579 14,210 8,141 37,030 17,476 72,622 139,467 332,983 433,334 841,167 CORPORATION P rofits o n assets so ld o r ex c h a n g e d , recoveries, a n d r e d u c tio n s in v a lu a tio n a llo w a n c e s : Profits on securities sold or exchanged.................... Profits on other assets sold or exchanged............... Recoveries and reductions in valuation allowances on loans.................................................................... Recoveries and reductions in valuation allowances on securities............................................................ All other recoveries and reductions in valuation allowances................................................................ T o t a l p rofits o n a ssets so ld , recoveries, etc. $500,000 $1,000,000 $2,000,000 $5,000,000 $10,000,000 More than $50,000,000 to to to to to $1,000,000 $2,000,000 $5,000,000 $10,000,000 $50,000,000 (2) INSURANCE N e t c u r r e n t o p e ra tin g e a r n in g s ............................... $250,000 to $500,000 DEPOSIT C u rre n t o p e ra tin g e x p e n se s : Interest on time and savings deposits...................... Interest and discount on borrow ings........................ Directors’ and professional fees.................................. Officers’ salaries.............................................................. Em ployees’ salaries and w ages................................... Taxes (other than on in com e).................................... Other expenses of occupancy and maintenance of banking quarters................................................... Other current operating expenses.............................. T o t a l c u r r e n t o p e r a tin g ex p e n se s ................... $100,000 to $250,000 FEDERAL C u rre n t o p e r a tin g e a r n in g s : Interest and discount on loa n s................................... Interest and dividends on securities......................... Commissions, fees, and collection, exchange, and service charges........................................................ Other current operating earnings.............................. G ro ss cu r r e n t o p e r a tin g e a r n in g s .................. $100,000 or less N et p ro fits b e fo re in c o m e taxes a n d d ivid en d s Federal and State taxes on net in com e ..................... N et p ro fits a fte r in c o m e ta x e s ................................ C ash d iv id en d s d ecla red a n d in te re s t p a id o n c a p it a l: Interest paid on capital notes and debentures and dividends declared on preferred stock. . Dividends declared on common capital................... T o t a l ca sh d iv id en d s d e cla re d a n d in terest p a id o n c a p i t a l ......................................... N et p rofits a fte r d iv id e n d s ............................... $1,234 7,461 151 251 1,083 2,365 443 810 1,161 4,564 7,736 1,879 4,561 12,588 18,058 12,517 58,561 25,350 509,667 $661 3,100 $92 392 $160 835 $238 1,543 $447 2,687 $1,089 4,221 $2,295 7,589 $5,122 18,902 $11,567 57,300 $36,667 236,333 $2,616 $5,007 $8,546 $13,749 $19,937 $63,122 $37,867 $563,500 53,833 3,761 484 995 1,781 3,134 5,310 9,884 24,024 68,867 273,000 $3,700 $599 $1,370 $2,783 $4,602 $7,278 $8,174 $34,537 $-43,517 $236,667 $33 $15 36 15 $24 130 64 $444 572 896 $710 698 302 $2,890 1,683 232 $11,667 5,000 13,000 62 95 24 91 $52 93 44 17 34 240 79 297 69 1,981 18 1,728 4,524 9,329 16 29,683 $641 $1,302 43 8 253 $1,676 45 6 408 $4,555 1 31 597 $6,771 $16,329 $42,633 151 811 451 13,013 500 1,750 $253 235 267 5 99 859 1 O th e r d e d u c t io n s fr o m ca p ita l a c c o u n t s : Preferred capital retired (par or face va lu e).......... Common capital retired (par va lu e)......................... Premiums on preferred capital retired...............! . . Payments on subordinated claim s............................ T otal o th e r d e d u c t io n s f r o m ca p ita l a c c o u n t s ................................................................ $2,671 22 26 473 $279 3 18 111 3,192 300 752 1,606 2,135 5,184 7,733 29,793 44,883 320,833 N et c n a n g e in to ta l ca p ita l a c c o u n ts fo r y e a r . . $1,367 $394 $709 $1,417 $2,764 $4,075 $2,169 $14,073 $-58,717 $-84,166 Total capital accounts, December 30, 1939 .............. Total capital accounts, December 31, 191+0........... 138,571+ 139,91+1 25,371+ 25,768 35,835 36,51+1+ 55,11+1 56,558 102,221+ 101+,988 196,010 200,085 1+23,786 1+25,955 962,037 976,110 2,768,1+17 2,709,700 9,139,333 9,055,167 $301,860 336,934 418,066 45,152 $33,350 15,027 49,970 4,116 $63,183 44,942 99,078 5,727 102,463 212,930 $121,899 98,340 183,996 10,579 $229,365 208,534 344,572 22,397 $931,771 1,059,252 1,272,161 154,468 414,814 804,868 $461,247 450,620 638,967 57,537 1,608,371 $2,177,049 2,506,659 2,517,976 382,633 7,584,317 $5,842,217 $19,029,167 8,045,067 44.819.833 7,051,550 29.663.833 1,545,616 2,392,667 $55,003 21,531 $112,522 63,796 76,534 176,318 $208,972 148,834 $370,723 327,345 $9,469,200 $27,517,833 9,950,100 58,944,667 478 36,134 698,068 $3,276,220 3.290.317 487 25,442 357,806 1,178 55,830 2,873 103,927 $320,833 OF $478,080 477,990 956,070 6,610 139,332 1,102,012 102,463 212,930 414,814 804,868 2.9 1.5 0.9 2.0 2.5 1.9 3.1 3.5 4.8 1.1 3,417,652 $710,215 $1,394,952 692,675 1,581,131 2,976,083 6,847 16,299 198,634 425,270 1,608,371 3,417,652 1,402,890 3.8 6.8 5.0 14.0 N ote : 19,419,300 47,134 970,646 338,133 2,727,017 312,500 9,130,500 7.584.317 22,484,450 95.905.500 7.6 33.8 14.1 116.1 21.5 255.5 f° r th*S gr0Up are not necessari|y typical of banks with deposits of more than $50,000,000. Minus (-) indicates net loss or net decrease in total capital accounts. Back figures See the following Annual Reports: 95,905,500 6,566,537 Asset anu uaDiiity items are averages of figures for December 30, 1939, June 29, 1940, and December 31, 1940 * 22,484,450 1939, p. 194; 1938, p. 220; 1937, p. 148; 1936, p. 170; 1935, p. 218 (revised); 1934, p. 238. 86.462.500 211 Number of active officers, December 3 1 ........ Number of other employees, Decem ber 31. 1,102,012 BANKS LIABILITIES AND CAPITAL Demand deposits............................................................ Time deposits............................................................ T o ta l d e p o s it s .................................................... Miscellaneous liabilities............................................... Total capital a ccou nts.................................................. T o t a l lia b ilitie s a n d c a p ita l a c c o u n t s .......... INSURED A ssets a n d lia b ilit ie s :1 ASSETS Cash and due from ban k s........................................... Securities................................................................ ’ ' ’ L oans....................................................................! ! ! . '. '! Miscellaneous assets..................................................... T o ta l a s s e t s ............................... EARNINGS O th e r a d d itio n s to c a p ita l a c c o u n t s : Preferred capital sold (par or face value) . . . Common capital sold (par value)................... Premiums on new capital sold ......................... Deposits waived and subordinated................ Assessments and other contributions....................... T o t a l o t h e r a d d itio n s to ca p ita l a c c o u n ts $8,284 823 Table 154. 212 RATIOS OF EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS Submitting R eports to the Federal D eposit I nsurance C orporation, 1940 BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS Banks with deposits of— 1 All banks 337 1,785 1,974 1,433 797 397 82 60 6 $56.22 22.28 $67.24 7.95 $67.48 13.69 $64.84 16.73 $63.63 19.20 $59.95 21.94 $55.07 24.17 $47.67 25.21 $43.05 24.23 $46.38 39.42 11.89 9.61 100.00 16.67 8.14 100.00 15.62 3.21 100.00 14.54 3.89 100.00 12.76 4.41 100.00 11.97 6.14 100.00 11.27 9.49 100.00 11.76 15.36 100.00 9.57 23.15 100.00 8.00 6.20 100.00 $17.34 .11 29.09 5.43 $7.41 .15 36.81 5.70 $11.98 .07 33.15 4.84 $15.01 .05 30.88 4.58 $17.06 .03 28.45 4.98 $17.66 .09 28.83 5.30 $18.64 .02 28.09 5.76 $16.59 $15.55 .46 29.89 6.72 $31.51 29.44 6.32 T o t a l cu r r e n t o p e r a tin g e x p e n se s ................... 5.32 14.38 71.67 5.66 16.32 72.55 4.84 14.89 69.77 4.49 14.02 69.03 4.55 13.77 68.84 4.66 14.31 70.85 5.30 14.36 72.17 5.25 15.54 73.14 7.46 15.68 75.76 5.46 10.93 74.13 N et c u r r e n t o p e r a tin g e a r n in g s ............................... $28.33 $27.45 $30.23 $30.97 $31.16 $29.15 $27.83 $26.86 $24.24 $25.87 $2.26 .90 $3.99 .47 $3.38 .69 $2.95 .76 $2.76 .83 $2.40 .88 $2.09 .92 $1.76 .93 $1.67 .94 $1.43 1.21 .48 .38 4.02 .99 .49 5.94 .78 .15 5.00 .66 .18 4.55 .55 .19 4.33 .48 .25 4.01 .43 .36 3.80 .44 .57 3.70 .37 .90 3.88 .25 .19 3.08 $0.70 .00 1.17 .22 $0.44 .01 2.19 .34 $0.60 .00 1.66 .24 $0.68 .00 1.41 .21 $0.74 .00 1.23 .22 $0.71 .00 1.15 .21 $0.71 .00 1.07 .22 $0.61 $0.60 .02 1.16 .26 $0.97 1.10 .23 .21 .58 2.88 .34 .99 4.31 .24 .75 3.49 .20 .64 3.14 .20 .59 2.98 .19 .58 2.84 .20 .54 2.74 .19 .58 2.71 .29 .61 2.94 .17 .33 2.28 $1.14 $1.63 $1.51 $1.41 $1.35 $1.17 $1.06 $0.99 $0.94 $0.80 A m o u n ts per $100 o f gross ea rn in g s C u rre n t o p e r a tin g e a rn in g s: Interest and discount on loa n s................................... Interest and dividends on securities......................... Commissions, fees, and collection, exchange, and service charges........................................................ Other current operating earning3.............................. G ro ss cu r r e n t o p e r a tin g e a r n in g s .................. C u rre n t o p e r a tin g exp en ses: Interest on time and savings deposits..................... Interest and discount on borrow ings........................ Salaries, wages, and fe e s .............................................. Taxes (other than on in com e).................................... Other expenses of occupancy and maintenance of banking quarters................................................... A m o u n ts p er $100 o f to ta l a ssets1 C u rre n t o p e r a tin g e a rn in g s: Interest and discount on loans................................... Interest and dividends on securities......................... Commissions, fees, and collection, exchange, and service charges. ............. . ...................................... Other current operating earnings.............................. G ro ss cu r r e n t o p e r a tin g e a r n in g s .............. C u rre n t o p e r a tin g e x p e n se s : Interest on time and savings deposits..................... Interest and discount on borrow ings........................ Salaries, wages, and fees.............................................. Taxes (other than on incom e).................................... Other expenses of occupancy and maintenance of banking quarters.................................................. Other current operating expenses.............................. T o ta l c u rre n t o p e ra tin g ex p e n se s................... N et cu r r e n t o p e ra tin g e a r n in g s ............................... 22.74 3.49 .70 .11 CORPORATION 6,871 Number of banks3................................................. INSURANCE $250,000 to $500,000 DEPOSIT $100,000 to $250,000 FEDERAL $500,000 $1,000,000 $2,000,000 $5,000,000 $10,000,000 More than $50,000,000 to to to to to (2) $1,000,000 $2,000,000 $5,000,000 $10,000,000 $50,000,000 $100,000 or less Recoveries, profits on securities, e tc........................ Losses and depreciation on assets............................. N et p ro fits b e fo re in c o m e taxes a n d d ivid en d s Federal and State taxes on net in com e................... N et p rofits a fte r in c o m e ta x e s .............................. Cash dividends declared.............................................. N et p ro fits a fte r d iv id e n d s ..................................... Other additions to total capital a ccou nts............... Other deductions from total capital accounts........ N et ch a n g e in t o ta l c a p ita l a c c o u n t s ............... Total capital accounts, December 30, 1 939............... Total capital accounts, December 31, 191*0........... $0.61 1.00 .75 i .07 .68 .34 .34 .08 .29 .13 12.57 12.70 $0.52 .95 1.20 .15 1.05 .47 .58 .09 .28 .39 2 b .76 25.15 $0.53 .81 1.23 .12 1.11 .47 .64 .04 .35 .33 16.83 17.16 $0.50 .70 1.21 .11 1.10 .43 .67 .06 .39 .34 13.29 13.63 $0.51 .80 1.06 .10 .96 .39 .57 .04 .27 .34 12.70 13.01* $0.57 .89 .85 .07 .78 .33 .45 .12 .32 .25 12.19 12. 1*1* $0.61 1.09 .58 .05 .53 .29 .24 .05 .23 .06 12.1*0 12.1*6 $0.80 .96 .83 .06 .77 .31 .46 .12 .39 .19 12.68 12.87 $0.71 1.48 .17 .06 .11 .30 -0 .1 9 .13 .20 -0 .2 6 12.31 12.05 A m o u n t s p er $100 o f t o ta l ca p ita l a ccou n ts1 N e t cu r r e n t o p e r a tin g e a r n in g s .......................... Recoveries, profits on securities, etc........................ Losses and depreciation on assets............................. N e t p ro fits b e fo re in c o m e taxes a n d d iv id en d s Federal and State taxes on net in com e................... N e t p ro fits a fte r in c o m e t a x e s .............................. Cash dividends declared.............................................. N et p ro fits a fte r d iv id e n d s ..................................... Other additions to total capital accou n ts............... Other deductions from total capital accounts........ N et c h a n g e in t o ta l c a p ita l a c c o u n t s ............... $9.00 4.81 7.87 5.94 .59 5.35 2.70 2.65 .62 2.29 .98 $6.57 2.11 3.83 4.85 .59 4.26 1.90 2.36 .37 1.18 1.55 $8.91 3.14 4.82 7.23 .69 6.54 2.75 3.79 .25 2.08 1.96 $10.48 3.69 5.20 8.97 .79 8.18 3.20 4.98 .43 2.88 2.53 $10.46 3.92 6.16 8.22 .78 7.44 3.02 4.42 .29 2.05 2.66 $9.45 4.62 7.15 6.92 .58 6.34 2.68 3.66 1.00 2.61 2.05 $8.48 4.91 8.70 4.69 .44 4.25 2.33 1.92 .41 1.82 .51 $7.77 6.21 7.48 6.50 .47 6.03 2.47 3.56 .96 3.07 1.45 $7.75 5.85 12.21 1.39 .46 .93 2.53 -1 .6 0 1.09 1.64 -2 .1 5 3.51 -0 .9 2 $5.95 $8.19 $7.26 $6.66 $6.44 $6.04 $5.61 $5.32 $5.32 $4.62 2.93 .£0 3,22 .47 3.25 .62 3.21 .62 3.21 .67 3.13 .81 2.96 .83 2.82 .94 2.63 .96 2.60 .70 1.61 .80 1.25 2.09 1.11 .53 2.00 .87 .84 1.91 .62 .97 1.82 .67 1.21 1.64 .68 1.40 1.53 .92 1.62 1.42 .73 1.46 1.36 1.15 1.40 1.58 .75 .41 ASSETS Cash and due from ban ks........................................... Securities.......................................................................... L oans................................................................................. Miscellaneous assets...................................................... T o t a l a s s e t s ............................................................... $27.39 30.57 37.94 4.10 100.00 $32.55 14.67 48.77 4.01 100.00 $29.67 21.11 46.53 2.69 100.00 $29.39 23.71 44.36 2.54 100.00 $28.50 25.91 42.81 2.78 100.00 $28.68 28.02 39.73 3.57 100.00 $27.26 30.99 37.22 4.53 100.00 $28.70 33.05 33.20 5.05 100.00 $25.98 35.78 31.36 6.88 100.00 $19.84 46.73 30.93 2.50 100.00 LIABILITIES AND CAPITAL Demand deposits............................................................ Tim e deposits.................................................................. T o t a l d e p o s it s .......................................................... Miscellaneous liabilities............................................... T otal capital a ccou n ts.................................................. T o t a l lia b ilitie s a n d ca p ita l a c c o u n t s ............... $43.38 43.38 86.76 .60 12.64 100.00 $53.68 21.01 74.69 .48 24.83 100.00 $52.84 29.97 82.81 .22 16.97 100.00 $50.38 35.88 86.26 .28 13.46 100.00 $46.06 40.67 86.73 .36 12.91 100.00 $44.16 43.06 87.22 .43 12.35 100.00 $40.82 46.26 87.08 .48 12.44 100.00 $43.20 43.38 86.58 .62 12.80 100.00 $42.11 44.26 86.37 1.50 12.13 100.00 $28.69 61.46 90.15 .33 9.52 100.00 .34 -0 .0 9 9.53 9.1*1* $8.37 7.01 9.21 6.17 .59 5.58 2.99 2.59 Minus (-) indicates net loss on net decrease in total capital accounts. Back figures— S ee the following Annual Reports: 1939, p. 196; 1938, p. 222; 1937, p . 150; 1936, p. 172; 1935, p. 220; 1934, p. 240. 213 N ote : BANKS 1 Asset and liability items are averages of figures for December 30, 1939, June 29, 1940, and December 31, 1940. 2 Because of the small number of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. *F or banks excluded, see footnote 2, Table 152. OF INSURED A ssets a n d lia b ilitie s p er $100 o f t o ta l a s s e ts :1 EARNINGS S p e cia l r a t io s 1 Interest and discount on loans per $100 of total loa n s.............................................................................. Interest and dividends on securities per $100 of total securities............................................................ Profits on securities per $100 of total securities.. . Interest on time and savings deposits per $100 of tim e and savings deposits.................. ..................... Losses on loans per $100 of total loa n s................... Losses on securities per $100 of total securities.. . . $0.fi7 .88 .59 .06 .53 .28 .25 Table 155. 214 R atios of E arnings , E xpenses , and D isposition of P rofits of I nsured C ommercial B anks Submitting R eports to the Federal D eposit I nsurance C orporation , 1940 BANKS GROUPED ACCORDING TO POPULATION OF CENTER IN WHICH LOCATED Banks in centers with population of— All banks Salaries, wages, and fees.................................................. Other expenses of occupancy and maintenance of banking quarters........................................................ Other current operating expenses................................. T o ta l cu rren t op era tin g expetsses..................... A m o u n ts per $100 o f to ta l a ssets2 C u rren t op era tin g e a r n in g s: Interest and discount on loans...................................... Interest and dividends on securities............................ Commissions, fees, and collection, exchange, and service charges............................................................. Other current operating earnings................................. G ross cu rren t op era tin g e a r n in g s .................... C u rre n t op era tin g expenses: Interest on time and savings deposits........................ Interest and discount on borrowings.......................... Salaries, wages, and fees.................................................. Taxes (other than on incom e)........................................ Other expenses of occupancy and maintenance of banking quarters......................................................... Other current operating expenses................................. T o ta l cu rren t o p erating e x p en ses..................... N e t c u rren t op eratin g e a r n in g s .................................. 5.000 to 10.000 10,000 to 25,000 25.000 to 50.000 50,000 or more 6,871 574 1,246 1,550 1,468 682 462 337 143 411 $56.22 22.28 $71.08 15.22 $68.96 15.92 $61.34 19.08 $61.66 20.03 $58.68 23.31 $58.71 23.52 $54.79 25.11 $56.79 22.54 $48.36 23.79 11.89 9.61 100.00 11.60 2.10 100.00 12.24 2.88 100.00 13.06 3.52 109.00 13.90 4.41 100.00 12.84 5.17 100.00 10.60 7.17 100.00 10.44 9.66 100.00 9.53 11.14 100.00 11.72 16.13 100.00 i j i ! $18.57 .05 30.13 3.76 $17.34 .06 29.93 4.40 $17.19 .04 29.71 4.72 $16.35 .04 29.34 5.18 $16.87 .01 29.06 4.93 $17.49 .01 28.62 5.81 $18.42 .01 27.95 5.98 $18.11 .14 26.70 6.05 $17.32 .25 29.50 5.72 5.32 | 14.38 71.67 ! 4.31 13.78 70.60 3.94 14.12 69.79 4.16 13.77 69.59 4.30 13.81 69.02 4.43 13.67 68.97 4.41 14.32 70.66 5.33 14.44 72.13 5.11 14.52 70.63 6.78 15.00 74.57 $28.33 i! $29.40 $30.21 $30.41 $30.98 $31.03 $29.34 $2 7.87 $29.37 $25.43 $2.26 .90 i $3.15 .67 $3.13 .72 $2.83 .84 $2.62 .85 $2.34 .93 $2.28 .91 $2.04 .93 $2.13 .84 $1.91 .94 .48 1 .38 j 4.02 ; .51 .09 4.42 .55 .13 4.53 .58 .15 4.40 .59 .19 4.25 .51 .21 3.99 .41 .29 3.89 .39 .36 3.72 .36 .41 3.74 .46 .63 3.94 $0.82 .00 1.33 .17 $0.79 .00 1.36 .20 $0.76 .00 1.31 .21 $0.69 .00 1.25 .22 $0.67 .00 1.16 .20 $0.68 .00 1.11 .23 $0.68 .00 1.04 .22 $0.68 .01 1.00 .23 $0.68 .01 1.16 .23 .21 .58 I' 2.88 | .19 .61 3.12 .18 .63 3.16 .18 .60 3.06 .18 .59 2.93 .18 .54 2.75 .17 .56 2.75 .20 .54 2.68 .19 .53 2.64 .27 .59 2.94 $1.14 | $1.30 $1.37 $1.34 $1.32 $1.24 $1.14 $1.04 $1.10 $1.00 $17.34 .11 29.09 5.43 | $0.70 .00 1.17 .22 CORPORATION N e t cu rren t o p era tin g e a r n in g s .................................. 2,500 to 5,000 INSURANCE C u rren t op era tin g exp enses: Interest on time and savings deposits........................ 1,000 to 2,500 DEPOSIT A m o u n t s per $100 o f gross earn in gs C u rren t op era tin g e a rn in g s: Interest and discount on loan s...................................... Interest and dividends on securities............................ Commissions, fees, and collection, exchange, and service charges............................................................. Other current operating earnings................................. G ross cu rrent op era tin g e a r n in g s .................... 500 to 1,000 FEDERAL Number of banks1...................................................... Less than 250 250 to 500 $0.49 .78 1.08 .10 .93 .38 .60 .04 .32 .32 u .u o 11/..72 $0.55 .78 1.11 .09 1.02 .40 .62 .04 .38 .28 1S.U1 13.69 $0.53 .77 1.08 .10 .98 .40 .58 .05 .33 .30 12.68 12.98 $0.55 .77 1.02 .08 .94 .39 .55 .05 .29 .31 12.27 12.58 $0.58 1.02 .70 .07 .63 .36 .27 .10 .27 .10 12.72 12.82 $0.59 1.06 .57 .05 .52 .29 .23 .09 .18 .14 12.16 12.30 $0.75 .86 .99 .05 .94 .27 .67 .04 .44 .27 12.88 13.15 $0.68 1.23 .45 .07 .38 .31 .07 .11 .27 -0 .0 9 12.15 12.06 A m o u n t s p er $100 o f t o ta l ca p ita l a ccou n ts2 N et c u r r e n t o p e r a tin g e a r n in g s .......................... Recoveries, profits on securities, e tc......................... Losses and depreciation on assets............................. N et p ro fits b e fo re in c o m e taxes a n d d iv id en d s Federal and State taxes on net in com e................... N et p ro fits a fte r in c o m e ta x e s .............................. Cash dividends declared............................................... N et p ro fits a fte r d iv id e n d s ..................................... Other additions to total capital accou n ts............... Other deductions from total capital accounts........ N et c h a n g e in t o ta l c a p ita l a c c o u n t s ............... $9.00 4.81 7.87 5.94 .59 5.35 2.70 2.65 .62 2.29 .98 $9.10 3.37 4.62 7.85 .62 7.23 2.40 4.83 .34 2.08 3.09 $9.43 3.39 5.36 7.46 .68 6.78 2.67 4.11 .26 2.18 2.19 $9.88 4.06 5.74 8.20 .64 7.56 2.94 4.62 .27 2.80 2.09 $10.22 4.14 5.96 8.40 .74 7.66 3.15 4.51 .36 2.57 2.30 $9.94 4.41 6.21 8.14 .61 7.53 3.10 4.43 .40 2.33 2.50 $8.93 4.53 8.02 5.44 .53 4.91 2.83 2.08 .75 2.08 .75 $8.45 4.84 8.62 4.67 .45 4.22 2.35 1.87 .73 1.46 1.14 $8.43 5.73 6.55 7.61 .38 7.23 2.09 5.14 .30 3.40 2.04 $8.30 5.59 10.13 3.76 .60 3.16 2.57 .59 .91 2.20 -0.70 $5.95 $6.36 $6.55 $6.43 $6.41 $6.05 $6.11 $5.67 $5.67 $5.55 2.93 .80 3.11 .68 3.20 .61 3.28 .70 3.24 .69 3.22 .73 3.12 .73 2.89 .87 2.82 .92 2.67 .86 1.61 .80 1.25 1.98 .57 .88 1.98 .65 1.17 1.91 .64 1.14 1.85 .71 1.07 1.76 .62 1.26 1.63 .82 1.62 1.57 .96 1.47 1.50 .61 1.32 1.41 .97 1.17 S p e cia l r a tio s 2 Interest and discount on loan3 per $100 of total lo a n s......................................................................... Interest and dividends on securities per $100 of total securities........................................................ Profits on securities per $100 of total securities.. . Interest on time and savings deposits per $100 of time and savings deposits................................... Losses on loans per $100 of total loans................... Losses on securities per $100 of total securities. . . A ssets a n d lia b ilit ie s :2 (Amounts in thousands of dollars) 36,207 29,242 66,718 2,624 134,791 99,304 81,939 173,473 8,597 363,313 175,760 161,077 276,744 14,725 628,306 278,266 241,072 375,225 24,336 918,899 220,691 215,903 289,459 23,413 749,466 220,207 219,231 279,500 29,625 748,563 234,369 276,522 307,481 38,346 856,718 126,412 134,930 168,873 20,486 450,701 682,865 955,158 935,056 148,088 2,721,167 LIA BILITIES AND CAPITAL Demand deposits............................................................ Tim e deposits.................................................................. T o t a l d e p o s it s .......................................................... Miscellaneous liabilities............................................... T otal capital a ccou n ts.................................................. T o t a l lia b ilitie s a n d c a p ita l a c c o u n t s ........... 59,330 55,994 115,324 192 19,275 134,791 165,463 144,303 309,766 766 52,781 363,313 293,142 248,675 541,817 1,303 85,186 628,306 453,860 344,825 798,685 1,997 118,217 918,899 367,601 286,500 654,101 2,108 93,257 749,466 339,052 312,046 651,098 1,907 95,558 748,563 376,231 372,792 749,023 2,649 105,046 856,718 186,484 203,268 389,752 2,148 58,801 450,701 1,043,728 1,315,863 2,359,591 32,347 329,229 2,721,167 3,284,891 3,284,266 6,569,157 45,417 957,350 7,571,924 1 For banks excluded, see footnote 2, Table 152. 1 Asset and liability items are averages of figures for December 30, 1939, June 29, 1940, and December 31, 1940. N ote: Minus (-) indicates net decrease in total capital accounts. Bach figures — See the following Annual Reports: 1939, p. 198; 1938, pp. 224-227; 1937, pp. 152-155; 1936, pp . 174-177. 215 ASSETS Cash and due from ban ks........................................... 2,074,081 Securities.......................................................................... 2,315,074 L oans................................................................................. 2,872,529 Miscellaneous assets..................................................... 310,240 T o t a l a s s e t s .............................................................. 7,571,924 BANKS $0.48 .66 1.12 .09 1.03 .34 .69 .05 .30 .44 n .n 1U-58 OF INSURED $0.61 1.00 .75 .07 .68 .34 .34 .08 .29 .13 12.57 12.70 EARNINGS Recoveries, profits on securities, e tc......................... Losses and depreciation on assets............................. N et p ro fits b e fo re in c o m e taxes a n d d iv id en d s Federal and State taxes on net in com e ................... N e t p ro fits a fte r i n c o m e t a x e s .............................. Cash dividends declared............................................... N et p rofits a fte r d iv id e n d s ..................................... Other additions to total capital accou nts............... Other deductions from total capital accounts........ N et c h a n g e in t o ta l c a p ita l a c c o u n t s ............... Total capital accounts, December 30, 1 939............... Total capital accounts, December 31, 191+0............... Table 156. 216 RATIOS OF EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS Submitting R eports to the F ederal D eposit I nsurance C orporation, 1940 BANKS GROUPED ACCORDING TO RATE OF NET EARNINGS Banks with net current operating earnings per $100 of total assets of— 1 All banks A m o u n ts p er $100 o f t o ta l assets1 C u rre n t o p e ra tin g e a rn in g s: Interest and discount on loans................................... Interest and dividends on securities......................... Commissions, fees, and collection, exchange, and service charges........................................................ Other current operating earnings.............................. G ross c u r r e n t o p e ra tin g e a r n in g s .................. C u rre n t o p e ra tin g exp en ses: Interest on time and savings deposits..................... Interest and discount on borrow ings........................ Salaries, wages, and fe e s ............................................. Taxes (other than on incom e).................................... Other expenses of occupancy and maintenance of banking quarters................................................... Other current operating expenses.............................. T o ta l cu r r e n t o p e ra tin g ex p e n se s................... N e t c u r r e n t o p e r a tin g e a r n in g s ............................... $1.00 to $1,49 $1.50 to $1.99 $2.00 to $2.49 $2.50 to $2.99 $3.00 or more 6,871 19 57 385 1,586 2,125 1,491 637 301 220 $56.22 22.28 $39.10 28.53 $45.73 26.62 $38.78 25.13 $50.20 26.57 $57.09 25.07 $62.81 19.02 $64.64 14.74 $68.63 8.80 $69.05 6.28 11.89 9.61 100.00 14.10 18.27 100.00 14.33 13.32 100.00 12.73 23.36 100.00 11.05 12.18 100.00 9.75 8.09 100.00 12.37 5.80 100.00 15.54 5.08 100.00 16.07 6.50 109.00 20.19 4.48 100.00 $17.34 .11 29.09 5.43 $25.32 .32 55.13 9.94 $18.60 .25 46.11 6.62 $16.22 .95 39.32 7.19 $18.62 .01 31.07 6.48 $20.94 .02 26.58 5.06 $14.64 .09 27.03 4.99 $11.55 .09 27.60 4.35 $11.08 .06 27.54 3.52 $9.73 .11 26.32 3.62 5.32 14.38 71.67 12.82 24.68 128.21 11.34 20.14 103.06 9.70 17.84 91.22 6.07 16.05 78.30 4.73 13.00 70.33 3.96 13.17 63.88 4.42 14.17 62.18 3.92 14.06 60.18 4.33 12.33 56.44 $28.33 $-28.21 $-3.06 $8.78 $21.70 $29.67 $36.12 $37.82 $39,82 $43.56 $2.26 .90 $0.93 .68 $1.28 .75 $1.22 .79 $1.72 .91 $2.24 .98 $2.87 .87 $3.70 .84 $4.57 .59 $5.78 .53 .48 .38 4.02 .34 .43 2.38 .40 .37 2.80 .40 .74 3.15 .38 .41 3.42 .38 .32 3.92 .56 .26 4.56 .89 .29 5.72 1.07 .43 6.66 1.69 .37 8.37 $0.70 .00 1.17 .22 $0.60 .01 1.31 .24 $0.52 .01 1.29 .19 $0.51 .03 1.24 .23 $0.64 .00 1.06 .22 $0.82 .00 1.04 .20 $0.67 .00 1.23 .23 $0.66 .00 1.58 .25 $0.74 .00 1.84 .23 $0.81 .01 2.20 .30 .21 .58 2.88 .30 .59 3.05 .32 .56 2.89 .31 .55 2.87 .21 .55 2.68 .19 .51 2.76 .18 .60 2.91 .25 .82 3.56 .26 .94 4.01 .36 1.04 4.72 $1.14 $-0.67 $-0.09 $0.28 $0.74 $1.16 $1.65 $2.16 $2.65 $3.65 CORPORATION N et cu r r e n t o p e ra tin g e a r n in g s ............................... $0.50 to $0.99 INSURANCE C u rre n t o p e ra tin g e x p e n se s : Interest on time and savings deposits..................... Interest and discount on borrow ings........................ Salaries, wages, and fe e s ............................................. Taxes (other than on in com e).................................... Other expenses of occupancy and maintenance of banking quarters................................................... Other current operating expenses.............................. T o t a l cu r r e n t o p e ra tin g e x p e n se s................... $0.00 to $0.49 DEPOSIT A m o u n t s p er $100 o f gross e a rn in g s C u r r e n t o p e ra tin g e a rn in g s: Interest and discount on loa n s................................... Interest and dividends on securities......................... Commissions, fees, and collection, exchange, and service charges........................................................ Other current operating earnings.............................. G ross cu r r e n t o p e r a tin g e a r n in g s .................. $-0.01 to $-0.49 FEDERAL Number of banks2................................................. $-0.50 or more A m o u n t s p er $100 o f t o ta l ca p ita l a ccou n ts1 N et cu r r e n t o p e r a tin g e a r n in g s ...................... R ecoveries, profits on securities, etc.................... Losses and depreciation on assets......................... N et p ro fits b e fo re in c o m e taxes a n d d iv id en d s Federal and State taxes on net in com e............... N et p ro fits a fte r in c o m e t a x e s .......................... Cash dividends declared.......................................... N et p rofits a fte r d iv id e n d s ................................. Other additions to total capital accou nts........... Other deductions from total capital a ccou n ts.. N et c h a n g e in t o t a l c a p ita l a c c o u n t s ........... $9.00 4.81 7.87 5.94 .59 5.35 2.70 2.65 .62 2.29 .98 $ 4 .9 3 10.09 11.27 - 6.11 .39 -6.50 1.40 -7.90 6.61 .78 -2 .0 7 $-0.75 10.63 10.10 $5.95 2.93 .80 1.61 .80 1.25 S p e cia l r a t io s 1 Interest and discount on loans per $100 of total loans......................................................................... Interest and dividends on securities per $100 of total securities................................................... Profits on securities per $100 of total securities Interest on time and savings deposits per $100 of time and savings deposits................................. Losses on loans per $100 of total loa n s................. Losses on securities per $100 of total securities. . $ 1.21 11.1+9 12.17 11.96 $0.59 .94 .81 .06 .75 .32 .43 .05 .29 .19 11.98 12.17 .35 -0 .5 7 1.14 -1.71 .97 2.64 -3 .3 8 $2.39 6.19 8.50 .08 .10 - 0.02 1.33 -1 .3 5 1.52 1.47 -1 .3 0 $6.16 5.11 8.73 2.54 .29 2.25 2.17 .08 .73 2.57 -1 .7 6 $9.61 4.88 7.79 6.70 .51 6.19 2.66 3.53 .41 2.39 1.55 $12.18 4.11 6.80 9.49 .74 8.75 3.17 5.58 .44 2.47 3.55 $13.72 3.15 6.73 10.14 1.17 8.97 3.84 5.13 .35 1.96 3.52 $17.20 4.66 7.52 14.34 1.96 12.38 5.41 6.97 .23 1.51 5.69 $18.96 2.62 5.67 15.91 2.58 13.33 5.24 8.09 .44 1.77 6.76 $5.81 $4.67 $4.79 $5.35 $5.60 $6.39 $7.50 $ 8.12 $9.37 2.64 3.50 2.35 2.32 2.39 1.22 2.71 .80 3.04 .67 3.39 .77 3.59 .58 3.28 .84 3.69 .56 1.22 .95 2.28 1.46 1.99 1.44 1.25 .73 .95 1.52 .84 1.24 1.67 .70 1.32 1.70 .76 1.31 1.86 .99 1.06 1.84 1.17 1.62 1.95 .96 1.39 - 0.88 .11 -0 .2 8 13.79 13.51 1.15 -0 .0 3 .03 -0.06 .13 -0.19 .11 .30 -0 .3 8 11.61 11.23 - 0.22 $0.71 .98 .01 .01 -0 .0 0 .16 -0.16 .18 .17 -0 .1 5 11.6 k A ssets a n d lia b ilit ie s :1 ASSETS Cash and due from b an k s......................................... Securities........................................................................ L oans............................................................................... Miscellaneous assets................................................... T o t a l a s s e t s ............................................................ $0.62 1.05 .31 .04 .27 .26 .01 .09 .31 - 0.21 $0.72 1.16 $0.56 .93 1.28 .10 1.18 .43 .75 .06 .33 .48 13.27 13.75 $0.50 1.06 1.60 .19 1.41 .60 .81 .05 .30 .56 15.1+2 15.98 .30 1.91 .84 1.07 .04 .23 .88 11+.87 15.75 $0.50 1.09 3.06 .50 2.56 1.01 1.55 .09 .34 1.30 18.55 19.85 2.21 (Amounts in thousands of dollars) . . . . . 2,074,081 2,315,074 2,872,529 310,240 7,571,924 7,130 3,376 2,099 522 13,127 20,969 17,752 15,365 1,886 55,972 268,270 252,082 194,342 48,492 763,186 701,996 784,353 750,456 105,917 2,342,722 618,221 828,646 1,025,867 96,046 2,568,780 275,175 268,650 470,124 34,284 1,048,233 106,877 104,824 219,681 14,482 445,864 50,360 38,314 120,705 4,812 214,191 25,083 17,077 73,890 3,799 119,849 LIABILITIES AND CAPITAL Demand deposits.......................................................... , 3,284,891 Tim e deposits................................................................ , 3,284,266 T o t a l d e p o s it s ........................................................ 6,569,157 Miscellaneous liabilities............................................. 45,417 Total capital a ccou n ts................................................ 957,350 T o t a l lia b ilitie s a n d c a p ita l a c c o u n t s ......... 7,571,924 4,880 6,454 11,334 9 1,784 13,127 29,468 19,978 49,446 167 6,359 55,972 352,205 312,790 664,995 9,986 88,205 763,186 1,070,562 981,073 2,051,635 8,967 282,120 2,342,722 990,834 1,258,373 2,249,207 8,929 310,644 2,568,780 491,597 411,164 902,761 3,634 141,838 1,048,233 210,668 158,286 368,954 6,607 70,303 445,864 91,370 86,191 177,561 8,587 33,043 214,191 43,307 49,957 93,264 3,531 23,054 119,849 1 Asset and liability items are averages of figures for December 30, 1939, June 29, 1940, and December 31, 1940. 2 For banks excluded, see footnote 2, Table 152. N ote: Minus (—) indicates net deficit, net loss, or net decrease in total capital accounts. Back figures— See the following Annual Reports: 1939, p. 200; 1938, pp. 228-231; 1937, pp. 156-159; 1936, pp. 182-185. BANKS .19 -1.07 .90 .68 $1.37 1.53 -0.83 .05 OF INSURED .84 .34 .08 .29 .13 12.57 12.70 $0.61 1.00 .75 .07 EARNINGS Recoveries, profits on securities, e tc........................ Losses and depreciation on assets............................. N et p rofits b e fo re in c o m e taxes a n d d iv id en d s Federal and State taxes on net in com e................... N e t p ro fits a fte r in c o m e ta x e s .............................. Cash dividends declared.............................................. N et p rofits a fte r d iv id e n d s ..................................... Other additions to total capital accou nts............... Other deductions from total capital accounts........ N et c h a n g e in t o ta l c a p ita l a c c o u n t s ............... Total capital accounts, December 30, 1 939 ................. Total capital accounts, December 81, 191+0................. to h-* -3 Table 157. RATIOS OF EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS Submitting R eports to the Federal D eposit I nsurance C orporation , 1940 BANKS GROUPED ACCORDING TO RATE OF INCOME ON LOANS1 Banks with income on loans1 per $100 of total loans of— 2 All banks $7.00 to $7.99 $8.00 to $8.99 $9.00 to $9.99 $10.00 to $11.99 $12.00 or more 97 565 1,889 1,922 1,096 599 306 259 138 $56.22 22.28 $30.00 31.60 $42.68 27.97 $56.67 25.04 $60.60 21.05 $65.05 16.15 $67.87 13.29 $75.45 6.07 $74.52 7.53 $78.07 8.30 14.76 23.64 10.87 18.48 9.88 8.41 15.24 3.60 16.24 2.24 15.28 2.67 11.22 2.41 100.00 100.00 12.14 6.21 100.00 14.15 4.65 100.00 100.00 100.00 100.00 100.00 100.00 $17.34 .11 29.09 5.43 $12.37 .00 33.12 6.53 $17.60 .42 29.76 6.39 $21.56 .03 26.87 5.26 $17.16 .02 28.67 5.41 $14.20 .13 30.68 5.18 $10.69 .07 32.21 4.93 $11.97 .12 31.24 3.88 $9.25 .07 31.26 3.93 $9.21 .15 31.91 3.21 5.32 14.38 4.98 13.73 72.43 4.55 13.69 69.50 4.53 14.36 69.08 5.38 13.96 67.24 5.14 17.42 69.77 65.60 67.77 N et cu r r e n t o p e r a tin g e a r n in g s ............................... $28.33 ! $22.23 $25.28 $27.57 $30.50 $30.92 $32.76 $30.23 $34.40 $32.23 $2.26 .90 $0.88 .92 $1.49 .98 $2.13 .94 $2.57 .89 $3.04 .76 $3.54 .69 $5.57 .45 $5.13 .52 $6.08 .65 .48 .38 4.02 .43 .69 2.92 .38 .65 .37 .32 .51 .27 .66 .22 .80 .19 3.50 3.76 4.24 4.68 5.22 1.20 .16 7.38 1.05 .18 6.88 7.78 $0.36 .00 .97 .19 $0.62 .01 1.04 .22 $0.81 .00 1.01 .20 $0.73 .00 1.22 .23 $0.66 .01 1.44 .24 $0.56 .00 1.68 .26 $0.88 .01 2.31 .29 $0.64 .00 2.15 .27 $0.72 .01 2.48 .25 A m o u n ts per $100 o f to ta l a ssets2 C u rre n t o p e r a tin g e a r n in g s : Interest and discount on loans...................................... Interest and dividends on securities............................ Commissions, fees, and collection, exchange, and service charges................ ............................................ Other current operating earnings................................. G ross cu r r e n t o p e ra tin g e a r n in g s .................. i1 C u rre n t op era tin g expenses : Interest and discount on borrowings.......................... Salaries, wages, and fees.................................................. Taxes (other than on income)........................................ Other expenses of occupancy and maintenance of banking quarters......................................................... Other current operating expenses................................. $0.70 .00 1.17 .22 .21 .58 I .25 .50 .22 .51 .19 .51 .19 .58 .21 .67 .28 .73 .38 1.28 .35 1.10 .50 1.31 2.62 2.72 2.95 3.23 3.51 5.15 4.51 5.27 $0.88 $1.04 $1.29 $1.45 $1.71 $2.23 $2.37 $2.51 T o t a l cu r r e n t o p e ra tin g e x p e n se s................... 2.88 2.27 N et cu r r e n t o p e r a tin g e a r n in g s ............................... $1.14 $0.65 .87 .18 CORPORATION 6.18 14.37 74.72 6.45 16.84 71.67 j 8.50 17.25 77.77 5.11 15.98 T o t a l cu r r e n t o p e r a tin g e x p e n se s................... INSURANCE 11.89 9.61 1G0.G0 C u rre n t o p e r a tin g exp en ses: Interest on time and savings deposits........................ Interest and discount on borrowings.......................... Salaries, wages, and fe e s.................................................. Taxes (other than on incom e)........................................ Other expenses of occupancy and maintenance of banking quarters............................................. v . . . . Other current operating expenses................................. $6.00 to $6.99 DEPOSIT G ross c u r r e n t o p e r a tin g e a r n in g s .................. $5.00 to $5.99 6,871 A m o u n t s p er $100 o f gross e a rn in g s C u rre n t o p e r a tin g e a rn in g s: Interest and discount on loans...................................... Interest and dividends on securities............................ Commissions, fees, and collection, exchange, and service charges............................................................. Other current operating earnings................................. $4.00 to $4.93 FEDERAL Number of banks3...................................................... Less than $4.00 $0.61 1.00 .75 .07 .68 .34 .34 .08 .29 .13 12.57 12.70 $ 0.68 1.73 -0.40 .03 -0.43 .26 -0.69 .12 A m o u n t s p e r $100 o f t o t a l ca p ita l a ccou n ts2 N et c u rre n t o p e r a t in g e a r n in g s ............. R ecoveries, profits on securities, e tc............ Losses and depreciation on assets................... N et p ro fits b e fo re in c o m e taxes a n d d ivid en d s Federal and State taxes on net in com e ........... N et p ro fits a fte r i n c o m e ta x e s ..................... Cash dividends declared...................................... N et p rofits a fte r d iv id e n d s ............................ Other additions to total capital a ccou n ts. . . . Other deductions from total capital accounts N et ch a n g e in t o ta l ca p ita l a c c o u n t s . . . . $9.00 4.81 7.87 5.94 .59 5.35 2.70 2.65 .62 2.29 .98 $5.65 5.91 15.01 -3.45 .32 -3.77 2.25 $0.63 .91 .76 .05 .71 .31 .40 .04 11+.62 $0.49 .91 1.95 .33 1.62 .78 .84 .01 .30 .55 16.12 16.67 .49 17.78 18.27 ?.«7 $11.85 3.91 5.13 10.63 1.10 9.53 3.83 5.70 .03 2.41 3.32 $17.11 4.99 7.94 14.16 2.13 12.03 5.63 6.40 .71 1.57 5.54 $14.37 3.00 5.53 11.84 1.98 9.86 4.76 5.10 .05 1.81 3.34 $13.81 2.79 6.88 9.72 1.74 7.98 4.75 3.23 .05 .57 2.71 $6.38 $7.38 $8.40 $9.49 $10.80 $13.73 3.16 .80 3.15 .63 3.36 .57 3.55 .97 3.29 .52 3.35 .31 1.75 .75 1.45 .79 .93 1.96 1.02 .60 1.92 .98 1.71 1.96 1.12 .79 2.04 2.11 .51 .22 12.08 12.30 $8.50 5.13 7.38 6.25 .44 5.81 2.52 3.29 .37 1.85 1.81 $10.01 4.61 7.46 7.16 .64 6.52 2.71 3.81 .72 2.79 1.74 $ 10.88 4.04 5.55 9.37 1.05 1.92 -6.89 $7.03 4.78 8.15 3.66 .31 3.35 2.08 1.27 .95 2.63 -0.41 $5.95 $3.45 $4.55 $5.42 2.93 .80 2.41 .94 2.79 .85 2.95 .78 1.61 .80 1.25 1.00 1.39 1.00 1.43 .90 1.13 1.63 .62 1.38 .22 -0.79 11.99 11.20 - 6.02 A sse ts a n d lia b ilit ie s :2 .22 .12 1.13 .43 .70 .08 .38 .40 13.01+ 1 3 .U .86 8.51 3.24 5.27 .58 2.88 11+.11+ $0.51 1.25 1.77 .32 1.45 .86 .59 .01 .11 (Amounts in thousands of dollars) ASSETS Cash and due from ban k s......................................... Securities........................................................................ L oans............................................................................... Miscellaneous assets................................................... T o t a l a s s e t s ............................................................. 2,074,081 2,315,074 2,872,529 310,240 7,571,924 195,439 238,666 158,286 29,763 622,154 409,441 545,290 509,655 88,211 1,552,597 685,070 859,127 1,058,305 109,031 2,691,533 428,285 432,301 615,929 52,995 1,529,510 181,017 135,582 233,272 16,253 566,124 90,606 53,912 110,109 6,447 261,074 53,982 25,576 118,805 3,964 202,327 35,133 16,197 48,859 2,769 102,958 15,108 8,423 19,309 807 43,647 LIABILITIES AND CAPITAL Dem and deposits.......................................................... Tim e deposits................................................................ T o t a l d e p o s it s ........................................................ Miscellaneous liabilities............................................. T otal capital a ccou n ts................................................ T o t a l lia b ilitie s a n d ca p ita l a c c o u n t s ......... 3,284,891 3,284,266 6,569,157 45,417 957,350 7,571,924 322,091 224,689 546,780 3,771 71,603 622,154 673,458 670,588 1,344,046 13,133 195,418 1,552,597 1,016,532 1,337,840 2,354,372 8,652 328,509 2,691,533 691,339 635,618 1,326,957 4,875 197,678 1,529,510 288,009 199,595 487,604 3,298 75,224 566,124 147,429 74,222 221,651 1,767 37,656 261,074 75,760 92,938 168,698 7,246 26,383 202,327 50,955 33,406 84,361 1,648 16,949 102,958 19,318 15,370 34,688 1,029 7,930 43,647 1 Incom e on loans consists of the amount reported against the caption, “ Interest and discount on loans,” which includes renewal, mortgage, and other fees charged in con nection with loans owned by the bank. 2 Asset and liability items are averages of figures for December 30, 1939, June 29, 1940, and December 31, 1940. 3 For banks excluded, see footnote 2, Table 152. N o te: Minus (-) indicates net loss or net decrease in total capital accounts. BANKS $0.54 .74 1.25 .46 .04 .42 .26 .16 .12 .33 -0 .0 5 12.60 12.55 $0.56 .74 1.53 .16 1.37 .55 .82 .01 .35 .48 $0.65 1.03 1.85 .28 1.57 .73 .84 .09 .21 .72 12.61 13.33 $0.60 .96 .93 .09 .84 .35 .49 .09 .36 22 12\82 13.01+ 1.02 OF INSURED S p ecia l ra t io s 2 Interest and discount on loans per $100 of total lo a n s......................................................................... Interest and dividends on securities per $100 of total securities................................................... Profits on securities per $100 of total securities.. . Interest on time and savings deposits per $100 of time and savings deposits................................. Losses on loans per $100 of total loa n s................. Losses on securities per $100 of total securities. . $0.60 EARNINGS Recoveries, profits on securities, etc............ Losses and depreciation on assets................. N e t p rofits b e fo re in c o m e taxes a n d d ivid en d s Federal and State taxes on net in com e ........... N et p rofits a fte r i n c o m e t a x e s ..................... Cash dividends declared...................................... N et p rofits a fte r d iv id e n d s ............................ Other additions to total capital a ccou n ts. . . . Other deductions from total capital accounts N e t ch a n g e in t o ta l c a p ita l a c c o u n t s . . . . Total capital accounts, December 30, 1 93 9 . . . . Total capital accounts, December 31, 191+0. . . . tND I—* CO 220 T a b le 158. EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED MUTUAL SAVINGS BANKS, 1934-1940 (Amounts in thousands of dollars) 1935 1937 1936 1939 1938 1940 56 56 56 48 51 53 C u rre n t o p e r a tin g e a rn in g s: Interest and discount on loa n s............................................................................... Interest and dividends on securities..................................................................... Commissions, fees, and collection, exchange, and service charges.............. Other current operating earnings........................................................................ G ro ss c u r r e n t o p e r a tin g e a r n in g s .............................................................. 25,059 18,866 44 3,850 47,819 20,769 17,152 104 4,707 42,732 18,893 16,551 132 5,805 41,381 18,759 15,649 228 7,412 42,048 20,328 15,581 321 8,241 44,471 25,075 22,489 168 9,224 56,956 27,879 32,251 95 10,740 70,965 C u rre n t o p e ra tin g exp en ses: Interest and discount on borrowings C1) 0) 34 201 1,360 2,048 3,800 751 7,619 15,813 4 236 1,320 2,141 4,128 700 7,774 16,303 180 1,808 3,361 4,798 931 8,628 19,706 285 2,137 4,827 5,489 1,461 8,343 22,542 3,162 22,8 66 394 5,474 11,943 23,049 3124 6,554 12,889 18 162 1,254 1,928 3,111 606 7,270 14,349 N et cu r r e n t o p e r a tin g e a r n in g s ........................................................................... 35,876 29,843 27,032 26,235 28,168 37,250 48,423 P rofits o n assets sold o r ex c h a n g e d , recoveries, a n d r e d u c tio n s in v a lu a tio n a llo w a n ce s: Profits on securities sold or exchanged................................................................ Profits on other assets sold or exchanged........................................................... Recoveries and reductions in valuation allowances on loans......................... Recoveries and reductions in valuation allowances on securities......... .. All other recoveries and reductions in valuation allowances........................... T o t a l p rofits o n assets s o ld , recoveries, e t c ............................................ 1,355 (4) 702 833 2,591 5,481 2,457 (4) 1,813 1,170 1,527 6,967 4,032 1,843 999 263 4,524 11,661 3,466 2,414 774 93 3,675 10,422 4,244 2,250 693 108 1,057 8,352 8,207 781 345 1,163 3,436 13,932 6,885 373 405 1,615 2,964 12,242 N et ea rn in g s, p rofits a n d recov eries o n assets, e t c ...................................... 41,357 36,810 38,693 36,657 36,520 51,182 60,665 L osses, c h a r g e -o ffs , a n d a d d itio n s t o v a lu a tio n a llo w a n ce s : On loans ............................................................................................................ On securities . .................................................................................................. All other losses, charge-offs, and additions to valuation allowances............ T o t a l losses, ch a r g e -o ffs, e t c ......................................................................... 2,567 5,300 3,230 11,097 2,557 3,276 2,642 8,475 1,656 3,101 6,868 11,625 4,874 7,089 3,266 15,229 1,127 13,409 13,810 28,346 2,446 9,914 13,701 26,061 18,230 14,144 15,280 47,654 ............................... \ t ( CORPORATION 3,509 .• Officers’ salaries.......................................................................................................... | Employees' salaries and w ages............................................................................... Taxes (other than on in com e)............._.............................. ................................... Other expenses of occupancy and maintenance of banking quarters........... Other current operating expenses.......................................................................... T o t a l cu r r e n t o p e ra tin g e x p e n se s............................................................... INSURANCE 68 DEPOSIT Number of banks............................................................................................... FEDERAL 1934 Net profits before incom e taxes and dividends............................................ Federal and State taxes on net in com e......................................i ........................... Net profits available for distribution to depositors and for addition to capital fu n d s................................................................................................. Interest and dividends paid depositors and interest paid on capital: Interest and dividends paid depositors............................................................. Interest paid on capital notes and debentures................................................ T otal interest and dividends..................................................................... Net profits after interest and dividends....................... (6) (5) (6) (5) 27,068 6 21,428 8 8,174 30,260 28,335 27,062 21,420 26,701 1,550 28,251 22,132 19,607 19,262 297 479 407 22,429 2G,G86 19,669 2,009 5,906 6,976 1,751 -11,531 Other additions to capital accounts: Capital notes and debentures issued (face va lu e)......... Assessments and other contributions................................ T otal other additions to capital accounts.......... Other deductions from capital accounts: Capital notes and debentures retired (face value)........ Payments on subordinated claim s...................................... Total other deductions from capital accounts. (6) Net change in total capital accounts for year.......... (6) Total capital accounts at beginning of year........................... Total capital accounts at end of yea r...................................... N um ber of active officers, December 31. . . N um ber of other employees, December 31. 1 Included with “ interest paid on capital notes and debentures,*’ 2 Includes income taxes. 3 “ Depreciation on banking house, furniture and fixtures” only. 4 Included with recoveries. s N ot available. See footnote 2. 8 N ot available. N ote: 8,166 25,092 12,894 19, 04 26,550 359 31,3G3 393 19,697 26,909 405 31,768 -18,874 25 81 24 105 565 26 591 159 40 199 729 25 B > 711 18 (6) 5,935 1,664 -10,525 -1,991 -19,603 (°) (S) (6) (6) 125,772 131,707 131,707 133,371 132,670 122^5 15 If.,5 20 152,529 180,203 160,600 (6) (6) (6) (6) 244 1,183 250 1,238 232 1,217 273 1,858 310 2,693 See the Annual Report for 1938, page 120. Minus (-) indicates net loss or net decrease in total capital accounts. 1,050 35 1,085 13,011 117 1,576 21 1,597 44 44 (6) 29 25,121 2 t—f £ a OQ 2 U1 a w B C W > « w to to SUSPENSIONS, RECEIVERSHIPS, AND MERGERS N U M B E R AND DEPOSITS OF BAN KS W H IC H SUSPENDED OPERATIONS, 222 Table 159. 1934-1940 GROUPED ACCORDING TO CLASS OF BANK AND BY Y E A R , AMOUNT OF DEPOSITS, AND STATE Deposits (in thousands of dollars)1 Number Insured banks Insured banks Total Total National 6 207 86 132,050 91,146 14,822 2 8 22 40 47 48 8 3 6 36,937 9,852 11,412 19,722 1,952 9,005 10,820 19,242 40 5,263 507 7,379 State Total Total N on insured banks2 National 26,548 49,776 40,904 1,708 1,912 3,742 10,313 10,155 34,985 847 592 480 11,722 6,588 5,344 31,203 2,439 358 State U n ited S ta tes— t o t a l ......................................... 315 229 16 C alen d a r yea r 1934 .................................. 1935 .................................... 1936 ........................................ 1937 .................................................................... 57 34 44 59 9 26 41 53 1 4 1 4 56 42 23 49 32 19 1 4 1 1 3 47 25 18 7 10 4 313,172 34,997 5,958 11,969 32,558 5,600 36 1,341 256 w ith d e p o sits o f — 1 or less to $250,000....................................... to $500,000....................................... 124 102 48 86 79 31 2 2 7 2 1 84 75 23 38 23 17 7,073 15,951 16,465 5,042 12,437 10,447 76 376 2,318 313 365 4,966 11,748 7,764 2,031 3,514 6,018 $500 000 to $1,000,000 $1 000 000 to $2 000 000 $2,000,000 to $5,000,000................................ 21 9 8 18 9 5 1 2 2 1 1 17 6 2 3 3 15,100 12,574 23,104 12,756 12,574 16,223 507 3,456 8,089 1,343 2,860 12,249 7,775 5,274 9,881 2 1 1 17,116 21,667 21,667 1938 .................................................................... 1939....................................................................... 1940 ............................................................ B an ks $100 000 $100,000 $250,000 S ta te Alabama Arkansas California Colorado Connecticut Georgia Illinois Indiana Kansas «« • . . . ............................................... • ........... ................................ .. 2 1 5 1 1 2 1 2 9 7 31 j 8 I 10 7 5 14 4 5 1 1 5 1 5 1 1 1 1 1 1 1 7 4 14 3 4 2 2 17 4 5 2,344 17,116 100 1,081 84 8 1,514 100 1,081 1,013 3,884 5,704 4,805 944 967 3,743 3,416 4,097 552 21,667 100 1,081 84 8 1,514 8 1,050 464 102 3,594 256 967 3,641 3,416 503 296 46 141 2,288 708 392 CORPORATION $5 000 000 to $10 000 000 $10 000 000 to $50 000 000 M ore than $50 000 000 211 24,629 INSURANCE N ot members F. R . System Members F. R. System DEPOSIT N on insured banks2 FEDERAL N ot members F. R. System Members F. R. System 23 4 2 4 4 19 3 2 2 4 Mississippi M issouri........... M on tana.......... N ebraska.......... New J ersey.. . . 2 46 3 8 19 2 32 3 4 11 New Y o r k ........ N orth D a k o ta . O hio................... Oklahom a........ Pennsylvania. . 3 19 5 7 South Carolina South Dakota. Tennessee........ T exas................. V erm on t........... Virginia............. W est Virginia. . W isconsin........ sands ^f^doUars0^ *nsur0(^ ^anks are as 6,445 1,697 828 3294 552 4,639 1,654 828 81 552 2 32 2 3 7 153 6,719 213 965 53,031 153 4,671 213 532 30,917 1 18 2 5 6 18 1 5 4 9,041 1,524 2,964 889 9,166 1,982 1,509 2,242 825 8,699 3 22 10 18 1 1 22 8 16 1 1 20 8 15 1 347 2,759 1,679 3,645 2,479 136 2,759 1,389 3,071 2,479 5 3 21 3 3 17 1 2 17 1,025 1,649 4,849 558 1,649 4,130 date of suspension; deposits of noninsured banks are as of latest report prior to suspension. 1,474 40 194 3,165 1,654 828 81 267 ' 4,824 507 36 495 410 433 22,114 1,509 1,981 825 3,875 7,059 15 722 64 467 211 63 1,239 4,130 467 290 574 719 Figures for each bank are rounded to thou- For additional information and for reconcilement of figures relating to number of suspensions, receiverships, and mergers with F D IC aid, see pages 90-91. MERGERS 223 2,048 136 2,041 1,389 3,035 2,479 - Excludes noninsured banks operating under restrictions or moratoria which were placed in receivership or liquidation. 3 Revised. N o te : 3213 153 4,671 173 338 4,682 1,982 261 1,806 43 SUSPENSIONS, RECEIVERSHIPS, AND K en tu ck y......... Louisiana......... M arylan d......... M ichigan.......... M innesota........ 224 T able 160. N umber AND DEPOSITS OF AND DISBURSEMENTS TO INSURED BANKS MERGED WITH THE FINANCIAL AlD of the Federal D eposit I nsurance C orporation, 1935-1940 GROUPED ACCORDING TO CLASS OF BANK AND B Y Y E A R , AMOUNT OF DEPOSITS, AND STATE Total National State Banks not members F. R. System Total National Disbursement (in thousands of dollars)2 Total State Banks not members F. R. System Banks members F. R. System Banks members F. R. System National Banks not members F. R. System 156,652 148,956 17,972 73,715 57,269 1 27 25 4,357 16,696 18,296 2,166 12,246 3,734 648 4,357 10,796 5,402 2,865 6,771 7,125 783 4,946 1,552 97 2,865 4,436 2,082 1938. 1939. 1940. 24 28 24 50,054 125,145 138,172 4,631 18,100 10,818 22,564 1,187 119,974 22,859 105,858 7,380 21,386 41,571 69,238 1,810 6,703 3,730 8,595 703 62,768 10,981 34,165 2,740 Banks with deposits of— 1 $100,000 or less.......................... $100,000 to $250,000................. $250,000 to $500,000................ 23 22 19 1,426 3,678 6,838 161 127 2,185 1,265 3,551 4,653 643 1,309 3,083 71 23 696 $500,000 to $1,000,000.. . $1,000,000 to $2,000,000. $2,000,000 to $5,000,000. 19 18 16 14,637 26,010 50,645 4,457 10,105 22,077 648 2,461 10,539 9,532 13,444 18,029 6,912 10,648 20,971 2,512 3,574 8,327 6 6 41,721 207,765 32,872 73,306 16,504 88,886 2,769 134,459 143 861 97 29 3,616 143 861 97 17 2,050 5,769 1,425 240 3,528 3,707 1,234 1,076 72 1,093 2,374 $5,000,000 to $10,000,000. . $10,000,000 to $50,000,000. More than $50,000,000........ 10 89 State A labam a. . C alifornia. Florida G eorgia. . . Illinois. . . . 428 1,078 274 29 4,780 Ind iana. . . Io w a .......... K a n sa s.. . . K en tu ck y. M arylan d. 5,769 5,019 240 3,528 3,707 8,8 428 1,078 274 1,164 3,594 220 572 1,286 2,387 97 1,532 3,860 4,303 5,542 8,784 13,735 20,660 17 1,856 1,234 856 72 1,093 2,374 CORPORATION 148,107 129 INSURANCE 47,961 Calendar year 193 5 193 6 193 7 DEPOSIT 352,720 United States— total. FEDERAL Deposits (in thousands of dollars)1 Number Banks members F. R. System 2 3 11 1 1 New Jersey........ New Y o r k .......... North Carolina. North D a k ota . . Oklahom a........... 25 16 4 11 2 151,731 109,138 869 2,292 586 13,764 18,448 29,067 85,944 Pennsylvania. . , South D a k o ta .. Tennessee........... Texas................... V erm ont............. 5 1 4 1 1 36,545 127 322 78 352 2,679 127 29,362 1 10 4,085 1,548 2,676 Virginia............... W ashington. . . . W isconsin........... 3,042 12,221 1,876 83 297 2,233 1,729 3,734 809 6,758 1,876 1,564 4,795 582 27 117 1,298 730 108,900 4,746 869 2,292 149 53,464 48,258 292 1,262 85 7,001 4,433 10,498 41,888 35,965 1,937 292 1,262 32 4,504 24,546 23 114 44 186 1,796 23 19,777 2,37S 83 297 4,085 1,548 2,676 2,364 935 1,281 1,552 266 2,513 582 27 117 114 186 2,364 935 1,231 1 Deposits are as of date of examination prior to loan, computed from figures for each bank rounded to thousands of dollars. Principal of loans and purchase price of assets as shown by books of F D IC , December 31, 1940, computed from figures for each bank rounded to thousands of dollars. Includes under date of original disbursement all disbursements made in subsequent years. Does not include preliminary and field liquidation expenses, or advances for the pro tection of assets, incident to the transaction. N o te : For additional information and for reconcilement of figures relating to suspensions, receiverships, and mergers with F D IC aid, see pa^es 90-91. MERGERS 225 SUSPENSIONS, RECEIVERSHIPS, AND Massachusetts. . M ichigan............ M issouri............. M ontana............. New Hampshire Table 161. N u m b e r AND DEPOSITS OF INSURED BANKS PLACED IN RECEIVERSHIP OR MERGED WITH THE FINANCIAL AlD 1934-1940 226 o f t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n , GROUPED ACCORDING TO CLASS OF BANK AND B Y YEAR, AMOUNT OF DEPOSITS, AND STATE Number Deposits (in thousands of dollars)1 Total National State Banks not members F. R. System Banks members F. R. System Total National State Banks not members F. R. System 16 294 437,406 59,189 174,655 203,562 9 25 69 75 1 4 3 13 1 3 8 21 65 59 1,952 13,058 27,735 33,011 40 5,263 2,673 16,031 3,734 2,356 1,912 7,795 21,328 14,624 193 8 193 9 194 0 74 60 43 5 11 8 2 4 6 67 45 29 60,175 157,703 143,772 4,667 19,441 11,074 22,775 25,816 119,974 32,733 112,446 12,724 Banks with deposits of— 1 $100,000 or less................................................................................................................ $100,000 to $250,000...................................................................................................... $250,000 to $500,000...................................................................................................... 109 99 51 4 3 13 2 1 105 94 37 6,447 15,787 17,563 237 503 4,503 313 365 6,210 14,971 12,695 $500,000 to $1,000,000................................................................................................... $1,000,000 to $2,000,000............................................................................................... $2,000,000 to $5,000,000............................................................................................... 37 27 19 7 9 8 1 3 4 29 15 7 27,393 38,584 60,479 4,964 13,561 26,572 648 3,804 13,399 21,781 21,219 20,508 $5,000,000 to $10,000,000............................................................................................. $10,000,000 to $50,000,000........................................................................................... M ore than $50,000,000................................................................................................... 6 7 1 5 2 41,721 229,432 8,849 5 156,126 32,872 73,306 State A la b a m a ............................................................................................................................. Arkansas............................................................................................................................. California........................................................................................................................... C olorad o............................................................................................................................. C onnecticu t....................................................................................................................... 2 5 1 1 2 1 1 5 1 1 528 1,081 1,078 8 1,514 1,078 F lorida................................................................................................................................. G eorgia............................................................................................................................... Illinois................................................................................................................................. Indiana .. . . ............................................................................................................ 1 8 12 17 6 8 9 17 5 274 996 5,728 9,185 5,522 1,164 1 1 1 2 i 1 428 100 1,081 8 1,050 464 274 3,594 102 996 4,462 9,185 1,928 CORPORATION 45 INSURANCE 355 Calendar year 1934...................................................................................................................................... 1935...................................................................................................................................... 193 6 193 7 DEPOSIT United States— to ta l........................................................................................................ FEDERAL Banks members F. R. System 256 1,474 21 3 5 2 7 20 3 5 1 792 7,961 1,654 4,535 3,042 M ichigan............ M innesota.......... Mississippi......... M issouri............. M ontana............. 4 2 43 4 4 3 2 43 2 12,366 552 153 6.547 296 1,729 285 N ebraska............ New Hampshire New Jersey........ New Y o r k .......... North C arolina. 4 1 36 17 4 21 5 4 532 297 182,648 111,120 869 194 297 13,764 20,430 North D a k o ta . . O hio..................... Oklahom a........... Pennsylvania. . . South Carolina., 29 2 6 11 1 29 1 5 6 1 3,801 2,242 1,326 45,244 136 261 437 7,503 29,362 South D akota. .. T ennessee........... T exas................... V erm on t............. Virginia............... 23 12 17 2 6 20 12 15 2 4 2,886 1,867 3,149 2,831 4,643 634 211 Washington West V irgin ia .. . W isconsin........... 1 3 27 2 27 1.548 1,649 6,806 Kansas................ K en tu ck y........... Louisiana............ M arylan d........... M assachusetts. . 536 6,487 1,654 4,535 809 2,233 6,903 267 153 6,547 173 55,302 85,944 113,582 4,746 869 123 ii4 ' 495 ' 1,548 410 338 3,801 1,981 889 8,379 136 2,041 1,867 3,035 2,831 4,148 1,239 6,806 1 Deposits of banks placed in receivership are as of date of suspension; deposits of banks merged with the aid of F D IC loans are as of date of examination prior to loan. Figures for each bank are rounded to thousands of dollars. 227 MERGERS N o t e : Figures for 1937 include 1 bank (case no. 90) placed in voluntary liquidation. Figures for 1938 include 1 noninsured bank (case no. 162) which suspended subsequent to termination of its insured status. For additional information and for reconcilement of figures relating to number of suspensions, receiverships, and mergers with F D IC aid see pages 90-91. SUSPENSIONS, RECEIVERSHIPS, AND 3,734 T a b le 162. N u m b e r AND DEPOSITS OF BANKS W HICH SUSPENDED OPERATIONS, 1940 228 GROUPED ACCORDING TO CLASS OF BANK AND BY AMOUNT OF DEPOSITS AND STATE Deposits (in thousands of dollars' Number Insured banks Insured banks Total National State N ot members F. R. System N on insured banks Members F. R. System Total Total National State N ot members F. R. System N on insured banks 5,600 256 5,344 358 4 13 3 132 1,804 929 78 1,500 929 78 1,500 673 54 304 256 2 1 1,703 1,390 1,703 1,390 State G eorgia. . . Indiana. .. Kansas K e n tu ck y. M arylan d . 287 191 256 410 159 275 191 256 410 159 M issouri........... Nebraska.......... New J ersey.. .. North D akota. O klahom a........ 225 158 986 285 147 225 986 285 147 285 147 2,107 42 53 265 387 2,107 2,107 53 119 387 53 119 387 Banks with deposits o f $100,000 or less..................... $100,000 to $250,000............ $250,000 to $500,000............ $500,000 to $1,000,000.. . $1,000,000 to $2,000,000. $2,000,000 to $5,000,000. 23 19 18 1,703 1,390 INSURANCE $5,000,000 to $10,000,000. . $10,000,000 to $50,000,000. M ore than $50,000,000........ 1 Deposits of insured banks are as of date of suspension; deposits of noninsured banks are as of latest report prior to suspension. sands of dollars. N o te : 275 191 256 410 159 158 42 1939, p. 212; 1938, p. 244; 1937, p. 166; 1936, p. 192; 1935, p. 224. 146 Figures for each bank are rounded to thou For additional information and for reconcilement of figures relating to number of suspensions, receiverships, and mergers with F D IC aid, see pages 90-91. Back figure*— See the following Annual Reports: CORPORATION Pennsylvania. . South Carolina. South D a k o ta .. T exas................. . W isconsin........... DEPOSIT 5,958 United States— total. FEDERAL Total Members F. R. System T able 163. N u m b e r AND DEPOSITS OF AND DISBURSEMENTS TO INSURED BANKS MERGED WITH THE FINANCIAL AlD o f t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n , 1940 GROUPED ACCORDING TO CLASS OF BANK AND BY AMOUNT OF DEPOSITS AND STATE Deposits (in thousands of dollars)1 Total National 24 2 4 $500,000 to $1,000,000.................................... $1,000,000 to $2,000,000................................ $2,000,000 to $5,000,000................................ 5 7 3 $5,000,000 to $10,000,000.............................. $10,000,000 to $50,000,000............................ More than $50,000,000.................................... 3 State C alifornia............................................................ Iow a ...................................................................... New Jersey.......................................................... New Y o r k ............................................................ North D a k o ta .................................................... 1 1 4 11 1 Pennsylvania...................................................... V erm ont.............................................................. W ashington........................................................ W isconsin............................................................ 2 1 1 2 7 2 4 1 State 6 1 2 1 1 4 1 1 National 11 138,172 2 4 304 1,404 3 2 3,704 10,702 10,163 3 1 3 Total Banks members F. R. System 10,818 1,299 6,161 3,358 111,895 1 2 4 1 1 1 2 State 119,974 1,274 6,805 Banks not members F. R. System 680 6,893 4,668 85,944 29,981 352 1,548 608 1 619 29,362 1,548 Total Banks members F. R. System |National 7,380 69,238 304 1.404 68 607 2.405 3,267 1,728 4,484 2,720 111,895 1,078 179 7,4£2 96,849 125 Disbursement (in thousands of dollars)2 State 3,730 179 2,104 4,012 125 352 608 861 59 2,250 44,358 9 20,241 186 935 339 2,740 68 607 964 2,354 412 59,631 1,078 62,768 Banks not members F. R. System 829 2,308 764 1,301 59,631 861 500 970 1,103 41,888 464 19,777 59 647 1,500 9 186 935 339 1 Deposits are as of date of examination prior to loan, computed from figures for each bank rounded to thousands of dollars. 2 Principal of loans and purchase price of assets as shown by book3 of F D IC , December 31, 1940, computed from figures for each bank rounded to thousands of dollars. Does not include preliminary and field liquidation expenses, or advances for the protection of assets, incident to the transaction. N o te : For additional information and for reconcilement of figures relating to suspensions, receiverships, and mergers with F D IC aid, see pages 90-91. Back figures— See the following Annual Reports: 1939, p. 213; 1938, p. 245. MERGERS Banks with deposits of— 1 $100,000 or less................................................. $100,000 to $250,000....................................... $250,000 to $500,000....................................... Banks not members F. R. System SUSPENSIONS, RECEIVERSHIPS, AND Number Banks members F. R . System Table 164. N umber AND DEPOSITS OF INSURED BANKS PLACED IN RECEIVERSHIP OR MERGED WITH THE FINANCIAL AlD o f t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n , O 1940 GROUPED ACCORDING TO CLASS OF BANK AND BY AMOUNT OF DEPOSITS AND STATE Deposits (in thousands of dollars)1 Banks members F. R. System Total U n ite d S ta tes— t o t a l ........................................................................................................ 2 13 7 1 $500,000 to $1,000,000................................................................................................... $1,000,000 to $2,000,000................................................................................................ $2,000,000 to $5,000,000............................................................................................... 7 8 3 2 4 1 $5,000,000 to $10,000,000............................................................................................. $10,000,000 to $50,000,000........................................................................................... M ore than $50,000,000..................................................... ................................... 3 S ta te C alifornia............................................................................................................................ G eorgia................................................................................................................................ Ind ia n a ................................................................................................................................ K ansas................................................................................... ....................................... 1 2 2 1 1 K e n tu ck y............................................................................................................................ M arylan d ............................................. .............................................................................. M issouri............................................................................................................................ New Jersey......................................................................................................................... New Y o r k ........................................................................................................................... 2 1 2 5 11 North D a k o ta ................................................................................................................. Oklahom a........................................................................................................................... P ennsylvania..................................................................................................................... South D a k ota .................................................................................................................... Texas................................................................................................................................... 3 1 4 1 1 6 1 2 29 143,772 11,074 2 13 6 78 1,804 2,333 256 5 3 5,407 12,092 10,163 1,299 6,161 3,358 3 1 1 3 1 4 1 1 2 2 1 1,078 275 191 179 256 2 1 2 3 4 410 159 225 8,438 96,849 3 1 2 1 1 410 147 32,088 ! 53 119 | 119,974 12,724 78 1,804 2,077 1,274 6,805 4,108 4,657 275 191 179 111,895 111,895 1 State CORPORATION 8 National Banks not members F. R. System INSURANCE 43 w ith d e p o sits o f — 1 or less................................................................................................................. to $250,000....................................................................................................... to $500,000..................................................................................................... B anks $100,000 $100,000 $250,000 State Banks members F. R. System Total DEPOSIT National Banks not members F. R. System FEDERAL - Number 1,078 256 680 6,893 4,668 85,944 619 29,362 410 159 225 3,090 4,012 410 147 2,107 53 119 V erm on t............................................................................................................................. W ashington....................................................................................................................... W isconsin........................................................................................................................... 1 1 3 ...................! 1 ____ 1 1 ................... | 1 3 352 1,548 995 i 1 548 1 i i J 352 995 1 Deposits of banks placed in receivership are as of date of suspension; deposits of banks merged with the aid of F D IC loans are as of date of examination prior to loan. Figures for each bank are rounded to thousands of dollars. N o te : For additional information and for reconcilement of figures relating to number of suspensions, receiverships, and mergers with F D IC aid, see pages 90-91. MERGERS 1939, p. 214; 1938, p. 246, SUSPENSIONS, RECEIVERSHIPS, AND Back figures— See the following Annual Reports: to CO 232 Table 165. ACCOUNTS AND DEPOSITS OF AND DISBURSEMENTS TO INSURED BANKS MERGED WITH THE FINANCIAL AlD o f t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n , Class of bank1 Number of accounts2 Disbursement3 T otal deposits2 Absorbing bank Date $148,958,701 812,863 $352,719,582 Total, 1935-1940 (129 banks)............................ Amount 12,324 46,258 56,300 4,356,778 16,698,882 18,294,152 2,864,893 6,769,840 7,124,339 1938 (24 b an k s)................................................. 1939 (28 b an k s)................................................. 1940 (24 b a n k s)................................................. 159,682 *302,573 235,726 50,054,822 125,142,006 138,172,942 21,387,133 41,573,579 69,238,917 DEPOSIT Calendar year 1935 ( 1 b a n k )................................................... 1936 (27 b an k s)................................................. 1937 (25 b an k s)................................................. 52,643 29,362,109 January 13, 1940 19,777,123 C 5,572 1,492,046 February 5, 1940 586,585 Bank of Brocton Brocton, New Y o r k ....................................... 0 1,202 444,062 February 26, 1940 82,419 The National Bank of Westfield W estfield, New Y o r k ..................................... A 3,496 1,611,119 February 26, 1940 354,919 Union Trust Company of Jamestown Jamestown, New York (Westfield branch) Hartford Savings Bank and Trust Company W hite River Junction, V erm ont................. C 2,370 352,151 March 11, 1940 186,148 Inter-State Trust Company W hite River Junction, Vermont The Swedesboro National Bank Swedesboro, New Jersey............................ A 2,389 680,289 March 18, 1940 499,676 Swedesboro Trust Company Swedesboro, New Jersey The First National Bank of Wenatchee W enatchee, W ashington............................. A 4,181 1,543,475 March 27, 1940 935,105 Seattle-First National Bank Seattle, Washington (W eiatchee branch) Baldwinsville State Bank Bald wins ville, New Y o r k ............... C 3,849 807,178 April 8, 1940 411,011 First Trust & Deposit Company Syracuse, N . Y . (Baldwinsville branch) First Trust & Deposit Company Syracuse, New Y o r k ...................................... B 67,228 48,255,718 April 8, 1940 23,164,104 Bank of Reeder Reeder, North Dakota. . . . C 550 8,740 !i The First National Bank of Philadelphia Philadelphia, Pennsylvania Commonwealth-Merchants Trust Company Union City, N . J. (North Bergen branch) Union Trust Company of Jamestown Jamestown, New York (Brocton branch) First Trust & Deposit Company Syracuse, New York The First National Bank of Hettinger Hettinger, North Dakota CORPORATION B W oodcliff Trust Company North Bergen, N ew Jersey............. (P. O. W est New Y ork, N . J.) INSURANCE 1940 Integrity Trust Company Philadelphia, Pennsylvania . . . 124,829 1 April 18, 1940 FEDERAL N am e and location 1935-1940 A 4,502 1,924,299 April 22, 1940 203,137 The Rye National Bank R ye, New York (Harrison branch) The R ye National Bank R ye, New Y o r k ....................................................... A 9,183 3,357,506 April 22, 1940 412,306 The R ye National Bank R ye, New York T he First National Bank of Bally Bally, Pennsylvania............................................... A 2,256 619,285 April 29, 1940 463,926 The National Bank of Boyertown Boyer town, Pennsylvania The Southampton Bank Southampton, New Y o r k ...................................... B 2,219 1,273,898 June 10, 1940 829,207 The First National Bank of Southampton Southampton, New York First State Bank of Scotch Plains Scotch Plains, New Jersey.................................... C 5,291 611,908 June 24, 1940 59,615 The Westfield Trust Company Westfield, N . J. (Scotch Plains branch) T he Westfield Trust Company Westfield, New Jersey........................................... B 9,284 4,667,574 June 24, 1940 1,103,000 Waushara County Bank Plainfield, W isconsin.............................................. C 624 267,000 June 26, 1940 96,461 Chaseburg State Bank Chaseburg, W isconsin............................................ C 743 340,900 July 15, 1940 242,700 M ount Pleasant Bank & Trust Co. Pleasantville, New Y o r k ....................................... B 5,897 2,136,598 July 22, 1940 1,204,584 Bank of Williamsville Williamsville, New Y o r k ...................................... C 4,396 1,775,214 July 29, 1940 714,179 M t. Union State Bank M t. Union, Iow a ..................................................... C 450 178,627 First Citizens Bank & Trust Company of Utica Utica, New Y o r k ..................................................... B 41,038 34,277,442 Sept. 14, 1940 16,690,481 First Bank & Trust Company of Utica Utica, New York The State Exchange Bank H olley, New Y o r k ................................................... C 3,195 986,391 N ov. 25, 1940 292,995 The Marine Trust Company of Buffalo Buffalo, New York The American National Bank of Santa Monica Santa M onica, California...................................... A 3,168 1,078,324 December 5,1940 861,153 California Bank Los Angeles, Calif. (Santa Monica branch) August 26, 1940 59,343 The Westfield Trust Company Westfield, New Jersey Union State Bank W automa, Wisconsin (Plainfield branch) W estby-Coon Valley State Bank Coon Valley, Wisconsin (Chaseburg branch) The County Trust Company White Plains, N . Y . (Pleasantville branch) The Marine Trust Company of Buffalo Buffalo, New York (Williamsville branch) Iowa State Bank Morning Sun, Iowa N o te : MERGERS 1 A — National bank member of the Federal Reserve System; B— State bank member of the Federal Reserve System; C— Commercial bank not member of the Federal Reserve System. 2 Number of accounts and total deposits are as of date of examination prior to loan. 3 Principal of loans and purchase price of assets as shown by books of F D IC , December 31, 1940. Includes under date of original disbursement all disbursements made in subsequent years. Does not include preliminary and field liquidation expenses, or advances for the protection of assets, incident to the transaction. 4 Revised according to subsequent information. SUSPENSIONS, RECEIVERSHIPS, AND The First National Bank of Harrison Harrison, New Y o r k ............................................... For additional information and for reconcilement of figures relating to suspensions, receiverships, and mergers with F D IC aid, see pages 90-91. Back figures— See the following Annual Reports: 233 1939, p. 216; 1938, p. 248; 1937, p. 180; 1936, p . 202. 234 T a b le 166. A ssets P urchased by the F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n t o F a c il it a t e C I n s u r e d B a n k s i n R e c e i v e r s h i p , 1939-1940 o m p l e t io n of L iq u id a t io n of AS SHOWN BY BOOKS OF FDIC, DECEMBER 31, 1940 Class of bank1 Name and location Amount of deposits2 Assets purchased3 Date of suspension Total Date $7,779,079 $6,664,134 C a len d a r year 1939 (5 b a n k s) ................................................ 1940 (6 b a n k s ) ......................................... 2,563,792 5,215,287 2,351,889 4,312,245 Amount $500,718 134,307 366,411 DEPOSIT T o t a l, 1939-1940 (11 b a n k s )........................................................... Insured FEDERAL Case number 1940 .... B October 2, 1937 1,343,347 1,183,384 January 20, 1940 255,000 70 The Union Bank Uhrichsville, O h io .................................. .... C October 27, 1936 2,075,331 1,419,018 January 31, 1940 725 24 The First National Bank of Pender Pender, N eb ra sk a ...................................... A June 29, 1935 199,662 170,478 February 19, 1940 775 136 The First National Bank of Purdon Purdon, T exas............................................... A February 12, 1938 36,062 34,981 April 11, 1940 3,469 199 Pleasantville Trust Company Pleasantville, New Jersey................................................................ c June 30, 1939 936,507 894,788 June 26, 1940 100,123 207 The Tuckerton Bank Tuckerton, New Jersey.................................................................. c December 27, 1939 624,378 609,596 December 10, 1940 6,319 1 A— National bank member of the Federal Reserve System; B— State bank member of the Federal Reserve System; C— Commercial bank not member of the Federal Reserve System. 2 Amount of deposits and amount of insured deposits will not agree with amounts shown in previous reports due to deposits subsequently discovered or reclassified. 3 Amount of assets purchased includes under date of original disbursement all purchases made in subsequent years. Back data— See the Annual Report for 1939, p. 218. CORPORATION Perth A m boy Trust Company Perth A m boy, New Jersey.......... INSURANCE 109 L is t OF INSURED BANKS PLACED IN RECEIVERSHIP, Name and location 208 209 Guaranty Bond State Bank, N orth Zulch, Texas....................... The Citizens State Bank of Niangua, Niangua, Missouri........ Bankers Trust Com pany, Atlantic City, New Jersey................ Eugene State Bank, Eugene, M issouri.......................................... Farmers Bank, D ry Ridge, K en tu cky........................................... 213 214 215 216 217 Blairsville Savings and Trust Company, Blairsville, P a ............ Ashley State Bank, Ashley, North D a kota .................................. First State Bank, W ishek, North D ak ota.................................... Bank of Moreland, Moreland, K en tu cky..................................... M ackey State Bank, M ackey, Indiana.......................................... 218 219 220 221 222 First State Bank of Stonewall, Stonewall, Oklahom a............... The Lucerne State Bank, Lucerne, Indiana................................. Kane Trust and Savings Com pany, Kane, Pennsylvania......... The Claxton State Bank, Claxton, Georgia................................. Badger State Bank, Badger, South D akota................................. 223 224 225 226 The Bank of Leslie, Leslie, Georgia............................................... Savings Bank of N anticoke, Nanticoke, M aryland.................... Bank of Eagle, Eagle, W isconsin.................................................... The, First National Bank of Burlingame, Burlingame, Kansas C c c c c c c c c c c c c c c c c c A Date of suspension Date of first payment to depositors by F D IC Receiver 1911 1907 1917 1927 1892 January 4, 1940 January 12, 1940 February 29, 1940 March 13, 1940 March 23, 1940 January 17, 1940 January 23, 1940 March 11, 1940 March 25, 1940 April 3, 1940 State State State State State 1923 1901 1898 1909 1920 April 4, 1940 April 18, 1940 April 18, 1940 April 19, 1940 M ay 9, 1940 April 17, 1940 April 30, 1940 M ay 1, 1940 M ay 8, 1940 M ay 23, 1940 State banking authority F D IC F D IC State banking authority State banking authority 1908 1912 1902 1935 1907 June 13, 1940 June 22, 1940 July 2, 1940 July 20, 1940 August 3, 1940 July 5, 1940 July 3, 1940 July 15, 1940 August 6, 1940 August 16, 1940 State State State State State 1905 1908 1901 1889 September 18, 1940 October 4, 1940 October 25, 1940 November 19, 1940 October 3, 1940 October 23, 1940 November 6, 1940 December 2, 1940 State banking authority State banking authority State banking authority F D IC banking banking banking banking banking banking banking banking banking banking authority authority authority authority authority authority authority authority authority authority 1 A — National bank member of the Federal Reserve System; B-—State bank member of the Federal Reserve System; C— Commercial bank not member of the Federal Reserve System. Back data— See the following Annual Reports: 1939, p. 219; 1938, p. 250; 1937, p. 170; 1936, p. 193; 1935, p . 225. 235 MERGERS 210 211 212 Year of of organiza bank1 tion 1940 SUSPENSIONS, RECEIVERSHIPS, AND Table 167. T able 168. A s s e t s OF INSURED BANKS PLACED IN RECEIVERSHIP, 1934-1940 to CO AS SHOWN BY BOOKS OF BANK AT DATE OF SUSPENSION Total assets Name and location Lmbe United States Govern ment securities Other securities Banking Loans, dis house, counts, and furniture overdrafts and fixtures Other real estate Other assets 413,048,665 $12,550,666 $5,454,425 $13,637,751 $57,462,549 $4,438,827 $11,717,539 $7,786,908 603,519 698,440 902,215 1,293,683 273,638 510,479 1,955,104 2,307,696 1,329,865 6,842,116 6,454,624 11,107,699 79,365 459,055 459,700 486,995 120,319 242,274 734,874 837,966 69,565 1,597,403 273,559 1,010,689 1938 (50 b a n k s ) ............................................................................... 1939 (32 b a n k s )............................................................................... 1940 (19 b a n k s ) ............................................................................... 13,919,907 43,925,766 7,959,553 1,610,297 3,329,557 1,018,215 451,570 1,052,424 452,574 2,215,638 4,855,519 1,519,677 6,574,061 21,839,422 3,314,762 412,911 1,845,901 694,900 2,125,022 7,221,558 435,526 530,408 3,781,385 523,899 43,550 822 728,989 5,000 18,276 66,367 92,731 613,126 99,595 223,001 1,623 2,900 269,066 200 15,650 8,325 2,125 16,402 1,702 187 403,708 601 2,679 401,946 5,375 1,578 2,170 1,500 678,294 142,146 74,395 111,254 24,012 306,419 9,000 5,700 2,100 4,000 171,023 51,835 30,207 4,255 15,410 3,296 2,052 1,213 780 104,383 143,621 252,758 145,965 33,662 2 1,150 45,500 3,151 4,500 3 18,282 65,767 676 1,500 388 10,353 13,287 53,639 5,138 84,599 117,303 189,095 118,455 5,875 1,614 11,200 5,250 5,000 3,400 34,732 15,242 2,884 3,017 3,222 343 1940 208 209 210 211 212 Guaranty Bond State Bank, North Zulch, Texas..................... The Citizens State Bank of Niangua, Niangua, Missouri. .. . Bankers Trust Com pany, Atlantic C ity, New Jersey.............. Eugene State Bank, Eugene, M issouri......................................... Farmers Bank, D ry R idge, K en tu cky.......................................... 169,461 142,671 2,130,869 127,588 363,322 47,894 43,056 99,578 18,892 57,936 213 214 215 216 217 Blairsville Savings and Trust Company, Blairsville, P a.......... Ashley State Bank, Ashley, North D a k o ta ................................ First State Bank, W ishek, North D a k o ta ................................... Bank of Moreland, M oreland, K en tu ck y.................................... Mackey State Bank, M ackey, Indiana........................................ 1,820,764 247,397 136,490 141,701 39,960 118,789 20,745 22,558 24,939 5,413 218 219 220 221 222 First State Bank of Stonewall, Stonewall, Oklahoma.............. The Lucerne State Bank, Lucerne, Indiana............................... Kane Trust and Savings Com pany, Kane, Pennsylvania. . . . The Claxton State Bank, Claxton, G eorgia................................ Badger State Bank, Badger, South D a k ota ................................ 143,105 195,387 915,431 222,582 73,832 33,986 20,481 133,674 18,879 27,037 145,644 4,343 1,500 258,801 272 1,995 223 224 225 226 The Bank of Leslie, Leslie, G eorgia.............................................. Savings Bank of Nanticoke, Nanticoke, M aryland.................. Bank of Eagle, Eagle, W isconsin................................................... The First National Bank of Burlingame, Burlingame, Kansas 141,322 190,114 456,851 300,706 18,114 33,380 171,508 101,356 850 23,900 43,594 51,500 24,000 7,500 3,500 8,560 850 3,300 39,028 128,883 15,000 25 6,752 : Figures for 1937 include 1 bank (case no. 90) placed in voluntary liquidation. Figures for 1938 include 1 noninsured bank (case no. 162) which suspended subsequent ition of its insured status. For additional information and for reconcilement of figures relating to number of suspensions, receiverships, and mergers with F D IC aid, 90-91. figures— See the following Annual Reports: 1939, p. 220; 1938, p. 252; 1937, p. 172; 1936, p. 194; 1935, p. 226. CORPORATION 185,056 1,974,181 2,194,712 2,238,648 INSURANCE 2,661,327 12,323,948 12,974,788 19,283,376 DEPOSIT C alen d a r year 1934 ( 9 b a n k s )............................................................................... 1935 (24 b a n k s )............................................................................... 1936 (42 b a n k s ) ............................................................................... 1937 (50 b a n k s ) ............................................................................... FEDERAL T o t a l, 1934-1940 (226 b a n k s ) ....................................................... Cash and due from banks Table 169. L ia b ili t ie s o f I n su r e d B a n k s P la c e d in R e c e iv e r s h ip , 1934-1940 AS SHOWN BY BOOKS OF BANK AT DATE OF SUSPENSION Case number Name and location Total deposits $113,048,665 $84,688,359 Other liabilities, secured Other liabilities, unsecured R . F. C. capital Private capital stock Other capital accounts1 $8,086,155 $1,722,109 $5,581,896 $9,829,999 $3,140,147 2,661,327 12,323,948 12,974,788 19,283,376 1,951,992 8,700,485 11,039,098 14,715,286 77,630 1,826,850 46,618 1,004,807 27,333 285,036 47,077 127,951 90,000 223.000 788.000 755,250 432,100 950,000 1,069,350 2,498,815 82,272 338,577 -15,355 181,267 1938 (50 b a n k s ) ................................................................................ 1939 (32 b a n k s ) ................................................................................ 1940 (19 b a n k s )................................................................................. 13,919,907 43,925,766 7,959,553 10,124,255 32,557,805 5,599,438 1,211,407 3,463,506 455,337 1,947 1,232,314 451 1,052,900 2,249,996 422,750 1,059,200 2,775,001 1,045,533 470,198 1,647,144 436,044 169,461 142,671 2,130,869 127,588 363.322 119,291 119,106 986,204 106,039 285,680 25.000 15.000 398,220 212 Guaranty Bond State Bank, North Zulch, Texas....................... The Citizens State Bank of Niangua, Niangua, Missouri........ Bankers Trust Com pany, Atlantic City, New Jersey................ Eugene State Bank, Eugene, M issouri.......................................... Farmers Bank, D ry Ridge, K entucky........................................... 25.000 10.000 463,783 250 25.000 160 -1,505 282,593 11,549 27,604 213 214 215 216 217 Blairsville Savings and Trust Company, Blairsville, P a............ Ashley State Bank, Ashley, North D ak ota.................................. First State Bank, W ishek, North D a k ota.................................... Bank of M oreland, M oreland, K en tu cky..................................... M ackey State Bank, M ackey, Indiana.......................................... 1,820,764 247,397 136,490 141,701 39,960 1,389,833 171,949 113,194 123,872 25,017 ' 495 75.000 25.000 15.000 15.000 25.000 105,813 442 -2,199 2,829 -10,057 218 219 143,105 195,387 915,431 222,582 73,832 146,703 166,217 717,389 162,303 52,584 (2) 222 First State Bank of Stonewall, Stonewall, Oklahoma................ The Lucerne State Bank, Lucerne, Indiana................................. Kane Trust and Savings C om pany, Kane, Pennsylvania......... The Claxton State Bank, Claxton, G eorgia................................. Badger State Bank, Badger, South D akota................................. 10.000 17,500 150,000 20,000 15.000 -13,598 4,157 47,957 8,708 744 223 224 225 226 The Bank of Leslie, Leslie, Georgia................................................ Savings Bank of N anticoke, N anticoke, M aryland.................... Bank of Eagle, Eagle, W isconsin.................................................... The First National Bank of Burlingame, Burlingame, Kansas 141.322 190,114 456,851 300,706 112,758 158,849 386,712 255,738 25,000 25.000 33.000 40.000 56.000 -21,436 -1,778 30,135 -36,074 1940 208 209 210 211 220 221 1 Includes surplus, undivided profits, and reserve funds minus operating deficit, if any, as shown by books. 8 Less} than $0.50. $0.50 See N o te 38 2 79 31,475 4 250,000 50.000 10.000 7,500 5,500 Minus (-) indicates net operating deficit. to Table 168. Back figures— See the following Annual Reports: 9,750 25.000 1939, p. 222; 1938, p. 254; 1937, p. 174; 1936, p. 196; 1935, p . 227. 237 N o te : 22 MERGERS C alen d a r year 1934 ( 9 b a n k s ) ................................................................................ 1935 (24 b a n k s ) ................................................................................ 1936 (42 b a n k s ) .......................................................................... 1937 (50 b a n k s ) ................................................................................ SUSPENSIONS, RECEIVERSHIPS, AND T o ta l, 1934-1940 (226 b a n k s )........................................................ Total liabilities Table 170. D e p o s it s OF INSURED BAN KS PLACED IN REC E IVE RSH IP, 1934-1940 31, 1940 Uninsured, unsecured, not pre ferred, and not subject to offset Case number Total1 Name and location Insured2 Secured and preferred3 Subject to offset In excess of insurance maximum Other4 $3,970,050 $4,904,885 $8,491,455 $1,131,334 1,966,873 9,087,223 11,235,782 14,953,677 946,477 6,049,058 8,056,946 12,038,547 755,533 471,465 657,970 1,156,099 90,526 558,656 619,078 1,067,525 102,785 1,998,500 1,048,186 645,339 71,552 9,544 853,602 46,167 1938 (50 b a n k s)............................................................................... 1939 (32 b a n k s)............................................................................... 1940 (19 b a n k s)............................................................................... 10,287,090 32,717,821 5,656,862 9,083,042 26,305,625 4,927,909 310,163 446,169 172,651 495,054 1,738,165 335,881 253,090 4,223,134 220,421 145,741 4,728 24,676 12,248 48,544 17,599 27,056 9,193 1940 119,291 122,930 986,204 107,136 285,680 85,422 107,182 937,647 89,537 244,502 213 214 215 216 217 Blairsville Savings and Trust Com pany, Blairsville, P a .......... Ashley State Bank, Ashley, N orth D a k o ta ................................ First State Bank, W ishek, N orth D a k o ta ................................... Bank of Moreland, Moreland, K en tu ck y ................... ................ M ackey State Bank, M ackey, Indiana........................................ 1,389,833 171,949 113,194 143,690 25,693 1,159,123 142,121 104,309 123,913 24,182 218 219 220 221 222 First State Bank of Stonewall, Stonewall, O klahom a.............. The Lucerne State Bank, Lucerne, Ind ia n a ............................... Kane Trust and Savings Company, Kane, Pennsylvania........ The Claxton State Bank, Claxton, Georgia................................. Badger State Bank, Badger, South D a k o ta ................................ 162,822 165,893 717,389 177,755 52,584 148,419 143,639 599,186 144,133 50,605 223 224 225 226 The Bank of Leslie, Leslie, Georgia............................................... Savings Bank of Nanticoke, Nanticoke, M aryland................... Bank of Eagle, Eagle, W isconsin................................................... The First National Bank of Burlingame, Burlingame, Kansas 113,421 158,947 386,712 255,739 96,842 143,513 357,240 226,394 3,500 1,483 12,639 56,218 18,258 1,016 2,631 56,062 11,570 7,869 7,676 999 118,430 5,272 56,539 11,002 902 9,891 10,401 20,403 22,292 1,077 1,240 11,853 41,261 328 1,234 4,096 12,500 16,579 11,132 14,012 15,795 9,470 512 3,068 11,364 1,050 1 Amount of deposits shown in Table 170 does not agree with amount shown in Table 169 due to inclusion in Table 170 of deposits subsequently discovered or reclassified. 2 Includes all deposits paid or to be paid by F D IC . 3 Includes only the portions of secured deposits met or to be met by sale of security and of preferred deposits paid by the receiver. 4 Includes (a) deposits barred from insurance because not claimed before the expiration of the period set by law, (b) restricted and deferred deposits not eligible for insurance, and (c) deposits made after termination of insured status in 1 bank which suspended after its insured status had been terminated. N o te : See N o te to Table 168. Bach figures— See the following Annual Reports: 1939, p. 224; 1938, p. 256; 1937, p. 176; 1936, p. 198; 1935, p. 228. CORPORATION Guaranty Bond State Bank, N orth Zulch, T exas..................... The Citizens State Bank of Niangua, Niangua, Missouri. . .. Bankers Trust Com pany, Atlantic C ity, New Jersey.............. Eugene State Bank, Eugene, M issouri......................................... Farmers Bank, D ry Ridge, K en tu cky.......................................... INSURANCE $67,407,604 DEPOSIT $85,905,328 Calendar year 1934 ( 9 b a n k s)............................................................................... 1935 (24 b a n k s)............................................................................... 1936 (42 b an k s)............................................................................... 1937 (50 b an k s)............................................................................... FEDERAL T otal, 1934-1940 (226 banks)....................................................... 208 209 210 211 212 238 AS SHOWN BY BOOKS OF FDIC, DECEMBER Table 171. PAYMENTS TO DEPOSITORS OF INSURED BANKS PLACED IN RECEIVERSHIP, AS SHOWN BY BOOKS OF FDIC, DECEMBER 1934-1940 31, 1940 Number of depositors Insured deposits1 Eligible for insurance protection Case number Name and location Total Fully paid by other methods2 Unpaid N ot eligible for insurance protection3 Total Paid Unpaid T o ta l, 1934-1940 (226 b a n k s )...................................................... 320,516 241,489 32,305 22,226 C alen d a r year 1934 ( 9 b a n k s ) ...................................................................... 1935 (24 b a n k s ) .......................................................................... 1936 (42 b a n k s )...................................................................... 1937 (50 b a n k s ) ............................................................................ 15,734 32,229 43,224 74,163 11,251 23,404 30,913 56,745 933 2,845 4,617 7,706 3,309 5,012 47 196 241 968 7,647 9,516 946,477 6,049,058 8,056,946 12,038,547 938,898 6,019,049 8,050,338 12,028,244 7,579 30,009 6,608 10,303 1938 (50 b a n k s ) ............................................................................ 1939 (32 b a n k s ) ................................................. 1940 (19 b a n k s ) ............................................................................ 44,275 90,202 20,689 31,733 72,149 15,294 7,366 6,095 2,743 405 10,605 2,652 4,771 1,353 9,083,042 26,305,625 4,927,909 9,063,251 26,125,571 4,821,740 19,791 180,054 106,169 24,496 $67,407,604 $67,047,091 $360,513 1940 Guaranty Bond State Bank, North Zulch, T exas..................... The Citizens State Bank of Niangua, Niangua, M issouri. . . . Bankers Trust Company, Atlantic City, New Jersey............... Eugene State Bank, Eugene, Missouri. ....................................... Farmers Bank, D ry Ridge, K en tu cky.......................................... 702 825 4,236 616 1,068 516 603 3,823 441 764 109 194 177 159 271 77 28 238 16 33 85,422 107,182 937,647 89,537 244,502 85,273 107,097 933,627 89,451 244,446 149 85 4,020 86 56 213 214 215 216 217 Blairsville Savings and Trust Company, Blairsville, Pa.......... Ashley State Bank, Ashley, North D akota................................. First State Bank, Wishek, N orth D akota................................... Bank of Moreland, Moreland, K en tu ck y.................................... M ackey State Bank, M ackey, Indiana........................................ 2,691 457 434 386 189 2,264 400 360 211 153 163 37 50 147 26 264 20 24 28 10 1,159,123 142,121 104,309 123,913 24,182 1,120,839 141,175 103,913 118,100 23,334 38,284 946 396 5,813 848 218 219 220 221 222 First State Bank of Stonewall, Stonewall, Oklahoma............... The Lucerne State Bank, Lucerne, Indiana............................... Kane Trust and Savings Company, Kane, Pennsylvania........ The Claxton State Bank, Claxton, G eorgia................................ Badger State Bank, Badger, South D a k ota............................... 1,204 774 1,889 1,289 391 659 492 1,551 830 260 246 199 150 256 58 299 83 188 203 73 148,419 143,639 599,186 144,133 50,605 146,638 142,723 583,502 126,988 49,739 1,781 916 15,684 17,145 223 224 225 226 The Bank of Leslie, Leslie, Georgia.............................................. Savings Bank of Nanticoke, Nanticoke, M aryland................... Bank of Eagle, Eagle, W isconsin................................................... The First National Bank of Burlingame, Burlingame, Kansas 746 878 777 1,137 374 515 593 485 75 297 151 94 528 96,842 143,513 357,240 226,394 96,642 141,666 354,633 211,954 200 1,847 2,607 14,440 212 90 124 866 N o te : See N o t e to Table 168. Back figures—See the following Annual Reports: 1939, p. 226; 1938, p. 258; 1937, p. 178; 1936, p. 200; 1935, p. 229. 239 1 Includes all deposits paid or to be paid by F D IC . 2 Includes all depositors whose claims have been fully paid by counterclaim, by sale of security, or directly by the receiver because of preferred status » Includes (a) depositors holding deposits barred from insurance because not claimed before the expiration of the period set by law, (b) depositors holding only restricted and deferred deposits not eligible for insurance, and (c) depositors holding only deposits made after termination of insured status in 1 bank which suspended after its insured status had been terminated. ^ MERGERS 208 209 210 211 212 SUSPENSIONS, RECEIVERSHIPS, AND Paid by FD IC SUPERVISORY ACTIONS BY THE CORPORATION Table 172. 1939 1938 1937 193G 1935 Total 240 ACTIONS BY THE FEDERAL DEPOSIT INSURANCE CORPORATION UPON APPLICATIONS FROM BANKS NOT MEMBERS OF the F ederal R eserve System for A dmission to I nsurance, A pproval of E stablishment of B ranches, and A pproval of C hange of L ocation of B anking Offices, A ugust 23, 1935, to D ecember 31, 1940 A D M IS S IO N T O IN S U R A N C E 607 75 165 133 82 85 67 A p p lica tio n s ap proved1.................................................................................................................................. Banks opening or opening contemplated: New banks without predecessors......................................................................................................... Successor to suspended insured bank................................................................................................. Closed noninsured banks reopening................................................................................................... Banks replacing closed banks or branches but not successors thereto................................ Banks operating but not insured at beginning of year, or successors to such banks: Banks previously insured2......................................................................................... _........................... Banks operating without restrictions January 1, 1934, not previously insured.............. Banks opened for business since January 1, 1934................................................................. Banks operating under restrictions3................................................................................................... Other financial institutions: Trust company not engaged in deposit banking..................................................................... Financial institutions becoming banks of deposit, or banks succeeding institutions not engaged in deposit banking............................................................................................................... Insured banks reorganizing or withdrawing from F . R . System: Conversion of national to State banks.............................................................................................. State banks contemplating withdrawal from F . R . System .................................................... Reorganizations of insured banks not members of the F . R . System ................................. 471 45 114 111 67 73 61 124 1 8 29 15 24 1 3 5 38 14 19 22 1 2 7 72 26 56 10 24 6 2 1 5 10 3 6 2 1 ’ i 112 29 41 42 9 4 6 6 1 16 1 26 10 6 1 11 14 12 1 ’ 2 10 14 3 5 CORPORATION 3 28 2 18 86 21 INSURANCE A p p lica tio n s d isa p p ro v e d ............................................................................................................................ Banks opening or opening contemplated: New banks without predecessors......................................................................................................... Closed noninsured banks reopening................................................................................................... Banks replacing closed ban ks............................................................................................................... Banks operating but not insured at beginning of year, or successors to such banks: Bank previously insured........................................................................................................................ Banks operating without restrictions January 1, 1934, not previously insured.............. Banks opened for business since January 1, 1934................................................................. Banks operating under restrictions3................................................................................................... Other financial institutions: Trust companies not engaged in deposit banking............................................ ........................... Financial institutions becoming banks of deposit, or banks succeeding institutions not engaged in deposit banking............................................................................................................... Digitized forInsured FRASER banks reorganizing......................................................................................................................... 14 ‘ *2' DEPOSIT A p p lic a tio n s approved b u t ap proval later rescin d ed 4............................................................... New banks without predecessors.............................................................................................................. Banks operating January 1, 1934, but not insured at beginning of year............................... Bank succeeding financial institution not engaged in deposit banking................................... Insured banks reorganizing or withdrawing from F . R . System: Conversion of national to State banks.............................................................................................. State banks contemplating withdrawal from F . R . System .................................................... Reorganization of insured bank not a member of the F . R . System.................................. 3 FEDERAL T o ta l n u m b e r o f a p p lic a tio n s acted u p o n ....................................................................................... A p p lica tio n s d isa p p rov ed — cla ssified b y sta tu s o f b a n k , D ecem b er 31, 1940........ Plans for organization or reorganization abandoned............................................................ Banks discontinued operations.......................................................................................... .. . . . Banks opened or continued to operate without insurance..................................... ............ Banks approved for insurance in later yea rs..................................................................... ‘31 25 29 5 2 12 10 T o ta l n u m b e r o f a p p lic a tio n s a cte d u p o n .......................................................................... 384 15 93 89 82 62 A p p lica tio n s a p p ro v e d 1................................................................................................................. T o establish additional banking offices: Establishment of de novo branches6..................................................................................... Conversion of head offices into branches after relocation of banks.............................. T o place banks by branches: Conversion of absorbed banks into branches..................................................................... Replacement of closed or relocated banks.......................................................................... T o continue branches in operation: Retention of branches in operation at time of admission to insurance or relocation, Retention of branches previously operated by absorbed or succeeded banks............ Replacement of branches discontinued by other banks.................................................. Continuance in operation of branches not previously approved................................... Extension of full branch powers to teller’s windows or seasonal offices....................... 337 9 80 82 71 54 41 130 11 7 2 37 2 33 1 16 3 15 2 22 1 105 32 22 4 27 7 28 10 18 7 10 4 5 30 13 8 3 4 8 1 4 6 3 1 3 1 8 3 2 1 A p p lica tio n s a p p roved b u t a p p ro v a l la ter rescin d ed 4..................................................... T o establish additional banking offices: Establishment of de novo branches...................................................................................... Conversion of head offices into branches after relocation of banks............................... T o replace banks by branches: Conversion of absorbed banks into branches..................................................................... Replacement of closed banks.................................................................................................. 19 5 5 6 3 9 2 3 1 3 1 2 1 6 2 1 1 1 4 A p p lic a tio n s d is a p p r o v e d ............................................................................................................ T o establish additional banking offices: Establishment of de novo branches...................................................................................... Conversion of head office into branch after relocation of bank..................................... T o replace banks by branches: Conversion of absorbed bank into branch.......................................................................... Replacement of closed banks.................................................................................................. 28 6 8 2 5 5 2 24 1 5 7 1 1 4 5 2 1 2 1 A p p lic a tio n s a p p roved t1 B anks................................................................................................................................................. Branches............................................................: ............................................................................. 72 28 4 3 9 6 9 7 18 4 A p p lic a tio n s a p p ro v e d b u t a p p ro v a l la te r rescin d ed — branches.................................. 2 A p p lic a tio n s d isa p p rov ed — ban k s............................................................................................. 3 1 1 112 641 57 41 14 5 10 12 14 9 1 2 2 12 6 5 1 10 8 1 1 6 2 4 E S T A B L ISH M E N T OF BRAN CHES 3 3 1 ACTIONS 17 5 2 1 241 1 Includes applications disapproved but approved later in the same year. 2 1 of these banks withdrew from insurance at the close of the temporary funds, but immediately applied for readmission to insurance. In addition, the Corporation approved 2 applications, not tabulated, from banks which wished to retain their insured status when they reopened after starting voluntary liquidation. 3 In some cases, restrictions were removed during the year prior to application for insurance. M ost of the banks were restricted on January 1, 1934, but a few were placed under restrictions during 1934. 4 In most of these cases approval was rescinded because of failure of bank to meet conditions required by the Corporation. In cases of banks members of the Federal Reserve System applying for insurance as banks not members, the banks decided to continue as members, and approval was rescinded in order to close each case. 5 Totals for the 6-year period are adjusted to eliminate banks disapproved more than once. 6 Includes conversions or replacements of 4 cooperative banks, 1 trust company, and 3 exchanges not included in F D IC tabulations of noninsured banks. CORPORATION 1 C H A N G E OF LO C A TIO N OF OFFICES BY THE 1 1 15 3 SUPERVISORY 7 43 Table 173. ACTIONS BY THE FEDERAL DEPOSIT INSURANCE CORPORATION UPON APPLICATIONS REGARDING 23, 1935, t o D e c e m b e r 31, 1940 242 C a p i t a l a n d O t h e r F in a n c ia l A d ju stm e n ts, A u g u s t Number of applications in— Total 1936 1935 1937 1938 1939 1940 493 12 2 1,830 15 5 1,159 23 1 1,267 41 1,810 41 Preferred capital not held by R F C 2 ............................................................... Common stock ............. ................................................................................... 67 43 231 1 2 34 6 9 48 15 9 38 23 12 50 14 10 28 8 1 33 T o sell additional capital:3 Preferred capital obligations to R F C ............................................................... Preferred capital to others than R F C .............................................................. Comm on stock .................................................................................................... 11 37 57 3 4 8 2 8 12 3 11 2 12 11 4 8 9 2 6 T o make miscellaneous capital adjustments: T o convert preferred capital not held by R FC into common stock ........ T o pay cash premium to R F C .......................................................................... T o pay cash premiums on preferred capital4................................................. T o pay cash premiums to common stockholders.......................................... T o reduce surplus in connection with capital reductions........................... T o revise common capital structure................................................................. T o transfer reserves to valuation allowance for loans................................. 20 2 9 1 7 1 1 1 3 7 5 4 3 3 A p p lica tio n s a p p roved in p a rt T o retire: Preferred capital obligations held by R F C ..................................................... Preferred capital not held by R F C .................................................................. 581 4 8 39 96 1 78 188 2 172 1 A p p lic a tio n s d isa p p roved o r re s cin d e d 5 T o retire: Preferred capital obligations held by R F C ..................................................... Preferred capital not held by R F C .................................................................. Common stock .................................................................................................... 759 27 2 51 2 1 194 6 255 9 104 7 1 96 3 59 T o reduce or cancel: Preferred capital obligations held by R F C 2................................................... Preferred capital not held by R F C 2............... i ................................................ Common stock ........................................................................................................ 15 5 48 1 8 2 2 15 8 5 10 3 2 7 T o reduce or cancel: 1 3 1 5 1 1 2 3 CORPORATION 2 1 INSURANCE 85 4 DEPOSIT 6,644 136 8 Comm on stock ........................................................................................................ FEDERAL TO A P P R O V E C A P IT A L A D J U S T M E N T S 1 A p p lic a tio n s a p p rov ed in fu ll T o retire: Preferred capital obligations held by R F C ..................................................... T o sell additional capital:3 Preferred capital obligations to R F C .................................................... Preferred capital to others than R F C ................................................... Common stock ............................................................................................. 1 1 1 T o make miscellaneous capital adjustments: T o convert preferred capital not held b y R FC into common stock T o pay cash premiums on preferred capital4....................................... T o reduce surplus in connection with capital reductions................. 2 2 3 2 2 1 4 5 3 2 1 1 2 1 67 20 4 129 21 14 15 4 13 13 8 7 1 4 2 7 4 3 3 2 18 2 2 12 2 2 7 6 2 7 2 7 1 2 1 1 2 2 1 1 1 1 1 T O A P P R O V E O T H E R F IN A N C IA L A DJU STM EN TS* 1 1 1 4 2 243 CORPORATION _1 Banks not members of the Federal Reserve System. The number of banks submitting these applications was 3,063, of which 3,059 applied for retirement or reduction of apital. M any banks applied for approval of more than one type of adjustment, or made more than one application during the period. 2 T o reduce par but not retirable value. * Includes cases in which capital issues were to be sold for more than their par value and premiums transferred to surplus or undivided profits accounts. 4 These premiums represent retirable value of preferred stock not carried on books. * Includes applications first approved and later rescinded in full, not included as approved. 8 Banks not members of the Federal Reserve System except in the case of applications to assume liabilities or purchase assets from noninsured institutions, which are for all insured banks. The number of banks submitting these applications was 348. Some banks applied for approval of more than one type of adjustment, or made more than one application during the period. BY THE 1 5 1 4 ACTIONS Applications disapproved T o repay or release restricted deposits: T o repay waived deposits or certificates of beneficial interest........ T o release restricted or subordinated deposits.................................... T o release directors’ guaranty..................................................................... T o repay stockholders’ contributions......................................................... T o assume liabilities or purchase assets of noninsured banks............. 1 5 SUPERVISORY Applications approved T o repay or release restricted deposits: T o repay waived deposits or certificates of beneficial interest........ T o release restricted or subordinated deposits.................................... T o release directors’ guaranty..................................................................... T o release stockholders’ guaranty.............................................................. T o repay stockholders’ contributions........................................................ T o assume liabilities or purchase assets of noninsured institutions: Of noninsured banks.................................................................................. Of other financial institutions.................................................................. Of closed b an k s........................................................................................... A m o u n ts INVOLVED IN ACTIONS BY THE FEDERAL DEPOSIT InSTjivaNCE CORPORATION UPON APPLICATIONS REGARDING C a p i t a l a n d O t h e r F in a n c ia l A d ju stm e n ts, A u g u s t 244 Table 174. 23, 1935, t o D e c e m b e r 31, 1940 Amounts involved in applications in— Total 1936 1937 1938 1939 1940 FEDERAL $70,834,787 3,021,051 537,270 $3,344,900 398,000 $17,291,224 231,200 76,600 $14,781,670 343,370 454,070 $9,495,129 578,600 6,600 $10,753,471 545,377 $15,168,393 924,504 10,008,800 5,577,707 21,022,130 1.400.000 1.607.000 3,202,700 3.130.345 2,779,055 4,605,130 1,277,375 328,550 1,968,100 1,849,670 258,100 2,491,500 1,050,860 603,502 4,902,850 1,300,550 1,500 3,851,850 DEPOSIT 2,929,845 1,051,405 2,509,650 760.000 235.000 323,700 1.624.345 127,155 677,250 45,000 323,200 68,000 373,800 819.000 477.500 185,450 166.500 85.000 200,000 1,324,400 15.000 219,001 50.000 128,406 (5) 84,692 15,000 70,000 165,000 905.000 169,400 150,956 54,295 13,750 (6) (6) (6) TO A P P R O V E C A P IT A L A D J U S T M E N T S 1 A p p lic a tio n s a p p rov ed in fu ll T o retire: T o reduce or cancel: Preferred capital obligations held b y R F C 2................................................... T o sell additional capital:3 ProfGrrGd capital obligations to RiFC ............... HPrv ft* Q n o fn i« r o a o r T r o o t h v f l l i m f i A n n l l n w j i n p p f n r In^iTict A p p lic a tio n s a p p rov ed in p a rt T o retire: («) (6) A p p lic a tio n s d isa p p rov ed o r re s c in d e d 7 T o retire: T o reduce or cancel: Preferred capital obligations held b y R F C 2................................................... T*i-r>f T\lf o l Vl o l fl K v T? IT' 2 (6) (6) 18,478,683 777,094 50,625 2,683,500 26,419 50,000 1,086,900 642,900 2,483,100 380.000 690.000 31,406 32,000 (6) (6) ( 6) ( 6) 5,213,965 163,700 3,657,624 288,500 415.000 95,000 858.000 182,500 15.000 50.000 65.000 (5) 84,692 ( 6) ( 6) (6) 1,823,511 159,243 625 3,193,181 124,232 1,906,902 15.000 312,500 220,000 167,900 355,000 139,400 325,000 72,600 CORPORATION T o make miscellaneous capital adjustments: T o convert preferred capital not held b y R F C into common stock ........ T1r\ noxr pooVi r\rPTY1111TH fn H.Flj -. ...... r p rtooVt n r o m i n m c s ay i n r p f p r f p o r ^ l f p | 4 rto-ir cV> n r o m i n m a tn p n m r n n n c t n p l r l i nln at*q T o reduce surplus in connection with capital reduction s........................... T o rGvisG common capital structure ....................... INSURANCE 1935 T o sell additional capital:8 Preferred capital obligations to R F C .................................................... Preferred capital to others than R F C ................................................... Common stock ............................................................................................. 225.000 285.000 289,500 20,000 25.000 10.000 165,000 97,000 130,000 261,800 63,319 170,000 15,819 20,000 20,000 2,000 2,000 Applications approved T o repay or release restricted deposits: T o repay waived deposits or certificates of beneficial interest........ T o release restricted or subordinated deposits.................................... T o release directors’ guaranty..................................................................... T o release stockholders’ guaranty............................................................. T o repay stockholders’ contributions......................................................... 7,417,923 4,039,127 2,305,908 15,000 408,378 1,137,352 1,534,705 150,500 3,081,326 2,389,422 828,984 1,655,950 90,000 482,125 1,075,300 444,200 269,507 25,000 105,800 37,500 127,972 94,328 58,500 11,950 Applications disapproved T o repay or release restricted deposits: T o repay waived deposits or certificates of beneficial interest........ T o release restricted or subordinated deposits.................................... T o release directors’ guaranty..................................................................... T o repay stockholders’ contributions........................................................ 1,091,039 236,757 373,416 185,000 171,388 159,655 41,500 80,928 50.000 119,216 15.000 18,802 212,700 503,600 8,300 335,123 T o make miscellaneous capital adjustments: T o convert preferred capital not held b y R FC into common stock T o pay cash premiums on preferred capital4....................................... T o reduce surplus in connection with capital reductions................. 30,000 75.000 45.000 40.000 100,000 25,000 25,000 12,500 51,800 47,500 ’ 150,000' BY THE CORPORATION ACTIONS 20,000 1 Banks not members of the Federal Reserve System. 2 T o reduce par but not retirable value. ? ^ e lu d es cas.es in which capital issues were to be sold for more than their par value and premiums transferred to surplus or undivided profits accounts. 4 1 hese premiums represent retirable value of preferred stock not carried on books. 5 £ he .n umber of shares was increased without changing the total amount of capital outstanding in order to facilitate a merger. * Portions approved are included with applications approved in full; portions disapproved with applications disapproved or rescinded. 7 Includes applications first approved and later rescinded in full, not included as approved. 198,488 ’ 294,299 ’ 15,000 78,128 SUPERVISORY T O A P P R O V E O T H E R F IN A N C IA L A D JU STM E N TS1 246 Table 175. ACTION TO TERMINATE INSURED STATUS OF BANKS FOR ENGAGING IN UNSAFE OR UNSOUND BANKING PRACTICES V io l a t io n s of L aw or R e g u l a t io n s , A u g u st 23, 1935, to D ecem ber 31, 1940 FEDERAL or Number of banks against which action was started in— 1 io ta i 1939 1940 12 19 10 3 1 1 1 2 22 15 3 19 Insured status terminated for failure to make corrections3 • • .................. 9 14 6 4 1 38 2 6 4 14 12 Action deferred pending consummation of recapitalization or merger p la n s .................... 4 no r i nr r t vi dpf l hv law 'not’, pxnirpd 'C'liyfVioi- nr-APDOflinO'S ntllPPWISlP Hpfprrpd .......................................................... 1 ................................. 2 1 3 1 2 1 N o action to terminate insured status of any bank was started before 1936. In 3 cases where initial action was replaced by action based upon additional charges, only the latter action is included. . . . 2 In the case of 2 banks against which action was started in 1939 and of 17 banks m 1940, resolutions relative to unsafe or unsound practices or violations of law or regulations were formally adopted b y the Board of Directors of the Corporation, but the sending of statements to the appropriate supervisory agencies was indefinitely delayed. * One of these 3 banks suspended 4 months after itsi nsured status was terminated. 4 The date for official termination of insured status was set in 5 of these cases, but was not effective before the banks suspended. 6 In all except 1 of these 38 cases, the Corporation made loans to facilitate the mergers or reorganizations. CORPORATION 34 ........................................................................... Banks absorbed succeeded, or reorganized6 INSURANCE 25 97 D is p o s itio n as o f D e c e m b e r 31, 1940: DEPOSIT 1938 1937 1936 T able 176. UNSAFE OR UNSOUND BANKING PRACTICES AND VIOLATIONS OF LAW OR REGULATIONS UPON WHICH ACTION TO TERMINATE I n s u r e d S t a t u s w a s S t a r t e d a g a in s t 97 I n s u r e d B a n k s , A u g u s t 23, 1935, t o D e c e m b e r 31, 1940 SUPERVISORY Number of banks engaging in practice or violation1 Action started in - T yp e of practice or violation Total 1. Capital: (a) Continued operation of bank with seriously impaired capital. . . . 13 18 10 19 (b) Continued operation of bank although insolvent............................... 2 4 2 1 2 5 5 1 1 THE Continued operation of bank with inadequate capital..................... Other practices or violations: Failure to take means suggested by examiners for restoration of capital.............................................................................................. Reduction of capital without approval of the Corporation........ BY (c) (d) 19 ACTIONS 2. 1940 1939 1938 1937 1936 1 M anagem ent and general practices: Maintenance of lax credit, loaning, and collection policies............. 66 19 18 10 12 7 (b) Continued carrying of losses in bank’s assets, thereby failing to disclose true statement of condition................................................. 63 9 15 9 12 18 (c) Continued operation of bank b y weak, hazardous, untrustworthy, or incapable m anagem ent.................................................................... 53 8 15 10 13 7 (d) Maintenance of lax investment policies............................................... 29 6 5 2 9 7 (e) Unwarranted and excessive loans to directors, officers, employees, and their interests.................................................................................. 27 8 7 5 3 4 (f) Failure to observe recommendations to remedy objectionable practices or conditions.......................................................................... 12 g 5 (g) Deliberate misrepresentation to examiners regarding true con dition of b a n k ......................................................................................... 5 3 2 1 247 CORPORATION (a) Table 176. UNSAFE OR UNSOUND BANKING PRACTICES AND VIOLATIONS OF LAW OR REGULATIONS UPON WHICH ACTION TO TERMINATE 248 I n s u r e d S t a t u s w a s S t a r t e d a g a in s t 97 In s u r e d B a n k s, A u g u s t 23, 1935, t o D e c e m b e r 31, 1940—Continued Number of banks engaging in practice or violation1 Type of practice or violation m Action started in - .| Other practices or violations: Failure of cashier to com ply with instructions of Board of 1 1 1 1 1 1 1 1 Failure of Board of D irectors to supervise management properly. Failure of Board of Directors to attend regular meetings or to /»nmn1v TiTi'fVj KqhV q Failure to bond employees properly and to collect under surety 8 1 2 7 4 2 Continued em ploym ent of cashier known to have committed gross irregularities Excessive salaries and improper diversion of funds for personal 2 1 1 2 2 INSURANCE 3. 1 1 1940 DEPOSIT Failure of B oard of Directors to make examinations as required 2 FEDERAL (h) 1939 1938 1937 1936 1 L o a n a n d in v e s t m e n t p r a c t ic e s : 45 8 11 Failure to obtain and maintain current and adequate credit data and financial statements, and failure to secure appraisal and supporting documents on other real estate ow ned......................... 41 13 17 5 5 1 (c) Unwarranted and excessive extensions of credit in violation of law 35 13 14 5 2 1 (d) Continued carrying of unwarranted and excessive amounts of other real estate owned and potential other real estate............... 42 4 2 9 17 10 (e) Excessive volume of loans in Classifications I I and I I I 2.................. 34 9 10 11 2 2 (f) Excessive volume of assets in Classifications I I and III or generally unsatisfactory asset condition2............................................................ 39 3 3 2 13 18 (g) Excessive volume of loans in Classification IV 2.................................. 38 4 13 10 5 6 00 Excessive volume of assets in Classification IV 2 31 5 2 12 12 (i) Excessive investment in substandard, speculative, and defaulted securities ................................................................................... 16 4 6 3 3 CORPORATION 7 Excessive volume of past due or nonincome-producing loans........ (b) 7 12 (a) (j) 1 2 7 5 1 5 12 1 Progressive deterioration of assets........................................................ (1) Habitual granting or unwarranted payment of overdrafts............... 5 6 2 (m) Continued frozen or extended position of loan portfolio................... 7 4 1 (n) Carrying of other real estate owned in excess of maximum time permitted by law .................................................................................... 3 3 1 (o) Unwarranted and excessive concentrations of credit........................ 3 1 2 (p) Other practices or violations: Severe losses sustained and previously written off........................ Investm ent and retention of assets in contravention of existing laws or regulations............................................................................ Unwarranted and excessive liability in connection with a certain p rop erty............................................................................................... 1 1 9 5 Payment of interest on time deposits in violation of regulations. .. 3 7 3 (d) Unwarranted or illegal payment or declaration of dividends or interest on capital.................................................................................. 2 2 3 (e) Unsatisfactory administration of trust department or unauthorized or illegal investment of trust fu n ds................................................... (f) Other practices or violations: Continued borrowings, and large amount of assets pledged as collateral security to borrowings.................................................... Failure to maintain legal reserves..................................................... Low liquidity ra tio ................................................................................ Unwarranted amount of public funds on deposit in proportion to net quick assets............................................................................. N ot carrying on type of banking prescribed in its charter or permitted by State law ..................................................................... Failure to maintain adequate reserves............................................. Acceptance and carrying of public funds without complying with State la w .................................................................................... Negligent payment of certificates of deposit or of checks drawn against fictitious balances................................................................ Failure to depreciate fixed assets properly...................................... Unwarranted and improper disbursement of bank’s funds.......... Unwarranted increase in salaries of officers and em ployees........ Unauthorized allocation of funds and credits to the payment of personal obligations of officers.................................................. 4 2 1 3 1 2 2 1 1 1 1 2 1 1 1 2 249 1 1 M ost of the banks engaged in several practices or violations. For the number of banks against which action was started each year, see Table 175. 2 For method of classifying assets, see Explanatory N ote to Part V , pages 86-87. 1 2 2 7 CORPORATION (c) 2 THE Poor or rapidly declining earnings........................................................ BY (b) ACTIONS M is ce lla n e o u s: (a) Failure to maintain adequate bank records, continuance of in accurate accounting procedures, and negligence in operating m ethods.................................................................................................... 2 SUPERVISORY 4. Unwarranted and excessive volume of nonincome-producing assets. (k) INDEX IN D E X Page Absorptions, consolidations, and mergers (see also Mergers of insured banks with financial aid of the Corporation; Terminations of in surance) : Of insured banks, 1934-40......................................................................... 94, 104-09 Of insured banks since 1936............................................................................ 38 Of noninsured institutions by or with insured banks............................19, 24, 243 Of operating banks, 1940................................................................................. 94 Actions of Federal Deposit Insurance Corporation. Insurance Corporation. See Federal Deposit Adjusted capital account: Amounts and ratios, insured commercial banks. See Capital of banks. Definition........................................................................................................... 87 Adjusted value of assets. Amounts and ratios, insured commercial banks. See Assets of insured banks, analysis of examinations of. Definition........................................................................................................... 86 Admissions to insurance: Applications approved and disapproved................................................. 23, 240-41 By class of bank................................................................................................104-09 By status of bank............................................................................................. 104-09 By years, 1934-40............................................................................................. 104-09 Number during 1940..................................... ................................................... 95 Number since 1936........................................................................................... 38 Applications from banks: For admission to insurance...........................................................19, 22, 23, 240-41 For approval of assumption of deposit liabilities of other banks... .19, 24, 243 For approval of change of location......................................................... 19, 22, 241 For approval of establishment of branches......................................19, 22, 23, 241 For approval of repayment or release of restricted, subordinated, or waived deposits............................................................................... 24, 243 For approval of capital retirement or reduction......................19, 23-24, 242-43 For loans to facilitate mergers........................................................................ 22 Appraised value of assets: Amounts and ratios, insured commercial banks. See Assets of insured banks, analysis of examinations of. Definition........................................................................................................... 86 Assessments: On insured banks for deposit insurance: Amount................................................ ...................................................28, 29, 32 Basis o f ......................................................................................................... 83 Rate.............................................................................................................. 67 On stockholders of closed banks. See Banks closed because of financial difficulties. Assets and liabilities of closed banks. placed in. See Receivership, insured banks Assets and liabilities of operating banks (see also Assets of insured banks, analysis of examinations of; Capital of banks; Deposits; Fixed and miscellaneous assets; Loans of insured commercial banks; Securities): All banks, 1935-40............................................................................................. 140 All commercial banks: 1919-40......................................................................................................... 42-43 1935-40............................................................................................... ......... 141 253 254 FEDERAL DEPOSIT INSURANCE CORPORATION Page Assets and liabilities of operating banks (see also Assets of insured banks, analysis of examinations of; Capital of banks; Deposits; Fixed and miscellaneous assets; Loans of insured commercial banks; Securities:— Continued. All insured banks, 1935-40............................................................................... 140 Insured commercial banks: Call dates, 1934-40............................................................................. 142, 144-47 Changes during 1934-40............................................................................. 39 Changes during 1940.................................................................................. 38-40 Insured commercial banks not members of the Federal Reserve System: Call dates, 1934-40..................................................................................... 150-53 Insured commercial banks submitting reports to the Federal Deposit Insurance Corporation: Averages at call dates, 1936-40...............................................................205, 207 Banks grouped by amount of deposits: Amount, December 31, 1940............................................................... 154-55 Amounts per $100 of total assets, 1940............................................. 213 Averages at call dates, 1940................................................................. 209 Averages per bank, December 31, 1940............................................. 156-57 Averages per bank at call dates, 1940............................................... 211 Percentage distribution, December 31, 1940..................................... 158-59 Banks grouped by population of center in which located..................... 215 Banks grouped by rate of income on loans............................................. 219 Banks grouped by rate of net earnings.................................................... 217 Reports o f..................................................................................................... 24-25 Mutual savings banks, 1935-40.....................................................................141, 143 Noninsured banks, 1935-40................................................................... 141, 142, 143 Sources of data.................................................................................................. 84 Assets and liabilities of the Federal Deposit Insurance Corporation.............. 30-33 Assets of banks, losses on, 1865-1940................................................................... 61-65 Assets of banks purchased by the Federal Deposit Insurance Corporation. See Bank assets purchased by the Corporation. Assets of insured banks, analysis of examinations of (see also Fixed and miscellaneous assets; Fixed and substandard assets ratio; Loans of insured commercial banks; Securities): Definitions of terms used................................................................................. 85-88 Insured commercial banks, 1940: Appraised values of total assets, securities, loans, and fixed and miscellaneous assets, amounts and ratios: Banks grouped by amount of deposits............................169, 171, 173, 175 Banks grouped by Federal Deposit Insurance Corporation District.......................................................................... 176, 178, 180, 182 Banks grouped by fixed and substandard asset ratios. .168, 170, 172, 174 Banks grouped by net sound capital ratios....................168, 170, 172, 174 Banks grouped by rate of average net earnings............ 169, 171, 173, 175 Banks grouped by State.........................................................176-79, 180-83 Definition............................................................................................... 86 Summary................................................................................................ 44 Banks included, by month of examination............................................. 85 Book values: Amounts and ratios. See Appraised values, etc. Definition............................................................................................... 86 Discussion o f................................................................................................ 43-45 Examiners’ (net) deductions: Amounts and ratios. See Appraised values, etc. Definition............................................................................................... 86 Substandard: Amounts and ratios. See Appraised values, etc. Definition............................................................................................... 86 Uncriticized: Amounts and ratios. See Appraised values, etc. Definition............................................................................................... 87 INDEX 255 Page Assets of insured banks, analysis of examinations of (see also Fixed and miscellaneous assets; Fixed and substandard assets ratio; Loans of insured commercial banks; Securities):— Continued. Insured commercial banks examined by the Federal Deposit Insurance Corporation: Ratios of appraised to book value, banks grouped by amount of deposits: Of assets, 1940....................................................................................... Of loans, 1934-40................................................................................... Of total assets, 1933-40........................................................................ Sources of data.................................................................................................. 189 188 187 85 Assets of insured banks, quality of (see also Assets of insured banks, analysis of examinations o f): Assets charged o ff...................................................................................44, 47, 52-55 Improvement since 1933............................................................................... 3, 43-44 Relation to deposit insurance.......................................................................... 70 Assets pledged to secure bank obligations....................................................9, 147, 153 Bank assets purchased by the Corporation: From banks in receivership to facilitate liquidation............................. 18, 32, 234 From banks merged with financial aid of the Corporation. See Mergers of insured banks with financial aid of the Corporation. Bank examinations. See Examination of banks. Bank management. See Management of banks, quality of. Bank supervision (see also Examinations of banks): Competition in................................................................................................... 12-13 Demand fo r ....................................................................................................... 10-11 Deposit insurance and.....................................................................11-13, 64, 66, 70 Objectives o f...................................................................................................... 11-13 Prior to Federal deposit insurance.............................................................10, 12, 13 State legislation regarding during 1940......................................................... 26-27 Supervisory activities of the Federal Deposit Insurance Corporation: Actions to terminate insured status of banks engaged in unsafe or un sound practices or violations of law or regulations...................... ................................................................................19, 20-23, 246, 247-49 Admission of banks to insurance........................................... 19, 22, 23, 240-41 Approval of capital adjustments............................................... 242-43, 244-45 Approval of change of location of banking offices...........................19, 22, 241 Approval of establishment of branches...................................... 19, 22, 23, 241 Approval of miscellaneous financial adjustments..................... 242-43, 244-45 During 1940 and 1934-40........................................................................... 18-25 Powers of the Corporation.....................................................................12, 18-19 To secure correction of hazardous situations.......................................... 3, 4 Bankers’ directories, data obtained from................................................. 73, 81, 83, 84 Banking offices, establishment of: Banks beginning operations: By class, 1940.............................................................................................. 94 Insured banks, 1934-40...............................................................................104-09 Banks opened, or opening contemplated, approved for insurance............. 240-41 Branches, establishment approved by Corporation..................................... 23, 241 Branches opened............................................................................................... 95 Banking offices, number of. See Number of Banking offices in center; Number of operating banking offices. Banking practices. See Bank supervision; Unsafe and unsound banking practices. Banks beginning operations. See Banking offices, establishment of. Banks ceasing operations: By class of bank, 1940..................................................................................... 94-95 Insured banks, by class, 1934-40................................................................... 104-09 256 FEDERAL DEPOSIT INSURANCE CORPORATION Page Banks closed because of financial difficulties (see also Mergers of insured banks with financial aid of the Corporation; Receiverships, insured banks placed in ): D ep ositor and Federal Deposit Insurance Corporation losses in insured banks, 1934-1940..................................................................13, 14, 62, 63 Depositors' losses in, 1865-1940: Amount.........................................................................................................62, 63 By 20-year periods...........................................................................62, 63, 68, 69 By years, 1921-40....................................................................................... 66 In crisis and other years........................................................... 62, 64, 67, 68, 69 Method of estimation................................................................................. 70-73 On balances not exceeding $5,000................................................. 66, 67, 68, 69 Prior to and subsequent to Federal deposit insurance................62, 63, 68, 69 Rates of loss.................................................................................3, 11, 62, 63, 69 Depositors protected by the Federal Deposit Insurance Corporation: Number o f.................................................................................................3, 13, 14 Number of accounts in banks merged with financial aid of the Cor poration............................................................................................ 232-33 Number of, in insured banks placed in receivership.............................. 238 Proportion fully protected......................................................................... 11, 12 Insured banks placed in receivership or merged with financial aid of the Corporation: Deposits protected...................................................................................... 16 Disbursements by the Corporation in connection with..................... 12, 13-17 Loss to depositors.....................................................................................3, 13-15 Loss to Federal Deposit Insurance Corporation......................3, 13-14, 17-18 Loss to stockholders in merged banks..................................................... 15 Number and deposits of, 1934-40: By amount of deposits......................................................................... 226 By class of bank....................................................................................226-27 By State.................................................................................................226-27 By year................................................................................................... 226 Number and deposits of, 1940: By amount of deposits......................................................................... 230 By class of bank................................................................................... 230 By State........ ........................................................................................ 230 Number of, and loss to depositors, 1865-1933.............................................. 9 Stockholders’ losses in, 1865-1940: Amount........................................................................................................ 62, 63 Assessments.............................................................................................66, 68, 69 In crisis and other years................................................................. 62, 63, 68, 69 Method of estimation................................................................................. 70-73 Prior to and subsequent to Federal deposit insurance................62, 63, 68, 69 Related to deposits..................................................................................... 63, 69 Suspensions: Number and deposits, 1934-40: By amount of deposits......................................................................... 222 By class of bank....................................................................................222-23 By State................................................................................................. 222-23 By year................................................................................................... 222 Number and deposits, 1940: By amount of deposits......................................................................... 228 By class of bank............................................................................. 94-95, 228 By State................................................................................................. 228 Number, compared with receiverships and mergers.............................. 90-91 Of banks charged with unsafe and unsound banking practices. .20-21, 246 Terminations of insured status b y ..................................................... 38, 104-09 Banks operating branches. See Banking offices, establishment of; Number of banks operating branches; Reports from banks. Board of Directors of the Federal Deposit Insurance Corporation.................. 5, 27 Board of Governors of the Federal Reserve System: Approval of capital retirement or reduction................................................. 23 Data obtained from ..................................................................................... 81, 84, 88 Examination by Corporation of banks under jurisdiction o f ...................... 22 Regulations regarding payment of interest on deposits, power to issue.. 19 Review of examination reports submitted b y ............................................... 22 INDEX 257 Page Book values of bank assets and liabilities. See Assets and liabilities of operating banks; Assets of insured banks, analysis of examina tions of; Capital of banks. Branches. See Banking offices, establishment of; Classification of banks and banking offices; Number of banks operating branches; Number of branches. Capital of banks (see also Assets and liabilities of operating banks; Earnings, expenses, and dividends of insured banks; Reconstruction Finance Corporation investment in capital of banks): Analysis of examinations of insured commercial banks, 1940: Book value: Amounts and ratios. See Net sound capital, etc. Definition............................................................................................... 87 Discussion o f ............................................................................................... 45-47 Examiners’ net deductions: Amounts and ratios. See Net sound capital, etc. Definition............................................................................................... 86 Net sound capital, amounts and ratios: Banks grouped by amount of deposits............................................ 161, 163 Banks grouped by Federal Deposit Insurance Corporation Districts......................................................................................... 164, 166 Banks grouped by fixed and substandard asset ratios.................. 160, 162 Banks grouped by net sound capital ratios.................................... 160, 162 Banks grouped by rate of average net earnings............................. 161, 163 Banks grouped by State........................................................ 164-65, 166-67 Definition............................................................................................... 87 Private capital: Amounts and ratios. See Net sound capital, etc. Definition............................................................................................... 87 Supplied by Reconstruction Finance Corporation: Amounts and ratios. See Net sound capital, etc. Definition................................................................................................ 87 Analysis of examinations of insured commercial banks examined by the Federal Deposit Insurance Corporation, 1933-40: Net sound capital ratios to assets, banks grouped by amount of deposits............................................................................................. 186 Net sound capital ratios to deposits, banks grouped by amount of deposits............................................................................................. 186 Net sound capital ratios to total capital accounts, banks grouped by amount of deposits......................................................................... 186 Capital ratios in 1940 and prior thereto........................................................ 70 Net sound capital ratios to assets, insured commercial banks grouped by, 1940: Analysis of examinations of capital and liabilities, amounts and ratios....................................................... ....................................... 160, 162 Appraised values of total assets, securities, loans, and fixed and miscellaneous assets— amounts and ratios................168, 170, 172, 174 Deposits o f ................................................................................................... 185 Number o f ................................................................................................... 184 Percentage distribution of number and deposits, compared with 1939 46 Of insured banks placed in receivership......................................................... 237 Reductions and retirements approved by the Corporation.23-24, 242-43, 244-45 Total capital accounts of insured commercial banks: Amount, banks examined in 1940.............................................. 160-61, 164-65 Amount, call dates, 1935-40....................................................................142, 147 Changes during 1934-40............................................................................. 39 Definition..................................................................................................... 87 Total capital accounts of insured commercial banks not members of the Federal Reserve System, amount, call dates, 1934-40............... 153 Total capital accounts of insured commercial banks submitting reports to the Federal Deposit Insurance Corporation. See Assets and liabilities of operating banks. Unsafe and unsound practices..................................................... 20-22, 246, 247-49 Cash depositories......................................................................... 81, 199, 200, 201, 203 258 FEDERAL DEPOSIT INSURANCE CORPORATION Page Cash held by banks (see also Assets and liabilities of operating banks; Assets of insured banks, analysis of examinations o f)..................39-40, 42-43 Charge-offs on bank assets (see also Earnings, expenses, and dividends of insured commercial banks): Insured commercial banks............................................................................... 52-55 Net, in operating banks, 1865-1940: Amount......................................................................................................... 62, 66 By 20-year periods...................................................................................... 62, 63 In crisis and other years.............................................................................62, 63 Method of estimation................................................................................. 70-73 Prior and subsequent to Federal deposit insurance................................62, 63 Rates o f........................................................................................................ 63 Class of bank, banking data presented by: Admissions to and terminations of insurance............................................... 104-09 Assets and liabilities.........................................................................................140-43 Banks which suspended operations........................................................222-23, 228 Deposits.................................................................................128-29, 130-31, 132-33 Earnings of insured banks............................................................................... 194-95 Insured banks placed in receivership or merged with financial aid from the Corporation..........................................224-25, 226-27, 229, 230-31 Number of banking offices........................................92-93, 94-95, 96-103, 110-11 Number of banks................................................................. 104-09, 112-13, 114-15 Classification of banks and banking offices..................................................... 81-82, 84 Closed banks. See Banks ceasing operations; Banks closed because of financial difficulties; Receivership, insured banks placed in. Commercial banks. See Assets and liabilities of operating banks; Assets of insured banks, examiners’ analysis of; Capital of banks; De posits; Earnings, expenses, and dividends of insured banks; Number of operating banks. Commercial banking offices. See Number of operating banking offices. Comptroller of the Currency: Approval of capital retirement or reduction................................................. 23 Data obtained from ..................................................................71, 73, 81, 84, 85, 88 Director of Corporation................................................................................... 27 Examination by Corporation of banks under jurisdiction o f...................... 22 Examination of insured banks b y ................................................................... 22 Insured banks not members of the Federal Reserve System reporting t o .. 24 Review of reports of examinations made b y ................................................. 18-19 Consolidations. See Absorptions, consolidations, and mergers. Consumer loans. See Instalment consumer loans. Crisis periods, losses during. See Banks closed because of financial diffi culties; Losses on bank assets, 1865-1940. Defense program, effect on insured banks............................................... 39, 40, 43, 47 Demand deposits. See Assets and liabilities of operating banks. Department of Commerce, request for consumer loan data............................. Depositors’ claims against closed insured banks. banks placed in. See Receivership, insured Depositors protected by the Corporation in banks in financial difficulties. See Banks closed because of financial difficulties. Depositors’ losses. See Banks closed because of financial difficulties; Re ceivership, insured banks placed in. 24 INDEX 259 Page Deposits: Adjusted............................. ...........................................................87,160-61,164-65 Amount of, banks or banking offices grouped by: All banking offices............................................................................110, 116, 128 All banks................................................................................................... 112, 130 All commercial banks..........................................................c . . .120-23, 134-37 All mutual savings banks............................................................ 126-27, 138-39 Banks operating branches....................................................................... 113, 131 Banks which received financial aid from the Federal Deposit In surance Corporation..............................................16, 224, 226, 229, 230 Banks which suspended operations........................................................222, 228 Branches............................................................................................ I l l , 117, 129 Head offices of banks operating branches..................................... I l l , 117, 129 Insured commercial banks examined by the Federal Deposit In surance Corporation, 1933-1940................................. 186, 187, 188, 189 Insured commercial banks examined in 1940 ................................................47, 161, 163, 169, 171, 173, 175, 184, 185 Insured commercial banks operating throughout 1940.. 196,197,199, 201, 202 Insured commercial banks submitting reports to the Federal Deposit Insurance Corporation.........................154-59, 208-09, 210-11, 212-13 Unit banks....................................................................... 110, 112, 116, 128, 130 Assumption of by other banks.......................................................................24, 243 Claims barred.................................................................................................... 14-15 Classified by type of deposit. See Assets and liabilities of operating banks. Definition: For assessment purposes............................................................................ 83 For reports of assets and liabilities.......................................................... 85 In reports of examinations......................................................... ...............83, 87 Demand. See Assets and liabilities of operating banks. Insured and otherwise protected: In banks placed in receivership or merged with financial aid of the Corporation..................................................................................... 15-17 In banks placed in receivership................................................. 16-17, 238, 239 Interbank. See Assets and liabilities of operating banks. Interest on. See Deposits, time and savings. Of individuals, partnerships, and corporations: Amount. See Assets and liabilities of operating banks. Change during 1940................................................................................... 39 Paid and unpaid in closed insured banks...................................................17, 239 Payments of, to insured depositors. See Receivership, insured banks placed in. Postal savings deposits. See Assets and liabilities of operating banks. Preferred. See Deposits, secured and preferred. Protected by the Corporation. See Deposits, insured or otherwise protected. Public funds. See Assets and liabilities of operating banks. Secured and preferred: Insured banks placed in receivership..................................................... 17, 238 Insured commercial banks......................................................................... 147 Insured commercial banks not members Federal Reserve System....... 153 Sources of data................................................................................................. 83-84 Subject to offset. See Receivership, insured banks placed in. Time and savings: Amount. See Assets and liabilities of operating banks. Interest paid on: Amount of. See Earnings, expenses, and dividends of insured banks. Definition and computation of rate o f ............................................... 89 Rates o f ....................................................................................... 49-51, 56-57 Rates of, banks grouped b y .............................................................. 202, 203 Regulation of Corporation regarding.................................................19, 51 Ratio to total deposits, banks grouped b y ........................................... 200, 203 Uninsured: Assumption of, by insured banks.............................................................24, 243 Of insured banks placed in receivership................................................. 17, 238 United States government. See Assets and liabilities of operating banks. Unsecured. See Receivership, insured banks placed in. 260 FEDERAL DEPOSIT INSURANCE CORPORATION Page Deposits in: All banking offices, June 29, 1940................................................................... 128 All banks, call dates, 1935-40.......................................................................... 140 All banks, June 29, 1940................................................................... 130-31, 132-33 All commercial banks, call dates, 1935-40..................................................... 141 All commercial banks: June 29, 1940...............................................................................................134-37 Change during 1919-40............................................................................... 42-43 All insured banks, call dates, 1935-40........................................................... 83, 140 All insured banks, June 29, 1940................................................................. 130, 132 All mutual savings banks, call dates, 1935-40.............................................. 141 All mutual savings banks, June 29, 1940..................................... 130, 132, 138-39 All offices of banks operating branches, June 29, 1940................................ 129 Banks closed because of financial difficulties, 1921-40................................. 66 Banks grouped by amount of deposits, June 29, 1940................................ 130-31 Banks having inadequate capital................................................................... 46-47 Banks located in each State and possession..................................................134-37 Banks merged with financial aid of the Corporation... .15, 83, 224-25, 229, 232 Banks operating branches, June 29, 1940................................................... 129, 131 Banks receiving financial aid from the Corporation: 1934-40............................................................................. 3, 13,14,226-27 1940.................................................................................................. 14,230 Branches, June 29, 1940................................................................................... 129 Commercial banks in each State, grouped by amount of deposits............ 134-37 Head offices of banks operating branches, June 29, 1940............................ 129 Insured banks merged with financial aid of the Corporation ............................................................................. 15, 83, 224-25, 229, 232 Insured banks placed in receivership..................................... 15, 17, 237, 238, 239 Insured banks placed in receivership or merged with financial aid of the Corporation............................................... 13-14, 226-27, 230 Insured commercial banks: At time of examination, 1940. See Deposits, adjusted. Call dates, 1934-40................................................................................... 142, 146 Change during 1940.................................................................................... 39-40 June 29, 1940.............................................................................. 130, 132, 134-37 Insured commercial banks not members of the Federal Reserve System: Call dates, 1934-40..................................................................................... 152 June 29, 1940.............................................................................................130, 132 Insured commercial banks submitting reports to the Federal Deposit Insurance Corporation: Average per bank at call dates, 1940....................................................... 211 Average per $100 of total assets at call dates, 1940............213, 215, 217, 219 Averages at call dates, 1936-40...............................................................205, 207 December 31, 1940, banks grouped by amount of deposits: Amount, by type of deposit................................................................. 155 Average per bank.................................................................................. 157 Ratio to total liabilities and capital accounts................................... 159 Insured mutual savings banks: Call dates, 1935-40......................................... ........................................... 143 December 31, 1940..................................................................................... 56 June 29, 1940.............................................................................. 130, 132, 138-39 Noninsured banks: Call dates, 1935-40....................................................................83, 141, 142, 143 June 29, 1940....................................................130-31, 132-33, 134-37, 138-39 Suspended banks................................................................................ 83, 222-23, 228 Unit banks, June 29, 1940.............................................................................128, 130 Disposition of profits. See Earnings, expenses, and dividends of insured banks. Dividends: To depositors in mutual savings banks................................................... 56-57, 221 To stockholders of operating insured banks: Amount of. See Earnings, dividends, and expenses of insured banks. Rates o f........................................................................................................ 55 Relation to bank failures........................................................................... 61 Relative to net earnings and net profits.................................................. 56 Double liability. See Stockholders of banks. INDEX 261 Page Earnings, expenses, and dividends of insured banks: Insured commercial banks, 1934-40: Amounts.......................................................................................... 48, 49, 190-91 Discussion o f ................................................................................................ 47-56 Interest received and paid......................................................................... 48-50 Net charge-offs............................................................................................ 52-55 Rates of dividends................................. .................................................... 55 Rates of income received and interest paid............................................. 50-51 Rates of net earnings and net profits....................................................... 51-52 Ratios........................................................................................................... 192-93 Trends of earnings and expenses............................................................... 47-48 Insured commercial banks, 1940: Amounts, by class of bank.........................................................................194-95 Discussions of.............................................................................................. 47-56 Number of banks operating throughout the year grouped by: Rate of income on loans.................................................................... 199, 200 Rate of interest paid on time and savings deposits....................... 202, 203 Rate of net earnings. See Earnings of insured commercial banks, net. Rate of net profits.............................................................................. 197, 198 Ratios of loans to total assets...................................................200, 201, 203 Ratio of time and savings to total deposits....................................200, 203 Insured commercial banks submitting reports to the Federal Deposit Insurance Corporation: Amounts, 1934-40....................................................................................... 204-05 Amounts, 1940, banks grouped by amount of deposits......................... 208-09 Averages per bank, 1940, banks grouped by amount of deposits........ 210-11 Differences in reporting, 1934-35.............................................................. 90 Ratios, 1934-40........................................................................................... 206-07 Ratios, 1940: Banks grouped by amount of deposits............................................... 212-13 Banks grouped by population of center............................................. 214-15 Banks grouped by rate of income on loans........................................218-19 Banks grouped by rate of net earnings..............................................216-17 Insured mutual savings banks: Amounts, 1934-40....................................................................................... 220-21 Discussion o f ............................................................................................... 56-57 Sources of data.................................................................................................. 88 Earnings of insured commercial banks, net: Amounts of. See Earnings, expenses, and dividends of insured banks. Discussion o f ..................................................................................................... 51-52 Rate in 1940, banks grouped by: Number o f ............................................................... 196, 198, 199, 201, 202, 203 Ratios, banks submitting reports to the Corporation............................216-17 3-year average rate, banks grouped by: Assets o f.................................................................................... 169, 171, 173, 175 Capital o f...................................................................................................161, 163 Definition..................................................................................................... 87 Deposits o f ................................................................................................... 185 Liabilities o f................................................................................................. 161 Number o f .................................................................................................... 184 Employees, Federal Deposit Insurance Corporation.......................................... 5, 27 Employees of banks, number of: Insured commercial banks: By years, 1936-40.....................................................................................191, December 31, 1940, by class of bank....................................................... Insured commercial banks submitting reports to the Corporation: By years, 1934-40.....................................................................................205, December 31, 1940, of banks grouped by amount of deposits........... 209, Examiners: Analysis of bank examinations made by. See Assets of insured banks, analysis of examinations of; Capital of banks. Employed by the Corporation. See Employees, Federal Deposit In surance Corporation. 193 195 207 211 262 FEDERAL DEPOSIT INSURANCE CORPORATION Page Examinations of banks (see also Assets of insured banks, analysis of examina tions of; Capital of banks): Banks cited for unsafe and unsound practices.............................................. 19-22 Banks examined by the Federal Deposit Insurance Corporation.............. 84 Data from reports of examination, banks examined by the Corporation...................................................................186, 187, 188, 189 Definition of terms........................................................................................... 85-88 Development of uniform examination procedure.......................................... 85 Examination by Federal Deposit Insurance Corporation of banks under jurisdiction of other Federal agencies........................................... 22 22 In connection with loans and purchase of assets of insured banks............ Number by Federal Deposit Insurance Corporation, 1940......................... 22 Review of examinations made by Comptroller of Currency and Federal Reserve banks.................................................................................. 22 Tabulation of, 1940........................................................................................... 85 Expenses of banks. See Earnings, expenses, and dividends of insured banks. Expenses of the Federal Deposit Insurance Corporation. Insurance Corporation. See Federal Deposit Failures: Of banks. See Banks closed because of financial difficulties. Of State deposit guaranty funds..................................................................... 10 Federal bank supervisory authorities (see also Board of Governors of the Federal Reserve System; Comptroller of the Currency; Federal Deposit Insurance Corporation; Federal Reserve banks): ................................................................................... 22, 23, 24, 70, 71, 73 Federal Deposit Insurance Corporation: Actions by: On applications from banks. See Applications from banks. To terminate insured status of banks................................................19-22, 246 Assessments on insured banks............................................................. 11, 28, 29, 32 Assets and liabilities......................................................................................... 30-33 Audit.................................................................................................................. 31-33 Balance sheet................................................................................................ 30, 32-33 Banks reporting to (see also Assets and liabilities of operating banks; Earnings, expenses, and dividends of insured banks)................ 84 Bank supervision by. See Bank supervision. Board of Directors............................................................................................ 5, 27 Borrowing power............................................................................................... 33 Capital.......................................................................................................3, 11, 30, 32 Chief creditor of insured banks....................................................................... 12, 18 Claims held against suspended and merged banks....................................... 29 Collections from insured banks in financial difficulties................................ 17 Contracts used in bank mergers and consolidations.................................... 16 Created............................................................................................................... 3,11 Depositors protected from loss by. See Banks closed because of financial difficulties. Disbursements for protection of depositors.........................................12,13-17, 30 Districts............................................................................................................. 88 Divisions............................................................................................................. 5, 27 Employees.......................................................................................................... 5, 27 Examination of banks (see also Examinations of banks)....................... 18-19, 22 Expenses..............................................................................................3, 17, 28-29, 33 Income.......................................................................................................3, 28-29, 32 Insurance limit................................................................................................... 11 Insured banks receiving financial aid from. See Banks closed because of financial difficulties. Investments....................................................................................................... 30-33 Liquidation of assets of insured banks in financial difficulties... .15, 16, 17, 234 Loans to and purchase of assets from insured banks. See Mergers of insured banks with financial aid of the Corporation. Losses incurred. See Losses of the Federal Deposit Insurance Corporation. Officers................................................................................................................ 5, 27 Operations.......................................................................................................... 13-33 INDEX 263 Page Federal Deposit Insurance Corporation:— Continued. Organization and staff...................................................................................... 5, 27 Payments to insured depositors..................................................................... 17, 239 Policies.............................................................................................................4, 11-13 Powers.................................................................................................................19, 20 Protection of depositors. See Banks closed because of financial difficulties. Purchase of assets to facilitate completion of liquidation of banks in receivership...................................................................................... 18, 234 Purposes of deposit insurance.......................................................... 4, 11, 13, 66-67 Receiver for insured banks............................................................................. 18, 235 Recoveries from banks in financial difficulties.............................................. 17-18 Regulations, power to issue............................................................................. 19 Repayments to .................................................................................................. 17-18 Reports from banks.......................................................................................... 24-25 Reserves for losses............................................................................................. 29-33 Risks of loss....................................................................................................... 20 State legislation affecting operations, 1940................................................... 25-26 Supervisory activities. See Bank supervision. Surplus............................................................................................................... 28-33 Federal Deposit Insurance Corporation Districts: Banks classified b y ....................................................... 164, 166, 176, 178, 180, 182 States and possessions served.............................. ........................................... 88 Federal insurance of deposits, role o f................................................................... 11 Federal Reserve banks: Data obtained from.......................................................................................... Review of bank examinations made b y ......................................................... 85 22 Federal Reserve Committee on Branch, Group and Chain Banking, data obtained from.................................................................................. 72 Fixed and miscellaneous assets, analysis of examinations o f: Insured commercial banks, 1940..........................170-71, 174-75, 178-79, 182-83 Insured commercial banks examined by the Federal Deposit Insurance Corporation, 1940........................................................................... 189 Fixed and substandard assets ratio of insured commercial banks (see also Assets of insured banks, analysis of examinations of; Capital of banks): Banks classified b y .................................45, 160, 162, 168, 170, 172, 174, 184, 185 Definition........................................... ............................................................... 87 Discussion.......................................................................................................... 44-45 Guaranty of bank obligations, prior to Federal deposit insurance.............. 9-11, 13 Hazardous banks. See Insolvent or hazardous banks; Weak or hazardous banks. Head offices of branch systems. See Number of banks operating branches. Insolvent or hazardous insured banks: Method of protecting depositors in ................................................................ 16 Number eliminated, 1940............................................................................... 19, 23 Operating at close of 1940............................................................................... 20 Placed in receivership or merged with financial aid of the Corporation. See Banks closed because of financial difficulties. Supervisory action regarding...........................................................................3, 246 Instalment consumer loans.................................................................................. 40-42 Institutions excluded from figures of operating banks...................................... 82 Insurance status, banks classified by: Assets and liabilities o f.....................................................................................140-43 Deposits o f ................................................128-29, 130-31, 132-33, 134-37, 138-39 Number o f .................................. 96-103, 110-11, 112-13, 114-15, 120-23, 126-27 264 FEDERAL DEPOSIT INSURANCE CORPORATION Page Insured and otherwise protected deposits. See Deposits. Insured banks. See: Absorptions, consolidations, and mergers; Admissions to insurance; Assets and liabilities of operating banks; Assets of insured banks, analysis of examinations of; Assets of insured banks, quality of; Banking offices, establishment of; Banks ceasing operations; Banks closed because of financial difficulties; Capital of banks; Charge-offs on bank assets; Classification of banks and banking offices; Class of bank, banking data presented by; Deposits; Deposits in; Earnings, expenses, and dividends of insured banks; Earnings of insured commercial banks, net; Employees of banks, number of; Examinations of banks; Insolvent or hazardous insured banks; Loans of insured commercial banks; Mergers of insured banks with financial aid of the Corporation; Mutual savings banks; Number of banks operating branches; Number of branches; Number of operating banking offices; Number of operating banks; Number of unit banks; Receivership, insured banks placed in; States, banking data by; Securities; Terminations of insurance; Unsafe and unsound banking practices; Weak or hazardous banks. Insured commercial banks not members of the Federal Reserve System. See Class of bank, banking data presented by; Insured banks. Insured commercial banks submitting reports to the Federal Deposit In surance Corporation. See Insured banks. Insured deposits. See Deposits. Insured mutual savings banks. See Mutual savings banks. Insured State banks members of the Federal Reserve System. See Class of bank, banking data presented by; Insured banks. Interbank deposits. See Assets and liabilities of operating banks. Interest (see also Earnings, expenses, and dividends of insured banks): On loans. See Loans of insured commercial banks. On securities held by insured banks, rate of, 1934-40.................................. 50-51 On time and savings deposits. See Deposits, time and savings. Investments of banks. See Assets and liabilities of operating banks; Securities; Unsafe and unsound banking practices. Investments of the Federal Deposit Insurance Corporation........................28, 30, 32 Law, violations of by insured banks........................................................19-22, 246-49 Legislation, Federal, concerning robbery of a bank........................................... 25, 77 Legislation, State, enactments in 1940................................................................. 25-27 Liquidation, banks placed in.................................................................... 38, 94, 104-09 INDEX 265 Page Loans of insured commercial banks (see also Assets and liabilities of operating banks; Assets of insured banks, analysis of examinations of; Earnings, expenses, and dividends of insured banks; Instalment consumer loans; Unsafe and unsound banking practices): Analysis of examinations of banks examined by Federal Deposit Insurance Corporation................................................................................... 188, 189 Analysis of examinations of insured commercial banks: Appraised and book values, deductions (net), substandard, and not criticized.......................................................................44, 170-71, 178-79 Ratios of appraised value to book value.............................44, 174-75, 182-83 Banks classified by ratio to total assets..............................................200, 201, 203 Changes during 1934-40................................................................................... 39-40 Rate of income on: Banks classified b y ..................................................................... 199, 200, 218-19 Definition..................................................................................................... 89 During 1934-40........................................................................................... 50-51 Types o f ............................................................................................................. 40 Loans to insolvent or hazardous insured banks by Federal Deposit Insurance Corporation. See Mergers of insured banks with financial aid of the Corporation. Location of insured banks, changes approved by Corporation........................ 241 Losses on bank assets, 1865-1940 (see also Banks closed because of financial difficulties; Charge-offs on bank assets): Amount.......................................................................................................... 61-63, 66 In crisis and other periods.................................................................... 62, 63, 64-65 Method of estimation....................................................................................... 70-73 Prior and subsequent to Federal deposit insurance......................................62, 63 Rates o f.............................................................................................................. 63 Relation to depositors’ and stockholders’ losses........................................... 61 Losses of banks: Accumulation of, in the banking system....................................................... 18, 61 Amounts and rates. See Charge-offs on bank assets; Earnings, expenses, and dividends of insured banks. Prevention by supervisory activity of the Corporation.............................. 18 Losses of the Federal Deposit Insurance Corporation: Concentration in certain banks....................................................................... 12, 13 During 1940....................................................................................................... 14 During seven years of deposit insurance................................. 3, 13, 14, 17, 62, 63 Management of banks, quality of: Banks cited for unsafe and unsound banking practices.................. 19-22, 247-48 In weak banks................. ................................................................................. 4 Mergers. See Absorptions, consolidations, and mergers; Mergers of insured banks with financial aid of the Corporation. Mergers of insured banks with financial aid of the Corporation (see also Banks closed because of financial difficulties): Applications from banks.................................................................................. 22 Assets purchased............................................................................................... 3 Banks cited for unsafe and unsound practices............................................. 19-22 Classification of banks...................................................................................... 90-91 Collections by Corporation on assets purchased or held as collateral....... 17 Deposits protected............................................................................................ 16 Disbursements by Corporation..........................................15, 224-25, 229, 232-33 Loans and assets purchased, held by the Corporation................................ 29-30 Losses incurred by Corporation......................................................................13,17 M ethod............................................................................................................... 15 Names and location of banks merged............................................................232-33 Number of banks merged......................................................... 15, 224-25, 229, 232 Procedure........................................................................................................... 16 Protection afforded depositors, 1934-40......................................................... 16 Repayments to Corporation............................................................................ 17-18 Morris Plan banks, classification o f ..................................................................... 81 266 FEDERAL DEPOSIT INSURANCE CORPORATION Page Mutual savings banks: Insured: Admissions to and terminations of insurance, 1934-40..........................108-09 Assets and liabilities, December 31, 1935-40.................................... 56-57, 143 Capital investment of the Reconstruction Finance Corporation in___ 56 Changes during 1934-40............................................................................. 108-09 Changes during 1940.............................................................................. 56, 94-95 Classification............................................................................................... 82 Deposits: By amount of deposits, June 29, 1940.................. 128-29, 130-31, 138-39 By State, June 29, 1940.........................................................132-33, 138-39 By type of bank, June 29, 1940........................................... 128-29, 130-31 December 31, 1935-40.......................................................................... 143 December 31, 1940................................................................................ 56 Earnings, expenses, and disposition of profits............................ 56-57, 220-21 Number: By amount of deposits, June 29, 1940................................ 112-13, 126-27 By State, December 31, 1940..............................................................96-103 By State, June 29, 1940.........................................................114-15, 126-27 By type of bank, December 31, 1940.......................................... 93, 96-103 By type of bank, June 29, 1940..........................................................112-13 Call dates, 1935-40............................................................................... 143 December 31, 1935-40.......................................................................... 93 Placed in receivership or merged with financial aid of the Corporation. 91 Insured and noninsured: Assets and liabilities, December 31, 1935-40........................................141, 143 Changes during 1940.................................................................................. 94-95 Classification............................................................................................... 82 Deposits: By amount of deposits, June 29, 1940.................. 128-29, 130-31, 138-39 By State, June 29, 1940........................................................ 132-33, 138-39 By type of bank, June 29, 1940....................................................... 130-31 Call dates.............................................................................................141, 143 Number: By amount of deposits, June 29, 1940............................... 112-13, 126-27 By State, December 31, 1940..............................................................96-103 By State, June 29, 1940......................................................... 114-15, 126-27 By type of bank, December 31, 1940.......................................... 93, 96-103 December 31, 1935-40........................................................................... 93 Sources of data............................................................................................ 81 National banks. See Class of bank, banking data presented by; Comptroller of the Currency; Insured banks. Net earnings of insured commercial banks. mercial banks, net. See Earnings of insured com Net profits of insured commercial banks. See Earnings, expenses, and dividends of insured commercial banks. Net sound capital ratios of insured commercial banks. New banks. See Banking offices, establishment of. Noninsured banks. See: Absorptions, consolidations, and mergers; Admissions to insurance; Assets and liabilities of operating banks; Banks closed because of financial difficulties; Capital of banks; Classification of banks and banking offices; Class of bank, banking data presented by; Deposits; Number of banks operating branches; Number of operating banking offices; Number of operating banks; Number of unit banks; Number of branches. See Capital of banks. INDEX 267 Page Number of banking offices in center: Banking offices classified b y ..................................................... 38, 118-19, 196, 197 Definition........................................................................................................... 83 Number of banks operating branches: Change during 1940......................................................................................... 37 December 31, 1935-40...................................................................................... 93 December 31, 1940: By class of bank............................................................................. 92-93, 96-103 By States and possessions......................................................................... 96-103 Of commercial banks..................................................................... 37, 93, 96-103 Of insured banks.................................................................................. 93, 96-103 Of mutual savings banks..................................................................... 93, 96-103 Of noninsured banks.............................................................................93, 96-103 June 29, 1940: By amount of deposits............................................................................... 113 By character of branch system................................................................. 124-25 By class of bank....................................................................................... I l l , 113 By head offices only......................................................................... I l l , 117, 119 By number of offices in center.................................................................. 119 By population of center...................................................................117, 119, 124 By States and possessions......................................................................... 124-25 Of commercial banks.......................................................I l l , 113, 117, 119, 124 Of insured banks.......................................................................................I l l , 113 Of mutual savings banks......................................................................... I l l , 113 Of noninsured banks.................................................................................I l l , 113 Number of branches: Change during 1940......................................................................................... 37, 95 December 31, 1935-40...................................................................................... 93 December 31, 1940: By class of bank................................................................................... 93, 96-103 By States and possessions..........................................................................96-103 Of commercial banks.................................................................................. 96-103 Of insured banks......................................................................................... 96-103 Of mutual savings banks........................................................................... 96-103 Of noninsured banks...................................................................................96-103 Discussion o f ..................................................................................................... 37 Establishment approved by Corporation.............................. ....................... 23, 241 June 29, 1940: By amount of deposits............................................................................. I l l , 117 By class of bank.......................................................................................... Ill By location in relation to head office....................................................... 124-25 By number of offices in center.................................................................. 119 By population of center...................................................................117, 119, 124 By States and possessions......................................................................... 124-25 Number of operating banking offices: All offices........................................................................................ 37, 92, 94, 96, 110 Changes during 1940......................................................................................... 37, 94 Classification..................................................................................................... 81-82 December 31, 1935-40...................................................................................... 92-93 December 31, 1940: By class of bank..................................................... ........... 92-93, 94-95, 96-103 By States and possessions..........................................................................96-103 By type of office....................................................................... 37, 92-93, 96-103 Of commercial banks................................................... 37, 92-93, 94-95, 96-103 Of insured banks.................................................................92-93, 94-95, 96-103 Of mutual savings banks......................................................... 93, 94-95, 96-103 Of noninsured banks.......................................................... 92-93, 94-95, 96-103 June 29, 1940: By amount of deposits............................................................................... 110-11 By class of bank......................................................................................... 110-11 By number of offices in center...................................................................118-19 By population of center............................................................... 116-17, 118-19 By type of office............................................................. 110-11, 116-17, 118-19 Of commercial banks..................................................... 110-11, 116-17, 118-19 Ofjnsured banks........................................................................................ 110-11 268 FEDERAL DEPOSIT INSURANCE CORPORATION Page Number of operating banking offices:— Continued. June 29, 1940:— Continued. Of mutual savings banks............................................................................110-11 Of noninsured banks................................................................................... 110-11 Percentage belonging to branch systems................................................. 38 Number of operating banks: All banks: Admissions to insurance............................................................................. 104-09 Approved for admission to insurance....................................................... 240-41 Call dates, 1935-40..................................................................................... 140 Changes during 1940................................................................................... 94-95 Classification............................................................................................... 81-82 December 31, 1935-40................................................................................. 92-93 December 31, 1940: By class of bank........................................................................... 92-93, 96-103 By States and possessions....................................................................96-103 By type of bank....................................................................... 92-93, 96-103 June 29, 1940: By amount of deposits........................................................... 110-11, 112-13 By class of bank....................................................... 110-11, 112-13, 114-15 By States and possessions....................................................................114-15 By type of bank.................................................................................... 112-13 Terminations of insurance......................................................................... 104-09 All commercial banks: Admissions to insurance............................................................................. 104-09 Call dates, 1935-40..................................................................................... 141 Changes during 1940................................................................................... 94-95 Classification............................................................................................... 81-82 December 31, 1935-40................................................................................ 92-93 December 31, 1940: By class of bank....................................................................... 92-93, 96-103 By States and possessions....................................................................96-103 By type of bank....................................................................... 92-93, 96-103 Discussion o f ................................................................................................ 37 June 29, 1940: By amount of deposits.............................. 110-11, 112-13, 116-17, 120-23 By class of bank....................................................... 110-11, 112-13, 114-15 By number of offices in center............................................................ 118-19 By population of center......................................................... 116-17, 118-19 By States and possessions..................................................... 114-15, 120-23 By type of bank.................................................................................... 112-13 Percentage belonging to branch systems................................................. 38 Insured commercial banks: Applications approved and disapproved....................................240-41, 242-43 Call dates, 1934-40................................................................................... 142, 144 Changes during 1934-40............................................................................. 104-09 Changes during 1940................................................................................... 94-95 Classification................................................................................................ 81-82 December 31, 1935-40................................................................................ 92-93 December 31, 1940: By class of bank............................................................... 92-93, 96-103, 194 By States and possessions....................................................................96-103 By type of bank........................................................................ 92-93, 96-103 Discussion o f ................ ............................................................................... 37-38 June 29, 1940: By amount of deposits.............................................110-11, 112-13, 120-23 By class of bank....................................................... 110-11, 112-13, 114-15 By States and possessions..................................................... 114-15, 120-23 By type of bank.................................................................................... 112-13 Operating throughout the year 1940: By amount of deposits..............................................196, 197, 199, 201, 202 By number of offices in center..........................................................196,197 By population of center............................................196, 197, 199, 201, 202 By rate of income on loans............................................................... 199, 200 By rate of interest paid on time and savings deposits.................. 202, 203 By rate of net earnings.....................................196, 198, 199, 201, 202, 203 INDEX 269 Page Number of operating banks—Continued. Insured commercial banks:— Continued. Operating throughout the year 1940:— Continued. By rate of net profits......................................................................... 197, 198 By ratio of loans to total assets............................................... 200, 201, 203 By ratio of time and savings to total deposits............................... 200, 203 Reports of examinations in 1940 tabulated: By amount of deposits..................... 161, 163, 169, 171, 173, 175, 184, 185 By Federal Deposit Insurance Corporation District............164, 166, 176, 178, 180, 182 By fixed and substandard asset ratio............................. 160, 162, 168, 170, 172, 174, 184, 185 By month of examination.............................. ..................................... 85 By net sound capital ratio.............. 160, 162, 168, 170, 172, 174, 184, 185 By rate of average net earnings___ 161, 163, 169, 171, 173, 175, 184, 185 By State.......................................................164-65, 166-67, 176-79, 180-83 Insured commercial banks examined by the Federal Deposit Insurance Corporation, 1940, by amount of deposits.................................. 189 Insured commercial banks not members of the Federal Reserve System: Applications approved and disapproved................................... 240-41, 242-43 Call dates, 1934-40..................................................................................... 150 Changes during 1934-40............................................................................. 107-08 Changes during 1940................................................................................... 94-95 Classification............................................................................................... 84 December 31, 1935-40................................................................................. 92-93 December 31, 1940: By States and possessions....................................................................96-103 By type of bank.................................................................................... 96-103 June 29, 1940: By amount of deposits........................................................... 110-11, 112-13 By States and possessions....................................................................114-15 By type of bank.................................................................................... 112-13 Insured commercial banks submitting reports to the Corporation: Classification................................................................................................ 84 December 31, 1934-40..............................................................................204, 206 December 31, 1940, by amount of deposits..................................154, 156, 158 Operating throughout the year 1940: By amount of deposits...............................................................208, 210, 212 By population of center....................................................................... 214 By rate of income on loans.................................................................. 218 By rate of net earnings......................................................................... 216 Mutual savings banks. See Mutual savings banks. Noninsured banks: Call dates, 1935-40........................................................................... 141, 142, 143 Changes during 1940................................................................................... 94-95 Classification................................................................................................ 81-82 December 31, 1935-40................................................................................. 92-93 December 31, 1940: By class of bank....................................................................................96-103 By States and possessions....................................................................96-103 By type of bank.................................................................................... 96-103 June 29, 1940: By amount of deposits.............................. 110-11, 112-13, 120-23, 126-27 By class of bank..................................................................... 112-13, 114-15 By States and possessions..................................................... 120-23, 126-27 By type of bank.................................................................................... 112-13 Number of unit banks: Change during 1940......................................................................................... 37 December 31, 1935-40...................................................................................... 92-93 December 31, 1940: By class of bank............................................................................. 92-93, 96-103 By States and possessions......................................................................... 96-103 Of commercial banks........................................................................... 92, 96-103 Of insured banks.............................................................................92-93, 96-103 Of mutual savings banks..................................................................... 93, 96-103 Of noninsured banks...................................................................... 92-93, 96-103 270 FEDERAL DEPOSIT INSURANCE CORPORATION Page Number of unit banks:— Continued. Definition........................................................................................................... 82 Discussion o f ..................................................................................................... 37 June 29, 1940: By amount of deposits............................. . ..................................... 110, 112, 116 By class of bank....................................................................................... 110, 112 By number of offices in center.................................................................. 118 By population of center........................................................................... 116, 118 Of commercial banks............................................................... 110, 112, 116, 118 Of insured banks.......................................................................................110, 112 Of mutual savings banks......................................................................... 110, 112 Of noninsured banks................................................................................ 110,112 Officers, active, of insured banks. of. See Employees of insured banks, number Officers and employees of the Federal Deposit Insurance Corporation.......... Operating banks. 27 See Number of operating banks. Payments to depositors in closed insured banks. banks placed in. See Receivership, insured Population of center, banks or banking offices classified by: All commercial banks...................................................................38, 116-17, 118-19 Commercial banks operating branches........................................................... 124 Insured commercial banks operating throughout 1940. . .196, 197, 199, 201, 202 Insured commercial banks submitting reports to the Federal Deposit Insurance Corporation................................................................... 214-15 Sources of data.................................................................................................. 83 Possessions, banks located in: Deposits o f.......................................................................................................132, 134 Number o f ...............................................................................................103, 114, 120 Postal savings deposits. Preferred deposits. Profits. See Assets and liabilities of operating banks. See Deposits, secured and preferred. See Earnings, expenses, and dividends of insured banks. Protection of depositors in banks in financial difficulties, 1934-40. closed because of financial difficulties. Public funds. See Banks See Assets and liabilities of operating banks. Purchase of bank assets by Corporation. Corporation. See Bank assets purchased by the Real estate (see also Fixed and miscellaneous assets): Amount of loans on. See Assets and liabilities of operating banks. Increase during 1940 in loans on.................................................................... 40 Unsafe and unsound practices.................................................................. 21, 247-49 Receiverships avoided by Corporation............................................................... 12 Receivership, insured banks placed in (see also Banks closed because of financial difficulties): Activities of Corporation as receiver of.........................................................18, 235 Assets and liabilities of, at date of suspensions, 1934-40.......................... 236, 237 Classification...................................................................................................... 90-91 Date of suspension and year of organization................................................ 235 Depositors: Date of first payment t o ........................................................................... 16, 235 Extent of protection by insurance............................................................ 15, 16 Method of protection................................................................................. 15 Number eligible for protection, paid and unpaid................................... 239 271 INDEX Page Receivership, insured banks placed in (see also Banks closed because of financial difficulties):— Continued. Depositors:— Continued. Payments to .......................................................................................... 15-17, 239 Procedure of payment................................................................................ 16 Protection effective..................................................................................... 15 Deposits: Insured, paid and unpaid by December 31, 1940..................................17, 239 Insured, secured, preferred, subject to offset......................................... 17, 238 Not eligible for insurance................................................................. 17, 238, 239 Paid and unpaid, December 31, 1940....................................................... 17 Percentage protected.................................................................................. 15-16 Secured, preferred, and subject to offset........................................17, 238, 239 Unclaimed accounts............................................................................... 14-15, 17 Uninsured, unsecured, not preferred, and not subject to offset..........17, 238 Liquidation o f ................................................................................................... 17-18 List of banks, 1940........................................................................................... 235 Losses by Corporation on depositors* claims paid....................................... 17-18 Names and location of, during 1940.............................................................. 235 Number of banks...................................................................235, 236, 237, 238, 239 Purchase of assets from ...................................................................................18, 234 Receivers............................................................................................................ 235 Repayments to Corporation on subrogated claims against........................ 17-18 Sources of data.................................................................................................. 90-91 Reconstruction Finance Corporation, capital of insured banks held by: Amount. See Capital of banks. Retirements.............................................................................23-24, 242-43, 244-45 Recoveries on assets (see also Charge-offs on bank assets)..................... 53-55, 71-72 Regulations. See Federal Deposit Insurance Corporation; Board of Governors of the Federal Reserve System. Repayments to the Corporation........................................................................... 17-18 Reports from banks................................................................................................ 24-25 Salaries and wages of bank officers and employees. and dividends of insured banks. Savings and time deposits. Deposits. See Earnings, expenses, See Assets and liabilities of operating banks; Secured and preferred deposits. placed in. See Deposits; Receivership, insured banks Securities (see also Assets and liabilities of operating banks; United States Government obligations): Examiners’ appraisal of, method used........................................................... 86 Held by Federal Deposit Insurance Corporation.................................... 28, 30, 32 Held by insured commercial banks: Amounts, call dates, 1934-40............................................. 142, 144-45, 148-49 Change in amounts during 1940............................................................... 40 Change since 1919....................................................................................... 42-43 Analysis of examinations: Appraised and book values, deductions (net), substandard, and not criticized............................................................... 44, 168-69, 176-77 Ratios of appraised to book values............................... 44, 172-73, 180-81 Held by insured commercial banks not members of the Federal Reserve System: Analysis of examinations, 1940................................................................. 189 Call dates 1934-40....................................................................................... 150 Rate of income on, decline since 1934........................................................... 49-51 State banks members of the Federal Reserve System. See Class of bank, banking data presented by; Insured banks. State banks not members of the Federal Reserve System. See Class of bank, banking data presented by; Insured banks; Noninsured banks. 272 FEDERAL DEPOSIT INSURANCE CORPORATION Page State bank supervisory authorities: Data obtained from............................................................................... 72, 81, 83, 84 State legislation regarding functions o f ......................................................... 25-26 State deposit guaranty systems..........................................................................9-10, 11 State legislation regarding deposit insurance and bank supervision.............. 25-27 States, banking data by: Analysis of examinations of insured commercial banks 164-65, 166-67, 176-79, 180-83 Banks classified by: All banking offices.......................................................................................96-103 All banks...................................................................................................... 114-15 All commercial banks................................................................... 120-23, 124-25 All mutual savings banks...........................................................................126-27 Deposits classified by: All banks...................................................................................................... 132-33 All commercial banks................................................................................. 134-37 All mutual savings banks...........................................................................138-39 Suspensions, receiverships, and mergers.222-23,224-25,226-27,228,229,230-31 Stockholders' losses in closed banks, 1865-1940. of financial difficulties. See Banks closed because Stockholders of banks: Assessments paid by, in closed banks............................................................ 66-69 Double liability o f............................................................................................. 61 Losses of. See Banks closed because of financial difficulties. Substandard assets. See: Assets of insured banks, analysis of examinations of; Fixed and miscellaneous assets; Fixed and substandard asset ratios; Loans of insured commercial banks; Management of banks, quality of; Securities. Supervision. Suspensions. See Bank supervision. See Banks closed because of financial difficulties; Receivership, insured banks placed in. Subrogated claims of depositors................................................................. 17, 18, 30, 32 Terminations of insurance: Analysis of, 1934-40..........................................................................................104-09 For unsafe and unsound banking practices and violations of law or regulations................................................................................. 19-20, 246 Number, 1940................................................................................................... 23, 246 Number since 1936.......... ................................................................................. 38 Time and savings deposits. See Deposits, time and savings. Trust funds, insurance o f....................................................................................... 83 Trust departments: Assets o f ............................................................................................................. 84-85 Examinations o f................................................................................................ 22 Uninsured deposits. Unit banks. See Deposits, uninsured. See Deposits; Number of unit banks. United States Government obligations (see also Assets and liabilities of operating banks): Change during 1940 in amount held by banks............................................. 39-40 Held by all commercial banks, 1919-40......................................................... 42-43 Held by Federal Deposit Insurance Corporation..........................................30, 32 Held by insured commercial banks, 1934-40................................................. 39 INDEX 273 Page Unsafe and unsound banking practices: Action of Corporation................................................................................19-22, 246 Banks examined, 1934-40................................................................................ 22 Development of rules to prevent.................................................................... 11 Number of banks cited.............................................................................. 20-21, 246 Types of, for which banks were cited................................................21-22, 247-49 Unsecured deposits. See Receivership, insured banks placed in. Violations of law or regulations....................................................... 19-22, 246, 247-49 Weak or hazardous banks (see also Unsafe and unsound banking practices): Continuing operation....................................................................................... Eliminated during 1940................................................................................... Policy of Corporation regarding..................................................................... 12, Protection of depositors in......................................................................... 20 19 19 3