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ANNUAL REPORT
OF THE
FEDERAL DEPOSIT INSURANCE CORPORATION
FOR THE YEAR ENDED
DECEMBER 31,1948
LETTER
OF
T R A N S M IT T A L
F e d e r a l D e p o s it In s u r a n c e C o r p o r a tio n
Washington, D. C., July 27, 194.9
SIRS: 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,
M a p le T . H a r l,
T
he
P r e s id e n t P ro T
T
he
Speaker
of t h e
em pore
H
o u se
of
of
the
R
Senate
e p r e s e n t a t iv e s
Chairman
FEDERAL DEPOSIT INSURANCE CORPORATION
FEDERAL DEPOSIT INSURANCE CORPORATION
N
a t io n a l
P r e s s B u i l d in g —
W
a s h in g t o n
25, D . C .
BOARD OF DIRECTORS
Chairman.............................................................................. M a p l e T.
H arl
(H . E . C ook
Directors............................................................................<
(P reston D
elano
OFFICIALS—JULY 27, 1949
Secretary............................................................................... Miss E. F. Downey
Executive Officer....................................................................Walter F. Oakes (Acting)
Deputy to Chairman............................................................. Lyle L. Robertson
Assistant to Director............................................................. Albert G. Towers
Associate General Counsel.................................................... Norris C. Bakke
Chief, Division of Examination...........................................Vance L. Sailor
Chief, Division of Research and Statistics...........................Edison H. Cramer
Director of Personnel............................................................Randolph Hughes
Chief, Service Division......................................................... Henry T. Ivey
Chief, Division of Liquidation.............................................Edward C. Tefft
Fiscal Agent..........................................................................W. G. Loeffler
Chief, Audit Division........................................................... Mark A. Heck
D IS T R IC T
D is t.
No.
O F F IC E S
S u p e r v is i n g
E x a m in e r
A ddress
St a t e s
in
d is t r ic t
1. Lundie W. Barlow
Room 1365, No. 10 Post
Square, Boston 9, Mass.
Maine, New Hampshire,
Vermont, Massachusetts,
Rhode Island, Connecticut
2. Neil G. Greensides
Room 1900, 14 Wall Street,
New York 5, N. Y.
New York, New Jersey,
Delaware, Puerto Rico,
Virgin Islands
3.
Ohio, Pennsylvania
City National Bank
Building, 20 East Broad
Street, Columbus 15, Ohio
A.
F. Shafer
4. Robert N. McLeod 909 State Planters Bank &
Trust Company Building,
Richmond 19, Va.
District of Columbia, Mary
land, Virginia, West Vir
ginia,
North
Carolina,
South Carolina
5. John E. Freeman
625 First National Bank
Building, Atlanta 3, Ga.
Georgia, Florida, Alabama,
Mississippi
6. W. Clyde Roberts
1059 Arcade Building,
St. Louis 1, Mo.
Kentucky, Tennessee,
Missouri, Arkansas
7. Raby L. Hopkins
715 Tenney Building
Madison 3, Wis.
Indiana, Michigan,
Wisconsin
8. E. R. Gover
741 Federal Reserve Bank
Building, 164 W. Jackson
Blvd., Chicago 4, 111.
Illinois, Iowa
9. Chas. F. Alden
1200 Minnesota Building,
St. Paul 1, Minn.
Minnesota, North Dakota,
South Dakota, Montana
10. Gerhard F. Roetzel 901 Federal Reserve Bank
Building, Kansas City 6,
Missouri
11. Linton J. Davis
Federal Reserve Bank
Building, Station K,
Dallas 13, Tex.
12. William P. Funsten Suite 1120, 315 Montgomery
Street, San Francisco 4,
Calif.
Nebraska, Kansas,
Oklahoma, Colorado,
Wyoming
Louisiana, Texas,
New Mexico, Arizona
Idaho, Utah, Nevada,
Washington, Oregon, California, Alaska, Hawaii
IIA
FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICTS
District X includes Puertp Rico £ Virgin Islands
District 4- includes District of Columbia
District IX includes Hawaii £ Alaska
CONTENTS
Page
Summary...................................................................................................................
xvii
PART ONE
OPERATIONS AND POLICIES OF THE CORPORATION
Adequacy of the capital of the banking system....................................................
Deposit insurance protection...................................................................................
Supervisory activities..............................................................................................
Legal developments..................................................................................................
Organization and financial statements of the Corporation...................................
3
5
12
17
17
PART TWO
BANKING DEVELOPMENTS
Banks and branches.................................................................................................
Assets and deposits..................................................................................................
Capital.......................................................................................................................
Earnings of insured commercial banks...................................................................
Earnings of insured mutual savings banks............................................................
29
31
39
41
46
PART THREE
SUBSTANDARD ASSETS OF INSURED COMMERCIAL BANKS, 1934-1948
Substandard assets of insured commercial banks, 1934-1948...............................
53
PART FOUR
LEGISLATION AND REGULATIONS
Federal legislation....................................................................................................
Regulations of the Corporation...............................................................................
State banking legislation.........................................................................................
65
66
66
PART FIVE
STATISTICS OF BANKS AND DEPOSIT INSURANCE
Number, offices, and deposits of operating banks.................................................
Assets and liabilities of operating banks................................................................
Examined evaluation of insured commercial banks............................................
Earnings, expenses, and dividends of insured banks............................................
Deposit insurance disbursements............................................................................
ix
70
84
98
106
134
LIST OF CHARTS
Page
Organization chart of the Federal Deposit Insurance Corporation.....................
iv
Map: Federal Deposit Insurance Corporation districts.......................................
A. (Map). Disbursements by the Corporation to protect depositors in insured
banks, 1934-1948..................................................................... .........................
B. Disbursements by the Corporation to protect depositors in insured banks,
by year, 1934-1948...........................................................................................
C. (Map). Deposits of insured banks as a percentage of deposits of all banks,
December 31, 1948...........................................................................................
D. Annual changes in business and personal deposits, 1934-1948.....................
E. Percentage composition of assets of all operating banks, December 31,
1934-1948...........................................................................................................
F. (Map). Ratios of total capital accounts to total assets other than cash and
United States government obligations, insured commercial banks, Decem
ber 31, 1948.......................................................................................................
G. Sources and disposition of current operating earnings, insured commercial
banks, 1948........................................................................................................
H. Disposition of net profits after taxes, insured commercial banks, 1935-1948
I.
(Map). Rate of net profits and proportion of net profits retained, insured
commercial banks, 1948...................................................................................
J. (Map). Ratios of substandard loans and valuation reserves to total loans,
insured commercial banks, 1948.....................................................................
K. Ratio of substandard assets to adjusted capital accounts, insured com
mercial banks examined 1939 to 1948..................... .....................................
L. Ratio of substandard assets to adjusted capital accounts, insured com
mercial banks, 1948..........................................................................................
vii
7
8
29
32
33
40
43
45
47
58
59
60
L I S T OF T A B L E S
PART ONE
OPERATIONS AND POLICIES OF THE CORPORATION
D eposit insurance protection:
1. Number of depositors, amount of deposits, recoveries, and losses in
insured banks placed in receivership or merged with the financial aid
of the Corporation, 1934-1948...............................................................
2. Payment of deposits by the Corporation and by receivers in insured
banks placed in receivership, 1934-1948...............................................
3. Disbursements to protect depositors, recoveries, and losses by the
Corporation from insured banks placed in receivership or merged with
its financial aid, 1934-1948.....................................................................
Supervisory activities:
4. Action to terminate insured status of banks charged with engaging
in unsafe or unsound practices or violations of law or regulations,
1936-1948.................................................................................................
5. Summary of unsafe or unsound banking practices and violations of
law or regulations charged against four banks by the Corporation
during 1948..............................................................................................
6. Actions by the Federal Deposit Insurance Corporation on applica
tions from banks for admission to insurance, 1935-1948.....................
7. Actions by the Federal Deposit Insurance Corporation on applica
tions for approval of establishment or continued operation of
branches, 1935-1948................................................................................
x
9
9
11
13
14
15
16
LIST OF T A BLE S
XI
Page
O rganization
and financial statements of the corporation :
8.
Officers and employees of the Federal Deposit Insurance Corporation,
December 31, 1948..............................................................................................
18
9.
Income and expenses of the Federal Deposit Insurance Corporation
since beginning operations................................................................................
19
10.
Income and expenses of the Federal Deposit Insurance Corporation,
calendar year 1948...............................................................................................
20
11.
Assets and liabilities of the Federal Deposit Insurance Corporation,
1934-1948................................................................................................................
21
12.
Assets and liabilities of the Federal Deposit Insurance Corporation,
December 31, 1948, and December 31, 1947..............................................
22
13.
Financial statements of the Federal Deposit Insurance Corpora
tion— from Auditors’ Report for year ended June 30, 1948.............
24
PART TW O
B A N K IN G D EVELO PM ENTS
B anks
and branches :
14.
Number and deposits of operating banks in the United States and
possessions, December 31, 1948.......................................................................
30
15.
Changes in number of banks and branches in the United States and
possessions, 1948 and the period, 1946-1948...............................................
30
A ssets
and deposits :
16.
Assets and liabilities of all banks in the United States and posses
sions, December 31, 1946-1948........................................................................
31
17.
Assets and liabilities of all commercial banks in the United States
and possessions, December 31, 1945-1948...................................................
34
18.
Maturities of United States Government obligations held by insured
commercial banks, December 31, 1948, 1947, and 1945.........................
35
19.
Annual changes in loans and discounts of insured commercial banks,
1946-1948................................................................................................................
36
20.
Commercial bank loans guaranteed or insured by agencies of the
United States Government, December 31, 1947-1948.............................
37
21.
Assets and liabilities of all mutual savings banks in the United
States, December 31, 1948, 1947, and 1946................................................
38
22.
Maturities of United States Government obligations held by mutual
savings banks, December 31, 1947-1948......................................................
39
Capital accounts and capital ratios of banks in the United States and
possessions, by class of bank, December 31, 1948....................................
39
C apital :
23.
E arnings
of insured commercial b an k s :
24.
Earnings, expenses, and profits of insured commercial banks, 19341948...........................................................................................................................
41
25.
Selected operating ratios of insured commercial banks, 1945-1948..
42
26.
Number and compensation of employees of insured commercial
banks, 1937-1948..................................................................................................
44
E arnings
27.
of insured mutual savings bank s :
Amounts and average rates of income received and dividends paid
by insured mutual savings banks, 1943-1948.............................................
48
x ii
FE D E RA L DEPOSIT IN SU R AN C E C O R P O R A T IO N
P A R T TH R EE
SU B STA N D AR D ASSETS OF IN SU RED C O M M E R C IA L B A N K S , 1934-1948
Page
Substandard
28.
assets of insured commercial banks ,
1934-1948:
Amounts and percentages of types of assets of insured commercial
banks classified as substandard, examinations 1939 to 1948................
Distribution of insured commercial banks according to ratio of
substandard loans to total loans, examinations in 1947 and 1948___
Distribution of insured commercial banks according to ratio of
substandard assets to adjusted capital accounts, examinations
1946 to 1948...........................................................................................................
Distribution of insured commercial banks by F D IC district and
amount of deposits, classified according to ratio of substandard assets
to adjusted capital accounts, examinations in 1948.............................
29.
30.
31.
54
57
60
61
PA R T FIVE
S T A T IST IC S OF B A N K S AN D D EPO SIT IN SU RAN CE
N umber ,
offices , and deposits of operating b a n k s :
Explanatory note...............................................................................................................
101.
Changes in number and classification of operating banks and branches
in the United States and possessions during 1948....................................
102.
Number of operating banks and branches, December 31, 1948
Grouped according to insurance status and class of bank, and by
State and type of office.....................................................................................
103.
Examiners ’
111.
82
84
86
88
90
92
94
evaluation of insured commercial b an k s :
Explanatory note...............................................................................................................
110.
74
and liabilities of operating ban k s :
Explanatory note...............................................................................................................
104.
Assets and liabilities of operating banks in the United States and
possessions, December 31, 1947
Banks grouped according to insurance status and type of bank...........
105.
Assets and liabilities of operating banks in the United States and
possessions, June 30, 1948
Banks grouped according to insurance status and type of bank...........
106.
Assets and liabilities of operating banks in the United States and
possessions, December 31, 1948
Banks grouped according to insurance status and type of bank...........
107.
Assets and liabilities of all operating banks in the United States and
possessions, December 31, 1948
Banks grouped by district and State............................................................
108.
Assets and liabilities of operating insured banks, December 31, 1948,
June 30, 1948, and December 31, 1947........................................................
109.
72
Number and deposits of operating banks, December 31, 1948
Banks grouped according to insurance status and by district and State
Assets
70
Exam ined
commercial
Examiners’
commercial
appraisal of assets, liabilities, and capital of insured
banks examined in 1941-1948...................................................
appraisal of assets, liabilities, and capital of insured
banks examined in 1948
Banks grouped according to amount of deposits.......................................
Examiners’ appraisal of assets, liabilities, and capital of insured
commercial banks examined in 1948
Banks grouped by Federal Deposit Insurance Corporation district and
State.......................................................................................................................
98
100
102
104
LIST OF T A BLE S
x iii
Page
E a r n in g s ,
expenses, and
d iv id e n d s
of
in s u r e d
b ank s:
Explanatory note................................................................................................
112. Earnings, expenses, and dividends of insured commercial banks,
1941-1948.................................................................................................
113. Ratios of earnings, expenses, and dividends of insured commercial
banks, 1941-1948.....................................................................................
114. Earnings, expenses, and dividends of insured commercial banks, 1948
By class of bank...................................................................................
115. Ratios of earnings, expenses, and dividends of insured commercial
banks, 1948
By class of bank...................................................................................
116. Earnings, expenses, and dividends of insured commercial banks
operating throughout 1948
Banks grouped according to amount of deposits..................................
117. Ratios of earnings, expenses, and dividends of insured commercial
banks operating throughout 1948
Banks grouped according to amount of deposits.................................
118.
119.
120.
D
e p o s it
Earnings, expenses, and dividends of insured commercial banks,
by State, 1948.........................................................................................
Earnings, expenses, and dividends of insured mutual savings banks,
1941-1948.................................................................................................
Ratios of earnings, expenses, and dividends of insured mutual savings
banks, 1941-1948.....................................................................................
in s u r a n c e
108
110
112
114
116
118
120
130
132
d is b u r s e m e n t s :
Explanatory note................................................................................................
121. Disbursements by the Federal Deposit Insurance Corporation to
protect depositors; number and deposits of insured banks placed in
receivership or merged with the financial aid of the Corporation,
1934-1948
Banks grouped by class of bank, year of disbursement, amount of
deposits, and State...............................................................................
122. Assets and liabilities of insured banks placed in receivership and of
insured banks merged with the financial aid of the Federal Deposit
Insurance Corporation, 1934-1948
As shown by books of bank at date of closing......................................
123. Name, location, Federal Deposit Insurance Corporation disburse
ment, and assets and liabilities of insured banks merged with the
financial aid of the Corporation during 1948.......................................
124. Recoveries and losses by the Federal Deposit Insurance Corporation
in connection with insured banks placed in receivership or merged
with the financial aid of the Corporation, 1934-1948
As shown by books of FDIC, December 31, 1948...............................
106
134
136
138
139
140
SUMMARY
Sum m ary
During 1948 the Federal Deposit Insurance Corporation completed
the retirement of its original capital. The surplus of the Corporation is
now a mutual fund which has been created through assessments paid
by banks supplemented by income from the Corporation’s investments.
(Pp. 3-4).
The surplus of the Corporation is the most mobile and potent part of
the capital of the banking system. It is available for the defense of
deposits at any insured bank in which the bank’s own capital may prove
inadequate to meet the stresses impinging upon that institution. This
surplus is now more than $1 billion, but because of the growth of deposits
this amount is not as adequate as was formerly expected. The surplus
at the end of 1948 was 7/10 of 1 percent of the deposits in insured banks.
(Pp. 3, 4, and 21).
In 15 years of operation, the Corporation has disbursed $311 million
in aid to 307 insured banks in difficulty. It is estimated that all but
$25 million of this amount will be recovered. Defalcations had occurred
in over one-fourth of the banks aided by the Corporation. Banks are
urged to provide more adequate surety coverage. (Pp. 5, 6-7, 12).
The most significant banking development in 1948 was a decline in
the deposits of individuals and business, the first decline since 1937.
Bank loans were expanded, but at a slower rate than in 1946 or 1947.
Bank investments in United States Government obligations were sharply
reduced. (Pp. 31-36).
Improvement in the quality of bank assets represents one of the most
significant changes that has occurred in the nation’s banking system
during the 15 years’ existence of the Federal Deposit Insurance Cor
poration. In 1939, insured commercial banks owned substandard assets
amounting to one-half of their capital accounts and over 5 percent of
their deposits; in 1948 their substandard assets were about one-twelfth
of capital accounts and 1/2 of 1 percent of their assets. However, their
substandard assets have increased since 1946. (P. 53).
PART ONE
OPERATIONS AND POLICIES OF THE CORPORATION
A dequacy
of
the
C a p it a l
of
th e
B a n k in g
System
One of the conditions requisite for the proper performance by the
banking system of its role in the maintenance of prosperity and stability
is the adequacy of its capital. If capital cushions become too thin, many
banks are likely to become unable to take the risks which are inherent
in acquisition of the volume and kind of bank assets needed to maintain
a reasonable rate of growth in deposits. Under present circumstances,
the capital of the banking system is made up of two parts. First is the
capital of each of the operating banks; this is available only for meeting
the stresses and strains to which each particular institution may be
subjected. Second is the capital of the Federal Deposit Insurance Cor
poration which stands behind all insured banks, available for the defense
of deposits at any insured bank in which the capital may prove inadequate
to meet the stresses impinging upon that institution.
Capital of the Federal Deposit Insurance Corporation, The
capital of the Federal Deposit Insurance Corporation is the most mobile
and therefore the most potent part of the capital in the banking system.
It is important that this capital should be maintained in an adequate
amount, ready for instant use on a large scale should an emergency
situation make that necessary. The original capital of the Corporation,
amounting to $289 million, was subscribed by the United States Govern
ment and the Federal Reserve banks in accordance with provisions
of the Banking Act of 1933.
During 1948, the Corporation completed the retirement of its original
capital. This retirement was made in accordance with Public Law 363,
80th Congress, approved August 5, 1947, and Public Law 813, approved
June 29, 1948, which were recommended by the Board of Directors of
the Corporation. At the beginning of 1948, about two-thirds of the
original capital had been retired. On August 30, 1948, the Directors of
the Corporation made the final payment to the Secretary of the Treasury.
A credit was allowed the Corporation for reimbursement of the net cost
it had incurred in the administration of the Federal Credit Union Act.
The amounts of the capital stock of the Corporation retired in 1947 and
in 1948 are shown below.
By payments into miscellaneous receipts of the
Treasury, pursuant to Public Law 363:
Calendar year 1947............................................... $186,695,250.41
Calendar year 1948...............................................
100,677,589.31
By credit allowed (cancellation of stock) in 1948,
pursuant to Public Law 813........................................
1,926,717.27
Total capital stock originally issued............ $289,299,556.99
3
4
FE D E R A L DEPOSIT IN SU R AN C E CORPORATION
The surplus of the Corporation is now a mutual fund which has been
created through assessments paid by insured banks supplemented by
income from the Corporation’s investments. The assessment, at the
rate of 1/12 of 1 percent per year of total deposits, has been paid since
the effective date of the Banking Act of 1935. Retirement of the original
amount subscribed by the Federal Government and the Federal Reserve
banks to the capital of the Corporation was made possible by the fact
that during the fifteen years of operation of the Corporation its losses
have been small. The surplus of the Corporation, after repayment of
the original capital, is a little over one billion dollars. As long as the
present volume of bank deposits is maintained and the Corporation’s
losses remain as low as in the past, this surplus will increase, under the
present assessment rate, at approximately $120 million per year. How
ever, this fund is by no means as adequate as was formerly thought.
Deposits of insured banks increased very rapidly as a result of war
financing, and are now more than three times the amount when insurance
under the permanent plan went into effect.
When the permanent plan of insurance went into effect in 1935 an
insurance fund of one billion dollars would have amounted to approxi
mately 2 percent of all deposits in insured banks. The present surplus
of the Corporation is only 7/10 of 1 percent of the deposits in insured
banks. The nation has just passed the peak of wartime and postwar
inflation, and it is not clear what the future developments will be.
Capital of insured banks. Insured banks are now adding about half
a billion dollars a year to their capital accounts. This growth in capital
is encouraging, but it is not a satisfactory rate of increase in view of the
change in the character of bank assets which is taking place and the
normal rate of growth in bank operations. For many years the capital
of banks has grown less rapidly than deposits or assets, so that the
capital cushion has become much thinner than formerly. During the
war period, when a large part of the assets acquired by banks consisted
of obligations of the United States Government, this thinning process
did not appear serious. During the past few years, however, the amount
of United States Government obligations held by insured banks has been
reduced, chiefly as a result of retirement of debt by the Treasury. With
the decline in holdings of United States Government obligations, the
banks have substantially increased their loans and investments other
than United States Government obligations.
The ratio of capital accounts of all insured banks to their loans and
investments other than United States Government obligations declined
from 26 percent at the end of 1945 to 20 percent at the end of 1948. To
provide an appropriate rate of growth in the assets of the banking system
and to maintain the present amount of bank capital relative to those
ADEQU ACY
OF TH E C A PITA L OF TH E B A N K IN G SYSTEM
5
assets commonly designated “ risk assets” will require larger additions
to capital than the banks have been making in recent years.
At the end of 1935, a few months after the permanent deposit in
surance plan went into effect, insured banks had $6,337 million in capital
accounts and the Federal Deposit Insurance Corporation $306 million.
Taken together, this amounted to 14.7 percent of the deposits in insured
banks. At the end of 1948 insured banks had $11,495 million in capital
accounts and the Federal Deposit Insurance Corporation $1,066 million,
the total amounting to 8.2 percent of the deposits in insured banks.
In 1948, the total capital of the banking system, including that of the
Federal Deposit Insurance Corporation, was nearly twice the amount
in 1935, but bank deposits in 1948 were about three and one-half times
the amount in 1935.
Insured banks continued in 1948 to retire portions of the capital
invested in banks by the Reconstruction Finance Corporation in the
depression of the 1930’s. By the close of 1948 approximately 5,300 banks,
out of more than 6,000 which originally obtained capital from the Re
construction Finance Corporation, had completed the retirement of
this capital. Only $130 million remained outstanding. It is sound policy
for the banks in which this capital is still outstanding to complete its
retirement in the near future, and to sell additional common stock where
it is necessary to do so to avoid unduly reducing their capital funds
relative to their obligations.
Defalcation and fidelity insurance. Maintenance of adequate
protection against known insurable hazards is closely allied to main
tenance of adequate capital. Defalcations had occurred in over one-fourth
of the banks which the Corporation has assisted because of financial
difficulties. In 1948, all the banks which required the assistance of the
Corporation were banks in which defalcations had occurred.
The Corporation believes that the boards of directors of all banks
should resurvey their surety coverage and carry basic coverage to at
least the “ fair” amount recommended by the American Bankers As
sociation. All members of the board of directors of every insured bank
should take an active part in exercising the responsibilities which they
have assumed, so that the banks which they direct are always under
their active supervision and control. Defalcations are not likely to take
place in banks which are appropriately managed and audited.
D
e p o s it
I n s u r a n c e P r o t e c t io n
During 1948, three insured banks required the financial aid of the
Federal Deposit Insurance Corporation. Each of these banks was merged
with another insured bank.
6
F E D E RA L DEPOSIT IN SU R AN C E CORPORATION
Merger of an insured bank with another insured bank, assisted by
financial aid from the Corporation, has been found more advantageous
than receivership, both to the Corporation and to the depositors of the
bank. This procedure is beneficial to the depositors since there is no
loss of funds or interruption in the use of their accounts. It has been
found desirable by the Corporation, because its experience, during the
years in which both methods were used, indicated that the Corporation’s
disbursements and its losses in mergers are relatively smaller than in
receiverships.
Decision as to whether a bank in difficulty is to be placed in receivership
or merged with another insured bank does not rest solely with the Federal
Deposit Insurance Corporation. A merger is possible only through
agreement with another bank which will take over the assets of the old
bank or through agreement with people of the community who will
provide sufficient capital for a sound new institution. The State banking
supervisory agency in the case of a State bank or the Comptroller of
the Currency in the case of a national bank, and not the Corporation,
are empowered to place a bank in receivership.
Deposits protected and the Corporation’s disbursement in 1948.
The three banks requiring financial aid of the Federal Deposit Insurance
Corporation during 1948 had total deposits of over $10 million in 18,311
accounts. Of these accounts 236, or 1.3 percent, had balances of more
than $5,000 at the time the banks were examined in connection with
the plans for merger; and 13 percent of the total deposits would not
have been protected by the Corporation under the $5,000 limitation
had the banks been placed in receivership. None of the depositors suffered
any loss, nor did any break in the continuity of banking services occur.
The Corporation disbursed $2,690,000 in the three banks merged
during 1948. This amount does not include expenses incurred in handling
and protecting the assets acquired by the Corporation.
While only three banks were aided during 1948, the deposits of these
banks and the disbursements by the Corporation to facilitate the ensuing
mergers were both about 50 percent higher than in 1947. The financial
difficulties in all three were occasioned by embezzlements of officers
of the banks. In the last four years eight of the ten banks aided have had
large defalcations. The need for careful vigilance on the part of the
directors of banks cannot be stressed too strongly.
Deposits protected and disbursements, 1934-1948. During its
15 years of operation the Corporation has made disbursements in 407
closed insured banks. These banks had nearly 1,350,000 depositors and
$523 million deposits. The Corporation’s disbursements amounted to
$267 million, exclusive of advances for the protection and maintenance
of collateral and the amount expended for liquidation expenses. In
9
DEPOSIT IN SU R AN C E P R OTECTION
Details regarding the number of depositors and their losses, together
with the estimated loss of the Corporation, are given in Tables 1 and 2.
Table 1.
N
L osses
in
umber
of
D
e p o s it o r s ,
A mount
I n su r ed B a n k s P laced
th e
F i n a n c i a l A id
of
th e
of
D
e p o s it s ,
R e c e iv e r s h ip
in
C o r p o r a t io n ,
Item
or
R e c o v e r ie s ,
M
erged
and
w it h
1934-1948
Banks placed Banks merged
in
with financial
receivership1 aid of FDIC
Total
Number of banks............................................................
407
245
162
Num ber o f d epositors................................................
1,342,290
382,766
959.524
1,285,010
2,509
325,486
2,509
959.524
Estimated number with no loss................................
Estimated number with some loss2...........................
Estimated number with claims barred by termina
tion of insurance or receivership3..........................
54,771
54,771
A m ou nt of deposits....................................................
$522,678,000
$109,603,000
$413,075,000
Estimated recovery by depositors............................
Estimated loss by depositors.....................................
Insurance terminated or claims barred....................
520,347,000
1,883,000
448,000
107,272,000
1,883,000
448,000
413,075,000
Disbursem ent by F D IC .............................................
$266,976,000
$ 87,039,000
$179,937,000
Estimated loss to F D IC .............................................
$ 24,930,000
$ 14,535,000
$ 10,395,000
1 The figures given in this table for number of depositors in receiverships differ from those in the
1947 Annual Report due to the final disposition of 6,585 claims, the status of which had been unsettled
but were previously tabulated as fully insured. Of these, 4,333 when settled became barred claims; the
balance, 2,252, were considered fully insured and the claims paid. The estimated number of depositors
with no loss was reduced by 358 restricted claims which were paid in full or into a trust fund until claimed
by the depositors. An adjustment of 1 depositor in the total number has also been made.
2 1,502 depositors will lose an estimated $1,841,000 in accounts which exceeded the limit of $5,000
insurance and were not otherwise protected, and 1,007 depositors will lose about $42,000 in accounts
which had been restricted or deferred prior to 1934, or were otherwise ineligible for insurance protection.
3 Of these 54,771 claims, it is estimated that 2,810 will be fully paid or held in trust, and 4,422 will
be partially paid.
Table 2.
Paym ent
in
of
D
e p o s it s
by
I n su r e d B a n k s P laced
th e
in
C o r p o r a t io n
R e c e iv e r s h ip ,
and
by
R e c e iv e r s
1934-1948
(In thousands)
Status of deposits
Total
Paid by
Dec. 31,
1948
Unpaid on
Dec. 31,
1948
Deposits—t o ta l.......................................................................
$109,603
$107,243
$2,360
Insured....................................................................................
Secured, preferred, and subject to offset.............................
In excess of $5,000, not otherwise protected......................
Other uninsured......................................................................
Insurance terminated or claims barred1...............................
87,067
11,416
9,686
936
498
87,039
11,415
7,845
894
50
28
1
1,841
42
448
Deposits, term inated receiverships (227 banks)— total
Insured....................................................................................
Secured, preferred, and subject to offset.............................
In excess of $5,000, not otherwise protected.......................
Other uninsured......................................................................
Insurance terminated or claims barred1...............................
65,546
52,106
7,755
4,577
936
172
64,552
52,106
7,755
3,747
894
50
994
Deposits, active receiverships (18 banks)—t o ta l............
Insured....................................................................................
Secured, preferred, and subject to offset.............................
In excess of $5,000, not otherwise protected......................
Other uninsured......................................................................
Insurance terminated or claims barred................................
44,057
34,961
3,661
5,109
42,691
34,933
3,660
4,098
1,366
28
1
1,011
326
830
42
122
326
1 In a few cases payments have been made by receivers on deposits on which insurance had terroi
nated either directly or into a trust to meet claims presented after termination of receivership.
10
F E D E RA L DEPOSIT IN SU R AN C E CORPORATION
All the banks which the Corporation has aided during the past four
years have been merged with other banks and there has been no loss to
depositors in these banks. Loss to depositors has occurred only in the
case of banks placed in receivership. Ninety percent of the total deposits
in those banks were covered by insurance, or by offset against sums due
the bank by depositors, pledge of security, or preferred status. Of the
balance, only one-fifth will not be paid. The amounts of recoveries by
the depositors, the methods by which payments have been made, and
the amounts remaining unpaid are shown in Table 2.
Liquidation of assets of closed banks. No insured bank has been
placed in receivership since the middle of 1944. Of the 245 insured banks
placed in receivership prior to that date, 227 have been liquidated and
the receiverships terminated. Of these, eight were terminated in 1948.
By the end of 1948, only 18 receiverships were still active. These are
cases in which special problems have been encountered in the process
of liquidation. Of the banks still in receivership 3 are national banks,
for which the Corporation is receiver. These banks had deposits of $7
million at the time of closing. The 15 State banks remaining in recievership, for which the Corporation is not acting as receiver, had deposits
of $37 million at the time of failure. Through agreement with the State
banking authorities the Corporation obtains information on the results
of liquidation of these latter banks from periodic reports by the receivers
or liquidators.
In order to reduce expenses of liquidation and expedite termination
of receiverships, the Federal Deposit Insurance Corporation sometimes
buys at public sale the residue of assets in the hands of a bank’s receiver.
By the end of 1948 the Corporation had disbursed $1.2 million to pur
chase assets from the receivers of 70 banks. Most of these assets had
been liquidated by the Corporation without a net loss.
To the end of 1948, 162 insured banks were merged with the aid of
the Corporation. The assets acquired from these banks by the Cor
poration have been liquidated in 106 cases; liquidation was still in
progress in the remaining 56 cases. Assets not acceptable to the absorbing
bank in the case of an insured bank merged with the aid of the Corpora
tion are purchased or taken as collateral for a loan by the Corporation.
However, if the Corporation recovers more than the full amount of its
advance and its incidental expenses and interest on the advance, the
excess is returned to the stockholders of the closed bank.
Of the 152 merger cases occurring during the period 1935-1944, 104
have been completely liquidated. Of the 10 occurring during the past
four years, 2 have been completely liquidated. Seventeen of the total
106 terminated cases were completed during 1948, leaving a balance of
56 active cases at the end of the year.
DEPOSIT IN SU R AN C E PROTECTION
11
The assets acquired by the Corporation in the merger cases have
yielded upon liquidation larger amounts than were estimated at the time
they were acquired. This is attributable to the high level of the nation’s
economy in general, and specifically to the recovery of property values
and inflation of prices. Receivers of the banks closed without merger have
also had a favorable experience in the liquidation of the assets of those
banks.
Recoveries and losses of the Corporation. By December 31, 1948,
the Corporation had recovered $72 million of the $87 million of claims
to which it had been subrogated by the depositors of insured banks in
receivership. During the year final disposition was made of over 6,500
claims in these banks which were previously unsettled.
Of the $180 million which had been disbursed in advances to merged
insolvent banks, nearly $167 million had been recovered by the end of
1948. An additional $3 million is estimated to be recoverable from
receiverships and mergers still active.
Table 3 summarizes the Corporation’s disbursements and its recoveries
and losses in the two groups of cases. The estimate of loss to the Cor
poration is slightly smaller than that given in the previous annual report
of the Corporation, even though the present estimate covers three more
cases. This reflects the fact that collections have been better than ex
pected in nearly every type of asset acquired.
Table 3.
D is b u r s e m e n ts t o
L osses by th e
P r o t e c t D e p o sito rs, R e c o v e r ie s , and
C o r p o r a tio n fro m
I n s u r e d B a n k s P l a c e d in
R e c e i v e r s h i p o r M e r g e d w i t h i t s F i n a n c i a l A id ,
1934-1948
(In thousands)
Book entry December 31, 1948
Disbursements1....................................................................
Receiverships......................................................................
Mergers................................................................................
Estimated additional disbursements in receiverships2
Total
$266,976
87,039
179,937
Liquidation
terminated
Liquidation
active
$105,890
52,106
53,784
$161,086
34,933
126,153
94,096
42,701
51,395
144,556
29,519
115,037
28
28
Recoveries..............................................................................
Receiverships......................................................................
Mergers................................................................................
238,652
72,220
166,432
Estimated additional recoveries.....................................
Receiverships......................................................................
Mergers................................................................................
3,422
312
3,110
Losses by FDIC*...................................................................
Receiverships......................................................................
Mergers................................................................................
24,930
14,535
10,395
11,794
9,405
2,389
13,136
5,130
8,006
Number of banks................................................................
Receiverships......................................................................
Mergers................................................................................
407
245
162
333
227
106
74
18
56
3,422
312
3,110
1 Includes only principal disbursement; i.e., excludes expenses incident to the transactions, the
greater part of which has been recovered.
2 Insured deposits which have not been paid. See Table 2.
* Losses in terminated cases are the established losses; those in active cases are estimated.
12
F E D E RA L DEPOSIT IN SU R AN C E CORPORATION
The total loss to the Corporation in the 407 insured banks placed in
receivership or merged is estimated at $25 million: $15 million in the
receivership cases and $10 million in the merger cases. For every $100 of
deposits in banks placed in receivership it is estimated that the Cor
poration will lose $13.26. For every $100 of deposits in banks aided
through a merger, it is estimated that the Corporation will lose $2.52.
S u p e r v is o r y A
c t iv it ie s
Bank Examinations. It is the policy of the Corporation to examine
annually each insured bank which is not a member of the Federal Reserve
System, and to make additional examinations of such bank
^enever
necessary. National banks are examined by the Comptroller of the
Currency, and State bank members of the Federal Reserve System are
examined by the respective Federal Reserve Banks. Copies of reports
of examination made by the Comptroller of the Currency and by the
Federal Reserve Banks are furnished the Corporation for review.
The Corporation conducted 5,712 regular examinations during 1948.
In addition, the Corporation in 1948 made 528 other examinations and
investigations. The latter figure includes 122 special examinations,
54 entrance examinations of operating noninsured banks, 115 new bank
investigations, 59 branch investigations, and 178 miscellaneous investiga
tions. The regular examinations involved examination of 829 branches
and approximately 600 trust departments operated by the 5,712 banks.
To assist in maintaining a competent examining staff, the Corporation
is conducting an educational program for examiners and assistants.
This program, which began in 1946, is designed to fit the particular
needs of each participant and is supplemental to the training he receives
on the job. Usually the program consists of correspondence study in
courses given by the American Institute of Banking. In other cases,
examiners or assistants are enrolled in residence courses offered through
a college or university or by a local chapter of the American Institute
of Banking. In the latter group are included enrollees in the American
Bankers Association Graduate School of Banking held at Rutgers Uni
versity, and in the Central States School of Banking at the University
of Wisconsin. Approximately 75 percent of the examining staff were
either enrolled or had completed courses under the program by the end
of 1948. The entire cost of the program is paid by the Corporation.
Unsafe and unsound banking practices and violations o f law
or regulations. During 1948, proceedings were initiated against four
insured banks for engaging in unsafe and unsound banking practices
and were continued against four other banks. Corrections were made
13
SU P E R V ISO R Y A C T IV IT IE S
by the banks in three cases; the proceedings were pending in the other
five cases.
The total number of banks charged with unsafe and unsound practices,
and the disposition of these cases, are given in Table 4. The practices
and violations of the four banks against which action was taken during
1947 are listed in Table 5.
Table 4.
A c tio n t o
T e rm in a te In su re d S ta tu s o f B a n k s C h a rg e d
w i t h E n g a g i n g in U n s a f e o r U n s o u n d P r a c t i c e s o r V i o l a t i o n s
o f L aw o r R e g u la tio n s ,
Disposition or status
T ota l banks against which action was tak en .................
Cases closed:
Corrections made....................................................................
Insured status terminated, or date for such termination
set by Corporation, for failure to make corrections:
Banks suspended prior to or on date of termination of
insured status........................... .....................................
Banks continued in operation3....... ...................... ..........
Banks suspended prior to setting of date of termination of
insured status by Corporation.......................................
Banks absorbed or succeeded by other banks:
With financial aid of the Corporation.............................
Without financial aid of the Corporation........................
Cases pending D ecem ber 31, 1948:
Correction period not expired..............................................
Recapitalization program pending...... .................................
Action deferred pending examination..................................
Otherwise deferred................................ .................................
1936-1948
Total
cases
1936-19481
Started
during
1948
Pending
beginning
of 19482
141
4
29
3
4
7
3
32
61
4
4
1
1
4
1 No action to terminate the insured status of any bank was taken before 1936. In 5 cases where
initial action was replaced by action based upon additional charges, only the later action is included.
2 Excludes one bank against which action pending at the beginning of 1948 was discontinued in
order that a new action could be started.
3 One of these suspended 4 months after its insured status was terminated.
Back data—See the Annual Report of the Corporation for 1947, p. 19, and earlier reports.
Approval of banks for insurance. During 1948 the Corporation
approved the applications of 79 banks for admission to insurance. Of
these, 43 were new banks, including one which succeeded a branch of
another bank. The remaining banks approved for insurance comprised
29 banks or successors thereto which were operating as noninsured
banks at the beginning of the year and 7 insured banks which obtained
new charters or withdrew from the Federal Reserve System and applied
for insurance as banks not members of that System. In addition, the
Corporation approved applications of 6 insured banks previously engaged
only in certain banking functions, which wished to change their business
to that of regular banks of deposit and discount or to engage in a special
type of banking or fiduciary business. Eighteen applications for admission
to insurance were disapproved because, in the opinion of the Board of
Directors, the factors enumerated in the deposit insurance law were not
met. One application was approved and later rescinded because of in
ability to meet capital requirements.
14
FE D E RA L DEPOSIT IN SU R AN C E CORPORATION
Table 5.
and
Sum m ary
V io l a t i o n s
of
of
F our B anks
U n safe
Law
by
or
the
or
U n s o u n d B a n k i n g P r a c t ic e s
R e g u l a t i o n s C h a r g e d A g a in s t
C o r p o r a t io n D
u r in g
Type of practice or violation
Capital:
Continued operation of the bank in an insolvent condition...................
Continued operation of the bank with a seriously impaired capital... .
Continued operation of the bank with an inadequate capital................
Continued payment of dividends of the bank’s capital stock while the
bank is in a weak and hazardous condition..........................................
Continued operation of the bank with its surplus impaired...................
Failure to rehabilitate the bank’s capital in whole or in part by a
specified date as requested by State Commissioner of banks.............
M anagem ent and general pra ctices:
Continued operation of the bank with a weak and hazardous management
Continued operation of the bank in an extended and hazardous condition
Continued failure of the bank’s officers to properly exercise their func
tions and to preserve the assets of the bank........................................
Failure of the bank’s officers to properly exercise their functions.........
Extensions of credit to directors, officers, employees and their interests
which do not conform to legal requirements........................................
Hazardous and reckless lending policies of the officers and failure of the
board to supervise the bank's lending and collection policies............
Failure to record liens.................................................................................
Hazardous practice of posting the bank's records at 10.00 A.M. each
day and carrying over until the following day all subsequent business
Failure to observe and comply with laws, rules and regulations to
which the bank is subject.......................................................................
Utter disregard of the bank’s directors and officials to heed and/or
comply with the recommendations of bank examiners and/or Su
perintendent of Banks.............................................................................
Failure of directors and officers to carry out promises made to correct
unsafe and unsound practices.................................................................
Failure to effectuate fully the program of correction requested by
Corporation representatives................................................................
Loan and investm ent practices:
Maintenance of lax lending and collection policies..............................
Failure to obtain and maintain adequate credit support and information
Failure to support loans by insurance and title opinions.......................
Continued and unwarranted credit extensions to borrowers whose
loans are secured by separate stocks of companies in which an officer
is interested..........................................................................................
Excessive amount of losses (including loans and overdrafts).............
Excessive amount of assets classified III and IV or held in violation
of State law..........................................................................................
Abnormal volume of substandard and overdue loans.........................
Abnormal volume of loans classified II and loans listed for various
specific reasons.....................................................................................
Continued extension of large unsecured credits to financially involved
borrowers..................................................................................................
Disproportionately large aggregate extensions of credit which exceed
in amount the limitations prescribed by law........................................
Continued and unwarranted practice of extending credit in the form
of cash items and overdrafts..............................................................
1948
Case
identi
fication
letters
Number
of banks
charged
d
a, d
b, c
a, b, c,
a, b, c
d
a, b
b
b, e
a, b
b
a, b, c, d
a, b, c
a, b, c
a, b, c
a, b
a, b, c, d
a, b, e
a, b, d
a, b, c
a, b, e
b
The number of banks approved for insurance in a year differs from the
number admitted. Some new banks approved for insurance are not
opened, or the effective date of insurance is delayed for other reasons,
until the subsequent year. In a few cases banks alter their plans or do
not meet conditions specified by the Corporation. Banks which are
chartered as national banks, and State banks which are admitted to
the Federal Reserve System, become insured without action by the
Corporation. For changes in the number of insured banks during 1948,
see pages 30 and 72.
15
S U P E R V IS O R Y A C T IV IT IE S
The total number of applications for admission to insurance acted
upon by the Corporation during each year since the beginning of the
permanent plan of deposit insurance on August 23, 1935, together with
the final action of the Corporation on these cases, is given in Table 6.
T a b le 6 .
A
A
c t io n s
p p l ic a t io n s
by
from
th e
Fe d e r a l D
B anks
for
e p o s it
A d m i s s io n
I n s u r a n c e C o r p o r a t io n
to
I nsurance,
on
1935-1948
Number of applications1
Year
Acted
upon
Approved*
Approved
but later
rescinded
Dis
approved
1935-1948............................................................
1,605
1,376
51
178
1948..................................................................
1947..................................................................
1946..................................................................
1945..................................................................
1944..................................................................
104
155
175
124
108
85
135
158
116
105
1
3
6
3
2
18
17
11
5
1
1943..................................................................
1942..................................................................
1941..................................................................
1940..................................................................
1939..................................................................
198
51
81
67
85
190
42
78
58
72
4
2
2
3
3
4
7
1
6
10
1938..................................................................
1937..................................................................
1936..................................................................
1935..................................................................
82
133
165
77
67
111
114
45
3
8
10
1
12
14
41
31
1 Figures for years prior to 1948 may differ slightly from those given in previous Annual Reports
of the Corporation, because of later recisions of cases approved or revision of the data.
2 Includes approvals of change in type of business conducted. Excludes cases where approval was
later rescinded.
Approval of establishment of branches. During 1948 the Cor
poration approved the establishment of 48 branches by insured banks
not members of the Federal Reserve System. Of these, 39 were for the
establishment of new banking offices. Of the remaining cases, 7 were
banks to be absorbed and converted into branches, and 2 were branches
to be established at former locations of head offices after the relocation
of such offices. The Corporation also approved the establishment of
one regular branch in place of a teller’s window; and approved con
tinuation of operation of six branches previously operated by absorbed
banks or operated by banks at time of their admittance to insurance.
The Corporation disapproved five applications for permission to establish
branches. One application was approved and later rescinded because
the applicants abandoned their plans.
The number of branches established by insured banks in a year differs
from the number approved by the Corporation. Approval by the Cor
poration is not required for the establishment of branches by national
banks or State banks members of the Federal Reserve System. Some
branches approved are opened in a subsequent year, and in a few cases
16
FE D E R A L D EPOSIT IN SU R AN C E CORPORATION
the banks change their plans or fail to meet conditions specified by the
Corporation. Early in 1946 the Corporation established a policy under
which approval of a branch is automatically abrogated if the branch is
not in operation within six months after date of approval, unless the
bank receives an extension of time. For changes in the number of branches
of insured banks in 1948, see pages 30 and 73.
Table 7 gives the number of applications received each year from banks
not members of the Federal Reserve System for approval of the estab
lishment of branches, or continued operation of branches which had
been absorbed or operated prior to admission to insurance or relocation,
together with their final disposition.
Table 7.
A c t io n s
A p p l ic a t io n s
for
by
the
F ederal D
A pproval
of
of
e p o s it
I n s u r a n c e C o r p o r a t io n
E s t a b l is h m e n t
B r anch es,
or
on
C o n t in u e d O p e r a t io n
1935-1948
Number of applications1
Year
i
i
Approved2
Approved
but later
rescinded8
Dis
approved
1935-1948.
919
829
36
54
1948.
1947.
1946.
1945.
1944.
61
83
91
61
49
55
72
84
58
46
1
3
3
1
5
8
4
2
3
1943.
1942.
1941.
1940.
1939.
105
36
49
44
61
101
32
46
40
53
2
2
3
2
3
2
2
1938.
1937.
1936.
1935.
82
89
93
15
71
82
80
9
6
5
5
5
2
8
6
2
5
1 Figures for years prior to 1948 may differ slightly from those given in previous Annual Reports
of the Corporation, because of later recisions of cases approved or revision of the data.
2 Excludes cases where approval was later rescinded.
* Includes cases where commitments expired under the 6-month limitation period.
Reports from banks. Semi-annual statements of average deposit
liabilities were submitted by each insured bank as required by law for the
purpose of determining the amount of the insurance assessment.
The Corporation called for reports of assets, liabilities, and capital
accounts as of June 30 and December 31, 1948, and for a report of earn
ings, expenses, and disposition of profits for the calendar year 1948,
from each insured bank required by law to submit such reports to the
Corporation. These reports are required from all insured State banks
not members of the Federal Reserve System except those in the District
of Columbia.
17
SU P E R V ISO R Y A C TIV IT IE S
Summaries of the tabulations from the reports of assets, liabilities,
and capital accounts for June 30 and December 31, 1948, are given in
the pamphlets, “ Assets and Liabilities, Operating Insured Commercial
and Mutual Savings Banks,” Reports No. 29 and 30, and in Table 108
of this report, pages 94-97. Summaries of the reports of earnings, ex
penses, and disposition of profits are given in Tables 114-120, pages
112-133 of this report.
L egal D
evelopm ents
Federal legislation. Under Public Law 813, approved June 29, 1948,
all functions, powers, and duties in connection with Federal Credit
Unions, which had been supervised by the Federal Deposit Insurance
Corporation since April 27, 1942, were transferred to the Federal Security
Agency. This transfer was recommended by the directors of the Cor
poration because of their belief that supervision of credit unions was
extraneous to the functions of the Corporation. They were also con
cerned about the possibility that an association of ideas would lead
members of Federal Credit Unions to conclude that their shares might
be insured. The text of the Act appears on pages 65-66 of this report.
State legislation. Only a few States held legislative sessions during
1948. A summary of the banking legislation enacted in these States is
given on pages 66-68.
O r g a n iz a t io n
and
F in a n c ia l St a t e m e n t s
of
the
C o r p o r a t io n
Directors. Mr. Maple T. Harl, who became Chairman of the Board
of Directors in 1946, Mr. Preston Delano, Comptroller of the Currency
since 1938, and Mr. H. Earl Cook who was appointed in 1947, served
throughout the year as members of the Board of Directors.
Staff and organization. On December 31, 1948, the personnel of
the Corporation consisted of 1,033 officers and employees as compared
with 1,160 at the beginning of the year. The change in the number of
employees was due primarily to the transfer of 95 persons to the Federal
Security Agency when credit union supervision was shifted to that
agency; and to a decrease of 49 in the personnel of the Division of Liqui
dation, principally on account of reduction in the volume of assets
remaining in the process of liquidation. The number of employees in
each Division of the Corporation as of December 31, 1948, is given
in Table 8.
F E D E R A L DEPOSIT IN SU R AN C E CORPORATION
18
T a b le 8 .
O f f ic e r s
and
E m ployees
C o r p o r a t io n , D
Division and office
T o ta l.....................................................
Washington office..........................
Field offices....................................
of
the
ecem ber
F ederal D
e p o s it
I nsurance
31, 1948
Number
1,033
922
711
Directors...........................................
3
Executive Division..........................
25
Legal Division..................................
23
Division of Examination.................
Washington office...........................
District and field...........................
655
Division of Liquidation...................
Washington office......................... .
Field..............................................
118
28
90
Division of Research and Statistics
Washington office...........................
Field...............................................
44
Personnel Division...........................
20
UO
615
AS
1
Fiscal and Accounting Division
46
Audit Division..................................
Washington office...........................
Field...............................................
22
17
5
Service Division...............................
77
Descriptions of the duties of each Division of the Corporation and of
the Corporation’s standing committees, and of other aspects of the
organization of the Corporation, are given in Subchapter A of Chapter 3,
Title 12 of the Code of Federal Regulations. This chapter of the Code
of Regulations, which comprises the rules and regulations of the Federal
Deposit Insurance Corporation, was reprinted by the Corporation as
of August 15, 1948.
Income and expenses. The total income of the Corporation in 1948
was $146.8 million. Of this amount, $119.2 million represented assess
ments; $24.8 million profit and interest on investments; and $1.4 million
interest on loans and subrogated claims. Other income amounted to
$1.4 million.
Total losses and expenses of the Corporation in 1948 amounted to
$5.7 million, of which $0.4 million were insurance losses and expenses
and $5.3 million administrative expenses and other charges. Administra
tive expenses were 3.6 percent less than in 1947.
The surplus of the Corporation was increased by $142.4 million during
the year, reflecting income of $141.2 million in excess of expenses and
losses and $1.2 million of adjustments to surplus applicable to prior
periods.
19
O R G A N IZA TIO N A N D FIN A N C IA L STATEM EN TS
A summary statement of the income and expenses of the Corporation
for each year since its organization is given in Table 9. A detailed state
ment for the year 1948 is given in Table 10.
T a b le 9 .
I ncome
and
E xpenses
of
th e
F ederal D
e p o s it
Insurance
C o r p o r a t io n S in c e B e g i n n i n g O p e r a t i o n s 1
(In millions)
Income
Year
Total
1933-1948..............
$1,148.7
Expenses
Deposit Investment
insurance and other
assess
income
ments2
$904.3
$244.4
Total
$82.8
Net
income
added to
surplus
Deposit
insurance
losses and
expenses3
Adminis
trative
expenses4
$25.9
$56.9
$1,065.9
141.2
152.1
126.3
117.2
95.6
1948...................
1947...................
1946...................
1945....................
1944...................
146.8
157.7
130.9
121.2
99.5
119.2
114.4
107.1
93.7
80.9
27.6
43.3
23.8
27.5
18.6
5.7
5.6
4.6
4.0
3.9
.4
.1
.1
.1
.1
5.3
5.5
4.5
3.9
3.8
1943....................
1942................
1941...................
1940...................
1939....................
86.7
69.4
62.0
55.9
51.2
70.0
56.5
51.4
46.2
40.7
16.7
12.9
10.6
9.7
10.5
4.5
4.4
4.3
8.1
11.0
.2
.5
.6
4.5
7.6
4.3
3.9
3.7
3.6
3.4
82.2
65.0
57.7
47.8
40.2
1938...................
1937...................
1936....................
1935...................
1933-34®.............
47.8
48.1
43.8
20.7
7.0
38.3
38.8
35.6
11.5
9.5
9.3
8.2
9.2
7.0
5.5
6.3
5.1
5.5
4.4
2.5
3.6
2.6
2.8
.3
3.0
2.7
2.5
2.7
4.18
42.3
41.8
38.7
15.2
2.6
figu res of total expenses, deposit insurance losses and expenses, and net income added to surplus
for years prior to 1947 differ from those shown in previous Annual Reports because of revisions in esti
mates of losses allocated to the different years.
2
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.
8 Includes nonrecoverable expenses in connection with payment of insured deposits of banks placed
in receivership. Total deposit insurance losses and expenses are therefore larger than the losses incurred
and reserve for losses, as given in footnote 1 to Table 12.
4 Includes furniture, fixtures, and equipment purchased and charged off.
5 Includes expenses from date of organization, September 11, 1933, to December 31, 1934.
8 After deducting portion of expenses and losses charged to banks withdrawing from the temporary
funds on June 30, 1934.
Assets and liabilities. From the beginning of deposit insurance to
December 31, 1948, the Corporation disbursed $311.2 million to pay
depositors in closed insured banks or to assist in the merger of banks in
difficulty, thereby acquiring subrogated depositors’ claims or other
assets from the closed banks. The Corporation has recovered $283.3
million from these assets. Additional recoveries are estimated at $3.6
million, and the Corporation’s losses at $24.3 million.
Of the total assets acquired from closed banks, the portion which was
held by the Corporation at the close of 1948 had cost $16.5 million.
These assets were carried on the books of the Corporation at the amount
of the estimated additional recovery, or appraised value, of $3.6 million.
20
F E D E RA L DEPOSIT IN SU R AN C E CORPORATION
Table 10.
I n c o m e a n d E x p e n s e s 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 t io n , C a l e n d a r Y e a r
1948
Income or expense item
Income:
Deposit insurance assessments.................................................................................
Interest earned (less provision for amortization of premiums) and profit on sale
of government obligations.....................................................................................
Other interest received.............................................................................................
Reimbursement of net cost incurred in administration of the Federal Credit
Union Act from Mav 16, 1942, to July 28, 1948...............................................
Charter, organization, examination and supervision fees, Federal Credit Unions
Other income..............................................................................................................
Amount
$ 119,226,931.10
24,778,600.56
1,384,462.18
1,302,049.37
94,542.21
21,789.88
Total Income........................................................................................
Expenses:
Deposit insurance losses and expenses....................................................................
Administrative expenses............................................................................................
Furniture, fixtures and equipment purchased and charged o ff............................
146,808,375.30
362,648.77
5,274,284.22
20,935.50
Total expenses......................................................................................
5,657,868.49
Net Income added to surplus...........................................................
141,150,506.81
S urplus:
As previouslv reported for December 31, 1947......................................................
Plus—Net adjustments applicable to periods prior to January 1, 1948..............
923,485,506.05
1,214,888.05
Surplus December 31, 1947, as adjusted.......................................
924,700,394.10
Surplus December 31, 1948..................................... .........................
$1,065,850,900.91
DISTRIBUTION OF ADMINISTRATIVE EXPENSES
Salaries............................................................................................................................
Professional services........................................................................... ...........................
Services of other governmental agencies.....................................................................
Transportation (travel, including per diem )..............................................................
Office rental....................................................................................................................
Printing, stationery, and supplies................................................... ...........................
Postage, telephone, and telegraph.............................................. ................................
Insurance and fidelity bond premiums........................................................................
Subscriptions..................... ....................................................................... ......................
Equipment rental.................................................... ......................................................
Repairs and alterations.................................................................................................
Transportation of things...............................................................................................
Miscellaneous.................................................................................... ............................
$
4,017,468.92
3,087.00
620.57
711,330.34
310,449.25
119,564.76
41,404.12
5,487.55
15,028.69
15,982.96
15,498.37
14,472.49
30,628.24
5,301,023.26
Less:
Inter-departmental expense transfers.....................................................................
Administrative expenses for the year ended December 31, 1948...................
26,739.04
$
5,274,284.22
United States Government obligations held by the Corporation at
the close of 1948 amounted to $1,066.1 million, valued at cost and accrued
interest receivable. Cash amounted to $2.3 million and other assets to
$0.1 million.
The capital of the Corporation at the close of 1948 consisted of its
accumulated surplus, which amounted to $1,065.9 million, after repay
ment of its original capital. Pursuant to Public Laws 363 and 813, ap
proved August 5, 1947 and June 29, 1948, respectively, which were
recommended by the Corporation, the Corporation has retired and
cancelled all the capital stock issued to the United States in the amount
of $150 million and to the Federal Reserve banks in the amount of
$139.3 million. Retirement of the capital stock was accomplished by
O R G A N IZA TIO N A N D F IN A N C IA L STATEM EN TS
21
payments of $287.4 million into miscellaneous funds of the Treasury, made
between September 8,1947 and August 30,1948, and by a credit, pursuant
to Public Law 813, of $1.9 comprised of $1.3 for the net cost incurred in
administering the Federal Credit Union Act from May 16, 1942, to
July 28, 1948, and $0.6 million for funds advanced to the Bureau of
Federal Credit Unions of the Federal Security Agency for use in ad
ministering the Act from July 28, 1948, to June 30, 1949.
A summary of the assets and liabilities of the Corporation at the close
of each year since its organization is given in Table 11. A more detailed
statement of assets and liabilities at the beginning and end of 1948 is
given in Table 12.
Table 11.
A ssets
and
L ia b il it ie s
of th e
I n s u r a n c e C o r p o r a t io n ,
Federal D
e p o s it
1934-1948
(In millions)
Dec. 31
1948___
1947___
1946___
1945___
1944___
Cash
U. S.
In
Govern
ment ob surance
ligations assets
$ 2.3 $1,066.0
4.6 1,022.5
7.3 1,047.7
15.7
900.0
17.8
762.0
$ 3.6
3.6
5.6
15.1
26.1
Total
assets
or lia
bilities
Lia
bilities
$.1 $1,072.0
.1 1,030.8
•1 1,060.7
.3
931.1
.3
806.2
$ 6.1
24.7
2.2
1.9
1.9
Other
assets
Capital
and
surplus
Ratio—
FDIC
Total
capital
and
deposits in
surplus to
insured
deposits
in
banks
insured
banks
$1,065.9 $153,454.0
1,006.1 154,095.6
1,058.5 148,457.0
929.2 158,174.1
804.3 134,662.1
.69%
.65
.71
.59
.60
1 9 4 3 ....
1 9 4 2 ....
1 9 4 1 ....
1940___
1939___
20.0
19.4
20.0
20.4
28.3
638.8
536.8
453.9
384.5
363.5
46.2
62.0
81.7
92.2
64.2
.5
.5
-1
.1
.1
705.5
618.7
555.7
497.2
456.1
2.4
1.8
2.2
1.2
3.4
703.1
616.9
553.5
496.0
452.7
111,649.8
89,868.7
71,209.3
65,287.4
57,485.8
.63
.69
.78
.76
.79
1938___
1937___
1 9 3 6 ....
1 9 3 5 ....
1 9 3 4 ....
22.2
20.6
9.1
33.5
16.0
372.8
348.5
332.6
298.2
316.7
26.5
16.1
11.4
5.4
.5
.1
.1
*1
.1
.1
421.6
385.3
353.2
337.2
333.3
1.1
2.2
9.8
31.2
41.6
420.5
383.1
343.4
306.0
291.7
50,790.2
48,227.8
50,280.9
45,125.1
40,059.9
.68
.68
.83
.79
.73
Audit. The audit of the Corporation for the year ended June 30,
1948, was made under the direction of the Comptroller General of the
United States. The financial statements from the audit report have been
furnished to the Corporation by the Comptroller General and are given
in Table 13. The auditors’ opinion is shown on page 23.
22
FE D E R A L DEPOSIT IN SU R AN C E CORPORATION
T a b le 12.
A ssets
and
C o r p o r a t io n , D
L ia b il it ie s
ecem ber
of
the
31, 1948,
F ederal D
and
D
Asset, liability, or capital item
I nsurance
31, 1947
Dec. 31, 1948
ASSETS
Assets acquired through bank suspensions and m ergers:
Subrogated claims of depositors against closed insured banks. $
Net balances of depositors in closed insured banks pending
settlement or not claimed, to be subrogated when paid—
contra........................................................................................
Loans to merging insured banks, to avert deposit insurance
losses, and recoverable liquidation expenses.........................
Assets purchased from merging insured banks, to avert deposit
insurance losses, under agreements, to return any excess
recovery to selling banks.........................................................
Assets purchased from merging insured banks and receivers of
closed insured banks to avert deposit insurance losses........
T otal at face value................................................
Less: Reserve for losses...............................................................
e p o s it
ecem ber
5,414,439.64
Dec. 31, 1947
$
7,173,569.38
27,959.30
79,560.02
4,009,535.29
4,452,200.66
6,982,842.68
6,959,368.43
58,366.12
$
$
16,493,143.03
12,896,663.08
411,282.34
$
19,075,980.83
15,497,234.21
3,596,479.951 $
3,578,746.62
Cash on hand and on d e p o s it...................................................
2,285,883.81
4,588,948.84
United States Governm ent obligations at cost (purchased
at face value) and accrued interest receivable...................
1,066,056,021.46
1,022,456,486.94
Due from Governm ental a gen cies...........................................
147.68
23,881.78
M iscellaneous receivables...........................................................
4,324.06
19,773.28
Furniture, fixtures and e q u ip m en t.........................................
1.00
1.00
Deferred charges...........................................................................
84,244.10
74,297.49
T otal assets.............................................................
$1,072,027,102.06
$1,030,742,135.95
LIABILITIES
Current liabilities:
United States Treasury for retirement of capital stock..........
Accounts and assessment rebates payable................................ $
Earnest money deposits and collections in suspense................
Net balances of depositors in closed insured banks pending
settlement or not claimed— contra.........................................
367,325.01
438,398.16
$
20,000,000.00
700,831.23
494,175.15
27.959.30
79,560.02
Deferred c re d its.............................................................................
4,530,476.37
3,354,786.54
Special reserve for undeterm ined losses in purchases of
assets from m erging insured banks....................................
790,000.00
Reserve for deposit insurance expenses.................................
T otal liabilities......................................................
CAPITAL
Capital sto ck :
United States................................................................................
22,970.38
22.042.31
$
6,176,201.15
(2)
$
24,652,323.32
$ 102,604,306.58
Less provision for retirement pursuant to Public Law 363—
approved August 5, 1947 (see Current Liabilities)..............
20,000,000.00
82,604,306.58
Net capital s t o c k ...................................................
Surplus— (see Table 10)
................................................................
$1,065,850,900.91
923,485,506.05
T otal ca p ita l...........................................................
$1,065,850,900.91
$1,006,089,812.63
T otal liabilities and ca p ita l................................ $1,072,027,102.06
$1,030,742,135.95
1 Assets acquired through bank suspensions and mergers:
Disbursements (principal and recoverable liquidation expenses).................
Recoveries...........................................................................................................
$311,202,682.88
283,257,988.49
Remaining assets...........................................................................................
Less—Losses incurred and reserves for losses.............................................
$ 27,944,694.39
24,348,214.44
Net book value, December 31, 1948................................................
$
3,596,479.95
s Capital stock has been retired pursuant to Public Laws 363 and 813, approved August 5, 1947
and June 29, 1948 respectively, which were recommended by the Board of Directors of the Corporation.
23
O R G A N IZA TIO N A N D F IN A N C IA L STATEM EN TS
C om ptroller G e n e r a l
of th e
WASHINGTON
U n it e d St a t e s
25
March 17, 1949
Board of Directors,
Federal Deposit Insurance Corporation,
Washington 25, D. C.
Gentlemen:
An audit of the affairs of Federal Deposit Insurance Corporation for the fiscal
year ended June 30, 1948, has been made by the General Accounting Office in com
pliance with the Government Corporation Control Act (31 U.S.C. 841 et seq.). At
your request, there are transmitted herewith, for inclusion in the Corporation’s
annual report, statements of financial position and operations, together with ex
planatory notes and the auditors’ opinion, all of which will be included in the detailed
audit report to be submitted by the Comptroller General to the Congress.
Very truly yours,
C. W a r r e n
Comptroller General
L in d s a y
of the United States
a u d it o r s ’
o p in io n
We have examined the balance sheet of Federal Deposit Insurance Corporation as
of June 30, 1948, and the statement of income and deposit insurance reserve (surplus)
for the year then ended. We have reviewed the system of internal control and ac
counting procedures of the Corporation and, without making a detailed audit of
the transactions, have examined or tested accounting records and other supporting
evidence by methods and to the extent deemed appropriate in view of the work
performed by the Corporation’s internal auditing staff. Our examination was made
in accordance with generally accepted auditing standards and included all procedures
which we considered necessary in the circumstances.
We did not inspect the collateral under loans to merged insured banks or the docu
ments evidencing ownership of assets purchased from merged insured banks or insured
banks in receivership. The collateral and assets, for the most part, are held by liqui
dating agents of the Corporation at various locations throughout the country. We
reviewed the reports of the Corporation’s internal auditors on their examination of
such collateral and purchased assets.
In our opinion, the accompanying balance sheet and the statement of income and
deposit insurance reserve (surplus), including the explanatory notes, present fairly
the financial position of Federal Deposit Insurance Corporation at June 30, 1948,
and the results of its operations for the year then ended, in conformity with generally
accepted accounting principles applied on a basis consistent with that of the preceding
year.
S t e p h e n B. I v e s
Director
Corporation Audits Division
General Accounting Office
March 2, 1949
24
F E D E RA L DEPOSIT IN SU R AN C E CORPORATION
Table 13.
F in a n c ia l S t a t e m e n t s 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 t io n — f r o m A u d it o r s ’ R e p o r t f o r Y e a r E n d e d
June
30, 1948
ASSETS
$
United States Governm ent securities owned, at cost— market
value $1,017,087,081....................................................................
Accrued interest receivable.............................................................
Assets acquired through m ergers and receiverships of
insured banks:
Subrogated claims of depositors against banks in receivership,
less collections (note 1)................................................................
Depositors’ net balances in banks in receivership, to be subro
gated when paid— contra.............................................................
Equity in collateral assets and liquidation expense incurred
through loans to merged banks, less collections (note 2 ) ........
Assets purchased and liquidation expense incurred under agree
ments with merged banks, less collections (note 2 ).................
Assets purchased outright— cost, less collections (note 2 ) ..........
Less estimate for losses and expenses............................................
$1,016,789,500
2,116,777
2,516,450
1,018,906,277
5,596,247
28,040
4,362,581
5,711,944
57,735
15,756,547
13,893,581
M iscellaneous receivables and deferred ch arges......................
k7-
Furniture, fixtures, and equipm ent, at nominal value............
.
1,862,966
: -■
74,588
57
1
$1,023,360,282
LIABILITIES
Due United States Treasury for retirem ent o f capital stock
(note 3 )........ .......................................... .....................................
$
10,000,000
A ccounts payable and accrued liabilities (note 4 )................
380,880
Earnest m oney, escrow funds, and collections held for others
480,296
Depositors’ net balances in insured banks in receivership,
28,040
Deferred credits (interest on loans and allowable return on pur
chased assets— note 2 )................................................................
Investm ent o f United States Governm ent, represented by
non voting capital stock without par value (note 3):
U. S. Treasury.................................................................................
Federal Reserve banks....................................................................
Capital stock outstanding, July 1, 1947...................................
Less:
Payments to the U. S. Treasury including the above
$10,000,000 liability which was paid in July 1948.........
Net loss from Federal credit union activities to June 30,
1948, recovered in August 1948 (note 5 ) .........................
5,054,032
$ 150,000,000
139,299,557
289,299,557
276,695,250
1,277,269
277,972,519
Deposit insurance reserve (surplus), representing net income
from deposit insurance activities to June 30, 1948, available
for future losses and related expenses (notes 4 and 6 )..........
11,327,038
996,089,996
$1,023,360,282
25
O R G A N IZA T IO N AN D F IN A N C IA L STATEM EN TS
Table 13.
F in a n c ia l S t a t e m e n t s 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 t io n — f r o m A u d it o r s ’ R e p o r t f o r Y e a r E n d e d
J u n e 30, 1948— Continued
INCOME AND DEPOSIT INSURANCE RESERVE (SURPLUS)
$116,967,216
Deposit insurance assessm ents....................................................
Incom e from investm ents:
Interest earned on Government securities less amortization. . . .
Profit on sales of Government securities.......................................
$ 23,465,791
13,723,283
In com e from bank mergers and receiverships:
Interest and allowable return (note 2 )..........................................
Profit on sale of assets purchased outright...................................
Receivership fees..............................................................................
167,709
15,357
7,598
Deduct estimated losses on disposition of assets purchased........
190,664
140,000
37,189,074
50,664
Total income.................................................................
154,206,954
Administrative and operating expenses.....................................
5,002,054
Net incom e for the fiscal year.......................................................
149,204,900
Deposit insurance reserve, June 30, 1947...................................
845,345,659
A djustm ent of estimate of losses and expenses o f prior years
restored to reserve................................................................
1,539,437
Deposit insurance reserve (surplus), June 30, 1948.................
$996,089,996
STATEMENT OF OPERATIONS AND CUMULATIVE LOSS
FEDERAL CREDIT UNION ACTIVITIES
Incom e from fees..............................................................................
$
189,912
Operating ex pen ses.........................................................................
508,346
Net loss for the fiscal year............................................................
318,434
30, 1947.................................................
Cum ulative loss to June
958,835
Cum ulative loss to June 30, 1948 (note 5 ).................................
$
1,277,269
NOTES TO THE FINANCIAL STATEMENTS:
1. The Corporation properly does not reflect in its balance sheet the assets of closed insured banks
for which it acts as receiver. Such assets remaining at June 30, 1948, as evidenced in the records main
tained by the Corporation, were undistributed cash of $398,332 and unliquidated assets having a book
value of $459,990 with an estimated recovery value of $62,933. The undistributed cash and the col
lections on other remaining assets will be applied against the unpaid creditors’ claims of $655,151,
including depositors’ claims subrogated to or pending settlement with the Corporation in the amount
of $588,455.
2. Loans to merged insured banks are supported by collateral and are evidenced by demand notes
bearing interest at the rate of 4 percent per annum on the principal and any subsequent amounts ex
pended by the Corporation. Under this arrangement, notes are dishonored immediately by the closed
bank, and the Corporation acquires and proceeds to liquidate the collateral assets until it has collected
the principal and any subsequent amounts expended plus interest. Any excess recoveries and residual
unliquidated assets are returned to the stockholders of the closed bank.
Assets purchased from merged insured banks are evidenced by purchase agreements allowing a
return at the rate of 4 percent per annum on the principal purchase price and any subsequent amounts
expended by the Corporation. Under this arrangement, the Corporation acquires title to the assets,
which it liquidates, returning any excess recoveries to the stockholders of the selling bank.
The Corporation follows the practice of taking into income only such amounts of interest or al
lowable return as are realized after recovery in full of its investments (including recoverable expenses)
in the respective loan and assets-purchased cases which have been closed. For those cases not yet closed
in which the Corporation has recovered in full its investment, the additional recoveries representing
interest of $4,732,407 and allowable return of $311,746, a total of $5,044,153 at June 30, 1948, are
included in deferred credits.
26
FE D E RA L DEPOSIT IN SU R AN C E CORPORATION
Table 13.
F in a n c ia l S ta te m e n ts o f t h e F e d e r a l D e p o s it In s u r a n c e
C o r p o r a tio n — fro m A u d ito r s ’ R e p o r t f o r Y e a r E n d ed
J u n e 30, 1948— Continued
NOTES: continued
3. The act of August 5, 1947 (12 U.S.C. 264 note), directs the Corporation to retire its capital
stock by paying the amount received therefor (whether received from the Secretary of the Treasury
or the Federal Reserve banks) to the Secretary of the Treasury. The act provides among other things
that:
“ As soon as practicable after the enactment of this Act, the Corporation shall pay to the Sec
retary so much of its capital and surplus as is in excess of $1,000,000,000. The balance of the amount
to be paid to the Secretary shall be paid in units of $10,000,000— Each unit shall be paid as soon
as it may be paid without reducing the capital and surplus of the Corporation below $1,000,000,000.
As each payment is made a corresponding amount of the capital stock of the Corporation shall be
retired and canceled and the receipt or certificate therefor shall be surrendered or endorsed to show
such cancellation. The stock subscribed by the various Federal Reserve banks shall be retired and
canceled, pro rata, before the stock subscribed by the Secretary is retired and canceled."
Final payment to the Secretary of the Treasury was made by the Corporation on August 30, 1948,
retiring the balance of the outstanding capital stock.
4. Accrued annual leave of FDIC employees as of June 30, 1948, computed by the Corporation
to be approximately $953,000, is not reflected in the financial statements.
5. The Corporation has been delegated the noninsurance function of supervising Federal credit
unions for the United States Government. This activity has resulted in a loss of $1,277,269 to June 30,
1948, including $318,434 for the fiscal year 1948, all of which had been charged against the deposit
insurance reserve. Pursuant to Public Law 813, approved June 29, 1948 (62 Stat. 1091), the adminis
tration of the Federal Credit Union Act was transferred to the Federal Security Agency effective July
29, 1948. In accordance with provisions of the law, the Corporation effected recovery for the deficit
of the Federal credit unions through July 28, 1948, and the unexpended 1949 budget allocation for
FCU of $624,668 which FDIC transferred to FSA. Thus FDIC was reimbursed for $1,926,717 by the
deduction of this amount in the final settlement with the Treasury for retirement of capital stock.
6. Under the provisions of section 12B of the Federal Reserve Act, as amended by section 101 of
the Banking Act of 1935 (subsection “ o” ), the Corporation was authorized and empowered to issue
and have outstanding its notes, debentures, bonds, or other such obligations, in a par amount aggre
gating $974,600,000. This borrowing power was canceled by the act of August 5,1947 (12 U.S.C 264(o) ),
which authorizes the Corporation to borrow from the Treasury, on such terms as may be fixed by the
Corporation and the Secretary, such funds as in the judgment of the board of directors of the Cor
poration are required from time to time for insurance purposes, not exceeding, in the aggregate,
$3,000,000,000 outstanding at any time. The Corporation has never used the borrowing power granted
to it by the Congress.
7. The Corporation estimated that at June 30, 1948, the insured deposits in operating insured
banks increased to 74.5 billion dollars— the highest in the Corporation’s history. The ratio of the ag
gregate capital stock and deposit insurance reserve (surplus) to the total insured deposits decreased
to 1.352 percent at June 30, 1948, as compared with 1.553 percent at June 30, 1947.
PART TWO
BANKING DEVELOPMENTS
Banks
and
B ranches
At the close of 1948, more than 92 percent of the 14,753 banks operating
in the United States and possessions were insured, and almost 95 percent
of all bank deposits were liabilities of insured banks. All deposit liabilities
were insured up to $5,000 per depositor in every bank in eight States and
in the District of Columbia. The percentages of all deposits which are
held by insured banks in each State are shown in Chart C.
CHART C
DEPOSITS OF INSURED BANKS AS A PERCENTAGE OF DEPOSITS OF ALL BANKS
DECEMBER 31.1948
United States Average 95.1 %
The relatively low percentage of deposits in insured banks in most of
the New England States was a reflection of deposits in mutual savings
banks which have not joined the Federal deposit insurance system. At
the end of 1948, only 36 percent of the 532 mutual savings banks in the
country, with 69 percent of all deposits in mutual savings banks, were
members of the Federal deposit insurance system. In contrast, 94 percent
of all commercial banks, with 98 percent of commercial bank deposits,
were insured. The number and deposits of commercial and mutual
savings banks operating in the United States and possessions on December
31, 1948, are presented in Table 14.
29
30
FE D E RA L DEPOSIT IN SU R AN C E CORPORATION
T a b le 1 4 .
N
umber and
and
D
e p o s it s o f
O p e r a t in g B a n k s
P o s s e s s io n s , D
ecem ber
31,
in th e
Number of banks
Type of bank and insurance status
U n it e d Sta t e s
1948
Deposits
Percentage
distribution
Amount
(in millions)
Percentage
distribution
14,753
100.0%
All ba n k s............................................................
13,612
92.3
Insured.............................................................
7.7
1,141
N oninsured......................................................
$162,041
153,454
8,587
100.0%
94.7
5.3
Number
C om m ercial bank s..........................................
Insured.............................................................
Noninsured......................................................
14,221
13,419
802
100.0
94.4
5.6
143,636
140,682
2,954
100.0
97.9
2.1
M utual savings banks....................................
Insured......................................... ...................
N oninsured......................................................
532
193
339
100.0
36.3
63.7
18,405
12,772
5,633
100.0
69.4
30.6
Changes in the number of banks and branches. The trend toward
gradual reduction in the number of banks, which was interrupted in 1945,
was resumed during 1948 with a decline of 14 in the number of operating
banks. Nevertheless, the number of insured banks continued to rise.
Insured banks ceasing operations during 1948 outnumbered those
opening for business, but the total number of insured banks increased 15
during the year as a result of admissions of operating noninsured banks
to insurance. During 1948, 62 banks opening for business were insured;
80 insured banks terminated operations; and 33 noninsured banks became
insured.
Changes in the number of banks and branches during 1948 and the
period since the end of the war are given in Table 15.
T a b le 15. C h an g e s
and
in
N
u m ber of
P o s s e s s io n s , 1948
Banks
and
and the
B ranches
During 1948
Type of change
Total
in th e
U n it e d St a t e s
P e r io d 1 9 4 6 -1 9 4 8
During 1946-1948
Insured
Non
insured
Total
Insured
Non
insured
Banks
Net ch a n g e ..........................................
Banks beginning operations.............
Banks ceasing operations.................
Changes in classification—net..........
-14
80
94
+ 15
62
80
+33
-29
18
14
-33
+36
341
305
+ 118
293
265
+ 90
-82
48
40
-90
Branches
Net ch a n g e ...........................................
Branches opened for business..........
Branches discontinued......................
Changes in classification— net..........
+205
225
20
+ 195
211
20
+ 4
+ 10
14
+446
671
225
+418
633
220
+ 5
+28
38
5
- 5
All banking offices
Net ch an ge...........................................
Offices opened....................................
Offices closed......................................
Changes in classification—net........
+ 191
305
114
+210
273
100
+ 37
-19
32
14
-37
+482
1,012
530
+536
926
485
95
-54
86
45
-95
-4
31
B A N K S A N D BRAN CH ES
The relatively slow but steady trend toward branch banking throughout
the war and postwar periods was accelerated in 1948. During the year
205 more branches were opened than were discontinued. The net in
crease in branch offices during the period 1946-1948 was 446.
A ssets
and
D
e p o s it s
Assets and deposits of all banks. Almost no net change in total
assets and deposits of all banks in the United States and possessions was
recorded during 1948, but there were marked changes in the composition
of both assets and deposits. Bank investments in United States Govern
ment obligations contracted sharply, while loans and discounts continued
to expand. Business and personal demand deposits declined, the first
annual decline since 1937, while savings and time deposits and Govern
ment deposits increased. Annual changes in assets and liabilities of all
banks in 1948 are compared with those of 1946 and 1947 in Table 16.
Table 16.
A s s e t s a n d L i a b i l i t i e s o f A l l B a n k s in t h e U n i t e d S t a t e s a n d
P o sse ssio n s, D e c e m b e r
31, 1946-1948
(Amounts in millions)
Asset, liability, or capital
account item
Dec. 31,
1948
Dec. 31,
19471
Percentage change
during—
Dec. 31,
1946
1948
Total assets............................................... $176,075 $176,024
$169,256
Cash and funds due from banks...........
United States Government obligations.
Obligations of States and political sub
divisions ...............................................
Other securities.......................................
Loans, discounts, and overdrafts..........
Miscellaneous assets...............................
39,635
74,462
38,560
81,637
35,185
87,032
5,754
5,717
48,453
2,054
5,362
5,398
43,231
1,836
4,471
5,046
35,810
1,712
Total liabilities and capital accounts.
176,075
176,024
Total deposits.......................................
Business and personal—total.............
Demand.............................................
Time............. ...................................
Certified checks, etc...........................
United States Government................
States and political subdivisions.......
Interbank (including postal savings).
Miscellaneous liabilities..........................
Total capital accounts............................
162,041
138,674
162,729
140,357
83,167
58,355
2,152
85,303
52,U5U
2,600
2,515
8,561
12,291
1,480
12,554
1,534
7,788
13,050
1,298
11,997
81,276
50,28b
2,396
Number of banks included.........................
14,735
14,755
(2)
2.89
1947
1946
4.0%
- 5.0%
9.6
-
1.1
8.8
6.2
-14.5
7.3
5.9
12.1
11.9
19.9
7.0
20.7
7.2
10.0
11.4
17.5
- 0.9
169,256
(2)
4.0
- 5.0
156,753
133,956
- 0.4
3.8
4.8
- 5.8
3,164
6,895
12,738
1,158
11,345
14,655
-
1.2
-2 .5
1.7
-17.3
-
5.0
U.3
8.5
10.0
10.0
11.0
-8 . U
64.0
9.9
- 5.8
14.0
4.7
-51.5
13.0
2.4
12.1
5.7
-87.2
19.2
- 9.9
-3.7
7.8
0.1
0.7
0.2
-
1 Revised.
2 Less than 0.05 percent.
Annual changes in demand and time deposits of businesses and in
dividuals during the period 1934 to 1948 are shown in Chart D. Changing
trends in the composition of assets of all banks since the beginning of
deposit insurance are shown in Chart E.
32
FE D E RA L DEPOSIT IN SU R AN C E CORPORATION
CHART D
ANNUAL CHANGES IN BUSINESS AND PERSONAL DEPOSITS
1934-1948
BILLIONS OF DOLLARS
1934
1935 1936
BILLION S OF DOLLARS
1937
1938
1939
1940 1941 ' 1942
1943 1944 {9 4 5
BILLIONS OF DOLLARS
1934
1935
1936 1937
1946 1947
1948
BILLIONS OF DOLLARS
1938
1939
1940 1941
1942
1943
1944
1945
1946 1947
1948
33
ASSE TS A N D DEPOSITS
PERCENTAGE COMPOSITION OF ASSETS OF ALL OPERATING BANKS
December 3 1,19 3 4 -19 4 8
TO TA L AS S ETS
(B illio n s of D o llo ri)
♦178
♦176 $176
United Staffs
Government
Obligations
7%
Other
Securities
ill
Ip
Loans and
Discounts
I
Cash and
Due from Banks
I^O th e r Assets
1934
,935
1936
1997
1938
1939
1940
1941
1942
1943
1944
1949
1946
1947
1946
The most significant banking development in 1948 was the decline in
deposits of businesses and individuals. During the preceding decade of
war and its aftermath, these deposits had continued to expand in each
year, slowly at first, and then more rapidly during the war years.
After the war was ended, private deposits continued to rise from one
year-end to the next until 1948, even though total bank deposits declined
during 1946. The reduction of total deposits of all banks in 1946 occurred
mainly in United States Government deposits used for debt retirement
by the Treasury. In contrast, most of the funds used for cash retirement
of United States Government obligations in 1948 were obtained from
surplus tax receipts. Thus, bank deposits of taxpayers rather than United
States Government deposits were reduced in 1948.
F E D E RA L DEPOSIT IN SU R AN C E CORPORATION
34
The year 1948 was also characterized by record levels of production
by industry and agriculture. Backlogs of unsatisfied demands for many
goods and services were partly supplied at higher prices than during the
preceding years. But with a smaller supply of money than at the end of
1947, attempts to sell at higher prices met increasing resistance. Rapid
increases in prices which had followed the end of wartime allocation and
price controls were moderated and in some instances reversed during
1948. Nevertheless, the historically difficult adjustment from war to
peacetime conditions appeared to proceed in a, generally satisfactory
manner during 1948.
Financial operations and policies of the United States Treasury and the
Federal Reserve System continued to exert dominating influences upon
the volume and composition of bank assets and liabilities during 1948,
as in the preceding war and postwar years. Two of the most important
factors tending to reduce bank investments in United States Govern
ment obligations, for example, were increased reserve requirements and
continued retirement of debt by the United States Treasury. The impact
of these operations and policies affected commercial banks to a greater
extent than mutual savings banks.
Table 17.
A s s e t s a n d L ia b i l i t i e s o p A l l C o m m e r c ia l B a n k s i n t h e U n it e d
S t a t e s a n d P o s s e s s io n s , D e c e m b e r
31,1945-1948
(Amounts in millions)
Asset, liability, or
capital account item
T ota l assets..............................
Cash and funds due from
banks...................................
United States Government
obligations..........................
Obligations of States and
political subdivisions.........
Otner securities......................
Loans, discounts, and over
drafts...................................
Miscellaneous assets..............
T otal liabilities and capital
a c c o u n ts............................
T otal d eposits......................
Business and personal—
total.............................
Demand...........................
Time................................
Certified checks, etc..........
United States Government
States and political sub
divisions ..........................
Interbank (including postal
savings)...........................
Miscellaneous liabilities........
Total capital accounts...........
Number of banks included.. . . .
Dec. 31,
1948
Dec. 31,
19471
Dec. 31,
1946
Dec. 31,
1945
$155,602
$156,310
$150,552
$161,182
38,758
37,674
34,366
62,987
69,659
75,253
5,683
3,555
5,297
3,745
42,767
1,852
Dec. 31,
1948
Dec. 31,
1945
100.0%
100.0%
34,975
24.9
21.7
91,149
40.5
56.5
4,411
3,707
3,974
3,366
3.6
2.3
2.5
2.1
38,287
1,648
31,283
1,532
26,193
1,525
27.5
1.2
16.3
0.9
155,602
156,310
150,552
161,182
100.0
100.0
143,636
144,966
139,883
151,089
92.3
93.7
120,274
88,155
3U,970
2,11,9
2,512
122,599
85,291
8U,710
2,598
1,531
117,092
81,265
88,1*32
2,895
3,161
106,397
78,867
29,917
2,618
24,767
77.3
53.U
22.5
l'A
1.6
66.0
U5.8
18.6
1.6
15.4
8,559
7,786
6,893
5,784
5.5
3.6
12,291
1,411
10,555
13,050
1,236
10,108
12,737
1,108
9,561
14,141
1,160
8,933
7.9
0.9
6.8
8.7
0.7
5.6
14,129
14,222
14,1142
14,0792
1 Revised.
2 Noninsured nondeposit trust companies are not included.
Percentage
distribution
35
ASSETS A N D DEPOSITS
Assets of commercial banks. Total assets of commercial banks
amounted to $156 billion at the close of 1948, compared with $161 billion
at the end of 1945, when bank assets reached their peak. In the three
years since the cessation of hostilities, investments in United States
Government obligations decreased by $28 billion. All other types of
assets expanded during the same period.
United States Government obligations still comprised the largest
portion of assets of commercial banks but dropped from 57 percent to
40 percent of all assets between December 31, 1945, and December 31,
1948. Cash and reserves increased from 22 percent to 25 percent of total
assets during the same period, while loans and discounts expanded from
16 percent to 28 percent of total assets. The distribution of assets and
liabilities of all commercial banks at the end of the years 1945 to 1948 is
presented in Table 17.
Maturity of investments in United States Government obliga
tions. Table 18 compares the maturity distribution of insured com
mercial bank investments in United States Government obligations on
December 31, 1948, with the distribution at the close of 1947 and 1945.
Prior to 1947, this distribution was available only for insured com
mercial banks, which held 98 percent of all commercial bank assets.
T a b le 18.
M a t u r it i e s o f U n ite d S t a t e s G o v e r n m e n t O b lig a tio n s H e ld b y
I n s u r e d C o m m e r c ia l B a n k s , D e c e m b e r 3 1 , 1 9 4 8 , 1 9 4 7 , a n d 1 9 4 5
(Amounts in millions)
Percentage distribution
Amount
Type and maturity
Dec. 31,
1948
Dec. 31,
1947
Dec. 31,
1945
Dec. 31,
1948
Dec. 31,
1947
Dec. 31,
1945
Total U. S. Government
obligations............................
$61,407
$67,960
Marketable issues:
Direct:
Treasury bills1................
Certificates of indebted
ness1.............................
Treasury notes1..............
2,822
2,124
2,456
4.6
3.1
2.8
10,068
3,395
7,555
5,920
19,075
16,047
16.4
5.5
11.1
8.7
21.5
18.0
Bonds maturing in:3
5 years or less.............
5 to 10 years...............
10 to 20 years.............
Over 20 years..............
19,374
15,114
6,581
2,059
18,341
22,202
7,534
2,654
9,030
32,230
6,092
2,787
31.6
24.6
10.7
3.4
27.0
32.7
11.1
3.9
10.2
36.2
6.9
3.1
$88,933
100.0%
100.0 %
100.0%
Guaranteed issues..............
8
14
22
(*)
(’)
0)
Non-marketable issues4.........
1,986
1,616
1,194
3.2
2.4
1.3
1
Treasury bills are generally issued with maturities of 91 days; certificates of indebtedness have
maturities of approximately one year; and Treasury notes are issued with maturities of from one to
five years.
* Based upon number of years to final maturity.
* Less than 0.05 percent.
* United States savings bonds, Treasury bonds (investment series A-1965), and depositary bonds.
Prior to December 31, 1947, this item included United States savings bonds only; depositary bonds
were included with other United States bonds according to maturity.
F E D E RA L DEPOSIT IN SU R AN C E CORPORATION
The decline in United States Government obligations held by insured
commercial banks during 1948 occurred chiefly in bonds. Investments
in Treasury notes, bills, and certificates increased about $1 billion during
the year.
The most substantial decline, amounting to more than $7 billion,
occurred in bonds maturing in 5 to 10 years. Almost all of this decline
reflected changes in classification of bonds maturing in 1953 from the 5
to 10 year category to the category of bonds maturing in less than 5 years.
At the close of 1948, 58 percent of total holdings of United States Govern
ment obligations was scheduled to mature in less than five years com
pared with less than 50 percent at the beginning of the year.
Loans o f insured com m ercial banks. The postwar expansion of
bank loans continued during 1948, but the rate of expansion was slower
than in either 1946 or 1947. Insured commercial bank loans outstanding
at the end of 1948 reached the unprecedented total of $42 billion, a
growth of 12 percent during the year, compared with increases of 19
percent and 22 percent in 1946 and 1947.
Changes in the principal types of loans and discounts of insured com
mercial banks during 1948 are compared with those of 1946 and 1947
in Table 19. Table 20 gives the amount of commercial bank loans insured
or guaranteed by agencies of the United States Government at the end of
1947 and 1948.
T a b le 1 9 .
A n n u a l C h anges
in
L oans
and
D
is c o u n t s o f
I n s u r e d C o m m e r c ia l
B a n k s , 1 9 4 6 -1 9 4 8
(Amounts in millions)
Type of loan
Dec. 31,
1948
Loans and discounts, net —
to ta l...........................................
$41,979
Valuation reserves.....................
409
Loans and discounts, gross —
to ta l...........................................
Commercial and industrial...
Agricultural (excluding farm
real estate loans)................
Guaranteed by Commodity
Credit Corporation..........
Other loans to farmers.........
Real estate— total..................
On farm land.......................
On residential properties. . .
On other properties..............
Consumer...............................
For purchasing or carrying
securities.............................
All other.................................
Dec. 31,
1947
Dec. 31,
1946
Percentage change during—
1948
1947
1946
$37,592
$30,740
H .7 %
22.3%
19.3%
V)
V)
0)
C1)
0)
42,388
18,765
0)
18,015
0)
14,019
(*)
4.2
(1)
28.5
48.2
2,775
1,610
1,358
72.4
18.6
3.3
886
1,889
10,671
8U8
7,912
1,911
6,806
65
1,51,5
9,271
79A
6,816
1,661
5,655
102
1,256
7,107
68U
5,058
1,365
4,031
1,256.2
22.3
15.1
6.9
16.1
15.1
20.4
-36.1
22.9
30.5
16.1
3U.8
21.7
40.3
-66.5
2k.5
51.8
3U.7
51.8
62.U
70.7
2,276
1,095
2,013
1,028
3,127
1,098
13.1
6.5
-35.6
-6.4
-53.8
-6.9
1 Individual loan items as of December 31, 1948, were reported gross. Prior to June 30, 1948, loans
were reported net of reserves. Since the total amount of reserve was less than 1 percent of total loan
volume on December 31, 1948, it is not believed this revision materially affects comparisons with earlier
dates.
37
ASSETS A N D DEPOSITS
The most marked reduction in the rate of loan expansion was recorded
for commercial and industrial loans. The volume of this type of loan rose
48 percent in 1946, 29 percent in 1947, and only 4 percent in 1948. Com
mercial and industrial loans outstanding at the year-end amounted to
$19 billion and constituted 44 percent of total loans.
Real estate loans of $11 billion represented 25 percent of all loans outstanding at the close of 1948. Further growth in the volume of real estate
loans was reported for every State in the Nation, but in each state the
1948 expansion was slower than during the preceding year. For the entire
country, the average rate of increase was half that of 1947. Loans on
residential properties rose to $8 billion, an increase of 16 percent com
pared with 35 percent in 1947. Loans on farm land were less than $1 billion.
Loans on all other property, including commercial and industrial real
estate, amounted to $2 billion at the year-end.
Agricultural loans, excluding farm real estate loans, rose more than
$1 billion during 1948. Most of this increase represented a sharp rise in
loans guaranteed by the Commodity Credit Corporation. Farm pro
duction loans increased at about the same rate as in 1946 and 1947.
Consumer loans to individuals rose 20 percent during 1948, about
half as much as in 1947, reaching almost $7 billion. Loans for purchasing
or carrying securities, which declined during 1946 and 1947, showed an
increase of 13 percent in 1948.
Table 20.
C o m m e r c ia l B a n k L o a n s G u a r a n t e e d
of the
U n it e d St a t e s G o v e r n m e n t , D
or
I nsured
ecem ber
A g e n c ie s
by
31, 1947-1948
(Amounts in millions)
Type of loan and guarantor agency
Total guaranteed
in whole or in
part
1948
1947
Guaranteed
portion
1948
1947
All typ e s.............................................................................
$7,124
$5,283
$5,023
$3,512
Real estate— total1..........................................................
Federal Housing Administration..................................
Veterans Administration...............................................
4,935
2,240
2,695
3,851
1,801
2,050
3,517
2,230
1,287
2,711
1,786
925
Business loans— t o ta l....................................................
Veterans Administration...............................................
Reconstruction Finance Corporation...........................
Export-Import Bank......................................................
War Agencies..................................................................
Federal Reserve 13B ......................................................
593
140
328
122
1
2
788
183
409
187
2
7
427
56
246
122
1
2
573
71
307
187
2
6
Farm loans— t o ta l...........................................................
Veterans Administration...............................................
Commodity Credit Corporation...................................
Farmer’s Home Administration....................................
956
66
887
8
134
68
66
(2)
919
30
887
2
98
32
66
Consum er loans— total*................................................
Federal Housing Administration..................................
640
640
510r
510
160
160
(2)
130
130
1 Excludes farm real estate mortgage loans which are shown under farm loans.
2 Less than $500,000.
* Includes a small amount of Title I loans made by mutual savings banks not available separately,
r Revised.
N ote: Based on records and estimates of guarantor agencies.
38
F E D E RA L DEPOSIT IN SU R AN C E CORPORATION
Assets and deposits of all mutual savings banks. Total assets and
deposits of all mutual savings banks continued to grow in 1948, but at
a slower rate than during the preceding years. On December 31, 1948,
total deposits were approximately $18 billion, an increase of 4 percent
during the year, compared with increases of 5 percent in 1947 and 10
percent in 1946. Comparison of 1948 changes in assets and liabilities of
all mutual savings banks with changes during 1946 and 1947 is made in
Table 21.
T able'll.
A s s e t s a n d L i a b i l i t i e s o f A l l M u t u a l S a v in g s B a n k s in t h e
U n ite d S ta te s , D e c e m b e r
31, 1946-1948
(Amounts in millions)
Asset, liability, or surplus
and capital account item
Dec. 31,
1948
Dec. 31,
1947
Percentage change1
during—
Dec. 31,
1946
1948
T otal assets.............................
Cash and funds due from
banks...................................
United States Government
obligations..........................
Obligations of States and po
litical subdivisions.............
Other securities......................
Loans, discounts, and over
drafts...................................
Miscellaneous assets..............
$20,474
$19,714
$18,704
3.9%
1947
5.4%
1946
9.9%
878
886
819
-1.0
8.2
11,476
11,979
11,779
-4.2
1.7
10.4
71
2,162
65
1,653
60
1,339
9.2
30.8
7.0
23.5
-32.2
14.8
5,686
201
4,944
187
4,527
180
15.0
7.5
9.2
3.9
5.8
-11.3
34.3
T otal liabilities and surplus
and capital a cco u n ts___
20,474
19,714
18,704
3.9
5.4
9.9
Total deposits........................
Miscellaneous liabilities........
Surplus and capital accounts.
18,405
70
1,999
17,763
62
1,889
16,870
50
1,784
3.6
12.9
5.8
5.3
23.3
5.9
9.7
16.3
12.0
Number of banks included.......
532
533
-0.2
-1.5
0.2
5412
1 Computed from unrounded figures.
2 Includes 8 noninsured guaranty savings banks in New Hampshire.
Total assets at the close of 1948 exceeded $20 billion, of which more than
one-half were United States Government obligations and more than onefourth were real estate loans. Mutual savings bank investments in United
States Government obligations declined in 1948 for the first time since
1930. Loans and investments in other securities expanded more rapidly
than in 1946 or 1947.
United States Government obligations owned by mutual savings banks
declined $500 million during 1948. Most of this reduction took place in
issues maturing after 20 years. At the close of 1948, 41 percent of total
investments in United States Government obligations were marketable
bonds scheduled to mature in more than 20 years, as compared with 46
percent at the beginning of the year. The change in the maturity dis
tribution of mutual savings bank investments in United States Govern
ment obligations during 1948 is presented in Table 22.
39
A SSETS A N D DEPOSITS
Table 22.
M
a t u r it ie s of
by
M
utual
U n i t e d S t a t e s G o v e r n m e n t O b l i g a t io n s H e l d
S a v in g s B a n k s , D
31, 1947-1948
ecem ber
(Amounts in millions)
Percentage
distribution
Amount
Type and maturity
Dec. 31,
1947
Dec. 31,
1948
Dec. 31,
1948
Dec. 31,
1947
100.0%
100.0%
T otal United States Governm ent oblig a tio n s........
$11,476
$11,978
Marketable issues:
Direct:
Treasury notes, bills, and certificates..................
391
314
3.4
2.6
Bonds maturing in:1
5 years or less......................................................
5 to 10 years........................................................
10 to 20 years......................................................
Over 20 years........................... .......................
948
1,111
3,794
4,695
652
1,415
3,712
5,515
8.2
9.7
33.1
40.9
5.5
11.8
31.0
46.0
Guaranteed issues.......................................................
3
(a)
(2)
367
4.7
3.1
(2)
Non-marketable issues*..................................................
537
1 Based upon number of years to final maturity.
8 Less than $500,000 or .05 percent.
* United States savings bonds, Treasury bonds (investment series A-1965), and depositary bonds.
C a p it a l
Total capital accounts of all banks at the close of 1948 amounted to
$12.5 billion. Of this total, $10.5 billion represented capital accounts of
commercial banks and $2 billion represented surplus and guarantee
funds of the mutual savings banks. The capital accounts and capital
ratios of all banks by class of bank on December 31, 1948, are presented
in Table 23.
Table 23.
States
C a p it a l A c c o u n t s
and
P o s s e s s io n s ,
and
by
C a p it a l R a t i o s
C lass
of
Bank, D
of
B anks
ecem ber
in th e
U n it e d
31, 1948
(Amounts in millions)
Class of bank
Type of capital account
or capital ratio
All
banks
AH
com
mercial
Insured
com
mercial
All
mutual
savings
Insured
mutual
savings
$12,554
$10,555
$10,160
$1,999
$1,334
Capital stock, notes, and debentures—
total....................................................
Common stock.........................................
Preferred stock, capital notes, and de
bentures ............ ..................................
3,423
3,296
3,418
3,296
3,264
3,163
5
5
127
122
101
5
5
Surplus and guaranty funds.....................
Undivided profits and reserves................
6,008
3,123
4,646
2,491
4,504
2,392
1,362
632
998
331
Capital accounts— to ta l...........................
R atio o f total capital accoun ts to :
Total assets................................................
Assets other than cash and United States
Government obligations.......................
7.1%
20.2
6.8%
19.6
6.7%
19.3
9.8%
24.6
9.4%
23.5
40
FE D E RA L DEPOSIT IN SU R AN C E CORPORATION
Capital stock outstanding increased during 1948, as the growth in
common stock exceeded retirements of preferred stock owned mainly by
the Reconstruction Finance Corporation. Capital stock of commercial
banks exceeded $3 billion at the year-end. Net additions to capital from
profits were smaller than in 1947 or 1946, but most of the growth in total
capital accounts during 1948 came from retained earnings as in previous
years.
Capital ratios. With total assets below the record high of 1945 and
capital accounts increasing, the ratio of total capital accounts to total
assets of commercial banks has improved from 5.5 percent at the end of
1945 to 6.8 percent at the end of 1948. However, all of the reduction in
commercial bank assets since 1945 has been in United States Govern
ment obligations. Investments in other securities and loans and discounts
have risen more rapidly than capital accounts. As a result, the ratio of
total capital accounts to assets other than cash and United States Govern
ment obligations has declined during the same period from 25.5 percent
to 19.6 percent.
The wide variation in the ratio of total capital accounts to total
assets other than cash and United States Government obligations by
States is shown in Chart F. On December 31, 1948, the average “ risk
asset” ratio for insured commercial banks ranged from a low of 9.2
percent in Arizona to 28.7 percent in Delaware.
CH AR TF
Ratios of Total Capital Accounts to Total Assets other than Cash
and U.S.Govermnent Obligations, Insured Commercial Banks
United States Average 19.3%
41
C A PITA L
Examiners’ evaluation of capital and appraisal of assets. Both
the amount and proportion of assets classified as substandard by examiners
of insured commercial banks were higher in 1948 than in 1946 or 1947.
For banks examined in 1948, the ratio of substandard assets to appraised
value of total assets was 0.53 percent compared with 0.48 percent in 1947
and 0.36 percent in 1946, while the ratio of substandard assets to adjusted
capital accounts was 8.00 percent compared with 7.42 percent and 6.02
percent, respectively.
A special study of the quality of insured commercial bank assets is
presented in Part Three of this report.
E a r n in g s
of
I n s u r e d C o m m e r c ia l B a n k s
For the tenth straight year both total and net current operating
earnings of insured commercial banks were greater than in the preceding
year. A substantial part of the record net earnings in 1948 were, however,
transferred to reserve accounts, causing net profits after taxes to fall
5 percent below 1947. The major earnings, expense, and profit data of
insured commercial banks are shown in Table 24.
T a b le 2 4 .
E a r n i n g s , E x p e n s e s , a n d P r o f i t s o f I n s u r e d C o m m e r c ia l B a n k s ,
1 9 3 4 -1 9 4 8
(Amounts in millions)
Chargeoffs in
Net
excess of
current
operating recoveries
earnings1 and profits
on assets
sold2
Net
profits
after
taxes
Cash
dividends
declared
and
interest
paid on
capital
Net
profits
retained
in
capital
accounts
Year
Total
current
operating
earnings
Total
current
operating
expenses1
1948..
1947..
1946..
1945..
1944..
$3,404
3,098
2,863
2,482
2,215
$2,164
1,982
1,763
1,523
1,357
$1,240
1,116
1,100
960
858
$219
32
126*
2A5*
96*
$276
302
323
299
203
$745
781
902
906
751
$332
315
299
274
253
$413
466
603
631
498
1943..
1942..
1941. .
1940..
1939..
1,959
1,790
1,730
1,631
1,605
1,256
1,222
1,216
1,170
1,148
703
569
514
461
457
62*
48
9
37
57
128
79
50
23
12
638
441
455
401
388
233
228
253
237
232
404
213
201
164
156
1938..
1937..
1936..
1935..
1934..
1,584
1,634
1,567
1,486
1,518
1,148
1,156
1,114
1,078
1,114
436
478
453
408
404
126
86
88«
195
742
10
11
12
5
3
300
381
524
207
-3406
222
226
223
208
188
78
155
301
Income
taxes3
-528«
1 Figures for 1934-1941 are estimates and differ from reported figures by the amount of estimated
income taxes excluded from total current operating expenses. See footnote 3.
2 Book value of assets charged off, and transfers to valuation reserves, minus recoveries on assets
previously charged off, transfers from valuation reserves, and profits on assets sold.
3 Includes surtax and excess profits tax. Figures for 1934-1941 are estimates, based upon Bureau
of Internal Revenue figures of income taxes paid by national banks for 1934-1937, and paid by “ all banks
and trust companies” for 1938-1941. Income taxes have been reported separately since 1936 for insured
banks not members of the Federal Reserve System and since 1942, for banks members of the Federal
Reserve System.
* Recoveries and profits on assets sold in excess of charge-offs.
6 Net loss.
42
FE D E RA L DEPOSIT IN SU RAN CE CORPORATION
Dividends paid to stockholders were the highest of any year of Federal
deposit insurance. Net additions to capital from profits declined 11 per
cent, but were sufficient, in view of the decline in bank deposits, to
improve slightly the ratio of capital accounts to total assets.
Total current operating earnings. Total current operating earnings
of $3,404 million in 1948 were 10 percent greater than in 1947. These
unequalled gross earnings resulted chiefly from the 25 percent increase
in income on loans, which rose to a record $1,600 million. During the
three postwar years income from loans has more than doubled, due to
greater loan volume, rising rates of interest, and a greater proportion of
higher yielding types of loans. Between 1945 and 1948 the average rate
of income on loans rose from 3.1 percent to 4.0 percent, thus accounting
for about one-fourth of the growth in income from loans. During the
same three-year period the proportion of total current operating earnings
derived from loans increased from 29 percent to 47 percent.
Income from securities constituted about one-third of total earnings in
1948, as compared with their peak proportion of over one-half in 1945.
The moderate drop in the amount of income from securities in 1948 was
due to the decline in bank holdings of United States Government obliga
tions. Income from United States Government obligations fell 7 percent
to $1,008 million in 1948. Income from other securities, on the contrary,
advanced 6 percent, chiefly as the result of an increase in bank holdings
of obligations of State and local governmental units.
For the third successive year the average rate of income on securities
advanced slightly, rising from 1.60 in 1947 to 1.64 in 1948, as shown in
Table 25. The average rate of return on United States Government
obligations increased slightly to 1.6 percent, while that on other securities
remained practically the same at 2.1 percent.
Table 25.
S e l e c t e d O p e r a t in g R a t io s o f I n s u r e d C o m m e r c ia l B a n k s ,
Operating ratio
1948
1947
1945-1948
1946
1945
0.72%
10.01
0.66%
10.87
Net current operating earnings to total assets...............
Net profits after taxes to total capital accounts.............
Dividends and interest on capital to total capital
accounts..........................................................................
Retained net profits to total capital accounts................
0.82%
7.49
0.75%
8.20
3.33
4.16
3.31
4.89
3.32
6.69
3.29
7.58
Average rate of income on loans......................................
Average rate of income on securities...............................
Average interest paid on time and savings deposits. . . .
Average service charges to demand deposits...................
Income taxes to net profits before income taxes............
4.04
1.64
0.90
0.17
26.98
3.79
1.60
0.87
0.14
27.89
3.43
1.56
0.84
0.11
26.38
3.09
1.46
0.87
0.10
24.80
As in the previous three years, current operating earnings other than
from loans and securities comprised 18 percent of the total in 1948.
Service charges on deposit accounts, which made up 5 percent of the
43
EA R N IN G S OF IN SU R ED COM M ERCIAL B A N K S
total, brought in twice what they did when they were first reported
separately in 1942. Income from trust departments and miscellaneous
earnings from commissions, fees, and rentals accounted for the rest of
current income. The distribution of the main components of current
operating earnings and expenses is shown in Chart G.
CHARTG
SOURCES AND DISPOSITION OF CURRENT OPERATING EARNINGS
INSURED COMMERCIAL BANKS-1948
SOURCES
OTHER
S EC U R ITIES -5 .6 %
__
TA X E S AND
DEPRECIATION
4 .5 %
INTEREST ON
D EP O SITS - 9 . 3 %
Total current operating expenses. Current operating expenses of
insured commercial banks totaled $2,164 million in 1948, 9 percent
greater than in 1947. As in the previous two years, salaries and wages
constituted 48 percent of the total. The 10 percent increase in wage and
salary payments was due to both increased employment and higher
rates of pay. The average bank officer earned $5,726 in 1948, and the
average bank employee $2,301, as shown in Table 26.
Interest on time and savings deposits, the next major expense item
after wages and salaries, increased 6 percent in 1948 to its highest level
since 1934. During the decade before the war interest payments to de
positors comprised a substantially larger proportion of total expenses
than the 15 percent they accounted for in 1948. The decline in aggregate
interest payments until 1944 was due to a sharp fall in the average rate
of interest paid on savings deposits. The increase in interest payments in
each of the last five years is due principally to the growth in savings de
44
F E D E R A L D EPOSIT IN SU R AN C E CORPORATION
posits, although the rate of interest paid on such deposits has also ad
vanced slightly.
Other expenses of operation constituted 37 percent of total expenses
in 1948. These include such diverse items as taxes other than on net in
come, rentals, depreciation on fixed assets, interest on borrowed money,
fidelity and other insurance premiums, advertising and travel, office
supplies, deposit insurance assessments, dues and contributions to other
organizations, and various incidental items. The total of all such expenses
increased 9 percent during 1948.
T a b le 2 6 .
N u m b e r a n d C o m p e n s a t io n o f E m p lo y e e s o f I n s u r e d C o m m e r c i a l
B anks,
Employment1
1937-1948
Salaries and wages
(in thousands)
Average salary
Year
Officers
Others
Officers
Others
Officers
Others
1948...................
1947....................
1946....................
1945....................
66,674
64,218
60,908
57,806
288,043
277,733
258,335
237,326
$381,756
344,845
309,220
266,018
$662,696
602,266
521,709
424,881
$5,726
5,370
5,077
4,602
$2,301
2,169
2,020
1,790
1944...................
1943...................
1942............
1941...................
55,902
55,117
55,996
56,392
227,512
221,060
213,794
204,319
240,354
225,142
219,388
211,311
386,346
356,958
333,171
302,627
4,300
4,085
3,918
3,747
1,698
1,615
1,558
1,481
1940...................
1939...................
1938...................
1937...................
55,215
54,396
53,657
52,876
194,567
189,400
187,799
184,651
202,357
196,426
191,984
187,024
282,837
274,934
269,952
285,141
3,665
3,611
3,578
3,537
1,454
1,452
1,437
1,436
1 Average of number of full and part-time employees at the beginning and end of the year.
Net current operating earnings. Net current operating earnings
amounted to a record $1,240 million in 1948, an increase of 11 percent
above the previous year. The rate of net earnings on total assets advanced
to 0.82 percent, the highest since 1937. This compares with a rate of 0.75
percent in 1947, and a 1935-1941 average of 0.77 percent.
Charge-offs, recoveries, transfers to and from reserves, and
profits on assets. During the postwar years charge-offs on assets and
additions to valuation reserves of insured commercial banks have steadily
become a heavier charge against net current operating earnings. In 1945
and 1946 large profits on the sales of securities offset net charge-offs on
assets, including valuation reserve transfers, sufficiently to provide a
substantial net addition to current earnings from this source. In 1947,
however, net losses and charge-offs exceeded net recoveries and profits
on assets by $32 million; in 1948 this excess amounted to $219 million.
By far the largest element in this change from 1947 to 1948 was the
transfer of $279 million to valuation reserves against loans. Combined
additions to such reserves and losses and charge-offs on loans amounted
E A R N IN G S OF IN SU R ED COM M ERCIAL B A N K S
45
to $311 million in 1948, compared with $120 million in 1947. The practice
of making additions to reserve accounts against loans was stimulated
substantially by the December 8, 1947, ruling of the Commissioner of
Internal Revenue permitting banks to accumulate limited amounts of
tax-free reserves for bad-debt losses on loans. As of December 31, 1948,
38 percent of all insured commercial banks had taken advantage of this
ruling. During 1948 these banks added $250 million to the $100 million
balance in such accounts at the beginning of the year. At the end of 1948
the reserve account for bad-debt losses on loans, after recoveries, losses,
and transfers to and from this account, stood at $311 million.
Profits on sales of securities declined further from $100 million in 1947
to $60 million in 1948. Charge-offs on securities, including transfers to
reserve accounts, were the same as in 1947, amounting to $119 million.
The amount of recoveries on securities and transfers from reserve accounts
against them increased slightly; but it amounted to less than half the
charge-offs.
Net profits. The amounts of net profits and their disposition for each
year from 1935 to 1948 are shown in Chart H.
CHART H
DISPOSITION OF NET PROFITS AFTER TAXES
INSURED COMMERCIAL BANKS
1935-1948
M ILLIO N S O F D O L L A R S
1935
1936
1937
M IL L IO N S O F D O L L A R S
1938 1939
1940 1941
1942
1943
1944 1945
1946 1947 1948
46
F E D E R A L D EPOSIT IN SU R AN C E CORPORATION
Net profits both before and after income taxes were lower in 1948,
due largely to the substantial additions to reserve accounts. The 27
percent of net profits absorbed by income taxes was about the same as
in recent years. Net profits after taxes amounted to $745 million, 5
percent below 1947. This represented a rate of return of 7.5 percent on
total capital accounts as compared with 8.2 percent in 1947. Although
the ratio of net profits to capital accounts has declined steadily since
1945, it is still appreciably above the 1935-1941 average rate of return.
Dividends and retained profits. Payments of dividends and in
terest on capital of insured commercial banks reached a record level
of $332 million in 1948, 5 percent above the previous peak in 1947. This
increase in dividends, in view of the decline in net profits, raised the pro
portion of distributed net profits to 45 percent in 1948 as compared with
40 percent in 1947. In 1948 the rate of dividends on total capital accounts
remained at the 3.3 percent rate of the previous four years.
The additions to capital accounts from retained profits averaged
55 percent of net profits of all insured commercial banks. The average
proportion of profits retained by banks in the different States, and the
average rate of profits on capital accounts by State, are given in Chart I.
As shown there, banks in Nevada averaged the highest proportional re
tention of net profits in capital accounts, while banks in the District of
Columbia retained the smallest proportion. In general, the proportion of
profits retained varied directly with the level of profits. However, in three
States—California, Georgia, and Utah—banks retained a smaller pro
portion of profits than the national average even though their rate of net
profits on capital accounts was above the national average. Conversely,
banks in five States—Illinois, New Jersey, Ohio, Vermont, and Wis
consin—retained a larger proportion of profits than the national average
even though their rate of net profits on capital accounts was below the
national average.
E a r n in g s
of
Insured M
utual
Sa v in g s B a n k s
Both total and net current operating earnings of insured mutual savings
banks reached record levels in 1948. Current operating earnings totaled
$403 million, 7 percent above 1947. Net current operating earnings before
payment of dividends advanced likewise by 7 percent. Most of this in
crease above 1947 earnings was used to boost dividends to depositors
8 percent above the previous year. Although losses and charge-offs ex
ceeded recoveries and profits on assets, net profits after taxes advanced
slightly, regaining part of the sharp decline experienced in 1947.
WARNINGS OF IN SU RED COM M ERCIAL B A N K S
CHART/
RATE OF NET PROFITS AND PROPORTION OF NET PROFITS RETAINED
INSURED COMMERCIAL BANKS-1948
RATE OF NET PROFITS AFTER TAXES ON TOTAL CAPITAL ACCOUNTS
United Stoles Average 7.5%
NET ADDITIONS TO CAPITAL FROM PROFITS
AS A PROPORTION OF NET PROFITS AFTER TAXES
47
48
FE D E R A L DEPOSIT IN SU R AN C E CORPORATION
As in the previous two years, income from United States Government
obligations was the largest single element in earnings. Income from
United States Government obligations constituted 46 percent of total
current operating earnings; the total of $184 million was about the same
as in 1947. Both the volume of such securities held by insured mutual
savings banks and the average rate of return on them approximated that
of the previous year.
Income on other securities advanced sharply during 1948 to $36
million, the growth amounting to 47 percent. This resulted almost en
tirely from the increase in holdings of other securities, for the 3.0 percent
average rate of return on them was about the same as in 1947.
Income from loans, almost all of it from real estate loans, reached a
record level of $169 million in 1948. The proportion of earnings derived
from this source increased slightly during the year and comprised 42
percent of the total. The decline in the average rate of income on loans
of the previous two years was further extended; the rate averaged 4.4
percent in 1948. The amount and the average rate of income on loans
and securities of insured mutual savings banks for the period 1943 to 1948
are shown in Table 27.
Table 27.
A m o u n t s a n d A v e r a g e R a t e s o p I n c o m e R e c e i v e d a n d D i v id e n d s
P a id b y I n s u r e d M u t u a l S a v in g s B a n k s ,
Year
1948.........................
1947.........................
1946.........................
1945.........................
1944.........................
1943.........................
Income
on loans
(in millions)
$169
153
144
143
141
139
Income on
securities
(in millions)
$220
209
194
160
128
101
Rate of
income on
loans2
4.43%
4.51
4.58
4.61
4.53
4.44
1943-19481
Rate of
income on
securities2
2.38%
2.34
2.35
2.31
2.38
2.54
Rate of
dividends
paid on time
and savings
deposits2
1.57%
1.53
1.47
1.49
1.60
1.65
1 Data for years prior to 1943 are not comparable with data for succeeding years. During 1943 the
number of insured mutual savings banks more than trebled with the admission to Federal deposit in
surance of 128 mutual savings banks, all but three of them located in New York State. Since that time,
insured mutual savings banks have numbered about one-third and held about two-thirds of the total
assets of all mutual savings banks.
2 Loans, securities, and deposits are averages of figures reported at beginning, middle, and end of
year.
Current operating expenses totaled $101 million in 1948, 8 percent
greater than in the previous year. Salaries and wages, the major expense
item, comprised 48 percent of the total, about the same as in previous
years. Compensation of officers averaged $9,448 and of other employees
$2,903, slightly above the average compensation in 1947. The higher
average salary of officers and employees of insured mutual savings banks,
as compared with that of officers and employees of insured commercial
banks, reflects the concentration of the insured mutual savings banks in
New York and New Jersey, where rates of pay are typically higher.
E A R N IN G S OF IN SU R ED M U TU A L SAVIN GS B A N K S
49
Net current operating earnings before the distribution of dividends,
or interest, to depositors amounted to $302 million in 1948. Dividends
paid to depositors in mutual savings banks are similar to interest paid on
time deposits in commercial banks; unlike the latter, however, dividends
are not considered a current expense, but instead are distributed at the
end of specified periods. Dividends amounted to a record $196 million in
1948. Most of the increase in dividends was due to the larger amount of
deposits, but part of it was due to a slight advance in the average rate
of dividends to 1.6 percent of deposits. Net operating earnings after the
distribution of dividends on deposits amounted to $106 million, moderately
above the previous year.
Losses and charge-offs exceeded recoveries and profits on assets by
$17 million in 1948, as compared with $12 million in 1947. This continued
the 1947 reversal of the experience of 1945 and 1946 when substantial
net recoveries and profits on assets were realized. The major factor in the
1948 experience was the sharp drop in recoveries and profits on securities,
which more than offset a substantial decline in losses and charge-offs on
them. Losses and charge-offs on loans increased from $4 million to $7
million, but were still a relatively small part of total losses and charge-offs.
Net profits after taxes of insured mutual savings banks totaled $85
million in 1948, 3 percent above 1947, but substantially below the levels
of 1945 and 1946. Retained profits amounted to 6.5 percent of average
surplus and capital accounts, boosting them to $1,334 million at the
end of 1948. This increase in surplus and capital accounts raised them
to 9.4 percent of total assets as compared with 9.3 percent at the end
of 1947.
PART THREE
SUBSTANDARD ASSETS OF INSURED COMMERCIAL BANKS
1934-1948
S u b s ta n d a r d A s s e t s o f In s u r e d C o m m e r c ia l B a n k s ,
1934-1948
The growth in substandard assets held by insured commercial banks
during 1947 and 1948 marked the reversal of a trend that had continued
since 1934. Assets classified as substandard were one-half greater in 1948
than at the low point in 1946. In 1948, substandard assets equaled
8 percent of the capital accounts of the banks, as evaluated by bank
examiners, compared with 6 percent in 1946. However, the amount and
proportion of assets classified in 1948 as substandard were much smaller
than in prewar years. In 1948, about one-half of 1 percent of all assets
of insured commercial banks were considered substandard. In 1939,
over 5 percent of the assets were rated substandard, and these sub
standard assets equalec| nearly one-half of the capital accounts of the
banks.1
Improvement in the quality of bank assets represents one of the most
significant changes that has occurred in the nation’s banking system
during the 15 years existence of the Federal Deposit Insurance Cor
poration. Three of the factors which have contributed to this record of
progress are the general uptrend of business during the period 1934 to
1948, a change in the composition of bank assets, and more effective
cooperation between the banks and the supervisory authorities.
The uptrend in business after 1934 enabled banks to recover an
appreciable part of assets previously regarded as worthless. Many
doubtful loans proved sound because of the growth in economic activity
and rise in prices. Improvement in the earning position of banks also
enabled banks to write off losses the recovery of which appeared im
probable. At the same time, the closing of weak and insolvent banks
served to raise the average quality of the assets of the remaining banks.
There has been a significant change in the composition of bank assets
since the beginning of deposit insurance, particularly with respect to
direct and indirect obligations of the United States Government. During
the five years preceding 1934 United States Government obligations,
cash in vault, deposits in Federal Reserve banks, and loans or securities
guaranteed by the Government comprised about 18 percent of the assets
of commercial banks. At the close of 1939 they comprised 46 percent,
and at the end of 1945 amounted to 69 percent of total assets. After
that date bank holdings of United States Government obligations
declined; but at the end of 1948 those obligations, together with cash
1 The term “ substandard” is used to describe loans or other assets which entail excessive risk, but
the repayment or sale of which is not so improbable as to require charging off the books. The classification
is made by the examiners of the Federal banking agencies: The Office of the Comptroller of the Currency
in the case of national banks; the Federal Reserve banks in the case of State banks members of the
Federal Reserve System; and the Federal Deposit Insurance Corporation in the case of other insured
banks. For details regarding the classification and evaluation of bank assets by examiners, see the annual
report of the Corporation for 1938, pages 61-78.
53
54
F E D E R A L DEPOSIT IN SU R AN C E C O RPORATION
in vault, deposits in Federal Reserve banks, and loans or securities
guaranteed by the Government, made up 58 percent of the assets of
commercial banks. This increase in low risk assets was an important
factor in the improvement in the average quality of bank assets during
the period. In addition, general adoption of the amortization principle
for repaj^ment of real estate loans and loans to business and farmers for
capital purposes, improved the average quality of other bank assets.
When the Federal Deposit Insurance Corporation was established,
bankers feared that deposit insurance would encourage unsound practices
and excessive risk-taking. These apprehensions, however, have proved
unwarranted. The mutual interest of the Corporation and of insured
banks in maintaining bank operations on a sound and therefore pro
fitable basis stimulated a high degree of fruitful cooperation. The limita
tion of the Corporation’s powers of examination and supervision made
cooperation with the other supervisory authorities, both State and na
tional, essential. Except through cooperative arrangements it would
have been impossible for the Corporation to keep currently informed on
the condition of each of its insured risks.
Change in substandard assets from 1939 to 1948. The amount of
substandard assets in all insured commercial banks was not tabulated
prior to 1939 in the same manner as for subsequent years. However,
available data indicate that the amount and proportion of substandard
assets before 1939 were appreciably greater than the amount held by
banks examined in that year. Amounts and percentages of assets classi
fied as substandard from 1939 to 1948 are given in Table 28.
Table 28.
A m o u n ts an d P e r c e n t a g e s o f T y p e s o f A ssets of
I n s u r e d C o m m e r c ia l B a n k s C l a s s if ie d a s S u b s t a n d a r d ,
E x a m i n a t io n s 1939 t o 1948
(Amounts in millions)
Substandard assets
Year
Substandard loans
Substandard
securities1
Amount2
Percentage
of total
assets
Amount
Percentage
of total
loans
Amount
Percentage
of total
other
securities
1948..
1947..
1946..
1945..
1944..
$ 788
696
526
619
825
0.53%
0.48
0.36
0.45
0.69
$ 533
422
(a)
263
359
1.35%
1.28
(*)
1.23
1.84
$ 211
231
(3^
259
302
2.51%
2.92
(*)
4.17
5.20
1943..
1942..
1941..
1940..
1939..
1,260
1,714
2,031
2,552
2,970
1.24
2.13
2.84
3.93
5.12
541
768
849
1,054
1,229
2.96
3.83
4.36
6.23
7.73
462
617
753
1,039
1,207
7.65
9.28
Substandard fixed and
miscellaneous assets
Amount
$
44
44
(*)
97
164
257
329
429
460
535
Percentage
of total
fixed and
miscel
laneous
assets
1.51%
1.67
(*)
4.07
7.02
11.45
15.13
19.10
22.60
24.55
1 Amounts and percentages both refer to securities other than U. S. Government obligations. Prior
to 1942 no segregation was made between U. S. Government obligations and other securities.
2 Components do not necessarily add to the total because of rounding.
* Data not available separately.
SU B STA N D A R D A SSETS
55
In 1939 the bank examiners classified as substandard $2,970 million
of assets, or 5.1 percent of the appraised value of total assets. After
1939 there was a steady decline until 1946, when substandard assets
amounted to $526 million, or 0.36 percent of the appraised value of
total assets. This decline was reversed in 1947, and a further increase in
substandard assets in 1948 raised the total to $788 million.
Total bank assets increased sharply during World War II. Most of
this growth in assets was in holdings of United States Government
obligations which, because of their distinctive character and high quality,
are not criticized. Between 1939 and 1946 the yearly average volume of
United States Government obligations held by insured commercial banks
advanced from $15 billion to $82 billion. The amount declined to $64
billion in 1948. These changes in the volume of United States Govern
ment obligations held by banks were a major factor affecting the ratio
of substandard assets to total assets during the period.
Examiners’ classification of other securities held by banks has revealed
a steady decline since 1939 in the proportion considered substandard.
The rising market after 1939 enabled banks to reduce their holdings of
substandard securities about one-half by 1942. In the latter year securities
classified as substandard amounted to $617 million, or 9.3 percent of the
appraised value of all securities other than United States Government
obligations. Substandard securities continued to decline steadily in
amount and percentage, and in 1948 amounted to $211 million, or 2.5
percent of the appraised value of securities other than United States
Government obligations.
Since loans constitute the bulk of bank assets subject to criticism,
the quality of the loan portfolio largely determines the quality of assets
as a whole. Therefore the course of substandard loans in general parallels
that of substandard assets. In 1939 loans classified as substandard
amounted to $1,229 million, or 7.7 percent of the appraised value of
loans. Thereafter substandard loans fell off steadily to a low of $263
million in 1945, while the volume of loans increased moderately.
During the postwar period the volume of bank loans has increased
sharply, from $26 billion at the end of 1945 to $42 billion at the end of
1948. This rapid rate of growth, however, has been exceeded by the rate
of increase in substandard loans. During 1945 examiners classified $263
million loans as substandard; more than twice that amount, or $533
million, were classified substandard in 1948. The proportion of sub
standard loans increased from 1.2 percent of the appraised value of
total loans in 1945 to 1.4 percent in 1948.
The period since 1939 has witnessed a steady decline in fixed and
miscellaneous assets classified as substandard. Almost one-fourth of the
56
F E D E R A L DEPOSIT IN SU R AN C E CORPORATION
appraised value of fixed and miscellaneous assets was classified sub
standard in 1939. Rising values during the war and postwar years,
however, erased most of this substandard classification. In 1947 and
1948 fixed and miscellaneous assets classified as substandard amounted
to $44 million, or 1.5 percent of their appraised value.
Substandard assets in 1948. Substandard assets of the 12,927
insured commercial banks examined in 1948 were appraised at $788
million.* The proportion of assets classified as substandard in the New
York and Atlanta districts was about twice as great as in the Madison
and San Francisco districts. The proportion of assets classified as sub
standard varied inversely with size of bank. The smallest banks—those
with deposits of $500,000 or less—had substandard assets amounting
to 1.6 percent of total assets; the proportion declined progressively with
increasing size of bank to 0.4 percent for the largest banks. One of the
factors affecting this distribution of substandard assets is the smaller
proportion of United States Government obligations held by the small
banks. Another factor is the variation in the type of loans that pre
dominate in banks doing different kinds of business.
Substandard loans in 1948. Since substandard loans constituted
about two-thirds of all substandard assets in 1948, they warrant particular
attention.
The increase from 1947 to 1948 in the proportion of loans classified
as substandard was general throughout the banking system, except in
banks with more than $50 million deposits, which had a slightly smaller
proportion than in 1947. The diffusive character of the increase in sub
standard loans is further indicated by the number of banks with given
proportions of loans classified as substandard in 1947 and 1948, shown
in Table 29. The number of banks with a relatively high proportion of
substandard loans increased in 1948, while the number of banks with
no substandard loans or with such loans amounting to less than 1 percent
of the appraised value of total loans declined.
In 1948 over one-third of the banks had no loans regarded by the
examiners as substandard. However, 513 banks had 10 percent or more
of total loans classified as substandard. Substandard loans averaged
4.3 percent of the appraised value of total loans in the smallest banks,
and 1.0 percent of total loans in the largest banks, as compared with an
average of 1.4 percent in all banks examined. Small banks predominate
in agricultural areas and typically serve relatively small businesses with
limited financial resources. They are therefore likely to have a higher
proportion of relatively high risk loans.
1
The number of insured commercial banks examined during the year was 96 percent of the number
operating at the end of the year. Tabulations of the examiners’ appraisal of the assets of these banks by
district and State are given in Table 111, page 104, and by size of bank in Table 110, page 102.
57
SU B STA N DA R D A SSETS
T a b le 2 9 .
A
c c o r d in g
to
D
i s t r i b u t io n
R a t io
of
of
I n s u r e d C o m m e r c ia l B a n k s
Substandard L oans
E x a m in a t io n s
in
1947
and
to
T
otal
L o an s,
1948
Number of banks
Percentage of banks1
Bank group
1948
1947
1948
1947
All banks exam ined........................................................
12,927
12,747
100.0%
100.0%
Banks with no loans classified substandard....................
4,451
4,751
34.4
37.3
less...............................................................
1.9% .................................................................
2 .9 % .................................................................
3 .9 % .................................................................
4 .9 % .................................................................
5.9% .................................................................
2,618
1,611
1,096
746
605
411
2,827
1,523
975
701
482
345
20.3
12.5
8.5
5.8
4.7
3.2
22.2
11.9
7.6
5.5
3.8
2.7
6.0% to 6.9 % .................................................................
7.0% to 7.9 % .................................................................
8.0% to 8.9 % .................................................................
9.0% to 9.9 % .................................................................
10.0% or more................................................................
322
239
182
133
513
263
219
157
107
397
2.5
1.8
1.4
1.0
4.0
2.1
1.7
1.2
0.8
3.1
Banks w ith ratio o f substandard loans to total
loans o f—
0.9%
1.0%
2.0%
3.0%
4.0%
5.0%
or
to
to
to
to
to
1 Percentages do not add to 100.0 percent because of rounding.
Provision for losses on loans. Banks which have provided for losses
on loans, either through building up valuation reserves out of current
earnings or strengthening their capital position, have less to fear than
other banks from an increase in substandard loans. The accumulation
of valuation reserves was greatly stimulated by a ruling of the Com
missioner of Internal Revenue on December 8, 1947, permitting banks
to set aside limited amounts of tax-free reserves for bad-debt losses on
loans. During 1948 transfers to reserve accounts against loans aggregated
$279 million, boosting valuation reserves against loans to $409 million.
Banks which have thus made more adequate provision for losses should
in the future be less hesitant to charge off bad-debts, thereby maintaining
their loan portfolio in a healthier condition.
»
At the end of 1948 valuation reserves against loans averaged 0.97
percent of total loans in all insured commercial banks, about the same
as average annual net charge-offs on loans in the period 1934 to 1941.
Unfortunately the distribution of valuation reserves does not necessarily
coincide with the probable need for them. The geographical disparity
between provision and need is roughly indicated in Chart J.
The amount of the capital accounts in relation to assets is also a factor
in the ability of the banks to withstand deterioration in the quality of
their assets. The geographical disparity in the ratio of total capital
accounts to assets other than cash and United States Government
obligations is shown in Chart F, page 40.
58
FE D E R A L DEPOSIT IN SU R AN C E CORPORATION
RATIOS OF SUBSTANDARD LOANS AND VALUATION RESERVES TO TOTAL LOANS
INSURED COMMERCIAL B A N K S -1948
RATIO OF SUBSTANDARD LOANS TO TOTAL LOANS
Examination* in 1948
RATIO OF VALUATION RESERVES TO TOTAL LOANS
December 31,1948
SU B STAN DARD ASSETS
59
Relation of substandard assets to adjusted capital accounts.
Substandard assets of insured commercial banks examined during 1948
amounted to 8.0 percent of the adjusted capital accounts of these banks,
as compared with 7.4 percent in 1947. The increase in 1947 and 1948
reversed the previous steady decline in the ratio from 48.2 percent in
1939 to a low point of 6.0 percent in 1946, as indicated in Chart K. The
decline in the ratio of substandard assets to adjusted capital accounts
during the period was due primarily to the decline in substandard assets,
notwithstanding an appreciable growth in capital accounts during the
period.
CHARTK
RATIO OF SUBSTANDARD ASSETS TO ADJUSTED
CAPITAL ACCOUNTS
Insured Commercial Banks Examined 1939 to 19 4 8
Ratios of substandard assets to capital accounts varied widely from
the national average of 8.0 percent in 1948. The ratio for each State is
shown in Chart L. The number of banks with given ratios of substandard
assets to capital accounts for the years 1946 to 1948 is given in Table 30.
Similar figures for 1948 for banks in each Federal Deposit Insurance
Corporation district, and for banks grouped by amount of deposits, are
presented in Table 31.
60
F E D E R A L D EPOSIT IN SU R AN C E C ORPORATION
CHARTL
RATIO OF SUBSTANDARD ASSETS TO ADJUSTED CAPITAL ACCOUNTS
INSURED COMMERCIAL BANKS -1948
The variation was striking among individual banks; 3,316 banks had
no assets classified as substandard, while 124 banks had substandard
assets in excess of their capital accounts. This represented a steady
decline since 1946 in the number of banks with no substandard assets
and a sharp increase in the number of banks with substandard assets
greater than their capital accounts.
T a b le 3 0 .
D is t r ib u t 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 A c c o r d in g t o
R a t io o f S u b s ta n d a r d A s s e ts t o A d ju s te d C a p it a l A c c o u n t s ,
E x a m in a t io n s 1946 t o
19 4 8
Number of banks
Percentage distribution1
Bank group
1948
1947
1946
1948
1947
1946
All banks exam ined.....................................
12,927
12,747
12,493
100.0%
100.0%
100.0%
Banks with no assets classified substandard.
3,316
3,556
3,741
25.7
27.9
29.9
5,391
3,668
428
124
5,667
3,140
304
80
5,753
2,726
228
45
41.7
28.4
3.3
1.0
44.5
24.6
2.4
0.6
46.0
21.8
1.8
0.4
Banks with ratio o f substandard assets
to adjusted capital accoun ts o f—
9.9% or less.................................................
10.0% to 49.9% ..........................................
50.0% to 99.9% ..........................................
100.0% or more...........................................
1 Percentages do not necessarily add to 100.0 percent because of rounding.
61
SU B STA N D A R D ASSETS
Table 31.
and
D
A mount
A ssets
i s t r i b u t io n
of
to
D
of
e p o s it s ,
I n s u r e d C o m m e r c ia l B a n k s
C l a s s i f i e d A c c o r d in g
to
by
R a t io
A d ju st ed C a p it a l A c c o u n t s, E x a m in a t io n s
Bank group
Total
Number
of banks
with no
assets
classified
sub
standard
F D IC D
of
i s t r ic t
Substandard
in
1948
Number of banks with ratio of substandard
assets to adjusted capital accounts of—
9.9%
or
less
10.0%
to
49.9%
50.0%
to
99.9%
100.0%
or
more
12,927
3,316
5,391
3,668
428
124
FDIC
1.
2.
3.
4.
District
Boston...............................
New York..........................
Columbus..........................
Richmond..........................
470
1,015
1,621
1,008
76
156
397
219
228
461
828
454
150
346
363
288
10
41
25
35
6
11
8
12
5.
6.
7.
8.
Atlanta...............................
St. Louis............................
Madison.............................
Chicago..............................
813
1,361
1,319
1,395
195
353
409
435
319
474
530
556
244
433
341
344
39
79
32
49
16
22
7
11
9.
10.
11.
12.
St. Paul.............................
Kansas City......................
Dallas.................................
San Francisco....................
1,045
1,381
1,018
481
284
357
313
122
427
507
395
212
299
463
273
124
26
45
31
16
9
9
6
7
Banks with deposits o f :
$500,000 or less........................
$500,000 to $1,000,000............
$1,000,000 to $2,000,000 . . .
$2,000,000 to $5,000,000........
516
1,802
3,180
4,174
150
542
917
1,067
154
566
1,159
1,800
168
592
959
1,138
34
80
113
130
10
22
32
39
$5,000,000 to $10,000,000___
$10,000,000 to $50,000,000. ..
$50,000,000 to $100,000,000. .
More than $100,000,000.........
1,708
1,233
140
174
345
242
28
25
829
693
79
111
474
269
33
35
45
24
15
5
2
1
All banks exam ined.................
Banks possessing substandard assets in excess of their capital accounts
are of particular concern to the Federal Deposit Insurance Corporation.
The 124 banks in this condition in 1948 were widely scattered geo
graphically; the St. Louis district had the most—22—but none of the
districts had fewer than 6 such banks. Over one-half of these 124 banks
had total deposits from $1 million to $5 million; one of them had deposits
greater than $50 million.
The outlook. It is too early to say what the weaknesses in business
conditions which became evident during 1948 portend for the quality
of bank assets. Loans made under favorable auspices mg,y become sub
standard in case of a widening business reaction. Banks which have
used their high earnings of the last few years to add substantially to
their valuation reserves and capital accounts have shown commendable
foresight. Prudence in lending policies and a well-balanced portfolio
continue to be the basis of sound banking.
PART FOUR
LEGISLATION AND REGULATIONS
F e d e r a l L e g is l a t io n
ADMINISTRATION OF THE FEDERAL CREDIT UNION ACT
[P u b l ic L a w 8 1 3 — 8 0 t h C o n g r e s s ]
[C h a p t e r
711— 2 d
[S. 2225]
Se s s io n ]
AN ACT
To transfer administration of the Federal Credit Union Act to the Federal Security
Agency.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That all functions, powers, and duties of the Farm Credit
Administration and of the Governor thereof under the Federal Credit Union Act,
as amended (U. S. C., title 12, secs. 1751-1772), together with the functions of the
Secretary of Agriculture with respect thereto, which were transferred to the Federal
Deposit Insurance Corporation by Reorganization Plan Numbered 1 of 1947, part
IV, section 401, are hereby transferred to the Federal Security Agency.
S e c . 2 . There is hereby established in the Federal Security Agency a Bureau of
Federal Credit Unions, which shall be under the supervision of a Director appointed
by the Federal Security Administrator. The Bureau of Federal Credit Unions and the
Director thereof shall be under the general direction and supervision of the Federal
Security Administrator. The functions, powers, and duties of the Farm Credit Ad
ministration under the Federal Credit Union Act, as amended, shall be exercised by
the Bureau of Federal Credit Unions. The functions, powers, and duties of the Governor
of the Farm Credit Administration under the Federal Credit Union Act, as amended,
shall be exercised by the Director of the Bureau of Federal Credit Unions.
S e c . 3 . There are hereby transferred to the Federal Security Agency, to be used in
the administration of the functions hereby transferred, (a) all property, including
office equipment, transferred to the Federal Deposit Insurance Corporation pursuant
to Executive Order 9148 of April 27, 1942, and in use on the effective date of this
Act; (b) all property, including office equipment, purchased by the Corporation for
use exclusively in connection with the administration of the Federal Credit Union
Act, as amended, the cost of which has been charged to such functions and which
is in use on the effective date of this Act; (c) all records and files pertaining exclusively
to the supervision of Federal Credit Unions; and (d) all personnel employed primarily
in the administration of the Federal Credit Union Act, as amended, on the effective
date of this Act.
S e c . 4. All funds allocated, specifically or otherwise, in the budget of the Federal
Deposit Insurance Corporation for the administration of the Federal Credit Union
Act, as amended, during the fiscal year ending June 30, 1949, which may be unex
pended on the effective date of this Act, shall be transferred by the Corporation to
the Federal Security Agency for use in the administration of the Federal Credit
Union Act, as amended. The Corporation shall be reimbursed for the funds so trans
ferred and shall also be reimbursed for all other funds expended by it prior to the
effective date of this Act in the administration of the Federal Credit Union Act, as
amended, in excess of fees from Federal credit unions received by the Corporation,
by deducting such amounts from the first moneys payable to the Secretary of the
Treasury on account of the retirement of the stock of the Federal Deposit Insurance
Corporation owned by the United States, and the Corporation shall have a charge
on such stock for such amounts.
65
66
F E D E R A L DEPOSIT IN SU R AN C E CORPORATION
Sec. 5. This Act shall become effective on the thirtieth day following the date of
enactment.
Approved June 29, 1948.
R e g u l a t io n s O f T h e C o r p o r a t io n
N o changes were made in the regulations of the Corporation in 1948.
The rules and regulations of the Corporation, as given in Chapter III of Title 12
of the Code of Federal Regulations, were reprinted in pamphlet form by the Cor
poration, August 15, 1948.
St a t e B a n k i n g L e g is l a t io n
The legislatures of ten States held regular sessions in 1948. Nine States held special
sessions of their legislatures and one (Missouri) continued its regular 1947 session
through 1948.
New Jersey completely revised its banking law by adopting a new bank code.
Mississippi established a banking board and provided for salary increases in the
banking department. Massachusetts, Mississippi, and New York adopted legislation
dealing with the expenses of bank examinations and Virginia amended its law to
remove the former qualifications prescribed for its banking department personnel.
Three States, Kentucky, Louisiana, and Michigan, adopted five-day week legis
lation. The Kentucky law is permissive but allows banks to close on any fixed week
day; no bank may adopt a five-day week unless the bank commissioner is satisfied
that the public interest still will be served adequately. The Michigan law is also
permissive, allowing banks to close on Saturdays throughout the year, at their option;
however, a bank must install a night depository before it may close on Saturdays.
Louisiana makes Saturday a legal holiday in Orleans parish and gives the governing
authorities in adjacent parishes the power to make Saturday a legal holiday there.
The Virginia Legislature passed a Statewide anti-branch banking law and increased
the time which a bank must be in business before it can merge with another bank.
Massachusetts adopted a law prohibiting the acquisition of a branch in another
county by merger.
These and other important subjects relating to banks which were dealt with by
State legislatures during 1948 are listed below.
SUPERVISORY AUTHORITY
Expenses of examining savings banks, co-operative banks, and trust companies
.................................................................................................Massachusetts (Ch. 527)
Provides for issuance of certificate or authority to incorporate and organize bank
.......................................................................................................Mississippi (Ch. 203)
Department of Banking and Insurance designated principal department in executive
branch of state government......................................................... New Jersey (Ch. 88)
Payment of expenses of banking department.................................. New York (Ch. 66)
Amends law relating to reports of condition......................... Rhode Island (Ch. 2133)
Permits banking facilities at Veterans Administration hospitals. .Virginia (Ch. 209)
Appointment of bank examiners............................................................Virginia (Ch. 84)
STATE B A N K IN G L E G ISLA TIO N
67
LOANS AND MORTGAGES
Amends law relating to financing charges of certain FHA loans by savings banks
and savings departments.................................................... Connecticut (S.B. 11-XX)
Provides that original mortgage shall secure renewals, extensions and limited additions
to original loan where mortgage so provides...............................Kentucky (Ch. 196)
Authorizes banking companies to make loans insured by the Federal Housing Ad
ministrator.............................................................................. Massachusetts (Ch. 101)
Further regulates investments by banking companies in loans secured by mortgages
on real estate.......................................................................... Massachusetts (Ch. 100)
Authorizes banking companies to make loans to veterans of World War II guaranteed
or insured by the Administrator of Veteran’s Affairs......... Massachusetts (Ch. 115)
Prohibits disaffirmance of transactions of infants in connection with loans guaranteed
under “ Servicemen’s Readjustment Act of 1944” ..................... New York (Ch. 122)
Amends law relative to recording discharges of mortgages.......... New York (Ch. 873)
INVESTMENTS
Permits savings banks to invest in obligations of Internationa] Bank for Reconstruction
and Development....................... Massachusetts (Ch. 361), Rhode Island (Ch. 2043)
Revises law relative to investment by savings banks in certain railroad obligations
................................................................................................. Massachusetts (Ch. 119)
Authorizes banks, trust companies, and savings banks to invest in obligations of
housing corporations indirectly guaranteed pursuant to the “ Servicemen’s Read
justment Act of 1944” ..... ........................................................... New York (Ch. 608)
Amends law relating to investment of trust funds................. South Carolina (Act 756)
MERGERS, CONSOLIDATIONS, LIQUIDATIONS
Requires the written approval of the commissioner of banks of mergers, consolidations
or purchase and sale of assets between banking companies or a banking company
and bank or trust company.................................................. Massachusetts (Ch. 281)
Requires discontinuance of offices of merged banking companies.............................
................................................................................................... Massachusetts (Ch. 37)
Provides for destruction of records of banks in liquidation and dissolution.............
...................................................................................................... New Jersey (Ch. 266)
Amends law relating to payment of interest on claims in involuntary liquidation
..........................................................................................................New York (Ch. 31)
Requires public convenience and necessity be served in merger of certain banks and
that they have been in actual operation for five years..............Virginia (Ch. 96)
DEPOSITORIES OF PUBLIC FUNDS
Amends law relating to designation by State treasurer of banks as depositories of
State funds..................................................................................... Kentucky (Ch. 115)
Provides for the designation and regulation of depositories of State funds.............
..................................................................................................Louisiana (Act No. 133)
Authorizes deposit of trust funds of municipalities in banking companies incorporated
inStates and which are members of Federal Deposit Insurance Corporation and
relieves officer making such deposit of liability for loss caused by closing of banking
company..................................................................................Massachusetts (Ch. 194)
Amends law relative to deposit by State treasurer of securities received from State
depositories................................................................................... Mississippi (Ch. 205)
Amends law relative to deposit by chancery clerk of securities deposited with
him by banks qualifying as county depositories....................... Mississippi (Ch. 463)
Allows unclaimed deposits of less than ten dollars to be paid to State without prior
advertising.............................................................................. Rhode Island (Ch. 2044)
68
F E D E R A L DEPOSIT IN SU R AN C E CORPORATION
TRUST FUNDS AND FIDUCIARIES
Amends law relating to transactions with or by fiduciaries..........New York (Ch. 866)
Provides for security from individual fiduciary where assets are deposited with bank
co-fiduciary.....................................................................................New York (Ch. 274)
Provides that receipt of custodian for minor designated by Administrator of Veteran’s
Affairs under “ World War Veterans Act, 1944” shall be valid discharge for pay
ment of deposit to such custodian...............................................New York (Ch. 737)
Personal representative not required to assert claim for joint bank account of de
cedent ................................................................................................... Virginia (Ch. 36)
Permits bank holding stock as fiduciary to hold it in name of nominee.....................
............................................................................................................ Virginia (Ch. 144)
BANK HOLIDAYS
Makes Saturday a legal holiday in Orleans parish and gives governing authorities of
certain other parishes option to declare Saturday a legal holiday.........................
..................................................................................................Louisiana (Act No. 445)
Provides for permissive closing of banks and trust companies on one day of the week
......................................................................................................... Kentucky (Ch. 150)
Provides for Saturday closings....................................................... Michigan (P. Act 33)
Provides that following Monday shall be legal holiday for any legal holiday falling
on Sunday..................................................................................... Mississippi (Ch. 365)
Makes December 26 a legal holiday.................. South Carolina (Governors Act— 694)
OTHER
Amends law relating to establishment of branch banks in certain parishes..............
................................................................................... Louisiana (House Bill No. 16-X)
Requires notice to the commissioner of banks of certain transfers to stock of banks
................................................................................................. Massachusetts (Ch. 285)
Requires approval of the commissioners of banks of certain pension or retirement
plans for employees of savings banks and co-operative banks.................................
................................................................................................. Massachusetts (Ch. 283)
Increases the maximum amount of demand deposits which may be received by certain
banking companies................................................................. Massachusetts (Ch. 150)
Authorizes savings banks to deposit funds in certain banking companies and increases
the amounts which may be deposited in trust companies and national banking
associations............................................................................... Massachusetts (Ch. 88)
Increases penalty for false pretenses and issuing bad checks.. Mississippi (Ch. 403)
Fixes the minimum amount of foreign bills of exchange which must be protested
....................................................................................................... Mississippi (Ch. 208)
Includes paid in surplus of certain banks in definition of earned surplus for purposes
of ad valorem taxation................................................................ Mississippi (Ch. 204)
Banking Code....................................................................................New Jersey (Ch. 67)
Requires bank department to publicize certain records of licensed check cashers
..........................................................................................................New York (Ch. 65)
Allows at least one day for banks to decide whether to pay check.........................
................................................................................................. Rhode Island (Ch. 2099)
Requires public convenience and necessity be served for certain banks to establish
branches and further amends branch banking law......................... Virginia (Ch. 96)
Restricts access to safe deposit boxes by lessee when bank receives notice of garnish
ment, etc............................................................................................. Virginia (Ch. 436)
PART FIVE
STATISTICS OF BANKS AND DEPOSIT INSURANCE
-I
o
N u m b e r , O f f ic e s , a n d
D e p o s it s
of
O p e r a t in g
B anks
Table 101. Changes in number and classification of operating banks and branches in the United
States and possessions during 1948
,
Grouped according to insurance status and class of bank and by State and type
Table 103. Number and deposits of operating banks, December 31, 1948
Banks grouped according to insurance status and by District and State
Institutions included are classified in three groups: commercial
and stock savings banks, nondeposit trust companies, and mutual
savings banks. However, in the case of insured banks the first two
of these groups are combined.
Nondeposit trust companies include institutions operating under
trust company charters which are not regularly engaged in deposit
banking but are engaged in fiduciary business other than that incidental
to real estate title or investment activities.
Mutual savings banks include all banks operating under State
banking codes applying to mutual savings banks.
CORPORATION
The tabulations for all banks and trust companies shown here and
in Tables 104-107 are prepared in accordance with an agreement
among the Federal bank supervisory agencies.
The data are tabulated from individual reports of assets and liabilities
of the banks included. This procedure permits exclusion or inclusion
of any particular institution on the basis of the principles adopted.
The data relate to banks operating in the United States and possessions.
INSURANCE
The line of demarcation between banks and other types of financial
institutions is not always clear. In these tables provision of deposit
facilities for the general public is the chief criterion. However, trust
companies engaged in general fiduciary business though not in deposit
banking are included. Uninvested trust funds of trust companies may
be insured by the Federal Deposit Insurance Corporation, and com
panies specializing in fiduciary activities are engaged in a type of
business the bulk of which is handled by banks of deposit. Credit
unions and savings and loan associations are excluded from the tabula
tions, except in the case of a few institutions accepting deposits under
the terms of special charters. A more detailed statement of institutions
included and excluded is given below.
DEPOSIT
of office
FEDERAL
Table 102. Number of operating banks and branches, December 31, 1948
Commercial and stock savings banks include the following
categories of banking institutions:
Incorporated State banks, trust companies, and bank and trust
companies, regularly engaged in the business of receiving deposits,
BANKS
In the possessions, branches of American banks engaged in a
general deposit business.
OPERATING
Branches of foreign banks which engage in a general deposit
business in the continental United States or in the possessions;
OF
Private banks under State supervision, and such other private
banks as are reported by reliable unofficial sources to be engaged
in deposit banking;
DEPOSITS
Special types of banks of deposit: cash depositories in South
Carolina; cooperative exchanges in Arkansas; savings and loan
companies operating under Superior Court charters in Georgia;
government operated banks in American Samoa, Guam, North
Dakota, and Puerto Rico; a cooperative bank, usually classified
as a credit union, operating under a special charter in New Hampshire;
two savings institutions, known as “ trust companies,” operating
under special charters in Texas; and the Savings Bank Trust Com
pany in New York.
AND
Industrial and Morris Plan banks which operate under general
banking codes, or are specifically authorized by law to accept deposits
and in practice do so, or the obligations of which are regarded as
deposits for deposit insurance;
OFFICES,
whether demand or time, except mutual savings banks;
Stock savings banks, including guaranty savings banks in New
Hampshire;
Banks which have suspended operations or have ceased to accept
new deposits and are proceeding to liquidate their assets and pay
off existing deposits, 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 laws applying to such institutions or under general
incorporation laws, regardless of whether such institutions are au
thorized to accept deposits from the public or from their members
and regardless of whether such institutions are called “ banks” (a few
institutions accepting deposits under powers granted in special
charters are included);
Morris Plan companies, industrial banks, loan and investment
companies, and similar institutions except those mentioned in the
description of institutions included.
Branches of foreign banks, and of private banks, which confine
their business to foreign exchange dealings and do not receive ‘‘de
posits” as that term is commonly understood;
Institutions chartered under banking or trust company laws, but
operating as investment or title insurance companies and not engaged
in deposit banking or fiduciary activities;
Federal Reserve banks and other banks, such as the Federal Home
Loan banks and the Savings and Loan Bank of the State of New
York, which operate as rediscount banks and do not accept deposits
except from financial institutions;
The postal savings system.
NUM BER,
National banks except those (only one at the present time) not
regularly engaged in deposit banking;
Institutions excluded. Institutions in the following categories are
excluded, though such institutions may perform many of the same
functions as banks:
Table 101.
C h a n g e s in N u m b e r a n d C l a s s if ic a t io n o f O p e r a t in g B a n k s a n d B r a n c h e s
in
th e
U n it e d S t a t e s a n d P o s s e s s io n s D u r in g
All banks
to
1948
Commercial banks and trust companies
Insured1
Total
In
Non
sured insured Total
Noninsured
Members F. R.
System
Total
Not
Non
mem Banks deposit Total
bers
of de
trust
F. R.
com
posit
National State System
panies
In
Non
sured2 insured
-14
+ 15
-29
-13
Banks beginning operations................................................
New banks...............................................................................
Other additions to operating banks3.....................................
80
78
2
62
61
1
18
17
1
80
78
2
61
1
Banks ceasing operations.....................................................
Suspended banks not reopened or succeeded......................
Merged with financial aid of FDIC— net decrease4............
Mergers and absorptions (without FDIC aid)— net
decrease............................................................................
Other liquidations...................................................................
Institutions excluded6.............................................................
94
80
14
93
79
2
2
2
2
77
13
2
70
8
7
5
2
76
13
2
69
8
+33
+6
+26
+ 1
-33
-6
-26
-1
Noninsured banks becoming insured...............................
Successions to noninsured banks...........................................
Admission to insurance, operating banks6...........................
Admission to F. R . System...................................................
13,419
13,403
4,991
5,005
1,924
1,915
6,504
6,483
735
763
67
68
532
533
193
194
+ 16
-14
+9
+21
-28
-1
-1
-1
14
14
6
6
42
41
1
17
16
1
1
1
30
17
32
11
3
1
1
15
24
8
5
4
2
2
1
1
1
+ 1
+32
+6
+26
-33
-6
-26
-1
-21
-2
+2
-25
+4
-1
+ 1
Changes not involving number in any class:
Successions (including 1 with FDIC aid )............................
Changes in title, location or name of location....................
Changes in corporate powers.................................................
-1
+1
4
3
1
3
1
2
30
+33
+6
+26
+ 1
Other changes in classification among banks................
National banks succeeding State banks...............................
State banks succeeding national banks................................
Admissions to F. R . System.................................................
Withdrawals from F. R . System..........................................
Bank reclassified......................................................................
+ 1
+2
+4
-2
+ 19
-2
+25
-4
7
103
7
3
97
7
4
6
7
100
7
3
96
7
339
339
2
17
9
1
70
7
C ORPORATION
Net change during year.............................................................
1,141 14,221
1,170 14,234
INSURANCE
13,612
13,597
DEPOSIT
BANKS
Number of banks, December 31, 1948....................................... 14,753
Number of banks, December 31, 1947....................................... 14,767
FEDERAL
Type of change
Mutual savings banks
2
BRANCHES
N um ber o f branches, D ecem ber 31, 1948.
N um ber of branches, D ecem ber 31, 1947.
Net change d uring year.
198
188
4,431
4,237
4,283
4,096
1,965
1,870
1,232
1,181
1,086
1,045
147
141
1
182
171
132
124
50
47
+10
+ 194
+ 187
+ 95
+ 51
+41
+6
+ 1
+ 11
+8
+3
14
214
203
1
56
1
144
1
100
1
31
1
67
55
48
10
1
11
8
3
19
6
3
36
41
1
4
3
1
11
8
3
20
1
19
8
1
7
6
6
6
6
+4
+4
+3
+2
-1
+4
-3
-2
6
6
714
704
325
318
389
386
+3
+205
+ 195
Branches opened for bu sin ess.........................
Facility provided as agent of the government.
Absorbed banks converted into branches........
Branch replacing office relocated......................
Other branches opened.......................................
Branches not previously included.....................
225
160
4
211
1
56
1
152
1
Branches d isco n tin u e d ......................................
Facility provided as agent of the government.
Other branches discontinued.............................
20
20
20
19
19
19
1
1
59
1
149
4
1
1
+4
+4
-4
+3
+2
10
7
52
11
2
2
17
17,702
17,499
6,956
6,875
3,156
3,096
7,590
7,528
882
904
ALL BANKING OFFICES
N um ber o f offices, Decem ber 31, 1948.
N um ber o f offices, Decem ber 31, 1947.
Net change during year.
19,366
19,175
18,027
17,817
1,339 18,652
1,358 18,471
68
68
-19
+ 181
+ 203
+ 81
+ 60
+62
-22
+ 10
+7
273
62
211
32
18
14
294
80
214
265
62
203
114
14
100
61
6
55
90
42
48
27
17
10
2
1
1
11
8
3
11
8
3
Offices c lo se d .
Banks...........
Branches.. . .
114
94
100
80
20
14
14
113
93
99
79
20
38
30
8
23
17
6
38
32
6
11
11
3
3
1
1
1
1
+37
+33
+4
+5
+2
+3
+ 22
+ 20
+2
+ 10
+ 11
-1
-38
-34
-4
+ 1
+ 1
Changes in classification.
Among banks....................
Among branches..............
20
+ 37
+33
+4
20
1 Includes 7 trust companies not engaged in deposit banking on December 31, 1948, and December 31, 1947.
2 Includes & mutual savings banks members of the Federal Reserve System, for December 31, 1948, and December 31, 1947.
* Includes in insured banks not members of the Federal Reserve System 1 Morris Plan Bank in Massachusetts previously operating as an industrial company and in nonin
sured banks of deposit 1 government owned bank in Puerto Rico not previously included.
* In addition, 1 national bank was succeeded by another national bank with financial aid of FDIC.
6 Institutions previously included which operate under trust company charters but do not engage in deposit banking nor in the fiduciary business.
* Operating at beginning of year.
BANKS
+210
305
80
225
OPERATING
+ 191
Offices o p e n e d .
Banks.............
Branches........
OF
19
2
80
DEPOSITS
Changes n o t involving nu m ber in any class:
Branches transferred as result of absorption___
Changes in powers................................................
Changes in title, location, or name of location..
-4
-4
AND
O ther changes in classification am on g bran ch es..........
Branch of noninsured bank admitted to insurance............
Branches transferred as result of absorptions or successions
Admissions to F. R . System.................................................
1
1
59
OFFICES,
4,415
4,220
NUMBER,
4,613
4,408
CO
Table 102.
N u m b e r o f O p e r a tin g B a n k s an d B r a n c h e s , D e c e m b e r
31, 1948
- I
GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE AND TYPE OF OFFICE
Commercial and stock savings banks
and nondeposit trust companies
All banks
Total
National State
Possessions................................. .
All banks...................................
Unit banks.............................
Banks operating branches. . . .
Branches...................................
1,339
1,141
18,652
14,221
17,702
13,419
6.956
4.991
3.156
1.924
7,590
6,504
882
735
4,613
4,415
198
4,431
4,283
1.965
1.232
19,234
14,703
18,019
13,606
1,215
1,097
18,520
14,171
17,694
13,413
6.956
4.991
4,531
4,413
118
4,349
4,281
1.965
132
50
8
6
124
44
132
50
8
11
2
82
2
221
217
U
247
224
221
91
69
23
23
23
22
11
54
56
10
11
45
44
45
249
230
238
219
249
230
13,1+35 12,1+11+ 1,021 13,005 12,283
1,268 1,192
76 1,166 1,130
39
11
U
82
35
9
80
39
1,086
147
102
132
3.156
1.924
7,582
6,498
763
714
532
325
193
1.232
1,084
696
661
35
8
119
39
6
U
325
193
131
62
693 1.720 5,870
298
628
201+
6
714
532
691
u
U
67
30
9
80
1+30
182
1+30
102
182
131
62
132
389
339
93.1
92.3
94.9
94.4
50
95.7
96.7
389
339
93.7
92.5
95.5
94.7
45.5
36.3
97.4
98.4
72.5
6.1
6.1
12.0
299
uo
299
uo
50
92.2 9U.2
93.U 96.2
92.U 9U4
9U.0 96.9
12.0
10.3
18.2
10.3
18.2
98.8
98.7
98.8
98.7
100.0
100.0
100.0
2.4
2.4
State
A la b a m a ......................................
All banks...................................
Unit banks.............................
Banks operating branches
Branches...................................
247
224
A rizon a........................................
All banks...................................
Unit banks.............................
Banks operating branches
Branches...................................
56
A rkansas.....................................
All banks...................................
Unit banks.............................
Banks operating branches
Branches...................................
220
U
23
U
7
213
17
19
244
u
6
202
17
19
220
h
244
217
h
19
3
132
132
132
98.6
100.0
35
3
1
h
7
213
17
66
2
32
238
219
52
51
50
1
1
170
152
136
16
18
96.4
90.9
96.4
90.9
100.0
100.0
97.8
97.8
95.6
95.2
95.6
95.2
100.0
100.0
100.0
85.7
11
10
10
10
98.6
9U.8
85.7
9U.8
100.0
45.5
36.3
30.5
60.8
72.5
30.5
60.8
CORPORATION
18,027
13,612
Com Mutual
In
Non
AU
sured2 insured banks mercial savings
banks banks
INSURANCE
United S tates.............................
All banks...................................
Unit banks.............................
Banks operating branches
Branches.....................................
19,366
14,753
13,1+71* 12,1+18 1,056 13,01+1+ 12,287 If,693 1.720 5,871+
1,279 1,191+
85 1,177 1,132 298
201+
630
Total
DEPOSIT
United States and possessions
All banks.....................................
Unit banks..............................
Banks operating branches. . . .
Branches.....................................
Not
Non
mem Banks deposit
of de
trust
bers
F. R.
posit
com
System
panies
FEDERAL
Non
insured Total
Total
Members F. R.
System
Insured banks
as percentages of-
Noninsured
Insured1
State and type of bank or office
Mutual savings banks
13
191
152
39
916
1,120
1,107
12
11
1
1
203
163
829
191
152
39
916
94
81
13
735
147
139
8
146
145
138
137
1
1
8
8
1,120
203
162
40
917
C olora d o ................................
All banks.............................
Unit banks.......................
Banks operating branches
Branches..............................
1
1
40
917
15
15
15
142
114
98
87
It
16
39
32
7
14
52
1
17
16
1
10
1
1
13
31
1
38
31
7
14
13
13
21
17
4
10
1
1
58
58
19
5
14
39
19
5
14
39
31
9
2
7
22
192
188
63
189
186
3
3
185
182
3
3
61
59
2
2
27
Delaw are................................
All banks.............................
Unit banks.......................
Banks operating branches
Branches.............................
56
52
4
15
38
31
7
14
3
2
1
1
53
58
58
F lorid a....................................
All banks.............................
Unit banks.......................
Banks operating branches
Branches.............................
39
192
188
4
185
182
3
3
4
4
n
189
186
3
3
6
3
1
347
394
381
78
425
347
318
307
11
29
76
74
2
2
71
394
381
13
31
318
307
11
29
50
44
6
21
Id a h o ......................................
All banks.............................
Unit banks.......................
Banks operating branches
Branches.............................
95
94
1
95
47
40
7
48
46
39
7
48
1
1
94
59
47
40
7
48
46
39
7
48
15
10
5
44
Illin o is ...................................
All banks.............................
Unit banks.......................
Banks operating branches
Branches..............................
890
873
17
890
887
884
3
3
870
867
3
3
873
17
17
384
123
887
884
3
3
870
867
3
3
381
378
3
3
123
123
IS
31
20
15
13
13
12
11
1
1
73
3
70
80.3
3
3
69
68
1
1
54.4
72
71
1
1
53.7
514
84.5
83.7
91.7
61.5
3
3
92.9
98.1
2
1
1
1
2
1
1
1
92.7
93.9
87.5
93.3
97.4
96.9
84.6
59.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
113
2
112
111
1
1
2
2
256
78
253
250
3
3
76
74
2
2
98.9
98.9
97.9
97.5
100.0
100.0
97.9
97.5
2
2
2
97.9
97.9
97.9
97.8
100.0
100.0
97.9
97.8
100.0
100.0
81.6
81.6
80.7
80.6
80.7
80.6
93.5
93.5
84.6
22
1
19
18
1
3
1
1
366
12
366
366
5
12
12
5
5
84.6
100.0
100.0
98.1
98.1
98.1
98.1
98.1
98.1
100.0
100.0
100.0
100.0
4.1
4.2
4.2
BANKS
425
94.6
94.5
94.5
100.0
100.0
100.0
3
G eorg ia ..................................
All banks.............................
Unit banks.......................
Banks operating branches
Branches.............................
94.6
94.5
9k. 5
100.0
100.0
OPERATING
27
32
29
3
3
98.8
94.1
93.3
97.5
99.9
OF
35
116
104
12
26
8
98.8
94.1
93.3
97.5
99.9
DEPOSITS
61
51
45
6
10
87
85
2
11
19
5
n
39
9
9
9
8
8
98
19
5
4
3
2
1
1
46
46
46
117
District o f C o lu m b ia .........
All banks.............................
Unit banks.......................
Banks operating branches
Branches.............................
76
59
17
43
AND
78
77
76
1
1
119
OFFICES,
139
101
90
11
16
8
9
138
138
137
1
1
188
175
SS
12
147
215
41
21
146
1^5
1
1
C on n ecticu t..........................
All banks.............................
Unit banks...................
Banks operating branches
Branches.............................
12
159
NUMBER,
1,107
C aliforn ia..............................
All banks.............................
Unit banks.......................
Banks operating branches
Branches.............................
....
^
Table 102.
31, 1948— Continued
N u m b e r o f O p e r a tin g B a n k s a n d B r a n c h e s , D e c e m b e r
GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE AND TYPE OF OFFICE
Commercial and stock savings banks
and nondeposit trust companies
All banks
A ll h a n k a
TT'n'it 7inrtlffi
A ll K q h Itq
1*0
Z*o
'Mn
po
M d in c
................................................... ..
A ll h a n lr c i
....................... .. ...................
U n i t batiks
• . .............
X y T r a n ' n p m n nTMtl^hPSl
572
476
1*23
53
96
16
15
1U
1
1
584
487
U83
5b
97
569
473
U20
58
96
150
125
nu
11
25
128
112
109
3
16
291
236
197
39
55
12
11
10
1
1
828
666
BU7
119
162
763
606
K91
115
157
65
60
56
h
5
828
666
5U7
119
162
763
606
b91
115
157
98
98
98
67
67
67
598
441
826
115
157
65
60
56
u
5
609
609
609
455
455
U55
154
154
15U
609
609
609
455
455
U55
174
174
17k
41
41
U
240
240
2U0
154
154
15 k
425
386
S66
20
39
399
360
81*0
20
39
26
26
26
425
386
866
20
39
399
360
suo
20
39
109
92
90
2
17
28
20
15
5
8
262
248
285
13
14
23
23
23
226
161
125
86
65
225
160
12h
86
65
1
1
1
226
161
125
86
65
225
160
12U
36
65
66
34
26
8
32
16
12
8
u
4
143
114
90
2U
29
1
1
1
168
96
70
26
72
121
60
42
18
61
47
36
28
8
11
134
64
uo
2h
70
115
54
36
18
61
41
33
28
5
8
34
5
1
k
29
40
16
7
9
24
19
10
u
6
9
3
3
3
4
4
U
3
3
3
1
1
1
‘
3
3
8
t
34
32
30
2
2
6
6
6
28
26
2U
2
2
97.3
96.9
96.8
98.1
99.0
97.4
97.1
97.0
98.1
99.0
92.1
91.0
90.0
96.6
96.9
92.1
91.0
90.0
96.6
96.9
74.7
74.7
7U.7
74.7
74.7
7k.7
93.9
93.3
92.9
100.0
100.0
93.9
93.3
92.9
100.0
100.0
99.6
99.4
99.2
100.0
100.0
99.6
99.4
99.2
100.0
100.0
72.0
62.5
60.0
69.2
84.7
85.8
84.4
90.0
75.0
87.1
75.0
75.0
75.0
CORPORATION
XTA n t n r l f V
588
491
US7
5U
97
Com Mutual
All
Non
In
mercial savings
sured2 insured banks banks banks
INSURANCE
If a t i c o f i
Non
Not
mem Banks deposit Total
trust
of
de
bers
Total
com
posit
F. R.
National State System
panies
DEPOSIT
i__
Total
Non
insured
Members F. R.
System
FEDERAL
A ll
Total Insured
Insured banks
as percentages of—
Noninsured
Insured1
State and type of bank or office
Mutual savings banks
17.6
18.8
20.0
297
172
285
163
186
27
12
205
163
161
40
29
26
663
447
61
216
623
418
860
58
205
11
Minnesota...............................
All banks...............................
Unit banks.........................
Banks operating branches.
Branches...............................
688
682
680
664
658
656
24
24
M ississippi..............................
All banks...............................
Unit banks.........................
Banks operating branches.
Branches................................
263
205
172
Missouri...................................
All banks............................. .
Unit banks.........................
Banks operating branches.
Branches...............................
599
599
599
Michigan.................................
All banks...............................
Unit banks.........................
Banks operating branches.
Branches...............................
663
447
Montana..................................
All banks...............................
Unit banks.........................
Banks operating branches.
Branches...............................
886
2
6
83
58
112
112
112
U8
161
2
8
2U
88
48
33
28
230
190
159
31
40
61
216
623
418
860
58
205
154
78
67
241
151
187
228
189
156
94.0
93.5
93.3
95.1
94.9
687
681
679
663
657
655
184
178
176
451
451
U51
2
2
96.5
96.5
96.5
100.0
100.0
886
11
76
U
90
28
28
6
6
27
25
58
570
570
570
599
599
599
570
570
570
79
79
79
101
112
112
112
112
112
15
33
390
390
390
95.2
95.2
95.2
95.2
95.2 .
95.2 .
100.0
100.0
100.0
100.0
100.0
100.0
86.8
86.8
86.8
100.0
100.0
86.8
86.8 .
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
101
28
28
418
416
363
361
359
128
126
18
18
18
217
217
12U
Nevada......................................
All banks...............................
Unit banks.........................
Banks operating branches.
Branches................................
26
26
8
8
5
18
3
5
18
2
26
8
8
5
18
100.0
.
,
101
2
45
45
h5
2
100.0
100.0
98.5
98.0 ,
97.7 ,
100.0 .
100.0 .
39
39
89
2
2
16.7
33.8
87.5
98.5
98.0
97.7
100.0
100.0
112
hU
22.2
224
169
138
31
55
2U
1
112
112
96.5
- 96.5
96.5
100.0
100.0
64.0
28
217
.
.
.
.
.
.
BANKS
363
361
359
94.0
93.5 .
93.3 ,
95.1
94.9 .
10
10
259
201
168
83
58
112
97.2
95.7 .
95.0 .
98.0
98.8 .
17
61
U8
99
263
205
172
83
58
83
58.7
47.6
U .3
60.0
79.3
85
6
259
201
168
230
190
159
81
40
98.9
98.8
99.3
96.3
99.1
21
49
2
16
8
96.0
94.8
95.8
90.0
97.6
27
418
416
8
35
lh
6
120
Nebraska..................................
All banks...............................
Unit banks.........................
Banks operating branches.
Branches...............................
m
2
25
9
OPERATING
341
180
182
341
180
132
3
119
84
70
OF
351
188
189
581
378
298
80
203
122
8
71
16
9
7
55
DEPOSITS
240
198
166
82
42
Massachusetts.......................
All banks...............................
Unit banks.........................
Banks operating branches.
Branches................................
125
6
AND
79
61
56
5
18
9
OFFICES,
269
161
185
26
108
U2
80
NUMBER,
272
163
186
27
109
Maryland.................................
All banks...............................
Unit banks.........................
Bank* operating branches.
Branches...............................
•<!
T able 102.
N u m b e r o f O p e r a t i n g B a n k s a n d B r a n c h e s , D e c e m b e r 31, 1948— Continued
00
g r o u p e d a c c o r d in g t o in s u r a n c e s ta tu s an d c la s s o f b a n k , an d b y s t a t e an d ty p e o f o f f i c e
Commercial and stock savings banks
and nondeposit trust companies
All banks
58
57
56
Total
Noninsured
77
75
73
2
Total
Non
Not
mem Banks deposit
trust
of de
bers
posit
com
F. R .
National State System
panies
58
57
56
52
51
50
1
1
509
361
805
56
148
505
357
801
56
148
478
337
285
52
141
474
333
281
52
141
211
New M ex ico..........................................
All banks............................................
Unit banks......................................
Banks operating branches..............
Branches.............................................
60
49
60
49
60
49
9
9
9
11
11
11
11
2
New Y o r k ..............................................
All banks............................................
Unit banks......................................
Banks operating branches..............
Branches.............................................
1,595
779
622
157
816
1,585
772
617
155
813
1,382
648
1,372
641
537
589
386
106
734
10k
657
181
183
731
203
476
North C arolin a....................................
All banks.............................................
Unit banks......................................
Banks operating branches...............
Branches.............................................
408
227
171
56
181
404
225
170
55
179
408
227
171
56
181
404
225
170
55
179
65
46
38
24
N orth D akota.......................................
All banks.......................................
Unit banks.......................................
Banks operating branches..............
Branches.............................................
175
151
167
145
180
15
18k
175
151
167
145
130
15
22
41
41
18k
ho
17
24
ko
22
ho
5U2
17
24
75.3
76.0
76.7
50.0
50.0
99.2
98.9
98.7
99.2
98.8
98.6
155
75
51
62
47
39
80
15
100.0
100.0
100.0
46
60
49
26
24
10
24
15
100.0
100.0
100.0
100.0
9
2
100.0
100.0
100.0
100.0
100.0
99.4
99.1
99.2
98.7
99.6
99.3
98.9
99.1
98.1
99.6
99.0
99.1
99.k
98.2
98.9
99.0
99.1
99.k
98.2
98.9
95.4
96.0
97.0
95.4
96.0
97.0
ko
257
191
20
22
Skk
k2
8
19
kl
2k
10
10
k8
8
8
7
9
126
74
60
lk
52
8
315
171
128
16
144
k
k
1
1
1
kS
125
103
88
15
22
213
131
80
51
82
213
131
80
51
82
88.2
91.7
100.0
100.0
100.0
100.0
100.0
100.0
100.0
88.2
91.7
100.0
100.0
100.0
100.0
100.0
CORPORATION
New Jersey...........................................
All banks.............................................
Unit banks......................................
Banks operating branches..............
Branches.............................................
51.8
52.3
52.8
38.3
33.3
INSURANCE
1
1
2
Com Mutual
All
In
mercial savings
Nonsured2 insured banks banks banks
1
1
3
8
Total
DEPOSIT
112
109
106
Insured
Members F. R.
System
FEDERAL
New H am p shire..................................
All banks.............................................
Unit banks......................................
Banks operating branches..............
Branches.............................................
Total
Insured banks
as percentages of—
Noninsured
Insured1
State and type of bank or office
Mutual savings banks
O h io ........................................
All banks.............................
Unit banks.........................
Banks operating branches
873
669
625
2
2
2
88
158
70
61
9
88
1,174
991
926
65
183
1,153
974
912
62
179
82
29
15
O klah om a..............................
All banks.............................
387
386
385
Unit banks.........................
Banks operating branches
Branches.............................
O reg on...................................
All banks.............................
Unit banks.........................
Batiks operating branches
Branches.............................
P enn sylvania........................
All banks.............................
Unit banks.........................
Banks operating branches
Branches.............................
R hod e Islan d........................
All banks.............................
Unit banks.........................
Banks operating branches
Branches.............................
Unit banks.........................
Banks operating branches
South D a k o ta ......................
All banks.............................
Unit banks.........................
Banks operating branches
Branches.............................
Unit banks.........................
Banks operating branches
Branches.............................
T exas.......................................
All banks.............................
Unit banks.........................
Banks operating branches
Branches.............................
53
186
149
137
12
37
218
170
387
386
385
1
1
376
375
37U
1
1
201
200
199
1
1
25
25
25
150
150
150
159
71
62
9
88
157
69
60
9
88
103
22
20
2
81
10
21
17
U
3
4
1,150
984
923
61
166
1,129
967
909
58
162
737
637
606
31
100
152
112
99
13
40
240
218
52
14
7
7
38
30
15
8
7
15
70
20
8
12
50
52
14
7
7
38
19
9
6
3
10
22
11
166
129
117
12
37
20
20
20
186
149
137
12
37
166
129
117
12
37
49
24
21
3
25
10
218
170
1U
26
48
218
170
1U
26
48
55
35
31
1
20
27
27
27
136
108
100.0
86
22
100.0
100.0
100.0
100.0
100.0
377
295
266
29
82
369
287
258
29
82
113
71
60
11
42
22
10
5
5
5
97.9
97.9
97.3
97.0
12
234
206
189
17
28
901
898
893
5
3
842
839
83k
5
3
440
437
U32
5
3
130
130
130
272
272
272
59
59
59
m
26
48
218
170
1U
26
48
377
295
266
29
82
369
287
258
29
82
8
8
8
901
898
893
842
839
83U
5
3
59
59
59
5
3
'
211
17
27
1
1
20U
U
22
3
1
20
8
6
2
2
107
97
90
7
3
3
3
9
9
9
1
98.5
98.1
97.9
100.0
2
2
2
1
1
1
19
15
12
3
4
2
2
2
17
5
1
1
1
5
12
20
20
20
97.2
97.2
97.1
100.0
100.0
1
1
1
24
7
3
U
17
12
9
7
2
3
1
1
1
98.8
97.2
96.8
100.0
24
7
3
U
17
12
9
7
2
3
97.2
97.2
97.1
100.0
100.0
98.8
97.2
96.8
98.2
98.3
98.5
95.1
97.6
63.4
74.3
70.0
87.5
58.5
76.0
100.0
100.0
3
3
3
100.0
98.2
98.3
98.5
954
97.8
48.3
U6.7
50.0
71.7
97.3
97.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
10
98.5
98.0
97.9
100.0
89.2
86.6
854
100.0
28
9
3
3
3
100.0
1
1
1
12
11
2
13
13
13
89.2
86.6
85.k
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
93.5
93.5
93.4
93.4
93.4
93.U
100.0
100.0
100.0
100.0
BANKS
T en n essee..............................
All banks.............................
lh
255
228
OPERATING
Branches.............................
160
72
63
9
306
184
169
15
122
OF
South C arolin a....................
All banks.............................
1
1
296
241
229
12
55
DEPOSITS
11
11
11
204
857
653
609
U
204
AND
376
375
37U
1
1
UU
Branches.............................
870
666
622
U
204
OFFICES,
13
13
13
NUMBER,
860
656
612
U
204
CO
Table 102.
N u m b e r o f O p e r a t in g B a n k s a n d B r a n c h e s , D e c e m b e r
31, 1948— Continued
GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE AND TYPE OF OFFICE
Commercial and stock savings banks
and nondeposit trust companies
All banks
Insured
Non
insured
Members F. R .
System
Total
Total
National State
25
20
18
2
5
26
24
22
2
2
8J
70
62
8
11
80
69
61
8
11
41
39
37
2
2
1
1
1
38
29
23
6
9
410
314
26h
50
96
410
314
261,
50
96
166
131
113
18
35
85
72
65
7
13
159
111
88
25
48
3
3
8
246
122
111
11
124
243
119
108
11
124
150
37
SO
7
113
20
16
15
1
4
73
66
63
3
7
3
g
8
177
177
177
4
4
U
181
181
181
177
177
177
76
76
76
33
33
33
68
68
68
4
4
h
694
545
U56
89
149
11
10
9
1
1
701
551
U61
90
150
* —-S'
V
•
691
542
U58
89
149
110
95
91
u
3.5
75
69
65
u
6
506
378
297
81
128
7
6
5
1
1
Banks operating branches................
Branches ...............................................
V e rm on t....................................................
All banks.................................................
Unit banks..........................................
Banks operating branches................
Branches
..
..............................
97
77
68
9
20
96
76
67
9
20
Virginia ....................................................
All banks .............................................
Unit banks..........................................
Banks operating branches................
Branches
...........................................
410
314
26k
50
96
410
314
26U
50
96
W ash in gto n .............................................
All banks
. ...................................
..................................
Unit banks
Banks operating branches................
Branches
...........................................
251
124
112
12
127
248
121
109
12
127
W est V irgin ia.........................................
All banks.................................................
Unit banks..........................................
Banks operating branches................
Branches.................................................
181
181
181
W isconsin.................................................
All banks.................................................
Unit banks..........................................
Banks operating branches................
Branches.................................................
705
555
1*65
90
150
1
1
1
1
1
1
16
7
6
1
9
5
2
1
1
3
3
3
3
4
4
U
16
7
6
1
9
5
2
1
1
3
3
8
1
1
1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
99.0
98.7
98.5
100.0
100.0
98.8
98.6
98.U
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
98.8
97.6
97.3
100.0
100.0
98.8
97.5
97.3
100.0
100.0
97.8
97.8
97.8
97.8
97.8
97.8
98.4
98.2
98.1
98.9
99.3
98.6
98.4
98.3
98.9
99.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
75.0
75.0
75.0
CORPORATION
26
11
9
2
15
Com Mutual
In
Non
All
mercial savings
sured2 insured banks banks banks
INSURANCE
77
55
h9
6
22
77
55
U9
6
22
....................................................
Total
DEPOSIT
77
55
U9
6
22
77
55
U9
6
22
U tah
Non
Not
mem Banks deposit
of de
trust
bers
posit
com
F. R.
System
panies
FEDERAL
Total
Insured banks
as percentages of—■
N oninsured
Insured1
State and type of bank or office
Mutual savings banks
W yom in g ...............................................
All banks.............................................
Unit banks.......................................
Banks operating branches..............
Branches.............................................
55
55
55
55
55
55
Alaska3...................................................
All banks.............................................
Unit banks.......................................
Banks operating branches..............
Branches.............................................
21
19
17
2
2
5
4
3
1
1
Am erican S a m o a ................................
All banks.............................................
Unit banks.......................................
Banks operating branches...............
Branches.............................................
55
55
55
55
55
55
16
15
14
1
1
21
19
17
2
2
5
4
3
1
1
1
1
1
1
1
1
1
1
1
1
1
1
G u a m .....................................................
All banks.............................................
Unit bomks.......................................
Banks operating branches..............
Branches.............................................
1
1
1
1
1
1
1
1
1
1
1
1
Hawaii4..................................................
All banks.............................................
Unit banks.......................................
Banks operating branches..............
Branches.............................................
53
9
7
53
9
7
2
44
26
26
26
15
15
15
14
14
14
100.0
100.0
100.0
100.0
100.0
100.0
23.8
21.1
17.6
50.0
50.0
23.8
21.1
17.6
50.0
50.0
1.9
11.1
14.3
1.9
11.1
14.3
66.7
50.0
66.7
50.0
100.0
100.0
100.0
100.0
Possessions
16
15
14
1
1
Puerto R ic o ..........................................
All banks.............................................
Unit banks.......................................
Banks operating branches..............
Branches.............................................
49
14
8
6
35
49
14
8
6
35
49
14
8
6
35
49
14
8
6
35
Virgin Islands5.....................................
All banks.............................................
Unit banks.......................................
Banks operating branches...............
Branches.............................................
3
2
1
1
1
1
1
1
3
2
1
1
1
2
1
1
1
2
1
2
1
1
1
1
1
1
1
1
1 ^ c^u^es ^ trust companies not engaged in deposit banking: 1 national bank in Kansas: 2 State banks members of the Federal Reserve System, 1 each in California and
Massachusetts; and 4 State banks not members of the Federal Reserve System, 1 each in Florida, Missouri, Pennsylvania and Wisconsin.
2 Includes 3 banks members of the Federal Reserve System for December 31, 1948: 1 in Indiana and 2 inWisconsin.
* Includes 4 national banks, 3 among insured banks not members of the Federal Reserve System, and 1 among noninsured banks.
4 Includes, among noninsured banks, 1 national bank operating 20 branches.
•—*
5 Includes, among insured banks not members of the Federal Reserve System, 1 national bank operating 1 branch.
Back figures—See Annual Report for 1947, pp. 100-107, and earlier reports.
BANKS
4
4
4
OPERATING
4
4
4
5
5
5
OF
4
4
h
47
3
1
2
44
DEPOSITS
4
4
u
1
1
1
AND
Panam a Canal Z o n e ..........................
All banks.............................................
Unit banks.......................................
Banks operating branches...............
Branches.............................................
1
1
1
OFFICES,
44
52
8
6
2
44
NUMBER,
1
1
1
5
4
3
1
1
00
Table 103.
N u m b e r an d D e p o s its o f O p e r a tin g B a n k s, D e c e m b e r
31, 1948
BANKS GROUPED ACCORDING TO INSURANCE STATUS AND BY DISTRICT AND STATE
Deposits (in thousands of dollars)
Number of banks
Commercial and stock savings
banks and nondeposit
trust companies
Mutual savings banks
Noninsured
All
banks1
Total
In
sured
Nonin
sured
All
banks
Total
Insured
Nonin
sured
Total
Insured
Nonin
sured
13,419
735
67
532
193
339 162,041,389 143,636,539 140,682,521
2,954,018 18,404,850 12,771,527
5,633,323
14,171
13,413
696
62
532
193
339 161,247,667 142,842,817 140,641,975
2,200,842 18,404,850 12,771,527
5,633,323
50
50
6
39
5
877
1,197
1,660
1,062
1,012
1,510
1,493
1,553
1,115
1,612
1,119
543
533
1,040
1,650
1,053
1,012
1,510
1,485
1,553
1,114
1,612
1.119
'540
472
1,013
1,620
1,025
925
1,436
1,433
1,476
1,084
1,384
1,058
493
58
24
28
27
85
64
39
72
27
219
60
32
3
3
2
1
2
10
13
5
3
9
1
15
State
A1a m*a
Arizona
A rkansas
C*q1ifrkrri151
/"vlnro r! n
224
11
230
203
146
224
11
230
203
146
221
10
219
191
138
3
Connecticut.........
Delaware
Dist. of Columbia
1^1nrifl si
n-ori7*(yifj
188
41
19
189
394
116
39
19
189
394
98
38
19
185
318
Possessions
793,722
793,722
40,546
753,176
12,491,704
46,418,520
18,228,659
8,197,379
5,400,343
8,528,429
10,997,810
14,075,144
4,661,575
5,900,629
8,819,861
18,321,336
7,120,911
35,464,802
16,945,877
7,802,265
5,400,343
8,528,429
10,942,493
14,075,144
4,510,803
5,900,629
8,819,861
18,124,982
6,621,217
34,675,825
16,890,195
7,660,222
5,359,538
8,466,416
10,769,119
13,937,086
4,399,489
5,671,535
8,685,597
17,546,282
151,987
499,694 5,370,793
788,977 10,953,718 10,868,606
55,682 1,282,782 1,282,782
395,114
78,243
142,043
40,805
62,013
55,317
42,783
173,374
138,058
150,772
150,772
111,314
229,094
134,264
196,354
196,354
578,700
1 1,256,821
423,264
804,472
13,188,401
1,101,524
1,256,821
423,264
804,472
13,188,401
1,101,524
1,254,819
421,576
800,609
13,136,949
1,094,975
1 2,002
1,688
3,863
51,452
6,549
2,769,787
518,481
1,019,760
1,652,875
1,673,726
1,468,006
433,369
1,019,760
1,652,875
1,673,726
1,267,713
431,406
1,019,760
1,645,776
1,651,187
200,293
1,963
FDIC D istrict
District
District
District
District
District
District
District
Dict-ript
District
1
District
Dictrirt
1.............
23............
3
4 .............
5
6
7 .............
8
9
10
11
124
10
3
8
344
157
10
9
16
155
10
2
328
2
8
6
2
1
1
3
3
7
1
1
9
17
1
1
2
76
2
72
2
3
69
2
7,099
22,539
1,301,781
85,112
38,797
5,218,806
85,112
316,871
12,534
1,262,984
85,112
CORPORATION
14,221
United S ta te s... 14,703
INSURANCE
United States and
possession s........ 14,753
DEPOSIT
In
Non
Total
sured2 Banks deposit
trust
of de
posit1 com
panies
FEDERAL
FDIC District
and State
Commercial and stock savings
banks and nondeposit
trust companies
Mutual savings banks
1
Kentucky............
Louisiana.............
M aine..................
Maryland. . ._ ....
Massachusetts. . .
386
161
96
172
378
3 $6
161
64
163
188
360
160
54
161
180
23
Michigan..............
Minnesota............
Mississippi...........
Missouri..............
Montana..............
447
682
205
599
112
447
681
205
599
112
418
657
22
201
Nebraska.............
Nevada................
New Hampshire..
New Jersey..........
New M exico........
416
8
109
361
49
416
8
75
337
361
8
57
333
49
New Y ork............
North Carolina...
North Dakota. . .
Ohio......................
Oklahoma............
779
227
151
669
648
227
151
641
225
145
653
375
Oregon.................
Pennsylvania. . . .
Rhode Island. . . .
South Carolina.. .
South D akota.. . .
72
991
29
149
170
71
984
20
Tennessee............
Texas....................
Utah.....................
Vermont..............
Virginia................
Washington.........
West Virginia. . . .
Wisconsin............
Wyoming.............
1,613,151
1,702,286
454,633
1,523,112
3,960,439
1,586,197’
1,701,338
411,740
1,444,587
3,860,973
26,954
948
42,893
78,525
99,466
4,984,256
2,972,298
816,921
4,170,354
577,472
4,984,256
2,821,526
816,921
4,170,354
577,472
4,847,444
2,804,945
807,756
4,144,920
577,472
136,812
16,581
9,165
25,434
1,290,887
164,252
534,489
4,941,112
307,486
1,290,887
164,252
259,840
4,415,346
307,486
1.247.689
164,252
207,152
4,409,769
307,486
43,198
40,695,614
1,827,430
596,694
7,346,038
1,603,942
30,352,774
1,827,430
596,694
7,113,787
1.603.942
29,831,030
1,800,580
501,961
7,099,971
1,597,682
149
170
69
967
14
129
170
1,345,361
10,882,621
999,747
685,362
515,111
1,331,339
9,832,090
736,027
685,362
515,111
1,323,047
9,790,224
631,673
660,364
515,111
8,292
41,866
104,354
24,998
295
898
55
77
314
295
898
55
70
314
287
839
55
69
314
1,940,452
6,386,825
564,166
328,002
1,794,670
1,940,452
6,386,825
564,166
241,966
1,794,670
1.934.690
6,255,197
564,166
241,966
1,794,670
5,762
131,628
124
181
555
55
122
181
551
55
119
177
542
55
2,090,274
951,931
2,957,929
257,037
1.907.942
951,931
2,945,592
257,037
1,891,529
940,261
2,934,854
257,037
16,413
11,670
10,738
66,065
1,523
20,919
418,269
66,065
1,523
20,919
418,269
24,130
41,935
1,523
20,919
405,473
23,633
259,693
3,620
23,633
259,693
3,620
666
386
570
112
1
1
10
32
8
9
190
26
22
4
26
48
34
131
131
''‘3
' ‘ *3
12,798
3,620
9,060
39,729
25,824
98,329
173,087
52,688
5,577
42,980
30,835
12,145
234,231
395,114
3,210,376
27,154
78,243
207,077
316,871
3,210,376
150,772
150,772
274,649
525,766
525,766
274,649
521,744 10,342,840 10,342,840
26,850
94,733
13,816
232,251
232,251
6,260
14,022
1,050,531
263,720
14,022
1,050,531
86,036
86,036
182,332
182,332
12,337
11,948
263,720
389
BANKS
Possession
Alaska..................
American Samoa.
Guam...................
Hawaii..................
Panama Canal
Zone.................
Puerto R ic o .........
Virgin Islands___
1,613,151
v 1,702,286
688,864
7
1,918,226
190
7,170,815
60
154
429,413
11,774,756
2,986,821
2,162,330
1,474,152
OPERATING
609
438,473
11,814,485
3,012,645
2,260,659
1,647,239
OF
666
609
438,473
11,814,485
3,055,625
2,260,659
1,647,239
12
11
DEPOSITS
666
46
870
473
606
455
AND
47
887
487
OFFICES,
47
887
491
NUMBER,
Idaho....................
Illinois..................
Indiana................
Iowa.....................
Kansas.................
23,633
259,693
00
i Includes 18 noninsured banks of deposit (10 in Georgia, 2 in Iowa, 1 in Michigan, 4 in Texas, and 1 in the Virgin Islands) for which deposits are not available.
Includes 7 trust companies not engaged in deposit banking: 1 each in California, Florida, Kansas, Massachusetts, Missouri, Pennsylvania, and Wisconsin.
» Includes Puerto Rico and the Virgin Islands.
4 Includes Alaska, American Samoa, Guam, Hawaii, and the Panama Canal Zone.
Back figures— See the Annual Report for 1947, pp. 108-109, and earlier reports.
00
00
A
ssets
and
L ia b il it ie s
of
O p e r a t in g B a n k s
December 31, 1947
Banks grouped according to insurance status and type of bank
Table 106. Assets and liabilities of operating banks in the United States and possessions,
Table 107. Assets and liabilities of all operating banks in the United States and possessions,
December 31, 1948
Banks grouped by district and State
Table 108. Assets and liabilities of operating insured banks, December 31, 1948, June 30,
1948, and December 31, 1947
CORPORATION
December 31, 1948
Banks grouped according to insurance status and type of bank
INSURANCE
June 30, .1948
Banks grouped according to insurance status and type of bank
DEPOSIT
Table 105. Assets and liabilities of operating banks in the United States and possessions,
FEDERAL
Table 104. Assets and liabilities of operating banks in the United States and possessions,
The data in these tables relate to banks operating in the United
States and possessions. Data from the same tabulations for all operating
banks in each State are published in the Federal Reserve Bulletin
as follows:
For December 31, 1947 June 1948 issue, pp. 688-87;
BANKS
National banks and State banks in the District of Columbia not
members of the Federal Reserve System: Office of the Comptroller of
the Currency.
OPERATING
Since June 30, 1942, demand balances with and demand deposits
due to banks in the United States, except private banks and American
branches of foreign banks, exclude reciprocal interbank deposits.
Reciprocal interbank deposits arise when two banks maintain deposit
accounts with each other.
Sources o f data
OF
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” .
Asset and liability data for noninsured banks are tabulated from
reports pertaining to the individual banks. In a few cases these reports
are not as detailed as those submitted by insured banks, and some of
the items reported have been allocated to more detailed categories
according to the distribution of asset and liability data for insured
State banks not members of the Federal Reserve System or for other
noninsured banks.
LIABILITIES
Assets and liabilities held in or administered by a savings, bond,
insurance, real estate, foreign, or any other department of a bank,
except a trust department, are consolidated with the respective assets
and liabilities of the commercial department. “ Deposits of individuals,
partnerships, and corporations” include trust funds deposited by a trust
department in a commercial or savings department. Other assets held
in trust are not included in statements of assets and liabilities.
Total deposits shown in these tables are not the same as the deposits
upon which assessments paid to the Federal Deposit Insurance Cor
poration are based. The assessment base is slightly lower due to certain
deductions which may be claimed.
AND
Statements of assets and liabilities are submitted by insured com
mercial banks upon either a cash or an accrual basis, depending upon
the bank’s method of bookkeeping. Assets reported represent aggregate
book value, on the date of call, less valuation and premium reserves.
Instalment loans are ordinarily reported net if the instalment pay
ments 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 repayment at maturity.
ASSETS
For June 30, 1948
November 1948 issue, pp. 1386-87;
For December 31, 1948 June 1949 issue, pp. 690-91.
Beginning with June 30, 1948, individual loan items have been
reported gross instead of net of valuation reserves. Accordingly, re
serves for losses on loans under the provisions of Mimeograph 6209
issued by the Bureau of Internal Revenue in December 1947 and other
loan valuation reserves have been shown separately.
State banks members of the Federal Reserve System: Board of
Governors of the Federal Reserve System.
Other insured banks: Federal Deposit Insurance Corporation.
Noninsured banks: State banking authorities; Rand McNally Bankers
Directory; and Polk’s Bankers Encyclopedia.
oo
Table 104.
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 in t h e
U n ite d S t a t e s an d P o sse ssio n s, D e c e m b e r
31, 1947
BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK
(Amounts in thousands of dollars)
00
05
Commercial and stock savings banks and
nondeposit trust companies
All banks
Mutual savings banks
Noninsured
Asset, liability, or capital account item
Total assets........................................................
Insured
176,024,102 166,271,763
Total1
Insured2
9,752,339 156,310,157 152,773,086
Nondeposit
Banks
trust
of
com
deposit1
panies3
3,333,845
Total
Insured
203,226 19,713,945 13,498,677
Non
insured
6,215,268
37,673,863
2,288,271
36,936,014
2,147,943
678,322
138,936
59,527
1,392
886,280
104,699
675,028
75,535
211,252
29,164
17,796,687
10,074,500
256,545
25,778
7,234,054
705,580
22,295
5,181
46,553
17,795,563
10,227,395
66,984
30,959
7,264,691
17,795,563
9,689,645
52,359
25,778
7,224,726
483,979
11,100
5,181
39,126
53,771
3,525
1,124
552,685
211,856
1,124
384,855
204,186
167,830
7,670
839
15,916
9,328
6,588
92,397,336
85,835,668
6,561,668
78,701,130
76,712,307
1,885,360
103,463 13,696,206
9,123,361
4,572,845
81,636,938
5,362,100
4,897,998
500,300
76,124,821
5,176,215
4,218,265
316,367
5,512,117
185,885
679,733
183,933
69,658,518
5,297,284
3,391,422
353,906
67,959,691
5,130,927
3,319,506
302,183
1,626,609
157,796
66,433
34,522
72,218 11,978,420
64,816
8,561
5,483 1,506,576
146,394
17,201
8,165,130
45,288
898,759
14,184
3,813,290
19,528
607,817
132,210
43,231,136
Loans and discounts— to ta l......................
18,294,735
Commercial and industrial loans..............
Loans to farmers directly guaranteed by the
68,168
Commodity Credit Corporation.........
Other loans to farmers (excluding loans on
1,610,344
real estate)......................................................
830,545
Loans to brokers and dealers in securities..
1,244,815
Other loans for carrying securities...............
Real estate loans:
850,205
On farm land..................................................
10,869,398
On residential properties.............................
2,582,401
On other properties.......................................
5,790,909
Other loans to individuals..............................
116,154
Loans to banks...................................................
973,462
All other loans (including overdrafts).........
41,151,958
18,038,481
2,079,178
256,254
38,286,728
18,264,421
37,591,988
18,014,990
672,772
249,051
21,968
380
4,944,408
30,314
3,559,970
23,491
1,384,438
6,823
Securities— to ta l.....................................................
U . S. Government obligations, direct and
guaranteed.............................. .. ................
Obligations of States and subdivisions...
Other bonds, notes, and debentures4. . . .
Corporate stocks...........................................
Miscellaneous assets— to ta l..........................
Bank premises owned, furniture and fixture
Other real estate— direct and indirect.........
All other miscellaneous assets........................
1,835,487
1,059,579
101,236
674,672
65,294
2,874
68,168
65,294
2,874
1,544,988
823,310
1,190,244
65,356
7,235
54,571
1,609,630
830,545
1,242,528
1,544,394
823,310
1,189,799
65,048
7,210
47,394
188
25
5,335
714
594
120
2,287
445
1,842
813,558
9,631,779
2,332,613
5,676,376
113,941
921,374
36,647
1,237,619
249,788
114,533
2,213
52,088
822,625
6,932,841
1,691,447
5,744,740
116,154
963,629
793,539
6,815,984
1,661,126
5,655,268
113,941
914,343
28,386
106,791
27,977
88,307
2,213
47,521
700
10,066
2,344
1,165
27,580
3,936,557
890,954
46,169
20,019
2,815,795
671,487
21,108
7,561
1,120,762
219,467
25,061
1,765
9,833
7,031
2,802
1,532,777
936,444
80,041
516,292
97,391
18,702
5,783
72,906
18,268
11,549
1,197
5,522
187,051
92,884
14,215
79,952
140,318
70,770
10,983
58,565
46,733
22,114
3,232
21,387
1,673,095
1,007,214
91,024
574,857
162,392
52,365
10,212
99,815
1,648,436
966,695
87,021
594,720
CORPORATION
949,101
169,492
INSURANCE
37,611,042
2,223,478
DEPOSIT
Cash, balances with other banks, and cash
38,560,143
collection item s— to ta l.....................
2,392,970
Currency and coin......................................
Reserve with Federal Reserve banks (member
banks)................................................................... 17,796,687
Demand balances with banks in U. S.............. 10,780,080
278,840
Other balances with banks in U. S ...................
30,959
Balances with banks in foreign countries. . . .
7,280,607
Cash items in process of collection...................
Non
insured1
FEDERAL
Total1
T otal liabilities and capital a c c o u n ts.............. 176,024,102 166,271,763
9,752,339 156,310,157 152,773,086
3,333,845
203,226 19,713,945 13,498,677
6,215,268
Deposits o f individuals, partnerships, and
corporations— t o t a l................................... 137,756,434 129,901,249
Demand.............................................................. 85,302,610 83,747,088
Tim e................................................................... 52,453,824 46,154,161
7,855.185 120,001,655 117,701,053
1,555,522 85,291,385 83,737,730
6,299,663 34,710,270 33,963,323
2,221,046
1,474,143
748,903
79,556 17,754,779 12,200,196
79,512
9,358
11,225
44 17,743,554 12,190,838
5,554,583
1,867
5,552,716
38,754
2,597,895
2,559,258
38,634
3
2,366
2,249
117
8,957,617
1,329,206
105,545
6,695,665
827,201
363,880
98,368
405
160,343
104,764
9,316,461
1,424,815
105,925
6,855,571
930,150
8,953,724
1,327,075
105,520
6,695,228
825,901
361,141
97,715
405
158,772
104,249
1,596
25
5,036
2,759
25
437
1,815
3,893
2,131
25
437
1,300
1,143
628
Interbank and postal savings deposits—
t o ta l............................................................... 13,050,490
Banks in the United States—demand............ 11,371,229
229,110
Banks in the United States— tim e..................
1,433,465
Banks in foreign countries—demand..............
11,110
Banks in foreign countries— time...................
5,576
Postal savings....................................................
12,675,246
11,236,177
43,794
1,379,176
11,105
4,994
375,244
135,052
185,316
54,289
5
582
13,049,865
11,371,183
228,531
1,433,465
11,110
5,576
12,674,631
11,236,131
43,225
1,379,176
11,105
4,994
375,234
135,052
185,306
54,289
5
582
625
46
579
615
46
569
10
Demand............................................................ 108,991,1^7 106,9^8,819
Tim e................................................................. 53,737,535 47,1^6,800
1,298,022
74,614
1,223,408
1,188,145
61,458
1,126,687
T otal liabilities (excluding capital
a cco u n ts).................................................. 164,026,704 155,283,764
Number of banks5.....................................................
11,997,398
149,414
3,193,186
5,734,958
2,919,840
10,987,999
121,061
3,077,810
5,255,551
2,533,577
1,958,605
1,037,450
109,877
13,156
96,721
1,148,617
61,345
1,087,272
57,712
11,787
45,925
8,742,940 146,201,844 143,037,283
3,053,767
1,009,399
28,353
115,376
479,407
386,263
1,235,968
74,451
1,161,517
10,108,313
144,461
3,193,186
4,450,670
2,319,996
9,735,803
116,108
3,077,810
4,316,404
2,225,481
280,078
27,964
78,228
103,577
70,309
81,155 17,762,806 12,206,953
16,833
14,221
81,111
U 17,745,973 12,192,732
29,639
1,319
28,320
39,528
113
39,415
22,526
50
22,476
110,794 17,824,860 12,246,481
5,578,379
92,432
389
37,148
30,689
24,206
62,054
163
61,891
5,555,853
2,612
5,553,241
1,889,085
4,953
1,252,196
4,953
636,889
1,284,288
599,844
939,147
308,096
345,141
291,748
14,767
13,597
1,170
14,234
13,403
763
533
68
194
339
i Revised.
*
* Includes 7 trust companies not engaged in deposit banking having total capital accounts of $15,909,000 and total assets of $16,768,000.
8 Amounts shown as deposits are special accounts and uninvested trust funds, with the latter classified as demand deposits of individuals, partnerships, and corporations.
4 Includes obligations of United States Government corporations and agencies, not guaranteed by the United States Government.
6 Includes 12 noninsured banks of deposit for which asset and liability data are not available.
Back figures— See the Annual Report for 1947, pp. 112 and 116-119, and earlier reports.
qq
BANKS
Capital accounts— to ta l...................................
Preferred capital...............................................
Common stock...................................................
Surplus...............................................................
Undivided profits and reserves.........................
2,996,055
2,042,328 108,974,314 106,934,598
6,590,735 35,991,562 34,954,068
10
OPERATING
M iscellaneous liabilities— to ta l.....................
Rediscounts and other borrowed m oney........
All other miscellaneous liabilities....................
8,633,063 144,965,876 141,888,666
515
OF
T otal d ep osits............................................. 162,728,682 154,095,619
1,571
LIABILITIES
2,561,507
9,321,497
1,427,574
105,950
6,856,008
931,965
AND
2,600,261
Governm ent deposits— to ta l..........................
United States Government— demand.............
United States Government— time...................
States and political subdivisions— demand...
States and political subdivisions— time..........
ASSETS
Certified and officers’ checks, cash letters
o f credit and travelers checks o u t
standing, and am oun ts due to Federal
Reserve ba n k s.............................................
T a b le
105.
A s s e t s a n d L i a b i l i t i e s op O p e r a t in g B a n k s in t h e
U n it e d S t a t e s an d P o sse ssio n s,
June 30, 1948
BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK
(Amounts in thousands of dollars)
GO
GO
Commercial and stock savings banks and
nondeposit trust companies
All banks
Mutual savings banks
Noninsured
Asset, liability, or capital account item
Total
170,981,488 161,176,866
Total
Insured1
9,804,622 150,729,059 147,243,473
Banks
of
deposit
3,288,839
Nondeposit
trust
com
panies2
Total
Insured
Non
insured
196,747 20,252,429 13,933,393
6,319,036
832,159
92,195
644,019
66,509
188,140
25,686
1,061
450,038
272,241
1,061
301,990
264,176
148,048
8,065
812,709
133,558
34,332,198
2,172,545
33,707,629
2,064,673
577,455
106,593
17,356,081
9,109,587
327,998
33,468
6,072,483
17,356,081
8,496,972
313,639
23,343
6,030,431
612,615
14,359
10,125
42,052
17,355,020
8,659,549
55,757
33,468
6,055,859
17,355,020
8,194,982
49,463
23,343
6,020,148
420,120
44,447
5,912
382
10,125
34,705 ........1,006
Securities— to ta l..................................................... 88,412,224
U. S. Government obligations, direct and
77,160,671
guaranteed..................................................
5,689,158
Obligations of States and subdivisions...
5,049,476
Other bonds, notes, and debentures3. . . .
512,919
Corporate stocks...........................................
81,813,808
6,598,416
74,420,269
72,440,813
1,875,768
103,688 13,991,955
9,372,995
4,618,960
71,675,965
5,497,625
4,320,145
320,073
5,484,706
191,533
729,331
192,846
65,184,509
5,609,994
3,271,608
354,158
63,507,417
5,436,459
3,193,390
303,547
1,604,649
162,174
73,786
35,159
72,443 11,976,162
79,164
11,361
4,432 1,777,868
15,452
158,761
8,168,548
61,166
1,126,755
16,526
3,807,614
17,998
651,113
142,235
Loans and discounts, net— to ta l............
Valuation reserves4...........................................
Loans and discounts, gross— to ta l.........
Commercial and industrial loans..............
Loans to farmers directly guaranteed by the
Commodity Credit Corporation....................
Other loans to farmers (excluding loans on
real estate)..........................................................
Loans to brokers and dealers in securities----Other loans for carrying securities....................
Real estate loans:
On farm land......................................................
On residential properties.................................
On other properties...........................................
Other loans to individuals...................................
Loans to banks.......................................................
All other loans (including overdrafts).............
45,379,380
552,183
45,931,563
18,151,504
43,151,471
536,874
43,688,345
17,865,392
2,227,909
15,309
2,243,218
286,112
40,145,618
331,718
40,477,336
18,117,648
39,382,301
330,567
39,712,868
17,837,982
736,382
1,121
737,503
275,455
26,935
30
26,965
4,211
5,233,762
220,465
5,454,227
33,856
3,769,170
206,307
3,975,477
27,410
1,464,592
14,158
1,478,750
6,446
108
19
5,541
824
710
114
2,231
473
1,758
Miscellaneous assets— to ta l...............................
Bank premises owned, furniture and fixtures.
Other real estate— direct and indirect.............
AH other miscellaneous assets............................
21,925
21,161
764
21,925
21,161
764
2,044,850
1,188,566
1,131,224
1,955,635
1,183,158
1,077,538
89,215
5,408
53,686
2,044,026
1,188,566
1,128,993
1,954,925
1,183,158
1,077,065
88,993
5,389
46,387
921,478
11,933,068
2,813,766
6,553,024
161,977
1,010,181
880,565
10,584,206
2,557,885
6,437,134
160,408
965,263
40,913
1,348,862
255,881
115,890
1,569
44,918
889,100
7,583,677
1,840,036
6,499,785
161,977
1,001,603
857,106
7,448,300
1,800,305
6,413,985
160,408
958,473
2,025,527
1,088,272
111,861
825,394
1,859,939
1,041,343
93,978
724,618
165,588
46,929
17,883
100,776
1,830,974
991,897
95,816
743,261
1,712,730
967,339
81,553
663,838
47,114
1,279
16,624
10,283 ........6,341
8,919
23,459
32,378
913
31,081
11,580 4,349,391 3,135,906 1,213,485
123,797
216,150
973,730
757,580
2,118
37,613
30,090
53,239
23,149
1,022
84,778
1,569
41,677 ........1,453 ........8,578 ‘ ’ 6,790 ........1,788
99,234
19,156
5,892
74,186
19,010
5,402
8,371
5,237
194,553
96,375
16,045
82,133
147,209
74,004
12,425
60,780
47,344
22,371
3,620
21,353
CORPORATION
34,351,648
2,131,182
INSURANCE
35,164,357
2,264,740
DEPOSIT
Gash, balances with other banks, and cash
collection item s— to ta l.....................
Currency and coin.......................................
Reserve with Federal Reserve banks (member
banks)...................................................................
Demand balances with banks in U. S ..............
Other balances with banks in U . S ...................
Balances with banks in foreign countries. . . .
Cash items in process of collection...................
Non
insured
FEDERAL
Total a ssets.........................................................
Insured
T ota l liabilities and capital a c c o u n ts............. 170,981,488 161,176,866
9,804,622 150,729,059 147,243,473
3,288,839
196,747 20,252,429 13,933,393
6,319,036
Deposits o f individuals, partnerships, and
corporations— t o t a l................................... 132,903,828 125,138,254
Demand.................................................................... 79,722,443 78,310,409
Tim e......................................................................... 53,181,385 46,827,845
7,765,574 114,701,278 112,564,136
1,412,034 79,711,478 78,301,105
6,353,540 34,989,800 34,263,031
2,063,431
1,336,708
726,723
73,711 18,202,550 12,574,118
9,304
73,665
10,965
46 18,191,585 12,564,814
5,628,432
1,661
5,626,771
2,019,874
34,379
10,356,173
2,054,409
105,690
7,135,118
1,060,956
397,098
82,840
3,674
189,218
121,366
Interbank and postal savings deposits—
t o t a l............................................................... 11,455,911
9,792,672
Banks in the United States— demand.............
242,185
Banks in the United States— time...................
Banks in foreign countries— demand...............
1,399,155
15,526
Banks in foreign countries— time.....................
6,373
Postal savings....................................................
11,041,425
9,628,116
34,880
1,357,149
15,526
5,754
414,486
164,556
207,305
42,006
11,455,488
9,792,627
241,807
1,399,155
15,526
6,373
11,041,012
9,628,071
34,512
1,357,149
15,526
5,754
414,476
164,556
207,295
42,006
8,614,454 138,965,850 135,981,195
2,909,384
75,271 18,210,904 12,581,105
5,629,799
1,927,369 102,420,658 100,495,726
6,687,085 36,545,192 35,485,469
1,849,707
1,059,677
17,082
75,225
14,645
46 18,193,822 12,566,460
2,437
5,627,362
50,140
179
49,961
36,598
160
36,438
T otal d e p o sits............................................. 157,176,754 148,562,300
Demand............................................................ 102,437,740 100,510,371
Tim e................................................................. 54,739,014 48,051,929
Miscellaneous liabilities— to ta l.......................
Rediscounts and other borrowed money........
All other miscellaneous liabilities.....................
1,488,839
68,681
1,420,158
1,355,076
62,850
1,292,226
Total liabilities (excluding capital
accounts)....................................................... 158,665,593 149,917,376
619
133,763
5,831
127,932
423
45
378
413
45
368
10
10
619
102,018 18,297,642 12,631,245
5,666,397
309,037
27,953
98,076
109,739
73,269
94,729 1,954,787 4,302,148
4,656
4,656
410
37,751
970,537
31,201 ' i ,323,690
626,441
25,367
326,955
652,639
13,613
1,159
10,361,108 S 9,957,342
135,859
107,496
3,257,900
3,122,073
4,532,167
4,391,227
2,435,182
2,336,546
14,240
13,420
752
26,747
938
25,809
68
86,738
339
86,399
532
193
353,153
299,486
339
1 Includes 7 trust companies not engaged in deposit banking having total capital accounts of $15,914,000 and total assets of $16,585,000.
2 Amounts shown as deposits are special accounts and uninvested trust funds, with the latter classified as demand deposits of individuals, partnerships, and corporations.
8 Includes obligations of United States Government corporations and agencies, not guaranteed by the United States Government.
4 Reserves for losses on loans authorized by the Bureau of Internal Revenue for income tax purposes and other valuation reserves.
6Includes 13 noninsured banks of deposit for which asset and liability data are not available.
Back figures— See the preceding table and the Annual Report for 1947, pp. 112, 116-119, and earlier reports.
BANKS
2,979,802
14,772
Number of banks5.........................................................
125
1,232
650
2
1
579
8,748,217 140,367,951 137,286,131
3,061,623
Undivided profits and reserves..........................
2,927
3,647
1,905
48
464
1,230
70,418
4,733
65,685
1,056,405
28,363
135,827
494,093
398,122
12,315,895
140,515
3,257,900
1,547
3,052
4,879
2,555
50
465
1,809
1,304,936
62,671
1,242,265
11,259,490
112,152
3,122,073
5,361,764
2,663,501
Capital accounts— to ta l......................................
Preferred capital....................................................
Common stock.......................................................
1,402,101
68,342
1,333,759
1,560
13
OPERATING
2,054,253
10,754,831
2,137,262
109,364
7,325,883
1,182,322
OF
34,504
399,890
83,503
3,676
190,766
121,945
LIABILITIES
2,022,801
10,359,820
2,056,314
105,738
7,135,582
1,062,186
AND
2,057,305
G overnm ent deposits— to ta l........................... 10,759,710
United States Government— demand..............
2,139,817
United States Government— time....................
109,414
States and political subdivisions— demand.. .
7,326,348
States and political subdivisions— time...........
1,184,131
ASSETS
Certified and officers’ checks, cash letters
o f credit and travelers checks o u t
standing, and am ounts due to Federal
Reserve b a n k s.............................................
^
CD
Table 106.
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 i n g B a n k s in t h e U n i t e d S t a t e s a n d P o s s e s s i o n s , D e c e m b e r
31, 1948
B AN K S GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF B ANK
(Amounts in thousands of dollars)
cc
o
Commercial and stock savings banks and
nondeposit trust companies
All banks
Mutual savings banks
Noninsured
Asset, liability, or capital account item
Total
Insured
Non
insured
Total
Insured1
Nondeposit
trust
com
panies2
Total
Insured
Non
insured
6,323,645
877,856
106,375
684,330
78,537
193,526
27,838
1,284
520,192
228,562
1,284
367,868
222,638
152,324
5,924
38,097,434
1,941,281
608,782
96,442
655,529
14,915
10,040
47,939
20,404,402
9,413,313
53,514
39,649
6,808,010
20,404,402
8,910,108
44,523
29,609
6,767,511
453,877
49,328
8,355
636
10,040
40,068 ..........431’
79,541,019
6,392,382
72,224,721
70,338,801
1,789,398
96,522 13,708,680
9,202,218
4,506,462
74,462,553
5,753,815
5,199,681
517,352
69,201,909
5,569,475
4,448,338
321,297
5,260,644
184,340
751,343
196,055
62,986,954
5,683,204
3,194,176
360,387
61,406,786
5,511,216
3,113,073
307,726
1,517,706
159,544
74,009
38,139
62,462 11,475,599
70,611
12,444
7,094 2,005,505
156,965
14,522
7,795,123
58,259
1,335,265
13,571
3,680,476
12,352
670,240
143,394
Loans and discounts, net— t o ta l................... 48,452,743
637,685
Valuation reserves4................................................
Loans and discounts, gross— t o ta l................ 49,090,428
Commercial and industrial loans..................... 19,055,252
Loans to farmers directly guaranteed by the
915,271
Commodity Credit Corporation..................
Other loans to farmers (excluding loans on
1,977,439
1,343,742
Loans to brokers and dealers in securities... .
988,161
Other loans for carrying securities..................
Real estate loans:
911,968
On farm land.................................................
On residential properties.............................. 12,819,942
2,971,718
On other properties.......................................
6,960,099
Other loans to individuals................................
121,839
1,024,997
All other loans (including overdrafts)............
46,088,073
618,121
46,706,194
18,790,619
2,364,670
19,564
2,384,234
264,633
42,766,581
410,721
43,177,302
19,014,006
41,978,595
409,217
42,387,812
18,765,233
764,284
1,474
765,758
246,091
23,702
30
23,732
2,682
5,686,162
226,964
5,913,126
41,246
4,109,478
208,904
4,318,382
25,386
1,576,684
18,060
1,594,744
15,860
122
28
5,726
939
805
134
2,968
624
2,344
2,053,761
1,123,382
109,511
820,868
853,761
125,338
20,405,686
9,277,976
267,161
29,609
6,781,514
85,933,401
U. S. Government obligations, direct and
Obligations of States and subdivisions...........
Other bonds, notes, and debentures3..............
Corporate stocks...............................................
M iscellaneous assets— t o t a l............................
Bank premises owned, furniture and fixtures.
Other real estate—direct and indirect............
All other miscellaneous assets..........................
885,491
29,780
915,271
885,491
29,780
1,889,850
1,336,299
939,977
87,589
7,443
48,184
1,976,500
1,343,742
985,193
1,889,045
1,336,299
939,353
87,333
7,415
40,114
872,907
11,345,687
2,712,587
6,834,204
121,126
977,447
39,061
1,474,255
259,131
125,895
713
47,550
878,419
8,061,695
1,957,186
6,904,643
121,839
1,018,808
847,912
7,912,634
1,910,842
6,806,207
121,126
973,670
1,902,019
1,075,770
91,213
735,036
151,742
47,612
18,298
85,832
1,852,918
1,023,565
95,634
733,719
1,748,149
999,046
80,371
668,732
51,4531,058
21,443
14,003 ........7,440
8,554
33,549
24,995
29,481
1,026
10,647 4,758,247 3,433,053 1,325,194
138,414
212,787
801,745
44,635
1,709 1,014,532
27,459
27,997
55,456
196
98,240
713
43,542 ........1,596 ........6,189 ........8,777 ........2,41*2*
85,878
19,396
6,607
59,875
18,891
5,123
8,656
5,112
200,843
99,817
13,877
87,149
153,870
76,724
10,842
66,304
46,973
23,093
3,035
20,845
CORPORATION
38,757,669
2,038,781
38,781,764
2,019,818
INSURANCE
3,248,342
Cash, balances with other banks, and cash
collection item s— to ta l............................. 39,635,525
2,145,156
Currency and coin.............................................
Reserve with Federal Reserve banks (member
20,405,686
9,933,505
Demand balances with banks in U. S.............
282,076
Other balances with banks in U. S.................
39,649
Balances with banks in foreign countries. . . .
6,829,453
Cash items in process of collection..................
DEPOSIT
190,568 20,473,541 14,149,896
9,762,555 155,601,889 152,162,979
T otal assets.............................................................. 176,075,430 166,312,875
FEDERAL
Banks
of
deposit
Total liabilities and capital accounts............. 176,075,430 166,312,875
9,762,555 155,601,889 152,162,979
3,248,342
190,568 20,473,541 14,149,896
6,323,645
Deposits of individuals, partnerships, and
corporations— total................................... 136,521,495 128,724,870
Demand.............................................................. 83,166,726 81,708,040
Tim e................................................................... 53,354,769 47,016,830
7,796,625 118,125,282 115,960,249
1,458,686 83,155,546 81,698,513
6,337,939 34,969,736 34,261,736
2,092,965
1,385,014
707,951
72,068 18,396,213 12,764,621
72,019
11,180
9,527
49 18,385,033 12,755,094
5,631,592
1,653
5,629,939
36,593
2,149,376
2,113,210
36,165
1
2,858
2,431
427
369,786
73,789
2,919
169,562
123,516
11,071,337
2,398,309
113,984
7,355,695
1,203,349
10,702,845
2,325,231
111,065
7,186,133
1,080,416
368,388
73,077
2,919
169,459
122,933
104
1
5,126
2,401
73
626
2,026
3,832
1,690
73
626
1,443
1,294
711
Interbank and postal savings deposits—
total............................................................... 12,291,197
Banks in the United States— demand............ 10,482,484
Banks in the United States— time..................
237,500
Banks in foreign countries—demand.............
1,530,034
Banks in foreign countries— tim e...................
34,762
Postal savings....................................................
6,417
11,906,860
10,344,114
35,224
1,487,709
34,012
5,801
384,337
138,370
202,276
42,325
750
616
12,290,544
10,482,439
236,892
1,530,034
34,762
6,417
11,906,217
10,344,069
34,626
1,487,709
34,012
5,801
384,327
138,370
202,266
42,325
750
616
653
45
608
643
45
598
1,480,238
64,320
1,415,918
1,364,191
54,625
1,309,566
Total liabilities (excluding capital
accounts).................................................. 163,521,627 154,818,239
Number of banks5.....................................................
12,553,803
127,431
3,295,764
6,007,969
3,122,639
11,494,636
105,412
3,163,453
5,501,891
2,723,880
8,587,341 143,636,539 140,682,521
2,881,845
72,173 18,404,850 12,771,527
5,633,323
1,919,825 107,071,899 105,15k,865
6,668,016 86,565,HO 85,527,656
1 ,8 U M 0
1,037,^85
17,110
Ik, 319
72,12 k
k9 18,887,7k0 12,757,208
2,791
5,630,582
116,047
9,695
106,352
1,320,003
53,838
1,266,165
67,341
8,652
58,689
8,703,388 145,047,298 142,002,524
2,949,186
1,059,167
22,019
132,311
506,078
398,759
1,410,759
63,518
1,347,241
10,554,591
122,712
3,295,764
4,646,036
2,490,079
10,160,455
100,693
3,163,453
4,504,089
2,392,220
299,156
21,834
94,962
110,111
72,249
23,415
1,028
22,387
69,479
802
68,677
44,188
787
43,401
25,291
15
25,276
95,588 18,474,329 12,815,715
5,658,614
94,980 1,999,212
185
4,719
37,349
31,836 ' i , 861,933
25,610
632,560
1,334,181
4,719
665,031
997,802
331,660
364,131
300,900
14,753
13,612
1,141
14,221
67
532
13,419
735
193
339
1 Includes 7 trust companies not engaged in deposit banking having total capital accounts of $16,028,000 and total assets of $16,783,000.
8 Amounts shown as deposits are special accounts and uninvested trust funds, with the latter classified as demand deposits of individuals, partnerships, and corporations.
* Includes obligations of United States Government corporations and agencies, not guaranteed by the United States Government.
4 Reserves for losses on loans authorized by the Bureau of Internal Revenue for income tax purposes and other valuation reserves.
6 Includes 18 noninsured banks of deposit for which asset and liability data are not available.
Back figures— See the two preceding tables and the Annual Report for 1947, pp. 112, 116-119, and earlier reports.
BANKS
Capital accounts— total...................................
Preferred capital...............................................
Common stock...................................................
Surplus...............................................................
Undivided profits and reserves........................
10
10
OPERATING
Miscellaneous liabilities— total.....................
Rediscounts and other borrowed m oney........
All other miscellaneous liabilities....................
583
OF
Total deposits............................................. 162,041,389 153,454,048
Demand....................................................... 107,088,509 105,169,18^
Time............................................................ 5b,952,880 U8,28k,86U
103
LIABILITIES
2,115,641
10,706,677
2,326,921
111,138
7,186,759
1,081,859
AND
2,152,234
Government deposits— total.......................... 11,076,463
United States Government— demand.............
2,400,710
United States Government— time...................
114,057
States and political subdivisions—demand.. . 7,356,321
States and political subdivisions— time..........
1,205,375
ASSETS
Certified and officers* checks, cash letters
of credit and travelers checks out
standing, and amounts due to Federal
Reserve banks.............................................
Table 107.
A s s e t s a n d L i a b i l i t i e s o f A l l O p e r a t in g B a n k s in t h e U n i t e d S t a t e s a n d P o s s e s s i o n s
D ecem ber
31, 1948
BANKS GROUPED BY DISTRICT AND STATE
(Amounts in thousands of dollars)
^
Assets
District and State
Number
of banks1
Cash and
due from
banks
Liabilities and capital accounts
Loans, dis
Other
counts, and
securities overdrafts
Miscel
laneous
assets
Deposits
Total
Business
and
personal2
Govern
ment3
Inter
bank4
Miscel
laneous
liabilities
Total
capital
accounts
14,753 39,635,525
74,462,553 11,470,848 48,452,743
2,053,761 176,075,430 138,673,729 11,076,463 12,291,197
1,480,238 12,553,803
United States.................
14,703 39,473,617
74,097,499 11,421,742 48,173,804
2,009,197 175,175,859 138,084,339 10,888,295 12,275,033
1,449,370 12,478^822
Possessions......................
50
877 1,927,280
1,197 10,702,205
1,660 4,234,994
1,062 2,155,883
1,012 1,636,648
1,510 2,594,770
1,493 2,566,650
1,553 3,764,561
1,115 1,106,555
1,612 1,784,064
1,119 2,982,081
543 4,179,834
6,805,860
22,135,069
8,663,831
3,761,825
2,151,805
3,279,517
5,565,121
6,729,824
2,314,766
2,526,614
3,150,840
7,377,481
49,106
278,939
44,564
899,571
589,390
188,168
16,164
30,868
74,981
District
District
District
District
District
District
District
District
District
District
District
District
1 .......................
25......................
3 .......................
4 .......................
5 .......................
6 .......................
7 .......................
8 .......................
9 .......................
10.....................
11.....................
12«...................
1,115,609 3,871,776
3,062,968 14,990,103
1,889,002 4,931,906
487,591 2,338,241
399,675 1,528,707
501,744 2,653,558
760,659 2,721,483
1,002,930 3,438,573
306,651 1,194,719
381,462 1,551,201
502,280 2,611,989
1,060,277 6,620,487
171,142
768,757
232,881
106,885
61,449
73,735
93,832
104,707
33,816
35,668
106,881
264,008
13,891,667
51,659,102
19,952,614
8,850,425
5,778,284
9,103,324
11,707,745
15,040,595
4,956,507
6,279,009
9,354,071
19,502,087
11,638,061
39,930,943
16,270,521
6,933,683
4,342,901
6,585,685
9,771,980
11,659,454
3,869,576
4,764,047
6,779,786
16,127,092
457,993
1,791,249
1,098,247
706,235
626,210
706,358
839,331
1,129,769
454,975
663,401
1,025,024
1,577,671
395,650
4,696,328
859,891
557,461
431,232
1,236,386
386,499
1,285,921
337,024
473,181
1,015,051
616,573
107,077
777,493
102,359
51,197
29,729
34,631
47,759
79,026
21,381
24,297
45,681
159,608
1,292,886
4,463,089
1,621,598
601,849
348,212
540,264
662,176
886,425
273,551
354,083
488,529
1,021,143
State
Alabama............................
Arizona..............................
Arkansas...........................
California..........................
Colorado...........................
224
11
230
203
146
377,354
94,846
267,091
2,924.157
332,229
469,426
140,639
314,940
5,179,718
504,334
111,243
25,794
62,400
741.324
5lj635
373,049
179,801
206,912
5,019,042
276,966
14,044
7,462
4,516
190,171
6,871
1,345,116
448,542
855,859
14,054,412
1,172,035
1,027,999
357,752
672,355
11,652,624
957,748
156,424
61,635
71,640
1,082,646
65,600
72,398
3,877
60,477
453,131
78,176
6,774
4,166
1,583
138,084
4,419
81,521
21,112
49,804
727,927
66,092
Connecticut......................
Delaware...........................
District of Columbia........
Florida...............................
Georgia..............................
188
41
19
189
394
419,883
103,675
295,233
476,341
536,326
1,536,355
235,022
467,235
814,252
575,636
316,050
93,127
42,310
102,401
69,849
751,126
145,944
270,963
351,209
601,230
39,408
5,609
18,529
22,404
18,603
3,062,822
583,377
1,094,270
1,766,607
1,801,644
2,640,462
467,221
943,572
1,324,261
1,340,098
86,595
46,715
23,556
212,498
148,782
42,730
4,545
52,632
116,116
184,846
16,318
2,611
6,256
6,511
14,471
276,717
62,285
68,254
107,221
113,447
Idaho.................................
Illinois...............................
Indiana..............................
Iowa...................................
Kansas...............................
47
887
491
666
609
106,094
3,238,521
763,919
526,040
461,910
203,660
5,696,186
1,576,111
1,033,638
684,610
11,608
817,938
179,223
184,992
119,055
134,849
2,795,341
707,061
643,232
470,760
3,314
91,444
23,753
13,263
8,655
459,525
12,639,430
3,250,067
2,401,165
1,744,990
368,462
9,732,855
2,633,912
1,926,599
1,291,732
62,714
902,692
311,056
227,077
268,245
7,297
1,178,938
110,657
106,983
87,262
1,012
75,942
10,790
3,084
3,543
20,040
749,003
183,652
137,422
94,208
CORPORATION
365,054
INSURANCE
161,908
FDIC District
DEPOSIT
United States and p os
sessions ............................
FEDERAI
U. S. Gov
ernment
obligations
o
386
161
96
172
378
482,190
549,848
111,376
402,076
1,140,556
690,753
691,234
372,358
1,095,421
3,948,029
71,391
134,968
67,887
131,131
533,844
475,085
403,528
206,891
436,850
2,266,905
10,496
21,236
6,000
27,235
101,350
1,729,915
1,800,814
764,512
2,092,713
7,990,684
1,328,059
1,233,616
654,574
1,708,101
6,572,636
121,235
257,441
27,187
115,409
273,970
163,857
211,229
7,103
94,716
324,209
7,285
11,933
2,979
9,330
72,660
109,479
86,595
72,669
165,157
747,209
Michigan...........................
Minnesota.........................
Mississippi........................
Missouri............................
Montana............................
447
682
205
599
112
1,158,634
727,997
246,627
1,264,098
155,345
2,439,590
1,388,860
292,491
1,597,243
286,268
364,408
219,242
116,182
230,700
23,144
1,299,767
820,430
203,219
1,319,989
135,292
45,162
24,457
6,398
35,773
3,624
5,307,561
3,180,986
864,917
4,447,803
603,673
4,465,520
2,446,525
650,543
3,110,793
477,996
362,842
238,895
108,506
334,110
71,512
155,894
286,878
57,872
725,451
27,964
28,427
16,829
1,973
16,109
1,304
294,878
191,859
46,023
261,340
24,897
Nebraska...........................
Nevada..............................
New Hampshire...............
New Jersey........................
New M exico......................
416
8
109
361
49
369,263
34,063
68,751
883,078
101,261
590,744
76,048
261,207
2,627,795
111,996
79,257
9,022
68,556
559,706
12,091
326,838
53,179
196,717
1,204,266
94,783
8,221
1,951
4,284
71,833
2,321
1,374,323
174,263
599,515
5,346,678
322,452
1,067,446
141,679
508,822
4,531,046
241,216
78,605
21,602
18,686
363,410
55,229
144,836
971
6,981
46,656
11,041
9,104
1,064
1,576
23,372
467
74,332
8,947
63,450
382,194
14,499
ASSETS
New York..........................
North Carolina.................
North Dakota..................
Ohio...................................
Oklahoma..........................
779
227
151
669
386
9,669,125
512,400
111,932
1,750,526
538,126
19,148,121
740,828
371,444
3,495,857
627,720
2,383,552 13,523,690
548,958
135,505
108,087
35,368
546,445 1,982,271
420,282
119,176
673,111
20,752
2,568
73,019
10,411
45,397,599
1,958,443
629,399
7,848,118
1,715,715
34,783,019
1,388,643
490,914
6,487,465
1,226,513
1,279,966
230,489
93,136
573,621
226,279
4,632,629
208,298
12,644
284,952
151,150
722,154
17,614
2,049
35,841
6,597
3,979,831
113,399
30,656
466,239
105,176
AND
Oregon...............................
Pennsylvania....................
Rhode Island....................
South Carolina.................
South Dakota...................
72
991
29
149
170
325,275
2,484,468
143,200
204,096
111,281
597,657
5,167,974
581,163
294,455
268,194
101,996
1,342,557
100,993
49,287
28,897
384,661
2,949,635
266,725
173,187
130,910
20,949
159,862
15,877
4,650
3,167
1,430,538
12,104,496
1,107,958
725,675
542,449
1,183,603
9,783,056
945,068
577,520
454,141
129,256
524,626
41,399
87,002
51,432
32,502
574,939
13,280
20,840
9,538
7,785
66,518
11,123
2,350
1,199
77,392
1,155,357
97,088
37,963
26,139
Tennessee..........................
Texas.................................
Utah...................................
Vermont............................
Virginia..............................
295
898
55
77
314
581,391
2,236,126
152,572
43,514
486,382
676,581
2,206,971
233,495
106,748
705,004
137,253
329,427
21,936
28,279
83,230
651,572
1,933,877
187,092
183,412
646,436
22,950
75,862
4,257
4,223
25,045
2,069,747
6,782,263
599,352
366,176
1,946,097
1,474,478
4,947,202
466,193
316,499
1,506,466
179,373
650,719
56,444
10,156
149,375
286,601
788,904
41,529
1,347
138,829
9,654
29,115
2,159
2,421
11,556
119,641
366,323
33,027
35,753
139,871
Washington.......................
West Virginia....................
Wisconsin..........................
Wyoming...........................
124
181
555
55
522,092
255,696
644,097
82,536
845,980
458,882
1,549,420
119,206
151,868
46,128
217,028
12,339
678,928
261,847
714,655
56,355
17,006
10,674
24,917
1,510
2,215,874
1,033,227
3,150,117
271,946
1,874,798
809,381
2,672,548
220,608
137,999
100,404
165,433
24,672
77,477
42,146
119,948
11,757
7,992
4,091
8,542
634
117,608
77,205
183,646
14,275
OPERATING
Possession
Alaska...............................
American Samoa. .
Guam .......................
Hawaii ....................
Panama Canal Zone........
Puerto R ico ......................
Virgin Islands...................
19
1
1
9
4
14
2
23,009
403
4,716
84,624
2,829
45,648
679
27,970
2,138
1,227
16,656 ........... 21
193,335
20,364
1,735
121,950
26,564
2,181
19
16,960
17
332
144,690
737
115,121
1,082
1,037
10
378
6,600
18,335
18,156
48
71,114
1,657
22,103
449,613
23,636
327,439
4,009
58,636
1,311
18,723
349,363
11,700
147,001
2,656
6,727
202
2,196
66,042
11,843
100,214
944
702
10
12
5,037
134
777
30,254
BANKS
OF
2,864
90
12,478
20
407
1,090
3
29,334
22
LIABILITIES
Kentucky..........................
Louisiana...........................
Maine................................
Maryland..........................
Massachusetts..................
38,412
367
1
Includes 18 noninsured banks of deposit (10 in Georgia, 2 in Iowa, 1 in Michigan, 4 in Texas, and 1 in the Virgin Islands) for which asset, liability, and capital account
data are not available.
8 Demand and time deposits of individuals, partnerships, and corporations, certified and officers’ checks, cash letters of credit, etc.
5 Deposits of the United States Government; and deposits of States and political subdivisions.
4 Interbank deposits; and postal savings deposits.
5 Includes Puerto Rico and the Virgin Islands.
* Includes Alaska, American Samoa, Guam, Hawaii, and the Panama Canal Zone.
Back figures— See the following Annual Reports: 1947, pp. 120-121; 1946, pp. 130-131; 1945, pp. 113-119.
Table 108.
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 I n s u r e d B a n k s , D e c e m b e r
31, 1948,
June
30, 1948,
and D ecem b er
31, 1947
(Amounts in thousands of dollars)
December 31, 1948
Assets
Com
mercial
banks1
T ota l assets........................................................................... 166,312,875 152,162,979
Com
mercial
banks1
14,149,896 161,176,866 147,243,473
Mutual
savings
banks
All
insured
banks
Com
mercial
banks1
13,933,393 166,271,763 152,773,086
Mutual
savings
banks
13,498,677
34,351,648
2,131,182
17,356,081
367,868
8,910,108
44,523
222,638
29,609
6,767,511 ........ 14,003
8,496,972
313,639
23,343
6,030,431
61,406,786
7,795,123
71,675,965
63,507,417
8,168,548
76,124,821
67,959,691
8,165,130
2,821,589
10,068,450
3,394,553
1,985,987
19,373,541
15,113,921
6,581,427
2,058,914
8,404
35,385
123,907
40,180
256,461
512,969
647,734
2,614,115
3,564,047
325
2,360,521
9,613,141
5,116,091
1,775,482
13,756,817
23,345,058
9,101,145
6,594,583
13,127
2,326,597
9,454,107
5,070,989
1,581,207
13,524,622
22,386,077
6,732,873
2,418,740
12,205
33,924
159,034
45,102
194,275
232,195
958,981
2,368,272
4,175,843
922
2,146,438
7,682,385
5,965,698
1,800,087
18,662,457
23,106,443
10,038,690
6,706,848
15,775
2,124,097
7,554,745
5,920,095
1,615,577
18,341,409
22,202,066
7,533,985
2,654,213
13,504
22,341
127,640
45,603
184,510
321,048
904,377
2,504,705
4,052,635
2,271
33,707,629
2,064,673
17,355,020
644,019
66,509
1,061
37,611,042
2,223,478
17,796,687
8,194,982
301,990
49,463
264,176
23,343
6,020,148 ........10,283
10,074,500
256,545
25,778
7,234,054
36,936,014
2,147,943
17,795,563
675,028
75,535
1,124
384,855
9,689,645
204,186
52,359
25,778
7,224,726 ..........9,328
Other securities— to ta l...................................................
Obligations of States and political subdivisions..........
Other bonds, notes, and debentures3...........................
Corporate stocks:
Federal Reserve banks...............................................
Other corporate stocks...............................................
10,339,110
5,569,475
4,448,338
8,932,015
5,511,216
3,113,073
1,407,095
58,259
1,335,265
10,137,843
5,497,625
4,320,145
8,933,396
5,436,459
3,193,390
1,204,447
61,166
1,126,755
9,710,847
5,176,215
4,218,265
8,752,616
5,130,927
3,319,506
958,231
45,288
898,759
201,292
120,005
201,243
106,483
49
13,522
198,497
121,576
198,447
105,100
50
16,476
195,408
120,959
195,359
106,824
49
14,135
T otal securities.....................................................
79,541,019
70,338,801
9,202,218
81,813,808
72,440,813
9,372,995
85,835,668
76,712,307
9,123,361
CORPORATION
684,330
78,537
1,284
INSURANCE
O bligations o f the U. S. G overnm ent, direct and
guaranteed— t o t a l................................................ 69,201,909
Direct:
Treasury bills...............................................................
2,856,974
Treasury certificates of indebtedness........................ 10,192,357
Treasury notes.............................................................
3,434,733
United States non-marketable bonds2......................
2,242,448
Other bonds maturing in 5 years or less.................. 19,886,510
Other bonds maturing in 5 to 10 years.................... 15,761,655
Other bonds maturing in 10 to 20 years.......... ..
9,195,542
Bonds maturing after 20 years..................................
5,622,961
Guaranteed obligations (FHA debentures).................
8,729
38,097,434
1,941,281
20,404,402
All
insured
banks
DEPOSIT
Gash, balances w ith oth er banks, and cash c o l
lection item s— t o ta l............................................ 38,781,764
Currency and coin...........................................................
2,019,818
Reserve with Federal Reserve banks (member banks) 20,405,686
Demand balances with banks in the United States
(except private banks and American branches
of foreign banks).....................................................
9,277,976
Other balances with banks in the United States........
267,161
29,609
Balances with banks in foreign countries....................
Cash items in process of collection...............................
6,781,514
Mutual
savings
banks
December 31, 1947
FEDERAL
All
insured
banks
June 30, 1948
43,151,471
536,874
43,688,345
39,382,301
330,567
39,712,868
3,769,170
206,307
3,975,477
41,151,958
(5)
(5)
37,591,988
(5)
(8)
3,559,970
(5)
(6)
18,790,619
18,765,233
25,386
17,865,392
17,837,982
27,410
18,038,481
18,014,990
23,491
885,491
885,491
21,161
21,161
65,294
65,294
1,889,850
1,336,299
1,889,045
1,336,299
805
1,955,635
1,183,158
1,954,925
1,183,158
710
1,544,988
823,310
1,544,394
823,310
939,977
939,353
624
1,077,538
1,077,065
473
1,190,244
1,189,799
445
847,912
24,995
7,912,634
3,433,053
1,910,842
801,745
6,806,207
27,997
121,126
973,670 ..........3,777
880,565
10,584,206
2,557,885
6,437,134
160,408
965,263
857,106
23,459
7,448,300
3,135,906
1,800,305
757,580
6,413,985
23,149
160,408
958,473 ..........6,790
813,558
9,631,779
2,332,613
5,676,376
113,941
921,374
793,539
6,815,984
1,661,126
5,655,268
113,941
914,343
20,019
2,815,795
671,487
21,108
13,142,165 126,987,626 114,304,295
12,683,331
872,907
11,345,687
2,712,587
6,834,204
121,126
977,447
125,629,092 112,317,396
13,311,696 124,965,279 111,823,114
594
7,031
87,566
75,283
1,441
5,294
1,135,321
915,335
126,008
23,273
1,048,892
842,370
124,969
17,397
86,429
72,965
1,039
5,876
1,098,238
900,803
106,411
25,172
1,016,485
830,595
105,849
17,801
81,753
70,208
562
7,371
69,125
63,577
5,548
70,705
64,156
6,549
65,852
62,240
3,612
668,732
66,304
180,093
250,844 ........46,891
28,081
2,424
209,714
16,989
724,618
192,989
281,126
28,472
222,031
663,838
60,780
192,989
237,718 ........43,408
26,874
1,598
206,257
15,774
574,857
143,230
280,189
23,788
127,650
516,292
143,230
239,372
21,953
111,737
40,817
1,835
15,913
22.6%
45,8
5;8
24.2%
44.5
5.7
24.6
1.0
6.4
5.0%
60.5
7.1
26.4
1.0
9.3
735,036
180,093
297,735
30,505
226,703
58,565
RATIOS
Percentages of total assets:
Cash and balances with other banks...........................
U. S. Government obligations, direct and guaranteed
Other securities.....................................................
Loans and discounts.............................................
Other assets...........................................................
Total capital accounts..........................................
23.3%
41.6
6.2
27.7
1.2
6.9
25.0%
40.4
5.9
27.6
1.1
6.7
4.8%
55.1
9.9
29.1
1.1
9.4
21.3%
44.5
6.3
26.8
1.1
7.0
22.9%
43.1
6.1
26.7
1.2
6.8
4.6%
58.6
8.6
27.1
1.1
9.3
H
BANKS
1,079,417
855,428
143,618
16,794
OPERATING
1,166,983
930,711
145,059
22,088
OF
Miscellaneous assets— total.................................
Customers’ liability on acceptances outstanding.
Income accrued but not collected.........................
Prepaid expenses.......... ............................... ..........
Other assets.............................................................
4,109,478
208,904
4,318,382
LIABILITIES
Bank premises, furniture and fixtures, and oth<
real estate— total.............................................
Bank premises.............................................................
Furniture and fixtures................................................
Real estate owned other than bank premises..........
Investments and other assets indirectly representing
bank premises or other real estate..............
41,978,595
409,217
42,387,812
AND
Total loans and securities.
46,088,073
618,121
46,706,194
ASSETS
Loans and discounts, net— total.......................
Valuation reserves4...................................................
Loans and discounts, gross— total8...................
Commercial and industrial loans (including open
market paper).........................................................
Loans to farmers directly guaranteed by the Com
modity Credit Corporation...................................
Other loans to farmers (excluding loans on real
estate) ..............................................................
Loans to brokers and dealers in securities...........
Other loans for the purpose of purchasing or car
securities..........................................................
Real estate loans:
On farm land.......................................................
On residential properties...................................
On other properties.............................................
Other loans to individuals (consumer loans).......
Loans to banks........................................................
All other loans (including overdrafts).................
0
01
Table 108. A s s e t s
and
L ia b i l i t i e s o p O p e r a tin g I n s u r e d B an k s, D e c e m b e r
31, 1948, J u n e 30, 1948, a n d D e c e m b e r 31, 1947—Continued.
(Amounts in thousands of dollars)
CO
Oi
December 31, 1948
Liabilities and Capital
All
insured
banks
Com
mercial
banks1
December 31, 1947
June 30, 1948
Mutual
savings
banks
All
insured
banks
Com
mercial
banks1
Mutual
savings
banks
All
insured
banks
Com
mercial
banks1
Mutual
savings
banks
14,149,896 161,176,866 147,243,473
13,933,393 166,271,763 152,773,086
13,498,677
12,764,621 125,138,254 112,564,136
9,527 78,310,409 78,301,105
12,755,094 46,827,845 34,263,031
12,574,118 129,901,249 117,701,053
9,304 83,747,088 83,737,730
12,564,814 46,154,161 33,963,323
12,200,196
9,358
12,190,838
2,431
2,022,801
2,019,874
2,927
2,561,507
2,559,258
2,249
G overnm ent deposits— to ta l.....................................
United States Government— demand.......................
United States Government— time.............................
States and political subdivisions— demand..............
States and political subdivisions—time....................
10,706,677
2,326,921
111,138
7,186,759
1,081,859
10,702,845
2,325,231
111,065
7,186,133
1,080,416
3,832
1,690
73
626
1,443
10,359,820
2,056,314
105,738
7,135,582
1,062,186
10,356,173
2,054,409
105,690
7,135,118
1,060,956
3,647
1,905
48
464
1,230
8,957,617
1,329,206
105,545
6,695,665
827,201
8,953,724
1,327,075
105,520
6,695,228
825,901
3,893
2,131
25
437
1,300
Interbank and postal savings deposits— t o t a l. . .
Banks in the United States— demand......................
Banks in the United States— time............................
Banks in foreign countries—demand........................
Banks in foreign countries—time..............................
Postal savings..............................................................
11,906,860
10,344,114
35,224
1,487,709
34,012
5,801
11,906,217
10,344,069
34,626
1,487,709
34,012
5,801
643
45
598
11,041,425
9,628,116
34,880
1,357,149
15,526
5,754
11,041,012
9,628,071
34,512
1,357,149
15,526
5,754
413
45
368
12,675,246
11,236,177
43,794
1,379,176
11,105
4,994
12,674,631
11,236,131
43,225
1,379,176
11,105
4,994
615
46
569
T otal d eposits.......................................................
Demand.................................................................
Time......................................................................
M iscellaneous liabilities— to ta l...............................
Bills payable, rediscounts, and other liabilities for
borrowed money......................................................
Acceptances outstanding................................................
Dividends declared but not yet payable......................
Income collected but not earned...................................
Expenses accrued and unpaid.......................................
Other liabilities................................................................
153,454,048 140,682,521
105,169,181* 105,151*,865
1*8,281*,861* 35,527,656
12,206,953
12,581,105 154,095,619 141,888,666
l k ,61*5 106,91*8,819 106,931*,598
12,566,1*60 1*7,11*6,800 31*,951*,068
12,192,732
11*,221
1,364,191
1,320,003
44,188
1,355,076
1,304,936
50,140
1,188,145
1,148,617
39,528
54,625
201,980
64,630
195,548
349,224
498,184
53,838
201,980
61,630
194,052
340,962
467,541
787
62,850
215,752
62,865
177,708
349,487
486,414
62,671
215,752
54,373
176,355
338,040
457,745
179
61,458
166,556
63,046
153,206
341,948
401,931
61,345
166,556
60,315
151,851
332,864
375,686
2,731
1,355
9,084
26,245
12,631,245 155,283,764 143,037,283
12,246,481
T ota l liabilities (excluding capital accounts) 154,818,239 142,002,524
12,771,527 148,562,300 135,981,195
11*,319 100,510,371 100,1*95,726
12,757,208 1*8,051,929 35,1*85,1*69
3,000
1,496
8,262
30,643
12,815,715 149,917,376 137,286,131
8,492
1,353
11,447
28,669
113
CORPORATION
2,113,210
INSURANCE
2,115,641
DEPOSIT
Certified and officers’ checks, cash letters of credit
and travelers’ checks outstanding, and
amounts due to Federal Reserve banks. . .
FEDERAL
166,312,875 152,162,979
Deposits of individuals, partnerships, and cor
128,724,870 115,960,249
porations— total...............................................
81,708,040 81,698,513
Demand........................................................................
47,016,830 34,261,736
Tim e.............................................................................
Total liabilities and capital accounts.......................
Capital accounts— total.................................................
Capital stock, notes, and debentures...........................
Surplus.............................................................................
Undivided profits............................................................
Reserves...........................................................................
11,494,636
3,268,865
5,501,891
2,153,240
570,640
10,160,455
3,264,146
4,504,089
1,872,518
519,702
Pledged assets and securities loaned.........................
13,436,912
13,436,912
Capital stock, notes, and debentures:
Par or face value— total.............................................
Common stock............................................................
Capital notes and debentures...................................
Preferred stock............................................................
3,272,723
3,164,300
30,034
78,389
3,264,993
3,164,300
22,304
78,389
Retireable value of preferred stock..............................
146,799
146,799
Number of banks...................................................................
13,612
13,419
1,334,181
4,719
997,802
280,722
50,938
11,259,490
3,234,225
5,361,764
2,076,656
586,845
9,957,342
3,229,569
4,391,227
1,803,724
532,822
13,031,725
13,031,725
3,238,285
3,123,059
35,294
79,932
3,230,555
3,123,059
27,564
79,932
149,355
149,355
13,613
13,420
1,302,148
4,656
970,537
272,932
54,023
10,987,999
3,198,871
5,255,551
1,906,069
627,508
9,735,803
3,193,918
4,316,404
1,650,231
575,250
11,648,069
11,648,069
3,202,901
3,078,933
37,402
86,566
3,195,041
3,078,933
29,542
86,566
158,208
158,208
13,597
13,403
1,252,196
4,953
939,147
255,838
52,258
MEMORANDA
7,730
193
7,860
7,860
194
LIABILITIES
193
7,730
AND
7,730
ASSETS
7,730
OPERATING
BAN KS
OF
1 Includes stock savings banks and nondeposit trust companies.
2 United States savings bonds, Treasury bonds (investment series A-1965), and depositary bonds.
8 Includes obligations of United States Government corporations and agencies, not guaranteed by the United States Government.
4 Reserves for losses on loans authorized by the Bureau of Internal Revenue for income tax purposes and other valuation reserves.
1 Not reported.
•
Individual loan items as of December 31, and June 30, 1948 are reported gross and are, therefore, not strictly comparable with amounts as of December 31 1947 which
were reported on a net basis.
CD
-4
CO
00
of
I n s u r e d C o m m e r c ia l B a n k s
FEDERAL
E x a m in e r s ’ E v a l u a t io n
Table 109. Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks
examined in 1941-1948
DEPOSIT
Table 110. Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks
examined in 1948
Banks grouped according to amount of deposits
INSURANCE
CORPORATION
Table 111. Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks
examined in 1948
Banks grouped hy Federal Deposit Insum?im Corporation district and State
Examiners’ deductions (net) from total assets in Table 111 is
the difference between examiners’ deductions and the determinable
sound values of assets not shown on the books.
.BANKS
Examiners’ deductions from total assets represent the difference
between the appraised value and book value of assets shown on the
books.
A djusted capital accounts equal book value of total capital ac
counts plus the value of assets not shown on the books, less examiners’
deductions from total assets, and less liabilities not shown on the books.
The term “ adjusted capital accounts” corresponds to the term "net
sound capital” used in the Annual Reports of the Corporation for the
years 1939-1943.
COMMERCIAL
Assets n ot on the books represent the determinable sound value
of assets which are not included in the bank’s statement of assets or
are carried at nominal values.
Book value o f capital accounts refers to the net worth or equity
of the stockholders (including holders of capital notes and debentures)
shown on the books at the time of examination.
INSURED
Book value of assets is the net value, after deduction of valuation
and premium reserves, at which the assets are carried on the books
of the banks at the time of examination.
Adjusted liabilities include all liabilities shown on the books and
such others as have been determined by the examiners.
OF
Evaluation o f Liabilities and Capital
Evaluation o f Assets
EVALUATION
Appraised value of total assets represents the value of all assets as
determined by examiners and is segregated into two groups: (1) not
criticized, which represents the appraised value of assets regarded as
suitable for bank investment; and (2) substandard, which represents the
appraised value of assets believed by the examiners to involve a sub
stantial degree of risk, or to be otherwise undesirable for bank invest
ment. For a description of the procedure followed in examiners’ evalua
tion of assets, see the Annual Report of the Corporation for 1938, pages
61-78. Appraised value of other securities and of loans and discounts
does not include assets not shown on the books which are included in
the appraised value of fixed and miscellaneous assets.
EXAMINERS
The tables in this section present a summary of the evaluation of
bank assets and liabilities made by examiners of the Federal supervisory
agencies. Since bank examinations are made at various dates during
the year, these tables differ from those in the previous sections, which
are based on reports submitted by the banks for specified dates. These
tables have been prepared from reports of examination available during
the year and do not cover precisely the banks examined in that year.
The figures for 1948, include 12,894 insured commercial banks operating
at the close of the year and 33 banks which ceased operations or were
taken over by others during the year. Figures for 522 insured banks
operating at the close of the year were not included in the tabulations:
7 because they were not engaged in deposit banking, and 515 because
reports of examination were, for various reasons, not available for
tabulation. For 466 banks the figures are derived from reports of
examination made in the last three months of 1947.
cc
sc
Table 109.
E x a m i n e r s ’ A p p r a i s a l o f A s s e t s , L i a b i l i t i e s , a n d C a p i t a l o f I n s u r e d C o m m e r c i a l B a n k s E x a m in e d in
1941-1948
(Amounts in thousands of dollars)
Asset, liability, or capital account item
1941
1942
1944
1945
1946
1947
1948
138,032,336
20,283
29,354
138,023,265
137,404,382
618,883
147,828,793
16,017
25,095
147,819,715
147,293,671
526,044
144,531,287
15,156
35,596
144,510,847
143,814,520
696,327
147,679,494
16,056
40,775
147,654,775
146,866,522
788,253
71,697,320
19,851
174,037
71,543,134
69,512,512
2,030,622
80,449,956
20,089
145,741
80,324,304
78,610,078
1,714,226
102,021,738
26,346
97,144
101,950,940
100,690,843
1,260,097
118,843,675
20,897
54,193
118,810,379
117,984,985
825,394
Gash and due from banks.......................................................
24,107,119
24,618,882
25,342,868
26,036,187
29,215,660
V)
31,790,001
33,487,233
26,799,729
26,807,855
50,067,210
50,073,639
65,089,147
65,096,303
78,783,904
78,794,810
0)
«
69,134,182
(4)
63,438,109
(4)
U. S. Government obligations—book value......................
Appraised value3.......................................................................
(2)
(2)
6,682,798
6,651,951
6,034,558
617,393
6,055,350
6,040,897
5,578,743
462,154
5,805,695
5,800,937
5,499,037
301,900
6,215,580
6,213,954
5,954,653
259,301
(l)
(x)
(0
0)
7,890,527
7,888,268
7,657,623
230,645
8,435,320
8,432,640
8,221,268
211,372
Loans and discounts— book value........................................
Appraised value........................................................................
Not criticized..........................................................................
Substandard............................................................................
19,544,145
19,467,422
18,618,309
849,113
20,136,352
20,071,927
19,303,969
767,958
18,290,697
18,251,118
17,710,001
541,117
19,562,561
19,539,481
19,180,144
359,337
21,436,642
21,424,482
21,161,567
262,915
0)
0)
0)
«
33,100,496
33,075,357
32,653,390
421,967
39,416,074
39,385,909
38,852,883
533,026
Fixed and miscellaneous assets—book value....................
Appraised value........................................................................
Not criticized..........................................................................
Substandard............................................................................
2,286,416
2,245,609
1,816,672
428,937
2,212,195
2,173,689
1,844,814
328,875
2,265,613
2,242,418
1,985,592
256,826
2,350,085
2,337,471
2,173,314
164,157
2,380,550
2,374,359
2,277,692
96,667
(!)
0)
0)
0)
2,616,081
2,623,039
2,579,324
43,715
2,902,758
2,910,884
2,867,029
43,855
Total liabilities—book value..................................................
Total deposits.................................................... .......................
Other liabilities—book value...................................................
Liabilities not on the books.....................................................
Adjusted total liabilities...........................................................
65,012,512
64.218,740
793,772
6,084
65,018,596
73,529,826
72,755,007
774,819
7,362
73,537,188
94,882,516
94,087,113
795,403
4,491
94,887,007
111,242,503
110,177,295
1,065,208
7,563
111,250,066
129,849,891
128,263,849
1,588,042
3,731
129,853,622
139,081,529
137,221,546
1,859,983
4,719
139,085,248
135,120,704
133,169,657
1,951,047
2,635
135,123,339
137,795,798
135,666,637
2,129,161
4,083
137,799,881
Total capital accounts—book value.....................................
Assets not on the books...........................................................
Examiners’ deductions from total assets...............................
Liabilities not on the books.....................................................
Adjusted capital accounts.......................................................
6,684,808
19,851
174,037
6,084
6,524,538
6,920,130
20,089
145,741
7,362
6,787,116
7,139,222
26,346
97,144
4,491
7,063,933
7,601,172
20,897
54,193
7,563
7,560,313
8,182,445
20,283
29,354
3,731
8,169,643
8,747,264
16,017
25,095
4,719
8,733,467
9,410,583
15,156
35,596
2,635
9,387,508
9,883,696
16,056
40,775
4,083
9,854,894
CORPORATION
25,759,640
25,722,984
24,970,412
752,572
INSURANCE
Other securities—book value.................................................
Appraised value........................................................................
Not criticized..........................................................................
Substandard............................................................................
DEPOSIT
Total assets— book value.........................................................
Assets not on the books...........................................................
Examiners’ deductions.............................................................
Appraised value........................................................................
Not criticized..........................................................................
Substandard............................................................................
FEDERAL
1943
Adjusted capital accounts per $100 of—
$98.95
6.93
$99.46
6.36
$99.84
5.92
$99.84
5.91
$99.75
6.50
$99.71
6.67
Substandard assets per $100 of—
Appraised value of total assets..............................................
Adjusted capital accounts.......................................................
2.84
31.12
2.13
25.26
1.24
17.84
.69
10.92
.45
7.58
.36
6.02
.48
7.42
.53
8.00
Substandard loans and discounts per $100 of—
Appraised value of loans and discounts................... ............
4.36
3.83
2.96
1.84
1.23
1.28
1.35
Number of banks..........................................................................
13,308
13,303
13,207
12,983
12,473
12,747
12,927
0)
12,493
1 Not available separately.
8 U. S. Government obligations not available separately; included under other securities.
,
• ,
* Appraised value is in excess of book value due to the excess of redemption value of U. S. savings bonds not shown on the books over examiners deductions of unamortized
premiums on U. S. Government obligations purchased above par.
, ■, i
* Appraised value not available. Redemption value of U. S. savings bonds not shown on the books included under fixed and miscellaneous assets, while examiners deductions
of unamortized premium on U. S. Government obligations purchased above par included under other securities.
OF
INSURED
COMMERCIAL
BANKS
EVALUATION
$98.08
8.45
EXAMINERS
$97.60
9.12
Table 110.
E x a m i n e r s 1 A p p r a i s a l o f A s s e t s , L i a b i l i t i e s , a n d C a p i t a l o f I n s u r e d C o m m e r c ia l B a n k s E x a m in e d in
BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS
1948
Banks with deposits of—
Asset, liability, or capital account item
All
banks
1,500,638
934
1,028
1,500,544
1,1*85,21*0
15,301*
$1,000,000
to
$2,000,000
$2,000,000
to
$5,000,000
$5,000,000 [$10,000,000
to
to
$10,000,000 $50,000,000
(Amounts in thousands of dollars)
5,035,401
14,135,213
12,823,163
26,290,645
2,941
2,489
3,928
2,033
8,453
3,147
6,715
5,335
14,132,426
12,819,861
26,285,133
5,034,743
11*,029,658
12,730,61*0
26,133,928
1*,993,313
102,768
89,221
151,205
1*1,k30
$50,000,000 More than
to
$100,000,000
$100,000,000
10,485,609
846
2,869
10,483,586
10,1*36,1*99
1*7,087
77,192,277
2,759
12,888
77,182,148
76,8U,386
887,812
59,543
342,550
1,086,342
2,934,729
2,599,205
5,578,810
2,500,576
18,385,478
63,438,109
81,090
678,515
2,353,190
6,555,448
5,900,583
12,227,116
4,659,908
30,982,259
Other securities— book value..........................
Appraised value.................................................
Not criticized...................................................
Substandard....................................................
8,435,320
8,432,640
8,221,268
211,872
7,640
7,622
7,231
891
74,480
74,441
72,591*
1,81*7
300,524
300,327
298,711*
6,613
1,013,286
1,012,772
990,792
21,980
1,049,168
1,048,582
1,021*,51*1
21*,01*1
1,903,597
1,902,663
1,857,607
1*5,056
586,873
586,713
573,152
13,561
3,499,752
3,499,520
8,1*01,637
97,883
Loans and discounts— book value................
Appraised value.................................................
Not criticized...................................................
Substandard....................................................
39,416,074
39,385,909
88,852,883
533,026
65,961
65,700
62,858
2,81*2
393,991
393,085
379,81*1
18,21*1*
1,257,629
1,254,958
1,220,951
31*,007
3,513,307
3,507,771
3,1*29,736
78,035
3,148,138
3,143,769
3,081,739
62,030
6,239,353
6,232,858
6,139,551
93,307
2,588,439
2,586,315
2,556,921*
29,391
22,209,256
22,201,453
21,981,283
220,170
Fixed and miscellaneous assets— book value
2,902,758
2,910,884
2,867,029
US,855
2,314
2,379
2,186
198
11,102
11,953
11,71*0
213
37,716
39,926
89,116
810
118,443
121,706
118,953
2,753
126,069
127,722
121*,572
3,150
341,769
343,686
330,81*1*
12,81*2
149,813
150,074
11*5,939
1*,135
2,115,532
2,113,438
2,098,679
19,759
Total liabilities—book value........................... 137,795,798
Total deposits.................................................... 135,666,637
2,129,161
Other liabilities—book value..................
4,083
Liabilities not on the books..............................
Adjusted total liabilities................................... 137,799,881
193,498
192,636
862
37
193,535
1,383,325
1,379,252
4,073
122
1,383,447
4,687,319
4,671,330
15,989
240
4,687,559
13,202,182
13,156,305
45,877
762
13,202,944
12,008,468
11,952,318
56,150
305
12,008,773
24,636,729
24,470,611
166,118
981
24,637,710
9,862,263
9,766,842
95,421
481
9,862,744
71,822,014
70,077,343
1,744,671
1,155
71,823,169
Not criticized...................................................
Substandard....................................................
CORPORATION
33,487,233
U. S. Government obligations— book value
INSURANCE
Gash and due from banks...............................
DEPOSIT
216,548
126
340
216,334
212,908
3,1*26
$500,000
to
$1,000,000
FEDERAL
Total assets— book value................................. 147,679,494
16,056
Assets not on the books...................................
40,775
Examiners’ deductions......................................
Appraised value................................................. 147,654,775
Not criticized................................................... 11*6,866,522
788,253
Substandard....................................................
$500,000
or less
23,050
126
340
37
22,799
117,313
934
1,028
122
117,097
348,082
2,489
3,147
240
347,184
933,031
3,928
6,715
762
929,482
814,695
2,033
5,335
305
811,088
1,653,916
2,941
8,453
981
1,647,423
623,346
846
2,869
481
620,842
5,370,263
2,759
12,888
1,155
5,358,979
A djusted capital accou n ts per $100 o f—
Book capital.......................................................
Appraised value of total assets.......................
$99.71
6.67
$98.91
10.54
$99.82
7.80
$99.74
6.90
$99.62
6.58
$99.56
6.33
$99.61
6.27
$99.60
5.92
$99.79
6.94
Substandard assets per $100 o f—
Appraised value of total assets........................
Adjusted capital accounts................................
.53
8.00
1.58
15.03
1.02
13.07
.82
11.93
.73
11.06
.70
11.00
.58
9.18
.45
7.58
.44
6.30
Substandard loans and discou nts per $100
o f—
Appraised value of loans and discounts.........
1.35
4.33
3.37
2.71
2.22
1.97
1.50
1.14
.99
Number of banks...................................................
12,927
516
1,802
3,180
4,174
1,708
1,233
140
174
INSURED
COMMERCIAL
BANKS
OF
Back figures— See the following Annual Reports: 1947, pp. 126-127, and earlier reports.
EVALUATION
9,883,696
16,056
40,775
4,083
9,854,894
EXAMINERS
T ota l capital accou n ts— book value.............
Assets not on the books...................................
Examiners’ deductions from total assets........
Liabilities not on the books.............................
Adjusted capital accounts................................
Table 111.
E x a m i n e r s ’ A p p r a i s a l o f A s s e t s , L i a b i l i t i e s , a n d C a p i t a l o f I n s u r e d C o m m e r c ia l B a n k s E x a m in e d in
1948
BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE
(Amounts in thousands of dollars)
Total liabilities
Total assets
Number
of
banks
Appraised value
Rook
value
Examiners'
deductions
(net)1
Total
Not
criticized
Sub
standard
Book
value
Adjusted
value
Book
value
Adjusted
value
Substandard assets
per $100 of—
Adjusted
capital
accounts
per $100 of Appraised
Adjusted
appraised
value of
capital
value of
total
total
accounts
assets
assets
12,927 147,679,494
24,719 147,654,775 146,866,522
788,253 137,795,798 137,799,881
9,883,696
9,854,894
$6.67
$.53
$8.00
United S ta te s.. . .
12,922 147,640,821
24,657 147,616,164 146,828,099
788,065 137,759,120 137,763,203
9,881,701
9,852,961
6.67
.53
8.00
38,673
62
38,611
38,423
188
36,678
36,678
1,995
1,933
5.01
.49
9.73
FDIC D istrict
District 1.............
District 2 .............
District 3 .............
District 4 .............
District 5 .............
District 6 .............
District 7 .............
District 8 .............
District 9 .............
District 10...........
District 11...........
District 122..........
470
1,015
1,621
1,008
813
1,361
1,319
1,395
1,045
1,381
1,018
481
7,290,618
38,385,289
18,009,062
8,064,285
5,347,586
8,287,196
10,744,390
14,181,945
4,464,053
5,826,426
8,646,961
18,431,683
1,938
9,314
3,233
2,199
581
1,084
7U
6U2
622
740
2,382
4,586
7,288,680
38,375,975
18,005,829
8,062,086
5,347,005
8,286,112
10,744,464
14,182,587
4,464,675
5,825,686
8,644,579
18,427,097
7,253,609
38,102,136
17,909,487
8,018,349
5,305,589
8,246,117
10,705,569
14,111,212
4,443,168
5,797,061
8,610,159
18,364,066
35,071
273,839
96,342
43,737
41,416
39,995
38,895
71,375
21,507
28,625
34,420
63,031
6,707,569
35,265,018
16,534,586
7,542,950
5,027,258
7,793,528
10,155,587
13,370,427
4,226,457
5,501,207
8,180,701
17,490,510
6,707,598
35,265,940
16,535,754
7,543,136
5,027,357
7,793,960
10,155,947
13,370,632
4,226,507
5,501,656
8,180,741
17,490,653
583,049
3,120,271
1,474,476
521,335
320,328
493,668
588,803
811,518
237,596
325,219
466,260
941,173
581,082
3,110,035
1,470,075
518,950
319,648
492,152
588,517
811,955
238,168
324,030
463,838
936,444
7.97
8.10
8.16
6.44
5.98
5.94
5.48
5.73
5.33
5.56
5.37
5.08
.48
.71
.54
.54
.77
.48
.36
.50
.48
.49
.40
.34
6.04
8.81
6.55
8.43
12.96
8.13
6.61
8.79
9.03
8.83
7.42
6.73
State
Alabama..............
Arizona................
Arkansas..............
California............
Colorado..............
194
10
207
183
138
1,248,108
444,536
769,489
13,798,442
1,140,145
244
521
109
2,191
272
1,247,864
444,015
769,380
13,796,251
1,140,417
1,243,035
436,004
766,982
13,757,313
1,135,454
4,829
8,011
2,398
38,938
4,963
1,171,095
424,680
722,605
13,095,626
1,077,146
1,171,118 ’ 77,013
424,682 / 19,856
722,620 / 46,884
13,095,708 / 702,816
1,077,241
62,999
76,746
19,333
46,760
700.543
63^176
6.15
4.35
6.08
5.08
5.54
.39
1.80
.31
,28
.44
6.29
41.44
5.13
5.56
7.86
Connecticut.........
Delaware.............
Dist. of Columbia
Florida.................
Georgia................
97
38
19
173
271
1,358,065
448,342
1,096,435
1,758,370
1,623,308
643
168
446
517
113
1,357,422
448,174
1,095,989
1,757,853
1,623,421
1,350,352
441,688
1,092,411
1,740,383
1,611,074
7,070
6,486
3,578
17,470
12,347
1,255,247
400,102
1,028,640
1,657,834
1,521,629
102,171
48,069
67,348
100,007
101,749
7.53
10.73
6.14
5.69
6.27
.52
1.45
.33
.99
.76
6.92
13.49
5.31
17.47
12.13
1,255,251
400,105
1,028,641
1,657,846
1,521,672
102,818
48,240
67,795
100,536
101,679
CORPORATION
5
INSURANCE
Possessions..........
DEPOSIT
United States and
p ossessions........
FEDERAL
FDIC District
and State
Total capital
accounts
649
55,315
17,310
16,060
7,779
411,189
11,308,886
2,856,172
2,061,541
1,394,425
411,236
11,309,076
2,856,477
2,061,556
1,394,551
18,864
690,241
168,868
121,277
78,448
18,794
690,064
168,466
121,891
77,842
4.37
5.75
5.57
5.58
5.29
.15
.46
.57
.74
.53
3.45
8.02
10.28
13.18
9.99
Kentucky............
Louisiana.............
M aine..................
Maryland............
Massachusetts. . .
350
144
54
156
179
1,536,265
1,675,843
452,569
1,526,080
4,287,604
10
73
253
528
50
1,536,255
1,675,770
452,316
1,525,552
4,287,654
1,528,541
1,668,658
449,288
1,517,681
4,275,352
7,714
7,112
3,028
7,871
12,302
1,433,778
1,592,096
415,865
1,426,290
3,943,190
1,433,809
1,592,112
415,867
1,426,363
3,943,208
102,487
83,747
36,704
99,790
344,414
102,446
83,658
36,449
99,189
344,448
6.67
4.99
8.06
6.50
8.03
.50
.42
.67
.52
.29
7.53
8.50
8.31
7.94
3.57
Michigan.............
Minnesota...........
Mississippi..........
Missouri..............
Montana..............
400
631
175
531
112
4,931,934
2,893,502
717,800
4,075,875
556,074
247
U22
67
498
27
4,931,687
2,893,924
717,867
4,075,377
556,101
4,918,158
2,878,909
711,097
4,058,774
552,957
13,529
15,015
6,770
16,603
3,144
4,671,621
2,725,059
676,700
3,843,162
531,993
4,671,683
2,725,085
676,721
3,843,203
531,996
260,313
168,443
41,100
232,713
24,081
260,024
168,839
41,146
232,174
24,105
5.27
5.83
5.73
5.70
4.33
.27
.52
.94
.41
.57
5.20
8.89
16.45
7.15
13.04
Nebraska.............
Nevada................
New Hampshire..
New Jersey..........
New M exico........
362
8
57
336
48
1,288,258
174,024
232,254
4,676,184
293,966
19 h
59
298
1,903
276
1,288,452
173,965
231,956
4,674,281
293,690
1,284,830
172,843
229,621
4,618,108
291,587
3,622
1,122
2,335
56,173
2,103
1,219,768
165,390
209,720
4,364,297
280,272
1,219,870
165,390
209,721
4,364,447
280,273
68,490
8,834
22,534
311,887
13,694
68,582
8,575
22,235
309,834
13,417
5.32
4.93
9.59
6.63
4.57
.28
.64
1.01
1.20
.72
5.28
13.08
10.50
18.13
15.67
New Y ork............
North Carolina...
North D a k ota ...
Ohio......................
Oklahoma............
641
218
138
652
374
33,260,763
1,861,126
491,567
7,390,887
1,677,252
7,243
82
n
981
593
33,253,520
1,861,044
491,661
7,389,906
1,676,659
33,042,340
1,849,732
490,770
7,366,952
1,665,703
211,180
11,312
891
22,954
10,956
30,500,619
1,752,848
470,835
6,946,138
1,575,535
30,501,388
1,752,889
470,848
6,946,229
1,575,657
2,760,144
108,278
20,732
444,749
101,717
2,752,132
108,155
20,813
443,677
101,002
8.28
5.81
4.23
6.00
6.02
.64
.61
.18
.31
.65
7.67
10.46
4.28
5.17
10.85
Oregon.................
Pennsylvania. . . .
Rhode Island. . . .
South Carolina. . .
South Dakota. . . .
67
969
14
124
164
1,399,111
10,618,175
687,426
682,120
522,910
485
2,252
127
108
79
1,398,628
10,615,923
687,299
682,228
522,989
1,391,846
10,542,535
685,017
680,191
520,532
6,780
73,388
2,282
2,037
2,457
1,324,877
9,588,448
637,312
646,438
498,570
1,324,879
9,589,525
637,313
646,456
498,578
74,234
1,029,727
50,114
35,682
24,340
73,747
1,026,398
49,986
35,772
24,411
5.27
9.67
7.27
5.24
4.67
.48
.69
.33
.30
.47
9.19
7.15
4.57
5.69
10.07
Tennessee............
Texas....................
Utah.....................
Vermont..............
Virginia................
273
816
53
69
314
1,905,567
6,232,616
573,489
272,700
1,897,157
467
1,512
165
667
1,051
1,905,100
6,231,104
573,324
272,033
1,896,106
1,891,820
6,213,910
570,845
263,979
1,882,238
13,280
17,194
2,479
8,054
13,868
1,793,983
5,883,653
541,542
246,235
1,759,760
1,794,328
5,883,674
541,545
24b,238
1,759,791
111,584
348,963
31,947
26,465
137,397
110,772
347,430
31,779
25,795
136,315
5.81
5.58
5.54
9.48
7.19
.70
.28
.43
2.96
.73
11.99
4.95
7.80
31.22
10.17
Washington.........
West Virginia. . . .
Wisconsin............
Wyoming.............
117
177
462
55
2,017,891
1,001,367
2,787,416
247,898
1,601
200
U8
133
2,016,290
1,001,167
2,787,834
247,765
2,003,415
996,096
2,779,778
246,460
12,875
5,071
8,056
1,305
1,915,208
928,974
2,627,794
234,333
1,915,217
928,998
2,627,807
234,337
102,683
72,393
159,622
13,565
101,073
72,171
160,027
13,428
5.01
7.21
5.74
5.42
.64
.51
.29
.53
12.74
7.03
5.03
9.72
1 Examiners’ deductions (net) is net of assets not on the books. Figures in italics represent excess of appraised value of assets over book value.
2 Includes 3 national banks and 1 State bank in Alaska and 1 State bank in Hawaii, not members of the Federal Reserve System.
BANKS
429,381
11,943,825
3,007,633
2,167,387
1,464,614
COMMERCIAL
430,030
11,999,140
3,024,943
2,183,447
1,472,393
INSURED
23
13
97
629
480
OF
430,053
11,999,127
3,025,040
2,182,818
1,472,873
EVALUATION
48
835
457
560
452
EXAMINERS
Idaho...................
Illinois..................
Indiana................
Iowa.....................
Kansas.................
E a r n in g s , E x p e n s e s ,
and
D
iv id e n d s
of
Insured B an k s
Table 112. Earnings, expenses, and dividends of insured commercial banks, 1941-1948
Table 113. Ratios of earnings, expenses, and dividends of insured commercial banks, 1941-1948
Table 114. Earnings, expenses, and dividends of insured commercial banks, 1948
By class of bank
Table 115. Ratios of earnings, expenses, and dividends of insured commercial banks, 1948
By class of bank
Table 116. Earnings, expenses, and dividends of insured commercial banks operating through
out 1948
Banks grouped according to amount of deposits
Table 117. Ratios of earnings, expenses, and dividends of insured commercial banks operating
throughout 1948
Banks grouped according to amount of deposits
Table 118. Earnings, expenses, and dividends of insured commercial banks, by State, 1948
Table 119. Earnings, expenses, and dividends of insured mutual savings banks, 1941-1948
Table 120. Ratios of earnings, expenses, and dividends of insured mutual savings banks,
1941-1948
Reports of earnings, expenses, and dividends are submitted to the
Federal supervisory agencies on either a cash or an accrual basis.
Sources o f data
DIVIDENDS
National banks, and State banks not members of the Federal Reserve
System in the District of Columbia: Office of the Comptroller of the
Currency.
INSURED
Other insured banks: Federal Deposit Insurance Corporation.
OF
State banks members of the Federal Reserve System: Board of
Governors of the Federal Reserve System.
AND
BANKS
Assets and liabilities shown in Table 116, and utilized for computation
of ratios shown in Table 117, are for the identical banks to which the
earnings data pertain. For national banks and State banks members
of the Federal Reserve System, assets and liabilities are as of December
31, 1948, and for other banks, are averages of beginning, middle, and
end of the year.
EXPENSES,
On December 8, 1947, the Commissioner of Internal Revenue issued
Comm. Mineograph Coll. No. 6209 entitled, “ Reserve Method of
Accounting for Bad Debts in the Case of Banks.” (See pp. 82-84 in
the 1947 Annual Report). Under this ruling, banks are permitted to
accumulate limited amounts of tax-free reserves for bad debt losses on
loans. As a result, in 1948 unusually large amounts were set aside from
income to valuation reserves, and net profits were decreased accordingly.
The uniform report of earnings and dividends for the calendar year
1948 was revised to show separately for the first time charge-offs and
transfers to valuation reserves as well as recoveries and transfers from
valuation reserves. Also, for the first time the actual recoveries and
losses that are credited and charged to valuation reserves are reported
as memoranda items. As of December 31, 1948, the reserve method
of accounting for bad debt losses on loans as authorized by the Bureau
of Internal Revenue had been adopted by 5,120, or 38 percent, of the
13,419 insured commercial banks.
EARNINGS,
Earnings data are included for all insured banks operating at the
end of the respective years, unless indicated otherwise. In addition,
appropriate adjustments have been made for banks in operation during
part of the year but not at the end of the year.
Averages of assets and liabilities shown in Tables 112-115 and 118—
120 are based upon figures at the beginning, middle, and end of each
year, as reported by banks operating on those dates. Consequently, the
asset and liability averages are not strictly comparable with the earnings
data, but the differences are not large enough to affect the totals sig
nificantly. Some further incomparability is also introduced into the
data by class of bank by shifts between those classes during the year.
o
Table 112.
E a r n i n g s , E x p e n s e s , a n d D i v i d e n d s o f I n s u r e d C o m m e r c ia l B a n k s ,
1941-1948
(Amounts in thousands of dollars)
1942
1941
Earnings or expense item
1943
1944
1,356,680
240,354
386,346
1,522,778
266,018
424,881
1,762,634
309,220
521,709
1,981,787
344,845
602,266
2,163,514
381,756
662,696
11,775
163,900
502
99,915
12,907
186,773
1,112
97,307
14,610
233,321
2,448
98,683
, 16,936
'268,624
2,364
96,314
18,954
298,274
2,656
103,516
20,859
316,570
3,432
106,163
39,917
346,045
40,008
357,825
41,845
390,036
40,329
442,488
40,850
506,617
42,276
569,000
48,271
623,767
2514,135
568,535
703,456
858,225
959,500
1,100,241
1,115,883
1,240,072
324,453
222,775
353,015
361,726
509,329
408,608
262,042
266,439
29,221
24,161
60,025
39,748
48,934
64,350
21,215,766
211,311
302,627
1,222,157
219,388
333,171
1,256,025
225,142
356,958
13,151
190,256
374
2103,371
11,541
174,674
336
97,085
364,414
330,262
Net current operating earnin gs............................................
Recoveries, transfers from reserve accounts, and prof
its—total .........................................................................
On securities:
Transfers from reserve accounts.........................................
}
73,589
145,189
55,947
66,457
91,891
103,143
92,778
129,834
122,364
266,764
59,515
208,700
45,360 \f
100,189
|
70,947
34,728
68,546
31,825
85,664
72,317
84,224
54,890
67,014
53,187
74,499
65,894
67,687 /\
48,806
333,966
271,118
290,645
265,881
264,122
283,175
294,286
78,590
40,941
32,393
278,666
55,163
Losses, charge-offs, and transfers to reserve accounts—
to t a l...................................................................................
On securities:
Losses and charge-offs.......................................................... 1
Transfers to reserve accounts.............................................
On loans:
Losses and charge-offs.......................................................... |
Transfers to reserve accounts.............................................
I
161,073
120,614
116,383
110,439
132,870
132,254
/
118,498 \
103,868
69,025
80,647
69,857
75,223
99,039
70,090
85,352
55,901
75,351
71,253
79,668
/
120,370 \
55,418
485,753
CORPORATION
97,456
156,678
178,016
f
INSURANCE
97,264
144,734
166,794
78,485
112,486
128,278
139,698
2,214,905
2,482,278
1,090,253 /\ 1,132,977
167,198
680,708
707,738
18,860
17,320
109,789
107,375
DEPOSIT
97,995
140,340
153,589
67,533
104,710
124,676
1,729,901
509,175
847,832
0)
FEDERAL
90,617
120,317
134,782
55,148
100,652
123,484
Transfers from reserve accounts.........................................
Profits on securities sold or redeemed................................
On loans:
1948
3,403,586
1,008,138
189,559
1,577,633
22,315
173,791
0)
233,196
Current operating expenses— t o ta l................... ...................
Salaries— officers.......................................................................
Salaries and wages— employees...............................................
Fees paid to directors and members of executive, discount,
and other committees.......................................................
Interest on time and savings deposits...................................
Interest and discount on borrowed m oney...........................
Taxes other than on net income.............................................
Recurring depreciation on banking house, furniture and
fixtures................................................................................
Other current operating expenses...........................................
1947
3,097,670
1,079,535
179,408
1,263,788
18,386
147,761
1,959,481
861,412
692,305
13,513
95,332
Other current operating earnings...........................................
1946
2,862,875
1,218,517
176,620
936,554
14,564
124,696
1,790,692
610,298
804,717
12,084
84,309
Current operating earnings— t o ta l......................................
Interest on United States Government obligations.............. }
Interest and dividends on other securities.............................
Interest and discount on loans...............................................
Service charges and other fees on bank’s loans....................
Service charges on deposit accounts................................. ..
Other service charges, commissions, fee3, and collection
1945
Net profits before income taxes............................................
2504,622
520,192
765,826
954,070
Taxes on net income— total..................................................
Federal......................................................................................
State.............................. ............................................................
450,000
(*)
(')
79,541
0)
(x)
127,865
114,316
13,549
202,821
XOi $\JOLt
15 789
OOQ no;
977
£Qft
Lt l ( ,000
91 9^7
Net profits after income taxes..............................................
454,622
440,651
637,961
751,249
on*
019
7VD,7lZ
7U/,o4D
781,397
745,336
Dividends and interest on capital— total...........................
Dividends declared on preferred stock and interest paid on
capital notes and debentures..........................................
Cash dividends declared on common stock...........................
253,396
227,608
233,490
253,193
274,438
298,983
315,215
331,833
17,563
235,833
14,523
213,085
14,324
219,166
13,645
239,548
11 769
262 ,*669
8,345
290,638
5,981
309,234
5,230
326,603
Net additions to capital from profits.................................
201,226
213,043
404,471
498,056
631 474
603,363
466,182
413,503
Memoranda
Recoveries credited to reserve accounts (not included in
recoveries above):
On securities.............................................................................
On loans.........................................................................
Losses charged to reserve accounts (not included in losses
above):
On securities..............................................................................
On loans....................................................................................
<0
o
0)
C1)
C1)
V)
0)
M
Vv
\)
0)
0)
C1)
0)
7,224
10,844
(!)
«
0)
(x)
0)
(l)
/'l't
v. )
w
«
(!)
(l)
0)
18,031
46,487
1,225,674
1,083,639
1,020,758
323,328
301,048
99 9QA
302,242
O
QQ t\AG
£oo,U4b
19,196
275,422
258,490
16,932
Average assets and liabilities5
Assets—total..............................................................................
Cash and due from banks.......................................................
United States Government obligations.................................
Other securities........................................................................
Loans and discounts................................................................
All other assets............................................................
73,510,130
25,693,758
19,160,565
6,997,406
19,857,387
1,801,014
83,666,451
25,922,701
29,231,826
6,802,771
20,030,625
1,678,528
103,370,189
26,774,094
50,315,698
6,321,794
18,380,838
1,577,765
123,168,863
28,042,727
67,231,161
6 088 48?
20,310,112
1 4.K 717 iifi
1K1 OOA 77A
XDJL,O70,/
/v
33,286,775
81,835,381
7I ,00t>,;7£0
£££ Q9Q
27,768,296
1
A
Qi70
Q£
1,4A^Q,O
148,170,261
34,279,792
70,229,835
8,315,081
33,863,334
1,482,219
150,726,513
36,247,026
64,291,298
8,872,676
39,650,962
1,664,551
Liabilities and capital— total................................................
Total deposits...........................................................................
Demand deposits......................................................
Time and savings deposits.....................................
Borrowings and other liabilities.............................................
Total capital accounts.............................................................
73,510,130
66,168,797
50,327,k62
15,8U ,835
578,370
6,762,963
83,666,451
76,134,514
60,2^5,967
15,888,5^7
580,544
6,951,393
103,370,189
95,506,221
77
R7R
#/ yO
/OfUUU
17,627,615
617,535
7,246,433
123,168,863
114,682,390
QO
0f&
OO
ftry
11!,
iJ
/ fJL
XJf
21 ,U15,27 6
768,280
7 718 193
145,217,438 101,070,/ 4v
1A1 Q9Q C7Q
13^
QAR QR71 141,0^*7,0
iOJ)3'±0,00
IO
108,968,917 109,890,600
26,979,U70
31,939,078
t/OljOOl
1,057,079
q m n ni q
0,00'±,0 1U
148,170,261
137,537,907
103,159,25k
8k,378,653
1,104,386
9,527,968
150,726,513
139,517,461
10k,195,063
85,322,398
1,257,852
9,951,200
Number of active officers, December 3 1 ...................................
Number of other employees, December 31...............................
57,067
211,115
54,925
216,473
55,309
225,647
56,494
229,377
59,119
245,275
62,697
271,395
65,740
284,072
67,609
292,015
13,427
13,347
13,274
13,268
13 302
13,359
13,403
13,419
Number of banks, December 31*.............................................
9 OQO
82,417,236
fi9Q,uoi/
ORQ
0,Uit0
9
U*3
O,OUUj779
1(Li
1 AACi 9£1
1 Not available.
2 Differs from reported figures as a result of the estimate made of taxes on net income. See footnote 4.
8 For banks not submitting reports to FDIC, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures. For banks submitting
reports to FDIC, consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy and maintenance of banking quarters
4 Estimated; based upon Bureau of Internal Revenue figures of income taxes paid by all banks and trust companies for 1941. Banks submitting reports to the FDIC havp
reported income taxes separately since 1936.
6
v
6 Asset and liability items are averages of figures reported at beginning, middle, and end of year.
6 In 1941 excludes 3 trust companies not engaged in deposit banking, which submit reports to FDIC.
Back figures— See the Annual Report for 1941, pp. 158-159.
Table 113.
1941-1948
R a t i o s o f E a r n i n g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s ,
Earnings or expense item
$100.00
29.43
49.01
8.08
(
$109.00
34.08
45.61
4.71
$100.00
43.96
36.02
4.87
3.08
12.52
3.45
11.70
1944
1945
1946
1917
1948
$100.00
45.64
6.74
29.27
4.42
$100.00
42.56
6.17
33.22
4.38
$100.00
34.85
5.79
41.39
4.77
$100.00
29.62
5.57
47.01
5.11
3.54
10.87
3.65
10.28
3.42
10.27
3.14
10.06
2.86
9.83
$100.00
49.22 \f
31.52
4.85
68.25
31.50
9.76
5.42
64.10
30.31
8.36
5.10
61.25
28.88
8.43
4.39
61.35
28.42
9.40
3.98
61.57
29.62
9.38
3.36
63.98
31.19
9.63
3.34
63.57
31.30
9.30
3.12
23.72
19.11
2.23
19.34
2.04
18.29
1.89
17.66
1.62
17.93
1.43
17.78
1.36
18.46
1.42
18.43
Net current operating earnings............................................
129.72
31.75
35.90
38.75
38.65
38.43
36.02
36.43
A m ounts per $100 of total assets3
Current operating earnings— total.............................................
Current operating expenses— total.............................................
Net current operating earnings...................................................
Recoveries, transfers from reserve accounts, and profits—total
Losses, charge-offs, and transfers to reserve accounts— total. .
Net profits before income taxes..................................................
Net profits after income taxes....................................................
2.35
11.65
i.70
.44
.45
i.69
.62
2.14
1.46
.68
.26
.32
.62
.53
1.90
1.22
.68
.34
.28
.74
.62
1.80
1.10
.70
.29
.22
.77
.61
1.71
1.05
.66
.35
.18
.83
.62
1.88
1.16
.72
.27
.18
.81
.59
2.09
1.34
.75
.18
.20
.73
.53
2.26
1.44
.82
.18
.32
.68
.49
A m ounts per $100 o f total capital accoun ts3
Net current operating earnings...................................................
Recoveries, transfers from reserve accounts, and profits—total
Losses, charge-offs, and transfers to reserve accounts— total. .
Net profits before income taxes..................................................
Taxes on net income....................................................................
Net profits after income taxes.....................................................
Cash dividends declared..............................................................
Net additions to capital from profits.........................................
17.60
4.80
4.93
17.47
4,75
6.72
3.75
2.97
8.18
3.20
3.90
7.48
1.14
6.34
3.28
3.06
9.71
4.87
4.01
10.57
1.75
8.82
3.23
5.59
11.12
4.69
3.45
12.36
2.63
9.73
3.28
6.45
11.51
6.11
3.16
14.46
3.59
10.87
3.29
7.58
12.21
4.53
3.14
13.60
3.59
10.01
3.32
6.69
11.71
2.75
3.09
11.37
3.17
8.20
3.31
4.89
12.46
2.68
4.88
10.26
2.77
7.49
3.33
4.16
CORPORATION
170.28
30.47
11.00
15.98
INSURANCE
C urrent operating expenses— t o ta l......................................
Salaries, wages, and fees.........................................................
Interest on time and savings deposits...................................
Taxes other than on net income.............................................
Recurring depreciation on banking house, furniture and
fixtures...............................................................................
Other current operating expenses...........................................
DEPOSIT
13.48
J
19 !3
FEDERAL
A m ou nts per $100 o f current operating earnings
Current operating earnings— t o ta l......................................
Interest on United States Government obligations............. }
Interest and dividends on other securities............................
Income on loans........................................................................
Service charges on deposit accounts.......................................
Other service charges, commissions, fees, and collection |
and exchange charges.......................................................
Other current operating earnings...........................................
1942
1941
4.27
1.95
(5)
1.20
4.08
1.69
.14
1.10
3.85
1.52
.12
.93
3.44
1.49
.12
.87
3.09
1.46
.10
.87
3.43
1.56
.11
.84
3.79
1.60
.14
.87
4.04
1.64
.17
.90
Assets and liabilities per $100 o f total assets3
Assets— t o t a l ..............................................................................
Cash and due from banks.......................................................
United States Government obligations.................................
Other securities.........................................................................
Loans and discounts................................................................
All other assets.........................................................................
100.00
34.95
26.07
9.52
27.01
2.45
100.00
30.98
34.94
8.13
23.94
2.01
100.00
25.91
48.70
6.11
17.75
1.53
100.00
22.77
54.59
4.94
16.49
1.21
100.00
21.51
56.76
4.56
16.18
.99
100.00
21.91
53.88
4.98
18.28
.95
100.00
23.14
47.40
5.61
22.85
1.00
100.00
24.05
42.65
5.89
26.31
1.10
Liabilities and capital— to ta l................................................
Total deposits...........................................................................
Demand deposits....................................................................
Time and savings deposits....................................................
...................... ......................
Total capital accounts.............................................................
100.00
90.01
68.46
21.55
.79
9.20
100.00
91.00
72.01
18.99
.69
8.31
100.00
100.00
100.00
92.39
93.11
93.62
75.39
75.72
75.04
17.39
17.00
18.58
.62and other liabilities
.60 Borrowings
.64
7.01
6.27
5.74
100.00
93.37
72.34
21.03
.70
5.93
100.00
92.82
69.62
23.20
.75
6.43
100.00
92.56
69.13
23.43
.84
6.60
Number of banks, December 31®...............................................
13,427
13,347
13,274
13,359
13,403
13,419
AND
13,268
13,302
OF
INSURED
BANKS
DIVIDENDS
1 Differs from reported figures as a result of the estimate made of taxes on net income. See footnote 4.
2 For banks not submitting reports to FDIC, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures. For banks submitting
reports to FDIC, consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy and maintenance of banking quarters.
* Asset and liability items are averages of figures reported at beginning, middle, and end of year.
« Estimated; based upon Bureau of Internal Revenue figures of income taxes paid by all banks and trust companies for 1941. Banks submitting reports to the FDIC have
reported income taxes separately since 1936.
6 Not available.
• In 1941, excludes 3 trust companies not engaged in deposit banking, which submit reports to FDIC.
EARNINGS,
Service charges per $100 of demand deposits...........................
Interest paid per $100 of time and savings deposits...............
EXPENSES,
Special ratios*
Income on loans per $100 of loans.............................................
Table 114.
E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d
C o m m e r c ia l B a n k s ,
1948
BY CLASS OF BANK
(Amounts in thousands of dollars)
Members F . R . System
National
State
Not
members
F. R.
System
Operating
throughout
the year
Operating
less than
full year1
933,467
278,238
47,116
401,080
6,586
43,806
575,682
153,592
31,749
288,310
3,985
32,658
3,389,671
1,004,978
189,007
1,573,021
22,239
173,309
13,915
3,160
552
4,612
76
482
97,456
156,678
178,016
42,895
59,374
107,852
22,427
88,137
46,077
32,134
9,167
24,087
97,114
152,835
177,168
342
3,843
848
Current operating expenses— total...............................................................
Salaries— officers................................................................................................
Salaries and wages— employees........................................................................
Fees paid to directors and members of executive, discount, and other
committees.................................................................................................
Interest on time and savings deposits............................................................
Interest and discount on borrowed money.....................................................
Taxes other than on net income......................................................................
Recurring depreciation on banking house, furniture and fixtures...............
Other current operating expenses....................................................................
2,163,514
381,756
662,696
1,180,243
196,885
366,782
614,660
100,393
211,646
368,611
84,478
84,268
2,153,433
379,687
659,943
10,081
2,069
2,753
20,859
316,570
3,432
106,163
48,271
623,767
9,994
174,481
1,814
61,178
27,540
341,569
4,913
75,845
1,319
28,738
11,832
179,974
5,952
66,244
299
16,247
8,899
102,224
20,769
315,408
3,428
105,836
48,113
620,249
90
1,162
4
327
158
3,518
Net current operating earnings.....................................................................
1,240,072
714,194
318,807
207,071
1,236,238
3,834
Recoveries, transfers from reserve accounts, and profits—total..........
On securities:
266,439
161,377
81,137
23,925
264,153
2,286
29,221
24,161
60,025
19,680
11,296
37,474
6,797
12,067
17,277
2,744
798
5,274
28,323
24,071
59,591
898
90
434
39,748
48,934
64,350
24,540
23,941
44,446
9,368
21,606
14,022
5,840
3,387
5,882
39,655
48,903
63,610
93
31
740
On loans:
Transfers from reserve accounts..................................................................
CORPORATION
1,894,437
576,308
110,694
888,243
11,744
97,327
INSURANCE
3,403,586
1,008,138
189,559
1,577,633
22,315
173,791
DEPOSIT
Current operating earnings— total...............................................................
Interest on United States Government obligations......................................
Interest and dividends on other securities...............................................
Interest and discount on loans........................................................................
Service charges and other fees on bank’s loans.............................................
Service charges on deposit accounts................................................................
Other service charges, commissions, fees, and collection and exchange
FEDERAL
Earnings or expense item
Total
144,082
64,595
483,442
2,311
46,600
23,555
21,724
11,966
10,266
5,420
77,691
40,914
899
27
32,393
278,666
55,163
19,373
160,594
26,954
4,411
86,583
19,398
8,609
31,489
8,811
32,116
278,219
54,502
277
447
661
Net profits before in com e taxes.....................................................................
1,020,758
598,495
255,862
166,401
1,016,949
3,809
Taxes on net incom e— t o t a l...........................................................................
Federal...............................................................................................................
State...................................................................................................................
275,422
258,490
16,932
175,906
166,235
9,671
57,650
52,476
5,174
41,866
39,779
2,087
274,322
257,450
16,872
1,100
1,040
60
Net profits after in com e taxes.......................................................................
745,336
422,589
198,212
124,535
742,627
2,709
Dividends and interest on capital— to ta l...................................................
Dividends declared on preferred stock and interest paid on capital notes
and debentures..........................................................................................
Cash dividends declared on common stock...................................................
331,833
193,511
100,307
38,015
330,769
1,064
5,230
326,603
1,301
192,210
2,565
97,742
1,364
36,651
5,230
325,539
1,064
Net additions to capital from p ro fits..........................................................
413,503
229,078
97,905
86,520
411,858
1,645
M em oranda
Recoveries credited to reserve accounts (not included in recoveries above):
On securities......................................................................................................
On loans.............................................................................................................
Losses charged to reserve accounts (not included in losses above):
On securities......................................................................................................
On loans............................................................................................................
7,224
10,844
5,582
6,519
1,435
2,786
207
1,539
7,224
10,808
36
18,031
46,487
8,753
30,849
8,326
8,796
952
6,842
17,945
46,410
86
77
Average assets and liabilities2
Assets— t o t a l.......................................................................................................
Cash and due from banks................................................................................
United States Government obligations..........................................................
Other securities.................................................................................................
Loans and discounts.........................................................................................
All other assets..................................................................................................
150,726,513
36,247,026
64,291,298
8,872,676
39,650,962
1,664,551
87,047,574
21,804,366
36,539,319
5,240,815
22,474,335
988,739
43,184,416
10,643,684
18,185,004
2,139,429
11,709,080
507,219
20,494,523
3,798,976
9,566,975
1,492,432
5,467,547
168,593
Liabilities and capital— t o ta l.........................................................................
Total deposits....................................................................................................
Demand deposits............................................................................................
Time and savings deposits.............................................................................
Borrowings and other liabilities......................................................................
Total capital accounts......................................................................................
150,726,513
139,517,461
104,195,063
35,322,398
1,257,852
9,951,200
87,047,574
80,727,715
61,239,545
19,488,170
786,882
5,532,977
43,184,416
39,703,259
30,487,143
9,216,116
385,843
3,095,314
20,494,523
19,086,487
12,468,375
6,618,112
85,127
1,322,909
Number of active officers, December 3 1 ...........................................................
Number of other employees, December 31.......................................................
67,609
292,015
32,430
159,507
13,837
88,102
21,342
44,406
67,309
291,043
300
972
Number of banks, December 31.........................................................................
13,419
4,991
1,924
6,504
13,345
74
OF
INSURED
00
BANKS
DIVIDENDS
1 Includes banks operating less than full year and trust companies not engaged in deposit banking.
* Asset and liability items are averages of figures reported at beginning, middle, and end of year.
Bach figures— See Table 112, p. 108. See also the Annual Report for 1947, pp. 136-137, and earlier reports.
AND
277,076
78,590
40,941
EXPENSES,
485,753
EARNINGS,
Losses, charge-offs, and transfers to reserve accounts—to ta l...............
On securities:
Losses and charge-offs..................................................................................
Transfers to reserve accounts................ ....................................................
On loans:
Losses and charge-offs..................................................................................
Transfers to reserve accounts......................................................................
All other.............................................................................................................
Table 115.
R a t i o s o f E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s ,
1948
BY CLASS OF BANK
Earnings or expense item
Amounts per $100 of current operating earnings
Current operating expenses— total.......................................................................................... .............
Recoveries transfers from reserve accounts, and profits—total.............................................................
Losses charge-offs and transfers to reserve accounts— total..................................................................
Memoranda
Recoveries credited to reserve accounts (not included in recoveries above):
Losses charged to reserve accounts (not included in losses above):
$100.00
30.42
5.84
47.51
5.14
2.26
8.83
$100.00
29.81
5.05
43.67
4.69
2.40
14.38
$100.00
26.68
5.52
50.77
5.67
5.58
5.78
63.57
31.30
9.30
3.12
1.42
18.43
62.30
30.28
9.21
3.23
1.45
18.13
65.85
33.95
8.13
3.08
1.27
19.42
64.03
30.35
11.51
2.82
1.54
17.81
36.43
37.70
34.15
35.97
2.26
1.44
.82
.18
.32
.68
.49
2.18
1.36
.82
.18
.32
.68
.49
2.16
1.42
.74
.18
.33
.59
.46
2.81
1.80
1.01
.12
.32
.81
.61
0)
.01
.01
.01
0)
.01
0)
.01
.01
.03
.01
.04
.02
.02
0)
.03
CORPORATION
Amounts per $100 of total assets1
$100.00
29.62
5.57
47.01
5.11
2.86
9.83
INSURANCE
Interest on time and savings deposits.....................................................................................................
Taxes other than on net income..............................................................................................................
Recurring depreciation on banking house, furniture and fixtures........................................................
State
National
DEPOSIT
Other service charges commissions, fees, and collection and exchange charges................................
Total
FEDERAL
Not
members
F. R .
System
Members F,. R . System
.07
.11
.10
.12
.05
.09
.02
.12
.18
.47
.16
.56
.27
.28
.07
.52
Special ratios2
Income on loans per $100 of loans..............................................................................................................
Income on securities per $100 of securities................................................................................................
Service charges per $100 of demand deposits............................................................................................
Interest paid per $100 of time and savings deposits.................................................................................
4.04
1.64
.17
.90
4.00
1.64
.16
.90
3.48
1.60
.14
.82
5.35
1.68
.26
1.00
Assets and liabilities per $100 o f total assets1
Assets— t o t a l................................................................................................................................................
Cash and due from banks........................................................................................................................
United States Government obligations...................................................................................................
Other securities.......................................................................................................
....................
Loans and discounts.................................................................................................................................
All other assets.......................................................................................................................................
100.00
24.05
42.65
5.89
26.31
1.10
100.00
25.05
41.98
6.02
25.82
1.13
100.00
24.65
42.11
4.95
27.12
1.17
100.00
18.54
46.68
7.28
26.68
.82
Liabilities and capital— t o ta l..................................................................................................................
Total deposits.............................................................................................................................................
Demand deposits.....................................................................................................................................
Time and savings deposits......................................................................................................................
Borrowings and other liabilities..............................................................................................................
Total capital accounts..............................................................................................................................
100.00
92.56
69.13
2343
.84
6.60
100.00
92.74
70.35
22.39
.90
6.36
100.00
91.94
70.60
21.3 A
.89
7.17
100.00
93.13
60.8A
32.29
.42
6.45
Number of banks, December 31..................................................................................................................
13,419
4,991
1,924
6,504
BANKS
1Less than .005.
a Asset and liability items are averages of figures reported at beginning, middle, and end of year.
Back figures— See Table 113, p. 110. See also the Annual Report for 1947, pp. 138-139, and earlier reports.
INSURED
M em oranda
Recoveries credited to reserve accounts (not included in recoveries above):
On securities...............................................................................................................................................
On loans......................................................................................................................................................
Losses charged to reserve accounts (not included in losses above):
On securities.............................................................. . ...............................................
.....................
On loans......................................................................................................................................................
OF
15.65
1.81
4.88
12.58
3.17
9.41
2.87
6.54
DIVIDENDS
10.30
2.62
4.65
8.27
1.87
6.40
3.24
3.16
AND
12.91
2.92
5.01
10.82
3.18
7.64
3.50
4.14
EXPENSES,
12.46
2.68
4.88
10.26
2.77
7.49
3.33
4.16
EARNINGS,
A m ou nts per $100 o f total capital accounts1
Net current operating earnings....................................................................................................................
Recoveries, transfers from reserve accounts, and profits— total..............................................................
Losses, charge-offs, and transfers to reserve accounts—total..................................................................
Net profits before income taxes...................................................................................................................
Taxes on net income.....................................................................................................................................
Net profits after income taxes.....................................................................................................................
Cash dividends declared...............................................................................................................................
Net additions to capital from profits..........................................................................................................
Table 116.
E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d
C o m m e r c ia l B a n k s O p e r a t in g T h r o u g h o u t
1948
BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS
Banks with deposits of— 2
Earnings or expense item
All
banks1
$500,000
or
less
$500,000
to
$1,000,000
$1,000,000
to
$2,000,000
$2,000,000
to
$5,000,000
249,778
71,622
11,327
108,090
1,607
13,609
1,570,609
473,553
85,954
702,874
12,463
60,179
11,490
3,885
11,332
17,594
22,554
33,611
5,224
19,492
18,807
31,694
105,089
98,803
234,348
60,920
45,957
217,721
45,781
52,327
433,686
73,848
125,385
170,975
25,609
57,468
979,757
134,605
361,356
2,023
13,448
112
4,115
5,059
41,706
209
11,880
3,583
40,480
198
10,739
4,654
73,388
378
21,896
1,190
21,606
196
8,294
3,555
121,154
2,285
47,465
632
7,688
2,119
23,261
6,512
62,105
5,848
58,765
11,508
122,629
4,403
52,209
16,997
292,340
2,374
17,199
55,849
145,017
125,841
220,303
78,803
590,852
264,153
261
1,441
4,826
13,889
15,317
37,087
18,240
173,092
28,323
24,071
59,591
15
52
122
5
248
534
43
968
1,772
225
3,105
2,677
584
3,279
5,058
1,795
7,992
1,704
1,234
4,434
16,441
20,185
39,513
39,655
48.903
63,610
140
10
44
746
33
287
1,937
142
1,202
4,589
891
3,307
3,893
1.274
31610
7,274
4.401
10^567
2,326
2.760
5,782
18,750
39,392
38,811
483,442
537
3,424
12,455
39,475
42,122
92,395
42,266
250,768
77,691
40,914
44
8
562
78
2,386
587
8,635
2,224
9,734
1,949
15,405
4,854
8,020
2,639
32,905
28,575
32,116
278,219
54,502
264
139
82
1,387
946
451
3,243
4,456
1,783
6,377
16,792
5,447
4,321
21,457
4,661
5,612
55,079
11,445
2,199
23,545
5,863
8,713
155,805
24,770
3,389,671
1,004,978
189,007
1,573,021
22,239
173,309
6,602
1,279
185
3,917
85
335
44,378
11,366
1,687
24,348
291
2,356
97,114
152,835
177,168
627
2
172
3,480
9
841
9,182
171
3,237
17,823
1,633
10,365
Current operating expenses— total.............................
2,153,433
379,687
659,943
4,228
1,731
542
27,179
10,133
3,507
85,539
27,060
13,401
20,769
315,408
3,428
105,836
92
292
9
216
613
3,334
41
1,231
48,113
620,249
94
1,252
1,236,238
Salaries and wages— employees.....................................
Fees paid to directors and members of executive,
discount, and other committees............................
Interest on time and savings deposits..........................
Interest and discount on borrowed money..................
Taxes other than on net income...................................
Recurring depreciation on banking house, furniture
and fixtures..............................................................
Other current operating expenses.................................
Net current operating earnings..................................
Recoveries, transfers from reserve accounts, and
profits— total.........................................................
On securities:
Recoveries....................................................................
Transfers from reserve accounts...............................
Profits on securities sold or redeemed......................
On loans:
Recoveries....................................................................
Transfers from reserve accounts...............................
All other...........................................................................
Losses, charge-offs, and transfers to reserve ac
counts— total.........................................................
On securities:
Losses and charge-offs................................................
Transfers to reserve accounts....................................
On loans:
Losses and charge-offs................................................
Transfers to reserve accounts....................................
All other...........................................................................
CORPORATION
Current operating earnings— total.............................
Interest on United States Government obligations. . .
Interest and dividends on other securities...................
Interest and discount on loans......................................
Service charges and other fees on bank's loans..........
Service charges on deposit accounts.............................
Other service charges, commissions, fees, and col
lection and exchange charges.................................
Trust department...........................................................
Other current operating earnings..................................
INSURANCE
653,989
196,349
38,682
297,992
3,579
43,628
DEPOSIT
thousand s of dollars)
379,365
343,562
99,458
111,295
21,565
22,639
171,029
191,389
1,654
1,969
22,834
22,567
FEDERAL
(Amount s in
141,388
40,056
6,968
73,382
591
7,801
More than
$5,000,000 $10,000,000 $50,000,000
$100,000,000
to
to
to
$10,000,000 $50,000,000 $100,000,000
Net profits before in com e taxes..................................
1,016,949
2,098
15,216
48,220
99,036
164,995
54,777
513,176
51,471
49,293
2,178
16,511
15,726
785
136,687
125,984
10,703
113,524
38,266
376,489
199,777
Taxes on net in com e— t o t a l.........................................
Federal.............................................................................
274,322
257,450
16,872
360
338
22
2,784
2,597
187
9,302
8,750
552
28,090
26,761
1,329
29,117
28,001
1,116
Net profits after in com e tax es.....................................
742,627
1,738
12,432
38,918
91,341
69,919
23,569
47,741
164
10,227
506
26,600
729
22,840
1,248
46,493
1,151
17,320
1,352
198,425
9,187
28,527
64,235
46,350
65,783
19,795
176,712
4
53
14
187
84
732
137
958
249
2,338
352
857
6,388
5,679
17,945
46,410
2
52
10
181
117
798
417
3,124
473
3,828
2,116
9,007
1,432
3,614
13,378
25,806
151,634,095
37,942,712
United States Government obligations....................... 61,604,356
8,876,561
Loans and discounts...................................................... 41,470,507
1,739,959
All other assets................................................................
198,514
57,101
76,177
7,356
56,489
1,391
1,515,189
359,832
672,012
74,145
400,997
8,203
5,169,957
1,162,502
2,352,069
303,133
1,322,925
29,328
14,580,633
3,184,773
6,515,341
1,066,412
3,715,369
98,738
13,415,638
2,912,691
5,880,992
1,080,879
3,431,970
109,106
27,149,132
6,245,160
11,989,602
1,991,904
6,623,436
299,030
10,770,531
2,744,565
4,589,103
595,926
2,697,518
143,419
78,834,501
21,276,088
29,529,060
3,756,806
23,221,803
1,050,744
DIVIDENDS
Liabilities and capital— t o ta l....................................... 151,634,095
Total deposits................................................................. 140,230,264
Demand deposits.......................................................... 10k,778,298
Time and savings deposits........................................... 35,1*51,966
1,316,187
Total capital accounts................................................... 10,087,644
198,514
177,751
11+9,780
27,971
705
20,058
1,515,189
1,394,400
1,071,131
323,269
3,872
116,917
5,169,957
4,803,084
3,U56,708
1,31+6,376
11,331
355,542
14,580,633
13,594,722
9,275,036
k,319,686
33,860
952,051
13,415,638
12,526,837
8,085,060
k,kkl,777
44,877
843,924
27,149,132
25,313,210
16,739,201
8,57k,009
132,854
1,703,068
10,770,531
10,049,033
7,kl3,598
2,635,k35
69,268
652,230
78,834,501
72,371,227
58,587,78k
13,783 ,kk3
1,019,420
5,443,854
Number of active officers, December 3 1 .........................
Number of other employees, December 31.....................
67,309
291,043
871
521
4,080
2,918
8,821
9,322
15,504
26,565
9,134
26,726
11,238
59,414
3,192
25,837
14,469
139,740
Number of banks, December 31.......................................
13,345
479
1,834
3,284
4,331
1,810
1,287
143
177
330,769
469
3,245
Dividends and interest o n capital— to ta l.................
Dividends declared on preferred stock and interest
paid on capital notes and debentures...................
Cash dividends declared on common stock.................
5,230
325,539
10
459
70
3,175
Net additions to capital from p ro fits........................
411,858
1,269
7,224
10,808
M em oranda
Recoveries credited to reserve accounts (not included
in recoveries above):
Losses charged to reserve accounts (not included in
losses above):
On securities....................................................................
On loans..........................................................................
Average assets and liabilities3
10,391
INSURED
BANKS
OF
i This group of banks is the same as the group shown in Table 114 under the heading “ Operating throughout the year.”
* Deposits are as of December 31, 1948.
* Asset and liability items are averages of figures reported at beginning, middle, and end of year for banks submitting reports to FDIC and are as of December 31, 1948,
for banks not submitting reports to FDIC.
Back figures— See the Annual Report for 1947, pp. 140-141, and earlier reports.
EXPENSES,
27,106
18,471
AND
EARNINGS,
119,431
|_
i—i
Table 117.
R a t i o s o f E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s O p e r a t in g T h r o u g h o u t
1948
b a n k s g r o u p e d a c c o r d in g t o a m o u n t o f d e p o s it s
00
Banks with deposits of—*
Earnings or expense item
$500,000
or
less
$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 $50,000,000 More than
to
to
to
$100,000,000
$10,000,000 $50,000,000 $100,000,000
$100.00
29.34
5.97
50.88
5.95
$100.00
28.95
6.28
50.35
6.65
$100.00
30.02
5.92
46.11
6.67
$100.00
28.68
4.53
43.92
5.45
$100.00
30.15
5.47
45.55
3.83
2.86
9.74
9.50
2.64
7.84
1.92
6.49
2.41
4.70
3.16
3.34
4.43
2.69
8.59
2.09
15.33
2.02
12.98
Current operating expenses— total...................
Salaries, wages, and fees......................................
Interest on time and savings deposits................
Taxes other than on net income.........................
Recurring depreciation on banking house, furniture
and fixtures.....................................................
Other current operating expenses........................
63.53
31.28
9.31
3.12
64.04
35.82
4.42
3.27
61.24
32.12
7.51
2.77
60.50
30.05
9.51
2.91
61.77
29.51
10.99
3.13
63.37
29.60
11.78
3.13
66.31
31.17
11.22
3.35
68.45
33.74
8.65
3.32
62.38
31.81
7.71
3.02
1.42
18.40
1.43
19.10
1.42
17.42
1.50
16.53
1.72
16.42
1.70
17.16
1.76
18.81
1.76
20.98
1.08
18.76
Net current operating earnings.........................
36.47
35.96
38.76
39.50
38.23
36.63
33.69
31.55
37.62
2.24
1.42
.82
3.33
2.13
1.20
2.93
1.79
1.14
2.73
1.65
1.08
2.60
1.61
.99
2.56
1.62
.94
2.41
1.60
.81
2.32
1.59
.73
1.99
1.24
.75
.17
.13
.09
.09
.10
.11
.14
.17
.22
.32
.67
.49
.27
1.06
.88
.23
1.00
.82
.24
.93
.75
.27
.82
.63
.31
.74
.52
.34
.61
.42
.39
.51
.36
.32
.65
.48
.00
.01
.00
.00
.00
.00
.01
.00
.01
.00
.01
.00
.01
.01
.01
.01
.03
.00
.03
.00
.01
.00
.02
.00
.02
.00
.03
.01
.03
.01
.03
.02
.03
Amounts per $100 of total assets3
Current operating earnings— total..........................
Current operating expenses— total..........................
Net current operating earnings...............................
Recoveries, transfers from reserve accounts, and prof
its— total.................................................................
Losses, charge-offs, and transfers to reserve accounts—
total.................................................................
Net profits before income taxes...............................
Net profits after income taxes.................................
Memoranda
Recoveries credited to reserve accounts (not included
in recoveries above):
On securities...........................................................
On loans..................................................................
Losses charged to reserve accounts (not included in
losses above):
On securities...........................................................
On loans.................................................................
CORPORATION
$100.00
28.33
4.93
52.32
5.52
INSURANCE
$100.00
25.61
3.80
55.52
5.31
DEPOSIT
$100.00
19.37
2.80
60.62
5.07
FEDERAL
$100.00
29.65
5.58
47.06
5.11
o
©
Amounts per $100 of current operating
earnings:
Current operating earnings— t o t a l ........
Interest on United States Government obligations. .
Interest and dividends on other securities.................
Income on loans.............................................................
Service charges on deposit accounts...........................
Other service charges, commissions, fees, and col
lection and exchange charges.......................
Other current operating earnings........................
All
banks1
12.94
12.08
10.85
1.82
2.18
2.80
3.18
4.79
10.08
2.72
7.36
3.28
4.08
2.68
10.46
1.80
8.66
2.33
6.33
2.93
13.01
2.38
10.63
2.77
7.86
3.50
13.56
2.61
10.95
2.93
8.02
4.15
12.54
2.95
9.59
2.84
6.75
4.99
11.74
3.45
8.29
2.80
5.49
5.43
9.69
3.02
6.67
2.81
3.86
6.48
8.40
2.53
5.87
2.84
3.03
4.60
9.43
2.51
6.92
3.67
3.25
.07
.11
.02
.05
.00
.05
.01
.08
.02
.11
.01
.14
.05
.13
.12
.10
.18
.46
.01
.26
.01
.15
.03
.22
.04
.33
.06
.45
.12
.53
.22
.55
.25
.47
Special ratios8
Income on loans per $100 of loans...................................
Income on securities per $100 of securities.....................
Service charges per $100 of demand deposits.................
Interest paid per $100 of time and savings deposits. . . .
3.85
1.69
.17
.89
7.08
1.75
.22
1.04
6.14
1.75
.22
1.03
5.59
1.77
.23
1.00
5.20
1.77
.24
.97
5.04
1.74
.28
.91
4.55
1.68
.26
.86
4.07
1.60
.18
.82
3.08
1.68
.10
.88
Assets and liabilities per $100 o f total
assets3
Assets— t o t a l.....................................................................
Cash and due from banks.............................................
United States Government obligations........................
Other securities...............................................................
Loans and discounts.......................................................
All other assets................................................................
100.00
25.02
40.63
5.85
27.35
1.15
100.00
28.76
38.37
3.71
28.46
.70
100.00
23.75
44.35
4.89
26.47
.54
100.00
22.49
45.49
5.86
25.59
.57
100.00
21.84
44.69
7.31
25.48
.68
100.00
21.71
43.84
8.06
25.58
.81
100.00
23.00
44.16
7.34
24.40
1.10
100.00
25.48
42.61
5.53
25.05
1.33
100.00
26.99
37.46
4.76
29.46
1.33
L iabilities and capital— t o ta l.......................................
Total deposits..................................................................
Demand deposits..........................................................
Time and savings deposits..........................................
Borrowings and other liabilities....................................
Total capital accounts...................................................
100.00
92.48
69.10
23.38
.87
6.65
100.00
89.54
75.U5
14.09
.36
10.10
100.00
92.03
70.69
21 .SU
.25
7.72
100.00
92.90
66.86
26.04
.22
6.88
100.00
93.24
63.61
29.63
.23
6.53
100.00
93.37
60.26
33.11
.34
6.29
100.00
93.24
61.66
31.58
.49
6.27
100.00
93.30
68.83
24.47
.64
6.06
100.00
91.80
74-32
1748
1.29
6.91
Number of banks, December 31.......................................
13,345
479
1,834
3,284
4,331
1,810
1,287
143
177
M em oranda
Recoveries credited to reserve accounts (not included
in recoveries above):
On securities....................................................................
On loans...........................................................................
Losses charged to reserve accounts (not included in
losses above):
On securities....................................................................
On loans...........................................................................
BANKS
14.91
1.46
INSURED
15.23
1.35
OF
15.71
1.23
DIVIDENDS
14.71
1.30
AND
11.84
2.62
EXPENSES,
12.25
EARNINGS.
A m ou nts per $100 o f tota l capital accounts3
Net current operating earnings.........................................
Recoveries, transfers from reserve accounts, and prof
its— total.................................................................
Losses, charge-offs, and transfers to reserve accounts—
total..........................................................................
Net profits before income taxes........................................
Taxes on net income..........................................................
Net profits after income taxes..........................................
Cash dividends declared....................................................
Net additions to capital from profits...............................
1 This group of banks is the same as the group shown in Table 114 under the heading “ Operating throughout the year.” These ratios differ slightly from the ratios for all
insured commercial banks shown in Tables 113 and 115.
2 Deposits are as of December 31, 1948.
*
Asset and liability items are averages of figures reported at beginning, middle, and end of year for banks submitting reports to FDIC and are as of December 31, 1948,
for banks not submitting reports to FDIC.
Back figures—See Table 113, p. 110. See also the Annual Report for 1947, pp. 142-143, and earlier reports.
Table 118.
E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d
C o m m e r c ia l B a n k s , b y S t a t e ,
1948
(Amounts in thousands of dollars)
Earnings or expense item
U. S.and
possessions
Possessions United States
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
13,709
20,064
375,931
25,081
34,909
11,091
7,091
2,113
17,878
62
1,906
2,160
459
8,392
362
1,014
4,765
1,473
9,266
56
1,357
85,291
15,415
215,452
3,481
20,381
7,156
1,012
12,047
151
2,361
9,795
1,527
15,214
78
2,413
3,039
730
4,923
55
228
97,456
156,678
178,016
280
43
97,176
156,678
177,973
1,927
665
1,354
297
303
722
2,143
162
842
6,472
11,603
17,836
587
852
915
599
3,169
2,114
134
1,710
272
2,163,514
381,756
662,696
846
168
266
2,162,668
381,588
662,430
19,178
4,183
5,260
9,182
1,468
3,245
11,507
3,171
2,725
240,113
32,416
78,219
14,935
3,177
4,591
24,055
4,638
7,170
6,279
1,438
1,750
20,859
316,570
3,432
106,163
8
148
209
2,422
13
372
19
823
19
20,851
316,422
3,432
106,144
259
259
801
9
524
673
61,040
55
8,567
197
1,672
12
453
276
3,480
33
900
140
608
8
193
48,271
623,767
43
194
48,228
623,573
510
6,209
228
3,140
295
3,723
4,802
54,341
312
4,521
734
6,824
181
1,961
Net current operating earnin gs...................
1,240,072
463
1,239,609
13,818
4,527
8,557
135,818
10,146
10,854
4,812
Recoveries, transfers from reserve a c
coun ts, and profits— t o ta l..................
On securities:
266,439
17
266,422
2,220
332
646
13,238
1,162
2,367
289
112
Other current operating earnings..................
C urrent operating expenses— t o ta l.............
Salaries and wages— employees.....................
Fees paid to directors and members of
executive, discount, and other com
mittees.......................................................
Interest on time and savings deposits..........
Interest and discount on borrowed m oney. .
Taxes other than on net income....................
Recurring depreciation on banking house,
furnitu*e and fixtures..............................
Other current operating expenses..................
T'rQncforo frnin toqotvp P.PPOlinf'.R
Profits on securities sold or redeemed. . . .
On loans:
Transfers from reserve accounts................
Losses, charge-offs, and transfers to re
serve accounts—t o ta l..........................
On securities:
Losses and charge-offs.................................
Transfers to reserve accounts....................
On loans:
Losses and charge-offs.................................
Transfers to reserve accounts....................
Net profits before in com e taxes...................
80
631
2,124
3,568
236
22
150
107
18
102
212
23
186
2,795
2,459
1,661
379
53
322
428
103
817
34
78
21
4,937
1,081
1,819
29,724
2,412
6,054
697
518
43
34
51
478
65
2,432
3,889
425
7
821
250
111
65
32,371
278,600
55,156
471
3,065
840
84
798
114
892
592
292
880
19,550
2,973
447
1,251
282
97
3,874
1,012
41
277
203
1,020,375
11,101
3,778
7,384
119,332
8,896
7,167
4,404
4
29,216
24,161
60,021
349
3
3
2
39,745
48,931
64,348
472
91
1,257
485,753
97
485,656
78,590
40,941
2
78,588
40,941
32,393
278,666
55,163
22
66
7
1,020,758
383
29,221
24,161
60,025
39,748
48,934
64,350
5
44
86
7
132
283
65
671
51
25
CORPORATION
32,996
1,007,832
189,522
1,577,049
22,300
173,747
INSURANCE
3,402,277
306
37
584
15
44
DEPOSIT
1,309
1,008,138
189,559
1,577,633
22,315
173,791
FEDERAL
3,403,586
Current operating earnings— t o ta l.............
Interest on United States Government
obligations................................................
Interest and dividends on other securities..
Interest and discount on loans ....................
Service charges and other fees on bank’s loans
Service charges on deposit accounts.............
Other service charges, commissions, fees, and
collection and exchange charges............
2,714
2,371
343
2,548
2,216
332
1.462
1.462
5,682
78,495
6,182
4,619
2,942
794
1,694
36,706
1,787
2,829
1,748
275,422
258,490
16,932
157
157
275,265
258,333
16,932
3,560
2,987
573
1,342
1,192
150
1.702
1.702
Net profits after in com e taxes......................
745,336
226
745,110
7,541
2,436
331,833
56
331,777
5,230
326,603
3
53
5,227
326,550
6
2,734
21
773
7
1,687
380
36,326
7
1,780
13
2,816
2
1,746
Net additions to capital from p ro fits.........
413,503
170
413,333
4,801
1,642
3,988
41,789
4,395
1,790
1,194
7,224
10,844
80
3
121
36
20
629
2,267
84
1
93
12
24
M em oranda
Recoveries credited to reserve accounts (not
included in recoveries above):
7,224
10,844
10
830
43
87
1,001
8,229
1
304
16
544
25
51
Average assets and liabilities1
Assets— t o ta l.....................................................
Cash and due from banks..............................
United States Government obligations........
Other securities................................................
Loans and discounts.......................................
All other assets................................................
150,726,513
36,247,026
64,291,298
8,872,676
39,650,962
1,664,551
40,557
9,823
18,109
2,466
9,852
307
150,685,956
36,237,203
64,273489
8,870,210
39,641,110
1,664,244
1,309,215
352,117
490,974
109,449
343,374
13,301
436,013
87,924
152,440
24,868
165,018
5,763
816,391
243,565
328,203
62,697
177,541
4,385
13,870,588
2,753,919
5,509,267
723,487
4,707,054
176,861
1,149,687
321,963
518,602
50,709
252,092
6,321
1,368,195
312,407
618,035
87,685
331,606
18,462
474,288
99,498
213,215
33,572
123,219
4,784
Liabilities and capital— to ta l.......................
Total deposits..................................................
...........................................
Time and savings deposits...........................
Borrowings and other liabilities....................
Total capital accounts....................................
150,726,513
139,517,461
10b,195,063
35,322,398
1,257,852
9,951,200
40,557
38,227
20,597
17,630
52
2,278
150,685,956
139,479,234
10b,17b,b66
35,30b,768
1,257,800
9,948,922
1,309,215
1,224,195
967,588
256,607
6,118
78,902
436,013
816,391
767,652
414,455
671,711
316,973
Demand deposits
97,b82
95,9bl
1,417
3,487
47,322
18,071
13,870,588
13,043,072
7,b03,2b6
5,639,826
132,296
695,220
1,149,687
1,083,444
861,956
221,b88
3,730
62,513
1,368,195
1,257,436
895,738
361,698
7,259
103,500
474,288
423,580
355,80b
67,776
2,655
48,053
Number of active officers, December 31 ..........
Number of other employees, December 3 1 ....
67,609
292,015
24
94
67,585
291,921
857
2,346
231
1,496
763
1,596
5,067
28,934
599
2,219
664
3,236
245
892
Number of banks, December 31........................
13,419
6
13,413
221
10
219
191
138
98
38
1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.
Back figures—See the Annual Report for 1947, pp. 144-153.
BANKS
3
462
INSURED
18,031
46,486
OF
1
DIVIDENDS
18,031
46,487
AND
On loans...........................................................
Losses charged to reserve accounts (not in
cluded iji losses above):
On securities.....................................................
On loans...........................................................
EXPENSES,
Dividends and interest o n capital— to ta l..
Dividends declared on preferred stock and
interest paid on capital notes and
debentures................................................
Cash dividends declared on common stock..
2,740
EARNINGS,
40,837
37,583
3,254
Taxes o n net in com e— t o t a l..........................
Federal..............................................................
h-*
fcO
Table 118.
E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d
C o m m e r c ia l B a n k s , b y S t a t e ,
1948— Continued
(Amounts in thousands of dollars)
Earnings or expense item
District of
Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
11,192
238,482
70,034
52,732
32,705
36,661
37,508
9,267
1,947
26,694
454
2,378
3,862
211
5,576
36
822
91,112
16,974
87,494
2,095
11,699
25,052
3,205
30,432
405
3,764
17,723
2,636
24,267
92
3,867
9,871
1,588
16,346
102
2,214
10,499
1,681
19,493
204
1,404
10,493
2,991
16,593
47
2,276
677
1,397
1,296
2,049
974
3,084
4,141
1,627
2,109
245
76
364
3,987
13,716
11,405
2,294
1,555
3,327
2,035
553
1,559
873
213
1,498
592
1,434
1,354
2,516
388
2,204
Current operating expenses— total.............
Salaries— officers..............................................
Salaries and wages— employees.....................
Fees paid to directors and members of
executive, discount, and other com
mittees......................................................
Interest on time and savings deposits..........
Interest and discount on borrowed m oney. .
Taxes other than on net income....................
Recurring depreciation on banking house,
furniture and fixtures..............................
Other current operating expenses..................
16,323
2,578
5,772
26,650
5,021
7,845
31,092
6,271
7,716
6,763
1,527
2,016
154,022
25,798
46,214
46,079
8,735
11,545
31,948
8,531
7,140
18,998
5,610
4,268
21,111
5,053
5,344
24,294
4,413
6,358
199
1,487
9
1,258
229
2,826
36
1,020
394
3,315
78
2,421
44
906
4
163
1,112
24,644
416
7,742
580
7,987
9
4,090
348
4,940
9
1,081
285
1,253
14
906
318
1,757
47
1,754
326
2,683
11
2,099
465
4,555
1,009
8,664
705
10,192
209
1,894
2,551
45,545
988
12,145
678
9,221
443
6,219
453
6,385
829
7,575
Net current operating earnings...................
7,514
15,088
17,525
4,429
84,460
23,955
20,784
13,707
15,550
13,214
788
1,395
1,663
372
29,982
4,950
2,455
1,167
1,957
2,399
88
71
5
254
131
9
434
607
147
1,475
33
6,994
1,369
167
949
260
17
707
167
25
164
490
19
403
349
120
239
174
1
271
174
30
617
529
68
388
51
3
166
6,631
3,205
11,644
645
185
1,635
354
68
1,049
464
43
304
459
268
318
380
289
1,022
2,496
4,486
5,633
2,101
46,069
9,395
6,095
3,471
4,471
5,533
192
10
791
226
445
189
945
8,048
2,844
1,977
494
1,429
51
752
30
701
159
394
791
108
1,640
546
401
2,694
374
551
3,870
578
83
1,041
32
5,637
25,367
4,173
415
4,197
2,312
432
3,243
940
849
1,307
533
384
2,652
575
1,235
2,056
1,057
5,806
11,997
13,555
2,700
68,373
19,510
17,144
11,403
13,036
10,080
Recoveries, transfers from reserve ac
counts, and profits— total..................
On securities:
Recoveries....................................................
Transfers from reserve accounts................
Profits on securities sold or redeemed. . . .
On loans:
Recoveries....................................................
Transfers from reserve accounts................
All other...........................................................
Losses, charge-offs, and transfers to re
serve accounts—total..........................
On securities:
Losses and charge-offs.................................
Transfers to reserve accounts....................
On loans:
Losses and charge-offs.................................
Transfers to reserve accounts....................
All other...........................................................
Net profits before income taxes...................
CORPORATION
48,617
13,475
2,525
15,296
104
4,231
INSURANCE
41,738
7,584
799
10,118
56
1,910
DEPOSIT
23,837
FEDERAL
Current operating earnings— total.............
Interest on United States Government
obligations................................................
Interest and dividends on other securities. .
Interest and discount on loans ....................
Service charges and other fees on bank’s loans
Service charges on deposit accounts.............
Other service charges, commissions, fees, and
collection and exchange charges............
Trust department............................................
Other current operating earnings..................
3.730
3.730
Net profits after in com e taxes......................
3,571
Dividends and interest o n capital— t o ta l..
Dividends declared on preferred stock and
interest paid on capital notes and
debentures................................................
Cash dividends declared on common stock..
2.412
2.847
2.847
1,813
50,217
14,365
13,607
550
20,716
4,288
3,702
8,683
9,667
7,233
2,406
3,416
2,485
7
4,519
2
548
44
20,672
110
4,178
66
3,636
12
2,394
33
3,383
19
2,466
5,746
4,711
1,263
29,501
10,077
9,905
6,277
6,251
4,748
36
124
137
6
9
411
396
285
4
71
65
3
194
5
56
10
328
400
3
578
47
303
2,744
932
1,184
5
324
285
174
372
243
181
Average assets and liabilities1
Assets—t o t a l......................................................
Cash and due from banks..............................
United States Government obligations........
Other securities................................................
Loans and discounts.......................................
All other assets.................................................
1,095,160
285,799
489,810
42,154
258,984
18,413
1,781,771
458,476
864,537
102,895
335,375
20,488
1,758,939
490,285
609,219
69,600
572,350
17,485
440,950
96,207
220,873
9,732
111,131
3,007
12,401,040
3,043,606
5,789,322
783,796
2,707,410
76,906
3,142,894
726,944
1,569,172
170,848
653,428
22,502
2,327,010
506,610
1,094,017
173,178
540,727
12,478
1,506,252
394,689
654,362
104,176
345,746
7,279
1,631,418
425,657
689,411
72,375
434,490
9,485
1,731,033
502,430
700,221
138,718
369,402
20,262
Liabilities and capital— t o ta l.......................
Total deposits..................................................
Demand deposits...........................................
Time and savings deposits...........................
Borrowings and other liabilities....................
Total capital accounts....................................
1,095,160
1,021,015
802,762
218,253
6,479
67,666
1,781,771
1,673,926
1,331,694
3^2,232
6,173
101,672
1,758,939
1,638,285
1,323,288
314,997
13,903
106,751
440,950
421,003
330,165
90,838
1,046
18,901
12,401,040
11,648,082
8,697,446
2,950,636
53,648
699,310
3,142,894
2,960,615
2,106,336
854,279
9,485
172,794
2,327,010
2,198,194
1,680,981
517,213
2,757
126,059
1,506,252
1,424,901
1,279,729
145,172
2,950
78,401
1,631,418
1,521,468
1,304,967
216,501
6,176
103,774
1,731,033
1,636,528
1,354,865
281,663
10,493
84,012
Number of active officers, December 3 1 ..........
Number of other employees, December 3 1 .. . .
338
2,543
950
3,792
1,269
3,880
277
965
4,097
19,356
1,954
6,001
2,003
3,974
1,492
2,358
1,307
3,192
805
3,116
Number of banks, December 31........................
19
185
318
46
870
473
606
455
360
160
8,267
9,237
2,521
4,526
2.412
6
2,515
Net additions to capital fro m p ro fits.........
1,159
M em oranda
Recoveries credited to reserve accounts (not
included in recoveries above):
On securities.....................................................
On loans...........................................................
Losses charged to reserve accounts (not in
cluded in losses above):
On securities.....................................................
On loans...........................................................
1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.
Back figures—See the Annual Report for 1947, pp. 144-153.
BANKS
2.720
2.720
INSURED
3.537
3.537
OF
5.145
5.145
887
873
14
EXPENSES,
18.156
18.156
4.318
4.318
EARNINGS,
3.369
3.369
DIVIDENDS
2.235
2.235
AND
Taxes o n net in com e— t o t a l..........................
Federal..............................................................
State..................................................................
Table 118.
E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d
C o m m e r c ia l B a n k s , b y S t a t e ,
1948— Continued
(Amounts in thousands of dollars)
124
Earnings or expense item
Maine
Maryland Massachusetts Michigan Minnesota Mississippi
Missouri
Montana
Nebraska
Nevada
New
Hampshire
116,439
70,199
21,583
88,152
12,797
27,318
4,898
6,804
29,258
3,638
43,830
568
6,047
38,078
5,962
56,997
961
5,904
21,550
3,296
29,999
288
3,571
4,650
2,595
9,366
28
1,131
23,012
4,699
48,196
326
3,674
4,619
478
5,461
74
952
9,252
1,208
12,258
30
1,819
1,268
174
2,777
43
174
1,581
375
3,680
13
599
199
338
370
677
936
1,243
2,203
7,975
7,098
3,077
1,757
3,703
6,876
1,813
2,806
3,020
84
709
2,108
2,606
3,531
566
90
557
1,105
280
1,366
81
151
230
121
117
318
Current operating expenses— t o ta l.............
Salaries— officers.............................................
Salaries and wages— employees.....................
Fees paid to directors and members of
executive, discount, and other com
mittees ......................................................
Interest on time and savings deposits..........
Interest and discount on borrowed m oney. .
Taxes other than on net income....................
Recurring depreciation on banking house,
furniture and fixtures..............................
Other current operating expenses..................
8,758
1,444
2,167
22,605
3,570
6,428
67,107
11,026
22,094
77,971
11,328
23,888
46,246
10,522
11,807
13,744
3,398
3,151
54,439
10,993
16,290
7,743
1,826
1,831
16,523
4,522
3,940
2,963
503
848
4,614
893
1,071
125
2,009
14
437
379
3,930
69
1,454
608
7,246
93
2,555
679
17,253
66
3,629
615
8,724
42
907
203
1,185
12
1,075
528
5,597
85
2,294
58
708
2
877
221
1,111
68
850
9
715
186
88
902
10
215
147
2,415
419
6,356
1,706
21,779
1,585
19,543
794
12,835
307
4,413
1,270
17,382
167
2,274
318
5,493
68
634
121
1,314
Net current operating earnings...................
3,747
11,065
33,510
38,468
23,953
7,839
33,713
5,054
10,795
1,935
2,190
Recoveries, transfers from reserve a c
counts, and profits—to ta l..................
On securities:
787
2,101
13,239
4,670
5,640
1,022
6,885
895
2,154
83
358
138
772
30
1,460
3,007
27
660
195
13
207
1,224
1,163
1,011
170
153
54
169
290
483
167
117
1,061
1,821
3,255
1
Transfers from reserve accounts................
Profits on securities sold or redeemed. . . .
On loans:
756
14
644
242
49
241
309
151
227
1,385
4,035
1,682
878
202
1,328
937
55
954
259
84
264
1,488
866
1,133
329
16
173
260
144
808
1,701
4,412
20,552
13,389
10,739
3,051
12,244
2,648
378
17
1,420
115
2,607
2,503
3,165
274
1,619
1,587
999
300
2,226
1,125
633
224
208
927
171
244
2,347
286
382
12,574
2,486
1,787
6,998
1,165
705
5,246
1,582
210
1,202
340
874
5,891
2,128
2,833
8,754
26,197
29,749
18,854
5,810
28,354
Transfers from reserve accounts
Losses, charge-offs, and transfers to re
serve accounts— t o ta l..........................
On securities:
Losses and charge-offs.................................
Transfers to reserve accounts....................
On loans:
Losses and charge-offs.................................
Transfers to reserve accounts....................
All other...........................................................
N et profits before in com e taxes...................
36
83
4
42
86
3
19
4,685
201
978
578
635
11
474
523
750
518
402
2,247
823
14
147
29
101
337
66
3,301
8,264
1,817
1,570
CORPORATION
100,617
12,292
1,301
15,504
74
1,643
INSURANCE
33,670
3,528
622
6,667
29
752
DEPOSIT
12,505
FEDERAL
Current operating earnings— t o ta l.............
Interest on United States Government
obligations................................................
Interest and dividends on other securities..
Interest and discount on loans ....................
Service charges and other fees on bank’s loans
Service charges on deposit accounts.............
Other service charges, commissions, fees, and
collection and exchange charges............
Trust department............................................
Other current operating earnings..................
811
811
Net profits after income taxes......................
Dividends and interest on capital— to ta l..
Dividends declared on preferred stock and
interest paid on capital notes and
debentures................................................
Cash dividends declared on common stock ..
963
920
43
2,022
6,220
18,916
22,536
13,492
4,618
21,120
1,041
3,355
12,200
8,645
5,143
1,425
8,631
21
1,020
31
3,324
32
12,168
223
8,422
42
5,101
76
1,349
Net additions to capital from profits.........
981
2,865
6,716
13,891
8,349
Memoranda
Recoveries credited to reserve accounts (not
included in recoveries above):
On securities.....................................................
On loans............................................................
Losses charged to reserve accounts (not in
cluded in losses above):
On securities.....................................................
On loans............................................................
23
34
29
383
6
254
3
120
112
510
125
1,650
Average assets and liabilities1
Assets— total......................................................
Cash and due from banks..............................
United States Government obligations........
Other securities................................................
Loans and discounts........................................
All other assets.................................................
450,809
87,153
196,985
25,425
137,195
4,051
1,567,274
362,367
762,888
59,166
365,386
17,467
Liabilities and capital— total........................
Total deposits...................................................
Demand deposits...........................................
Time and savings deposits............................
Borrowings and other liabilities....................
Total capital accounts....................................
450,809
411,988
226,901
185,087
2,145
36,676
Number of active officers, December 3 1 ..........
Number of other employees, December 3 1 ....
Number of banks, December 31........................
1.923
1.923
517
517
501
501
2,338
6,341
1,300
1,069
1,018
2,179
149
495
67
8,564
5
1,013
4
2,175
149
7
488
3,193
12,489
1,320
4,162
1,151
574
62
29
42
25
198
39
16
104
22
8
5
970
50
404
57
268
159
1,936
104
347
268
119
140
4,285,148
991,731
1,824,022
149,413
1,243,228
76,754
5,093,439
1,056,239
2,439,691
340,907
1,217,511
39,091
2,983,210
715,274
1,341,977
181,614
722,913
21,432
821,020
221,554
300,606
112,773
180,073
6,014
4,328,313
1,207,138
1,610,225
238,896
1,259,913
32,141
574,759
142,541
298,992
22,280
107,532
3,414
1,309,415
351,663
606,754
75,967
267,858
7,173
175,077
33,067
79,198
8,928
52,092
1,792
231,427
53,198
83,676
15,553
76,980
2,020
1,567,274
1,459,442
1,026,881
US3,061
6,510
101,322
4,285,148
3,871,502
3,085,772
785,730
61,127
352,519
5,093,439
4,802,535
2,699,6U
2,102,891
23,495
267,409
2,983,210
2,798,238
1,929,86k
868,37k
13,857
171,115
821,020
774,487
6k0,210
13k,277
1,812
44,721
4,328,313
4,073,416
3,kl3,527
659,889
16,013
238,884
574,759
549,481
k53,3k3
96,138
1,178
24,100
1,309,415
1,236,566
1,099,051
137,515
5,110
67,739
175,077
165,406
108,690
56,716
1,296
8,375
231,427
207,907
lk0,010
67,897
1,091
22,429
292
1,139
761
3,442
1,511
10,279
1,834
10,300
2,419
5,953
761
1,739
2,352
8,366
395
982
1,121
2,150
89
404
204
566
54
161
180
418
657
201
570
112
361
8
57
1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.
Back figures—See the Annual Report for 1947, pp. 144-158.
BANKS
7,234
6,926
308
INSURED
1.192
1.192
OF
5,362
4,296
1,066
DIVIDENDS
7.213
7.213
AND
7,281
5,767
1,514
EXPENSES,
2.534
2.534
EARNINGS,
Taxes on net income— total..........................
Federal..............................................................
State..................................................................
Table 118.
E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d
1948— Continued
C o m m e r c ia l B a n k s , b y S t a t e ,
(Amounts in thousands of dollars)
_______________________________________________________ _______ ______________________ ______________
Earnings or expense item
New
Jersey
New
Mexico
New
York
North
Carolina
North
Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode
Island
45,521
11,669
165,002
40,424
34,204
266,256
15,874
15,469
201,882
33,756
261,092
6,430
25,899
11,450
2,418
22,265
772
2,499
4,669
395
3,290
87
745
52,403
10,002
74,131
868
8,266
9,475
2,076
22,583
176
2,735
10,832
2,028
16,264
92
2,440
83,212
25,010
108,854
982
8,888
6,376
396
6,422
17
656
4,236
849
6,905
27
1,271
1,655
4,456
5,121
233
69
322
13,213
57,297
48,020
3,347
1,498
1,272
2,031
50
402
3,331
7,066
8,935
1,084
291
2,004
790
632
1,126
4,036
19,792
15,482
156
745
1,106
1,552
351
278
Current operating expenses— total.............
Salaries— officers..............................................
Salaries and wages—employees.....................
Fees paid to directors and members of
executive, discount, and other com
mittees ......................................................
Interest on time and savings deposits..........
Interest and discount on borrowed m oney. .
Taxes other than on net income....................
Recurring depreciation on banking house,
furniture and fixtures..............................
Other current operating expenses..................
80,676
12,369
22,318
4,990
1,114
1,542
405,451
61,779
160,779
27,695
6,405
7,110
6,757
1,789
1,385
111,180
15,984
28,745
22,406
6,207
6,152
21,335
3,804
7,420
167,933
27,469
49,684
10,909
1,442
2,952
9,057
2,308
2,468
1,180
16,399
83
4,791
45
341
1
250
2,891
28,430
1,430
12,836
286
3,490
74
1,073
87
1,070
2
229
1,032
21,473
121
13,614
216
1,004
18
502
83
3,255
6
518
2,423
26,867
216
8,458
90
2,593
5
677
103
809
9
131
2,516
21,020
130
1,567
6,531
130,775
684
8,573
114
2,081
2,454
27,757
671
7,636
688
5,561
4,467
48,349
202
2,948
224
3,005
Net current operating earnings...................
33,193
3,305
242,138
17,826
4,912
53,822
18,018
12,869
98,323
4,965
6,412
10,887
612
83,655
2,442
347
10,250
1,919
1,212
27,469
1,894
337
590
1,012
2,776
19
127
111
715
89
3
53
663
547
2,301
416
2
310
57
120
708
7,624
3,039
5,514
32
28
3,829
12,021
18,450
258
56
1,659
2,241
2,609
222
162
181
6,691
28,053
14,611
180
158
1,151
75
8
119
1,438
2,171
3,130
504
33
654
105
1
341
3,358
1,200
6,734
134
555
915
31
130
15,964
1,785
108,816
6,102
1,166
23,697
4,612
2,216
42,629
2,596
1,703
289
31
Losses, charge-offs, and transfers to re
serve accounts—total..........................
On securities:
Losses and charge-offs.................................
Transfers to reserve accounts....................
On loans:
Losses and charge-offs.................................
Transfers to reserve accounts....................
All other...........................................................
NetFRASER
profits before income taxes...................
Digitized for
3,729
1,613
112
14,599
10,587
861
464
147
75
3,466
1,698
458
144
732
8,445
8,589
210
269
498
8,614
1,510
364
1,176
133
2,059
71,360
10,211
322
3,793
662
73
568
303
821
15,075
2,637
742
2,103
1,165
706
571
207
1,526
18,839
5,230
45
1,210
862
68
1,177
138
28,116
2,132
216,977
14,166
4,093
40,375
15,325
11,865
83,163
4,263
5,046
CORPORATION
647,589
1,630
222
5,333
15
471
INSURANCE
8,295
40,762
9,052
45,816
190
6,817
DEPOSIT
113,869
FEDERAL
Current operating earnings— total.............
Interest on United States Government
obligations................................................
Interest and dividends on other securities..
Interest and discount on loans ....................
Service charges and other fees on bank’s loans
Service charges on deposit accounts.............
Other service charges, commissions, fees, and
collection and exchange charges............
Trust department............................................
Other current operating earnings..................
Recoveries, transfers from reserve ac
counts, and profits— total..................
On securities:
Recoveries....................................................
Transfers from reserve accounts
Profits on securities sold or redeemed. . . .
On loans:
Recoveries.....................................................
Transfers from reserve accounts
All other...........................................................
1
South
Carolina
Taxes on net income—total..........................
Federal............................................................
State................................................................
6.424
6.424
692
692
49,201
42,316
6,885
3,850
3,714
136
1,013
961
52
9.947
9.947
4,366
3,887
479
3,493
2,583
910
22.350
22.350
1,393
1,222
171
1,601
1,366
235
21,692
1,440
167,776
10,316
3,080
30,428
10,959
8,372
60,813
2,870
3,445
7,582
475
93,219
3,146
770
11,766
3.736
1,840
30,971
1.539
1,218
1,414
6,168
3
472
1,511
91,708
21
3,125
6
764
434
11,332
3.736
1
1,839
123
30,848
1.539
3
1,215
Net additions to capital from profits.........
14,110
965
74,557
7,170
2,310
18,662
7,223
6,532
29,842
1,331
2,227
Memoranda
Recoveries credited to reserve accounts (not
included in recoveries above):
On securities.....................................................
On loans.........................................................
Losses charged to reserve accounts (not in
cluded in losses above):
On securities.....................................................
On loans...........................................................
60
205
76
1,216
2,894
47
48
6
127
279
272
9
4,529
400
19
15
EXPENSES,
731
1,052
239
9,421
9,989
134
202
25
35
783
1,756
109
415
2
73
1,907
2,533
219
323
7
122
AND
Average assets and liabilities1
Assets— total......................................................
Cash and due from banks..............................
United States Government obligations........
Other securities................................................
Loans and discounts.......................................
All other assets................................................
4,714,997
816,663
2,374,222
424,533
1,035,361
64,218
304,092 33,357,375
89,768 8,458,686
111,656 13,504,428
11,726 1,530,404
88,800 9,367,195
2,142
496,662
1,898,171
491,716
744,672
130,963
511,113
19,707
516,370
94,485
322,283
25,571
71,512
2,519
7,429,870 1,675,269
1,656,982
523,010
657,871
3,354,529"
518,772
110,904
1,830,825
373,186
68,762
10,298
1,404,728
320,531
616,589
105,736
341,800
20,072
10,866,887
2,359,625
4,675,978
980,652
2,707,014
143,618
685,894
120,855
374,567
15,581
163,746
11,145
685,213
188,870
296,981
45,320
149,478
4,564
DIVIDENDS
Liabilities and capital— total.......................
Total deposits..................................................
Demand deposits...........................................
Time and savings deposits...........................
Borrowings and other liabilities....................
Total capital accounts....................................
4,714,997
4,381,469
2,367,976
2,013,498
21,854
311,674
304,092 33,357,375
289,902 29,958,858
248,855 25,958,121
41,047 4,000,737
458
637,736
13,732 2,760,781
1,898,171
1,774,131
1,417,288
356,843
16,313
107,727
516,370
493,919
384,909
109,010
1,075
21,376
7,429,870
6,953,702
4,349,598
2,604,104
32,358
443,810
1,675,269
1,570,088
1,452,977
117,111
5,097
100,084
1,404,728
1,324,800
940,230
384,570
7,460
72,468
10,866,887
9,766,927
6,722,549
3,044,378
57,780
1,042,180
685,894
629,630
405,067
224,563
6,235
50,029
685,213
647,846
559,010
88,836
2,402
34,965
Number of active officers, December 3 1 ..........
Number of other employees, December 3 1 ....
2,051
10,296
224
785
6,621
60,897
1,200
3,611
459
853
3,018
13,457
1,443
3,250
738
3,406
4,797
21,819
217
1,597
517
1,334
Number of banks, December 31........................
333
49
641
225
145
653
375
69
967
14
129
INSURED
BANKS
OF
1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.
Back figures—See the Annual Report for 1947, pp. 144-153.
EARNINGS,
Net profits after income taxes......................
Dividends and interest on capital— total..
Dividends declared on preferred stock and
interest paid on capital notes and
debentures................................................
Cash dividends declared on common stock..
Table 118.
E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d
C o m m e r c ia l B a n k s , b y S t a t e ,
1948— Continued
(Amounts in thousands of dollars)
Earnings or expense item
South
Dakota
Tennessee
49,197
147,248
15,505
9,042
Virginia
Washington
West
Virginia
Wisconsin
^Wyoming
52,404
50,919
25,820
66,374
6,016
7,680
1,075
13,811
147
948
25,442
3,895
27,609
349
3,319
1,593
230
3,120
8
462
33,533
6,666
83,769
647
7,646
3,383
419
9,071
217
788
1,570
599
5,914
49
405
12,432
1,981
30,599
433
2,453
1,686
49
509
2,168
949
2,063
4,195
1,886
8,906
672
373
582
124
123
258
1,087
1,870
1,549
1,538
1,074
1,570
510
624
1,025
1,932
911
2,917
235
28
340
Current operating expenses— total.............
Salaries— officers..............................................
Salaries and wages— employees.....................
Fees paid to directors and members of
executive, discount, and other com
mittees ......................................................
Interest on time and savings deposits..........
Interest and discount on borrowed money. .
Taxes other than on net income....................
Recurring depreciation on banking house,
furniture and fixtures..............................
Other current operating expenses..................
7,787
2,277
1,676
29,146
5,691
7,571
88,063
20,409
23,711
9,237
1,704
2,616
6,249
924
1,222
32,159
6,469
7,959
33,060
6,264
11,315
14,598
2,935
3,632
45,195
9,286
10,577
3,543
906
903
145
919
A
176
271
4,096
34
2,159
937
4,657
31
7,979
159
1,778
14
170
120
2,237
20
135
472
6,213
58
1,678
170
5,060
13
673
284
2,705
23
600
691
10,641
42
1,011
45
361
4
203
172
2,418
785
8,539
2,542
27,797
207
2,589
139
1,452
1,039
8,271
854
8,711
474
3,945
933
12,014
108
1,013
Net current operating earnings...................
5,524
20,051
59,185
6,268
2,793
20,245
17,859
11,222
21,179
2,473
Recoveries, transfers from reserve ac
counts, and profits— total.................
On securities:
417
2,289
6,065
637
622
2,047
3,268
1,615
2,859
363
31
7
54
336
300
601
471
433
1,249
29
200
42
81
2
116
169
61
406
458
159
1,163
34
75
182
591
70
1,051
29
84
10
231
362
25
665
2,141
327
1,444
148
41
177
175
44
204
696
173
542
288
425
795
346
516
462
483
183
481
180
15
121
1,773
8,479
21,667
1,711
1,392
6,584
8,753
3,007
9,264
666
171
32
2,291
219
3,245
104
88
30
318
11
847
56
1,748
839
447
63
1,678
173
104
81
1,321
168
582
4,528
859
3,124
12,940
2,254
187
1,234
172
194
693
176
1,088
4,131
462
800
4,874
492
365
1,772
360
568
6,196
649
201
285
76
4,168
13,861
43,583
5,194
2,023
15,708
12,374
9,830
14,774
2,170
Transfers from. reserve accounts
Profits on securities sold or redeemed . . . .
On loans:
Recoveries....................................................
Transfers from reserve accounts................
All other...........................................................
Losses, charge-offs, and transfers to re
serve accounts— t o ta l..........................
On securities:
Losses and charge-offs.........................« . . .
Transfers to reserve accounts................
On loans:
Losses and charge-offs.................................
Transfers to reserve accounts....................
Net profits before income taxes...................
18
CORPORATION
11,333
3,066
27,837
177
1,604
INSURANCE
3,984
572
5,497
60
954
12,632
3,181
26,651
283
3,990
DEPOSIT
13,3H
Vermont
Utah
FEDERAL
Current operating earnings— total.............
Interest on United States Government
obligations................................................
Interest and dividends on other securities. .
Interest and discount on loans ....................
Service charges and other fees on bank’s loans
Service charges on deposit accounts.............
Other service charges, commissions, fees, and
collection and exchange charges............
Trust department............................................
Other current operating earnings..................
Texas
1,020
913
107
3,697
3,611
86
12.870
12.870
1,775
1,639
136
579
500
79
4.703
4.703
2.715
2.715
2.695
2.695
3,657
3,598
59
584
584
Net profits after in com e taxes......................
3,148
10,164
30,713
3,419
1,444
11,005
9,659
7,135
11,117
1,586
Dividends and interest on capital— t o ta l. .
Dividends declared on preferred stock and
interest paid on capital notes and
debentures................................................
Cash dividends declared on common stock. .
813
3,766
13,549
2,005
570
4,659
3,346
2,037
4,720
449
5
808
52
3,714
50
13,499
9
1,996
123
447
42
4,617
6
3,340
22
2,015
150
4,570
9
440
2,335
6,398
17,164
1,414
874
6,346
6,313
5,098
6,397
1,137
26
1
136
36
315
38
1
27
2
213
1
402
81
1
108
32
5.129
570
67
2,521
106
182
7
161
7
540
797
1,550
42
179
40
414
62
AND
Average assets and liabilities1
Assets—t o t a l.....................................................
Cash and due from banks..............................
United States Government obligations........
Other securities...............................................
Loans and discounts.......................................
All other assets................................................
536,451
113,253
285,418
28,763
106,000
3,011
2,008,961
539,824
713,306
138,131
599,118
20,782
6,412,601
2,072,024
2,214,854
302,708
1,756,538
66,477
583,149
140,078
236,109
19,634
183,284
4,044
270,395
40.010
79,925
25,924
121,797
2,739
1,919,121
458,054
726,835
83,122
627,733
23,377
2,013,874
496,537
785,567
140,356
578,389
15,025
996,223
241,450
453,643
45,203
245,755
10,172
3,091,804
618,072
1,573,051
205,894
670,797
23,990
253,776
72,889
114,011
11,452
54,035
1,389
DIVIDENDS
Liabilities and cap ital—t o ta l.......................
Total deposits..................................................
536,451
510,415
2,008,961
1,886,178
6,412,601
6,047,181
5,1*83,059
561*,122
270,395
242,276
1,919,121
1,770,902
2,013,874
1,905,605
3,091,804
2,908,829
253,776
239,597
1,1*61,966
m ,s i2
583,149
549,068
996,223
919,092
1*21*,756
85,659
375,932
173,136
90,625
151,651
1,190,250
580,652
656,339
262,753
193,318
1*6,279
7,118
101,151
4,616
72,515
1,621},052
1,281*, 777
OF
1,358,91*7
51*6,658
6,692
176,283
519
13,660
M em oranda
Recoveries credited to reserve accounts (not
included in recoveries above):
On securities.....................................................
On loans...........................................................
Losses charged to reserve accounts (not in
cluded in losses above):
On securities.....................................................
On loans...........................................................
Borrowings and other liabilities....................
Total capital accounts....................................
1,155
24,881
8,535
114,248
20,717
344,703
2,028
32,053
1,982
26,137
11,964
136,255
600
992
1,282
4,030
3,981
11,677
309
1,324
234
632
1,409
4,300
1,013
4,850
633
1,833
1,972
5,319
210
443
Number of banks, December 31.......................
170
287
839
55
69
314
119
177
542
55
1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.
Back figures—See the Annual Report for 1947, pp. 144-153.
BANKS
Number of active officers, December 3 1 ..........
Number of other employees, December 31. .. .
INSURED
Demand deposits...............................................
Time and savings deposits..............................
EXPENSES,
Net additions to capital from p ro fits ........
EARNINGS,
Taxes on net in co m e —t o t a l.........................
Federal..............................................................
Table 119.
E a r n i n g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d M u t u a l S a v in g s B a n k s ,
1941-1948
(Amounts in thousands of dollars)
Earnings, expense, asset or liability item
1942
1941
1943
1944
1945
1946
1947
1948
295,709
140,002
1,260
322,795
141,001
1,627
350,951
142,538
1,893
375,592
151,174
2,114
403,156
166,308
2,477
12,955
18,068
123
10,652
17,134
16,923
154
9,745
76,510
24,607
321
32,850
97,856
29,694
538
26,359
135,627
24,652
1,033
18,855
171,139
22,609
1,301
11,471
184,900
24,386
1,329
11,689
184,139
35,748
1,214
13,270
Current operating expenses— total......................................
Salaries— officers.......................................................................
Salaries and wages—employees..............................................
Directors’ , trustees’ , and managers’ fees1.............................
Taxes other than on net income.............................................
Recurring depreciation on banking house, furniture and
fixtures2..............................................................................
Other current operating expenses...........................................
23,344
2,205
5,080
316
5,432
24,520
2,715
5,915
389
5,104
87,847
9,467
19,792
1,704
17,015
86,575
10,093
20,658
1,903
14,838
77,705
10,567
22,179
855
8,410
85,523
11,967
26,938
1,045
7,243
93,613
13,271
31,247
1,142
6,891
100,768
14,267
34,156
668
9,643
743
9,654
3,046
36,823
3,359
35,724
2,649
33,045
2,574
35,756
2,550
38,512
2,705
42,011
Net current operating earnings............................................
46,203
51,767
185,632
209,134
245,090
265,428
281,979
302,388
Dividends (interest) paid on deposits.................................
29,684
33,209
117,985
132,430
143,350
160,134
181,225
196,096
Net operating earnings after dividends on deposits.......
16,519
18,558
67,647
76,704
101,740
105,294
100,754
106,292
Profits and recoveries on assets— total...............................
Recoveries on securities3..........................................................
Profits on securities sold or exchanged..................................
Recoveries on loans3............ ....................................................
All other profits and recoveries4, ................................
23,014
3,432
13,996
462
5,124
19,092
5,164
7,112
653
6,163
129,160
40,402
31,376
11,094
46,288
101,473
31,423
30,677
14,763
24,610
181,982
47,560
79,389
4,055
50,978
186,720
34,920
89,554
2,097
60,149
99,548
32,443
27,770
1,266
38,069
59,897
14,514
6,705
411
38,267
Losses and charge-offs— total................................................
On securities5.............................................................................
On loans5....................................................................................
All other6....................................................................................
34,848
16,470
6,030
12,348
33,486
10,379
9,211
13,896
168,891
32,818
74,327
61,746
113,691
17,625
68,179
27,887
135,783
36,635
28,825
70,323
142,499
72,320
3,375
66,804
111,998
58,587
4,472
48,939
76,792
23,872
7,233
45,687
1,211
6,418
CORPORATION
273,479
137,950
1,241
INSURANCE
76,287
31,212
1,119
DEPOSIT
69,547
26,554
1,195
FEDERAL
Current operating earnings— total......................................
Interest, discount, and other income on real estate loans. . .
Interest, discount, and income on other loans.....................
Interest on U. S. Government obligations, direct and
guaranteed.........................................................................
Interest and dividends on other securities............................
Collection and exchange charges, commissions, and fees. . .
Other current operating earnings...........................................
Net profits before income taxes..........................
Taxes on net income......................................................
4,164
27,916
64,486
147,939
149,515
88,304
97
33
345
122
2,034
5,759
5,992
4,501
4,588
4,131
27,571
64,364
145,905
143,756
82,312
84,896
89,397
294
482
271
264
248
234
27,277
63,882
145,634
143,492
82,064
84,662
Average assets and liabilities7
Assets— total............................................
Cash and due from banks.......................................................
U. S. Government obligations............................................
Other securities.................................
Real estate loans................................
Other loans and discounts......................
All other assets..................................
1,973,635
184,743
581,795
445,939
604,701
35,151
121,306
2,089,328
141,377
725,595
416,107
661,599
30,078
114,572
7,945,687
494,112
3,322,146
663,101
3,104,849
28,145
333,334
9,164,873
449,751
4,723,004
628,821
3,085,567
30,372
247,358
10,636,400
416,762
6,345,344
605,362
3,056,494
36,934
175,504
12,066,095
530,271
7,588,938
653,589
3,112,879
41,588
138,830
13,128,837
649,906
8,127,449
814,360
3,352,063
48,173
136,886
13,860,655
667,792
8,042,934
1,189,924
3,756,276
56,597
147,132
1,973,635
1,803,002
1,803,002
7,248
163,385
2,089,328
1.900.429
1.900.429
6,656
182,243
7,945,687
7.134.660
7.134.660
22,331
788,696
9,164,873
8.280.998
8.280.998
23,974
859,901
10,636,400
12,066,095
9.648.308
10,923,361
\
13,198
9.648.308 ! 10,910,163
27,085
32,934
961,007
1,109,800
13,128,837
11,869,717
13,565
11,856,152
42,064
1,217,056
13,860,655
12,519,862
14,395
12,505,4^7
44,618
1,298,175
317
2,823
363
2,884
1,209
9,581
1,276
9,719
1,337
10,852
1,410
11,414
1,494
11,599
1,527
11,930
52
56
184
192
192
191
1S4
193
Liabilities and capital— total.......................................
Total deposits...........................................
Demand deposits.............................................
Time and savings deposits...............................
Borrowings and other liabilities.....................................
Total surplus and capital accounts....................................
Number of active officers, December 3 1 .........................
Number of other employees, December 31.....................
Number of banks, December 318.........................
}
INSURED
BANKS
OF
1 Includes professional fees from 1941 through 1944.
a
su5 r? lttiu g Tep0r^ to, F^ P in 1941» consists of regular and extraordinary depreciation reserves on banking house, furniture and fixtures.
t
*an4 r
, s P°P submitting reports to FDIC m 1945-1948, includes reductions in valuation reserves.
In 1945-1948 for banks submitting reports to FDIC, includes all reductions in valuation reserves.
I Jn I S I K S I #
banlP n.ot. submitting reports to FDIC in 1945-1948, includes additions to valuation reserves.
8 In 1945-1948 for banks submitting reports to FDIC, includes all additions to valuation reserves.
7 Asset and liability items are averages of figures reported at beginning, middle, and end of year.
8 Includes 3 mutual savings banks, members of the Federal Reserve System.
Back figures—See the Annual Report for 1941, p. 173.
DIVIDENDS
318
3,813
AND
344
4,244
EXPEN SES,
Interest paid on capital notes and debentures...............
Net profits after interest and dividends.............................
EARNINGS,
Net profits after income taxes..............................................
4,685
CO
Table 120.
R a tio s
of
E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d
Earnings or expense item
1942
1943
1944
1945
1946
1941-1948
1947
1948
$100.00
40.91
1.47
22.46
22.18
.20
12.78
$100.00
50.44
.46
27.97
9.00
.12
12.01
$100.00
47.34
.43
33.09
10.04
.18
8.92
$100.00
43.68
.50
42.02
7.64
.32
5.84
$180.09
40.62
.54
48.76
6.44
.37
3.27
$100.00
40.25
.56
49.23
6.49
.36
3.11
$100.00
41.25
.61
45.68
8.37
.30
3.29
Current operating expenses— t o ta l......................................
Salaries, wages and fees1..........................................................
Taxes other than on net income.............................................
Recurring depreciation on banking house, furniture and
fixtures2..............................................................................
Other current operating expenses...........................................
33.57
10.93
7.81
32.14
11.82
6.69
32.12
11.32
6.22
29.28
11.04
5.02
24.07
10.41
2.60
24.37
11.38
2.06
24.92
12.16
1.83
24.99
12.31
1.59
.96
13.87
.97
12.66
1.11
13.47
1.14
12.08
.82
10.24
.74
10.19
.68
10.25
.67
10.42
DEPOSIT
Net current operating earnings............................................
66.43
67.86
67.88
70.72
75.93
75.63
75.08
75.91
43.14
44.78
44.41
45.63
48.25
48.64
42.68
Net operating earnings after dividends on d eposits.......
23.75
24.33
24.74
25.94
31.52
30.00
26.83
26.37
A m ou nts per $100 o f total assets3
Current operating earnings— total.............................................
Current operating expenses— total.............................................
Net current operating earnings...................................................
Dividends (interest) paid on deposits........................................
Net operating earnings after dividends on deposits.................
Recoveries and profits—total.....................................................
Losses and charge-offs— total......................................................
Net profits before income taxes..................................................
Net additions to surplus and capital accounts.........................
3.52
1.18
2.34
1.50
.84
1.17
1.77
.24
.22
3.65
1.17
2.48
1.59
.89
.91
1.60
.20
.18
3.44
1.10
2.34
1.49
.85
1.63
2.13
.35
.34
3.23
.95
2.28
1.44
.84
1.11
1.24
.71
.70
3.03
.73
2.30
1.35
.95
1.71
1.27
1.39
1.37
2.91
.71
2.20
1.33
.87
1.55
1.18
1.24
1.19
2.86
.71
2.15
1.38
.77
.76
.86
.67
.63
2.91
.73
2.18
1.41
.77
.43
.55
.65
.61
CORPORATION
Dividends (interest) paid on d ep osits.................................
43.53
INSURANCE
$100.00
38.18
1.72
18.63
25.98
.17
15.32
FEDERAL
A m ou nts per $100 o f current operating earnings:
Current operating earnings— t o ta l......................................
Income on real estate loans.....................................................
Income on other loan3.............................................................
Interest on U. S. Government obligations............................
Interest and dividends on other securities.............................
Collection and exchange charges, commissions, and fees. . .
Other current operating earning3...........................................
1941
M u t u a l S a v in g s B a n k s ,
1.60
1.49
1.47
1.53
1.57
7.43
15.15
12.93
6.74
6.53
Assets and liabilities per $109 o f total assets3
Assets— t o t a l..................................................................
Cash and due from banks.......................................................
U. S. Government obligations................................................
Other securities........................................................................
Loans and discounts................................................................
All other assets.......................................................................
100.00
9.36
29.48
22.59
32.42
6.15
100.00
6.77
34.73
19.91
33.11
5.48
100.00
6.22
41.80
8.35
39.43
4.20
100.00
4.91
51.53
6.86
34.00
2.70
100.00
3.92
59.66
5.69
29.08
1.65
100.00
4.40
62.89
5.42
26.14
1.15
100.00
4.95
61.91
6.20
25.90
1.04
100.00
4.82
58.03
8.58
27.51
1.06
Liabilities and capital— to ta l................................................
Total deposits...........................................................................
Demand deposits....................................................................
Time and savings deposits.................................................... [
Borrowings and other liabilities.............................................
Total capital accounts.............................................................
100.00
91.35
91.85
.37
8.28
100.00
90.96
90.96
.32
8.72
100.00
89.79
89.79
.28
9.93
100.0©
90.36
90.36
.26
9.38
100.00
90.71
90.71 1
/
.25
9.04
100.00
90.53
.11
90.J+2
.27
9.20
100.00
90.41
.10
90.31
.32
9.27
100.00
90.33
.11
90 22
.32
9.35
52
56
184
192
191
194
193
Number of banks, December 314...............................................
4.54
4.15
4.61
4.41
4.58
4.55
4.51
4.39
4.43
4.38
2.23
4.05
2.36
4.07
2.30
3.71
2.07
4.72
2.14
4.07
2.26
3.46
2.28
2.99
2.29
3.00
192
INSURED
BANKS
OF
1 Includes professional fees from 1941 through 1944.
2 For banks not submitting reports to FDIC in 1941, consists of regular and extraordinary depreciation reserves on banking house, furniture and fixtures.
3 Asset and liability items are averages of figures reported at beginning, middle, and end of year.
4 Includes 3 mutual savings banks, members of the Federal Reserve System.
DIVIDENDS
1.65
3.46
4.44
4.41
AND
1.75
2.09
4.72
3.72
EXPENSES,
1.65
2.60
4.39
3.40
EARNINGS.
Special ratios3
Income on real estate loans per $100 of real estate loans.......
Income on other loans per $100 of other loans........................
Interest on U. S. Government obligations per $100 of U. S.
Government obligations..................................................
Income on other securities per $100 of other securities...........
Dividends paid on deposits per $100 of time and savings
deposits..............................................................................
Net additions to surplus and capital accounts per $100 of
total surplus and capital accounts.................................
D
Table 121.
e p o s it
Insurance D
is b u r s e m e n t s
Disbursements by the Federal Deposit Insurance Corporation to protect depositors;
number and deposits of insured banks placed in receivership or merged with the
financial aid of the Corporation, 1934-1948
Banks grouped by class of bank, year of disbursement, amount of deposits, and
State
Table 122. Assets and liabilities of insured banks placed in receivership and of insured banks
merged with the financial aid of the Federal Deposit Insurance Corporation,
1934-1948
As shown by books of bank at dale of closing
Table 123.
Name, location, Federal Deposit Insurance Corporation disbursement, and assets
and liabilities of insured bajnks merged with the financial aid of the Corporation
during 1948
Table 124. Recoveries and losses by the Federal Deposit Insurance Corporation in connection
with insured banks placed in receivership or merged with the financial aid of the
Corporation, 1934-1948
As shown by books of FDIC, December 31, 1948
Disbursements by the Federal Deposit Insurance Corporation
to protect depositors are made whenever insured banks because of
financial difficulties are placed in receivership or are merged with the
aid of the Corporation. In receiverships the disbursement is the amount
paid by the Corporation on insured deposits. In mergers the Corpora
tion’s disbursement is the amount loaned to merging banks, or the
price paid for assets purchased from them.
from the deposits in Table 122 which are taken from books of the
bank at date of closing. This is because the former include deposits
discovered or reclassified after the date of a bank’s closing.
The table “ Depositors and deposits of insured banks placed in
receivership,” by years, which appeared in previous reports, has been
omitted since there has been no receivership for four years. Total
figures may be found in Table 2. For definitions of the terms used in
that table, and the detailed figures as shown by the books of the Cor
poration for December 31, 1946, see the Annual Report of the Corpora
tion for 1946, pages 167 and 171.
Noninsured bank failures
Deposits of insured banks placed in receivership as given in Table 121
are taken from the books of FDIC at the end of the year and will differ
Books of bank at date of closing; and books of FDIC, December
31, 1948.
Sources of data
INSURANCE
No noninsured bank failed in 1948. For suspensions of noninsured
banks in previous years, see the Annual Reports of the Corporation
as follows: 1943, p. 102; 1946, p. 167; and 1947, p. 159.
DEPOSIT
DISBURSEMENTS
Details of the mergers during 1948 are given in Table 123. The
disbursements by the Corporation were made to purchase assets from
the selling bank which were not acceptable to the purchasing bank.
co
Oi
Table 121.
D is b u r s e m e n ts b y t h e F e d e r a l D e p o s it In s u r a n c e C o r p o r a t io n t o P r o t e c t D e p o s it o r s ; N u m b er an d D e p o s its
o f I n s u r e d B a n k s P l a c e d i n R e c e i v e r s h i p o r M e r g ih ) w it h , t h e F i n a n c i a l A id o f t h e C o r p o r a t i o n ,
tn - a
j
BANKS GROUPED BY CLASS OF BANK, YEAR
AMOUNT OF DEPOSITS, AND STATE
Disbursement by FDIC
(in thousands of dollars)1
Number of banks
1934-1948
ci
Deposits (in thousands of dollars)
Classification
266,976
Class o f bank
National banks...................................................
State banks members F. R . System...............
Banks not members F . R . System..................
Receiver
ships
Total
Mergers
Total
ReCergerShiRS
Mergers2
407
245
162
522,678
109,603
413,075
47,900
101,238
117,838
14,808
20,934
51,297
33,092
80,304
66,541
69
22
316
21
6
218
48
16
98
102,089
187,623
232,966
19,474
26,550
63,579
82,615
161,073
169,887
Calendar year
1934.....................................................................
1935.....................................................................
1936.....................................................................
1937.....................................................................
1938.....................................................................
941
8,890
14,833
19,202
30,512
941
6,025
8,056
12,045
9,092
2,865
6,777
7,157
21,420
9
25
69
75
74
9
24
42
50
50
1
27
25
24
1,968
13,320
27,528
33,345
59,724
1,968
9,091
11,241
14,960
10,296
4,229
16,287
18,385
49,428
1939.....................................................................
1940.....................................................................
1941.....................................................................
1942.....................................................................
1943.....................................................................
67,804
74,435
23,888
11,091
7,250
26,196
4,895
12,278
1,612
5,500
41,608
69,540
11,610
9,479
1,750
60
43
15
20
5
32
19
8
6
4
28
24
7
14
1
157,790
142,389
29,721
19,011
12,535
32,751
5,657
14,730
1,816
6,637
125,039
136,732
14,991
17,195
5,898
1944.....................................................................
1945.....................................................................
1946.....................................................................
1947.....................................................................
1948.....................................................................
1,515
1,874
292
1,759
2,690
399
1,116
1,874
292
1,759
2,690
2
1
1
5
3
1
1
1
1
5
3
1,915
5,695
316
6,966
10,455
456
1,459
5,695
316
6,966
10,455
Banks w ith deposits o f—
$100,000 or less.................................................
$100,000 to $250,000.........................................
$250,000 to $500,000=.......................................
4,955
12,864
14,634
4,308
11,554
10,218
647
1,310
4,416
106
108
59
83
86
36
23
22
23
6,358
17,611
20,972
4,947
13,920
12,462
1,411
3,691
8,510
$500,000 to $1,000,000.....................................
$1,000,000 to $2,000,000..................................
$2,000,000 to $5,000,000..................................
25,392
28,537
42,429
13,901
8,961
12,421
11,491
19,576
30,008
52
39
25
24
9
5
28
30
20
38,932
56,693
77,568
17,590
11,748
16,279
21,342
44,945
61,289
$5,000,000 to $10,000,000................................
$10,000,000 to $50,000,000..............................
More than $50,000,000.....................................
23,602
114,563
25,676
23,602
88,887
10
8
2
10
6
65,407
239,137
32,657
65,407
206,480
CORPORATION
179,937
INSURANCE
87,039
^
Mergers? '
DEPOSIT
All b a n k s...............................................................
Receiver
ships2
FEDERAL
Total
Florida...............
Georgia..............
Illinois................
Indiana..............
Iowa...................
300
863
3,779
4,335
1,462
203
846
1.242
3,092
385
Kansas...............
Kentucky..........
Louisiana...........
Maryland..........
Massachusetts. .
975
4,614
482
3,329
668
668
3,132
1,571
735
2,397
1,571
Michigan...........
Minnesota.........
Mississippi........
Missouri............
Montana............
5,340
640
257
4,920
213
139
640
257
4,335
186
5,201
Nebraska...........
New Hampshire
New Jersey........
New York.........
North Carolina.
469
118
80,841
67,765
1,448
25,103
10,835
1,156
North Dakota. .
Ohio...................
Oklahoma..........
Oregon...............
Pennsylvania. . .
2,663
1,610
2,144
962
47,673
South Carolina.
South Dakota..
Tennessee..........
Texas.................
Vermont............
Virginia.............
Washington.......
West Virginia.. .
Wisconsin..........
Wyoming...........
143
529
1,168
1,078
' 861
8
1,526
97
17
2,537
1,243
1,077
491
1,027
8,158
9,710
5,516
217
998
1,637
3,932
498
274
29
6,521
5,778
5.018
493
1,285
1,233
7,951
1,652
4,569
3,019
539
3,954
1,652
828
694
3,997
585
27
12,404
818
334
7,001
298
160
818
334
5,116
215
118
55,738
56,930
292
538
296
192,444
138,826
2,291
30,928
13,286
1,421
1,266
10,133
3,830
2,345
4,151
1,114
69,139
14,340
284
2,411
1,279
2,761
3,445
186
2,388
1,164
2,468
3,259
148
23
115
293
186
850
2,988
1,942
3,925
3,725
138
2,862
1,620
3,239
3,375
5,053
935
1,458
7,198
511
1,458
5,096
4,542
935
10,746
1,538
2,006
9,503
1,991
2,006
5,966
2,102
202
20
1 Includes only principal disbursement; i.e., excludes expenses incident to the transactions, the greater part of which has been recovered.
2 Data from books of FDIC, December 31, 1948.
1 Data from books of bank at date of closing.
’ 3,741
3.019
12,244
1,885
83
538
1,011
962
37,540
202
428
1,078
1,526
469
1,397
1,610
1,133
101
1,168
1,552
2,345
1,659
629
296
161,516
125,540
870
2,278
2,492
1,114
54,799
714
126
322
686
350
10,117
1,538
3,537’
1,9S1
DISBU RSEM EN TS
7
1.242
94
841
INSURANCE
237
841
861
7
1,242
DEPOSIT
State
Alabama............
Arkansas............
California..........
Colorado............
Connecticut. . . .
Table 122.
A s s e t s a n d L i a b i l i t i e s o f I n s u r e d B a n k s P l a c e d in R e c e i v e r s h i p a n d o f I n s u r e d B a n k s M e r g e d w i t h
t h e F i n a n c i a l A id o f 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 ,
1934-1948
AS SHOWN BY BOOKS OF BANK AT DATE OF CLOSING
Liabilities and capital accounts
Year
U. S. Gov
ernment
obligations
Other
securities
Loans,
discounts,
and
overdrafts
Banking
house,
furniture &
fixtures
Other
real
estate
Other
Total
Total
deposits
Other
liabilities
R. F. C.
capital
Private
capital
stock
Other
capital
accounts1
$117,778,568 $79,624,212 $74,060,362 $235,228,147 $22,396,815 $59,563,796 $13,601,807 $602,253,707 $520,449,005 $11,468,774 $25,130,464 $38,059,961 $7,145,503
$65,569,217
$5,375,616 $12,293,686
$8,330,507 $140,290,048 $107,374,564 $10,122,023
$5,896,246 $12,254,299 $4,642,916
185,056
1,974,181
2,194,712
2,238,648
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
2,661,327
12,323,948
12,974,788
19,283,376
1,951,992
8,700,485
11,039,098
14,715,286
104,963
2,111,886
93,695
1,132,758
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
1939
1940
1941
1,610,297
3,329,557
1,018,215
6,462,157
451,570
1,052,424
452,574
3,493,431
2,215,638
4,855,519
1,519,677
1,810,346
6,574,061
21,839,422
3,314,762
5,398,218
412,911
1,845,801
694,900
91,311
2,125,022
7,221,558
435,526
106,615
530,408
3,781,385
523,899
449,458
13,919,907
43,925,766
7,959,553
17,811,536
10,124,255
32,557,805
5,599,438
14,627,158
1,213,354
4,695,820
455,788
298,526
1,052,900
2,249,996
422,750
195,500
1,059,200
2,775,001
1,045,533
1,582,000
470,198
1,647,144
436,044
1,108,352
1942
1943
1944
500,513
2,910,826
196,220
119,650
968,872
117,700
52,364
405,011
41,090
777,953
1,846,467
84,030
70,685
772,493
2,300
55,222
414,310
25,030
63,677
5,434
1,601,417
7,381,656
446,774
1,379,526
6,274,311
405,210
1,520
13,582
131
81,750
32,500
4,600
140.000
675.000
27,300
-1,379
386,263
9,533
1935
1936
1937
1938
1939
404,834
3,109,830
4,717,074
8,133,887
27,451,442
233,395
2,071,296
2,495,254
7,018,796
27,929,162
1,403,807
2,080,059
3,520,186
10,377,037
16,266,036
2,256,417
8,917,554
8,678,629
20,896,236
44,289,765
608,467
1,277,605
562,181
2,873,257
5,142,882
1940
1941
1942
1943
1944
30,227,874
3,167,243
4,159,617
1,216,987
368,633
17,183,076
801,273
3,547,766
2,903,771
585,251
17,987,527
2,835,309
2,275,392
555,383
230,282
60,687,428
8,178,623
7,731,137
1,675,734
367,086
4,553,388
798,028
759,861
274,331
1945
1946
1947
1948
2,440,786
126,764
2,769,014
6,864,201
1,371,925
114,326
2,201,186
1,013,657
55,504
30,236
318,322
178,720
2,435,488
77,049
1,452,370
2,015,414
2,369
56,630
112,200
$5,271,300 $461,963,659 $413,074,441
$1,346,751 $19,234,218 $25,805,662 $2,502,587
1,184,658
926,359
3,913,009
15,459,743
10,808
325.362
186,497
2,380,489
1,049,600
4,917,728
18,966,364
21,086,180
55,592,711
137,588,630
4,228,816
16,287,262
18,384,923
49,428,383
125,038,946
140
19,769
262,651
168,674
679,659
310,000
609,200
3,726,463
6,103,500
315.000
1.664.000
1,808,400
2,697,650
6.381.000
373,772
685,333
21,006
-428,459
-614,475
22,840,095
1,014,582
1,824,586
15,844
67,428
458,831
197,669
354.362
34,523
32,108
153,938,219
16,992,727
20,652,721
6,676,573
1,650,788
136,731,549
14,990,768
17,195,146
5,897,691
1,459,091
157,766
57,508
584
7,186,655
289,000
913.400
96,000
8,666,162
1,111,250
1,748,200
300.000
1,196,087
544,201
795.391
382;882
-8,303
4,609
83,603
425
215
156,808
6,391,915
351,169
6,797,738
10,360,196
5,695,202
316,402
6,965,742
10,454,520
1
19,196
1 Includes surplus, undivided profits, and reserve funds minus operating deficit, if any, as shown by books. Minus (-) indicates net operating deficit.
2 No insured bank has been placed in receivership since 1944.
200.000
331.500
10,000
197.500
375,000
365,213
24,767
-365,504
-469,324
CORPORATION
MERGERS
Total
$95,158,186 $69,470,134 $58,113,800 $169,658,930 $17,021,199 $47,270,110
INSURANCE
1934
1935
1936
1937
DEPOSIT
RECEIVERSHIPS2
Total
$22,620,382 $10,154,078 $15,946,562
FEDERAL
Total
Cash and
due from
banks
Table 123.
N am e, L o c a tio n , F e d e r a l D e p o s it In s u r a n c e
In su red
B anks M erged
w ith t h e
C o r p o r a t io n
D is b u r s e m e n t, a n d A s s e ts a n d L ia b ilit ie s o f
F i n a n c i a l A id o f t h e
C o r p o r a t io n
D u r in g
1948
Disbursement2
Case
number
Name and location
Class of bank
Number of
accounts1
Date
14,882
July 24,1948
Absorbing bank
Amount
State commercial,
member F. R. System
161
The American National Bank of
Pryor Creek,
Pryor, Oklahoma
National
2,356
November 22, 1948
926,206
The American National Bank in Pryor,
Pryor, Oklahoma
The First State Bank,
Franklin, Texas
State commercial,
member F. R. System
1,073
December 18, 1948
248,825
The First National Bank of Franklin,
Franklin, Texas
162
$1,514,801
Assets
Loans,
discounts,
and
overdrafts
Liabilities
Banking
house,
furniture &
fixtures
Total
Cash and
due from
banks
U. S. Gov
ernment
obligations
Other
securities
Total
$6,864,201
$1,013,657
$178,720
$2,015,414
$112,200
$19,196
$156,808
$10,360,196
$10,454,520
160
161
162
6,349,275
357,400
157,526
331.400
481,857
200.400
14,250
138,746
25,724
1,055,828
735,374
224,212
90.000
18.000
4,200
19,196
32,552
42,402
81,854
7,892,501
1,773,779
693,916
7,920,755
1,924,729
609,036
Other
real
estate
Other
Total
deposits
Other
liabilities
R . F. C.
capital
Private
capital
stock
Other
capital
accounts3
$375,000 $-469,324
320,000
25.000
30.000
-348,254
-175,950
54,880
DISBU RSEM EN TS
Case
num
ber
United States Trust Company,
Newark, New Jersey
INSURANCE
Columbus Trust Company,
Newark, New Jersey
DEPOSIT
160
1 Number of accounts are as of date of examination prior to purchase of assets.
2 Does not include preliminary and field liquidation expenses or advances for the protection of assets, incident to the transaction.
Includes surplus, undivided profits, and reserve funds minus operating deficit, if any, as shown by books. Minus (-) indicates net operating deficit.
CO
CD
Table 124.
In su red
R e c o v e r ie s a n d
B an k s P la c e d
in
L osses by th e
R e c e iv e r s h ip
or
F e d e r a l D e p o s it In s u ra n c e
M e r g e d w ith
th e
C o r p o r a t io n
F i n a n c i a l A id o f t h e
AS SHOWN BY BOOKS OF FDIC, DECEMBER
in
C o n n e c tio n
C o r p o r a t io n ,
w ith
1934-1948
31, 1948
(Amounts in thousands of dollars)
Estimated
Estimated
Re
Estimated
Estimated
Re
addi
coveries
FDIC
addi
coveries
FDIC
Estimated Number
Estimated Number
of
tional
total
to
of
to
tional
total
losses
losses
banks
re
disburse December
banks
disburse December
re
coveries
ment
31, 1948
ment1
31, 1948 coveries
11,794
42
19
172
10
1,042
223
872
282
734
4,157
7,839
9,561
13,404
207
1,690
2,200
2,711
2,149
45,750
41,519
17,809
5,589
4,245
285
989
116
55
39
5,970
3,367
413
386
46
31
7
12
3
15,812
28,560
5,550
5,061
2,973
14,188
27,975
5,337
4,769
2,850
1,624
585
213
292
123
358
16
31
1
1,116
1,874
292
1,116
1,874
292
1,220
1,000
381
1,298
158
392
42
19
172
10
207
2,732
2,423
3,583
2,431
2
3
8
8
3,043
4,794
6,932
14,959
1,959
4,552
5,888
14,667
1939...........................
1940...........................
1941...........................
1942...........................
1943
60
43
15
20
5
67,817
74,435
23,888
11,091
7,257
59,938
69,494
23,146
10,358
7,095
285
989
116
55
39
7,594
3,952
626
678
123
14
12
8
8
2
52,005
45,875
18,338
6,030
4,284
2
1
1
5
3
1,521
1,874
292
1,759
2,690
1,474
1,874
292
1,220
1,000
16
31
1
405
381
1,298
158
392
5
3
1,759
2,690
1
1
3,422
CORPORATION
94,096
941
5,847
10,039
12,272
15,553
24,930
INSURANCE
105,890
9
23
66
67
66
3,422
734
6,116
12,391
15,449
28,071
Losses
333
238,652
941
8,890
14,833
19,204
30,512
1QA9,
Re
coveries
13,136
267,004
9
25
69
75
74
1 Q .lfi
1 Q /j 7
161,114
144,556
407
1934
1935...........................
1936...........................
1937...........................
1938...........................
1944
1945
74
FDIC
total
disburse
ment
DEPOSIT
All banks placed in
r e c e iv e r s h ip or
merged, total..........
Number
of
banks
FbiDEtiAL
Year
Liquidations terminated,
December 31, 1948
Active liquidations
All banks
Receiverships, total
87,067
72,220
4
5
6
7
8
9
24
42
50
50
941
6,025
8,056
12,047
9,092
734
4,254
6,596
9,323
7,903
193
194
194
194
194
194
9
0
1
2
3
4
32
19
8
6
4
1
26,209
4,895
12,278
1,612
5,507
405
20,009
4,313
12,065
1,320
5,345
358
162
179,937
Mergers, total......
312
14,535
18
34,961
42,701
9,405
941
5,847
8,056
9,180
8,804
734
4,157
6,596
7,024
7,644
207
1,690
1,460
2,156
1,160
29
18
6
5
2
8,989
4,845
3,056
1,165
1,223
7,467
4,263
2,843
873
1,100
1,522
582
213
292
123
8,006
106
53,784
51,395
2,389
23
19
6
10
213
980
223
470
253
1,364
24
22
18
17
1,983
3,092
6,749
6,823
1,243
2,537
5,760
6,721
740
555
989
102
41,469
8,587
5,142
989
116
55
3,367
413
386
13
1
7
1
1
23,715
2,494
3,896
1,750
1,116
23,712
2,494
3,896
1,750
1,116
1
1
1,874
292
1,874
292
1,220
1,000
381
1,298
158
392
5,130
178
97
19
62
2,867
288
2,299
259
’ 166
402
29
17,220
50
9,222
447
4,284
405
12,542
50
9,222
447
4,245
358
72
,606
39
16
6,128
582
213
292
123
31
39
16
31
166,432
3,110
10,395
126,153
115,037
3,110
2,865
6,777
7,157
21,420
41,608
1,862
5,795
6,126
20,168
39,929
23
19
980
963
1,025
1,242
1,466
2,865
4,794
4,065
14,671
34,785
1,862
4,552
3,589
14,408
33,208
3,370
413
45,825
9,116
5,583
1,759
2,690
193
193
193
193
193
5
6
7
8
9
1
27
25
24
28
194
194
194
194
194
0
1
2
3
4
24
7
14
1
1
69,540
11,610
9,479
1,750
1,116
65,181
11,081
9,038
1,750
1,116
194
194
194
194
5
6
7
8
1
1
5
3
1,874
292
1,759
2,690
1,874
292
1,220
1,000
19
’ 166
72
6
10
213
116
55
381
1,298
158
392
3
(2)
* Includes unpaid insured deposits, expected to result in additional FDIC disbursement of $28 million ($2 million in 1937, $13 million in 1939, $7 million in 1943, and $6
million in 1944). Estimated FDIC total disbursements and the amounts in receiverships differ by this amount from the actual disbursements to December 31, 1948, shown in
Table 121, p. 136.
8Less than $500.
DISBU RSEM ENTS
52,106
9
23
42
45
48
312
INSURANCE
227
29,519
207
1,752
1,460
2,558
1,189
DEPOSIT
245
193
193
193
193
193
INDEX
I NDEX
Page
Absorptions, consolidations, and mergers:
Of insured banks, 1934-48. See Mergers of insured banks with financial aid
of the Corporation.
Of operating banks, 1948................................................................................... 72-73
x\djusted capital account. See Capital of banks.
Adjusted liabilities. See Assets and Liabilities of insured commercial banks,
examiners’ appraisal.
Admission to insurance:
Applications approved....................................................................................... 12-15
By class of bank, 1948....................................................................................... 72-73
Applications from banks:
For admission to insurance................................................................................ 12-15
For approval of establishment of branches...................................................... 15-16
Appraised value of assets. See Assets and liabilities of insured commercial banks,
examiners’ appraisal.
Assessments on insured banks for deposit insurance.........................................18-20, 25
Assets and liabilities of closed banks. See Receivership, insured banks placed in.
Assets and liabilities of insured commercial banks, examiners’ appraisal (See
also Substandard assets of insured commercial banks):
Banks examined in 1941-1948......................................................................... 100-101
Banks examined in 1948, grouped by amount of deposits........................... 102-103
Banks examined in 1948, grouped by FDIC district and State...................104-105
Definitions of terms used: adjusted liabilities; appraised value; book value;
examiners’ deductions, not criticized; substandard.............................
99
Sources of data...................................................................................................
99
Assets and liabilities of operating banks (See also Assets and liabilities of insured
commercial banks, examiners’ appraisal; Capital of banks; Deposits):
All banks:
By FDIC district and State, December 31, 1948...................................... 92-93
31
December 31, 1946-1948..............................................................................
Grouped according to insurance status and type of bank, December 31,
1947, June 30 and December 31, 1948.................................................. 86-91
Percentage change, by type of asset and liability during 1946, 1947 and
1948......................... ................................................................................
31
Percentage composition of assets................................................................
33
Commercial banks:
December 31, 1945-1948..............................................................................
34
Percentage distribution of assets and liabilities.........................................
34
Insured banks, December 31, 1947, June 30 and December 31, 1948.......... 94-97
Insured commercial banks:
December 31, 1947, June 30 and December 31, 1948................. 86-91, 94-97
Reports of...................................................................................................... 16-17
Mutual savings banks:
December 31, 1946-1948...............................................................................
38
December 31, 1947, June 30 and December 31, 1948..................... 86-91, 94-97
Percentage change during 1946-1948..........................................................
38
Noninsured banks, December 31, 1947, June 30 and December 31, 1948.. 86-91
Sources of data....................................................................................................
85
Assets and liabilities of the Federal Deposit Insurance Corporation............. 19-23
Assets purchased by the Federal Deposit Insurance Corporation:
From banks in receivership to facilitate liquidation....................................... 10-11
From banks merged with financial aid of the Corporation. See Mergers of
insured banks with financial aid of the Corporation.
Liquidation o f..................................................................................................... 10-11
145
146
FE D E RA L D EPOSIT IN SU R AN C E CORPORATION
Assets of insured banks, quality of. See Assets and liabilities of insured com
mercial banks, examiners’ appraisal; Substandard assets of insured
commercial banks.
Assets pledged to secure bank obligations......................................
Page
97
Bank supervision (See also Examinations of banks):
Activities of the Federal Deposit Insurance Corporation in 1948................. 12-17
State legislation, 1948........................................................................................ 66-68
Banking data. See Methods of tabulating bank data.
Banking offices, establishment o f:
Banks beginning operations, 1948..................................................................... 30, 72
Branches, establishment approved by Corporation........................................
16
Branches opened, 1948...................................................................................30-31, 73
Banking offices, number of. See Number of operating banks and branches.
Banking practices. See Unsafe and unsound banking practices.
Banks and branches ceasing operations:
All banks and branches, 1948....................................................................... 30, 72-73
Branches of insured banks, 1948....................................................................... 30, 73
Insured banks, 1948........................................................................................... 30,72
Noninsured banks, 1948............................................................................... 30, 72,135
Banks in financial difficulties (See also Mergers of insured banks with financial
aid of the Corporation; Receiverships, insured banks placed in):
Depositors protected by the Corporation in closed banks:
Fully protected, in insured banks placed in receivership or merged with
the financial aid of the Corporation......................................................
9
Number of, in insured banks placed in receivership or merged with the
financial aid of the Corporation............................................................
9
Depositors sustaining loss in closed insured banks, number o f......................
9
Insured banks closed:
Deposits o f....................................................................................................
9
Deposits protected........................................................................................
9
Disbursements by the Corporation in connection with...................... 9, 136-137
Loss to depositors............................................................................... ......... 7-11
Loss to Federal Deposit Insurance Corporation................................. 9, 140-141
Number, 1934-1948....................................................................................... 9,136
Methods of handling under existing law................................................ .........
6
Noninsured bank suspensions, 1948.................................................................
135
Banks, number of. See Number of operating banks and branches.
Banks operating branches. See Banking offices, establishment of; Number of
operating banks and branches.
Blanket bond coverage. See Fidelity bond coverage.
Board of Directors of the Federal Deposit Insurance Corporation................. iv, v, 17
Board of Governors of the Federal Reserve System, data obtained from..........85, 107
Book value of bank assets and liabilities. See Assets and liabilities of insured
commercial banks, examiners’ appraisal; Assets and liabilities of
operating banks; Capital of banks.
Branches. See Banking offices, establishment of; Classification of banks and
banking offices; Number of operating banks and branches.
Bureau of Internal Revenue, Commissioner’s ruling. See U. S. Treasury De
partment.
INDEX
147
Page
Capital of banks {See also Assets and liabilities of operating banks; Earnings,
expenses, profits, and dividends of insured banks):
Adequacy o f........................................................................................................
3-5
Definition of terms used in examiners’ appraisal of:
Adjusted capital accounts; book value of capital accounts; net sound
capital......................................... ............................................................
99
Examiners’ appraisal, insured commercial banks:
1941-1948......................................... ............................................................
100
Banks grouped by amount of deposits, 1948.............................................
103
Banks grouped by FDIC districts and State, 1948.................................104-105
Banks grouped by ratio of substandard assets to adjusted capital ac
counts, 1945-1948................................................................................... 59-61
Ratio of substandard assets to adjusted capital accounts........................ 59-61
Growth................................................................................................................
40
Insured banks placed in receivership or merged with financial aid of the
Corporation...........................................................................................138, 139
Net additions as a proportion of net profits, insured commercial banks, by
47
State.........................................................................................................
Ratios to assets:
By class of bank, December 31, 1948.........................................................
39
Insured banks................................................. 95, 101, 103-105, 111, 115, 119, 133
Ratios to assets other than cash and U. S. Government obligations, insured
commercial banks:
By class of banks, December 31, 1948........................................................
39
By State, December 31, 1948......................................................................
40
Retirement of capital invested in banks by the Reconstruction Finance
Corporation.............................................................................................
40
Total capital accounts:
By class of bank, December 31, 1948.........................................................
39
Commercial and mutual savings banks, insured and noninsured, Decem
ber 31, 1947, June 30 and December 31, 1948................................ 87, 89, 91
Charge-offs by banks. See Earnings, expenses, profits, and dividends of insured
banks.
Class of bank, banking data presented by:
Admissions to and terminations of insurance................................................. 72-73
Assets and liabilities........................................................................................... 94-97
Banks which suspended operations, 1934-1948..............................................138-139
Deposits........................................................................................82-83, 87, 89, 91, 96
Earnings of insured commercial banks........................................................... 112-115
Name, location, FDIC disbursement and assets and liabilities of insured
banks merged with financial aid of the Corporation, 1948..............
139
Number and deposits of insured banks placed in receivership or merged
with financial aid of the Corporation, 1934-1948.................................
136
Number of banks and banking offices.............................................................. 72-83
Ratios of earnings of insured commercial banks........................................... 114-115
Classification of banks and banking offices.............................................. ............ 70-71
Closed banks. See Banks and branches ceasing operations; Banks in financial
difficulties; Receivership, insured banks placed in.
Commercial banks. See Assets and liabilities of insured commercial banks,
examiners’ appraisal; Assets and liabilities of operating banks; Capital
of banks; Deposits; Earnings, expenses, profits, $nd dividends of
insured banks; Number of operating banks and branches.
Commissioner of Internal Revenue, ruling on reserve for bad debt losses on
loans. See U. S. Treasury Department.
Comptroller of the Currency:
Data obtained from............................................................................................85,107
Director of Corporation...................................................................................iv, v, 18
148
FEDERAL DEPOSIT INSURANCE CORPORATION
Consolidations. See Absorptions, consolidations, and mergers.
Page
Consumer loans. See Loans by banks.
Credit, bank, expansion of during 1948................................................................. 36-37
Criticized assets. See Assets and liabilities of insured commercial banks, ex
aminers’ appraisal.
Defalcation in banks................................................................................................
Demand deposits. See Assets and liabilities of operating banks; Deposits, classi
fied by type of deposit.
Depositors:
Claims against closed insured banks. See Receivership, insured banks
placed in.
Losses. See Banks in financial difficulties; Receivership, insured banks
placed in.
Protected in insolvent or hazardous banks suspended or merged. See Banks
in financial difficulties.
Deposits:
Amount of, banks grouped by:
Banks which received financial aid from the Corporation................. 9, 136-139
Insured commercial banks examined in 1948.......................................... 102-103
Business and personal. See Deposits, classified by type of deposit.
Changes in business and personal deposits...................................................... 32-33
Classified by type of deposit:
All banks, December 31, 1947, June 30 and December 31, 1948. . . .87, 89, 91
All banks, December 31, 1946-1948............................................................
31
All banks, grouped by FDIC district and State....................................... 92-93
Commercial banks, December 31, 1945-1948.............................................
34
Commercial banks, December 31, 1947, June 30 and December 31,
1948..................................................................................................... 87, 89, 91
Insured banks, by type of bank, December 31, 1947, June 30 and
December 31, 1948.............................................................................87, 89, 91
Mutual savings banks, December 31, 1947, June 30 and December 31,
1948.....................................................................................................87, 89, 91
Noninsured banks, by type of bank, December 31, 1947, June 30 and
December 31, 1948.............................................................................87, 89, 91
Demand. See Deposits, classified by type of deposit.
Government. See Deposits, classified by type of deposit.
Individuals, partnerships, and corporations. See Deposits, classified by
type of deposit.
Insured and otherwise protected:
7, 9
In banks merged with financial aid of the Corporation...........................
In banks placed in receivership.................................................................
7, 9
Interbank. See Deposits, classified by type of deposit.
Interest on time and savings deposits..........................................43, 46, 49, 108-133
Paid and unpaid in closed insured banks. See Banks in financial difficulties.
Postal savings deposits. See Deposits, classified by type of deposit.
Preferred. See Deposits, secured and preferred.
Public funds. See Deposits, classified by type of deposit.
Savings and time. See Deposits, classified by type of deposit.
Secured and preferred, in insured banks placed in receivership, 1934-1948..
9
Sources of data.................................................................................................. 85,107
Subject to offset. See Receivership, insured banks placed in.
Uninsured deposits of insured banks placed in receivership................. .
9
Deposits in:
All banks:
December 31, 1947, June 30 and December 31, 1948.......................... 87,
Banks grouped by FDIC district and State, December 31, 1948............
Banks grouped by insurance status, December 31, 1947, June 30 and
December 31, 1948.............................................................................87,
December 31, 1934-1948..............................................................................
Percentage change, 1946-1948....................................................................
Banks for which the Corporation is receiver...................................................
89, 91
92-93
89, 91
32-33
31
9
IN D E X
149
Page
Deposits in:— Continued
Banks located in each State and possession, December 31, 1948... .82-83, 92-93
Banks which received financial aid from the Corporation..................... 9, 136-139
Commercial banks:
Banks grouped by insurance status and by FDIC district and State,
December 31, 1948................................................................................. 82-83
December 31, 1945-1948..............................................................................
34
December 31, 1947, June 30 and December 31, 1948.......................... 87, 89, 91
Percentage distribution, December 31, 1945-1948.....................................
34
Insured banks, as percentage of deposits of all banks....................................
29
Insured banks placed in receivership or merged with financial aid of the
Corporation....................................................................................... 9, 136-139
Insured commercial banks:
At time of examination. See Assets and Liabilities of insured commercial
banks, examiners’ analysis.
By FDIC district and State, December 31, 1948...................................... 82-83
December 31, 1947, June 30 and December 31, 1948...........................87, 89, 91
Insured mutual savings banks:
By FDIC district and State, December 31, 1948...................................... 82-83
December 31, 1947, June 30 and December 31, 1948...........................87, 89, 91
Mutual savings banks:
By FDIC district and State, December 31, 1948...................................... 82-83
December 31, 1947, June 30 and December 31, 1948...........................87, 89, 91
December 31, 1946-1948..............................................................................
38
Noninsured banks:
By FDIC district and State, December 31, 1948...................................... 82-83
December 31, 1947, June 30 and December 31, 1948...........................87, 89, 91
Depreciation. See Earnings, expenses, profits, and dividends of insured banks.
Dividends:
To depositors in mutual savings banks.....................................46, 49, 130, 132-133
To stockholders of operating insured commercial banks. See Earnings, ex
penses, profits, and dividends of insured banks.
Earnings, expenses, profits, and dividends of insured banks:
Insured commercial banks:
Amounts, 1941-1948................................................................................... 108-109
Amounts, 1934-1948...................................................................................
41
Amounts by class of bank, 1948................................................................112-113
Amounts by size of bank, 1948................................................................. 116-117
Amounts by State, 1948.............................................................................120-129
44
Charge-offs and recoveries...........................................................................
Current operating earnings.......................................................................... 41-44
Current operating expenses......................................................................... 43-44
Distribution of earnings and expenses, 1948.......................................... ...
43
Dividends............................................................................................ 41-42, 45-46
Income on loans. %.........................................................................................
42
Income on securities.....................................................................................
42
Income on service charges...........................................................................
42
Income on U. S. Government obligations..................................................
42
Interest on deposits......................................................................................
43
Net additions to capital as a proportion of net profits, by State, 1948...
47
44
Net earnings....................................................................... ..........................
Net profits..................................................................................................... 45-46
Net profits, disposition of, 1935-1948.........................................................
45
Rate of net profit on total capital accounts. ........................................... 46-47
Rate of net profits on total capital accounts, by State, 1948...................
47
Rates of income on loans and securities.......... ..........................................
42
Rates of net profit and cash dividends to total capital account, 1945-1948
42
Ratios to average total capital accounts..........................................110, 115, 119
Ratios to total assets, special ratios, etc., 1941-1948.............................. 110-111
Ratios of total assets, special ratios, etc., 1948, by class of bank and by
size of bank............................................................................114-115, 118-119
Ratios to total current earnings............................................................ .....
110
Recoveries and profits on sale of assets...................................................... 44-45
Reserves for bad debt losses on loans.......................................44-45, 57-58, 107
150
FEDERAL DEPOSIT INSURANCE CORPORATION
Page
Earnings, expenses, profits and dividends of insured banks:—Continued
Salaries and wages, annual average per employee, 1937-1948................. 43-44
Taxes.............................................................................................................. 42, 46
Valuation reserves............................................................................ 44-45, 57, 107
Insured mutual savings banks:
Amounts and rates, 1941-1948...................................................... 48 -49, 130-133
Dividends to depositors...............................................................................
49
Ratios to total assets, special ratios, etc...................................................132-133
Salaries and wages........................................................................................
48
Sources of data...................................................................................................
107
Employees:
Federal Deposit Insurance Corporation...........................................................
17
Insured commercial banks:
Number and salary, December 31, 1948................. 112-113, 116-117, 120-129
Number and salary, 1937-1948............................................................44, 108-109
Insured mutual savings banks, 1941-1948.............................................. ....... 130-131
Examinations of banks (See also Assets and liabilities of insured commercial
banks, examiners’ appraisal; Capital of banks):
Banks cited for unsafe and unsound practices................................................ 12-13
Banks examined by the Federal Deposit Insurance Corporation.......... .
12
Data from reports of examination............................................................ . 100-105
Definition of terms.............................................................................................
99
Policy of the Corporation..................................................................................
12
Expenses of banks. See Earnings, expenses, profits, and dividends of insured
banks.
Expenses of the Corporation. See Federal Deposit Insurance Corporation.
Facilities provided as agents of the Government. See Number of operating
banks and branches.
Federal bank supervisory authorities.....................................................................
12
Federal credit unions............................................................................................... 3, 7,21
Federal Deposit Insurance Corporation:
Actions on applications from banks. See Applications from banks.
Assessments on insured banks.......................................................................18-20, 25
Assets and liabilities........................................................................................... 19-23
Audits.................................................................................................................. 21-26
16
Banks examined by, and submitting reports to ..............................................
Bank supervision by. See Bank supervision.
Board of Directors..........................................................................................iv, v, 17
Borrowing power................................................................................................
26
Depositors protected by. See Banks in financial difficulties.
Deposit insurance reserve..........................................................................4, 21, 25-26
Disbursements for protection of depositors.............................6-9, 19, 136-137, 139
Districts.............................................................................................................. vi, vii
Divisions.............................................................................................................. iv, 18
Educational program for bank examiners........................................................
12
Employees, number o f.......................................................................................
18
Examination of banks. See Examinations of banks.
Federal credit union activities.......................................................................... 25,26
Income and expenses.................................................................. ............. .18-20, 25
Insured banks receiving financial aid from. See Banks in financial difficulties;
Mergers of insured banks with financial aid of the Corporation;
Receivership, insured banks placed in.
Insured deposits. See Deposits, insured and otherwise protected.
Loans to and purchase of assets from insured banks. See Mergers of insured
banks with financial aid of the Corporation.
Losses incurred, 1934-1948................................. ............. .
11—12, 19, 140-141
Methods for protecting depositors. See Banks in financial difficulties.
Organization and staff..................................................................................... iv, v, 17
Payments to insured depositors.............................................................. ......... 6-7,9
Powers................................................................................................................. 10,26
IN D E X
151
Page
Federal Deposit Insurance Corporation:—Continued
Protection of depositors. See Banks in financial difficulties.
Purchase of assets to facilitate completion of liquidation of banks in re
ceivership .................................................................................................
10
Receiver for insured banks................................................................................ 6-10
Recoveries........................................................................................................... 11,19
Regulations......................................................................................................... 18, 66
Reports from banks............................................................................................ 16-17
Reserves for losses.............................................................................................. 22, 24
Retirement of capital stock of the Corporation......................................3, 20-21, 26
Supervisory activities......................................................................................... 12-17
Surplus.................................................................................................... 3-5, 18-20, 25
Federal Deposit Insurance Corporation districts:
Assets and liabilities, classified b y .................................................................... 92-93
Assets and liabilities, examiners’ appraisal, classified b y ............................. 104-105
Number and deposits by class of bank, classified b y ...................................... 82-83
States and possessions served............................................................................ vi, vii
Substandard assets, number of banks with, classified b y ...............................
61
Federal Reserve System. See Board of Governors of the Federal Reserve
System.
Fidelity bond coverage............................................................................................
5
Fixed and miscellaneous assets. See Assets and liabilities of insured commercial
banks, examiners’ appraisal; Assets and liabilities of operating banks;
Receivership, insured banks placed in.
Insolvent banks. See Banks in financial difficulties.
Insurance, defalcation and fidelity.........................................................................
Insured status, banks classified by:
Assets and liabilities of......................................................................................
Changes in number o f....................................................................................30,
Deposits o f .................................................. .......................................................
Number o f ...........................................................................................................
Insured banks. See:
Absorptions, consolidations, and mergers;
Admission to insurance;
Assets and liabilities of insured commercial banks, examiners’ appraisal;
Assets and liabilities of insured mutual savings banks, examiners’ classi
fication;
Assets and liabilities of operating banks;
Banking offices, establishment of;
Banks and branches ceasing operations;
Banks in financial difficulties;
Capital of banks;
Class of bank, banking data presented by;
Deposits;
Deposits in;
Earnings, expenses, profits, and dividends of insured banks;
Employees;
Examinations of banks;
Insured status, banks classified by;
Loans by banks;
Mergers of insured banks with financial aid of the Corporation;
Mutual savings banks;
Number of operating banks and branches;
Receivership, insured banks placed in;
Securities;
State, banking data classified by;
Substandard assets;
Unsafe and unsound banking practices.
Insured commercial banks not members of the Federal Reserve System. See
Class of bank, banking data presented by.
5
86-89
72-73
82-83
72-83
152
FEDERAL DEPOSIT INSURANCE CORPORATION
Page
Insured commercial banks submitting reports to the Corporation..................... 16-17
Insured deposits. See Deposits, insured and otherwise protected.
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.
Interbank deposits. See Deposits, classified by type of deposit.
Interest. See Earnings, expenses, profits, and dividends of insured banks.
Investments of banks. See Assets and liabilities of insured commercial banks;
examiners’ appraisal; Assets and liabilities of operating banks;
Securities.
Law, violations of by insured banks....................................................................... 13-14
Legislation related to banking and deposit insurance:
Federal, enacted in 1948: administration of the Federal Credit Union Act. 17, 65-66
State, enacted in 1948........................................................................................ 68-68
Liquidation, banks placed in...........................................................................72, 136-141
Loans by banks. (See also Assets and liabilities of operating banks):
Agricultural......................................................................................................... 36-37
Commercial and industrial................................................................................ 36-37
Consumer............................................................................................................ 36-37
Examiners' evaluation. See Assets and liabilities of insured commercial
banks, examiners’ appraisal.
Expansion in 1948..............................................................................................
36
Guaranteed by Federal Government, by type................................................
37
Income and charge-offs on............................................................................... 44-45
On securities........................................................................................................
36
Provision for losses.....................................................................44-45, 57-58, 85, 107
Rate of income on..............................................................................................
42
Real estate.......................................................................................................... 36-37
Substandard loans.............................................................................................. 54-58
Valuation reserves relative to total loans, by State, December 31, 1948....
58
Loans to insolvent or hazardous insured banks by Federal Deposit Insurance
Corporation. See Mergers of insured banks with financial aid of the
Corporation.
Losses:
Of banks charged off. See Earnings, expenses, profits, and dividends of
insured banks.
Of depositors. See Banks in financial difficulties; Receivership, insured banks
placed in.
Of the Federal Deposit Insurance Corporation. See Federal Deposit In
surance Corporation.
Provision for, in banks.....................................................................44-45, 57-58, 107
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
in financial difficulties):
Assets and liabilities at date of merger, 1934-1948....................................... 138-139
Banks cited for unsafe and unsound practices................................................
13
Classification of banks merged..........................................................................
139
Collections by Corporation on assets purchased or held as collateral... .140-141
Deposits protected.......................................................................................6-7, 9, 139
Disbursements by Corporation........................................................... 6-7, 9, 136-141
Loans made and assets purchased by the Corporation................... ............... 10-11
Losses incurred by Corporation.......................................................... 11-12, 140-141
Name and location of banks merged, 1948......................................................
139
Number of banks merged...................................................................... 6-10, 136-141
IN D E X
153
Page
Mergers of insured banks with financial aid of the Corporation:— Continued
Number of depositors......................................................................................... 6-7, 9
Recoveries by the Corporation................................................................. 11, 140-141
Sources of data....................................................................................................
135
Methods of tabulating banking data:
Assets and liabilities of operating banks..........................................................
85
Deposit Insurance disbursements................. . ..................................................
135
Earnings, expenses, profits and dividends of insured banks...........................
107
Examiners’ evaluation of insured commercial banks......................................
99
Number, offices, and deposits of operating banks........................................... 70-71
Mutual savings banks:
Insured:
Assets and liabilities, December 31, 1947, June 30 and December 31,
1948................................................................................................ 86-91, 96-97
Number and deposits, December 31, 1947, June 30 and December 31,
1948............................................ ....................................................82-83, 94-95
Earnings, expenses, profits and dividends.......................................... 48, 130-133
Insured and noninsured:
Assets and liabilities, by type, December 31, 1946-1948.........................
38
Assets and liabilities, December 31, 1947, June 30 and December 31,
1948.......................................................................................................... 86-91
Number and deposits, by State, December 31, 1948................................ 82-83
United States Government obligations, distribution by maturity,
December 31, 1947-1948........................................................................ 38-39
National banks. See Class of bank, banking data presented by:
Net earnings of insured commercial banks. See Earnings, expenses, profits,
and dividends of insured banks.
Net profits of insured commercial banks. See Earnings, expenses, profits, and
dividends of insured banks.
Net sound capital of insured commercial banks. See Capital of banks.
New banks. See Banking offices, establishment of.
Noninsured banks. See:
Absorptions, consolidations, and mergers;
Admission to insurance;
Assets and liabilities of operating banks;
Capital of banks;
Class of bank, banking data presented by;
Deposits;
Number of operating banks and branches.
Number of operating banks and branches:
Admitted to insurance.......................................................................................
Ail banks:
By class of bank, FDIC district, and State or possession, December 31,
1948................................................................................................ 72-81,
By FDIC district and State or possession, December 31, 1948...............
Changes during 1948................................................................................30,
Changes 1946-1948.......................................................................................
December 31, 1947, June 30 and December 31, 1948...............................
All banks and branches:
By class of bank and State, December 31, 1948.......................................
Changes during 1948................................................................................ 30,
Changes during 1948 and cumulative, 1946-1948......................................
Approved for admission to insurance...............................................................
Banks operating branches.......... ......................................................................
Branches:
By class of bank and State, December 31, 1948.......................................
Changes during 1948................................................................................30,
Changes during 1948 and cumulative, 1946-1948......................................
72-73
82-83
92-93
72-73
30
86-91
74-81
72-73
30
15
74-81
74-81
72-73
30
154
FEDERAL DEPOSIT INSURANCE CORPORATION
Page
Number of operating banks and branches:—Continued
Commercial banks:
By class of bank, FDIC district, and State, December 31, 1948........... 82-83
Changes during 1948.................................................................................... 72-73
December 31, 1947, June 30 and December 31, 1948............................... 86-91
Insured banks:
B ra n ch e s.................................................................................................... 16,30
Changes during 1948 and cumulative, 1946-1948......................................
30
December 31, 1948....................................................................................... 96-97
December 31, 1947, June 30 and December 31, 1948............................... 86-91
Proportion of total banks insured, December 31, 1948.............................
29
Insured commercial banks:
By FDIC district and State, December 31, 1948..................................... 82-83
Changes during 1948.................................................................................... 72-73
December 31, 1947, June 30 and December 31, 1948............................... 86-91
Examined in 1941-1948.............................................................................. 100-101
Examined in 1948, by amount of deposits............................................... 102-103
Examined in 1948, by FDIC district and State...................................... 104-105
Operating throughout 1948, by amount of deposits................................116-119
Substandard assets, ratios to adjusted capital accounts........................... 60-61
57
Substandard loans, ratios to total loans, 1947-1948..................................
Mutual savings banks. See Mutual savings banks.
Noninsured banks:
By class of bank, FDIC district, and State, December 31, 1948.......... 82-83
Changes during 1948................................................................................30, 72-83
Changes during 1948 and cumulative, 1946-1948......................................
30
December 31, 1947, June 30 and December 31, 1948............................... 86-91
Termination of insurance................................................................................... 9,13
Unit banks, by class of bank and State, December 31, 1948......................... 74-81
Officers, active, of insured banks. See Employees.
Officers and employees of the Federal Deposit Insurance Corporation.......... 17-18
Operating banks. See Number of operating banks and branches.
Payments to depositors in closed insured banks. See Receivership, insured
banks placed in.
Possessions, banks and branches located in:
Assets and liabilities, December 31, 1948........................................................ 92-93
Deposits of, December 31, 1948........................................................................ 82-83
Earnings, expenses, profits, and dividends, 1948.......................................... 120-121
Number of, December 31, 1948.........................................................................
81
Postal savings deposits. See Deposits, classified by type of deposit.
Preferred deposits. See Deposits, secured and preferred.
Profits. See Earnings, expenses, profits, and dividends of insured banks.
Protection of depositors. See Banks in financial difficulties; Deposits, insured
and otherwise protected.
Public funds. See Deposits, classified by type of deposit.
Publications of the Corporation.............................................................................
Purchase of bank assets by Corporation. See Assets purchased by the Federal
Deposit Insurance Corporation.
Real estate, loans on. See Loans by banks.
Receivership, insured banks placed in (See also Banks in financial difficulties):
Activities of Corporation as receiver of............................................................
Assets and liabilities of, at dates of suspension, cumulative, 1934-1948.......
Depositors’ losses................................................................................................
Deposits:
Amounts, 1934-1948.....................................................................................
Insured, paid and unpaid by December 31, 1948......................................
Paid and unpaid, December 31, 1948.........................................................
Secured, preferred, and subject to offset....................................................
17
10
138
8-10
9
9
9
9
INDEX
155
Page
Receivership, insured banks placed in:— Continued
Disbursements by the Corporation.......................................................... 11, 136-141
Losses by Corporation on disbursements...........................................11-12, 140-141
Number of banks....................................................................... 10, 136-137, 139-141
Payments to depositors.....................................................................................
6-9
Recoveries by the Corporation on disbursements...................................11, 140-141
Sources of data...................................................................................................
135
Reconstruction Finance Corporation, capital of insured banks held by:
Amount outstanding..........................................................................................
Number of banks................................................................................................
5
5
Recoveries:
By banks on assets charged off. See Earnings, expenses, profits, and divi
dends of insured banks.
By the Corporation on disbursements......................................................11, 140-141
Reports from banks................................................................................................. 16-17
Reserves:
Bank, changes in 1948.......................................................................................
34
For bad debt losses on loans. Ruling of Commissioner of Internal
Revenue................. ...........................................................................45, 57, 107
In bank assets and liabilities. See Assets and liabilities of operating banks.
Of Federal Deposit Insurance Corporation...................................................... 22-24
Salaries and wages:
Federal Deposit Insurance Corporation...........................................................
Insured banks. See Earnings, expenses, profits, and dividends of insured
banks.
20
Savings and time deposit. See Deposits, classified by type of deposit.
Secured and preferred deposits. See Deposits, secured and preferred; Re
ceivership, insured banks placed in.
Securities (See also Assets and liabilities of operating banks):
Charge-offs on securities held by insured banks.........................................44, 45, 49
Held by Federal Deposit Insurance Corporation....................................... 21, 22, 24
Held by insured banks placed in receivership or merged with financial aid
of the Corporation, 1934-1948...............................................................
138
Held by insured commercial banks. See Assets and liabilities of insured
commercial banks, examiners’ appraisal.
Held by operating banks. See Assets and liabilities of operating banks.
Interest on securities held by banks. See Earnings, expenses, profits, and
dividends of insured banks.
Profits on securities sold by insured banks. See Earnings, expenses, profits,
and dividends of insured banks.
United States Government obligations, held by:
Federal Deposit Insurance Corporation................................................ 21, 22, 24
Insured banks placed in receivership of merged with financial aid of
the Corporation.......................................................................................
138
Insured commercial banks, amounts and percentage distribution by
maturities, December 31, 1945, 1947 and 1948................................... 34-35
Mutual savings banks, amounts and percentage distribution by ma
turities, December 31, 1947 and 1948...................................................
39
Size of banks, banks classified by. See Deposits, amount of, banks grouped by.
State and local government obligations. See Assets and liabilities of operating
banks.
State bank supervisory authorities:
Data obtained from............................................................................................
85
State legislation regarding................................................................................. 66-68
State, banking data classified by:
Assets and liabilities of operating banks, December 31, 1948..................... 92-93
Capital, ratio of risk assets to, commercial banks, December 31, 1948........
40
Deposits, December 31, 1948:
Commercial banks, insured and noninsured.............................................. 82-83
^ Mutual savings banks, insured and noninsured........................................ 82-83
Disbursements by the Corporation, cumulative, 1934-1948.........................136-137
156
FEDERAL DEPOSIT INSURANCE CORPORATION
Page
State, banking data classified by:—Continued
Disbursements by the Corporation, number of banks assisted, cumulative,
b 1934-1948.................................................................................................
7
Earnings, expenses, profits, and dividends of insured commercial banks,
1948........................................................................................................ 120-131
Insured commercial banks examined in 1948................................................ 104-105
Net additions to capital as a proportion of net profits, 1948.........................
47
Net earnings and net profits of insured commercial banks, rates of, 1948. . 120-129
Net profits after taxes as a proportion of total capital accounts, 1948. . . .
47
Number of operating banks or offices, December 31, 1948:
All banking offices, by class of bank and type of office............................ 74-81
Commercial banks, insured and noninsured.............................................. 74-83
Mutual savings banks, insured and noninsured........................................ 74-83
Substandard assets as a proportion of adjusted capital accounts, insured
60
commercial banks, 1948.........................................................................
Substandard loans as a proportion of total loans, insured commercial
banks, 1948..............................................................................................
58
Valuation reserves as a proportion of total loans, insured commercial
banks, December 31, 1948.....................................................................
58
State banks members of the Federal Reserve System. See Class of bank, banking
data presented by.
State banks not members of the Federal Reserve System. See Class of bank,
banking data presented by.
Statistical methods. See Methods of tabulating banking data.
Stockholders of banks, net profits available for. See Earnings, expenses, profits,
and dividends of insured banks.
Substandard assets of insured commercial banks (See also Assets and liabilities
of insured commercial banks, examiners’ appraisal):
Banking developments with respect t o ............................................................ 53-61
Changes, 1939-1948............................................................................................ 54-56
Fixed and miscellaneous......................................................................54-56, 100, 102
Loans........... ......................................................................................... 54-58, 100, 102
Ratios to capital accounts:
Bv State, 1948...................................................................................... 60, 104-105
Change, 1939-1948........................................................................................
59
60
Number of banks, 1946-1948............................ . ........................................
Number of banks, by FDIC district and deposits....................................
61
Relative to total assets..............................................................................54, 101, 103
Securities...............................................................................................54-55, 100, 102
Supervision. See Bank supervision.
Suspensions. See Banks in financial difficulties; Receivership, insured banks
placed in.
Taxes paid by insured banks. See Earnings, expenses, profits, and dividends
of insured banks.
Terminations of insurance for unsafe and unsound practices...........................
13
Time and savings deposits. See Deposits, classified by type of deposit.
Trust companies:
Classification o f.................................................................................................. 70-71
Noninsured, number not engaged in deposit banking..................................... 72-91
Unit banks. See Number of operating banks and branches.
United States Government obligations. See Assets and liabilities of insured
commercial banks, examiners’ appraisal; Assets and liabilities of
operating banks; Securities.
United States Treasury Department, Commissioner of Internal Revenue,
Ruling on reserves for bad debt losses on loans..................... 45, 57, 85, 107
Unsafe and unsound banking practices:
Actions of the Corporation............................................................................... 12-13
Number of banks cited....................................................................................... 12-13
Type of practice or violation............................................................................. 13-14
Unsecured deposits. See Receivership, insured banks placed in.
Valuation reserves................................................................................. 44, 57-58, 85, 107
Violations of law or regulations.............................................................................. 13-14
@FedFRASER