# FIRST COVENANT BANK
COMMERCE, GA · FDIC certificate 58294 · asset band <$300M · latest filing 2019-09 · stopped filing (departed)

**Verdict on the desk:** this could be *funding-stretched*. Composite score 6 (one point per flag, capital below 5% counted twice; 7 or more is where departures cluster).

## What the filing shows (filed dollars, derived ratios; band percentiles in parentheses)

| Measure | Value | Band median |
|---|---|---|
| Total assets | $112.4M | |
| Deposits | $92.0M | |
| Loans and leases | $32.1M | |
| Total equity | $19.8M | |
| Loans / deposits | 34.41% (p6 of band) | 77.79% |
| Liquid assets / assets | 61.54% (p91 of band) | |
| Uninsured deposits / deposits | 20.74% (p69 of band) | 15.94% |
| Brokered deposits | 14.51% | |
| Wholesale funding | 14.51% (p91 of band) | |
| FHLB advances / assets | 0.00% | |
| Tier 1 leverage | 15.66% (p83 of band) | 11.56% |
| Unrealized securities loss / equity | 1.17% (p58 of band) | 0.80% |
| AOCI / equity | -0.04% (p1 of band) | |
| ROA (annualized) | 0.61% (p23 of band) | 1.05% |
| Net interest margin | 4.38% (p79 of band) | 3.84% |
| Efficiency ratio | 111.08% (p97 of band) | |
| Noncurrent loans | 0.46% (p45 of band) | 0.56% |
| Net charge-offs (annualized) | 0.10% (p80 of band) | |
| Reserve coverage of noncurrent | 282.19% | |
| Real estate % of loans | 89% | |
| Construction % of loans | 101.36% (p96 of band) | |
| Auto loans | $0 (0.00% of loans; DQ –, NCO 0.00%) | |
| Loans to nondepository financials | $0 (0% of equity) (p48 of band) | |
| Deposits YoY | -16.0% | |
| Employees | 59 | |

## Flags firing in the latest filing

- **brokered >10%** (`liq_brokered`)
- **expense ratio p90** (`earn_efficiency`)
- **construction >100% equity** (`conc_construction`)
- **deposits shrinking** (`shrink_deposits`)
- **assets shrinking** (`shrink_assets`)
- **uninsured deposits leaving** (`flight_uninsured`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 6 | leverage <7%, losing money, expense ratio p90, noncurrent p90, reserve under noncurrent, construction >100% equity |  |
| 2011-06 | 6 |  |  |
| 2011-09 | 7 | capital falling |  |
| 2011-12 | 6 |  | capital falling |
| 2012-03 | 4 |  | losing money, expense ratio p90 |
| 2012-06 | 5 | uninsured deposits leaving |  |
| 2012-09 | 5 |  |  |
| 2012-12 | 5 |  |  |
| 2013-03 | 4 |  | uninsured deposits leaving |
| 2013-06 | 4 |  |  |
| 2013-09 | 2 | deposits shrinking | leverage <7%, noncurrent p90, reserve under noncurrent |
| 2013-12 | 3 | assets shrinking |  |
| 2014-03 | 2 | uninsured deposits leaving | deposits shrinking, assets shrinking |
| 2014-06 | 5 | expense ratio p90, deposits shrinking, assets shrinking |  |
| 2014-09 | 2 |  | uninsured deposits leaving, deposits shrinking, assets shrinking |
| 2014-12 | 1 |  | expense ratio p90 |
| 2015-03 | 1 |  |  |
| 2015-06 | 2 | capital falling |  |
| 2015-09 | 1 |  | capital falling |
| 2015-12 | 1 |  |  |
| 2016-03 | 2 | capital falling |  |
| 2016-06 | 1 |  | capital falling |
| 2016-09 | 1 |  |  |
| 2016-12 | 2 | expense ratio p90 |  |
| 2017-03 | 1 |  | expense ratio p90 |
| 2017-06 | 1 |  |  |
| 2017-09 | 2 | deposits shrinking |  |
| 2017-12 | 1 |  | deposits shrinking |
| 2018-03 | 4 | deposits shrinking, assets shrinking, uninsured deposits leaving |  |
| 2018-06 | 4 | brokered >10% | uninsured deposits leaving |
| 2018-09 | 5 | uninsured deposits leaving |  |
| 2018-12 | 4 |  | uninsured deposits leaving |
| 2019-03 | 4 |  |  |
| 2019-06 | 3 |  | assets shrinking |
| 2019-09 | 6 | expense ratio p90, assets shrinking, uninsured deposits leaving |  |

## In the news (Google News, unfiltered, newest first; check the city)

- 2021-11-02 [First Internet buying like-minded Georgia bank to boost payments business - American Banker](https://news.google.com/rss/articles/CBMiugFBVV95cUxNcW1BdVFCbEMyZm03eUFhWmpRNERDR2dhOVhtU3pqYk4zdVpnUVhvMHRsclpWakozcVl2aVdFNWk2cTN5dThjdmRzQjc1VE5aMWEzS1lna0ZERFN4OF9qYVJyLWJfd2RYbTFRbUxlYWNRanloRkhhdWtnbXh1WXdQR1FHdlpzUmRSZ1ZROW1xZS1GY0FnRUVicG02WXZMQzA2Y2RMS1BoMVFqWDhnZnB3bVFTTWRNZU1lR2c?oc=5) · American Banker
- 2025-08-11 [Local bank raises $35M as dealmaking among lenders heats up - The Business Journals](https://news.google.com/rss/articles/CBMinAFBVV95cUxPMTVXNlREZzFiWkFhTzhHSENxNGxuMENRdl9XMHVpcUt3QXZBT3lra3hpZmZ1dWpYREdEa01RcU9GaXZEODFpQ3hfWjh1OFhqUW5vVm1kclJkRk9IUHFBSlFVXzRDTjA1TlFfMHBVN3hZNFotRmYySklzeVc0SjJhTGFhVTh5ZFd3OFJaMnR5XzlxcE1BTF96Q3Naa3E?oc=5) · The Business Journals
- 2013-03-08 [SNL Report: Worst reg orders fell in 2012 - Banking Exchange](https://news.google.com/rss/articles/CBMilAFBVV95cUxNZkhYU2dja2NWT0h0b3FyZUFUV3Y0ZXJqWFpVNWZ5NllldXJPNk5mcTA5dHNwTnRsenZCbEtNTDFKUk1PYVNHS2dvUlhjd3JTREhSWmRBSHM5dHh4VGtjQWNLRnNwbG1FSnZtazgyU0dwcGthcEJzZ0M3bENLYTE1Xy1jX2daMDVQbE9NSGc5Z0IxY1VP?oc=5) · Banking Exchange
- 2026-03-26 [Neil H. Strickland Obituary (2026) - Dawsonville, Georgia, GA - Bearden Funeral Home - Dawsonville - legacy.com](https://news.google.com/rss/articles/CBMihAFBVV95cUxOanAydkRLcHlhVmhzMkVneXJzRFZLQ19PV3FvZ1BiNG81aWlKVHNjN1VZWmYxMTdSQ3JJUUdlMGw1V1UzSHp3MHQtbE5CTDR0ODhxRUZJSGU4TEJZUEVDU0t6bkdaTFc3NkZkUGdYeXlfN2t4cThPVzFRZlFxYWVCcXZQMmw?oc=5) · legacy.com

## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=58294 (click any number for its formula and FFIEC field codes)
- Latest row, JSON: https://getbookiq.com/bank-desk/data/summary.json · history: https://getbookiq.com/bank-desk/data/h/54.json (key "58294", columns cycle, ASSET, DEP, LNLSGR, EQTOT, ltd, liquid_pct, unins_pct, lev, aoci_pct_eq, sec_loss_eq, roa, nim, eff, nc_pct, nco_pct, LNAUTO, auto_dq, auto_nco, LNNDEPD, ndfi_eq, wholesale_pct, dep_yoy, score, flags)
- Field definitions: https://getbookiq.com/dictionary/#bank-LNNDEPD and the rest of the bank dictionary
- Source: FDIC call report via BankFind, dollars in thousands as filed. Departed means stopped filing, which is usually a merger; FAILED is the FDIC's own list.

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