ANNUAL REPORT

OF THE

FEDERAL DEPOSIT INSURANCE CORPORATION

FOR THE YEAR ENDED

DECEMBER 31,1947

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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
L E T T E R 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., June 24, 1948.

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 , Chairman

T h e P r e s id e n t P ro T e m p o r e o f t h e S e n a t e

T h e S p e a k e r of t h e H o u se of R e p r e s e n t a t iv e s

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

N a t io n a l P r e s s B u ild in g — W a s h in g to n 25, D. C.

BOARD OF DIRECTORS

Chairman................................................................................M a p le T. H a r l

(H . E. Cook

Directors............................................................................... <

(P r eston D e la n o

OFFICIALS—JUNE 24, 1948

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

Assistant Chief, Division of Examination

(Federal Credit Union Section)...................................C. R. Orchard

Chief, Division of Research and Statistics.........................Miss Florence Helm (Acting)

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

V

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Federal Reserve Bank of St. Louis
DISTRICT OFFICES

D is t . S u p e r v is in g 

No. E x a m in e r

1. Lundie W. Barlow

2. Neil G. Greensides

3. A. F. Shafer

4. Robert N. McLeod

5. John E. Freeman

6. W. Clyde Roberts

7. Raby L. Hopkins

8. E. R. Gover

9. Chas. F. Alden

10. Gerhard F. Roetzel

11. Linton J. Davis

A ddress

Room 765, No. 10 Post

Square, Boston 9, Mass.

Room 1900, 14 Wall Street,

New York 5, N. Y.

City National Bank

Building, 20 East Broad

Street, Columbus 15, Ohio

909 State Planters Bank &

Trust Company Building,

Richmond 19, Va.

625 First National Bank

Building, Atlanta 3, Ga.

1059 Arcade Building,

St. Louis 1, Mo.

715 Tenney Building

Madison 3, Wis.

741 Federal Reserve Bank

Building, 164 W. Jackson

Blvd., Chicago 4, 111.

1200 Minnesota Building,

St. Paul 1, Minn.

901 Federal Reserve Bank

Building, Kansas City 6,

Missouri

Federal Reserve Bank

Building, Station K,

Dallas 13, Tex.

Sta t e s in d istr ic t

Maine, New Hampshire,

Vermont, Massachusetts,

Rhode Island, Connecticut

New York, New Jersey,

Delaware

Ohio, Pennsylvania

District of Columbia, Maryland, Virginia, West Virginia, North Carolina,

South Carolina

Georgia, Florida, Alabama,

Mississippi

Kentucky, Tennessee,

Missouri, Arkansas

Indiana, Michigan,

Wisconsin

Illinois, Iowa

Minnesota, North Dakota,

South Dakota, Montana

Nebraska, Kansas,

Oklahoma, Colorado,

Wyoming

Louisiana, Texas,

New Mexico, Arizona

12. William P. Funsten Suite 1120, 315 Montgomery Idaho, Utah, Nevada,

Street, San Francisco 4, Washington, Oregon,

Calif. California

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Federal Reserve Bank of St. Louis
Vll

FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICTS

District 2 includes Puerto Rico £ Virgin Islands

District 4* includes District of Columbia

District IX includes Hawaii & Alaska

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Federal Reserve Bank of St. Louis
CONTENTS

Page

Summary........................................................................................................................... 3

PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

Introduction...................................................................................................................... 7

Deposit insurance protection......................................................................................... 10

Supervisory activities..................................................................................................... 18

Legal developments......................................................................................................... 24

Organization and financial statements of the Corporation..................................... 26

PART TWO

BANKING DEVELOPMENTS

Banks and branches........................................................................................................ 39

Assets and deposits......................................................................................................... 41

Capital............................................................................................................................... 47

Earnings of insured commercial banks........................................................................ 51

Earnings of insured mutual savings banks................................................................ 60

PART THREE

LOANS OF INSURED COMMERCIAL BANKS, 1934-1947

Loans of insured commercial banks, 1934-1947........................................................ 65

PART FOUR

LEGISLATION AND REGULATIONS

Federal legislation........................................................................................................... 77

Ruling of Commissioner of Internal Revenue........................................................... 82

Regulations of the Corporation..................................................................................... 84

State banking legislation................................................................................................ 85

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

Number, offices, and deposits of operating banks.................................................... 96

Assets and liabilities of operating banks.................................................................... 110

Examiners’ evaluation of insured commercial banks................................................ 122

Earnings, expenses, and dividends of insured banks................................................ 130

Deposit insurance disbursements................................................................................. 158

ix

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Federal Reserve Bank of St. Louis
LIST OF CHARTS

Page

Organization chart of the Federal Deposit Insurance Corporation....................... iv

Map: Federal Deposit Insurance Corporation districts.......................................... vii

A. Disbursements by the Corporation to protect depositors in insured banks,

1934-1947................................................................................................................... 12

B. (Map). Location of the 404 banks involving disbursements by the Corporation to protect depositors, 1934-1947.......................................................... 13

C. (Map). Insured banks as a percentage of all banks, December 31, 1947.. 39

D. (Map). Percentage change in total assets of all banks, December 31, 1945

to December 31, 1947............................................................................................. 42

E. (Map). Ratios of total capital accounts to total assets, commercial banks,

December 31, 1947.................................................................................................. 48

F. (Map). Net additions to capital from profits as a proportion of net profits

after taxes during 1946 and 1947, insured commercial banks....................... 49

G. Operating experience of insured commercial banks, 1946-1947................... 53

H. (Map). Rates of net earnings and net profits, insured commercial banks,

1947............................................................................................................................ 59

I. Loans of insured commercial banks, 1934-1947................................................ 67

J. (Map). Percentage increase in total loans, insured commercial banks,

December 31, 1934-1947......................................................................................... 68

K. (Map).Percentage increase in loans, insured commercial banks, December

31, 1945 to December 31, 1947............................................................................. 70

LIST OF TABLES

PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

D e po sit in su r a n c e p r o t e c t io n :

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, 1934-1947.......................................................................... 14

2. Payment by the Corporation and receivers of deposits in insured

banks placed in receivership, 1934-1947....................................................... 14

3. Disbursements to protect depositors, recoveries, and losses by the

Corporation from insured banks placed in receivership or merged with

its financial aid, 1934-1947................................................................................ 16

4. Loss to the Corporation and its relation to the deposits of insured

banks placed in receivership or merged.................................................... 17

Su p e r v iso r y a c t iv it ie s :

5. Action to terminate insured status of banks charged with engaging

in unsafe or unsound practices or violations of law or regulations,

1936-1947.............................................................................: ................................. 19

6. Unsafe or unsound banking practices and violations of law or regulations charged against six banks by the Corporation during 1947___ 20

7. Actions by the Federal Deposit Insurance Corporation on applications from banks for admission to insurance, 1935-1947........................ 21

8. Actions by the Federal Deposit Insurance Corporation on applications for approval of establishment or continued operation of branches,

1935-1947 22

X

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Page

O r g a n iz a t io n an d f in a n c ia l sta te m e n t s of t h e c o r p o r a t io n :

9. Officers and employees of the Federal Deposit Insurance Corporation,

December 31, 1947........................................................................................ 27

10. Income and expenses of the Federal Deposit Insurance Corporation

since beginning operations........................................................................... 28

11. Income and expenses of the Federal Deposit Insurance Corporation,

calendar year 1947........................................................................................ 29

12. Assets and liabilities of the Federal Deposit Insurance Corporation,

1934-1947 30

13. Assets and liabilities of the Federal Deposit Insurance Corporation,

December 31, 1947, and December 31, 1946........................................... 31

14. Asset and liability and income statements of the Federal Deposit

Insurance Corporation—from Auditors’ Report for year ended

June 30, 1947................................................................................................. 34

PART TWO

BANKING DEVELOPMENTS

B a n k s a n d b r a n c h e s:

15. Changes in number of insured and noninsured banks and branches

in the United States and possessions, 1947 and the period, 1942-1947 40

A ssets an d d e p o s it s:

16. Assets and liabilities of all banks in the United States and possessions, December 31, 1947, 1946, and 1945............................................... 43

17. Assets and liabilities of all commercial banks in the United States

and possessions, December 31, 1947, June 30, 1947, December 31,

1946, and 1945................................................................................................ 44

18. Commercial bank loans guaranteed or insured by agencies of the

United States Government, December 31, 1947..................................... 45

19. Maturities of United States Government obligations held by insured

commercial banks, December 31, 1947, 1946, and 1945....................... 46

20. Assets and liabilities of all mutual savings banks in the United

States, December 31, 1947, 1946, and 1945............................................. 47

21. Maturities of United States Government obligations held by mutual

savings banks, December 31, 1947............................................................ 47

Ca p it a l :

22. Capital accounts and capital ratios of all commercial banks in the

United States and possessions, December 31, 1947, 1946, and 1945.. 49

23. Regional distribution of insured commercial banks according to

ratio of adjusted capital accounts to appraised value of total assets,

examinations in 1947.................................................................................... 50

24. Substandard asset ratios of insured commercial banks examined in

1939-1947........................................................................................................ 51

25. Distribution of insured commercial banks according to ratio of

substandard assets to adjusted capital accounts, examinations in

1947, 1946, and 1945..................................................................................... 51

E a r n in g s of in s u r e d c o m m er cial b a n k s :

26. Earnings, expenses, and profits of insured commercial banks, 1934-

1947.................................................................................................................. 52

27. Selected operating ratios of insured commercial banks, 1941, 1945-

1947.................................................................................................................. 54

28. Distribution of earnings and expenses of insured commercial banks,

1941, 1945-1947............................................................................................. 55

LIST OF TABLES xi

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xii FEDERAL DEPOSIT INSURANCE CORPORATION

Page

E a r n in g s o f in s u r e d c o m m e r cia l b a n k s— Continued

29. Comparison of average number and average salary of employees of

insured commercial banks, 1941, 1946, and 1947................................... 55

30. Percentage distribution of insured commercial banks grouped by

rate of net profit on total capital accounts, 1941, 1945-1947.............. 57

31. Net earnings and net profits ratios of insured commercial banks

grouped by amount of deposits, 1947....................................................... 58

E a r n in g s o f in s u r e d m u t u a l sa v in g s b a n k s :

32. Amounts and average rates of income received and dividends paid

by insured mutual savings banks, 1943-1947.......................................... 61

PART THREE

LOANS OF INSURED COMMERCIAL BANKS, 1934-1947

L o a n s o f in s u r e d c o m m e r cia l b a n k s, 1934-1947:

33. Loans of insured commercial banks by major type of loan, 1934-1947 66

34. Income and charge-offs on loans of insured commercial banks,

1935-1947........................................................................................................ 73

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

N u m b e r , o ffices, a n d depo sits of o p e r a tin g b a n k s :

Explanatory note....................................................................................................... 96

101. Changes in number and classification of operating banks and branches

in the United States and possessions during 1947................................. 98

102. Number of operating banks and branches, December 31, 1947

Grouped according to insurance status and class of bank, and by

State and type of office............................................................................... 100

103. Number and deposits of operating banks, December 31, 1947

Banks grouped according to insurance status and by district and State 108

A ssets an d l ia b il it ie s of o p e r a t in g b a n k s :

Explanatory note....................................................................................................... I ll

104. Summary of assets and liabilities of operating banks in the United

States and possessions, June 30, 1947

Banks grouped according to insurance status and type of bank.......... 112

105. Summary of 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........... 113

106. Assets and liabilities of operating insured commercial banks, December 31, 1947, June 30, 1947, and December 30, 1946............................ 114

107. Assets and liabilities of all operating banks, call dates, 1942-1947.. 116

108. Assets and liabilities of operating insured banks, call dates, 1942-1947 117

109. Assets and liabilities of operating commercial banks, call dates,

1942-1947....................................................................................... ................ 118

110. Assets and liabilities of operating insured commercial banks, call

dates, 1942-1947............................................................................................ 119

111. Assets and liabilities of all operating banks in the United States and

possessions, December 31, 1947

Banks grouped by district and State........................................................ 120

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LIST OF TABLES xiii

Page

Examiners’ evaluation of insured commercial banks:

Explanatory note............................................................................................................... 123

112. Examiners’ appraisal of assets, liabilities, and capital of insured

commercial banks examined in 1939-1947................................................... 124

113. Examiners’ appraisal of assets, liabilities, and capital of insured

commercial banks examined in 1947

Banks grouped according to amount of deposits....................................... 126

114. Examiners’ appraisal of assets, liabilities, and capital of insured

commercial banks examined in 1947

Banks grouped by Federal Deposit Insurance Corporation district and

State...................................................................................................................... 128

Earnings, expenses, and dividends of insured banks:

Explanatory note............................................................................................................... 131

115. Earnings, expenses, and dividends of insured commercial banks,

1934, 1941-1947.................................................................................................... 132

116. Ratios of earnings, expenses, and dividends of insured commercial

banks, 1934, 1941-1947....................................................................................... 134

117. Earnings, expenses, and dividends of insured commercial banks, 1947

By class of bank................................................................................................ 136

118. Ratios of earnings, expenses, and dividends of injured commercial

banks, 1947

By class of bank................................................................................................ 138

119. Earnings, expenses, and dividends of insured commercial banks

operating throughout 1947

Banks grouped according to amount of deposits....................................... 140

120. Ratios of earnings, expenses, and dividends of insured commercial

banks operating throughout 1947

Banks grouped according to amount of deposits....................................... 142

121. Amounts and ratios of earnings, expenses, and dividends of insured

commercial banks, by State, 1947.................................................................. 144

122. Earnings, expenses, and dividends of insured mutual savings banks,

1934, 1941-1947.................................................................................................... 154

123. Ratios of earnings, expenses, and dividends of insured mutual savings

banks, 1934, 1941-1947....................................................................................... 156

D eposit insurance disbursements:

Explanatory note............................................................................................................... 159

124. 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,

1934-1947

Banks grouped by class of bank, year of disbursementj amount of

deposits, and State............................................................................................ 160

125. Assets and liabilities of insured banks placed in receivership and of

insured banks merged with the financial aid of the Federal Deposit

Insurance Corporation, 1934-1947

As shown by books of bank at date of closing............................................ 162

126. Name, location, Federal Deposit Insurance Corporation disbursement, and assets and liabilities of insured banks merged with the

financial aid of the Corporation during 1947.............................................. 163

127. Disbursements to protect depositors, 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, 1934-1947

As shown by books of FDIC, December 81, 1947.................................... 164

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Federal Reserve Bank of St. Louis
SUMMARY

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Federal Reserve Bank of St. Louis
S u m m a r y

The 14 years of operation of the Federal Deposit Insurance Corporation 

have been a period in which business and bank failures have been at 

a relatively low rate. For this reason the cost incurred by the Federal 

Deposit Insurance Corporation in protecting depositors in closed banks 

during this period cannot be used as the basis for estimating the future 

cost of deposit insurance. The Corporation has disbursed $308 million 

in aid to banks in difficulty. It is estimated that all but about 8 percent 

of this amount will be recovered. (Pp. 10-11, 16-18, 31.)

The surplus accumulated by the Corporation during this extraordinarily 

favorable period has amounted to $923 million, or more than three times 

the original capital subscribed by the United States Treasury and Federal 

Reserve banks. In August 1947 the Corporation was authorized by law 

to retire the original capital, subject to the maintenance of a minimum 

combined capital and surplus of $1 billion. It is expected that this retirement will be completed during 1948. (Pp. 7-8, 30-31.)

In about one-fourth of the 404 closed banks to which the Corporation 

has extended aid to protect depositors, defalcation has been the principal 

cause of failure. Banks are urged to provide more adequate fidelity bond 

protection against defalcation. (Pp. 9, 19-20.)

The smallness of the capital equities of banks remains a serious problem. 

Nearly 4,000 insured banks had capital accounts, when examined in 

1947, amounting to less than 5 percent of their assets; 54 had less than 

23^ percent. At the close of 1947, total capital accounts of all commercial 

banks were only percent of their total assets, and less than 21 percent 

of their assets other than cash and United States Government obligations. 

(Pp. 48-50.)

The proportion of total bank assets consisting of loans increased 

substantially during 1946 and 1947, rising from 16 to 25 percent for 

insured commercial banks. The expansion in loans was especially rapid 

in the second half of each year. (Pp. 41, 65.)

Dividends paid by insured commercial banks were larger in 1947 than 

in any previous year. With lower net profits after taxes, the amount of 

earnings retained in capital accounts was substantially smaller than in

1946, though more than in any year prior to 1944. (Pp. 52, 60.)

3

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Federal Reserve Bank of St. Louis
PART ONE

POLICIES AND OPERATIONS OF THE CORPORATION

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Federal Reserve Bank of St. Louis
Introduction

Contrary to most of the forecasts, the year 1947 proved to be one of 

active business and widespread prosperity. Many observers, however, 

were alarmed by the inflationary pressures which threatened to attain 

serious proportions. Recognizing the danger inherent in the volume of 

bank credit which had been greatly inflated in response to the needs for 

financing the war effort, the Board of Directors of the Federal Deposit 

Insurance Corporation, in cooperation with the Board of Governors of 

the Federal Reserve System, the Comptroller of the Currency, and the 

Executive Committee of the National Association of Supervisors of State 

Banks in November, 1947, announced a bank credit policy designed to 

alleviate the situation. Not only did this policy embody the views of the 

supervisory authorities, but it was also in agreement with the program 

of credit control advocated by the American Bankers Association. The 

policy statement called upon bank directors to exercise extreme caution 

in their lending policies. Banks were urged to curtail all loans of a speculative nature on real estate, commodities, and securities and to guard 

against the over-extension of consumer credit.

The expansion in bank loans during 1947 was general throughout the 

country, but marked divergencies appeared in the rate of increase in 

different types of loans and in various sections of the country. Regional 

differences were also evident in the margin of capital funds available in 

banks to absorb losses which are inevitable in the banking business. 

However, examinations made during the year revealed that only a small 

percentage of assets were below the standard acceptable for bank investment.

Recentralization of offices of the Corporation. In 1947 the efficiency of operation of the Corporation was improved by the return of the 

Divisions which had been moved to Chicago in June 1942 to make more 

space available in Washington for war agencies. For the last two years 

effort had been made to secure necessary space in Washington. By the close 

of 1947 all the Divisions of the home office were again located in Washington.

Retirement of the capital of the Corporation. The most important 

event of 1947 for the Corporation was the beginning of a program of 

capital retirement which had been originated and sponsored by its 

Board of Directors in 1946. These retirements were made pursuant to 

the provisions of Public Law 363, 80th Congress, approved August 5,

1947. By December 31, 1947, the $139 million paid in by the Federal 

Reserve banks in the form of capital subscriptions had been retired in 

full by payments to the United States Treasury. Of the $150 million

7

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Federal Reserve Bank of St. Louis
8 FEDERAL DEPOSIT INSURANCE CORPORATION

capital stock originally purchased by the United States Treasury, $47 

million had been retired and provision had been made to retire an additional $20 million face value. A balance of less than $83 million held by 

the United States Treasury remained in the capital stock account when 

the books of the Corporation were closed as of December 31, 1947. Under 

the provisions of the Act, payments in units of $10 million are being made 

whenever the capital and surplus of the Corporation exceeds $1 billion. 

It is estimated that all the capital stock will be retired before the close 

of 1948.

Bank capital. A second important development in the program of 

bankers to free themselves from subsidy by the Government was the 

retirement in 1947 of additional amounts of the capital invested in banks 

by the Reconstruction Finance Corporation.

Since the inauguration of deposit insurance in 1934 the Corporation 

has constantly called attention to the need for adequate capital in all 

insured banks. In the depths of the depression when it seemed impossible 

to secure adequate private capital, the Reconstruction Finance Corporation invested more than $1 billion in the capital of over 6,000 banks. 

This was intended as a temporary investment only. Banks were urged 

to repay this governmental subsidy as rapidly as they could, maintaining 

at the same time adequate capital in each bank. By the close of 1947 

more than 5,000 banks had completed the retirement of this capital 

and only $142 million remained outstanding.

On the whole, however, capital margins have been declining during 

the 14 years. On June 30, 1934, the date of the first report of insured 

banks to this Corporation, the ratio of total capital accounts to total 

assets was 14.3 percent; on December 31, 1947, the ratio was 6.6 percent. 

During this period total capital accounts in all insured banks increased 

by $4,624 million while total assets increased by $121,655 million. Although banks have sold capital stock to the investing public, most of 

the increase in total capital accounts has been derived from retained 

earnings.

The probable risk pertaining to the different types of assets held by 

banks is considered a pertinent factor in appraising the need for capital. 

The rapid expansion in bank assets during the war was concentrated in 

assets which involved little risk of loss if held to maturity. Since the war, 

bank loans have expanded, while a decline has occurred in the amount 

of United States Government obligations held by banks. The ratio of 

capital accounts of all insured banks to assets other than cash and United 

States Government obligations declined from 25.4 percent at the end of

1945, to 20.9 percent at the end of 1947.

Provision for bank losses on assets. For all types of assets, banking 

history in the United States has shown a high concentration of losses

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Federal Reserve Bank of St. Louis
INTRODUCTION 9

in a relatively small number of years. Bankers have been urged, therefore, 

to write off their losses as soon as they become apparent, and regularly 

to provide reserves for future losses. The extent to which this policy has 

been followed is indicated by the small amount of substandard assets 

held by banks in recent years. During the examinations made in 1947 

examiners found that less than 1 percent of the assets of insured commercial banks were below the standards set for bank investments. Small as 

the percentage was it represented a slight increase from the previous 

year, in contrast to the steady decline which has been reported from year 

to year since the beginning of deposit insurance.

The fact that losses on loans may be low for a number of years and 

then be relatively high for a few years was recently given official recognition by the Bureau of Internal Revenue. Following discussions with a 

number of people interested in the welfare of banks, including a representative of this Corporation, the Bureau of Internal Revenue issued 

a ruling in December 1947, designated mimeograph No. 6209. This 

ruling extended to 20 years the period for which, the annual average of 

the rate of loss on loans was to be calculated and clarified the procedure 

to be followed by banks claiming a deduction from taxable income for 

reserves established to cover such losses. The ruling provided an incentive 

in the form of income tax reduction to the accumulation by banks of 

reserves for losses on loans.

Provision for bank losses by defalcation. Approximately onefourth of the 404 banks which the Corporation has assisted because of 

financial difficulties have been placed in this unfortunate position because 

of defalcations. A sample survey of insured banks examined in 1947 

indicated that less than one-half of the banks were meeting even the 

minimum standard suggested by the banks themselves through the 

American Bankers Association. Since stockholders must bear, to the 

extent of their total capital, losses which exceed the amount of the insurance protection, it is to their direct advantage to provide a safe margin 

of protection. The Corporation, bank supervisory agencies, and bankers 

association have called to the attention of bankers the rapid expansion 

of bank assets since 1941 which necessitates an examination of the 

adequacy of the fidelity coverage.

Responsibilities of the Corporation. The Corporation was created 

to protect bank depositors from losses arising from bank failures. The 

value of deposit insurance to the banking system and to the people of 

the nation arises not only from the ability of the Corporation to fulfill 

its responsibilities but also from a continued awareness on the part of 

bank depositors of the protection afforded by this Corporation. Memories 

of the severe banking crisis of 1933 are fading; in fact, a large proportion 

of present-day bank depositors have never had any personal experience 

with a banking crisis. The number of bank failures in the last 14 years

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Federal Reserve Bank of St. Louis
10 FEDERAL DEPOSIT INSURANCE CORPORATION

has been smaller than in any other period of similar length. For this 

reason a danger exists that depositors will forget about the extra safety 

factor which has been added to the banking structure. Insured banks 

should, therefore, find it advantageous to foster the confidence of their 

depositors by providing information about the Corporation.

The Corporation has demonstrated its ability to meet the problems 

associated with business recovery and minor recessions, war, and prosperity. So far, however, it has not been confronted by a major business 

depression. The number of bank failures during the last 14 years has 

been less than the number which occurred in any one of the ten years 

preceding the establishment of the Corporation.

The favorable experience of the Corporation has given it an opportunity 

to accumulate a surplus of almost $1 billion. Although this amount 

appears large when compared with losses of only $26 million in 14 years, 

it is very small when compared with the $150 billion of deposits in insured 

banks at the end of 1947. Even with the power of the Corporation to 

protect the deposits in insured banks strengthened by the provision for 

borrowing from the Treasury to the extent of $3 billion, the total available funds are still small in relation to the responsibilities of the Corporation. It is imperative, therefore, that every effort be made to keep 

the banking system in a strong and healthy condition, and to minimize 

calls on the Corporation by banks unable to meet the claims of their 

depositors.

D e p o s it I n s u r a n c e P r o t e c t io n

Methods of protecting depositors. Under the deposit insurance 

law two procedures are available for protecting the depositors of insured 

banks which are in financial difficulty. One of these is an advance by the 

Federal Deposit Insurance Corporation to facilitate assumption of the 

deposit liabilities of a weak or insolvent insured bank by another insured 

institution in the same or nearby community. The other is the closing 

of the insolvent bank, and the payment by the Corporation of the amount 

due each depositor, up to the insured maximum of $5,000, as quickly 

thereafter as it is possible to verify claims.

The merger procedure has proved the more advantageous of the two 

methods. In the community where the weak or insolvent bank is located 

ordinary business is not disturbed by an interruption of banking service. 

All depositors are fully protected, even those who have deposit balances 

in excess of $5,000. The experience of the Corporation has indicated 

that its loss is less, relative to the amount of insured deposits, than when 

a bank is placed in receivership. Only that part of the assets of the weak 

or insolvent bank not acceptable to the absorbing bank is subjected to

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DEPOSIT INSURANCE PROTECTION 11

liquidation, other costs of receiverships are avoided, and there is less 

adverse effect on property values in the community. Since the Corporation 

is the only creditor, the acquired assets are liquidated in an orderly 

manner by the Board of Directors.

Because of these advantages, the Corporation uses the merger procedure whenever it is practicable. However, under some circumstances 

this procedure cannot be used. If a bank in difficulty is the only bank 

in the community and is located in an area in which branch banking is 

prohibited a merger may not be feasible. In some cases a new bank is 

organized and absorbs the one in difficulty. State supervisory authorities 

in the case of State banks, and the Comptroller of the Currency in the 

case of national banks, have the responsibility for the closing of banks 

which are insolvent and for the chartering of new banks. Under some 

circumstances the supervisory authorities may not approve a merger. 

Furthermore, the Corporation is authorized to make an advance to 

facilitate a merger only when the estimated loss to the Corporation is 

smaller than if the bank were placed in receivership.

Deposits protected and the Corporation’s disbursement in 1947.

During the year 1947 the Corporation aided five banks which were 

experiencing difficulties. In each case these banks were merged with 

another insured bank. The five banks had total deposits of $7 million, 

in 10,618 accounts. Of these accounts, 197, or less than 2 percent, had 

balances of more than $5,000 at the time the banks were examined in 

connection with the plans for merger; and 14 percent of the total deposits 

would not have been insured 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 service occur.

The principal disbursement of the Corporation in 1947 in connection 

with protection of depositors amounted to $2,051,000. Of this amount, 

$1,724,000 was disbursed for the five banks which were merged during 

the year. The remainder comprised additional disbursements in connection with banks closed in earlier years. In the case of one bank which 

had been placed in receivership in 1938, an additional payment of $5,000 

was made due to settlement of pending litigation.

Deposits protected and disbursements, 1934-1947. During its 

14 years of operation the Corporation protected more than 1,320,000 

depositors in 404 closed insured banks. Deposits of these banks exceeded 

$512 million. The Corporation’s disbursements amounted to $264 million, 

exclusive of advances for the protection and maintenance of collateral 

and the amount expended for liquidation expenses which are recoverable. 

Including these advances and expenses, the Corporation’s disbursements 

were $308 million. Chart A shows the number of banks aided and the 

disbursements of the Corporation in each year.

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12 FEDERAL DEPOSIT INSURANCE CORPORATION

CHART A

DISBURSEMENTS BY THE CORPORATION TO PROTECT 

DEPOSITORS IN INSURED BANKS

MILLIONS OF DOLLARS

1934-1947 

AMOUNT OF DISBURSEMENT

MILLIONS OF DOLLARS

NUMBER OF BANKS

NUMBER

1935 1937 1939 1941 1943 1945 «947

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DEPOSIT INSURANCE PROTECTION 13

The banks aided by the Corporation have been widely scattered 

throughout the United States, being located in 40 of the 48 States. 

However, over one-half of the banks were located in seven States. The 

number in each State is shown on the map in Chart B.

CHART B

LOCATION OF THE 404 BANKS INVOLVING DISBURSEMENTS 

BY THE CORPORATION TO PROTECT DEPOSITORS

1934 - 1947

Only 2,867 depositors in the closed banks, or about one-fifth of 1 

percent of the total number of depositors, experienced any loss. Their 

losses are estimated at about $2 million, or less than two-fifths of 1 percent 

of the deposits of the banks. Further details regarding the number of 

depositors and their losses, together with the estimated loss of the Corporation, are given in Table 1.

Loss to depositors has occurred only in the case of banks placed in 

receivership. Almost four-fifths of the deposits in all insured banks placed 

in receivership were paid by the Corporation. Of the remaining deposits, 

a large part was fully covered by offset against sums due to the bank 

by the depositors, by pledge of security, in the case of public funds, or 

by payment from the first proceeds of liquidation because of preferred 

status. The deposits not protected in any of these ways, and therefore 

dependent for repayment entirely upon a proportionate share of the 

proceeds of liquidation, amounted to less than 10 percent of the total 

deposits of the banks placed in receivership.

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14 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 1. N u m b e r o f D e p o s ito r s , A m ou n t o f D e p o s its , R e c o v e r ie s , a n d 

L o s s e s in I n s u r e d B a n k s P la c e d in R e c e iv e r s h ip o r M e r g e d w it h 

t h e F in a n c ia l A id o f t h e C o r p o r a t io n , 1934-1947

Item Total

Banks placed 

in

receivership

404 245

1,323,978 382,765

1,270,673

2,867

329,460

2,867

50,438 50,438

$512,223,000 $109,603,000

509,869,000

1,907,000

447,000

107,249,000

1,907,000

447,000

$264,184,000 $ 87,039,000

$ 26,014,000 $ 14,619,000

Banks merged 

with financial 

aid of FDIC

Number of banks...........

Number of depositors.

Estimated number with no loss................................

Estimated number with some loss1...........................

Estimated number with claims barred by termination of insurance or receivership...........................

Amount of deposits.

Estimated recovery by depositors.........

Estimated loss by depositors1................

Insurance terminated or claims barred.

Disbursement by F D IC . 

Estimated loss to FDIC.

159

941.213

941.213

$402,620,000

402,620,000

$177,145,000 

$ 11,395,000

1 1,473 depositors will lose an estimated $1,865,000 in accounts which exceeded the limit of $5,000 

insurance and were not otherwise protected, and 1,394 depositors will lose about $42,000 in accounts 

which had been restricted or deferred prior to 1934 or were otherwise ineligible for insurance protection.

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.

Table 2. P a y m e n t b y t h e C o r p o r a t io n a n d R e c e iv e r s o f D e p o s its in 

I n s u r e d B a n k s P la c e d in R e c e iv e r s h ip , 1934-1947

(Amounts in thousands of dollars)

Status of deposits Total

Paid by 

Dec. 31, 

1947

Unpaid on 

Dec. 31, 

1947

Deposits—total........................................................................ $109,603 $106,931 $2,672

Insured.................................................................................... 87,119 87,039 80

Secured, preferred, and subject to offset............................. 11,416 11,415 1

In excess of $5,000, not otherwise protected...................... 9,685 7,536 2,149

Other uninsured..................................................................... 936 894 42

Insurance terminated or claims barred1............................... 447 47 400

Deposits, terminated receiverships, (219 banks)—total 61,966 61,004 962

Insured.................................................................................... 49,646

7,477

49,646

Secured, preferred, and subject to offset............................. 7,477

In excess of $5,000, not otherwise protected...................... 4,485 3,682 803

Other uninsured...................................................................... 194 152 42

Insurance terminated or claims barred1............................... 164 47 117

Deposits, active receiverships, (26 banks)—total........... 47,637 45,927 1,710

Insured.................................................................................... 37,473 37,393 80

Secured, preferred, and subject to offset............................. 3,939 3,938 1

In excess of $5,000, not otherwise protected...................... 5,200 3,854 1,346

Other uninsured..................................................................... 742 742

Insurance terminated or claims barred................................ 283 283

1 In a few cases payments have been made by receivers on deposits on which insurance had terminated either directly or into a trust to meet claims presented after termination of receiverships.

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DEPOSIT INSURANCE PROTECTION 15

Liquidation of assets of closed banks. Of the 245 insured banks 

placed in receivership, the Corporation served as receiver for 77. Under 

the deposit insurance law the Corporation is appointed receiver by the 

Comptroller of the Currency for all national banks placed in receivership; 

and may be appointed receiver or liquidator for closed State banks. Of 

the total number placed in receivership, 219 have been liquidated and 

the receiverships terminated. By the end of 1947 only 26 receiverships 

were still active. The 5 national and 5 State banks remaining in receivership at the close of 1947 for which the Corporation was receiver had 

deposits at the time of closing of $11 million. The 16 State banks remaining in receivership, for which the Corporation was not acting as 

receiver, had deposits of $37 million at the time of failure.

By agreement with State banking authorities the Corporation obtains 

quarterly reports from the receivers or liquidators for closed banks in 

which deposit insurance payments have been made but for which the 

Corporation is not receiver. These reports, together with the records 

regarding the banks for which the Corporation is receiver, provide 

information on the final results of liquidation of insured banks placed 

in receivership.

The Federal Deposit Insurance Corporation sometimes buys at public 

sale the residue of assets in the hands of a bank’s receiver. This reduces 

the expenses of liquidation and expedites the termination of receivership. 

By the end of 1947 the Corporation had disbursed $1.2 million to purchase 

assets from the receivers of 67 banks. Most of these assets had been 

liquidated by the Corporation without a net loss.

In the case of insured banks merged with the aid of the Corporation 

the assets which are not acceptable to the absorbing bank are purchased 

by the Corporation, or taken as collateral for a loan by the Corporation. 

The Corporation is in all cases liquidator of these assets. However, if 

the Corporation recovers more than the full amount of its advance, 

together with incidental expenses and interest on the advance, the 

excess is returned to the stockholders of the closed bank. Of the 159 

insured banks merged with the aid of the Corporation the assets acquired 

by the Corporation have been liquidated in 89 cases; liquidation was still 

in progress at the end of 1947 in the remaining 70 cases.

In general, 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 favorable outcome is due to the general 

inflation of prices and the recovery in property values that has been 

characteristic of the past few years. Receivers of the banks closed without 

merger have also had a favorable experience in the liquidation of the 

assets of those banks. Liquidation has been completed in a larger proportion of the receivership cases than in the merger cases, due to the preDigitized for FRASER 

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Federal Reserve Bank of St. Louis
16 FEDERAL DEPOSIT INSURANCE CORPORATION

dominance of receivership cases in the early years of the Corporation’s 

operation.

Recoveries and losses of the Corporation. By December 31, 1947, 

the Corporation had recovered $71 million on the $87 million of claims 

to which they had been subrogated by the depositors of insured banks 

in receivership; and $163 million of the $177 million which had been 

disbursed in advances to merged insolvent banks. It is estimated that 

the Corporation will recover an additional $4 million.

The total loss to the Corporation in the 404 insured banks placed in 

receivership or merged is estimated at $26 million—$15 million in the 

receivership cases and $11 million in the merger cases. Table 3 summarizes the Corporation’s disbursements and its recoveries and losses 

in the two groups of cases.

Table 3. D is b u r s e m e n t s to P r o t ec t D e p o s it o r s, R e c o v e r ie s , a n d

L o sses b y t h e C o r p o r a tio n fr o m I n s u r e d B a n k s P la c e d in

R e c e iv e r s h ip or M e r g e d w it h its F in a n c ia l A id , 1934-1947

(Amounts in thousands of dollars)

Book entry Dec. 31, 1947 Total

Liquidation

terminated

Liquidation

active

Disbursements1........................................................................ $264,184 $79,046 $185,138

Receiverships.......................................................................... 87,039 49,646 37,393

Mergers.................................................................................... 177,145 29,400 147.745

Estimated additional disbursements in receiverships2. 80 80

Recoveries................................................................................. 234,211 68,603 165,608

Receiverships.......................................................................... 70,882 40,662 30,220

Mergers................................................................................... 163,329 27,941 135,388

Estimated additional recoveries......................................... 4,039 4,039

Receiverships.......................................................................... 1,618 1,618

Mergers................................................................................... 2,421 2,421

Losses by FDIC3....................................................................... 26,014 10,443 15,571

Receiverships.......................................................................... 14,619 8,984 5,635

Mergers................................................................................... 11,395 1,459 9,936

Number of banks.................................................................... 404 308 96

Receiverships.......................................................................... 245 219 26

Mergers................................................................................... 159 89 70

1 Includes only principal disbursement; excludes expenses incident to the transactions, the greater 

part of which has been recovered.

2 Estimated additional disbursements in receiverships are the insured deposits which have not 

been paid. See Table 2.

8 Losses in terminated cases are the established losses; those in active cases are estimated.

Table 4 shows the amount of loss to the Corporation from the banks 

placed in receivership or merged each year, and the relationship which 

this loss bears to the deposits of the banks involved. In the receivership 

cases the Corporation’s loss has been equivalent to slightly over 13 

percent of the total deposits of the banks and to about 17 percent of the 

deposits insured under the $5,000 limitation for each depositor. In the 

merger cases the Corporation’s loss is less than 3 percent of total deposits, 

and is estimated at 4 percent of the insured deposits.

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DEPOSIT INSURANCE PROTECTION 17

T a b le 4. Loss to t h e C o r p o r a tio n a n d it s R e l a t io n to t h e D ep o sit s

of I n s u r e d B a n k s P la c e d in R e c e iv e r s h ip or M e r g e d , 1934-1947

Year

Loss to Federal Deposit Insurance 

Corporation 

(in thousands of dollars)

Loss to the Corporation per $100 

of deposits in banks placed 

in receivership or merged

Total

On insured 

deposits 

paid in 

receiverships

On advances 

made to 

facilitate 

mergers

Total Receiverships Mergers

T otal................. $26,014 $14,619 $11,395 $5.08 $13.34 $2.83

1947................ 185 185 2.66 2.66

1946................ 0 0 .00 .00

1945................ 0 0 .00 .00

1944................ 31 31 0 1.62 6.80 .00

1943................ 124 124 0 .99 1.87 .00

1942................ 672 289 383 3.53 15.91 2.23

1941................ 701 213 488 2.36 1.45 3.26

1940................ 5,093 582 4,511 3.58 10.29 3.30

1939................ 7,782 6,218 1,564 4.93 18.99 1.25

1938................ 2,456 1,189 1,267 4.11 11.55 2.56

1937................ 3,589 2,555 1,034 10.76 17.08 5.62

1936................ 2,423 1,460 963 8.80 12.99 5.91

1935................ 2,751 1,751 1,000 20.65 19.26 23.65

1934................ 207 207 10.52 10.52

Abnormal character of the Corporation’s experience. The

entire period since the Federal Deposit Insurance Corporation was 

organized, except for a portion of the years 1937 and 1938, and the 

early months of 1946 and of 1947, has been a period of expanding bank 

credit, generally rising prices, and business expansion. These circumstances, as in the case of similar periods in the past, have been accompanied by a relatively small number of failures both among banks and 

among other types of business enterprise. The most extraordinary part 

of this period has been the past five years.

According to the business failure compilations of Dun and Bradstreet, 

the only compilations extending over a long period of time, the normal 

rate of failure among business enterprises prior to 1934 was from 85 to 

110 per year per 10,000 concerns; the average of the annual rates during 

the 68-year period, 1866-1933, was 99 per 10,000 concerns. During that 

long period the failure rate was below 70 per 10,000 only eight times; the 

lowest rate was 37 in 1919. During the 14 years since the beginning of 

deposit insurance in 1934, the annual rate has never been higher than 

70, and has averaged 40 per year per 10,000 concerns. The most extraordinary part of this recent period has been the past five years, during 

which the annual rates were, respectively, 16, 7, 4, 5, and 14. While 

the rate was very low in 1947, a slight rise over the previous three years 

was apparent.

The remarkably small number of bank failures since the inauguration 

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18 FEDERAL DEPOSIT INSURANCE CORPORATION

tributable chiefly to the prevailing conditions of recovery and prosperity 

and the favorable circumstances under which all business enterprises 

have operated. The extraordinarily low rate of business and bank failures 

of recent years cannot be expected to continue indefinitely. In the past, 

severe business depressions and crises have come swiftly and without 

much warning. Estimates of future disbursements or loss by the Corporation cannot, therefore, be based upon the experience of the past 

few years.

S u p e r v is o r y A c t iv it ie s

Bank examinations. The policy of the Corporation from its inception has been to make regular annual examinations of each insured 

State bank which is not a member of the Federal Reserve System; to 

make such additional and special examinations of these banks as the 

Corporation’s interests appear to require; and to make, with the prior 

consent of the Comptroller of the Currency or the Board of Governors 

of the Federal Reserve System, such examinations of national banks or 

State banks members of the Federal Reserve System as special deposit 

insurance considerations appear to require.

The Corporation conducted 5,616 regular examinations during 1947, 

or 84 percent of the number required to meet a full year’s program. This 

represented an increase of 253 examinations over the 5,353 regular 

examinations conducted in 1946. In addition to regular examinations, 

the Corporation in 1947 conducted 48 special examinations, 45 entrance 

examinations of operating uninsured banks, 145 new bank investigations, 

73 branch investigations, and 82 miscellaneous investigations. The 

regular examinations also involved the examination of 590 branches. The 

failure to conduct all examinations called for under the established policy 

is attributable to the continued shortage of examining personnel, the 

amount of time consumed by experienced personnel in training and 

instructing assistant examiners recruited during 1946 and 1947, and the 

generally increasing work load in examinations due to expanding loan 

portfolios.

A serious deficiency in the number of examiners and assistants necessary 

to complete the examination program existed at the beginning of the 

year. The examining personnel was increased by about 10 percent during 

the year; but at the close of the year was still considerably under that 

required to complete the regular examination schedule. To the extent 

necessary, in 1948 banks will be examined on a selective basis, by-passing 

to the extent necessary some of those that appear to be sound, and making 

two or more examinations of those which appear to require more than 

ordinary attention.

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SUPERVISORY ACTIVITIES 19

Unsafe and unsound banking practices and violations of law

or regulations. During 1947 proceedings were initiated against six 

insured banks for engaging in unsafe and unsound banking practices and 

were continued against three other banks. Of the nine cases, corrections 

were made in three banks and one was absorbed with financial aid of 

the Corporation; the other five were pending at the close of the year.

The total number of banks charged with unsafe and unsound practices, 

and the disposition of these cases, are given in Table 5. The practices 

and violations of the six banks against which action was taken during 

1947 are listed in Table 6.

Table 5. A c tio n to T e r m in a t e I n s u r e d S t a t u s o f B a n k s C h a r g e d

w it h E n g a g in g in U n s a f e or U n s o u n d P r a c t ic e s o r V io l a t io n s

of L a w o r R e g u l a t io n s, 1936-1947

Total Pending Started

Disposition or status cases beginning during

1936-19471 of 1947 1947

Total banks against which action was taken................. 138 3 6

Cases closed:

Corrections made................................................................... 26 1 2

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.................................................................. 7

Banks continued in operation2.......................................... 3

Banks suspended prior to setting of date of termination of

insured status by Corporation 32

Banks absorbed or succeeded by other banks:

With financial aid of the Corporation............................. 61 1

Without financial aid of the Corporation ................. 4

Cases pending December 31, 1947:

Correction period not expired ............................................ 1 1

Recapitalization program pending....................................... 2 1 1

Action deferred pending examination.................................. 2 1 1

1 No action to terminate the insured status of any bank was taken before 1936. In 4 cases where 

initial action was replaced by action based upon additional charges, only the later action is included..

2 One of these suspended 4 months after its insured status was terminated.

Back data—See the Annual Report of the Corporation for 1946, p. 20, and earlier reports.

Fidelity coverage in banks. Four of the seven banks whose depositors 

the Corporation was called upon to protect during 1945, 1946, and 1947 

went out of business solely because of defalcations in amounts exceeding 

fidelity coverage. A fifth had asset problems but its difficulties arose 

primarily from breaches of fidelity. In the case of a sixth, there were 

irregularities which may or may not be found to constitute the basis of 

claims against the surety.

Consideration of the causes of failure of these banks emphasizes the 

need for adequate surety coverage in all banks. During 1947 the Corporation continued to stress to all insured banks the necessity for providing fidelity protection in keeping with the responsibilities and risks 

involved. In this, it solicited and obtained the cooperation of bank 

supervisors, both Federal and State.

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20 FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 6. U n s a fe o r U n s o u n d B a n k in g P r a c t ic e s a n d 

V io la t io n s o f L a w o r R e g u la t io n s C h a r g e d A g a in s t 

S ix B a n k s b y t h e C o r p o r a t io n D u r in g 1947

Type of practice or violation

Number 

of banks 

charged

Case

identification

letters

Capital:

Continued operation of the bank in an insolvent condition.................

Continued operation of the bank with inadequate capital...................

Failure to rehabilitate the bank’s capital account in whole or in part by 

a specified date as requested by State Commissioner of Banks.......

Management and general practices:

Failure to observe and comply with laws, rules, and regulations to

which the bank is subject.........................................................................

Failure to comply with State law in regard to the extent to which credit

may be extended.......................................................................................

Utter disregard of the bank’s directors and officials to heed and/or

comply with the recommendations of bank examiners.....................

Failure of a director to own qualifying shares.......................................

Continued operation of the bank with a weak and hazardous management

Failure of the bank’s officers to properly exercise their functions...........

Disproportionately large aggregate of nonconforming extensions of 

credit to directors, officers, their interests, and other borrowers. 

Making of improper and misleading entries upon the bank’s books and

records........................................................................................................

Failure to record liens...................................................................................

Unwarranted dissipation of collateral.........................................................

Loan and investment practices:

Maintenance of lax lending and collection policies...................................

Unwarranted and excessive amount of losses (including loans and

discounts)...................................................................................................

Unwarranted and excessive amount of assets classified III and IV or

held in violation of State law...............................................................

Unwarranted and excessive amount of losses in the bank’s security

account...................................................................................................

Abnormal volume of substandard and overdue loans or overdrafts. . .

Failure to charge off losses as they occur...............................................

Failure to give necessary attention to weak and distressed loans to

prevent them from developing into losses..........................................

Unwarranted and excessive amount of transactions in securities........

Continued speculation in securities.........................................................

Failure to obtain or maintain adequate credit support and information 

Failure to support loans by insurance and title opinions.....................

a, b, e 

c, d

d, e, f

c, d, e, f

d, f 

f

a, b, c, d, e, f 

d, f

f

a, b 

f

c, d, f 

c, d, e

c, d, e

a, b

d, e, f 

a, b

d

a, b 

a, b 

d, f 

d, f

Determination of the amount of coverage needed in an individual bank 

is the responsibility of the directors of the bank. However, the Insurance 

and Protective Committee of the American Bankers Association has 

provided a helpful guide in the form of a table of suggested minimum 

and fair amounts for banks in different size groups.1

A survey by the Corporation, covering over 70 percent of the insured 

banks, indicated that roughly half of the banks, on the dates of their 

1947 examinations, had less than the minimum blanket bond coverage 

suggested by the American Bankers Association, while only one-fifth 

had the fair amount or more. The situation at the close of the year was 

better. Banks which had low coverage when examined generally made 

appropriate increases during or following the examinations. The Corporation expects to make a complete survey of blanket bond coverage 

in effect as of 1948 examination dates in relation to the amounts suggested 

by the American Bankers Association.

1 Digest of Bank Insurance, American Bankers Association, 1941.

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Federal Reserve Bank of St. Louis
SUPERVISORY ACTIVITIES 21

Approval of banks for insurance. During 1947 the Corporation 

approved the applications of 110 banks for admission to insurance. Of 

these, 65 were new banks, including one which succeeded a branch of 

another bank. The remaining banks approved for insurance comprised 

38 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 26 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. Seventeen applications for admission to insurance were disapproved because, in the opinion of the 

Board of Directors, the conditions specified in the deposit insurance law 

were not met. Two applications were approved and later rescinded 

because the applicants abandoned their plans.

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 7.

Table 7. A c t io n s b y t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n o n 

A p p lic a t io n s fr o m B a n k s f o r A d m ission t o In s u r a n c e , 1935-1947

Number of applications1

Year

Acted

upon

Approved2

Approved 

but later 

rescinded

Disapproved

1935-1947............................................................ 1,501

155

1,298

136

43 160

1947.................................................................. 2 17

1946.................................................................. 175 163 1 11

1945.................................................................. 124 117 2 5

1944.................................................................. 108 105 2 1

1943.................................................................. 198 190 4 4

1942.................................................................. 51 42 2 7

1941.................................................................. 81 78 2 1

1940.................................................................. 67 58 3 6

1939.................................................................. 85 72 3 10

1938.................................................................. 82 67 3 12

1937.................................................................. 133 111 8 14

1936.................................................................. 165 114 10 41

1935.................................................................. 77 45 1 31

1 Figures for years prior to 1942 may differ slightly from those given in the Annual Report of the 

Corporation for 1941, p. 184, 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.

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

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Federal Reserve Bank of St. Louis
22 FEDERAL DEPOSIT INSURANCE CORPORATION

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 1947, see pages 

40 and 101.

Approval of establishment of branches. During 1947 the Corporation approved the establishment of 67 branches by insured banks not 

members of the Federal Reserve System. Of these, 56 were for the establishment of new banking offices. Of the remaining cases, 9 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 continuation 

of operation of five branches previously operated by absorbed banks or 

another bank from which the branch had been purchased. The Corporation 

disapproved eight applications for permission to establish branches.

The number of applications received each year from banks not members 

of the Federal Reserve System for approval of the establishment 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, is given in Table 8.

T a b le 8 . A c tio n s b y t h e F e d e r a l D e p o sit I n s u r a n c e C o r p o r a tio n o n

A p p lic a tio n s f o r A p p r o v a l o f E s t a b l is h m e n t or C o n t in u e d O p e r a t io n

of B r a n c h e s, 1935-1947

Number of applications1

Year

Acted

upon

Approved2

Approved 

but later 

rescinded3

Disapproved

1935-1947............................................................ 858 778 31 49

1947.............................................. ................... 83 73 2 8

1946.................................................................. 91 87 4

1945.................................................................. 61 58 1 2

1944.................................................................. 49 46 3

1943.................................................................. 105 101 2 2

1942.................................................................. 36 32 2 2

1941.................................................................. 49 46 3

1940.................................................................. 44 40 2 2

1939.................................................................. 61 53 3 5

1938................................................................. 82 71 6 5

1937.................................................................. 89 82 5 2

1936.................................................................. 93 80 5 8

1935.................................................................. 15 9 6

1 Figures for years prior to 1942 may differ slightly from those given in the Annual Report of the 

Corporation for 1941, p. 185, because of later recisions of cases approved or revision of the data.

2 Excludes cases where approval was later rescinded.

3 In 1947 includes two cases where commitments expired under the 6-month limitation period.

As in the case of banks, the number of branches established by insured 

banks in a year differs from the number approved by the Corporation.

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SUPERVISORY ACTIVITIES 23

Approval by the Corporation 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 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. Two banks 

did not apply for an extension of time and the commitment of the Corporation expired. For changes in the number of branches of insured 

banks in 1947, see pages 40 and 102.

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, 1947, and for a report of earnings, expenses, and disposition of profits for the calendar year 1947, 

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.

Summaries of the tabulations from the reports of assets, liabilities, and 

capital accounts for June 30 and December 31, 1947, are given in the 

pamphlets, “Assets and Liabilities, Operating Insured Commercial and 

Mutual Savings Banks,” Reports No. 27 and 28, and in Table 106 of 

this report, page 114. Summaries of the reports of earnings, expenses, and 

disposition of profits are given in Tables 117-123, pages 136-157 of this 

report.

Federal credit unions. These cooperative associations, organized 

to encourage thrift among persons of small means and to provide their 

members with sources of limited credit at reasonable rates of interest, 

are chartered, examined, and supervised by the Corporation, but their 

shares are not insured.

On December 31, 1947, there were 3,845 Federal credit unions in actual 

operation, and 168 either inactive or in liquidation. During the year 

207 new charters were granted and 159 charters were cancelled or revoked following completion of liquidation of credit unions which had 

ceased operation. Because of the continued shortage of examining personnel only 3,347 of the operating credit unions were examined in 1947.

Federal credit unions submit statements of operation to the Corporation on June 30 and December 31 of each year. A summary of the December 31 statements is included in the Corporation's “ Report of Operations 

of Federal Credit Unions,” which is published annually.

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24 FEDERAL DEPOSIT INSURANCE CORPORATION

L e g a l D e v e l o p m e n t s

The 80th Congress, at the regular and special 1947 sessions, enacted 

relatively little legislation which directly affected the functions and 

administration of the Federal system of deposit insurance or the banking 

system in general. Legislative action was completed with respect to the 

long-discussed program for the retirement of the capital stock of the 

Federal Deposit Insurance Corporation.

Retirement of the Corporation’s capital stock. The Corporation’s 

continued recommendation that its outstanding capital stock be retired, 

and the subsidy to the banking system represented thereby be eliminated, 

received favorable consideration by the Congress.1 Public Law 363, 

approved August 5, 1947, the full text of which appears on page 77 of 

this report, authorizes repayment to the Treasury of the United States 

of the entire $289,299,556.99 paid in by the United States and the Federal 

Reserve banks in the form of capital subscription, subject to maintenance 

by the Corporation of a minimum combined capital and surplus of $1 

billion. The statute also increases the Corporation’s borrowing power from 

nearly $1 billion to $3 billion, eliminates the former provision regarding 

borrowing from the Reconstruction Finance Corporation, and directs 

the Secretary of the Treasury to make such loans to the Corporation, 

within the fixed maximum, as its Board of Directors may require for 

insurance purposes.

In the same Act Congress increased the compensation of each of 

the two appointive members of the Corporation’s Board of Directors to 

$15,000 per annum. This compensation is now the same as that of the 

Comptroller of the Currency, the ex officio member of the Board, and of 

the members of the Board of Governors of the Federal Reserve System.

War loan deposit accounts. The provisions of the Act of April 13, 

1943, excluded from the term “ deposit,” for the purpose of determining 

the base upon which insured banks pay assessments to the Corporation, 

all “ war-loan deposit accounts;” the exemption, by terms of the statute, 

being effective “ until six months after the cessation of hostilities in the 

present war as determined by proclamation of the President or concurrent resolution of the Congress.” A Presidential proclamation issued 

on December 31, 1946, fixed the cessation of hostilities as of noon of 

that date. Accordingly, the Board of Directors of the Corporation announced that the statutory exemption provided to war-loan deposit 

accounts would cease as of noon on June 30, 1947, and that such accounts 

must thereafter be included in totaling deposit liabilities for assessment 

purposes.

Reorganization of the Executive Branch. Public Law 162, approved 

July 7, 1947, created a bi-partisan commission, the Commission on

1 See the Annual Report of the Corporation for 1945* p. 8, and for 1946, pp. 11-12.

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LEGAL DEVELOPMENTS 25

Organization of the Executive Branch of the Government, to study and 

investigate the present organization and methods of operation of all 

units of the Executive branch of the Government. The Commission is 

instructed to report to the 81st Congress its findings and recommendations concerning changes which would accomplish economy, efficiency, 

and improved service in the transaction of the public business. The full 

text of this Act appears on pages 78-80 of this report.

Labor Management Relations Act, 1947. Public Law 101, which 

became effective on June 23, 1947, commonly referred to as the TaftHartley Act, applies to all banks other than the twelve Federal Reserve 

banks.

Extension of the Reconstruction Finance Corporation. By

Public Law 132, approved June 30, 1947, the Reconstruction Finance 

Corporation Act was rewritten and its life extended to June 30, 1948.

Government checks. Public Law 171, approved July 11, 1947, is 

designed to facilitate the negotiation of certain Government checks by 

extending to ten years, from a maximum of two years, the period of 

negotiability. The full text of this Act appears on pages 80-82 of this 

report.

Federal credit unions. By Executive Order of April 27, 1942, the 

Corporation was given temporary responsibility for supervision of the 

activities of all Federal credit unions which prior to that time had been 

under the jurisdiction of the Farm Credit Administration. The President’s 

plan to make permanent the transfer to the Federal Deposit Insurance 

Corporation of the administration and supervision of Federal credit 

unions, which had failed to become effective when proposed to the 

Congress in 1946,1 was again submitted to the Congress in the President’s 

Reorganization Plan No. 1 of 1947. Congress did not adopt a concurrent 

resolution disapproving the plan, and under the provisions of the Reorganization Act of 1945 the plan became effective July 1, 1947.

Interpretive ruling of Commissioner of Internal Revenue on

reserve method of accounting in the case of banks. On December 

8, 1947, the Commissioner of Internal Revenue issued a ruling approving 

the use by banks of a 20-year moving average experience factor for the 

determination of bad debt loss reserves which can be deducted from 

taxable income. Banks, along with other types of enterprise, have had 

for many years the option of adopting this method of accounting for 

Federal income tax purposes. However, few banks have used this method 

in the past, partly because not over five years’ experience was usually 

permitted in determining the loss factor. Also, without the interpretation 

and clarification afforded by the ruling, the complications and uncertainties involved in the method were regarded as prohibitive by the 

average bank.

1 See the Annual Report of the Corporation for 1946, p. 25.

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26 FEDERAL DEPOSIT INSURANCE CORPORATION

Encouragement of the accumulation of adequate reserves for losses 

on loans out of current earnings by all insured banks is exceedingly 

desirable. Therefore, representatives of the Corporation participated 

with a Committee of the American Bankers Association and with other 

banker groups in discussions of this method of accounting for losses on 

loans. These discussions eventually resulted in presentation of the problem 

to Internal Revenue officials and later, in issuance of the ruling. The 

full text of the ruling is reproduced on pages 82-84 of this report.

Regulations of the Corporation. During the year two minor changes 

were made in the regulations of the Corporation dealing with the forms 

prescribed by the Corporation for use of insured banks. The texts of 

these regulations, as amended and adopted, are given on page 84 of 

this report.

State legislation. Legislatures in all States convened in 1947. A 

summary of State banking legislation enacted during the year is given 

on pages 85-93 of this report.

During 1947, legislation permitting banks to close on Saturday throughout the year was enacted in fourteen States: Connecticut, Florida, 

Georgia, Maryland, Massachusetts, Missouri, New Hampshire, New 

Jersey, New York, Ohio, Pennsylvania, Rhode Island, Washington, and 

Wisconsin. Such legislation had previously been enacted in California, 

Delaware, and the District of Columbia. The authorization for such 

closing is limited in Delaware, Florida, and Georgia to certain counties. 

Saturday closing in Maine is limited to the months of June to September, 

inclusive.

All the laws are permissive in nature, although the New Jersey and 

Connecticut laws have mandatory features, in that they declare Saturday 

a legal holiday for purposes relating to the negotiable instrument law. 

The other States, in general, merely declare that Saturday will be a 

holiday for a bank which chooses to close on that day. Saturday is specified 

as the closing day except in Georgia, whose law permits closing on either 

Wednesday or Saturday, and in Missouri, where a bank may remain 

closed on any day of the week.

O r g a n iz a t io n a n d F in a n c ia l St a t e m e n t s of t h e C o r p o r a t io n

Directors. Mr. Maple T. Harl, who became Chairman of the Board 

of Directors of the Corporation in 1946, and Mr. Preston Delano, 

Comptroller of the Currency, served throughout the year as members 

of the Board of Directors. Mr. Henry Earl Cook was nominated by the 

President on March 7, 1947, as a member of the Board of Directors to 

fill the vacancy caused by the death of Mr. Phillips Lee Goldsborough 

in October, 1946. Mr. Cook’s appointment was confirmed by the Senate

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ORGANIZATION AND FINANCIAL STATEMENTS 27

on March 17 and he became a member of the Board of Directors on 

April 10, 1947, when he took the oath of office.

Staff and organization. On December 31, 1947, the personnel of 

the Corporation consisted of 1,160 officers and employees as compared 

with 1,181 at the beginning of the year. The number of officers and employees of each Division of the Corporation as of December 31, 1947, 

is given in Table 9.

T a b le 9 . O f f i c e r s a n d E m p lo y e 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 , D e c e m b e r 31, 1947

Division and office Total

Officers and 

administrative, supervisory, and 

technical 

employees

Clerical, 

stenographic, 

and custodial 

employees

T otal.......................................................................................... 1,160 760 400

Washington office................................................................ 360 170 190

Field offices.......................................................................... 800 590 210

Directors............................................................................... 3 3

Executive Division.............................................................. 28 19 9

Legal Division........................................................................ 25 15 10

Division of Examination....................................................... 718 543 175

Washington office.............................................................. 51 SO 21

District and field................................................................. 667 513 15k

Division of Liquidation......................................................... 167 92 75

Washington office................................................................ U5 26 19

District and field................................................................. 122 66 56

Division of Research and Statistics..................................... 52 25 27

Washington office................................................................ 51 U 27

Field office........................................................................... 1 1

Personnel Division................................................................. 24 11 13

Fiscal and Accounting Division........................................... 40 18 22

Service Division..................................................................... 78 12 66

Audit Division........................................................................ 25 22 3

Washington office................................................................ 15 12 3

Field office........................................................................... 10 10

The largest change in personnel by Divisions occurred in the Divisions 

of Liquidation and Examination. Other Divisions of the Corporation 

together had a net decrease in personnel of 4 during the year. Personnel 

in the Division of Liquidation was reduced from 214 at the beginning 

of the year to 167 at the close. This was due largely to a decrease in the 

volume of assets to be liquidated. Personnel in the Division of Examination increased from 647 at the beginning of the year to 718 at the close, 

with most of the increase occurring in the rank of assistant examiner. 

The increase was necessary to restore the examining staff which had 

been depleted by wartime reduction, and to handle examination of the 

increased volume of bank assets, with rapidly expanding loan portfolios, 

and an increase in the number of new bank and branch applications.

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Federal Reserve Bank of St. Louis
28 FEDERAL DEPOSIT INSURANCE CORPORATION

Subsequent to a nationwide competitive Civil Service examination, 

85 additional assistant examiners were appointed and 151 War Service 

and Temporary assistant examiners were given permanent status. The 

increase in the number of assistant examiners was offset in part by the 

loss of 45 experienced examiners or assistant examiners through resignations or separations for various reasons.

However, the competitive examination did not result in bringing the 

examining force up to normal strength. In relation to the large number 

of notices mailed only a small number of applications were filed. Many 

of those who applied were ineligible, and only a small percentage of 

eligible applicants were able to qualify. The appointments made did not 

fill the immediate needs, and consequently no pool remained from which 

to fill vacancies resulting from normal turnover.

Income and expenses. A summary statement of the income and 

expenses of the Corporation for each year since its organization is given in 

Table 10. A detailed statement for the year 1947 is given in Table 11.

Table 10. In co 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 S in ce B e g in n in g O p e r a tio n s 1

(In millions of dollars)

Year

Income Expenses

Net 

income 

added to 

Total surplus

Deposit

insurance

assessments2

Investment 

and other 

income

Total

Deposit 

insurance 

losses and 

expenses3

Administrative

expenses4

1933-1947.............. $1,001.9 $785.1 $216.8 $78.4 $26.8 $51.6 $923.5

1947................... 157.7 114.4 43.3 5.7 .2 5.5 152.0

1946................... 130.9 107.1 23.8 4.6 .1 4.5 126.3

1945................... 121.2 93.7 27.5 4.0 .1 3.9 117.2

1944................... 99.5 80.9 18.6 3.9 .1 3.8 95.6

1943................... 86.7 70.0 16.7 4.5 .2 4.3 82.2

1942................... 69.4 56.5 12.9 4.4 .5 3.9 65.0

1941................... 62.0 51.4 10.6 4.4 .7 3.7 57.6

1940................... 55.9 46.2 9.7 8.5 4.9 3.6 47.4

1939................... 51.2 40.7 10.5 11.7 8.3 3.4 39.5

1938................... 47.8 38.3 9.5 5.5 2.5 3.0 42.3

1937................... 48.1 38.8 9.3 6.2 3.5 2.7 41.9

1936................... 43.8 35.6 8.2 5.1 2.6 2.5 38.7

1935................... 20.7 11.5 9.2 5.5 2.8 2.7 15.2

1933-345............. 7.0 7.0 4.4 .3 4.16 2.6

1 Figures 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 estimates 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 Corporation from assessments for the term of the temporary insurance funds.

3 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 13.

4 Includes furniture, fixtures, and equipment purchased and charged off.

5 Includes expenses from date of organization, September 11, 1933, to December 31, 1934.

6 After deducting portion of expenses and losses charged to banks withdrawing from the temporary 

funds on June 30, 1934.

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ORGANIZATION AND FINANCIAL STATEMENTS 29

The total income of the Corporation in 1947 was $157.8 million. Of 

this amount, $114.4 million represented assessments; and $43.4 million 

net profit and interest on investments, interest on loans and subrogated 

claims, and other income.

Total losses and expenses for the year amounted to $5.7 million, of 

which $0.2 million were insurance losses and expenses, and $5.5 million 

administrative expenses and other charges.

The surplus of the Corporation was increased by $154.3 million during 

the year, reflecting income of $152.1 million in excess of expenses and 

losses, and adjustments to surplus applicable to prior periods in the 

amount of $2.2 million.

T a b le 1 1. I n c o m e a n d E x p e n s e s of 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 e r Y e a r 1947

Income or expense item Amount

Incom e:

Deposit insurance assessments...................................................................................

Interest earned (less provision for amortization of premiums) and profit on sales

of government obligations.......................................................................................

Other income................................................................................................................

Total incom e..........................................................................................

Expenses:

Deposit insurance losses and expenses......................................................................

Administrative expenses.............................................................................................

Furniture, fixtures and equipment purchased and charged off.. ...........................

Total expenses.......................................................................................

Net incom e added to surplus............................................................

Surplus:

As previously reported for December 31, 1946........................................................

Plus—Net adjustments applicable to periods prior to January 1, 1947................

Surplus December 31, 1946, as adjusted.........................................

Surplus December 31, 1947.................................................................

DISTRIBUTION OF ADMINISTRATIVE EXPENSES

Salaries.............................................................................................................................

Professional services........................................................................................................

Services of other governmental agencies.......................................................................

Transportation (travel)...................................................................................................

Subsistence.......................................................................................................................

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...................................................................................................................

Less:

Inter-departmental expense transfers........................................................................

Fees for services rendered...........................................................................................

Other income................................................................................................................

$114,429,286.31

42,881,775.04

454,874.27

157,765,935.62

167,192.07

5,472,330.97

45,762.50

5,685,285.54

152,080,650.08

769,185,439.24

2,219,416.73

771,404,855.97

$923,485,506.05

3,947,455.84

42,212.35

141.56

160,588.42

511,880.20

380,484.24

131,165.48

74,037.22

2,971.20

14,248.43

16,940.87

112,743.14

84,927.60

28,889.47

5,508,686.02

23,844.75

11,700.00

810.30

36,355.05

Administrative expenses for the year ended December 31, 1947 $ 5,472,330.97

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30 FEDERAL DEPOSIT INSURANCE CORPORATION

Assets and liabilities. On December 31, 1947, the remainder of the 

assets acquired by the Corporation through bank suspensions and 

mergers, which had cost $19 million, were carried on the books of the 

Corporation at a net or appraised value of $4 million. The Corporation 

has disbursed during its fourteen years $308 million in the acquisition 

of these assets including expenses incident thereto, and has recovered 

$278 million. It is estimated that additional recovery will amount to $4 

million, and that the total losses will amount to $26 million.

United States Government obligations owned by the Corporation at 

the close of 1947, valued at amortized cost and accrued interest receivable 

thereon, amounted to $1,022.5 million. Cash amounted to $4.6 million 

and other assets to $0.1 million.

On December 31, 1947, total capital of the Corporation including 

accumulated surplus amounted to $1,006.1 million. This comprised 

$923.5 million accumulated surplus, and an outstanding balance of 

$82.6 million of the original capital of the Corporation, all of which was 

held by the United States Treasury. Pursuant to Public Law 363, 80th 

Congress, the Corporation in 1947 repaid the $139.3 of capital stock 

subscribed by the Federal Reserve banks and $47.4 million of that 

subscribed by the United States Treasury, and made provision for 

repayment of an additional $20 million of the stock held by the Treasury.

A summary of the assets and liabilities of the Corporation at the 

close of each year since its organization is given in Table 12. A more 

detailed statement of assets and liabilities at the beginning and end of 

1947 is given in Table 13.

T a b le 1 2. A s s e ts a n d L ia b ilit ie 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 , 1934-1947

(In millions of dollars)

Dec. 31 Cash

u. s.

Government obligations

Insurance

assets

Other

assets

Total 

assets 

or liabilities

Liabilities

Capital

and

surplus

Total 

deposits in 

insured 

banks

Ratio— 

FDIC 

capital and 

surplus to 

deposits in 

insured 

banks

1947.... $ 4.6 $1,022.5 $ 3.6 $.1 $1,030.7 $24.7 $1,006.1 $154,095.6 .65%

1946.... 7.3 1,047.7 5.6 .1 1,060.7 2.2 1,058.5 148,457.0 .71

1945.... 15.7 900.0 15.1 .3 931.1 1.9 929.2 158,174.1 .59

1944.... 17.8 762.0 26.1 .3 806.2 1.9 804.3 134,662.1 .60

1943.... 20.0 638.8 46.2 .5 705.5 2.4 703.1 111,649.8 .63

1942.... 19.4 536.8 62.0 .5 618.7 1.8 616.9 89,868.7 .69

1941.... 20.0 453.9 81.7 .1 555.7 2.2 553.5 71,209.3 .78

1940.... 20.4 384.5 92.2 .1 497.2 1.2 496.0 65,287.4 .76

1939___ 28.3 363.5 64.2 .1 456.1 3.4 452.7 57,485.8 .79

1938.... 22.2 372.8 26.5 .1 421.6 1.1 420.5 50,790.2 .83

1937.... 20.6 348.5 16.1 .1 385.3 2.2 383.1 48,227.8 .79

1936.... 9.1 332.6 11.4 .1 353.2 9.8 343.4 50,280.9 .68

1935.... 33.5 298.2 5.4 .1 337.2 31.2 306.0 45,125.1 .68

1934.... 16.0 316.7 .5 .1 333.3 41.6 291.7 40,059.9 .73

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ORGANIZATION AND FINANCIAL STATEMENTS 31

Table 13. A s s e ts a n d L ia b ilit ie 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 , D e c e m b e r 31, 1947, a n d D e c e m b e r 31, 1946

Asset, liability, or capital item Dec. 31, 1947 Dec. 31, 1946

ASSETS

Assets acquired through bank suspensions and mergers:

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 paidcon tra ....................................................................................

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...

$ 7,173,569.38

79,560.02

4,452,200.66

6,959,368.43

411,282.34

9,144,440.20

84,766.59

6,664,819.55

8,261,221.79

387,846.12

Total at face value.

Less: Reserve for losses...............

19,075,980.83

15,497,234.21

24,543,094.25

18,991,520.60

Total at book value.

Cash on hand and on deposit...................................................

United States Government obligations (cost less reserve for 

amortization of premiums) and accrued interest receivable

Due from Governmental agencies...........................................

Miscellaneous receivables..........................................................

Furniture, fixtures and equipment.........................................

Deferred charges...........................................................................

Total assets.............................................................

13,578,746.62

4,588,948.84

1,022,456,486.94

23,881.78

19,773.28

1.00

74,297.49

5,551,573.65

7,337,224.71

1,047,720,660.50

32,728.86

22,818.52

1.00

73,996.38

$1,030,742,135.95 $1,060,739,003.62

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........................................

Deferred credits............................................................................

Reserve for deposit insurance expenses.

Total liabilities.....................

20,000,000.00

700,831.23

494,175.15

79,560.02

3,354,786.54

22,970.38

349,436.50

722,288.95

84,766.59

1,050,931.67

46,583.68

$ 24,652,323.32 2,254,007.39

Capital stock:

United States...............

Federal Reserve banks.

CAPITAL

$ 102,604,306.58 $ 150,000,000.00 

139,299,556.99

Less provision for retirement pursuant to Public Law 363- 

80th Congress (see current liabilities) ...................................

102,604,306.58

20,000,000.00

289,299,556.99

Net capital stock....................

Surplus— (see Table 11).................................

Total capital............................

Total liabilities and capital.

282,604,306.58

923,485,506.05

289,299,556.99

769,185,439.24

1,006,089,812.63 1,058,484,996.23

$1,030,742,135.95 $1,060,739,003.62

* Assets acquired through bank suspensions and mergers:

Disbursements (including principal and recoverable liquidation expense).. 

Recoveries..........................................................................................................

Remaining assets.............................................

Less: Losses incurred and reserve for losses.

Net book value, December 31, 1947. 

*See page 32.

$307,652,646.41

278,076,790.67

29,575,855.74

25,997,109.12

$ 3,578,746.62

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32 FEDERAL DEPOSIT INSURANCE CORPORATION

Audit. The report on audit of the Corporation for the year ended 

June 30, 1946, made under the direction of the Comptroller General, 

was transmitted by the Comptroller General to Congress on January 29,

1948, and printed as House Document No. 514, 80th Congress, 2nd 

Session. Income and asset and liability statements of the Corporation 

from this audit are given in the Annual Report of the Corporation for

1946, pp. 37-40.

The audit of the Corporation for the year ended June 30, 1947, was 

also made under the direction of the Comptroller General. The asset and 

liability statement, and the income statement, from this audit have been 

furnished to the Corporation by the Comptroller General and are given 

in Table 14. The auditors’ opinion is shown on the next page.

Footnotes to Table 13, continued:

2 Capital stock:

Originally issued:

United States.............................................................. $150,000,000.00

Federal Reserve banks. . ........................................... 139,299,556.99 $289,299,556.99

Retired by payments to December 31, 1947:

United States.................................................................. $ 47,395,693.42

Federal Reserve banks................................................... 139,299,556.99 186,695,250.41

Held by United States Treasury, December 31, 1947....................... 102,604,306.58

Provision for retirement, December 31, 1947..................................................... 20,000,000.00

Net capital stock, December 31, 1947................................................ $ 82,604,306.58

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ORGANIZATION AND FINANCIAL STATEMENTS 33

G e n e r a l A cco u n tin g O ffice

WASHINGTON 25

CORPORATION au d it s d iv isio n

January 30, 1948

a u d it o r s ’ o pin io n

We have examined the balance sheet of 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 

as of June 30, 1947, and the statement of income for the year ended that date. In 

connection therewith, we have reviewed the system of internal control and the accounting procedures of the Corporation and, without making a detailed audit of

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. This examination wras made

pursuant to the requirements of the Government Corporation Control Act (59 Stat.

597) effective July 1, 1946, a full report of which is being submitted to the Comptroller

General of the United States.

We did not inspect the collateral under loans to merged insured banks or the documents evidencing ownership of assets purchased from merged insured banks or insured

banks in receivership, which collateral and assets for the most part are held by liquidating agents of the Corporation at various locations throughout the country, but

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 as of June 30, 1947, and the statement of income for the year ended on that date fairly present the financial position

of Federal Deposit Insurance Corporation at June 30, 1947, and the results of its

operations for the year ended on that date, in conformity with generally accepted

accounting principles applied on a basis consistent with that of the preceding year.

(Signed)

S te p h e n B. I v e s 

Director

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34 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 14. A s s e t a n d L ia b ilit y a n d In com e 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 I n s u r a n c e C o r p o r a t io n — fr 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, 1947

ASSETS

June 30, 1947

Cash:

On deposit with the Treasurer of the United States.......................

On hand, in transit, and on deposit with banks..............................

U. S. Government securities owned—at cost less amortization 

(face value, $1,122,308,100, and market value, $1,148,500,131) 

Accrued interest receivable thereon..................................................

Assets acquired through mergers 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 subrogated

when paid—contra..........................................................................

Equity in collateral assets and liquidation expenses incurred

through loans to merged banks, less collections (note 2 )............

Assets purchased and liquidation expenses incurred under agreements with merged banks, less collections (note 2 ).....................

Assets purchased outright—cost, less collections (note 2 ).............

Less—Reserve for losses and expenses..............................................

Remainder, net book value of assets acquired through mergers 

and receiverships of insured banks................................................

Miscellaneous receivables and deferred charges:

Receivables from other Government agencies..................................

Other.......................................... .........................................................

Furniture, fixtures, and equipment, at nominal value................

$ . 7,635,365 

561,483

1,122,606,137

2,317,346

7,975,523

80,804

4,647,561

7,070,305

416,433

20,190,626

16,546,988

10,811

104,598

8,196,848

1,124,923,483

3,643,638

115,409

1

$1,136,879,379

LIABILITIES

June 30, 1947

Accounts payable and accrued expenses (note 3 )......................... $ 370,928

Earnest money, escrow funds, and collections held for others.. 551,978

Depositors’ net balances in insured banks in receivership, 

pending settlement—contra..................................................... 80,804

Deferred credits (interest on loans, and allowable returns on purchased assets—note 2 ).................................................................... 2,189,288

Investment of U. S. Government and Government agencies,

represented by nonvoting capital stock without par value 

(note 4):

U. S. Treasury..................................................................................... $ 150,000,000

Federal Reserve banks........................................................................ 139,299,557 289,299,557

Deposit insurance reserve:

Deposit insurance reserve for future losses and related expenses 

(notes 4, 6, and 8)........................................................................... 845,345,659

Federal credit union deficit representing deposit insurance funds 

applied to credit union activities (note 5)..................................... 958,835

Remainder of deposit insurance reserve available for future losses 

and related expenses........................................................................ 844,386,824

$1,136,879,379

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ORGANIZATION AND FINANCIAL STATEMENTS 35

Table 14. A s s e t a n d L i a b ilit y a n d In co m e 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 I n s u r a n c e C o r p o r a t io n — fr 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, 1947— Continued

INCOME

Deposit insurance and investment activities:

Deposit insurance assessments...........................................................

Income from investments:

Interest earned on U. S. Government securities, less amortization of premiums and discounts.................................................

Profit on sale of U. S. Government securities..............................

Income from bank mergers and receiverships:

Interest and allowable return (note 2 )..........................................

Profit on sale of assets purchased outright...................................

Net income from assets purchased outright.................................

Receivership fees.............................................................................

Deduct—Provision for losses on assets acquired..........................

Total income............................................................................................

Operating expenses..................................................................................

Net operating income from deposit insurance and investment

activities...........................................................................................

Add—Net reduction of reserves for losses and expenses provided in 

prior years in excess of currently estimated requirements..........

Net increase in deposit insurance reserve for the year........................

Balance of deposit insurance reserve at beginning of year.................

Balance of deposit insurance reserve at end of year............................

Credit Union activities:

Income from fees.................................................................................

Operating expenses..............................................................................

Net loss from Federal credit union activities for the year..............

Deficit at beginning of the year.........................................................

Deficit at end of year..........................................................................

Fiscal year ended 

June 30, 1947

$24,837,647

6,155,745

181,634

92,980

13,343

8,215

296,172

90,054

$ 111,688,194

30,993,392

206,118

142,887,704

4,589,414

138,298,290

2,931,489

141,229,779

704,115,880

$845,345,659

$ 210,372 

497,878

287,506

671,329

$ 958,835

NOTES:

1. The Corporation properly does not reflect in its balance sheet the assets of closed insured banks 

wherein it acts as receiver. Those assets remaining and unliquidated at June 30, 1947, aggregated 

$1,862,932 on the records maintained by the Corporation as receiver. The recovery value was estimated 

to be $179,593 which, when collected, will be applied against the unpaid creditors’ claims of $1,764,206, 

including depositors’ claims subrogated to or pending settlement with the Corporation in the amount 

of $1,672,511.

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 expended 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 recovered 

the principal and any subsequent amounts expended, plus interest thereon. Any excess recoveries and 

residual assets are returned to the stockholders of the closed bank.

Assets purchased from merged insured banks are evidenced by 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 and allowable 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 terminated. For those cases not yet 

terminated in which the Corporation has recovered in full its investment, the additional recoveries 

representing interest and allowable return amounting to $2,175,725 as of June 30, 1947, are included 

in deferred credits.

Assets purchased outright represent transfers of the remaining slow-moving or worthless assets 

from assets purchased under agreement or purchases of similar assets from loan or receivership cases.

3. The liability of the Corporation in connection with accrued annual leave of employees as of 

June 30, 1947, estimated by the Corporation to be approximately $879,610, is not reflected in the balance sheet.

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36 FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 1 4 . A sse t a n d L i a b il it y a n d I n c o m e St a t e m e n t s of t h e F e d e r a l

D e p o sit I n s u r a n c e C o r p o r a tio n— fr o m A u d it o r s’ R e p o r t

fo r Y e a r E n d e d Ju n e 30, 1947— Continued

NOTES: continued

4. Public Law 363, Eightieth Congress, approved August 5, 1947, 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 

Secretary 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.”

In conformance therewith, the Corporation paid to the Secretary of the Treasury on September 8, 

1947, the sum of $146,695,250 ($139,299,557 to retire all of the outstanding stock in the name of the 

Federal Reserve banks and $7,395,693 to retire a portion of the outstanding stock in the name of the 

Secretary of the Treasury).

It is expected that all of the capital stock of the Corporation will be retired by August 1948.

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 to June 30, 1947, of 

$958,835, including $287,506 for the fiscal year 1947, which has been charged to the deposit insurance 

reserve. To date, the Corporation has not requested an appropriation from the Congress to cover these 

losses.

6. Under t,he 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 aggregating $974,600,000 at June 30, 1947. This borrowing power is canceled under the provisions of Public 

Law 363, Eightieth Congress, approved August 5, 1947, 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 Corporation are required from time to time for insurance purposes, not exceeding, in the aggregate, $3,000,000,000 outstanding at any one time. The 

Corporation has never used the borrowing power granted to it by the Congress.

7. The Corporation estimates that the insured deposits in operating insured banks amounted to 

approximately $73,000,000,000 at June 30, 1947.

8. In the foregoing balance sheet, the surplus of the Corporation as at June 30, 1947, is reflected 

as “ Deposit insurance reserve.”

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Federal Reserve Bank of St. Louis
PART TWO

BANKING DEVELOPMENTS

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Federal Reserve Bank of St. Louis
Banks and Branches

The annual changes in the number of banks and branches during the 

war and postwar years have not been great. Still, it may be noted that 

the number of insured banks has grown slowly but consistently since 

1942, while the number of noninsured banks has declined in each year 

since the beginning of Federal deposit insurance.

On December 31, 1947, the 13,597 insured commercial and mutual 

savings banks represented 92 percent of the number of all banks in the 

United States and possessions. The proportion of all bank deposits in 

insured banks was even greater, amounting to 95 percent.

In seven States and the District of Columbia deposits of all of the 

banks are insured by the Federal Deposit Insurance Corporation, and in 

thirty-two States the proportion of insured banks isHbetween 90 and 100 

percent. States in which less than 90 percent of the banks are insured 

include: most of the New England States where a large number of mutual 

savings banks have remained outside the Federal insurance system; 

South Carolina, in which a number of cash depositories, the investments 

of which are limited in character, are operating; Georgia, which has the 

largest number of private banks of any State; and Kansas and Nebraska. 

The proportion of insured banks in each State is shown in Chart C.

c h a r t c

INSURED BANKS AS A PERCENTAGE OF A LL BANKS

D E C E M B E R 31, 1947

UNITED STATES AVERAGE 92

39

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40 FEDERAL DEPOSIT INSURANCE CORPORATION

Changes in the number of banks and branches. The yearly 

decreases in the number of banks during the prewar and war periods 

were succeeded by net increases in 1945, 1946, and 1947. Unlike the 

rapid growth in the number of establishments in many other kinds of 

businesses, however, the growth in the number of banks during the 

exceptionally prosperous postwar years has been small. The net increase 

of all banks amounted to 16 in 1947, 34 in 1946, and 15 in 1945. The 

efforts of the State and national supervisory agencies to secure adequate 

management and capitalization of new banks in order to prevent recurrence of the pattern of speculative over-banking in many communities 

such as took place in the early part of this century have served to check 

the expansion in the number of banks. In addition, the returns from the 

establishment of new banks have appeared to be less attractive than the 

prospective returns from many other types of enterprises.

In 1947 as in recent years the admission of operating banks to insurance 

was the primary factor contributing to the net growth in the number 

of insured banks. During 1947, as shown in Table 15, there was a net 

increase of 47 in the number of insured banks; the net shift of noninsured 

to insured banks accounted for 31 and the number of insured banks 

beginning operations exceeded those ceasing operations by 16. During 

the 6-year period from the end of 1941 to the end of 1947 the net shift 

of noninsured to insured banks totaled 279. Consequently, the number 

of insured banks increased over the period even though the total number 

of banks decreased.

Table 15. C h a n g e s in N u m b e r of I n s u r e d a n d N o n in s u r e d B a n k s

a n d B r a n c h e s in t h e U n it e d S t a t e s a n d P o sse ssio n s

1947 a n d t h e P e r io d 1942-1947

Type of change

During 1947 During 1942-1947

Total Insured ' Noninsured Total Insured Noninsured

All banking offices

Net change......................................... 205 224 -19 415 786 -371

Offices opened.................................. 333 307 26 1,645 1,522 123

Offices closed.................................... 128 114 14 1,230 1,082 148

Changes in classification—net........ 31 -31 346 -346

Banks

Net change......................................... 16 47 -31 -225 115 -340

Banks beginning operations........... 113 99 14 521 446 75

Banks ceasing operations................ 97 83 14 746 610 136

Changes in classification—net........ 31 -31 279 -279

Branches

Net change......................................... 189 177 12 640 671 -31

Branches opened for business........ 220 208 12 1,124 1,076 48

Facilities provided as agents of

the government........................... 2 2 386 38U 2

Other branches opened.................. 218 206 12 738 692 46

Branches discontinued .................. 31 31 484 472 12

Facilities provided as agents of

the government........................... 9 9 307 305 2

Other branches discontinued .. 22 22 177 167 10

Changes in classification—net........ 67 -67

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BANKS AND BRANCHES 41

Although the number of banks has declined since the beginning of 

the war, the number of branches has increased. In 1947 the net increase in 

branches was 189, representing 30 percent of the net increase of 640 

from the end of 1941 to the end of 1947. During the war much of the 

growth in the number of branches was in facilities provided as agents 

of the United States Government. By 1947, however, most of these 

facilities had been closed.

A s se t s a n d D epo sit s

The dominant banking development in 1947, as in 1946, was the rapid 

expansion of bank loans to business and individuals, particularly during 

the second half of the year. The demand for credit continued to be 

strong. Business borrowed from banks to expand and improve plant 

and equipment, to build up inventories, and to meet the other financial 

requirements of increased business activity. The use of bank credit by 

individuals to buy homes and other consumer goods continued to rise. 

State and local governments floated bond issues for veterans’ bonuses 

and for deferred improvements of roads and school systems. Although 

widely expected following the end of the war, a general business recession 

failed to appear. On the contrary, further price inflation rather than 

deflation has characterized developments thus far during the postwar 

period, and in most of the major segments of the economy the supply 

of goods has not met the effective demand.

Assets and deposits of all banks. Total assets of all commercial 

and mutual savings banks rose $7 billion in 1947 and amounted to $176 

billion at the year end. This total was $2 billion less than the peak reached 

on December 31, 1945. As shown in Chart D, however, bank assets in 

most States were higher at the close of 1947 than in 1945. During this 

period the decline in bank assets in New York and a few other States 

exceeded the increases in the rest of the country.

The differences in the expansion or contraction of bank assets by 

States since the war indicate the combined impact of Federal fiscal policy 

and of relative changes among the States in the value of the output of 

goods and services. Thus, bank assets at the close of 1947 were 8 percent 

below the 1945 peak in New York State where the contractive effects 

of the debt retirement program were most marked. At the other extreme, 

the largest relative increase in bank assets during the first two postwar 

years occurred in the Dakotas. There, agricultural prosperity was exceptional as a result of a combination of bumper production and relatively 

high prices for the major products of the area.

One of the major effects of the postwar credit expansion was to contribute further to the inflationary pressure generated by the rapid growth 

in the money supply during the war. Business and personal deposits

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42 FEDERAL DEPOSIT INSURANCE CORPORATION

rose 5 percent during 1947. This was a less rapid rate for the year as a 

whole than for 1946 when these deposits rose 10 percent. In the first 

part of 1947 business and personal deposits receded as tax payments were 

not entirely returned to the income stream through Government expenditures for goods and services but were partially extinguished through 

retirement of Federal debt held by the banking system. In the latter 

part of the year, however, these deposits expanded again, largely as a 

result of the expansion of loans.

CHART D

PERCENTAGE CHANGE IN TOTAL ASSETS OF ALL BANKS

DECEMBER 31, 1945 TO DECEMBER 31, 1947

UNITED STATES AVERAGE -1%

Total deposits in all banks were 4 percent higher on December 31, 

1947, than at the end of the preceding year, since the rise in business 

and personal deposits during the latter part of the year exceeded the 

reduction in United States Government deposits in the first part of the 

year. In 1946, when the reduction in deposits of the United States Government was much greater than in 1947, total deposits in all banks declined 

by 6 percent. United States Government deposits dropped from 15 

percent of total deposits at the close of 1945 to 1 percent at the end of 

1947.

The volume of the principal assets and liabilities of all banks at the 

close of 1945, 1946, and 1947 is given in Table 16.

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ASSETS AND DEPOSITS 43

Table 16. A sse ts a n d L ia b il it ie s o f A l l B a n k s in t h e U n it e d St a t e s

a n d P o sse ssio n s, D e c e m b e r 31, 1947, 1946, a n d 1945

(Amounts in millions of dollars)

Asset, liability, or capital Dec. 31, Dec. 31, Dec. 31,

Percentage change 

during—

account item 1947 1946 1945

1947 1946

Total assets................................................. $176,007 $169,256 $178,203 4.0% -5.0%

Cash and funds due from banks............. 38,559 35,185 35,585 9.6 -1.1

United States Government obligations.. 

Obligations of States and political sub81,623 87,032 101,822 -6.2 -14.5

divisions ................................................. 5,362 4,471 4,064 19.9 10.0

Other securities......................................... 5,398 5,046 4,531 7.0 11.4

Loans, discounts, and overdrafts............ 43,229 35,810 30,473 20.7 17.5

Miscellaneous assets................................. 1,836 1,712 1,728 7.2 -0.9

Total liabilities and capital accounts.. 176,007 169,256 178,203 4.0 -5.0

Total deposits......................................... 162,713 156,753 166,474 3.8 -5.8

Business and personal—total............... 140,341 133,956 121,776 4.8 10.0

Demand............................................... 85,302 81,276 73,876 5.0 10.0

Time.................................................... 52,If38 50,28k 1+5,285 U.3 11.0

Certified checks, etc............................. 2,601 2,396 2,615 8.6 -8.U

United States Government.................. 1,534 3,164 24,770 -51.5 -87.2

States and political subdivisions.......... 7,788 6,895 5,786 13.0 19.2

Interbank (including postal savings). . 13,050 12,738 14,142 2.4 -9.9

Miscellaneous liabilities............................ 1,298 1,158 1,203 12.1 -3.7

Total capital accounts.............................. 11,996 11,345 10,526 5.7 7.8

Number of banks included........................... 14,755 14,655 14,621 0.7 0.2

Types of assets of commercial banks. Total assets of commercial 

banks rose to $156 billion at the end of 1947 after declining moderately 

in the first half of the year. These movements were closely related to 

the changes which occurred in the reserve position of the banks. Changes 

in the amount of reserves available in 1947 were affected primarily by 

gold inflows and changes in the amount of United States Government 

obligations held by the Federal Reserve banks. In the first part of 1947 

member bank reserves declined as cash retirements of the Federal debt 

held by the Federal Reserve banks exceeded the gold inflow. However, 

in the last half of the year reserves increased materially as the retirement 

of debt held by the Federal Reserve banks failed to offset Reserve bank 

purchases of United States Government obligations and the further 

inflow of gold.

The expansion of bank loans to business and individuals and the 

reduction in Federal debt held by the banking system reversed the 

wartime trend in the distribution of assets. United States Government 

securities declined from 57 percent to 45 percent of total assets of commercial banks between December 31, 1945, and December 31, 1947, 

while the proportion of loans increased from one-sixth to nearly onefourth. The distribution of assets and liabilities of all commercial banks 

is given in Table 17.

A special study of the loans of insured commercial banks, 1934-1947, 

is presented in Part Three of this report.

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44 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 17. A sse ts a n d L ia b il it ie s of A l l C o m m e r c ia l B a n k s in th e

U n it e d St a t e s a n d P o ss e s s io n s, D e c e m b e r 31, 1947, J u n e 30, 1947,

D e c e m b e r 31, 1946 a n d 1945

(Amounts in millions of dollars)

Asset, liability, or 

capital account item

Dec. 31, 

1947

June 30, Dec. 31, Dec. 31,

Percentage

distribution

1947 1946 1945 Dec. 31, 

1947

Dec. 31, 

1945

Total assets............................ $156,293 $147,887 $150,552 $161,182 100.0% 100.0%

Cash and funds due from

banks................................. 37,673 32,878 34,366 34,975 24.1 21.7

United States Government

obligations........................ 69,645 70,976 75,253 91,149 44.6 56.5

Obligations of States and

political subdivisions....... 5,297 4,976 4,411 3,974 3.4 2.5

Other securities.................... 3,745 3,595 3,707 3,366 2.4 2.1

Loans, discounts, and overdrafts. . .............................. 38,284 33,893 31,283 26,193 24.5 16.3

Miscellaneous assets............ 1,649 1,569 1,532 1,525 1.0 0.9

Total liabilities and capital

accoun ts.......................... 156,293 147,887 150,552 161,182 100.0 100.0

Total deposits.................... 144,950 136,749 139,883 151,089 92.7 93.7

Business and personal—

total........................... 122,584 116,038 117,092 106,397 78.4 66.0

Demand............................... 85,291

3U,69U

79,5Jf.O 81,265 73,867 5U-6 U5.8

Time..................................... SU,351 33,^32 29,917 22.2 18.6

Certified checks, etc......... 2,599 2,1U7 2,395

3,161

2,613 1.6 1.6

United States Government 1,531 1,420 24,767 1.0 15.4

States and political subdivisions ........................ 7,786 7,518 6,893 5,784 5.0 3.6

Interbank (including postal savings)..................... 13,049 11,773 12,737 14,141 8.3 8.7

Miscellaneous liabilities. . . . 1,236 1,209 1,108 1,160 0.8 0.7

Total capital accounts......... 10,107 9,929 9,561 8,933 6.5 5.6

Number of banks included.... 14,222 14,222 14,114i 14,0793

1 Noninsured nondeposit trust companies are not included.

In view of the increasing proportion of loans, many of which have been 

made in a period of high prices and expanding business activity, the 

probability of higher rates of losses in the future has increased. However, 

the risk incurred was diminished to the extent that loans were protected 

by Government guarantee or insurance.

At the end of 1947 approximately $5 billion, or 13 percent, of the 

amount of loans outstanding at commercial banks were covered by 

Federal Government guarantee or insurance provisions which protected 

the bank from loss either in whole or in part. Since most of the Government guarantee or insurance was applied to real estate loans, regarded 

as one of the more hazardous types, the importance of this protection 

to banks is probably more than the overall figures would indicate. Table 

18 shows the amount of commercial bank loans outstanding and insured 

or guaranteed by agencies of the United States Government, together 

with the guaranteed portion on December 31, 1947.

Commercial bank portfolios of United States Government securities 

declined from $75 billion at the beginning of 1947 to $70 billion at the

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ASSETS AND DEPOSITS 45

close of the year. Most of this decrease occurred as a result of retirements 

of short-term obligations by the Treasury in the first half of the year. In 

the second half of 1947 commercial bank holdings of Treasury bills and 

notes increased as interest rates on these short-term instruments advanced, 

and the rate of debt retirement moderated. The amount of certificates 

of indebtedness was reduced, however. Following declines in the market 

prices for United States Government bonds below previous support 

levels, holdings of bonds were also reduced at the close of the year.

Table 18. 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 or I n s u r e d b y A g e n c ie s

of t h e U n it e d St a t e s G o v e r n m e n t , D e c e m b e r 31, 1947

(Amounts in millions of dollars)

Type of loan and guarantor agency

Total guaranteed 

in whole or in 

part

Guaranteed

portion

All types.............................................................................. $5,143i $3,477i

Real estate—total............................................................. 3,898 2,733

Federal Housing Administration.................................... 1,801 1,786

Veterans Administration................................................. 2,097 947

Business loans—total...................................................... 788 573

Veterans Administration................................................. 183 71

Reconstruction Finance Corporation............................. 409 307

Export-Import Bank........................................................ 187 187

War Agencies, Regulation V ........................................... 2 2

Federal Reserve 13B........................................................ 7 6

Farm loans—total............................................................. 87 76

Veterans Administration................................................. 21 10

Commodity Credit Corporation..................................... 66 66

Consumer loans—total................................................... 370i 95i

Federal Housing Administration.................................... 370i 951

1 Includes a small amount of Title I loans made by mutual savings banks not available separately. 

N o t e : Based on records of guarantor agencies. Volume of commercial bank loans guaranteed by 

Veterans Administration estimated upon the basis of a sample survey.

The distribution of particular types of United States Government 

obligations in portfolios of insured commercial banks has changed considerably since the end of the war, primarily due to the impact of the 

debt retirement program.1 Between December 31, 1945, and December 

31, 1947, the proportion of notes, bills, and certificates declined from 

42 percent to 23 percent of the total. The proportion of bonds maturing 

in 5 years or less, however, increased markedly after 1945, partly because 

of the passage of time. The proportion of bonds maturing in over 5 years 

remained about the same. The change in the distribution of United 

States Government obligations held by insured commercial banks is 

presented in Table 19.

1 Prior to December 31, 1947, this distribution was available only for insured commercial banks, 

which hold 98 percent of all commercial bank assets.

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46 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 19. M a t u r it ie s of U n it e d St a t e s G o v e r n m e n t O b l ig a t io n s H eld 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 31, 1947, 1946, a n d 1945

(Amounts in millions of dollars)

Type and maturity

Amount Percentage distribution

Dec. 31, 

1947

Dec. 31, 

1946

Dec. 31, 

1945

Dec. 31, 

1947

Dec. 31, 

1946

Dec. 31, 

1945

Total U. S. Government

obligations......................... $67,960 $73,575 $88,933 100.0% 100.0% 100.0%

Marketable issues:

Direct:

Treasury bills1.............. 2,124 1,272 2,456 3.1 1.7 2.8

Certificates of indebtedness1 ........................... 7,555 12,293 19,075 11.1 16.7 21.5

Treasury notes1............ 5,920 6,781 16,047 8.7 9.2 18.0

Bonds maturing in:2

5 years or less........... 18,341 12,728 9,030 27.0 17.3 10.2

5 to 10 years............. 22,202 29,700 32,230 32.7 40.4 * 36.2

10 to 20 years........... 7,534 6,597 6,092 11.1 9.0 6.9

Over 20 years........... 2,654 3,008 2,787 3.9 4.1 3.1

Guaranteed issues............ 14 15 22 (3) (3) (3)

Non-marketable issues4....... 1,616 1,181 1,194 2.4 1.6 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.

2 Based upon number of years to final maturity.

3 Less than 0.05 percent.

4 Includes 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.

Types of assets of mutual savings banks. Total assets and liabilities 

of mutual savings banks have continued to increase during the postwar 

years, but at a slower rate than during the war years. Total deposits 

rose 5 percent during 1947 compared with an increase of 10 percent in

1946. Total assets of all mutual savings banks amounted to nearly $20 

billion on December 31, 1947. One-fourth of this total was invested in 

loans, mostly real estate mortgage loans. More than 60 percent or $12 

billion was invested in United States Government obligations. More 

detailed data are presented in Table 20.

By far the largest proportion of United States Government obligations 

held by mutual savings banks was in long term bonds. This predominance 

was an important factor in the continued growth of these holdings because the Federal debt retirement program during the postwar period 

has been focused upon short-term issues.

The maturity distribution of United States Government obligations 

held by mutual savings banks was reported for the first time as of December 31, 1947, and is presented in Table 21. Bonds maturing after 10 

years constituted almost 80 percent of the total portfolio. Treasury notes, 

bills, and certificates, and bonds maturing in less than 5 years, comprised 

8 percent of the portfolio.

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ASSETS AND DEPOSITS 47

Table 20. A s s e ts a n d L ia b ilit ie 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, 1947, 1946, a n d 1945

(Amounts in millions of dollars)

Asset, liability, or surplus and 

capital account item

Dec. 31, 

1947

Dec. 31, 

1946

Dec. 31, 

1945

Percentage change* 

during—

1947 1946

Total assets................................................. $19,714 $18,704 $17,021 5.4% 9.9%

Cash and funds due from banks.............. 886 819 610 8.2 34.3

United States Government obligations.. 

Obligations of States and political sub11,979 11,779 10,673 1.7 10.4

divisions ................................................. 65 60 89 7.0 -32.2

Other securities......................................... 1,653 1,339 1,166 23.5 14.8

Loans, discounts, and overdrafts............ 4,944 4,527 4,280 9.2 5.8

Miscellaneous assets................................. 187 180 203 3.9 -11.3

Total liabilities and surplus and capital

accounts............................................... 19,714 18,704 17,021 5.4 9.9

Total deposits............................................ 17,763 16,870 15,385 5.3 9.7

Miscellaneous liabilities............................ 62 50 43 23.3 16.3

Surplus and capital accounts................... 1,889 1,784 1,593 5.9 12.0

Number of banks included........................... 533 541i 542i -1.5 0.2

1 Computed from unrounded figures.

2 Includes 8 noninsured guaranty savings banks in New Hampshire.

Table 21. M a t u r it ie s o f U n ite d S ta te s G o v e r n m e n t O b lig a t io n s H e ld 

b y M u t u a l S a v in g s B a n k s, D e c e m b e r 31, 1947

(Amounts in millions of dollars)

Type and maturity Amount Percentage

distribution

Total United States Government obligations.......... $11,978 100.0%

Marketable issues:

Direct:

Treasury notes, bills, and certificates.................... 314 2.6

Bonds maturing in;i

5 years or less........................................................ 652 5.5

' 5 to 10 years.......................................................... 1,415 11.8

10 to 20 years........................................................ 3,712 31.0

Over 20 years........................................................ 5,515 46.0

Guaranteed issues......................................................... 3 (2)

Non-marketable issues3.................................................... 367 3.1

1 Based upon number of years to final maturity.

2 Less than 0.05 percent.

8 Includes United States savings bonds, Treasury bonds (investment series A-1965), and depositary 

bonds.

C a p it a l

Total capital accounts of all commercial banks amounted to $10 

billion on December 31, 1947, 6 percent higher than at the beginning of 

the year. As in earlier years most of the addition to bank capital in 1946 

and 1947 came from retained earnings. In these two years, almost twothirds of net profits after taxes were added to capital accounts. However,

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48 FEDERAL DEPOSIT INSURANCE CORPORATION

as shown in Chart E, the proportionof bank profits devoted to strengthening capital structures varied widely among the different States, ranging 

from 41 percent in Rhode Island to 86 percent in Nevada.

CHART E

NET ADDITIONS TO CAPITAL FROM PROFITS AS A PROPORTION 

OF NET PROFITS AFTER TAXES DURING 1946 AND 1947 

INSURED COMMERCIAL BANKS

UNITED STATES AVERAGE 64%

Preferred stock and capital notes and debentures. Further 

progress was made in 1947 toward the retirement of the preferred stock 

and capital notes and debentures remaining in the capital accounts of 

commercial banks. Most of this type of capital account represented 

investment by the Reconstruction Finance Corporation. As indicated 

by the data shown in Table 22, the retirement of this investment has been 

substantial in relation to the small amounts outstanding in postwar 

years.

Capital ratios. Since both assets and capital of commercial banks 

grew at approximately the same rate in 1947, the average ratio of total 

capital accounts to total assets of 6.5 percent at the end of the year was 

almost unchanged from the beginning of the year. The rapid expansion 

of loans to business and individuals in 1947, however, brought a sharp 

decline in the ratio of capital accounts to risk assets, from 23.4 percent 

at the beginning of the year to 20.6 percent at the end of the year.

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T a b le 2 2. C a p it a l A cco u n ts a n d C a p it a l R a t io s of A ll C o m m e r c ia l B a n k s

in t h e U n it e d St a t e s a n d P o sse ssio n s, D e c e m b e r 31, 1947, 1946, a n d 1945

(Amounts in millions of dollars)

Type of capital account 

or capital ratio

Dec. 31, 

1947

Dec. 31, 

1946

Dec. 31, 

1945

Percentage change 

during—

1947 1946

Capital accounts—total........................... $10,107 $9,561 $8,933 5.7% 7.0%

Capital stock, notes, and debentures—

total.................................................... 3,337 3,243 3,130 2.9 3.6

Common stock......................................... 3,192 3,068i 2,9031 U.O 5.7

Preferred stock, capital notes and debentures ............................................... 115 1751 2271 -17.1 -22.9

Surplus....................................................... 4,450 4,155 3,873 7.1 7.3

Undivided profits, including all other

capital accounts..................................... 2,320 2,163 1,930 7.3 12.1

Ratio of total capital accounts to:

Total assets................................................ 6.5% 6.4% 5.5%

Assets other than cash and United States

Government obligations....................... 20.6 23.4 25.5

1 Partly estimated.

The problem of low capital ratios, as indicated in Chart F, is partly 

regional in character. Those States where the average capital ratios were 

lowest were typically the States where the expansion in bank assets during 

the war and postwar periods was relatively largest, notably in the West.

CHART F

RATIOS OF TOTAL CAPITAL ACCOUNTS TO TOTAL ASSETS 

COMMERCIAL BANKS

DECEMBER 31,1947

UNITED STATES AVERAGE 6.5%

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A similar pattern of regional variation in the capital ratio is shown by 

the distribution of banks according to ratios of adjusted capital accounts 

to appraised value of total assets. This distribution, which is obtained 

from the reports of examination of insured commercial banks, is given 

for each Federal Deposit Insurance Corporation district in Table 23. 

In the San Francisco district more than one-half of the banks had a 

capital ratio below 5 percent while only 3 percent of the banks had ratios 

of 10 percent or more. In the Boston district one-fourth of the banks 

had a capital ratio of 10 percent or more, while less than 2 percent of 

the banks had a capital ratio of less than 5 percent.

T a b le 2 3 . R e g io n a l D is t r ib u t io n o f I n s u r e d C o m m e r cia l B a n k s 

A c c o r d in g t o R a t io o f A d ju s te d C a p it a l A c c o u n t s t o A p p ra ise d 

V a lu e o f T o t a l A s s e ts , E x a m in a tio n s in 1947

FDIC district

All

banks

examined

Banks with a ratio of adjusted capital accounts to 

appraised value of total assets of—

0.0%

to

2.4%

2.5%

to

4.9%

5.0%

to

7.4%

7.5%

to

9.9%

10%

or

more

All districts............................ 12,747 54 3,824 5,717 2,103 1,049

1. Boston................................ 463 8 190 151 114

2. New York.......................... 1,016 73 505 287 151

3. Columbus........................... 1,616 2 128 656 501 329

4. Richmond........................... 983 7 205 459 212 100

5. Atlanta............................... 791 6 226 363 126 70

6. St. Louis............................. 1,398 1 440 683 200 74

7. Madison............................. 1,311 457 697 132 25

8. Chicago.............................. 1,342 3 630 588 96 25

9. St. Paul. . .......................... 1,010 13 500 417 68 12

10. Kansas City....... ............... 1,370 10 567 577 166 50

11. 'Dallas................................. 987 7 356 409 130 85

12. San Francisco.................... 460 5 234 173 34 14

Examiners’ evaluation of capital and appraisal of assets. The

downward trend for insured commercial banks in the proportion of 

substandard assets, in relation to both adjusted capital accounts and 

the appraised value of total assets, stopped in 1947, as shown in Table 

24. The increase in these ratios, however, was slight and the 1947 ratios 

were still well below the prewar figures.

There was a slight decline in the proportion of banks with no substandard assets in 1947 as compared with 1946, but the proportion was 

still higher than in 1945. Distributions of insured commercial banks 

according to the ratio of substandard assets to adjusted capital accounts 

for the years 1945, 1946, and 1947 are given in Table 25.

The general high quality of bank assets in recent years is primarily 

a reflection of business prosperity. Many loans and investments which 

were formerly substandard in quality have worked out satisfactorily. 

Among the assets which were acquired recently, however, there will be

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Federal Reserve Bank of St. Louis
CAPITAL 51

many which appear sound although they have inherent weaknesses not 

easily recognizable in a boom period. Such assets will be particularly 

vulnerable if there should be a decline in business activity. Even though 

business activity and employment should remain generally favorable, 

some segments of the economy will experience difficulties from time to 

time which will adversely affect the credit quality of individual loans 

and securities.

T a b le 2 4. S u b s ta n d a r d A s s e t R a t io s o f I n s u r e d C o m m e rcia l B a n k s 

E x a m in ed in 1939-1947

Ratio of substandard assets to—

Year Appraised 

value of 

total assets

Adjusted

capital

accounts

1947.................

1946.................

1945.................

1944.................

0.48%

0.36

0.45

0.69

7.42%

6.02

7.58

10.92

1943........... 1.24 17.84

1942....................................................................................... 2.13 25.26

1941....................................................................................... 2.84 31.12

1940....................................................................................... 3.93 40.35

1939....................................................................................... 5.12 48.21

T a b le 2 5. D is t r ib u t io n o f In s u r e d C o m m e rcia l B a n k s A c c o r d in g t o 

R a t io o f S u b sta 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 tio n s in 1947, 1946 a n d 1945

Bank group

Number of banks Percentage distribution

1947 1946 1945 1947 1946 1945

All banks examined.............

Banks with a ratio of substandard assets to adjusted capital accounts 

of:

12,747 12,493 12,473 100.0% 100.0% 100.0%

N one..................................... 3,556 3,741 3,106 27.9 29.9 24.9

9.9% or less......................... 5,667

1,719

5,753 5,902 44.5 46.0 47.3

10.0% to 19.9%................... 1,558 1,836

769

13.5 12.5 14.7

20.0% to 29.9% .................. 817 640 6.4 5.1 6.2

30.0% to 39.9%................... 381 345 332 3.0 2.8 2.7

40.0% to 49.9%................... 223 183 202 1.7 1.5 1.6

50.0% to 99.9%................... 304 228 280 2.4 1.8 2.2

100.0% or more................... 80 45 46 0.6 0.4 0.4

E a r n in g s o f I n s u r e d C o m m e r c ia l B a n k s

Both total and net current operating earnings of insured commercial 

banks reached record levels in 1947, continuing an upward trend uninterrupted since 1938. The increase in total current operating earnings 

in 1947 was largely offset by the growth in current operating expenses;

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net current operating earnings were only slightly above the 1946 level. 

Net losses and charge-offs on assets in 1947 were in contrast to the substantial net recoveries and profits on assets realized in the preceding 

years. As a result net profits after taxes in 1947 fell 13 percent below 1946.

In 1947 net profits after taxes represented a rate of return of 8.2 

percent on capital accounts. Dividends paid to stockholders increased 

to the highest level of any year of Federal deposit insurance. Although 

net profits after taxes retained in capital accounts were 23 percent below 

the amount retained in 1946, they were sufficient to maintain the capital 

ratio at the level reached at the end of 1946. Chart G compares the 1946 

and 1947 operating experience of insured commercial banks, while basic 

operating data for the period 1934 to 1947 are shown in Table 26.

T a b le 26. E a r n in g s , E x p e n se 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 rcia l B a n k s,

1934-1947

(Amounts in millions of dollars)

Year

Total

current

operating

earnings

Total

current

operating

expenses1

Net

current

operating

earnings1

Profits

on

securities

sold

Net 

chargeoffs2 

on assets

Income

taxes3

Net

profits

after

taxes

Cash 

dividends 

declared 

and 

interest 

paid on 

capital

Net

profits

retained

in

capital

accounts

1947.. $3,098 $1,982 $1,116 $100 $132 $302 $781 $315 $466

1946. . 2,863 1,763 1,100 209 83 323 902 299 603

1945.. 2,482 1,523 960 267 22 299 906 274 631

1944. . 2,215 1,357 858 130 34 203 751 253 498

1943. . 1,959 1,256 703 103 41 128 638 233 404

1942. . 1,790 1,222 569 66 114 79 441 228 213

1941. . 1,730 1,216 514 145 154 50 455 253 201

1940.. 1,631 1,170 461 178 215 23 401 237 164

1939. . 1,605 1,148 457 215 272 12 388 232 156

1938. . 1,584 1,148 436 173 299 10 300 222 78

1937.. 1,634 1,156 478 117 203 11 381 226 155

1936. . 1,567 1,114 453 268 185 12 524 223 301

1935.. 1,486 1,078 408 2314 4264 5 207 208

1934. . 1,518 1,114 404 1484 8904 3 -3405 188 -5285

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 minus recoveries on assets previously charged off.

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.

4 Estimated; profits on securities sold were not reported separately from recoveries on securities by banks 

not submitting reports to the FDIC.

6 Net loss.

Total current operating earnings. Total current operating earnings 

of $3,098 million in 1947 were 8 percent above the previous year. These 

record earnings were chiefly due to the unprecedented $1,282 million 

income on loans, which was one-third higher than in 1946, and over threefourths above 1945. The proportion of total current operating earnings 

derived from loan income rose to 41 percent in 1947, as compared with 

an all-time low of 29 percent in 1945.

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EARNINGS OF INSURED COMMERCIAL BANKS 53

CHART 6

OPERATING EXPERIENCE OF INSURED COMMERCIAL BANKS

1946-1947 

(AMOUNTS IN MILLIONS OF DOLLARS)

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The gain in loan income resulted both from a substantial growth in 

the volume of loans and an increase in the average rate of income on 

loans. The higher average rate of income on loans reflected primarily an 

increase in the proportion of loans bearing relatively higher interest 

rates. The average rate of income on loans and other operating ratios 

for recent years are shown in Table 27. A further discussion of loan 

income is given in Part Three.

Table 27. S e l e c t e d O p e r a tin g R a t io s o f I n s u r e d C o m m e rcia l B a n k s,

1941, 1945-1947

Operating ratio 1947 1946 1945 1941

Net current operating earnings to total assets............. 0.75% 0.72% 0.66% 0.70%

Net profits after taxes to total capital accounts...........

Dividends and interest on capital to total capital

8.20 10.01 10.87 6.72

accounts......................................................................... 3.31 3.32 3.29 3.75

Retained net profits to total capital accounts.............. 4.89 6.69 7.58 2.97

Average rate of income on loans..................................... 3.79 3.43 3.09 4.27

Average rate of income on securities............................. 1.60 1.56 1.46 1.95

Average interest paid on time and savings deposits. . . 0.87 0.84 0.87 1.20

Average service charges to demand deposits................ 0.14 0.11 0.10 0)

Income taxes to net profits before income taxes.......... 27.89 26.38 24.80 9.91

1 Not available.

The amount of income on securities declined for the first time since 

1940. Income from securities constituted two-fifths of total operating 

earnings in 1947, as compared with about one-half in 1945 and 1946. 

The drop in income on United States Government obligations to $1,080 

million in 1947 was due mainly to Federal debt retirement and, to a 

lesser degree, to the sale of such obligations by insured banks. Interest 

and dividend income from other securities increased slightly to $179 

million in 1947 as a result of the increase in bank holdings of municipal 

and other securities.

The average rate of income on all securities rose slightly to 1.6 

percent in 1947. This rate advance extended the 1946 reversal of a downward trend in the average rate of income on securities which had previously continued since 1937. The increase in the average rate of return 

on United States Government obligations to 1.5 percent resulted largely 

from the retirement of a substantial proportion of short-term, lowyield issues. In contrast, the average rate of income on other securities 

continued to decline, falling to 2.2 percent in 1947.

Current operating earnings other than from loans and securities 

constituted 18 percent of the total in 1947. Service charges on deposit 

accounts and income from trust departments each provided slightly less 

than 5 percent of total operating earnings. Income from service charges, 

which has contributed increasingly to earnings in recent years, increased 

sharply in 1947. Miscellaneous earnings from commissions, fees, and 

rentals accounted for the rest of current income. The proportional conDigitized for FRASER 

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EARNINGS OF INSURED COMMERCIAL BANKS 55

tribution of the chief components of total earnings and expenses, respectively, are shown in Table 28.

T a b le 2 8 . D is t r ib u t io n o f E a r n in g s a n d E x p e n s e s o f I n s u r e d C o m m e r cia l 

B a n k s, 1941, 1945-1947

Earnings or expense item 1947 1946 1945 1941

Total current operating earnings1............................ 100.0% 100.0% 100.0% 100.0%

Interest and dividends on securities........................... 40.6 48.7 52.4 29.4

Government................................................................. SU.9 U2.6 U5.6 (2)

Other.......................................................................... 5.8 6.2 6.7 (3)

Interest, discount and fees on loans........................... 41.4 33.2 29.3 49.0

Service charges on deposit accounts........................... 4.8 4.4 4.4 ) 21.6 Other current operating earnings............................... 13.2 13.7 13.9 j

Total current operating expenses1........................... 100.0 100.0 100.0 100.0

Salaries and wages........................................................ 47.8 47.1 45.4 42.3

Interest on time and savings deposits........................ 15.1 15.2 15.3 15.6

Taxes other than on net income................................. 5.2 5.5 6.5 8.5

Other current operating expenses............................... 31.9 32.2 32.8 33.6

1 Percentages do not necessarily balance because of rounding.

2 Not available separately.

Total current operating expenses. Total current operating expenses 

of insured commercial banks continued to advance. The 12 percent 

growth in 1947 was distributed among all major expense items.

Salaries and wages constituted 48 percent of total operating expenses 

in 1947, a somewhat higher proportion than during the prewar and war 

years. The 14 percent increase in salaries and wages during 1947 was due 

about equally to increased employment and higher salaries, as shown 

in Table 29. Between 1941 and 1947 the average annual salary of bank 

officers increased 43 percent to $5,370, while that of other employees 

rose 47 percent to $2,169.

T a b le 2 9 . C om p a rison o f A v e r a g e N u m b e r a n d A v e r a g e S a la r y o f E m p lo y e e s 

o f In s u r e d C o m m e rcia l B an k s, 1941, 1946, a n d 1947

Salary item 1947 1946 1941

Percentage change—

1946 to 1947 1941 to 1947

Number of banks,

December 3 1 ................ 13,403 13,359 13,427 0.3% -0.2%

Average number of employees (full and

part time):

Officers.......................... 64,218 60,908 56,392 5.4 13.9

Other employees.......... 277,733 258,335 204,319 7.5 35.9

Salaries and wages:

Officers.......................... $344,845,000 $309,220,000 $211,311,000 11.5 63.2

Other employees.......... 602,266,000 521,709,000 302,627,000 15.4 99.0

Average salary:1

Officers.......................... $5,370 $5,077 $3,747 5.8 43.3

Other employees.......... 2,169 2,020 1,481 7.4 46.5

1 Average salary is computed by dividing the total salary payment by the average of the number of 

full and part time employees at the beginning and end of the year.

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56 FEDERAL DEPOSIT INSURANCE CORPORATION

Interest on time and savings deposits, the next largest single element 

in current operating expenses, accounted for 15 percent of total expenses 

in 1947. Interest payments increased to nearly $300 million, the highest 

level since 1934. The aggregate amount of interest on deposits declined 

steadily between 1934 and 1943. This was due to the reduction in the 

average rate of interest, w^hich dropped from 2.4 in 1934 to less than 1 

percent at the close of the period. Although the rate of interest on savings 

deposits increased slightly in 1947, the substantial advance in interest 

payments during the year was due almost entirely to the increased 

volume of savings deposits.

Other current operating expenses, including taxes other than on net 

income and recurring depreciation, increased at a rate commensurate 

with the growth in total expenses.

Net current operating earnings. Net current operating earnings 

continued to increase, and amounted to $1,116 million in 1947. The 

ratio of net earnings to total assets advanced to three-fourths of 1 percent, 

the highest since 1939, and about the same as the 1935-1941 average. 

The 1947 rate of net earnings on total assets represented a rapid growth 

from the two-thirds of 1 percent return of 1945, when current operations 

made a smaller contribution to record net profits.

Charge-offs, recoveries, and profits on assets. Net recoveries 

and profits on assets of $125 million in 1946 changed to net losses and 

charge-offs of $32 million in 1947. This was due chiefly to three developments: a sharp reduction in profits on the sale of securities; a substantial increase in losses on loans; and a reduction in recoveries on all 

major types of assets.

Profits on the sale of securities amounted to $100 million in 1947, 

about half of the total reported for the previous year. The long-term 

downward trend in interest rates on the types of securities held by banks 

was reversed in 1946, and since then the rates have increased appreciably. 

During the period of the decline, the prices of outstanding fixed income 

bearing securities tended to rise. Furthermore, many issuers who were 

in a position to call securities for payment did so and refinanced by the 

flotation of securities at the lower rates of interest then prevailing. 

Accordingly, banks reported an increasing amount of profits on securities 

sold or redeemed between 1942 and 1945. However, the opportunity for 

profit on the sale or redemption of securities was reduced in the latter 

part of 1946 and was greatly restricted in 1947 because the issuers no 

longer found it attractive to refinance and the amount of securities in 

bank portfolios on which there was a market profit over book value 

was rather small.

Losses and charge-offs on loans rose from $71 million in 1946 to $120 

million in 1947. Much of this increase was to be expected in view of the

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EARNINGS OF INSURED COMMERCIAL BANKS 57

phenomenal postwar growth in the volume of loans. However, there 

was also a moderate advance in the rate of losses, from 26 cents per $100 

of loans in 1946 to 36 cents per $100 of loans in 1947. Some of the increase 

in losses and charge-offs may have been due to the ruling on December 

8, 1947, of the Bureau of Internal Revenue liberalizing for tax purposes 

the computation of authorized reserves for bad debt losses on loans.

Recoveries on all types of assets declined in 1947. The total of $162 

million was substantially below the 1945 and 1946 recoveries. The decline 

in recoveries reflected in part the lower charge-offs during the war, and 

the fact that on assets previously charged off most of the recoveries 

possible had already been obtained.

Net profits. Net profits before income taxes totaled $1,084 million 

in 1947, 12 percent below the record level of the previous year. The decline 

was due to the shift from an excess of profits and recoveries to an excess 

of losses and charge-offs. Accordingly, income taxes were lower in amount, 

although they absorbed 28 percent of net profits before taxes in 1947, 

compared with 26 percent in 1946, and an almost negligible proportion 

in the prewar period.

Net profits after taxes of $781 million in 1947 represented a rate of 

return of 8.2 percent on total capital accounts. This was about midway 

between the 9.9 percent average ratio of the previous four years and 

the 5.9 percent average return during the period 1935-1941. The higher 

average rate of net profits to total capital accounts since 1941 is partly 

a result of the fact that the greater aggregate profits from a larger volume 

of assets has been achieved without a commensurate increase in the 

capital cushion.

The upward movement since 1943 in the proportion of banks with 

high rates of net profit to total capital accounts was checked in 1947. 

The distribution of banks according to rates of net profit is shown in 

Table 30.

Table 30. P e r c e n t a g e D is t r ib u t io n o f I n s u r e d C o m m e rcia l B a n k s G r o u p e d 

b y R a t e o f N e t P r o f i t o n T o t a l C a p it a l A c c o u n t s , 1941, 1945-1947

Rate of profit 1947 1946 1945 1941

All banks1........................................................................

Rate of net profit after taxes to total capital

accounts2:

100.0% 100.0% 100.0% 100.0%

Net loss.......................................................................... 1.2 0.6 0.6 5.4

0.0% to 4.9% ............................................................... 8.5 5.7 8.1 22.3

5.0% to 9.9% ............................................................... 33.2 28.4 36.0 38.9

10.0% to 14.9%............................................................. 33.2 35.3 34.6 22.2

15.0% to 19.9%........................................................... 16.6 19.0 14.2 7.8

20.0% or more.............................................................. 7.3 11.0 6.5 3.4

1 Excludes banks operating less than a full year or materially affected by mergers.

2 Total capital accounts are averages of figures reported at beginning, middle, and end of year.

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58 FEDERAL DEPOSIT INSURANCE CORPORATION

In 1947, 57 percent of all insured commercial banks had a rate of 

net profit after taxes of more than 10 percent of total capital accounts; 

this was below the 65 percent of banks reporting such a rate of profit in

1946, but above the 33 percent so reporting in 1941. Similarly, the 

proportion of banks showing a net loss increased moderately to about 

1 percent in 1947, but was still much below that of 1941, when over 

5 percent of the banks reported a net loss.

Bank earnings by size and location of banks. In 1947 there was 

a direct relationship between size of bank and the ratio of net current 

operating earnings to total assets, as shown in Table 31. The ratio declined 

progressively from $1.11 per $100 of total assets for banks with less than 

$500,000 of deposits to $0.66 per $100 of total assets for banks with deposits of over $100,000,000. However, the medium-sized banks reported 

the highest while the smallest and largest banks reported the lowest 

ratios of net profits after taxes to total capital accounts. The high ratios 

of net profits to capital accounts in medium-sized banks reflected in 

part the relatively low average ratios of total capital accounts to total 

assets reported by this group of banks. Conversely, the smallest banks 

reported low rates of net profits on total capital accounts even though 

they had the highest rates of net earnings on total assets, because of their 

generally higher capital ratios.

T a b le 3 1. N e t E a r n in g s a n d N e t P r o f i t s R a t io s o f I n s u r e d C o m m e r cia l B a n k s 

G r o u p e d b y A m ou n t o f D e p o s its , 1947

Size of bank Number of 

banks1

Ratio of 

net profits 

after taxes 

to total 

capital accounts2

Ratio of net 

current 

operating 

earnings to 

total assets2

All banks............................................................ 13,290 8.06% 0.73%

Banks with deposits o f:

$500,000 or less............................................... 453 8.46 1.11

$500,000 to $1,000,000................................... 1,711 10.78 0.99

$1,000,000 to $2,000,000............................... 3,286 11.68 0.95

$2,000,000 to $5,000,000............................... 4,437 10.77 0.91

$5,000,000 to $10,000,000............................. 1,817 9.29 0.85

$10,000,000 to $50,000,000........................... 1,264 8.26 0.75

$50,000,000 to $100,000,000.......................... 144 7.24 0.67

More than $100,000,000................................ 178 7.17 0.66

1 Excludes banks operating less than full year and trust companies not engaged in deposit banking.

2 Total assets and total capital accounts are averages of figures reported at beginning, middle, 

and end of year for banks submitting reports to the Federal Deposit Insurance Corporation and are as 

of December 31, 1947, for other banks.

There were notable geographical differences in 1947 in the rates of 

net earnings and profits of insured commercial banks. Differences by 

State in the ratios of net current operating earnings to total assets and 

net profits after taxes to total capital accounts are shown in Chart H.

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EARNINGS OF INSURED MUTUAL SAYINGS BANKS 59

CHART H

RATES OF NET EARNINGS AND NET PROFITS 

INSURED COMMERCIAL BANKS 

1 9 4 7

RATE OF NET CURRENT OPERATING EARNINGS ON T O T A L A S SE TS

UNITED STATES AVERAGE .75%

RATE OF NET P R O F I T S A FT ER T AXES ON

UNITED STATES AVERAGE 8.2%

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60 FEDERAL DEPOSIT INSURANCE CORPORATION

In general, the more mature and more highly industrialized areas 

reported the lowest rates, while the southern and western States showed 

the highest rates. Banks in the District of Columbia and Wisconsin 

reported the lowest rates of net current operating earnings to total assets 

while New Mexico and West Virginia showed the highest rates. The 

ratio of net profits after taxes to total capital accounts ranged from a low 

of 5 percent in Rhode Island to a high of 18 percent in New Mexico.

Dividends and retained profits. Payments of dividends and interest 

on capital of insured commercial banks totaled $315 million in 1947, 

5 percent above 1946 and the largest disbursement since the beginning 

of Federal deposit insurance. This maintenance of dividend payments, 

despite a decline in net profits, increased the proportion of distributed 

net profits from 33 percent in 1946 to 40 percent in 1947. Dividend 

payments amounted to 3.3 percent of total capital accounts, the same 

rate as in 1946, but a little below the 1935-1941 average rate of 3.5 

percent.

Although the rate of dividends on capital accounts appears low, it 

must be remembered that the substantial additions to bank capital and 

surplus from retained net profits in recent years have increased the 

equity of stockholders. The 4.9 percent growth in capital accounts in 

1947 from retained net profits was over twice the average rate in the 

years 1935-1941. Even though the proportion of profits retained in capital 

accounts has been high, the capital margin has not kept pace with the 

growth in assets. Consequently, a more generous rate of dividends is not 

desirable until an adequate capital cushion is provided. If stockholders 

were willing to increase capital accounts substantially and thereby 

provide a more satisfactory margin of protection, they could expect a 

higher proportion of net profits to be paid out in dividends.

E a r n in g s of I n s u r e d M u t u a l Sa v in g s B a n k s

Total current operating earnings of insured mutual savings banks 

reached a record high of $376 million in 1947, 7 percent above the previous 

year. Although total operating expenses increased, net current operating 

earnings before payment of dividends to depositors advanced 6 percent. 

Dividends to depositors were 13 percent above 1946. The slight reduction 

in net earnings occasioned by the increase in the amount of dividends 

paid to depositors, coupled with a sharp decline in profits from the sale 

of securities, reduced net profits after taxes substantially below 1946.

Prior to 1944 mutual savings banks received more than half of their 

income from real estate mortgage loans. Although the proportion of 

income so obtained has declined in recent years, real estate loans still 

provided two-fifths of the total operating earnings of insured mutual

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EARNINGS OF INSURED MUTUAL SAVINGS BANKS 61

savings banks in 1947. Total income from loans, including an almost 

negligible amount from loans other than real estate loans, totaled $153 

million in 1947, about 6 percent above 1946. The average rate of income 

on loans declined slightly to 4.5 percent in 1947. The amount and the 

rate of income on loans and on securities of insured mutual savings banks 

for the period 1943 to 1947 are shown in Table 32.

Table 32. A m ou n ts a n d A v e r a g e R a t e s o f In com e R e c e iv e d a n d D iv 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, 1943-19471

Year

Income 

on loans 

(in millions)

Income on 

securities 

(in millions)

Rate of 

income on 

loans2

Rate of 

income on 

securities2

Rate of 

dividends 

paid on 

time & savings 

deposits2

1947......................... $153 $209 4.51% 2.34% 1.53%

1946......................... 144 194 4.58 2.35 1.47

1945......................... 143 160 4.61 2.31 1.49

1944......................... 141 128 4.53 2.38 1.60

1943......................... 139 101 4.44 2.54 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 insurance 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.

Like commercial banks, insured mutual savings banks sharply increased their holdings of United States Government obligations during 

the war. Unlike commercial banks, however, they have steadily increased 

their holdings of such obligations since the war. In 1947 income from 

United States Government obligations of insured mutual savings banks 

was 8 percent above 1946, and constituted almost one-half of total operating earnings. The average rate of return on United States Government 

obligations of 2.3 percent was much above the 1.5 percent received by 

insured commercial banks on such obligations because of the larger 

proportion of long-term obligations held by mutual savings banks.

A pronounced advance in the amount of other securities held by insured 

mutual savings banks added only slightly to income from this source 

due to a decline in the average rate of return. Earnings other than from 

loans and securities accounted for less than 4 percent of total operating 

earnings in 1947, considerably below the wartime proportion. This 

decline resulted principally from the disposal of real estate previously 

obtained in settlement of defaulted mortgage loans.

Total current operating expenses of $94 million in 1947 were the 

highest on record, almost 10 percent above the previous year. Salaries 

and wages, the major expense item, constituted 48 percent of total 

operating expenses in 1947. Compensation of officers averaged $9,140 

and of other employees $2,716 in 1947. Taxes other than on net income

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Federal Reserve Bank of St. Louis
62 FEDERAL DEPOSIT INSURANCE CORPORATION

declined 60 percent between 1943 and 1947, as a result of the decline 

in holdings of other real estate.

Net current operating earnings before the distribution of dividends, 

or interest, to depositors amounted to $282 million in 1947. 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. Total dividends amounted to $181 million in

1947. Although the slightly higher rate of dividends in 1947 reversed 

a previous downward trend, most of the growth in dividends was due to 

the larger amount of time and savings deposits held. Net operating 

earnings of $101 million after the distribution of dividends on deposits 

were about the same as in 1945 and 1946.

Net losses and charge-offs of over $12 million in 1947 were in contrast 

to the substantial net recoveries and profits on assets realized in 1945 

and 1946. The factor primarily responsible for this reversal was the fall 

in profits on securities from $90 million in 1946 to $28 million in 1947.

The decline in profits on securities sold, coupled with the fall in net 

current operating earnings after payment of dividends to depositors, 

brought a decrease in net profits. Net profits after taxes of insured 

mutual savings banks were 43 percent below 1946. Retained profits 

amounted to 6.7 percent of surplus and capital accounts. The ratio of 

surplus and capital accounts to total assets of 9.3 percent was about the 

same as at the end of 1946.

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PART THREE

LOANS OF INSURED COMMERCIAL BANKS, 1934-1947

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Federal Reserve Bank of St. Louis
The postwar expansion in loans of commercial banks has been unprecedented. From December 31, 1945, to December 31, 1947, total 

loans of all commercial banks rose nearly 46 percent. The $38 billion 

of loans outstanding at the end of 1947 was the highest in history, 6 

percent above the previous high reached in 1929. However, the rise in 

the volume of bank loans above the 1929 peak has not been as great, 

relatively, as the growth in the volume of industrial production since 

that time.

A substantial rise in the proportion of total assets invested in loans 

accompanied the postwar loan expansion. Loans as a percentage of total 

assets rose from 16 percent to 25 percent between the end of 1945 and 

the end of 1947. This proportion was still less than half that of 1929, 

when it was 57 percent. The decline in importance of loans in the earning 

assets portfolio of commercial banks is a reflection of the increasing 

participation of the Federal Government in the nation’s economy. 

During the depression years the proportion of loans to total assets 

declined even though loan volume remained almost unchanged. In these 

years bank holdings of United States Government obligations increased 

as the Federal debt rose to provide funds for the relief and recovery 

programs. With the sharp wartime increase in bank holdings of United 

States Government obligations and the moderate decline in the loan 

volume, the proportion of loans to total assets declined substantially. 

The postwar increase in bank loans and the decline in bank holdings of 

Government obligations have reversed the trend. With the present 

volume of Federal debt it is unlikely that in the next decade loans will 

again become as substantial a component of total assets as in 1929.

In view of the marked changes that have occurred in the postwar 

years, it is pertinent to examine in some detail the recent trends by type 

of loan and by region. More detailed data by type of loan are available 

for insured commercial banks than for noninsured banks. Consequently, 

the following discussion refers to insured commercial banks which hold 

approximately 98 percent of all commercial bank loans.

Changes since 1934. The volume of bank loans has followed the 

general trend of economic activity with the exception of the period of 

our active participation in World War II. Year-end figures for the principal types of loans of insured commercial banks, and percentage changes 

during prewar, war, and postwar periods, are given in Table 33. Semiannual fluctuations in the loans of these banks, by major types of loans, 

are presented in Chart I.

Loans of Insured Commercial Banks, 1934-1947

65

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66 FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 3 3. L o a n s o f I n s u r e d C o m m e rcia l B a n k s b y M a jo r T y p e o f L o a n ,

1934-1947

(Amounts in millions of dollars)

Date or period All

loans

Commercial

and

industrial

For purchasing or 

carrying 

securities

Real

estate

Consumer

AgriculturalAll

other

Am ount (Dec. 31):

1947........................... $37,592 $18,015 $2,013 $9,271 $5,655 $1,610 $1,028

1946........................... 30,740 14,019 3,127 7,106 4,031 1,358 1,099

1945........................... 25,769 9,462 6,771 4,680 2,361 1,314 1,181

1944........................... 21,355

18,844

7,921 4,534 4,345 1,888 1,723 944

1943........................... 7,778 2,336 4,438 1,868 1,505 919

1942........................... 18,907 7,758 1,547 4,647 2,269 1,642 1,044

1941........................... 21,262 9,215 1,276 4,775 13,225 1,450 1,321

1940........................... 18,398 7,179 1,390 4,471

4,137

(2) 1,281 4,077

1939........................... 16,866 6,331 1,611 (2) 1,094 3,693

1938........................... 16,024 5,630 1,852 3,859 (2) 1,065 3,618

1934........................... 14,614 (2) (2) 3,336 (2) (2) 11,278

Percentage change:

1945-1947 (2 yrs.). . . 45.9% 90.4% -70.3% 98.1% 139.5% 22.5% -13.0%

1941-1945 (4 yrs.). . . 21.2 2.7 430.6 -2.0 -26.8 -9.4 -10.6

1938-1941 (3 yrs.). . . 32.7 63.7 -31.1 23.7 (2) 36.2 (3) 1934-1938 (4 yrs.). . . 9.6 (2) (2) 15.7 (2) (2) (3)

1 Partly estimated.

2 Not available separately; included with all other loans.

3 Comparable changes not available because of reclassifications.

During the recovery period, 1934 to 1937, loans increased from $15 

billion to a peak of $17 billion in the middle of 1937. Total loans then 

decreased to $16 billion in the business recession of 1937-1938. Increased 

business activity, associated in part with the war in Europe and our own 

defense preparations, was accompanied by an increase in the volume of 

bank loans to $21 billion outstanding at the end of 1941. Nearly threefourths of this $5 billion increase was accounted for by commercial and 

industrial loans.

The entry of the United States into the war brought a sharp decline 

in the volume of bank loans to a low of $17 billion in the middle of 1943; 

more than half of the decline was in commercial and industrial loans. 

Most of the financing needed for the expansion of industrial capacity 

during this period was provided directly by the Federal Government and 

only indirectly by the banks through their purchases of Government 

obligation! A sharp decrease in the amount of consumer loans outstanding, occasioned by the wartime restrictions placed upon consumer 

credit and the drastic reduction in the production of durable consumers 

goods, contributed to the decline in total loans.

From the middle of 1943 to the middle of 1945 the loan volume increased $6 billion. Nearly all of this increase was due to the growth in 

loans for the purpose of purchasing or carrying securities, chiefly United 

States Government obligations.

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LOANS OF INSURED COMMERCIAL BANKS 67

CHART I

LOANS OF INSURED COMMERCIAL BANKS

1 934 - 1 9 4 7

BILLIONS OF DOLLARS

TYPE OF LOAN

y <— Other

<— Consumer

- " ja il

<— Securi ty

<— Commer ci al 

and 

Industrial

^-Agricultural 

♦Other x

/Real

♦Residential ( Esfate 

4-Farm '

1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947

Upon the conclusion of the war in Europe, the Federal Government 

began to curtail its purchases of war materials and industry began 

reconverting to peacetime operations. This process was accompanied by 

a material increase in commercial and industrial loans in the last half 

of 1945. As the reconversion process proceeded, increases were reported 

in most other types of loans.

The years 1946 and 1947 have seen the most rapid increase in bank 

loans in the twentieth century. The 46 percent growth in loans during 

the two postwar years compares with the growth of 37 percent in loans 

of all commercial banks from the middle of 1918 to the middle of 1920, 

the most rapid increase in any previous two-year period. The growth in 

most of the major types of loans was even more striking; commercial 

and industrial and real estate loans doubled while consumer loans rose 

140 percent. These increases were partially offset by the sharp decline 

of 70 percent in loans for the purpose of purchasing or carrying securities, 

an accompaniment of the cessation of the war loan drives.

Regional trends. Although the expansion in loans of insured commercial banks for the period 1934 to 1947 was general throughout the 

country, there were marked regional differences in the extent of the 

increase. As shown in Chart J, the largest relative increases occurred in 

States in the Southwest and Far West while the lowest relative increases 

occured in the Northeast. The three northeastern Federal Deposit 

Insurance Corporation districts had almost three-fifths of the total 

volume of loans in 1934, but by the end of 1947 this proportion had 

declined to two-fifths.

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68 FEDERAL DEPOSIT INSURANCE CORPORATION

CHART J

PERCENTAGE INCREASE IN TOTAL LOANS 

INSURED COMMERCIAL BANKS

D E C E M B E R 31, 1934 - 1947

U N I T E D S T A T E S AVERAGE 157

The percentage increases in bank loans in Arizona, New Mexico, and 

Nevada were so striking largely because of the very small amount of 

loans outstanding in these States in 1934. Subsequently economic development in these States has progressed rapidly, but it must be remembered that the absolute amount of loans even now is small.

These regional differences reflected the important economic changes 

which occurred during the period. One of the most significant was the 

westward shift of population and industry. This trend had begun before 

the war and was sharply accelerated during the war years. Another 

factor was the geographical incidence of Federal fiscal policies. During 

the depression Federal taxation and borrowing was relatively heaviest 

in the northeastern States while Government spending for relief and 

rehabilitation was relatively heaviest in the southern and western States. 

Similarly taxation, sale of bonds to individuals, and the creation of bank 

credit through purchases of Government securities during the war were 

heavier in the Northeast than the disbursement of funds by the Government in that area. Government disbursements for industrial facilities, 

purchase of war materials, and the establishment and operation of 

military camps put more money into the southern and western regions 

than was taken by the Government through taxation or the sale of war 

bonds. Thus, the West and South gained bank balances at a greater

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LOANS OF INSURED COMMERCIAL BANKS 69

relative rate than the Northeast. After the end of the war the demand 

for bank credit for the reconversion of wartime facilities and the establishment of new enterprises was greater in the West than in the Northeast 

and, as the result of the previous deposit shift, the supply of credit was 

also easier in the West.

During the war period, when total loans increased primarily as the 

result of the expansion of loans on securities, the New York Federal 

Deposit Insurance Corporation district showed an exceptionally large 

gain. The loan volume in this district was dominated by the marked 

growth in security loans of the large New York City banks. Large banks 

in other financial centers also reported substantial growths in loans on 

securities and this contributed to above average increases in total loans 

in Illinois and Ohio. In the South, total loans also rose substantially 

during the war period—60 percent in the Dallas district and 37 percent 

in the Atlanta district. There the increase in loans was largely due to a 

sharp expansion in commercial loans as a result of the establishment of 

military bases and training centers and the industrial expansion in this 

area during the war. The expansion of agricultural loans in these districts, 

contrary to the decline for the country as a whole, was also important.

In the two postwar years, 1946 and 1947, the most rapid growth in 

bank loans occurred in the Far West. It had been thought that the end 

of the war would bring a substantial decline in business activity and 

employment in those areas which had enjoyed the greatest expansion 

of wartime facilities. California with its large expansion in shipbuilding 

and aircraft production was regarded as particularly vulnerable. The 

recession never occurred because the drop in wartime activity was quickly 

compensated by increases in civilian activity. For example, the Bonneville 

Power Administration expected to be faced with a decline in the demand 

for electric power, but instead, has encountered difficulty in meeting 

the growing demand. The demand for industrial and business facilities 

in the West has far exceeded the supply since the end of the war. A 

comparison of the postwar loan expansion by States for major types 

of loans is shown in Chart K.

In some of the southern States the postwar rate of increase in total 

•loans was below the national average because of declines in agricultural 

loans and security loans and below average increases in commercial and 

industrial loans. Prices well in excess of support prices for most agricultural commodities contributed to a sharp drop in loans guaranteed 

by the Commodity Credit Corporation. The decline in these loans 

exceeded the rise in other farm production loans in many southern 

States. The below average increases in commercial and industrial loans 

reflected the drastic curtailment of wartime production and the closing 

of most of the military establishments and training centers. In contrast, 

the rise in real estate and consumer loans in the South was much above 

the national average.

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70 FEDERAL DEPOSIT INSURANCE CORPORATION

CHART K

PERCENTAGE INCREASE IN LOANS 

INSURED COMMERCIAL BANKS

D ECE MBE R 31,1945 T O D E C E M B E R 31,1947

TOTAL LOANS

UNITED STATES AVERAGE 46

COMMERCIAL AND INDUSTRIAL LOANS

UNITED STATES AVERAGE 90

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LOANS OF INSURED COMMERCIAL RANKS 71

CHART K

PERCENTAGE INCREASE IN LOANS 

INSURED COMMERCIAL BANKS

D E C E MB E R 31, 1945 TO D E C E M B E R 31, 1947 - C O N T I N U E D

REAL ESTATE LOANS

UNITED STATES AVERAGE 98

CONSUMER LOANS

U N I T E D S T A T E S A VER AG E 140

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72 FEDERAL DEPOSIT INSURANCE CORPORATION

The smallest percentage growth in total loans in 1946 and 1947 was 

reported by banks in New York. This was due to the dominance of the 

large New York City banks which bore the brunt of the decline in loans 

on securities after the end of the war. At the end of 1945, nearly half of 

the loans of these banks were security loans and their subsequent decline 

almost entirely offset the increase in other types of loans. Furthermore, 

commercial and industrial loans of the large New York City banks rose 

less rapidly than those of banks in other sections of the country. One 

factor was the heavier pressure upon the reserves of these banks than 

upon the reserves of other banks. The New York City banks held larger 

amounts of Federal deposits than of United States Government obligations which were being retired. Consequently, when Government deposits 

were drawn on for purposes of debt retirement the New York banks 

lost reserves. Another factor was the relatively favorable financial 

position at the end of the war and the less immediate need for bank 

credit of the large established corporations which tend to do business 

with the banks in the financial centers. What occurred at New York 

City banks also occurred to a lesser extent at the large institutions in 

other financial centers. This explains, in part, the relatively low increases 

in total loans in Illinois and Ohio.

Income on loans. The changes in the volume of loans of insured 

commercial banks during the 13-year period, 1934 to 1947, have been 

accompanied by similar changes in the income received on loans. In 

addition, the changing composition of loans by type and the trend of 

interest rates have influenced the amount of income received on loans.

Gross income on loans rose steadily from $643 million in 1935 to 

$848 million in 1941 with the exception of a slight drop during the business 

recession of 1938. From 1935 through 1941, the average rate of return 

on loans remained almost constant. Even though loans declined slightly 

as a proportion of total assets, income on loans formed a rising proportion 

of total current operating earnings from 1935 to 1941. This was primarily 

due to the increasing proportion of non-earning assets, chiefly cash and 

reserves, and to the decline in the rate of return on securities.

During the war years, 1942-1944, the amount of income on loans 

declined from $848 million in 1941 to $698 million in 1944, or 18 percent, 

as shown in Table 34. This decrease was entirely the result of the decline 

in the average rate of return since the volume of loans increased slightly 

over the period. The decrease in the average rate of return from 4.3 

percent in 1941 to 3.4 percent in 1944 was largely the result of the changing 

composition of the loan portfolio. Consumer loans dropped sharply; 

commercial and industrial loans not only declined, but a large proportion 

of those outstanding carried relatively low rates of interest because they 

were Government guaranteed or insured, or were large loans made to 

very large companies. The decline in other types of loans was offset by

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Federal Reserve Bank of St. Louis
an increase in loans on securities; these loans yielded very low rates of 

return.

LOANS OF INSURED COMMERCIAL BANKS 73

T a b le 3 4. In com e a n d C h a r g e -o f fs o n L o a n s o f I n s u r e d 

C o m m e rcia l B a n k s, 1935-1947

Year

Income 

on loans 

(in millions 

of dollars)

Rate of 

income on 

loans1

Charge-offs 

as percent 

of loans1

Income on 

loans as 

percent of 

gross current 

operating 

earnings

Loans as 

percent of 

total assets 

(year-end)

1947......................... $1,282 3.79% 0.36% 41.4% 24.6%

1946......................... 951 3.43 0.26 33.2 20.9

1945......................... 726 3.09 0.24 29.3 16.4

1944......................... 698 3.44 0.35 31.5 15.9

1943......................... 706 3.85 0.41 36.0 16.8

1942......................... 817 4.08 0.40 45.6 19.8

1941......................... 848 4.27 0.52 49.0 27.7

1940......................... 769 4.41 0.65 47.1 26.0

1939......................... 727 . 4.46 0.83 45.3 26.7

1938......................... 705 4.36 0.93 44.5 28.2

1937......................... 710 4.28 0.85 43.5 30.9

1936......................... 663 4.34 1.64 42.3 28.4

1935......................... 643 4.40 2.18 43.3 28.9

1 Percentages computed from average of loan figures reported at beginning, middle, and end of year.

In 1945, the sharp expansion in loans for the purpose of purchasing 

or carrying securities and, in the last half of the year, the rise in commercial and industrial loans resulted in a moderate increase in the total 

income on loans received by insured commercial banks. Because of the 

greater importance of loans on securities, the average rate of return on 

loans fell sharply.

From 1945 to 1947, income on loans increased 77 percent. In 1947 

total income on loans amounted to nearly $1,300 million, or twice the

1935 total. Approximately two-thirds of the postwar increase in income 

on loans was due to the rise in loan volume while the remainder came 

as the result of an increase in the rate of return. The average rate of 

return on loans rose from a low of 3.1 percent in 1945 to 3.8 percent in

1947, largely because of the reversal of the wartime trend in the composition of the loan portfolio.

The increase in the amount of income received on loans, together with 

the decline in income from United States Government obligations, 

brought a sharp rise in the proportion of gross current operating earnings 

derived from loans, to 41 percent in 1947 compared with 29 percent in 

1945. The 1947 proportion was still below the 1941 proportion of 49 

percent.

The rapid expansion of loans in the postwar years has given rise to 

conjecture over the possibility of the increasing risks involved. From 

this standpoint it is of interest to look at the trend in gross charge-offs as

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74 FEDERAL DEPOSIT INSURANCE CORPORATION

shown in Table 34. The proportion of gross charge-offs to average amount 

of loans outstanding declined, with only minor interruptions, from 2.18 

percent in 1935 to .24 percent in 1945. During the last two years, there 

has been a moderate growth in the rate of charge-offs. The rate of .36 

percent in 1947 is still much below that of the prewar and early war 

years, however, and it would be premature to conclude that this is the 

beginning of a substantial increase in charge-offs on loans.

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Federal Reserve Bank of St. Louis
PART FOUR

LEGISLATION AND REGULATIONS

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Fe d e r a l Le g is l a t io n

RETIREMENT OF FDIC CAPITAL STOCK

[Pu b l ic L a w 363— 80t h C o n g r e s s]

[C h a p te r 492— 1st S e ssion ]

[S. 1070]

AN ACT

To provide for the cancellation of the capital stock of the Federal Deposit Insurance

Corporation and the refund of moneys received for such stock, and for

other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That the Federal Deposit Insurance Corporation is directed

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 as hereinafter provided, to be covered into the Treasury as miscellaneous receipts. As soon as practicable after the enactment of this Act, the Corporation shall pay to the Secretary 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 except that the last unit to be paid may be less than $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.

S e c. 2. Section 12B (d) of the Federal Reserve Act, as amended (U. S. C., title 12,

sec. 264 (d) ), is hereby repealed.

Sec. 3. Section 12B (b) of the Federal Reserve Act, as amended (U. S. C., title 12,

sec. 264 (b) ), is amended by striking out “$10,000” and inserting in lieu thereof

“$15,000” .

S e c. 4. Section 12B (o) of the Federal Reserve Act, as amended (U. S. C., title 12,

sec. 264 (o) ), is amended to read as follows:

“ (o) The Corporation is authorized to borrow from the Treasury, and the Secretary

of the Treasury is authorized and directed to loan to the Corporation 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 Corporation are from time to time required for insurance purposes, not exceeding in the aggregate $3,000,000,000 outstanding at any one

time: Provided, That the rate of interest to be charged in connection with any loan

made pursuant to this paragraph shall not be less than the current average rate on

outstanding marketable and nonmarketable obligations of the United States as of

the last day of the month preceding the making of such loan. For such purpose the

Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds

of the sale of any securities hereafter issued under the Second Liberty Bond Act,

as amended, and the purposes for which securities may be issued under the Second

Liberty Bond Act, as amended, are extended to include such loans. Any such loan

shall be used by the Corporation solely in carrying out its functions with respect to

such insurance. All loans and repayments under this section shall be treated as publicdebt transactions of the United States.”

Approved August 5, 1947.

77

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78 FEDERAL DEPOSIT INSURANCE CORPORATION

ORGANIZATION OF EXECUTIVE BRANCH OF THE GOVERNMENT

[Pu b lic L a w 162— 80th C on g r e ss]

[C h a p t e r 207— 1st Se s sio n ]

[H. R. 775]

AN ACT

For the establishment of the Commission on Organization of the Executive Branch

of the Government.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled,

d e c l a r a t io n of po l ic y

S e c t io n 1. It is hereby declared to be the policy of Congress to promote economy,

efficiency, and improved service in the transaction of the public business in the departments, bureaus, agencies, boards, commissions, offices, independent establishments,

and instrumentalities of the executive branch of the Government by—

(1) limiting expenditures to the lowest amount consistent with the efficient

performance of essential services, activities, and functions;

(2) eliminating duplication and overlapping of services, activities, and functions;

(3) consolidating services, activities, and functions of a similar nature;

(4) abolishing services, activities, and functions not necessary to the efficient

conduct of government; and

(5) defining and limiting executive functions, services, and activities.

e s t a b lis h m e n t o f t h e com m ission o n o r g a n iz a t io n o f t h e e x e c u t iv e b r a n c h

Sec. 2. For the purpose of carrying out the policy set forth in section 1 of this Act,

there is hereby established a bipartisan commission to be known as the Commission

on Organization of the Executive Branch of the Government (in this Act referred to

as the “Commission” ).

m e m b e r sh ip of t h e com m ission

S e c. 3. (a) N u m b er a n d a p p o in tm e n t.—The Commission shall be composed of

twelve members as follows:

(1) Four appointed by the President of the United States, two from the executive

branch of the Government and two from private life;

(2) Four appointed by the President pro tempore of the Senate, two from the

Senate and two from private life; and

(3) Four appointed by the Speaker of the House of Representatives, two from the

House of Representatives and two from private life.

(b) P o l i t i c a l a f f i l i a t i o n .— Of each class of two members mentioned in subsection (a), not more than one member shall be from each of the two major political

parties.

(c) V a c a n c ie s .— Any vacancy in the Commission shall not affect its powers, but

shall be filled in the same manner in which the original appointment was made.

ORGANIZATION OF THE COMMISSION

Sec. 4. The Commission shall elect a Chairman and a Vice Chairman from among

its members.

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FEDERAL LEGISLATION 79

QUORUM

Sec. 5. Seven members of the Commission shall constitute a quorum.

c o m pen satio n of m em b ers of t h e c om m ission

Sec. 6. (a) M embers o f Congress.— Members of Congress who are members of

the Commission shall serve without compensation in addition to that received for

their services as Members of Congress; but they shall be reimbursed for travel, subsistence, and other necessary expenses incurred by them in the performance of the

duties vested in the Commission.

(b) M e m b e rs fr o m t h e e x e c u t iv e b r a n c h .— The members of the Commission

who are in the executive branch of the Government shall each receive the compensation

which he would receive if he were not a member of the Commission, plus such additional compensation, if any (notwithstanding section 6 of the Act of May 10, 1916,

as amended; 39 Stat. 582; 5 U. S. C. 58), as is necessary to make his aggregate salary

$12,500; and they shall be reimbursed for travel, subsistence, and other necessary

expenses incurred by them in the performance of the duties vested in the Commission.

(c) M e m b e rs fr o m p r iv a t e l i f e .—The members from private life shall each

receive $50 per diem when engaged in the performance of duties vested in the Commission, plus reimbursement for travel, subsistence, and other necessary expenses

incurred by them in the performance of such duties.

STAFF OF THE COMMISSION

Sec. 7. The Commission shall have power to appoint and fix the compensation of

such personnel as it deems advisable, in accordance with the provisions of the civilservice laws and the Classification Act of 1923, as amended.

e x p e n s e s of t h e com m ission

Sec. 8. There is hereby authorized to be appropriated, out of any money in the

Treasury not otherwise appropriated, so much as may be necessary to carry out the

provisions of this Act.

EXPIRATION OF THE COMMISSION

Sec. 9. Ninety days after the submission to the Congress of the report provided

for in section 10 (b), the Commission shall cease to exist.

DUTIES OF THE COMMISSION

S e c. 10. (a) I n v e s t ig a t io n .—The Commission shall study and investigate the

present organization and methods of operation of all departments, bureaus, agencies,

boards, commissions, offices, independent establishments, and instrumentalities of

the executive branch of the Government, to determine what changes therein are

necessary in their opinion to accomplish the purposes set forth in section 1 of this Act.

(b ) R e p o r t .—Within ten days after the Eighty-first Congress is convened and

organized, the Commission shall make a report of its findings and recommendations

to the Congress.

po w e r s of th e com m ission

S e c. 11. (a) H e a r in g s a n d s e s s io n s .—The Commission, or any member thereof,

may, for the purpose of carrying out the provisions of this Act, hold such hearings

and sit and act at such times and places, and take such testimony, as the Commission

or such member may deem advisable. Any member of the Commission may administer

oaths or affirmations to witnesses appearing before the Commission or before such

member.

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80 FEDERAL DEPOSIT INSURANCE CORPORATION

(b) O b t a i n i n g o f f i c i a l d a t a .— The Commission is authorized to secure directly

from any executive department, bureau, agency, board, commission, office, independent

establishment, or instrumentality information, suggestions, estimates, and statistics

for the purpose of this Act; and each such department, bureau, agency, board, commission, office, establishment, or instrumentality is authorized and directed to furnish

such information, suggestions, estimates, and statistics directly to the Commission,

upon request made by the Chairman or Vice Chairman.

Approved July 7, 1947.

GOVERNMENT CHECKS

[Pu b l ic L a w 171— 80 t h C o n g r e s s]

[Ch a p t e r 222— 1st Se s s io n ]

[S. 1316]

AN ACT

To establish a procedure for facilitating the payment of certain Government checks,

and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That, with the exception of checks issued on account of publicdebt obligations and transactions regarding the administration of banking and currency

laws, the amounts of all original and substitute checks drawn on the Treasurer of

the United States, including those drawn by wholly owned and mixed-ownership

Government corporations, or drawn by authorized officers of the United States on

designated depositaries, which have not been paid prior to the close of the fiscal year

next following the fiscal year in which the checks were issued, shall be transferred

from the account of the drawer or the account then available for the payment thereof

to a special-deposit account or accounts on the books of the Treasurer of the United

States.

(b) With the exception of checks issued on account of public-debt obligations and

transactions regarding the administration of banking and currency laws, any original

or any substitute checks heretofore or hereafter drawn on the Treasurer of the United

States, including those drawn by wholly owned and mixed-ownership Government

corporations, or drawn by authorized officers of the United States on designated

depositaries which have not been paid prior to the close of the fiscal year next following

the fiscal year in which the checks were issued and checks issued in payment of claims

settled by the General Accounting Office on account of any of such checks shall be

payable from the special-deposit account or accounts established pursuant to this

section: Provided, That in the following classes of cases any original or substitute

check shall be payable from the special-deposit account or accounts only after settlement by the General Accounting Office: (1) Where the check is drawn on a designated

depositary, (2) where the owner or holder of the check has died or is incompetent,

(3) where on presentation of the check for payment the Treasurer of the United

States is on notice of a doubtful question of law or fact, and (4) where the check is

over ten years old: And provided further, That the limitation imposed in respect to

certain claims or demands against the United States by the Act of October 9, 1940

(54 Stat. 1061; U. S. C., title 31, secs. 71a, 237), shall not be deemed to apply to

original or substitute checks heretofore or hereafter drawn on the Treasurer of the

United States, including those drawn by wholly owned and mixed-ownership Government corporations, or drawn by authorized officers of the United States on designated

depositaries, but nothing contained in this Act shall be deemed to affect the limitation

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Federal Reserve Bank of St. Louis
FEDERAL LEGISLATION 81

imposed in respect to claims on aecount'of certain checks by section 2 of the Act of

June 22, 1926 (44 Stat. 761; U. S. C., title 31, sec. 122).

Sec. 2. The balances deposited to the credit of the outstanding-liabilities account

of any fiscal year pursuant to section 21 of the Permanent Appropriation Repeal

Act, 1934 (48 Stat. 1235; U. S. C., title 31, sec. 725t), and which have not been covered

into the surplus fund of the Treasury shall be transferred to the foregoing specialdeposit account or accounts and together with the amounts transferred thereto under

the provisions of section 1 shall be available to pay any check payable from such

account or accounts.

Sec. 3. The Secretary of the Treasury is hereby authorized to take such action

as may be necessary to transfer at appropriate intervals from the foregoing specialdeposit account or accounts to the appropriate receipt account or accounts on the

books of the Treasury any amounts not required to effect the purposes of this Act

and with the concurrence of the Comptroller General to make such rules and regulations as he may deem necessary or proper for the administration of the provisions

of this Act.

Sec. 4. (a) Sections 306, 307, 308, 309, and 310 of the Revised Statutes of the United

States, as amended (U. S. C., title 31, secs. 149, 150, 151, 152, 153), and section 21 of

the Permanent Appropriation Repeal Act, 1934 (48 Stat. 1235; U. S. C., title 31,

section 725t), are hereby repealed.

(b) Section 5 of the Act of July 1, 1916, as amended (U. S. C., title 31, sec. 154), is

hereby amended to read as follows:

“At the termination of each fiscal year the General Accounting Office shall report

to the Secretary of the Treasury all checks issued by any disbursing officer of the

Government or its wholly owned or mixed-ownership corporations, as shown by his

accounts rendered to the General Accounting Office, or otherwise, which shall then

have been outstanding and unpaid for one full fiscal year after the fiscal year in which

issued, stating in such report the date, number, and amount of each check and the

symbol on which it was drawn.”

(c) Subsection (a) of section 3646 of the Revised Statutes of the United States, as

amended (U. S. C., 1940 edition, Supp. V, title 31, sec. 528 (a) ) is further amended

by deleting the phrase “before the close of the fiscal year following the fiscal year

in which the original check was issued” and inserting in lieu thereof the phrase

“prior to the expiration of ten years from the date on which the original check wras

issued” and by inserting immediately following the phrase “from the account of

the drawer” the phrase “or the account available for payment of the original check.”

(d) Subsections (c) and (e) of section 3646 of the Revised Statutes of the United

States, as amended (U. S. C., 1940 edition, Supp. V, title 31, secs. 528 (c) and (e) ),

are respectively, further amended by deleting the phrase “before the close of the

fiscal year following the fiscal year in which the original check was issued” and inserting in lieu thereof the phrase “prior to the expiration of ten years from the date

on which the original check was issued.”

(e) Subsection (f) of section 3646 of the Revised Statutes of the United States, as

amended (U. S. C., 1940 edition, Supp. V, title 31, sec. 528 (f) ) is further amended

to read as follows:

“ (f) Substitutes issued under this section drawn on the Treasurer of the United

States, except those for checks issued on account of public-debt obligations and

transactions regarding the administration of banking and currency laws, shall be

deemed to be original checks and shall be payable under the same conditions as original

checks. Substitutes for checks issued on account of public-debt obligations and transDigitized for FRASER 

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82 FEDERAL DEPOSIT INSURANCE CORPORATION

actions regarding the administration of banking and currency laws shall be payable

directly by the Treasurer of the United States without limitation of time.”

(f) Subsection (g) of section 3646 of the Revised Statutes of the United States, as

amended (U. S. C., 1940 edition, Supp. V, title 31, sec. 528 (g) ) is further amended

by deleting the phrase “by any corporation or other entity” and inserting in lieu

thereof “by any wholly owned or mixed-ownership Government corporation or by

any entity.”

Sec. 5. This Act shall take effect on July 1, 1947.

Approved July 11, 1947.

R u l in g o f C o m m i s s i o n e r o f I n t e r n a l R e v e n u e

RESERVE METHOD OF ACCOUNTING FOR

BAD DEBTS IN THE CASE OF BANKS

T r e a s u r y D e p a r tm e n t 

O f f i c e o f C om m ission er o f I n t e r n a l R e v e n u e 

W a s h in g to n 25, D . C.

December 8, 1947

Com.— Mimeograph

Coll. No. 6209

R. A. No. 1625

T. S. No. 526

COLLECTORS OF INTERNAL REVENUE

INTERNAL REVENUE AGENTS IN CHARGE

TECHNICAL STAFF

AND OTHERS CONCERNED:

1. The Bureau has given careful and extended consideration to the situation of

banks in general with respect to the use of reserves for bad debts, the proper measure

of such reserves, and amounts to be allowed as deductions.

2. In determining a reasonable annual addition to a reserve for bad debts by a

bank it is believed to be fair and sufficiently accurate to resort to the average annual

bad-debt loss of the bank over a period of twenty years, to include the taxable year,

as constituting a representative period in the bank’s history and to accept the equivalent percentage of presently outstanding loans as indicative of the probable annual

accruing loss. The Tax Court has held that the “use of the reserve for bad debts is

not inherently inconsistent with a cash basis where, as here, the reserve is against

loss of capital only * * * and contains no element of income which has never been

reported. * * * Such a reserve for loss of capital does not differ materially from a

reserve for depreciation which is set up on a percentage basis rather than on the basis

of actual depreciation suffered.” (Estate of Maurice S. Saltstein, Deceased, Transferee, etc. 46 B. T. A. 774, 777, (1942) Acq. C. B. 1942-1, 14.) However, such reserve

cannot be permitted to accumulate indefinitely simply because of the possibility that

at some future date large losses may be concentrated within a relatively short period

of time and operate to absorb the greatest probable reserve. To permit this would

sanction the deduction of a mere contingency reserve for losses, which is not an allowable deduction for income or excess-profits tax purposes. This latter rule makes

imperative the imposition of some reasonable ceiling on the accumulation of the

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RULING OF COMMISSIONER OF INTERNAL REVENUE 83

reserve other than such indefinite limitation as might eventually prevail under a

moving-average method.

3. The Bureau has accordingly approved the use by banks of a moving average

experience factor for the determination of the ratio of losses to outstanding loans for

taxable years beginning after December 31, 1946. Such a moving average is to be

determined on a basis of twenty years, including the taxable year, as representing a

sufficiently long period of a bank’s experience to constitute a reasonable cycle of good

and bad years. The percentage so obtained, applied to loans outstanding at the close

of the taxable year determines the amount of permissible reserve in the case of a

bank changing to the reserve method in such year (see 1st year in following computation) and the minimum reserve which the taxpayer will be entitled to maintain

in future years (see 2nd year in following computation). A bank following a change to

the reserve method of accounting for bad debts, may continue to take deductions

from taxable income equal to the current moving average percentage of actual bad

debts times the outstanding loans at the close of the year, or an amount sufficient

to bring the reserve at the close of the year to the minimum mentioned above, whichever is greater. Such continued deductions will be allowed only in such amounts as

will bring the accumulated total at the close of any taxable year to a total not exceeding three times the moving average loss rate applied to outstanding loans (see

5th year in following computation).

Example of the application of the foregoing with amount of

outstanding loans remaining unchanged at $1,000,000.00

Year

Moving

Average %

Actual Bad

Debts for

Year Deduction

Reserve

at end of

Year Ceiling

1 1. S 2,000 $12,000 $10,000 $30,000

2 .8 11,500 9,500 8,000 24,000

3 .7 1,000 7,000 14,000 21,000

4 .8 1,000 8,000 21,000 24,000

5 1. 500 9,500 30,000 30,000

4. In computing the moving average percentage of actual bad debt losses to loans,

the average should be computed on loans comparable in their nature and risk involved

to those outstanding at the close of the current taxable year involved. Government

insured loans should be eliminated from prior year accounts in computing percentages

of past losses, also from the current year loans in computing allowable deductions for

additions to the reserve. Losses not in the nature of bad debts resulting from the ordinary conduct of the present business should also be eliminated in computing percentages of prior losses.

5. A newly organized bank or a bank without sufficient years experience for computing an average as provided for above, will be permitted to set up a reserve

commensurate with the average experience of other similar banks with respect to

the same type of loans, preferably in the same locality, subject to adjustment after

a period of years when the bank’s own experience is established.

6. Bad debt losses sustained are to be charged to the reserve and recoveries made

of specific debts which have been previously charged against the reserve by a bank

on the reserve method of treating bad debts should be credited to the reserve.

7. Where a bank making its return on the basis of the calendar year 1947, wishes

to avail itself of the provisions of this mimeograph, and to change from the specific

charge-off to the reserve method of accounting for bad debts, the time for making

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Federal Reserve Bank of St. Louis
84 FEDERAL DEPOSIT INSURANCE CORPORATION

application for such change under section 29.23(k)-l, Regulations 111, has been

extended to March 15, 1948 (T. D. 5594 approved December 8, 1947). If such bank

files its return on or before March 15, 1948, on the reserve method and the return is

accompanied by a written statement setting forth the election to use such method

and explaining in detail the computations of the bad debt deduction shown in the

return, such return will be accepted as a timely application.

8. The term “banks” as used herein means banks or trust companies incorporated

and doing business under the laws of the United States (including laws relating to

the District of Columbia), of any State, or of any Territory, a substantial part of the

business of which consists of receiving deposits and making loans and discounts.

9. Correspondence in regard to this mimeograph should refer to the number and

to the symbols IT:EIM.

GEO. J. SCHOENEMAN,

Commissioner.

Approved: December 8, 1947.

A. L. M. WIGGINS,

Acting Secretary of the Treasury.

R e g u l a t i o n s o f t h e C o r p o r a t i o n

PART 308—FORMS, INSTRUCTIONS, AND REPORTS

As Amended April 4, 194?

308.1 Certified Statements. The certified statements required to be filed by

insured banks in accordance with the provisions of subsection (h) of section 12B of

the Federal Reserve Act, as amended (48 Stat. 171, as amended; 12 U.S.C. and Sup.,

264 (h) ), shall be filed with the Fiscal Agent of the Corporation upon the forms, and

in the manner, and pursuant to the instructions herein prescribed by the board of

directors; and the assessments required to be certified must be paid to the Corporation

at the time such statements are required to be filed. The form of certified statement

and instructions for completing the same will be furnished to all insured banks by, or

may be obtained upon request from, the Fiscal Agent.

308.2 * * *.

308.3 Forms and Instructions. * * *.

(s) Form 645. First Certified Statement—Part One, Based on Deposits for

the First Thirty-One Days of Operation as an Insured Bank. Form 645 must

be executed in quadruplicate by each bank admitted to membership. Form 645 contains a summary of the aggregate daily totals of deposit liabilities less authorized

deductions by which the submitting bank reports the amount of deposits used in

computing its assessment base and the amount of its assessment due the Corporation.

Three copies, signed and certified under oath as true by the officer authorized to so

certify, must be forwarded to the Fiscal Agent on or before the forty-fifth day after

the first day of operation as an insured bank. The fourth copy must be retained in

the bank’s file. These forms are mailed to newly insured banks with appropriate

instructions for the preparation.1

1 Copies of such instructions may be obtained on request from the Fiscal Agent.

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Federal Reserve Bank of St. Louis
St a t e Ba n k in g Le g is l a t io n

This summary includes the more important State banking legislation enacted in

1947.

SUPERVISORY AUTHORITY

Banking Board enlarged................................ Kansas (Ch. 102), Pennsylvania (Act 469)

Commissioner of Banking to replace Banking Commission... .Wisconsin (Ch. 411)

Notice to supervisory authority of stock transfers...........................Wisconsin (Ch. 134)

Consent of supervisory authority to transfer of shares and to retirement, resignation

and disqualifying of any officer................................................................Oregon (Ch. 77)

Limitation on ownership of bank stock by supervisory authority...................................

......................................................................California (Ch. 568), Connecticut (Act 538)

Licensing appeal board..........................................................................Missouri (SB 12, 13)

Appeal from decision of supervisory authority.......................Connecticut (Act 76, 538)

Examiners......................................................................................................................................

.......... Missouri (SB 181), New York (Ch. 118), Oregon (SB 60), Tennessee (Ch. 80)

Compensation...................................................California (Ch. 568), Maryland (Ch. 300),

Missouri (SB 181), Nebraska (Bill 407), New York (Ch. 118), North Dakota

(Ch. 115), Tennessee (Chs. 80, 90), Wisconsin (Ch. 411)

Examinations.. .Connecticut (Act 538), Michigan (Act 152), North Dakota (Ch. 109)

Examination fees..............................................California (Ch. 568), Delaware (Ch. 252),

Michigan (Act 152), New York (Ch. 135), West Virginia (Ch. 38)

Chartering fees.................................................... Nebraska (Bill 23), Wisconsin (Ch. 134)

Check cashers.......... California (Ch. 914), Delaware (Ch. 287), New York (Ch. 485)

Currency exchanges...................................................................................... Illinois (HB 160)

Banking codes or revisions.............................Connecticut (Act 538), Kansas (Ch. 102)

Regulation by banking board covering books and records, appraisals, and minimum

amount of insurance on property owned by bank and trust company authorized

...............................................................................................s,....................Kansas (Ch. 102)

ORGANIZATION AND CHARTER CHANGES

Organization of trust companies and use of “trust” in name. .Florida (Ch. 23661)

Organization and management of savings banks..................................Indiana (Ch. 138)

Minimum capital and surplus requirements. .Arkansas (Act 173), California (Ch. 516),

Iowa (Ch. 267), Oregon (Ch. 92), Washington (Ch. 131), Wisconsin (Ch. 134)

Renewal of charter................ ........................................... .............................. Iowa (Ch. 251)

Change of name. . ...............................................................................Connecticut (Act 538)

Branch banks...........................................................................................California (Ch. 516),

Delaware (Ch. 251), Indiana (Ch. 276), Oregon (Ch. 38), Pennsylvania (Act 376)

Public hearings on establishment of branch offices of state or national banks..........

.................................................................................................................... Indiana (Ch. 246)

Merger and consolidation.. Connecticut (Acts 133, 528, 538), Iowa (Ch. 249), Kansas

(Ch. 102), New Hampshire (Ch. 123), New Mexico (Ch. 160), Wyoming (Ch. 31)

85

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86 FEDERAL DEPOSIT INSURANCE CORPORATION

Merger and consolidation of state and national banks....................................................

....................................................................... Indiana (Ch. 133), Pennsylvania (Act 334)

Sale of assets.................................................................................................Kansas (Ch. 102)

Powers of foreign banking corporation................................................ New York (Ch. 46)

Teller windows or receiving stations. .North Carolina (Ch. 990), Wisconsin (Ch. 101)

Par value of capital stock of trust companies.......................New Hampshire (Ch. 157)

SHAREHOLDERS

Annual meeting..................................................Oregon (Ch. 153), Washington (Ch. 129)

Shareholders’ approval of stock dividend.......................................Connecticut (Act 538)

Voting trust agreements. . .. Illinois (HB 32), Indiana (Ch. 46), New Mexico (Ch. 25)

Examination committee................................................................................ Oregon (Ch. 36)

Stock transfers.......................Kansas (Ch. 102), Oregon (Ch. 77), Wisconsin (Ch. 134)

g e n e r a l pr o v isio n s

Earned surplus or guaranty fund requirements.......... California (Ch. 516), Florida

(Ch. 23749), Kansas (Ch. 102), New Hampshire (Ch. 28), Oregon (Ch. 179), Vermont

(HB 136), Wisconsin (Ch. 112)

Issuing agent for sale and issue of U. S. obligations.......................New York (Ch. 410)

Servicing agent for mortgage loans..................................................Connecticut (Act 275)

Power of banks and trust companies to do surety business and to consolidate with

insurance corporations repealed...................................North Carolina (Chs. 696, 781)

Reserve of reserve banks required to equal that required by Federal law of banks

in reserve cities...................................................................................... Colorado (Ch. 138)

Capital-deposit ratio....................................... Minnesota (Ch. 11), Washington (Ch. 31)

Charitable contributions authorized.................................................... Colorado (Ch. 161),

Delaware (Ch. 146), Pennsylvania (Act 123), Wisconsin (Ch. 134)

Destruction of records............................................. Iowa (Ch. 268), Oklahoma (HB 249)

Limitation of action on claims inconsistent with entries on bank records...................

......................................................................................................................... Iowa (Ch. 268)

Banks exempted from provisions relating to small loan agencies.......... Maine (Ch. 49)

Repeal of requirement that unauthorized real estate be disposed of in five years and

that property, received for debts previously contracted which may not be purchased,

be disposed of in five years..........................................................Pennsylvania (Act 426)

Financial institutions authorized to transact business on holidays and outside regular

banking hours................................................................ Ohio (HB 184), Texas (HB 612)

Limitation on cash item charges.....................................................South Dakota (Ch. 26)

Safe deposit box rental.............................................. Illinois (HB 672), Kansas (Ch. 102)

DEPOSITS

Amount of deposits..........................................................................................Maine (Ch. 47)

Deposits of and security for public funds......................................... Alabama (Act 153),

Arkansas (Acts 122, 396), California (Chs. 143, 973, 1471), Florida (Chs. 23664,

23938, 23976), Illinois (HB 21, SB 426), Indiana (Ch. 119), Kansas (Ch. 102),

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Minnesota (Ch. 29), Nebraska (Bill 65), New Hampshire (Ch. 169), New York

(Chs. 181, 412), Oklahoma (SB 291), Oregon (Ch. 125), Pennsylvania (Act 129),

South Carolina (Act 92), Tennessee (Ch. 190), Washington (Ch. 245), Wisconsin

(Ch. 270)

Increase in amount of savings bank deposits permitted in outside financial institutions

.............................................................................................................Connecticut (Act 170)

Payment of account of deceased depositor........ Indiana (Ch. 124), Kansas (HB 347)

Payment of trust deposits.............................................................................. Maine (Ch. 47)

Payment or pledge of minors’ deposits... .Connecticut (Act 313), Indiana (Ch. 142)

School collection and deposit of pupils’ savings................................................................

.......................................................................Connecticut (Act 522), New York (Ch. 47)

Escheat... .Connecticut (Acts 32, 33), Michigan (Act 329), New Jersey (Chs. 91, 92,

357), New York (Ch. 121), Oklahoma (HB 55), Oregon (Ch. 587), Wyoming (Ch. 86)

Refunds of escheat funds..............................................................North Carolina (Ch. 614)

Joint deposits.......... Maine (Ch. 48), Pennsylvania (Act 425), Tennessee (Ch. 152)

Maximum amount in savings bank. . . . Massachusetts (Ch. 45), Minnesota (Ch. 26)

Payment of savings bank deposit without passbook.......................New York (Ch. 463)

Payroll deductions accounts without passbooks...............................New York (Ch. 463)

Notice of adverse claim to a deposit need not be recognized until bank served with

court process or order thereon. . ...........................................................Kansas (Ch. 102)

Banking board authorized to fix maximum rate of interest on deposits, if after hearing

it finds that bank’s rate is excessive and will impair capital.......... Kansas (Ch. 102)

STATE LEGISLATION 87

Modification of loan limitations on Servicemen’s Readjustment Act loans...............

Colorado (Ch. 136), Connecticut (Act 318, SB 406), Idaho (Ch. 48), Iowa (Ch. 266),

Massachusetts (Ch. 110), New Hampshire (Ch. 288), New Jersey (Ch. 27), New

York (Ch. 527), Ohio (HB 196), Pennsylvania (Ch. 473), Vermont (HB 136), Wisconsin (Ch. 134), Wyoming (Ch. 120)

Real estate loans:

Increase of loan limit, authorization of waiver of amortization and of package

mortgages.......................................................................................Connecticut (Act 251)

Inclusion in mortgage debt of taxes, insurance, interest and advancement for

repairs.............................................................................................Connecticut (Act 134)

Direct-reduction loans by savings banks................................. Massachusetts (Ch. 98)

Five-year rehabilitation loans by savings banks...........................New York (Ch. 243)

FHA loans. Connecticut (Acts 97,113), Massachussetts (Ch. 89), Wyoming (Ch. 120)

Maturities of FHA loans extended from 30 to 35 years.............. Connecticut (Act 97)

Loan period increased.................................................................. Pennsylvania (Act 473)

Reconstruction and improvement loans insured by FHA.. Connecticut (Acts 97,113)

In adjoining states.......................................... Iowa (Ch. 265), Pennsylvania (Act 335)

Acceptance of appraisals by U. S. agency on FHA and Servicemen’s Readjustment

Act loans in lieu of bank appraisals permitted.......................Minnesota (Ch. 141)

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88 FEDERAL DEPOSIT INSURANCE CORPORATION

Blanket construction loans by savings banks....................... Massachusetts (Ch. 254)

Construction mortgage form specified.........................................Connecticut (Act 480)

Increase amount of amortized loan from 50% to 60% of appraised value..............

....................................................................................................... New Mexico (Ch. 159)

Period of industrial bank loans increased from 20 to 36 months.......................................

.............................................................................................................. Connecticut (Act 95)

Loan limitations enlarged or made inapplicable to loans secured by: Obligations or

guarantee of United States or its agencies...............................Colorado (Ch. 136),

Kansas (Ch. 102), Maine (Ch. 76), North Dakota (Ch. 113), South Dakota (Ch. 27),

Wyoming (Ch. 120)

Obligations or guarantee of State or its agencies and subdivisions...................................

................................... Colorado (Chs. 133, 134), Kansas (Ch. 102), Maine (Ch. 76)

Limitations on total liability of one borrower...............................Colorado (Ch. 135),

Connecticut (Act 538), Kansas (Ch. 102), Massachusetts (Ch. 39), Minnesota

(Ch. 82), New York (Ch. 444), Wisconsin (Ch. 134)

Limitation on loans to directors, officers and employees...............New York (Ch. 28)

Personal and installment loans.................. Michigan (Act 19), Minnesota (Ch. 314),

New Mexico (Ch. 174), New York (Chs. 487, 636,705), Pennsylvania (Acts 290, 476)

Motor Vehicle Sales Finance Act............................................... Pennsylvania (Act 476)

Retail installment sales financing.............................................................................................

...........................Connecticut (Act 248), Indiana (Ch. 238), Pennsylvania (Act 476)

Prohibition against designation of insurer or insurance agent by lenders...................

........................................................................ Michigan (Act 67), New York (Ch. 153)

Authorization of any real estate loan which national bank may make...........................

.................................................................................................................Colorado (Ch. 136)

INVESTMENTS

Limitations on investments of deposits......................................... .......................................

........................................................Colorado (Chs. 133, 134), Massachusetts (Ch. 236)

By savings banks and savings departments in bonds of outstate cities of population

of 50,000 instead of 20,000.............................................................. Connecticut (Act 55)

Housing authority bonds............................................................................................................

.....................Connecticut (Act 79), New Hampshire (Ch. 169), Wisconsin (Ch. 361)

By savings banks in securities authorized for banks and trust companies...................

................................................................................................................. Minnesota (Ch. 78)

Banking premises...............Kansas (Ch. 102), Massachusetts (Ch. 36), Ohio (HB 196)

Obligations issued or guaranteed by International Bank for Reconstruction and

development.......................................................................... Connecticut (Acts 109, 529)

Maryland (Ch. 182), New Hampshire (Ch. 19), New Jersey (Ch. 308)

Limitations on investments in municipal bonds of other states............ Kansas (Ch. 102)

Banking Committee authorized to regulate amount and kind of foreign bonds offered

for sale by International Bank for Reconstruction and Development, except Canadian bonds payable in dollars, which banks may purchase.......... Wisconsin (Ch. 117)

Obligations of Dominion of Canada, its provinces and cities.............................................

................................................................Colorado (Chs. 133, 134), New York (Ch. 686),

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STATE LEGISLATION 89

Renovation and improvement loans insured by FHA................ Connecticut (Act 113)

Investment securities— change in test for legal investments. . . . Connecticut (Act 55)

Federal Land Bank bonds and other governmental obligations.......................................

............................................................................. Georgia (Act 103), Wisconsin (Ch. 134)

Railroad obligations...............................................................................New York (Ch. 244)

Purchase and improvement of real estate for housing purposes by savings banks. . . .

........................................................................................................Massachusetts (Ch. 142)

Loans and securities guaranteed or insured by Veterans Administration...................

........................................................................................................ Massachusetts (Ch. 110)

Extension and modification of mortgage investments...................New York (Ch. 257)

Stock investment of industrial banks................................................... New York (Ch. 45)

Authorization for investment in Agricultural Credit Corporation stock repealed. . . .

........................................................................................................ North Dakota (Ch. 108)

Banks and trust companies with less than $50,000 capital and surplus authorized to

make insured time deposits as investments in insured banks.......... Oregon (Ch. 30)

Investments in evidences of debt and corporate stock...................Vermont (HB 136)

Mutual savings bank investments............................................................Oregon (Ch. 354)

Bank and trust company authorized to purchase shares in title insurance corporation

to which its title insurance business is transferred.............. Pennsylvania (Act 326)

Repeal of requirement that unauthorized real estate be disposed of in five years and

that property, received for debts previously contracted which may not be purchased, be disposed of in five years...........................................Pennsylvania (Act 426)

Authorization for taking title to real estate for purpose of carrying real estate conditional sales contracts....................................................................Washington (Ch. 149)

Bond secured by mortgage on leasehold estate................................New Jersey (Ch. 27)

TRUST ACTIVITIES

Investments. .New Jersey (Ch. 308), Pennsylvania (Act 468), South Carolina (Act 572)

Prudent man investment rule.......................Nevada (Ch. 51), Oregon (Ch. 523),

Pennsylvania (Act 468—certain bonds and preferred stocks), Washington (Ch. 100)

Uniform Common Trust Fund Act.......................Colorado (Ch. 325), Texas (Ch. 209)

Investment in common trust fund....................................................Arkansas (Act 394),

California (Ch. 338), Connecticut (Acts 223, 265), Delaware (Ch. 268), Georgia

(Act 96), Indiana (Ch. 297), Minnesota (Ch. 234), Pennsylvania (Act 427)

Exemption of common trust fund from income tax.......................Colorado (Ch. 211)

Increase of limit of investment in common trust funds and removal of limitation on

size of fund....................................................................................... Connecticut (Act 265)

Investment of trust funds in loans insured or guaranteed under Servicemen's Readjustment Act................................................ Kansas (Ch. 315), Pennsylvania (Act 158)

Registration in name of nominee of stock held by fiduciary.......... Arkansas (Act 394),

California (Ch. 102), Connecticut (Act 68), Indiana (Ch. 115), Maine (Ch. 59),

Pennsylvania (Act 399), Washington (Ch. 146)

Transfer of securities to or by fiduciaries or their nominees...........................................

.........................................Arkansas (Act 394), Maine (Ch. 59), Washington (Ch. 159)

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90 FEDERAL DEPOSIT INSURANCE CORPORATION

Authorization of executive committee, instead of board of directors or board of trustees,

to exercise trust powers................................................................. .Georgia (Acts 95, 99)

Authorization for trustee to convey real and personal property and execute proxies

on terms in best interest of trust............................................................ Illinois (HB 47)

Fiduciaries proxies.......................................................................................................................

. . . .California (Ch. 101), Illinois (HB 47), Michigan (Act 166), Tennessee (Ch. 11)

Sale without appraisals of securities listed on national stock exchanges.......................

......................................... .......................................................................... Indiana (Ch. 351)

Investment of trust funds in municipal authority bonds.. . . . .Pennsylvania (Act 189)

Trust investments in certain common and preferred stock.............. Indiana (Ch. 297)

Investment of funds held by fiduciary in life, endowment or annuity contracts..........

........................................................................................................................Idaho (Ch. 206)

Joint control of surety with fiduciary over trust funds.......... North Dakota (Ch. 197)

Fiduciaries authorized to pay premiums, brokers’ commissions, title charges, attorneys’

and recording fees, cost of survey and revenue stamps and other charges in purchase

of or investment in real estate mortgages................................... New Jersey (Ch. 306)

Real estate mortgage investments...................................................... New York (Ch. 527)

DIRECTORS, TRUSTEES, OFFICERS AND EMPLOYEES

Compensation of directors and trustees................................. Connecticut (Acts 84, 538)

Commissions authorized on insurance and surety bond premiums in transaction to

which bank is a party...............................................................North Carolina (Ch. 695)

Repeal of limitation on salaries based on percentage of deposits...................................

.......................................................................................................New Hampshire (Ch. 70)

Bonus payments to employees..........................................................Washington (Ch. 147)

Limitations on loans. .Florida (Ch. 23762), New York (Ch. 28), Washington (Ch. 147)

Thirty days’ notice to supervisory authority of retirement, resignation, and disqualifying of any officer............................................................................ Oregon (Ch. 77)

Report to directors and supervisory authority of stockholders examining Committee

............................................................................................................. .. Oregon (Ch. 36)

Annual instead of semiannual trial balance of depositors’ accounts by directors. . . .

.............................................................................................................. Connecticut (Act 40)

Filling director vacancies between annual meetings.............................Georgia (Act 98)

Forfeiture of office upon default on obligation of officer or director.. .Kansas (Ch. 102)

Cumulative voting in election of directors...........................................Wyoming (Ch. 23)

Removal of officer or director by banking board...................................Kansas (Ch. 102)

Insurance on lives of active and retired officers and employees of savings banks. . . .

................................................................................................................. New York (Ch. 27)

Directors’ qualifying shares.....................Florida (Ch. 23760), North Dakota (Ch. 112)

Vice-presidents’ qualifying shares............................................................. Kansas (Ch. 102)

Repeal of requirement of individual surety bonds for officers and employees..........

.............................................................................................................Washington (Ch. 132)

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Sales to or purchases from any officer or employee without approval of supervisory

authority prohibited.................................................................................Kansas (Ch. 102)

Outstate residence of one director authorized..................................... Wisconsin (Ch. 19)

Requirement that only one vice-president must be director. . . . Wisconsin (Ch. 134)

Criminal penalties and civil liability for violations of banking law...........................

.............................................................................................................Connecticut (Act 538)

CHECKS AND COLLECTIONS

Authorization of one day delay in returning, or giving notice of, dishonored checks..

..............................Massachusetts (Ch. 167), Michigan (Act 49), Nebraska (Bill 246)

Limitation of action on recovery of money paid on forged signature...............................

..................................................Kansas (Ch. 102), Maine (Ch. 11), Wisconsin (Ch. 80)

Limitations on stop payment orders.................Kansas (Ch. 102), Tennessee (Ch. 208)

Certified checks............................................................Kansas (Ch. 102), Montana (Ch. 9)

Liability for non-payment of checks.. . Florida (Ch. 23756), Massachusetts (Ch. 169)

Authority to refuse payment of checks six months after date............................................

.......................................................................................................New Hampshire (Ch. 92)

Regulation of charges on cash item................................................South Dakota (Ch. 26)

Bank relieved of liability for erroneous payment of post-dated check when not notified

of issuance............................................................................................. Florida (Ch. 23756)

HOLIDAYS

Legal holidays and memorial days............................................................Arizona (Ch. 45),

Arkansas (Act 78), California (Ch. 650), Indiana (Ch. 236), Maryland (Chs. 139,

729), Oklahoma (HB 128), Wisconsin (Ch. 134)

Saturday holidays...........................Connecticut (Act 6), Florida (Chs. 24136, 24275—

only in certain counties), Georgia (Act 313—only in counties of 70,000 population

or more), Maryland (Ch. 127—all but five counties), Massachusetts (Ch. 9), New

Hampshire (Ch. 35), New Jersey (Ch. 10), New York (Ch. 22), Ohio (SB 260)

Pennsylvania (Act 52), Rhode Island (Chs. 1817, 1825), Washington (Ch. 221),

Wisconsin (Ch. 36)

Five-day week........................................................................................ Missouri (HB 57, 58)

Summer Saturday holidays.......................................................................... Maine (Ch. 345)

TAXATION

Capital stock___ Nebraska (Bill 100), New Jersey (Ch. 249), New Mexico (Ch. 106)

Income tax..........................................California (Chs. 830, 831, 1164, 1315, 1371, 1468),

Connecticut (Act 346), Oklahoma (HB 29), Oregon (Ch. 172)

Income tax on participants in common trust fund.............................Colorado (Ch. 211)

Financial institutions....................................................................................... Iowa (Ch. 238)

Deposits............................................................ Maine (Ch. 314), Rhode Island (Ch. 1940)

Exemption of surplus and reserves in an amount of each equal to capital...................

............................................................................................................New Mexico (Ch. 106)

Recording of mortgages............................................................................Alabama (Act 181)

Deductions for bank commencing business after commencement of tax year...........

.................................................................................... .................... North Carolina (Ch. 72)

STATE LEGISLATION 91

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92 FEDERAL DEPOSIT INSURANCE CORPORATION

LIQUIDATION

Escheat of unclaimed deposits, funds, or dividends............................................................

North Carolina (Chs. 613, 621), North Dakota (Ch. 115), Washington (Ch. 148)

Refund of escheat funds.............................................................. North Carolina (Ch. 614)

Voluntary liquidation..................................................................................Kansas (Ch. 102)

Disposition of safekeeping property in any liquidation.............. Washington (Ch. 148)

Reserves for litigation..............................................................................New York (Ch. 95)

Reports to Attorney General on corporations in liquidation.......... New York (Ch. 95)

CREDIT UNIONS

Organization.....................................................................................................Texas (Ch. 375)

Reports to supervisory authority..........................................................Florida (Ch. 23662)

Powers, duties, and regulations.................................................................................................

.......... Connecticut (Act 527), Florida (Ch. 23662), Illinois (SB 544), Iowa (Ch. 269)

Capital...................................................... Massachusetts (Ch. 87), Washington (Ch. 213)

Reserve equal to 10 percent of share and deposit balances................................................

..................................................................................Iowa (Ch. 269), Tennessee (Ch. 125)

Examination fees........................................................Florida (Ch. 23662), Iowa (Ch. 269)

Loans:

Classes of loans.................................................................................Washington (Ch. 213)

Loan limit...............Maryland (Ch. 719), North Dakota (Ch. Ill), Texas (HB 428)

Loans to directors and committee members......................................... Texas (Ch. 375)

Loans to credit unions.............................................................................. Illinois (SB 594)

Life insurance upon borrowers............................................................Wisconsin (Ch. 90)

Real estate loans. . .Iowa (Ch. 269), Maryland (Ch. 720), Massachusetts (Ch. 178)

Collateral loans....................................... Maryland (Ch. 718), Massachusetts (Ch. 85)

Authorization of compensation for directors and committee members.......................

................................................................................................................ Maryland (Ch. 719)

Supervisory committee of not less than three members...................Colorado (HB 955)

Authorization of payroll deductions for savings and loan payments, bond purchase

and insurance premiums............................................................Massachusetts (Ch. 189)

Joint shares or deposits..................................................................Rhode Island (Ch. 1877)

Spouse of member eligible for membership....................................... New York (Ch. 258)

Dissolution....................................................................................................Indiana (Ch. 243)

Distribution on liquidation....................................................................Tennessee (Ch. 125)

Dividends.................................................................... New York (Ch. 29), Texas (Ch. 375)

Taxation of dividends............................................................................... Missouri (HB 407)

m iscellan eo u s

Assignment of accounts receivable................................................California (Ch. 1391),

Colorado (Ch. 120), Connecticut (Act 305), Florida (Ch. 24297), Oklahoma (HB

210), Washington (Ch. 8)

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STATE LEGISLATION 93

Trust receipts........................................................Arizona (Ch. 72), Delaware (Ch. 266),

Nevada (Ch. 208), New Mexico (Ch. 151), Oregon (Ch. 93), Wyoming (Ch. 110)

Uniform Stock Transfer Act. .Iowa (Ch. 252), Kansas (Ch. 186), Vermont (HB 217)

Defense of usury not available on any corporate obligation..............................................

...................................................................................Minnesota (Ch. 282), Ohio (SB 108)

Sale of pledged property........................................................................ Oklahoma (HB 129)

Penalty for derogatory statements about banks.....................................Illinois (HB 566)

Examination of safe deposit box of state institution patient... .New York (Ch. 384)

Offer to perform services of a legal nature by bank or trust company prohibited. . . .

..................................................................................................................... Kansas (Ch. 102)

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Federal Reserve Bank of St. Louis
PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

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Table 101. Changes in number and classification of operating banks and branches in the United 

States and possessions during 1947

Table 102. Number of operating banks and branches, December 31, 1947

Grouped according to insurance status and class of bank, and by State and type

of office

Table 103. Number and deposits of operating commercial and mutual savings banks, December 31, 1947

Banks grouped according to insurance status and by District and State

N umber, Offices, and D eposits of Operating Banks

soCi

The tabulations for all banks and trust companies shown here are

prepared in accordance with an agreement among the Federal bank

supervisory agencies for a new “all-bank” series to replace the various

series previously published separately by the three agencies. The new

series differs only slightly from that previously published by this

Corporation. The differences between the old FDIC series and the new

are shown in Table 101 and described in footnote 3 to that table.

The data given here 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; and is the same as that used in the tables published in previous

annual reports of the Corporation. It differs from that used in all-bank

statistics formerly published by the Board of Governors of the Federal

Reserve System and by the Comptroller of the Currency, which utilized

summaries of State banking data prepared by State banking

departments.

The data in these tables relate to banks operating in the United

States and possessions. Data from the same tabulations by States are

published in the Federal Reserve Bulletin, January 1948, pp. 66-67, and

June 1948, pp. 686-87.

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 companies 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 tabulations, 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.

Institutions included in the new all-bank series are classified in three

groups: commercial and stock savings banks, trust companies engaged

in fiduciary business but not in deposit banking (designated nondeposit

trust companies), and mutual savings banks. However, the first two

of these groups are combined in the following tables, except that

noninsured institutions are subdivided into banks of deposit and

nondeposit trust companies.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Institutions included in the all-bank series

Commercial and stock savings banks include the following

categories of banking institutions:

National banks except those (only one at the present time) not

regularly engaged in deposit banking;

Incorporated State banks, trust companies and banking trust

companies, regularly engaged in the business of receiving deposits,

whether demand or time, except mutual savings banks;

Stock savings banks, including guaranty savings banks in New

Hampshire;

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;

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, and North

Dakota; 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 Company in New

York.

Private banks under State supervision, and such other private

banks as are reported by reliable unofficial sources to be engaged

in deposit banking;

Branches of foreign banks which engage in a general deposit

business in the continental United States or in the possessions;

In the possessions, branches of American banks engaged in a

general deposit business.

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.

Institutions excluded from the all-bank series

Figures for operating banks do not include institutions in the following categories, though such institutions may perform many of the

same functions as banks:

Banks which have suspended operations or have ceased to accept

new deposits and are proceeding to liquidate their assets and pay

off existing 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 authorized 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 “deposits” 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.

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 101. C h a n g e s in N u m b e r a n d C l a s s i f i c a t i o n 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

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 io n s D u r i n g 1947 CO00

All banks Commercial and stock savings banks 

and nondeposit trust companies Mutual savings banks

Insured1 Noninsured

Type of change

Total Insured

Noninsured Total

Members F. R. 

System Not

mem­ Banks

Trust

com­ Total Insured2

Noninsured Total

National State

bers 

F. R.

System

of deposit

panies 

not accepting 

deposits

BANKS

14,767

14,759

-8

13,597

13,550

1,170

1,209

-8

14,234

14,218

13,403

13,359

5,005

5,007

1,915

1,890

6,483

6,462

763 68 533 194 339

776 83 541 191 350

+ 11

-24

-11 -8 -8

Net change during year............................................................. + 16 +47 -31 + 16 +44 -2 +25 +21 -4 + 3 -3

Changes resulting from —

Banks beginning deposit operations................................. 113 99 14 113 99 19 19 61 14

New banks ............................................................... 112 99 13 112 99 19 19 61 13

Financial institution becoming bank of deposit.................. 1 1 1 1

Banks ceasing deposit operations....................................... 97 83 14 97 83 28 16 39 10 4

Suspended bank not reopened or succeeded........................ 1 1 1 1

Merged with financial aid of FDIC—net decrease............ 3 3 3 3 1 2

Mergers and absorptions (without FDIC aid)—net 

decrease .......................................................................... 82 74 8 82 74 25 15 34 5 3

Other liquidations ................................................................. 11 6 5 11 6 2 1 3 4 1

Noninsured banks becom ing insured............................... +32 

+ 6

+26

-1

-32 +29

+ 6

+23

-1

+29

+ 6

+23

-1

-29 + 3 -3

Successions to noninsured banks........................................... -6 -6

Admissions to insurance, operating banks4......................... -26 -23 + 3 -3

Insured bank becom ing noninsured................................. + 1

+ 1

+ 1

Voluntary withdrawal from insurance................................. -1 -1 -1 + 1

Other changes in classification am ong banks................ + 7

+ 8

-1

+22

-6

-29

National banks succeeding State banks............................... -2

State bank succeeding national bank.................................. + 1

Admissions to F. R. System................................................. +33 -33

Withdrawals from F. R. System.......................................... -5 + 5 

2

Changes not involving num ber in any class:

Successions ............................................................................. 8 4 4 8 4 2 4

Changes in title, location, or name of location................... 75 66 9 68 64 13 10 41 4 7 2 5

Changes in corporate powers................................................. 2 2 2 2 2

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
BRANCHES

Number of branches, December 31, 1947................................. 4,408

4,220

- 1

4,220

4,043

188 4,237

4,063

- 1

4,096

3,928

1,870

1,787

1,181

1,132

1,045

1,009

141

134

171

157

124

115

47

Number of branches, December 31, 1946................................. 177 1 42 Revision in classification of branches—net3 ....................... - 1 - 1

Net change during year............................................................ + 189 + 177 + 1 2 + 175 + 168 +83 +49 +36 + 7 + 14 +9 +5

Changes resulting from—

Branches opened for business............................................ 2 2 0 208 1 2 206

2

199

2

95

2

48 56 7 14 9 5

Facilities provided as agents of the government................ 2 2

Absorbed banks converted into branches........................... 55 55 55 55 30 16 9

Branches replacing offices closed or relocated..................... 1 1 1 1 1

162 150

31

12 148

31

141

31

63

15

32

3

46

13

7 14 9 5

Branches discontinued.......................................................... 31

Facilities provided as agents of the government................ 9 9 9 9 8 1

Other branches discontinued................................................. 22 22 22 22 7 2 13

Other changes in classification among branches.......... + 3 + 4 -7

Branch of noninsured bank admitted to insurance............ + 1

- 1

- 1 + 1

- 1

+ 1

- 1

- 1

Branch of bank withdrawing from insurance..................... + 1 + 1

Branches transferred as result of absorptions or successions +3 -3

Admissions to F. R. System................................................. + 4

9

-4

Changes not involving number in any class:

Branches transferred as result of absorptions..................... 15 15 15 15 5 1

Sale of branches to other banks........................................... 3 3 3 3 3

Changes in powers—branches replacing facilities............... 2 2 2 2 2

Changes in title, location, or name of location................... 78 78 74 74 40 22 12 4 4

ALL BANKING OFFICES

Number of offices, December 31, 1947...................................... 19,175

18,979

-9

17,817

17,593

1,358

1,386

-9

18,471

18,281

- 1

17,499

17,287

6,875

6,794

3,096

3,022

7,528

7,471

904

910

+ 1 1

-17

6 8

84

- 1 2

—4

704

698

- 8

318

306

386

392

- 8

+ 2

Number of offices, December 31, 1946......................................

Revision in classification of offices—net3 .............................

Net change during year............................................................ * +205 +224 -19 + 191 + 2 1 2 +81 +74 + 57 + 14 + 1 2

Offices opened.......................................................................... 333 307 26

14

319 298

99

114

19

67

19

117

61

2 1

14

14 9 5

Banks....................................................................................... 113 99 113

Branches.................................................................................. 220 208 12

14

206

128

199

114

95

43

48

19

56

52

39

13

7 14 9 5

Offices closed............................................................................ 128 114 1 0

10

4

Banks....................................................................................... 97 83 14 97 83 28 16 4

Branches.................................................................................. 31 31 31 31 15 3

Changes in classification...................................................... + 31

+31

-31 + 28

+28

+ 1 0

+ 7 

+3

+ 26

+22

+ 4

- 8 -28

-28

+ 3

+3

_3

Among banks.......................................................................... -31 -1 —3 Among branches..................................................................... -7

1 Includes 7 trust companies not engaged in deposit banking on December 31, 1947, and 8 on December 31, 1946.

2 Includes 3 mutual savings banks members of the Federal Reserve System, for December 31, 1947, and December 31, 1946.

3 The number of noninsured banks and trust companies included in FDIC statistics was revised as of June 30, 1947, by agreement of the three Federal banking agencies. 

The revisions are as follows: (a) exclusion of 12 companies operating under trust company charters but not engaged in fiduciary business other than that incidental to the real 

estate title or mortgage business, and of 4 institutions operating under bank charters not actually engaged in deposit banking; (b) inclusion of 6 banks of deposit in possessions 

(American Samoa, Guam, and the Panama Canal Zone) not previously covered by FDIC statistics, and of 1 bank of deposit operating under a special charter and 1 nondeposit 

trust company not previously counted; and (c) reclassification of 8 guaranty fund savings banks from the mutual savings group to the commercial and stock savings group.

* ODerating at beginning of year.

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 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, 1947

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE AND TYPE OF OFFICE O

o

State and type of bank or office

All banks Commercial and stock savings banks 

and nondeposit trust companies Mutual savings banks Insured banks 

as percentages of—

Total Insured Noninsured Total

Insured1 Noninsured

Total Insured2

Noninsured

All

banks

Commercial

banks

Mutual

savings Total banks

Members F. R. 

System Not

members 

F. R.

System

Banks 

of deposit

Trust 

companies 

not accepting 

deposits

National State

United States and possessions........ 19,175 17,817 1,358 18,471 17,499 6,875 3,096 7,528 904 6 8 704 318 386 92.9 94.7 45.2

All banks............................................. 14,767 13,597 1,170 14,234 13,403 5,005 1,915 6,483 763 68 533 194 339 92.1 94.2 36.4

Unit banks....................................... 13,538 12,454 1,08 4 13,10k 12,320 4,726 1,719 5,875 716 68 434 134 300 92.0 94.0 30.9

Banks operating branches............. 1,229 1,1 U3 86 1,130 1,083 279 196 608 47 99 60 39 93.0 95.8 60.6

Branches..................................... 4,408 4,220 188 4,237 4,096 1,870 1,181 1,045 141 171 124 47 95.7 96.7 72.5

United States..................................... 19,046 17,810 1,236 18,342 17,492 6,875 3,096 7,521 787 63 704 318 386 93.5 95.4 45.2

All banks............................................. 14,714 13,592 1,122 14,181 13,398 5,005 1,915 6,478 720 63 533 194 339 92.4 94.5 36.4

Unit banks...................................... 13,4-96 12,451 1,01*5 13,062 12,317 A,726 1,719 5,872 682 63 434 134 300 92.3 94.3 30.9

Banks operating branches........... 1,218 1,141 77 1,119 1,081 279 196 606 38 99 60 39 93.7 96.6 60.6

Branches......................................... 4,332 4,218 114 4,161 4,094 1,870 1,181 1,043 67 171 124 47 97.4 98^4 72‘.5

Possessions....................................... 129 7 1 2 2 129 7 7 117 5 5.4 5.4

All banks......................................... 53 5 48 53 5 5 43 5 9.4 9.4

Unit banks................................... 42 3 39 42 3 3 34 5 7.1 7.1

Banks operating branches........... 11 2 9 11 2 2 9 18.2 18.2

Branches........................................... 76 2 74 76 2 2 74 2.6 2.6

State

Alabama................................................ 244 241 3 244 241 8 8 2 1 132 3 98.8 98.8

All banks......................................... 222 219 3 222 219 67 20 132 3 98.6 98.6

Unit banks...................................... 218 215 3 218 215 6.4 19 132 3 98.6 98.6

Banks operating branches........... 4- U 4 u 3 1 100.0 100.0

Branches........................................... 22 22 22 22 21 1 100.0 100.0

Arizona.................................................. 51 50 1 51 50 33 2 15 1 98.0 98.0

All banks............................................. 11 10 1 11 10 3 2 5 1 90.9 90.9

Unit banks...................................... 6 5 1 6 5 1 2 2 1 83.3 83.3

Banks operating branches. 5 5 5 5 2 3 100.0 100.0

Branches....................................... 40 40 40 40 30 10 ioo!o ioo!o

Arkansas............................................... 247 234 13 247 234 51 16 167 1 2 1 94.7 94.7

All banks............................................. 228 215 13 228 215 50 16 149 12 1 94.3 94.3

Unit banks....................................... 211 198 13 211 198 49 16 133 12 1 93.8 93.8

Banks operating branches............... 17 17 17 17 1 16 100.0 100.0

Branches............................................. 19 19 19 19 1 18 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
California..............................

All banks.............................

Unit banks.......................

Banks operating branches, 

Branches..............................

Colorado................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches..............................

Connecticut..........................

All banks.............................

Unit banks.......................

Banks operating branches

Branches..............................

Delaware................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches..............................

District of Columbia..........

All banks.............................

Unit banks.......................

Banks operating branches

Branches..............................

Florida...................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches..............................

Georgia..................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches..............................

Idaho......................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches..............................

Illinois....................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches..............................

1,084 14 1,098 1,084 814

189 13 202 189 94

155 12 167 155 81,

3U 1 35 3 A 10

895 1 896 895 720

139 8 147 139 78

138 8 146 138 77

137 8 11,5 137 76

1 1 1 1

1 1 1 1

113 98 138 1 1 0 59

101 87 116 98 51

93 85 107 90 U6

8 2 9 8 5

12 11 22 12 8

52 4 53 52 13

38 3 39 38 13

31 2 32 31 13

7 1 7 7

14 1 14 14

57 57 57 30

19 19 19 9

5 5 5 2

U U U 7

38 38 38 21

182 6 188 182 63

180 5 185 180 61

178 U 182 178 59

2 1 3 2 2

2 1 3 2 2

340 70 410 340 71

311 68 379 311 50

300 66 366 300 U

11 2 13 11 6

29 2 31 29 21

92 1 93 92 58

47 1 48 47 15

U 1 W hi 10

6 6 6 5

45 45 45 43

870 16 8 8 6 870 381

867 16 883 867 378

86U 16 880 86U 375

3 3 3 3

3 3 3 3

1,098 202

167

35

896

147

146

1U51

1

211

188

17810

23

56

41

338

15

57

19

5

U

38

188

185

182

3

3

410

379

366

13

31

93

48U26

45

886

883

880

3

3

156

22

U

8

114

73

57

16

5

4

3

1

9

9

9

134 41 1

15 46 8

15 46 8

15 1,6 8

17 34 27 1 73 3 70

14 33 17 1 72 3 69

12 32 16 1 71 3 68

2 1 1 1 1

3 1 10 1 1

8 31 1 3 3

4 21 1 2 2

1 17 1 1 1

3 U 1 1

4 10 1 1

2 1 6

7 3

2 1

5 2

14 3

1 0 109 4 2

10 109 3 2

10 109 2 2

1

1

19 250 70

14 247 68

12 2U 66

2 3 2

5 3 2

1 1 23 1

11 21 1

11 20 1

1

2

125 364 11 5

125 364 11 5

125 36U 11 5

98.7

93.6

92.8

97.1

99.9

94.6

94.5 

9U.5

100.0

100.0

53.6

53.7

52.2

80.0

52.2

92.9

92.7

93.9

87.5

93.3

100.0

100.0

100.0

100.0

100.0

96.8

97.3

97.8

66.7

66.7

82.9

82.1

82.0 8U.6

93.5

98.9

97.9

97.6

100.0

100.0

98.2

98.2

98.2

100.0

100.0

98.7

93.6

92.8

97.1

99.9

94.6

94.5 

91>.5

100.0

100.0

79.7

84.5 8h.l

88.9

54.5

98.1

97.4

96.9 100.0 100.0

100.0 100.0

100.0

100.0

100.0

96.8

97.3

97.8

66.7

66.7

82.9

82.1 

82.0 8U.6

93.5

98.9

97.9

97.6

100.0

100.0

98.2

98.2

98.2

100.0

100.0

4.1

4.2 U.2

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
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, 1947—Continued

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE AND TYPE OF OFFICE

All banks Commercial and stock savings banks 

and nondeposit trust companies Mutual savings banks Insured banks 

as percentages of—

Insured1 Noninsured

State and type^of bank or office

Total Insured Non­ Total

Members F. R. 

System Not 

members 

F. R.

System

Banks 

of deposit

Trust

com­ Total In­ Non­ All Commercial

banks

Mutual

savings

banks insured Total

National State

panies 

not accepting 

deposits

sured2 insured banks

Indiana.................................................. 581 564 17 577 561 144 126 291 13 3 4 3 1 97.1 97.2 75.0

492 476 16 488 473 125 112 236 12 3 4 3 1 96.7

96.6

96.9

96.8

75.0

Unit banks....................................... U39

53

A2J,

52

15 Jf.35 U21

52

U U

11

110 197 11 3 U 3 1 75.0

Banks operating branches............... 1 53 2 39 1 98.1 98.1

Branches............................................. 89 88 1 89 88 19 14 55 1 98.9 98.9

Iow a........................................................ 826 757 69 826 757 96 67 594 69 91.6 91.6

All banks............................................. 664 602 62 664 602 96 67 439 62 90.7 90.7

Unit banks....................................... 5Uh

120

U87

115

57 5U

120

U87

115

96 67 32U 57 89.5 89.5

Banks operating branches............... 5 115 5 95.8 95.8

Branches............................................. 162 155 7 162 155 155 7 95.7 95.7

Kansas................................................... 610 452 158 610 452 174 41 237 158 74.1 74.1

All banks............................................. 610 452 158 610 452 174 41 237 158 74.1 74.1

Unit banks....................................... 610 U52 158 610 U52 17 U hi 237 158 7U.1 7U.1

Banks operating branches...............

Branches.............................................

K entucky.............................................. 424 398 26 424 398 110 28 260 23 3 93.9 93.9

All banks............................................. 388 362 26 388 362 93 20 249 23 3 93.3 93.3

Unit banks....................................... 370 s u

18

26 370 s u

18

91 15 238 23 3 93.0 93.0

Banks operating branches............... 18 18 2 5 11 100.0 100.0

Branches............................................. 36 36 36 36 17 8 11 100.0 100.0

Louisiana.............................................. 223 222 1 223 222 66 16 140 1 99.6 99.6

All banks............................................. 160 159 1 160 159 34 12 113 1 99.4 99.4

Unit banks....................................... 126 125 1 126 125 26 8 91 1 99.2 99.2

Banks operating branches............... su

63

3U

63

3U

63

SU 8 U 22 100.0 100.0

Branches............................................. 63 32 4 27 100.0 100.0

M aine..................................................... 168 121 47 134 115 41 34 40 19 34 6 28 72.0 85.8 17.6

All banks............................................. 96 60 36 64 54 33 5 16 10 32 6 26 62.5 84.4 18.8

Unit banks....................................... 70 U2 28 UO

2!>

36 28 1 7 U 30 6 2U 60.0 90.0 20.0

Banks operating branches............... 26 18 8 18 5 U 9 6 2 2 69.2 75.0

Branches............................................. 72 61 11 70 61 8 29 24 9 2 2 84.7 87.1

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Maryland.................................

All banks..................................

Unit banks.........................

Banks operating branches.

Branches..................................

Massachusetts.......................

All banks..................................

Unit banks.......................

.

Banks operating branches. 

Branches..................................

Michigan.................................

All banks.................................

Unit banks.......................

Banks operating branches.

Branches.................................

Minnesota...............................

All banks..................................

Unit banks.........................

Banks operating branches. 

Branches..................................

Mississippi..............................

All banks..................................

Unit banks.........................

Banks operating branches.

Branches..................................

Missouri...................................

All banks..................................

Unit banks.........................

Banks operating branches.

Branches..................................

Montana..................................

All banks..................................

Unit banks.........................

Banks operating branches.

Branches..................................

Nebraska..................................

All banks..................................

Unit banks.........................

Banks operating branches.

Branches..................................

Nevada.....................................

All banks.................................

Unit banks.........................

Banks operating branches.

Branches..................................

292

175

1U6

29

117

569

378

303

75

191

654

448

389

59

206

686

680

67826

261

206

175

31

55

597

597

597

112

112

112

420

418

U1622

26835

18

280

166

1U0

26

114

330

179

136US

151

615

419

363

56

196

658

652

650

257

202

171

31

55

566

566

566

112

112

112

362

360

358

129633

239

199

167

267

166 1U0

26

101

342

188

1U3

U5

154

654

448

389

59

206

685

679

67726

261

206

175

31

55

597

597

597

112

112

112

420

418

U16

264

164

139

25

100

330

179

136

U3

151

615

419

363

56

196

657

651

64926

257

202

171

31

55

566

566

566

112

112

112

362

360

358

77

62

58U

15

204

121

100

21

83

150

78 

67

11

72

186

180

178

129

127

125

13

69

16

10

118

86

71

21

1112596

1621

975

95.9

94.9

95.9

98.9

98.8

99.3

64.0

22.2

16.7

6 15

1

3

1 89.7 96.2 S3.3

53 32

1 16 14

2 97.4 99.0 87.5

84 42 12 227 227 58.0 96.5

27 31 9 190 190 47.4 95.2

12 2U 7 160 160 UU-9

57.3

95.1

15 7 2 30 30 95.6

57 11 3 37 37 79.1 98.1

239 226 318 94.0 94.0

151 190 218 93.5 93.5

137 159 18

8 93.3 93.3

9U.9

95.1

U

88

31 3 9U.9

36 10 95.1

28 443 26

2 1 1 95.9 95.9 100.0

28 443 262 1 1 95.9 95.9 100.0

28 UU3 262 1 1 95.9 95.9 100.0

100.0 100.0

100.0100.0

6 225 4 98.5 98.5 6 171 4 98.1 98.1 6 1U1

30

U 97.7

100.0

100.0

94.8

97.7

100.0

100.0

94.8

54

101 386 29

2

101 386 29

2 94.8 94.8

101 386 292 9U.8 9U.8

43 30 100.0 100.0

43 30 100.0 100.0

us 30 100.0 100.0

18 215 50

8 86.2 86.2

18 215 508 86.1 86.1

18 215 50 8 86.1 86.1

100.0

100.0

100.0

100.0

100.0

5 3 100.0 1 2 100.0 100.0 1 100.0 100.0

100.0

100.0

1 1 100.0 4 1 100.0

OCONUMBER, OFFICES, AND DEPOSITS OF OPERATING BAN KS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 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, 1947—Continued

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE AND TYPE OF OFFICE

All banks Commercial and stock savings banks

and nondeposit trust companies Mutual savings banks Insured banks

as percehtages of—

Insured1 Noninsured

State and type of bank or office

Total Insured Non­ Total

Members F. R.

System Not

members

F. R.

System

Banks

of deposit

Trust

com­ Total Insured2

NoninsuredAll

banks

Commercial

banks

Mutual

savings insured Total

National State

panies

not accepting

deposits

banks

1 1 1 58 53 76 58 52 1 5 18 35 35 52.3 76.3

108 57 51 74 57 51 1 5 17 34 34 52.8 77.0

105

3

56 U9

2

72 56 50 1 5 16 33 33 53.3 77.8

Banks operating branches 1 2 1 1 1 1 1 33.3 50.0

Branches 3 1 2 2 1 1 1 1 1 33.3 50.0

New Jersey ....................................... 511 507 4 480 476 259 154 63 1 3 31 31 99.2 99.2 1 0 0 . 0

All banks . .. ... 367 363 4 343 339 214 78 47 1 3 24 24 98:9 98.8 1 0 0 . 0

Unit banks . .............. 306 302 It. 286 282 192 51 39 1 3 20 20 98.7 98.6 100.0

Banks operating branches 61

144

61 57 57 22 27 8 u u 100.0 100.0 100.0

Branches .............. 144 137 137 45 76 16 7 7 1 0 0 . 0 1 0 0 . 0 1 0 0 . 0

New Mexico 55 55 55 55 24 9 2 2 1 0 0 . 0 1 0 0 . 0

All banks 47 47 47 47 24 9 14 1 0 0 . 0 1 0 0 . 0

Unit banks U0

7

ho

7

U0

7

U0

7

n 9 7 100.0 100.0

Banks operating branches 7 100.0 100.0

Branches 8 8 8 8 8 1 0 0 . 0 1 0 0 . 0

New York .............................. 1,585

792

1,573

782

1 2 1,378

661

1,366

651

585 651 130 1 2 207 207 99.2 99.1 1 0 0 . 0

All banks ............................ 1 0 389 186 76 1 0 131 131 98.7 98.5 1 0 0 . 0

Unit banks . .............. 636 628 8 55J+

107

5U6

105

Slf-9

1*0

196

136 61 8 82 82 98.7 98.6 100.0

Banks operating branches 156

793

15U

791

2 50 15 2 U9

76

U9 98.7 98.1 100.0

Branches . • • • • • 2 717 715 465 54 2 76 99.7 99.7 1 0 0 , 0

North Carolina 396 391 5 396 391 61 2 0 310 5 98.7 98.7

All banks ........................ 226 223 3 226 223 45 8 170 3 98.7 98.7

Unit banks 17 U

52

172 2 17 U

52

172 38 5 129 2 98.9 98.9

Banks operating branches 51 1 51 7 3 U1

140

1 98.1 98.1

Branches .......... • • 170 168 2 170 168 16 1 2 2 98.8 98.8

North Dakota .......................... 176 168 8 176 168 41 127 7 1 95.5 95.5

All banks ........................ 152 146 6 152 146 41 105 5 1 96.1 96.1

Unit banks .. 135 131 U 135 131 hi 90 3 1 97.0 97.0

Banks operating branches . . . 17 15 2 17 15 15 2 88.2 88.2

Branches • • • 24 2 2 2 24 2 2 2 2 2 91.7 91.7

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Ohio........................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches.............................

Oklahoma.............................

All banks.............................

Unit banks.......................

Banks operating branches

Branches.............................

Oregon....................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches.............................

Pennsylvania........................

All banks.............................

Unit banks.......................

Banks operating branches.

Branches.............................

Rhode Island........................

All banks.............................

Unit banks.......................

Banks operating branches

Branches.............................

South Carolina....................

All banks.............................

Unit banks.......................

Banks operating branches,

Branches.............................

South Dakota......................

All banks.............................

Unit banks.......................

Banks operating branches

Branches.............................

Tennessee..............................

All banks.............................

Unit banks.......................

Banks operating branches

Branches.............................

Texas.......................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches..............................

846 14 857 843 289

657 14 6 6 8 654 240

616 U 627 613 229

Ul Ul Ul 11

189 189 189 49

376 1 1 387 376 2 0 2

375 1 1 386 375 2 0 1

37U 11 385 37U 200

1 1 1 1

1 1 1 1

150 2 151 149 98

69 2 70 6 8 2 2

62 2 63 61 20

7 7 7 2

81 81 81 76

1,146 2 1 1,144 1,123 734

985 17 995 978 647

926 1U 937 923 617

59 3 58 55 30

161 4 149 145 87

51 28 67 51 18

14 15 2 0 14 9

7 8 8 7 6

7 7 12 7 3

37 13 47 37 9

160 23 183 160 49

127 23 150 127 24

119 23 1U2 119 22

8 8 8 2

33 33 33 25

217 217 217 55

170 170 170 35

1A5 1U5 1U5 31

25 25 25 U

47 47 47 2 0

363 8 371 363 104

289 8 297 289 70

263 8 271 263 63

26 26 26 7

74 74 74 34

832 64 896 832 441

828 64 892 828 437

823 6U 887 823 U32

5 5 5 5

4 4 4 4

860

671

630

U1

189

387

386

3851

1

152

71

6U

7

81

1,167

1,002

9U0

62

165

79

29

151U

50

183

150

1U28

33

217

170

1U5

25

47

371

297

271

26

74

896

892

887

5

4

300 254 14 3 3

184 230

215

15

14 3 3

169

15

1U 3 3

116 24

24 150 9 2

24 150 9 2

2U 150 9 2

1 0 41 1 1 1 1

1 0 36

31

1 1 1 1

10 1 1 1 1

5

5

149 240 19 2 23 23

1 1 1 2 2 0 15 2 7 7

99 207 12 2 3 3

12 13 3 u U

38 2 0 4 16 16

2 2

2

1 1 15 1 1 2 1 2

3 5 1 9 9

1 1 7 7

2 2 5 2 2

2 0

9

8 1 0

23

3 3

1 0 2

7 96 23

5 92 23

2 u

2 6

28 134

28 107

28 86

21

27

23 236 5 3

1 1

9

208 5 3

191 5 3

2 17

1 2 28

126 265 64

126 265 64

126 265 6U

98.4

97.9

97.8

100.0

100.0

97.2

97.2

97.1

100.0

100.0

98.7

97.2

96.9

100.0

100.0

98.2

98.3

98.5

95.2

97.6

64.6

48.3

U6.7

50.0

74.0

87.4

84.7

83.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

97.8

97.3

97.0

100.0

100.0

92.9

92.8

92.8

100.0

100.0

98.4

97.9

97.8

100.0

100.0

97.2

97.2

97.1

100.0

100.0

98.7

97.1

96.8

100.0

100.0

98.2

98.3

98.5

9U.8

97.3

76.1

70.0

87.5

58.3

78.7

87.4

84.7

83.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

97.8

97.3

97.0

100.0

100.0

92.9

92.8

92.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

o

CnNUMBER, OFFICES, AND DEPOSITS OF OPERATING BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
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, 1947—Continued

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE AND TYPE OF OFFICE

All banks Commercial and stock savings banks 

and nondeposit trust companies Mutual savings, banks Insured banks 

as percentages of—

Insured1 Noninsured

State and type of bank or office

Total Insured Non­ Total

Members F. R. 

System Not

mem­ Banks

Trust

com­ Total In­ Noninsured

All

banks

Commercial

banks

Mutual

savings

banks insured

Total

National State

bers 

F. R.

System

of deposit

panies 

not accepting 

deposits

sured2

Utah 75 75 75 75 25 22 28 100.0 100.0

60 60 60 60 12 22 26 100.0 100.0

55

5

55 55 55 9 22 24

2

100.0 100.0

5 5 5 3 100.0 100.0

Branches 15 15 15 15 13 2 100.0 100.0

Verm ont .............. 97 96 1 80 79 41 1 37 1 17 17 99.0 98.8 100.0

All banks 78 77 1 70 69 39 1 29 1 8 8 98.7 98.6 100.0

Unit banks 70 69 1 63 62 37 1 24 1 7 7 98.6 98.4 100.0

Banks operating branches 8 8 7 7 2 5 1 1 100.0 100.0 100.0

Branches 19 19 10 10 2 8 9 9 100.0 100.0 100.0

Virginia 402 402 402 402 161 83 158 100.0 100.0

All banks 314 314 314 314 131 71 112 100.0 100.0

Unit banks 270 270 270 270 118 65 87 100.0 100.0

Banks operating branches 44

88

44

88

44

88

44

88

13 6 25 100.0 100.0

Branches 30 12 46 100.0 100.0

W ashington 246 243 3 242 239 146 20 73 3 4 4 98.8 98.8 100.0

All banks 125 122 3 123 120 38 16 66 3 2 2 97.6 97.6 100.0

Unit banks 113 110 8 112 109 31 15 63 3 1 1 97.3 97.3 100.0

Banks operating branches 12 12 11 11 7 1 3 1 1 100.0 100.0 100.0

Branches 121 121 119 119 108 4 7 2 2 100.0 100.0 100.0

West Virginia 182 177 5 182 177 76 32 69 4 1 97.3 97.3

All banks 182 177 5 182 177 76 32 69 4 1 97.3 97.3

U'nit banks 182 177 5 182 177 76 32 69 U 1 97.3 97.3

W isconsin............................................. 706 695 11 702 692 110 74 508 8 2 4 3 1 98.4 98.6 75.0

All banks............................................. 556 546 10 552 543 95 68 380 7 2 4 3 1 98.2 98.4 75.0

Unit banks....................................... 465 4.56 9 461 453 91 64 298 6 2 h 3 1 98.1 98.3 75.0

Banks o'pBT&tx'fiQ t)TdyicTi&8 91

150

90 1 91 90 L 4 82 1 98.9 98.9

Branches 149 1 150 149 15 6 128 1 99.3 99.3

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Wyoming.................................

All banks...............................

Unit banks.........................

Banks operating branches.

Branches...............................

Possession

Alaska3 .....................................

All banks...............................

Unit banks.........................

Banks operating branches.

Branches...............................

American Samoa..................

All banks...............................

Unit banks.........................

Banks operating branches.

Branches...............................

Guam.......................................

All banks...............................

Unit banks.........................

Banks operating branches.

Branches...............................

Hawaii4 .....................................

All banks...............................

Unit banks.........................

Banks operating branches.

Branches...............................

Panama Canal Zone............

All banks...............................

Unit banks.........................

Banks operating branches.

Branches................................

Puerto Rico............................

All banks...............................

Unit banks.........................

Banks operating branches.

Branches...............................

Virgin Islands5 .......................

All banks...............................

Unit banks.........................

Banks operating branches. 

Branches................................

52 53

8 9

6 7

2 2

44 44

4 4

4 4

h U

55

55

55

26

26

26

12

12

12

17

17

17

100.0

100.0

100.0

100.0

100.0

100.0

4

3

2

1

1

4

3

2

1

1

17

16

15

1

1

1

1

1

19.0

15.8

11.8

50.0

50.0

19.0

15.8

11.8

50.0

50.0

1

1

1

1

1

1

1

1

1

47

3 

1

2

44

4

4

U

5

5

5

1.9

11.1

1U.3

1.9

11.1

U.3

46

17

11

6

29

1

1

1

2

1

2

1

66.7

50.0

66.7

50.0

1

1

1

1

100.0

100.0

100.0

100.0

1 Includes 7 trust companies not regularly 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 mutual savings banks members of the Federal Reserve System: 1 in Indiana and 2 in Wisconsin.

3 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 1946, pp. 110-117, and earlier reports.

ONUMBER, OFFICES, AND DEPOSITS OF OPERATING BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 103. N u m b e r a n d D e p o s it s o f O p e r a t in g B a n k s , D e c e m b e r 31, 1947

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND BY DISTRICT AND STATE

Number of banks Deposits (in thousands of dollars)

Commercial and stock savings 

banks and nondeposit 

trust companies Mutual savings banks

Commercial and stock savings 

banks and nondeposit 

trust companies Mutual savings banks

FDIC District 

and State All

Noninsured

All

banks banks

Total Insured1 Banks 

of deposit

Trust 

companies 

not accepting 

deposits

Total Insured

Noninsured Total Insured Noninsured Total Insured

Noninsured

United States and

possessions........ 14,767 14,234 13,403 763 6 8 533 194 339 162,712,856 144,950,050 141,888,666 3,061,384 17,762,806 12,206,953 5,555,853

United States... 14,714 14,181 13,398 720 63 533 194 339 161,849,516 144,086,710 141,851,106 2,235,604 17,762,806 12,206,953 5,555,853

Possessions........ 53 53 5 43 5 863,340 863,340 37,560 825,780

FDIC District

District 1............. 877 532 471 58 3 345 17 328 12,531,557

46,999,977

18,109,338

8,293,497

5,494,666

8,538,626

10,939,425

14,252,838

4,696,140

5,838,571

8,529,509

18,488,712

1,261,590

413,240

793,586

13,157,669

1,131,085

2,737,710

515,866

7,235,143

36,595,020

16,839,194

7,899,522

5,494,666

8,538,626

10,884,479

14,252,838

4,547,183

5,838,571

8,529,509

18,295,299

1,261,590

413,240

793,586

13,157,669

1,131,085

1,461,361

432,676

6,725,492

35,794,163

16,781,474

7,738,561

5,448,666

8,475,393

10,712,225

14,103,930

4,447,420

5,603,898

8,399,889

17,657,555

1,259,575

410,548

789,429

13,109,756

1,124,076

1,260,207

430,899

1,023,900

1,712,413

1,686,602

509,651

800,857

57,720

160,961

46,000

63,233

5,296,414

10,404,957

1,270,144

393,975

151,210

10,321,767

1,270,144

79,005

5,145,204

District 22............ 83,190

District 3 .............

1,219

1,673

1,066

992

1,062

1,663

1,057

992

1,029

1,632

1,024

912

30

29

3

2

157

10

155

10

2

District 4 .............

District 5.............

31

78

2

2

9 2 7 314,970

District 6............. 1,510 1,510 1,432

1,435

1,469

69 9

District 7............. 1,496

1,547

1,114

1,615

1,110

1,488

1,547

1,113

1,615

1,110

545

40 13 8 6 2 172,254

148,908

99,763

234,673

129,620

637,744

2,015

2,692

4,157

47,913

7,009

201,154

1,777

54,946 42,457 12,489

District 8............. 73 5

District 9............. 1,079 31 3 1 1 148,957 148,957

District 10........... 1,380

1,044

496

225 10

District 1 1 ......... 65 1

District 123.......... 548 34 15 3 3 193,413 193,413

State

Alabama.............. 222 222 219 3

Arizona .............. 11 11 10 1

Arkansas ............ 228 228 215 12 1

California.......... 202 202 189 4 9

Colorado.............. 146 146 138 8

Connecticut.........

Delaware.............

188

41

116

39

98

38

17

1

1 72

2

3 69

2

1,276,349

83,190

38,319 1,238,030

83,190

Dist. of Columbia 19 19 19 1,023,900

1,720,160

1,713,498

1,023,900

1,720,160

1,713,498

Florida................. 185 185 180 3 2 7,747

Georgia................ 379 379 311 68 26,896

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Idaho.....................

Illinois...................

Indiana..................

Iowa.......................

Kansas...................

Kentucky.............

Louisiana..............

Maine....................

Maryland.............

Massachusetts. . .

Michigan...............

Minnesota.............

Mississippi...........

Missouri................

Montana...............

Nebraska...............

Nevada.................

New Hampshire..

New Jersey...........

New Mexico.........

New York.............

North Carolina...

North Dakota. . .

Ohio........................

Oklahoma.............

Oregon...................

Pennsylvania. . . .

Rhode Island. . . .

South Carolina...

South Dakota. . . .

Tennessee.............

Texas......................

Utah...................

Vermont................

Virginia.................

Washirte^ton..........

West Virginia. . . .

Wisconsin.............

Wyoming..............

Possession

Alaska....................

American Samoa.

Guam.....................

Hawaii...................

Panama Canal

Zone...................

Puerto Rico.........

Virgin Islands.. . .

48 48 47

883 883 867

492 488 473

664 664 602

610 610 452

388 388 362

160 160 159

96 64 54

175 166 164

378 188 179

448 448 419

680 679 651

206 206 202

597 597 566

112 112 112

418 418 360

8 8 8

108 74 57

367 343 339

47 47 47

792 661 651

226 226 223

152 152 146

671 668 654

386 386 375

71 70 68

1,002 995 978

29 20 14

150 150 127

170 170 170

297 297 289

892 892 828

60 60 60

78 70 69

314 314 314

125 123 120

182 182 177

556 552 543

55 55 55

19 19 3

1 1

1 1

9 9 1

4 4

17 17

2 2 1

1

1112

62

158

231

101

9

21

26

4

29

50

32

9

190

131

24

131

26

7

190

34

445,541

11,851,787

3,053,867

2,401,051

1,608,230

445,541

11,851,787

3,011,164

2,401,051

1,608,230

436,119

11,814,268

2,984,864

2,289,662

1,433,774

1,597,977

1,646,706

687,942

1,979,042

7,237,134

1,597,977

1,646,706

456,344

1,585,067

4,071,059

1,570,299

1,645,683

414,755

1,497,992

3,967,475

4,956,679

3,023,426

799,418

4,201,798

560,234

4,956,679

2,874,469

799,418

4,201,798

560,234

4,821,850

2,854,660

790,076

4,176,048

560,234

1,324,849

166,557

536,980

4,895,171

286,643

1,324,849

166,557

263,474

4,390,302

286,643

1,278,133

166,557

210,948

4,384,829

286,643

41,312,979

1,886,657

584,936

7,178,404

1,534,141

31,496,081

1,886,657

584,936

6,947,871

1,534,141

30,974,871

1,851,355

504,982

6,933,119

1,527,649

1,395,931

10,930,934

1,002,504

691,597

527,544

1,382,752

9,891,323

739,827

691,597

527,544

1,374,117

9,848,355

629,029

666,412

527,544

1,945,265

6,182,920

559,415

329,287

1,802,414

1,945,265

6,182,920

559,415

243,078

1,802,414

1,939,617

6,057,015

559,415

243,078

1,802,414

2,176,220

909,887

2,928,879

240,266

1,995,986

909,887

2,916,636

240,266

1,977,595

896,488

2,905,511

240,266

62,239

1,859

29,579

460,359

62,239

1,859

29,579

460,359

20,196

13,800

33,343

272,317

3,644

33,343

272,317

3,644 3,564

9,422

37,519

26,300

111,389

174,456

27,678

1,023

41,589

87,075

103,584

134,829

19,809

9,342

25,750

42,703 30,632 12,071

231,598

393,975

3,166,075

26,682

79,005

204,916

314,970

3,166,075

148,957 148,957

46,716

52,526

5,473

273,506

504,869

273,506

504,869

521,210

35,302

79,954

14,752

6,492

8,635

42,968

110,798

25,185

9,816,898 9,816,898

230,533 230,533

13,179

1,039,611

262,677

13,179

1,039,611

262,677

5,648

125,905

86,209 86,209

18,391

13,399

11,125

180,234

12,243

180,234

11,825 ..........418

42,043

1,859

29,579

446,559

33,34:

O

CO 1 Includes 7 trust companies not engaged in deposit banking: 1 each in California, Florida, Kansas, Massachusetts, Missouri, Pennsylvania, and Wisconsin.

2 Includes Puerto Rico and the Virgin Islands.

3 Includes Alaska, American Samoa, Guam, Hawaii, and the Panama Canal Zone.

Back figures— See the Annual Report for 1946, pp. 118-119, and earlier reports.

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 104. Summary of assets and liabilities of operating banks in the United States and 

possessions, June 30, 1947

Banks grouped according to insurance status and type of bank

Table 105. Summary of 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

Table 106. Assets and liabilities of operating insured commercial banks, December 31, 1947, 

June 30, 1947, and December 31, 1946

Table 107. Assets and liabilities of all operating banks, call dates, 1942-1947

Table 108. Assets and liabilities of operating insured banks, call dates, 1942-1947

Table 109. Assets and liabilities of operating commercial banks, call dates, 1942-1947

Table 110. Assets and liabilities of operating insured commercial banks, call dates, 1942-1947

Table 111. Assets and liabilities of all operating banks in the United States and possessions, 

December 31, 1947 

Banks grouped by district and State

A s se t s a n d L ia b il it ie s of O p e r a t in g B a n k s

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Statements of assets and liabilities are submitted by insured commercial banks upon either a cash or an accrual basis, depending upon

the bank’s method of bookkeeping. Assets reported represent aggregate

book value, on the date of call, less valuation and premium allowances.

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.

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” .

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.

Instalment loans are ordinarily reported net if the instalment payments are applied directly to the reduction of the loan. Such loans are

reported gross if, under contract, the payments do not immediately

reduce the unpaid balances of the loan but are assigned or pledged to

assure repayment at maturity.

Total deposits shown in these tables are not the same as the deposits

upon which assessments paid to the Federal Deposit Insurance Corporation are based. The assessment base is slightly lower due to certain

deductions which may be claimed.

Data for noninsured trust companies not accepting deposits are

excluded prior to June 30, 1947. Data for some noninsured commercial

banks are omitted because of unavailability of reports. On June 30 and

December 31, 1947, 12 noninsured commercial banks were excluded.

Because of these exclusions, the number of noninsured banks in the

following tables does not agree with the number shown in the previous

section.

Beginning with June 30, 1947 the number of noninsured banks has

been revised slightly in accordance with a uniform all-bank series

agreed upon by the three Federal bank supervisory agencies. The

new series is more complete in coverage but the amounts involved are

very small and do not significantly affect comparability with previous

years. The most important revisions are the inclusion of data for the

noninsured trust companies not accepting deposits and banks in

American Samoa, Guam, and Panama Canal Zone. The 8 New

Hampshire guaranty savings banks, which were formerly classified as

mutual savings banks, are now included with commercial banks.

On December 31, 1947, asset and liability “not classified” items for

noninsured banks have been allocated according to the distribution

of asset and liability data for all insured State banks not members

of the Federal Reserve System.

Sources of data:

National banks and State banks in the District of Columbia not

members of the Federal Reserve System: Office of the Comptroller of

the Currency.

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.

ASSETS AND LIABILITIES OF OPERATING BAN KS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
b a n k s gr o u pe d acco rd in g to in su r a n c e sta tu s a n d t y p e of b a n k

(Amounts in thousands of dollars)

Table 104. S u m m a r y o f A s s e t s a n d L ia 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 it e d S t a t e s a n d P o s s e s s io n s , J u n e 30, 1947

Asset, liability, or capital account item

All

banks

Commercial and stock savings banks and 

nondeposit trust companies Mutual savings banks

Total Insured1

Nonin

Banks

of

deposit

Lsured

Nondeposit

trust

companies2

Total Insured Noninsured

167,248,399 147,886,690 144,373,154 3,309,719 203,817 19,361,709 13,168,663 6,193,046

Cash and balances with other banks..............................................

U. S. Government obligations, direct and guaranteed...................

Obligations of States and political subdivisions...............................

N ot classified ...................................................

33,716,747

93,200,729

83,116,152

5,040,490

4,527,658

503,162

13,267

38,578,709

1,752,214

1,034,358

104,106

613,750

32,877,442

79,547,372

70,975,825

4,975,966

3,232,226

350,088

13,267

33,892,907

1,568,969

941,699

90,015

537,255

32,199,046

77,454,065

69,154,906

4,827,879

3,169,582

301,698

625,067

1,980,093

1,733,805

143,576

59,419

34,377

8,916

614,468

90,091

18,871

5,391

65,829

53,329

113,214

87,114

4,511

3,225

14,013

4,351

20,398

16,876

8,820

1,509

6,547

839,305

13,653,357

12,140,327

64,524

1,295,432

153,074

4,685,802

183,245

92,659

14,091

76,495

658,268

9,004,717

8,215,845

44,658

730,788

13,426

3,369,961

135,717

70,249

10,023

55,445

181,037

4,648,640

3,924,482

19,866

564,644

139,648

1,315,841

47,528

22,410

4,068

21,050

Loans, discounts, and overdrafts (including rediscounts). . . .

Bank premises owned, furniture and fixtures...................................

Other real estate—direct and indirect...............................................

33,258,041

1,462,002

914,008

83,115

464,879

Total liabilities and capital accoun ts................................................. 167,248,399 147,886,690 144,373,154 3,309,719 203,817 19,361,709 13,168,663 6,193,046

Individuals, partnerships, and corporations—demand...................

Individuals, partnerships, and corporations—time.........................

States and political subdivisions.........................................................

154,191,122

79,551,190

51,774,932

7,519,756

1,422,708

4,881

11,690,112

2,149,076

78,467

1,287,045

63,339

1,223,706

11,770,232

3,319,580

5,563,885

2,886,767

136,749,156

79,540,061

34,351,250

7,517,876

1,420,526

4,881

11,689,472

2,146,623

78,467

1,208,940

63,255

1,145,685

9,928,594

3,315,085

4,314,917

2,298,592

133,695,764

78,090,841

33,623,136

7,268,364

1,355,089

4,881

11,242,608

2,110,845

2,980,034

1,377,424

728,068

248,053

65,380

73.358

71,796

46

1,459

57

17,441,966

11,129

17,423,682

1,880

2,182

11,900,985

9,304

11,885,521

1,650

1,574

5,540,981

1,825

5,538,161

230

608

446,864

35,778

78,467

53,478

2,749

50,729

276,207

106,508

101,310

68,389

640

2,453

606

2,330

34

123 Certified and officers’ checks, cash letters of credit, etc. .*..............

Miscellaneous liabilities—tota l.........................................................

Rediscounts and other borrowed money...........................................

Capital stock, notes, and debentures.................................................

Undivided profits, including all other capital accounts..................

1,117,329

59,543

1,057,786

9,560,061

3,171,036

4,182,796

2,206,229

38,133

963

37,170

92,326

37,541

30,811

23,974

78,105

84

78,021

1,841,638

4,495

1,248,968

588,175

49,795

74

49,721

1,217,883

4,495

907,332

306,056

28,310

1 0

28,300

623,755

341,636

282,119

14,755 14,222 13,391 761 70 533 191 342

1 Includes 7 trust companies not engaged in deposit banking having total capital accounts of $15,667,000 and total assets of $16,429,000. , . ,

2 Amounts shown as deposits are uninvested trust funds and special accounts. Uninvested trust funds are classified as demand deposits of individuals, partnersmps, ana cor3 Not available separately for noninsured commercial banks; included with U. S. Government deposits.

Back figures—See the Annual Report for 1946, pp. 122-123, and earlier reports.

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BAN K 

(Am ounts in thousands of dollars)

Table 105. S u m m a r y o f 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 io n s , D e c e m b e r 31, 1947

Asset, liability, or capital account item

All

banks

Commercial and stock savings banks and 

nondeposit trust companies Mutual savings banks

Total Insured1

Nonir

Banks

of

deposit

lsured

Nondeposit

trust

companies2

Total Insuij^d Noninsured

Total assets................................................................................................

Cash and balances with other banks.............................................

Securities—total...................................................................................

U. S. Government obligations, direct and guaranteed...................

Obligations of States and political subdivisions...............................

Other bonds, notes, and debentures..................................................

Corporate stocks..................................................................................

Loans, discounts, and overdrafts (including rediscounts). . . .

Miscellaneous assets—total...............................................................

Bank premises owned, furniture and fixtures...................................

Other real estate—direct and indirect..............................................

All other miscellaneous assets............................................................

176,006,911 156,292,966 152,773,086 3,316,654 203,226 19,713,945 13,498,677 6,215,268

38,559,197

92,383,673

81,623,382

5,361,993

4,897,998

500,300

43,228,562

1,835,479

1,059,571

101,236

674,672

37,672,917

78,687,467

69,644,962

5,297,177

3,391,422

353,906

38,284,154

1,648,428

966,687

87,021

594,720

36,936,014

76,712,307

67,959,691

5,130,927

3,319,506

302,183

37,591,988

1,532,777

936,444

80,041

516,292

677,376

1,871,697

1,613,053

157,689

66,433

34,522

670,198

97,383

18,694

5,783

72,906

59,527

103,463

72,218

8,561

5,483

17,201

21,968

18,268

11,549

1,197

5,522

886,280

13,696,206

11,978,420

64,816

1,506,576

146,394

4,944,408

187,051

92,884

14,215

79,952

675,028

9,123,361

8,165,130

45,288

898,759

14,184

3,559,970

140,318

70,770

10,983

58,565

211,252

4,572,845

3,813,290

19,528

607,817

132,210

1,384,438

46,733

22,114

3,232

21,387

Total liabilities and capital accounts................................................

Deposits—total......................................................................................

Individuals, partnerships, and corporations—demand...................

Individuals, partnerships, and corporations—time.........................

States and political subdivisions........................................................

United States Government.................................................................

• Postal savings.......................................................................................

176,006,911 156,292,966 152,773,086 3,316,654 203,226 19,713,945 13,498,677 6,215,268

162,712,856

85,301,818

52,437,998

7,787,973

1,533,524

5,576

13,044,914

2,601,053

1,298,029

74,614

1,223,415

11,996,026

3,341,740

5,734,446

2,919,840

144,950,050

85,290,593

34,694,444

7,785,721

1,530,740

5,576

13,044,289

2,598,687

1,235,975

74,451

1,161,524

10,106,941

3,336,787

4,450,158

2,319,996

141,888,666

83,737,730

33,963,323

7,521,129

1,432,595

4,994

12,669,637

2,559,258

1,148,617

61,345

1,087,272

9,735,803

3,193,918

4,316,404

2,225,481

2,980,229

1,473,351

731,077

263,021

98,120

582

374,652

39,426

57,719

11,787

45,932

278,706

105,332

103,065

70,309

81,155

79,512

44

1,571

25

17,762,806

11,225

17,743,554

2,252

2,784

12,206,953

9,358

12,190,838

1,737

2,156

5,555,853

1,867

5,552,716

515

628

Interbank.............................................................................................. 625

2,366

62,054

163

61,891

1,889,085

4,953

1,284,288

599,844

615

2,249

39,528

113

39,415

1,252,196

4,953

939,147

308,096

10

117

22,526

50

22,476

636,889

345,141’

291,748

Certified and officers’ checks, cash letters of credit, etc.................

Miscellaneous liabilities—total........................................................

Rediscounts and other borrowed money..........................................

All other miscellaneous liabilities.......................................................

Capital accounts—total......................................................................

Capital stock, notes, and debentures................................................

Surplus..................................................................................................

3

29,639

1,319

28,320

92,432

37,537

30,689 Undivided profits, including all other capital accounts................... 24,206

Number of banks included....................................................................... 14,755 14,222 13,403 751 68 533 194 339

1 Includes 7 trust companies not engaged in deposit banking having total capital accounts of $15,909,000 and total assets of $16,766,000. w

2 Amounts shown as deposits are uninvested trust funds and special accounts. Uninvested trust funds are classified as demand deposits of individuals, partnerships, and corporations.

Back figures— See the Annual Report for 1946, pp. 122-123, and earlier reports.

ASSETS AND LIABILITIES OF OPERATING BAN K S

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Federal Reserve Bank of St. Louis
Ju n e 30, 1947, an d D e c e m b e r 31, 1946

(Amounts in thousands of dollars)

Table 106. A s s e t s a n d L ia 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 C o m m e r c ia l B a n k s , D e c e m b e r 31, 1947,

Dec. 31, 

1947

June 30, 

1947

Dec. 31, 

1946

36,936,014

2,147,943

32,199,046

1,806,395

33,704,314

2,014,710

17,795,563 16,039,194 16,013,442

9,689,645

52,359

25,778

7,224,726

8,453,306

51,042

34,885

5,814,224

9,428,590

60,399

56,777

6,130,396

67,959,691 69,154,906 73,574,908

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

835,769

9,444,067

5,342,364

1,147,386

14,530,670

27,673,640

7,101,231

3,066,101

13,678

1,271,662

12,293,195

6,781,379

1,180,326

12,727,955

29,700,350

6,597,224

3,007,790

15,027

8,752,616

5,130,927

3,319,506

8,299,159

4,827,879

3,169,582

7,893,469

4,300,705

3,295,002

195,359

106,824

191,900

109,798

186,796

110,966

76,712,307 77,454,065 81,468,377

37,591,988 33,258,041 30,739,973

18,014,990 14,768,345 14,018,991

65,294 20,296 102,139

1,544,394 1,528,460 1,255,805

ASSETS LIABILITIES AND CAPITAL Dec. 31, 

1947

June 30, 

1947

Dec. 31, 

1946

Cash, balances with other banks, and cash

items in process of collection— total

Currency and coin..........................................

Reserve with Federal Reserve banks (member

banks).................................................

Demand balances with banks in the United 

States (except private banks and American branches of foreign banks).................

Other balances with banks in the United States 

Balances with banks in foreign countries 

Cash items in process of collection.........

Obligations of the U. S. Government, direct

and guaranteed—total...........................

Direct:

Treasury bills..................................................

Treasury certificates of indebtedness...........

Treasury notes................................................

United States non-marketable bonds1..........

Other bonds maturing in 5 years or less.. ..

Other bonds maturing in 5 to 10 years.......

Bonds maturing in 10 to 20 years................

Bonds maturing after 20 years.....................

Guaranteed obligations (FHA debentures). .. .

Other securities—total......................................

Obligations of States and political subdivisions 

Other bonds, notes, and debentures2. .. . 

Corporate stocks:

Federal Reserve banks.........................

Other corporate stocks.........................

Total securities...............................

Loans, discounts, and overdrafts (including

rediscounts)—total.................................

Commercial and industrial loans (including

open market paper)....................................

Loans to farmers directly guaranteed by the

Commodity Credit Corporation...............

Other loans to farmers (excluding loans on real 

estate).................................................

Deposits of individuals, partnerships, and

corporations—total................................

Demand............................................................ .

Time....................................................................

117,701,053

83,737,730

33,963,323

111,713,977

78,090,841

33,623,136

112,663,700

79,902,589

32,761,111

Certified and officers’ checks, cash letters of

credit and travelers’ checks outstanding, and amounts due to Federal

Reserve banks..............................................

Government deposits— total..............................

United States Government— demand...............

United States Government— time.....................

Postal savings.........................................................

States and political subdivisions— demand___

States and political subdivisions— time............

Interbank deposits— total..................................

Banks in the United States— demand...............

Banks in the United States— time.....................

Banks in foreign countries— demand................

Banks in foreign countries— time.......................

Total deposits...................................................

Demand........................................................

Time............................................................

Miscellaneous liabilities— total........................

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.......................................................

Total liabilities (excluding capital

accounts).......................................................

2,559,258 2,110,845 2,360,828

8,958,718

1,327,075

105,520

4,994

6,695,228

825,901

8,628,334

1,249,411

105,678

4,881

6,496,970

771,394

9,684,656

2,932,322

114,327

5,023

5,968,462

664,522

12,669,637

11,236,131

43,225

1,379,176

11,105

11,242,608

9,806,903

42,662

1,371,889

21,154

12,320,105

10,888,080

49,199

1,364,022

18,804

141,888,666

106,93U,598

8U,951t,068

133,695,764

99,126,859

34,568,905

137,029,289

103,Ul 6,303

33,612,986

1,148,617

61,345

166,556

60,315

151,851

332,864

375,686

1,117,329

59$43

99,892

53,358

124,721

374,727

405,088

1,047,214

38,888

133,458

57,497

101,261

381,709

334,401

143,037,283 134,813,093 138,076,503

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Loans to brokers and dealers in securities. . . . 

Other loans for the purpose of purchasing or 

carrying securities.......................................

823,310

1,189,799

793,539

6,815,984

1,661,126

966,060

550,861

557,829

943,617

2,636,901

113,941

914,343

1,517,493

1,278,435

765,411

5,923,583

1,515,352

774,975

426,581

406,889

839,705

2,445,748

101,052

945,716

1,517,318

1,609,335

683,569

5,057,538

1,365,361

514,029

328,229

311,309

674,938

2,202,897

81,068

1,017,447

Capital accounts—total....................................

Capital stock, notes, and debentures..............

Surplus

9,735,803

3,193,918

4,316,404

1,650,231

575,250

9,560,061

3,171,036

4,182,796

1,644,081

562,148

9,288,040

3,141,878

4,060,047

1,495,456

590,659

Real estate loans:

On farm land...................................................

Undivided profits...............................................

Reserves

Total liabilities and capital accounts. .

On other properties........................................

Other loans to individuals: 152,773,086 144,373,154 147,364,543

Other retail instalment paper.......................

Repair and modernization instalment loans.

Instalment cash loans....................................

Single-payment loans.....................................

Loans to banks...................................................

All other loans (including overdrafts).............

Loans and securities—total.................

Bank premises, furniture and fixtures, and

other real estate— total.........................

Bank premises

MEMORANDA 

Pledged assets and securities loaned............

Capital stock, notes, and debentures: Pqt* nr faro vq111o__tnfQ 1

11,648,069 11,653,224 13,664,608

114,304,295 110,712,106 112,208,350

3,195,041

3,078,933

29,542

86,566

3,172,261

3,047,381

31,781

93,099

3,143,231

2,995,594

35,368

1,016,485 112,269

830,595

105,849

17,801

62,240

997,123

823,201

90,807

17,922

65,193

987,225

824,029

78,428

20,326

64,442

Common stock................................................

Capital notes and debentures.......................

Preferred stock...............................................

Retireable value of preferred stock..................

PERCENTAGES

Percentages of total assets:

Cash and balances with other banks...............

U. S. Government obligations, direct and

guaranteed...................................................

Other securities

Furniture and fixtures.......................................

Real estate owned other than bank premises. . 

Investments and other assets indirectly representing bank premises or other real estate

Miscellaneous assets—total.............................

Customers’ liability on acceptances outstanding .......................................................

Income accrued but not collected....................

Prepaid expenses................................................

Other assets.........................................................

158,208 170,119 191,752

24.2%

44.5 

5.7

24.6 

1.0

6.4

22.3%

47.9

5.8

23.0

1.0

6.6

22.9%

49.9

5.3

20.9 

1.0

6.3

516,292

143,230

239,372

21,953

111,737

464,879

87,202

237,673

22,232

117,772

464,654

118,339

230,023

19,501

96,791

Total assets...............................................

TiAflnc or>H Hicpnnnta

152,773,086 144,373,154 147,364,543

Other assets........................................................

Total capital accounts.......................................’

Number of banks3.................................................. 13,403 13,391 13,359 Number of banks3 13,403 13,391 13,359

1 Includes 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.

2 Includes obligations of United States Government corporations and agencies not guaranteed by the United States Government.

3 Includes the following trust companies not engaged in deposit banking: 7 as of December 31, and June 30, 1947; and 8 as of December 31, 1946.

Back figures—See the Annual Report for 1946, pp. 124-125, and earlier reports.

Ox ASSETS AND LIABILITIES OF OPERATING BANK S

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 107. A s s e t s a n d L ia b il it ie s o f A l l O p e r a t in g B a n k s , C a l l D a t e s , 1942-1947

(Amounts in millions of dollars)

1942 1943 1944 1945 1946 1947

Asset, liability, or capital account item

June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 30 June 30 Dec. 31 June 29 Dec. 31 June 30 Dec. 31

Total assets............................................................................. 92,082 109,306 116,983 127,794 139,227 152,618 162,845 178,203 172,167 169,256 167,248 176,007

Cash, balances with other hanks, and cash items

25,667 28,810 26,772 28,570 28,279 30,910 30,846 35,585 33,209 35,185 33,717 38,559

38,978 54,323 65,828 73,600 83,569 93,844 102,182 110,417 105,602 96,549 93,200 92,383

U.S. Government obligations, direct and guaranteed.. 30,340

3,862

3,951

534

291

46,036

3,821

3,406

498

562

57,913

3,748

66,155

3,553

76,017

3,629

86,281

3,627

94,169

3,877

101,822

4,064

96,403

4,175

87,032

4,471

83,116

5,040

81,623

5,362

Other bonds, notes, and debentures...............................

Corporate stocks...............................................................

3,540

569

58

3,339

513

40

3,394

500

29

3,402

509

25

3,637

487

12

4,028

493

10

4,519

493

12

4,560

477

9

4,528

503

13

4,898

500

Loans, discounts, and overdrafts (inc. rediscounts) 25,133 23,961 22,294 23,652 25,487 26,080 28,086 30,473 31,628 35,810 38,579 43,229

Miscellaneous assets—total............................................ 2,304 2 , 2 1 2 2,089 1,972 1,892 1,784 1,731

1,037

1,728 1,728 1,712

1,013

1,752 1,836

Bank premises owned, furniture and fixtures................ 1,192

707

1,179 1,153 1,113 1,093 1,058 1,016 1,011 1,034 1,060

Other real estate—direct and indirect ......................... 620 533 421 331 242 183 144 117 105 104 101

All other miscellaneous assets......................................... 405 413 403 438 468 484 511 568 600 594 614 675

Total liabilities and capital accounts............................. 92,082 109,306 116,983 127,794 139,227 152,618 162,845 178,203 172,167 169,256 167,248 176,007

Deposits—total ................................................................. 82,987 100,153 107,622 118,100 129,128 142,077 151,859 166,474 159,990 156,753 154,191 162,713

Individuals, partnerships, and corporations—demand. 

Individuals, partnerships, and corporations—time. . . . 

States and political subdivisions.....................................

73,876

45,285

5,786

76,693

48,423

6,619

81,276

50,284

6,895

79,551

51,775

7,520

85,302

52,438

7,788

United States Government.............................................. 82,987 100,153 107,622 118,100 129,128 142,077 151,859 24,770 13,515 3,164 1,423 1,534

Postal savings1 • ........................................... 5 5 5 5 5

14,072 12,320 12,667 11,690 13,045

Certified and officers' checks, cash letters of credit, etc. 

Not classified .........................................

2,615

65

2,353

62

2,396

66

2,149

78

2,601

Miscellaneous liabilities—total..................................... 665 639 657 733 824 926 913 1,203 1,125 1,158 1,287 1,298

Rediscounts and other borrowed money........................ 15 13 28 49 87 124 70 225 88 45 63 75

Ail other miscellaneous liabilities.................................... 650 626 629 684 737 802 843 978 1,037 1,113 1,224 1,223

Capital accounts—total...................................................

Capital stock notes, and debentures.............................

8,430

2,966

3,882

8,514

2,960

8,704

2,954

8,961

2,985

9,275

2,996

9,615

3,014

10,073 v

3,078

10,526

3,135

11,052

3,175

11,345

3,248

11,770

3,319

11,996

3,342

3,921

1,633

3,859 4,131 4,204 4,470 4,643 4,974 5,184 5,373 5,564 5,734

Undivided profits, including all other capital accounts.. 1,582 1,891 1,845 2,075 2,131 2,352 2,417 2,693 2,724 2,887 2,920

Number of banks included ................................................. 14,827 14,731 14,666 14,632 14,608 14,597 14,601 14,621 14,633 14,655 14,755 14,755

i Not available separately for noninsured banks from December 31, 1945, through June 30, 1947; included with U. S. Government deposits.

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 108. A s s e t s a n d L i a b il it ie s o f O p e r a t in g I n s u r e d B a n k s , C a l l D a t e s , 1942-1947

(Amounts in millions of dollars)

Asset, liability, or capital account item

1942 1943 1944 1945 1946 1947

June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 30 June 30 Dec. 31 June 29 Dec. 31 June 30 Dec. 31

Total assets............................................................................. 80,765 97,713 105,414 120,610 131,766 144,440 154,114 169,006 162,881 160,002 157,542 166,272

Cash, balances with other banks, and cash items

24,525

33,835

26,623

3,606

3,171

435

27,723

48,611

41,573

3,629

2,986

423

25,708

59,581

52,806

3,524

2,859

392

27,750

69,130

62,537

3,429

2,794

370

27,571

78,606

71,856

3,513

2,880

357

30,145

88,166

81,405

3,520

2,879

362

30,081

95,975

34,732

103,832

32,403 34,316 32,857

86,459

37,611

Securities—total................................................................ 98,964 90,110 85,836

U. S. Government obligations, direct and guaranteed 88,790

3,761

3,085

339

96,093

3,944

3,462

333

90,660

4,049

81,521

4,347

77,371

4,873

76,125

5,176

4,218

317

3,927

328

3,931 3,900

Corporate stocks............................................................... 311 315

Loans, discounts, and overdrafts (inc. rediscounts) 20,615 19,647 18,405 21,917 23,843 24,465 26,468 28,850 29,928 33,990 36,628 41,152

Miscellaneous assets—tota l........................................... 1,790

1,085

417

1,732

1,075

378

1,720

1,055

1,813

1,071

361

1,746 1,664 1,590

993

1,592

974

1,586 1,586 1,598 1,673

Bank premises owned, furniture and fixtures............... 1,050

292

1,016

214

970 972 984 1,007

Other real estate—direct and indirect........................... 339 162 126 106 96 93 91

All other miscellaneous assets......................................... 288 279 326 381 404 434 435 492 510 518 521 575

Total liabilities and capital accou n ts............................. 80,765 97,713 105,414 120,610 131,766 144,440 154,114 169,006 162,881 160,002 157,542 166,272

Deposits—to ta l..................................................................

Individuals, partnerships, and corporations—demand 

Individuals, partnerships, and corporations—time. . . .

States and political subdivisions.....................................

United States Government.............................................

Postal savings....................................................................

73,027

• 73,027

89.869

89.869

97.321

97.321

111.650

111.650

122.415

122.415

134.662

134.662

143.953

143.953

158,174

72,613

39,644

5,597

23,844

5

151,628

75,414

42,468

6,363

13,047

5

148,458

79,911

44,174

6,635

3,049

5

145,597

78,100

45,509

7,270

1,357

5

154,096

83,747

46,154

7,523

1,435

5

Interbank........................................................................... 13,884 12,008 12,321 11,243 12,670

Certified and officers’ checks, cash letters of credit, etc. 2,587 2,323 2,363 2,113 2,562

Miscellaneous liabilities— total..................................... 603 587 606 698 782 896 863 1,125 1,062

84

1,083 1,167

60

1,188

Rediscounts and other borrowed money....................... 11 10 24 45 84 122 65 216 39 61

All other miscellaneous liabilities................................... 592 577 582 653 698 774 798 909 978 1,044 1,107 1,127

Capital accounts—total...................................................

Capital stock, notes, and debentures.............................

Surplus...............................................................................

7,135

2,865

2,885

7,257

2,855

2,957

7,487

2,847

3,095

8,262

2,880

3,722

8,569

2,899

3,856

8,882

2,917

4,102

9,298

2,983

4,262

9,707

3,037

4,576

10,191

3,075

4,769

10,461

3,147

4,940

10,778

3,176

5,090

10,988

3,199

5,255

Undivided profits, including all other capital accounts.. 1,385 1,445 1,545 1,660 1,814 1,863 2,053 2,094 2,347 2,374 2,512 2,534

Number of banks included...................................................... 13,456 13,403 13,363 13,458 13,461 13,460 13,474 13,494 13,526 13,550 13,582 13,597

ASSETS AND LIABILITIES OF OPERATING BANK S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 109. A s s e t s a n d L i a b il it ie s o p O p e r a t in g C o m m e r c ia l B a n k s , C a l l D a t e s , 1942-1947

(Amounts in millions of dollars)

1942 1943 1944 1945 1946 1947

Asset, liability, or capital account item

June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 30 June 30 Dec. 31 June 29 Dec. 31 June 30 Dec. 31

80,395 97,369 104,555 114,734 125,386 137,830 146,894 161,182 154,113 150,552 147,887 156,293

Cash, balances with other banks, and cash items

24,914 28,140 26,050 27,766 27,736 30,327 30,262 34,975 32,462 34,366 32,878 37,673

33,440 48,299 59,161 66,204 75,010 84,284 91,355 98,489 92,834 83,371 79,547 78,687

U. S. Government obligations, direct and guaranteed 26,458 41,484 52,628 60,058 68,716 77,953 84,581 91,149 84,965 75,253 70,976 69,645

Obligations of States and political subdivisions............ 3,557 3,583 3,509 3,344 3,464

2,433

3,500 3,776 3,974 4,083 4,411 4,976 5,297

Other bonds, notes, and debentures............................... 2,937 2,723 2,561 2,381 2,432 2,635 3,004 3,427 3,369 3,232 3,391

456 442 405 381 369 374 352 352 347 329 350 354

32 67 58 40 28 25 11 10 12 9 13

Loans, discounts, and overdrafts (inc. rediscounts) 20,304 19,249 17,705 19,171 21,071 21,708 23,777 26,193 27,271 31,283 33,893 38,284

1,737 1,681 1,639 1,593 1,569 1,511 1,500 1,525 1,546 1,532 1,569 1,649

Bank premises owned, furniture and fixtures................ 1,076 1,066 1,041 1,011 988 956 937 921 918 921 942 967

Other real estate—direct and indirect............................ 348 311 267 215 180 145 122 107 98 91 90 87

All other miscellaneous assets......................................... 313 304 331 367 401 410 441 497 530 520 537 595

Total liabilities and capital accounts............................. 80,395 97,369 104,555 114,734 125,386 137,830 146,894 161,182 154,113 150,552 147,887 156,293

Individuals, partnerships, and corporations—demand 

Individuals, partnerships, and corporations—time. . . .

72,589 89,479 96,476 106,350 116,655 128,702 137,434 151,089 143,709 139,883 136,749 144,950

39,836 47,840 54,180 59,203 58,215 65,132 66,628 73,867 76,682 81,265 79,540 85,291

15,150 16,007 17,227 18,923 20,933 23,815 26,922 29,917 32,161 33,432 34,351 34,694

States and political subdivisions..................................... 4,437 4,491 4,783 4,848 4,933 5,061 5,400 5,784 6,617 6,893 7,518 7,786

United States Government.............................................. 1,867 8,454 8,070 10,426 19,585 20,829 24,542 24,767 13,512 3,161 1,420 1,531

Postal savings1................................................................... 22

10,278

13

11,309

9

10,887

7

11,000

6

11,201

5

12,229

5

12,597

5

14,071

5

12,320

5

12,666

5

11,690

5

13,044

Certified and officers’ checks, cash letters of credit, etc. 776 1,229 1,142 1,679

264

1,561 1,367 1,263 2,613 2,349 2,395 2,147 2,599

ploQQifiPn ............................ 223 136 178 221 264 77 65 63 66 78

Miscellaneous liabilities—total..................................... 623 604 617 697 778 891 865 1,160 1,067 1,108 1,209 1,236

Rediscounts and other borrowed money........................ 15 13 28 49 86 124 69 219 87 45 63 7 4

608 591 589 648 692 767 796 941 980 1,063 1,146 1,162

Capital accounts—total................................................... 7,183 7,286 7,462 7,687 7,953 8,237 8,595 8,933 9,337

3,170

9,561 9,929

3,315

10,107

Capital stock, notes, and debentures............................. 2,959 2,954 2,948 2,980 2,991 3,009 3,073 3,130 3,243 3,337

2,827 2,885 2,969 3,172 3,272 3,486 3,615 3,873 4,025 4,155 4,315 4,450

Undivided profits, including all other capital accounts.. 1,397 1,447 1,545 1,535 1,690 1,742 1,907 1,930 2,142 2,163 2,299 2,320

14,280 14,185 14,121 14,087 14,064 14,054 14,059 14,079 14,092 14,114 14,222 14,222

i Not available separately for noninsured banks from June 30, 1942, through June 30, 1947; included with U. S. Government deposits.

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 110. A s s e t s a n d L ia b il it ie s o f O p e r a t in g I n s u r e d C o m m e r c ia l B a n k s , C a l l D a t e s , 1942-1947

(Amounts in millions of dollars)

Asset, liability, or capital account item

Total assets....................................................................................

Cash, balances with other banks, and cash items

in process of collection................................................

Securities— total......................................................................

U. S. Government obligations, direct and guaranteed

Obligations of States and political subdivisions............

Other bonds, notes, and debentures.................................

Corporate stocks....................................................................

Loans, discounts, and overdrafts (inc. rediscounts)

Miscellaneous assets— total...............................................

Bank premises owned, furniture and fixtures.................

Other real estate— direct and indirect..............................

All other miscellaneous assets.............................................

Total liabilities and capital accounts...............................

Deposits— tota l........................................................................

Individuals, partnerships, and corporations— demand

Individuals, partnerships, and corporations— time. . . .

States and political subdivisions........................................

United States Government..................................................

Postal savings..........................................................................

Interbank.................................................................................

Certified and officers’ checks, cash letters of credit, etc.

Miscellaneous liabilities— total........................................

Rediscounts and other borrowed money.........................

All other miscellaneous liabilities......................................

Capital accounts— total.......................................................

Capital stock, notes, and debentures...............................

Surplus......................................................................................

Undivided profits, including all other capital accounts..

Number of banks included.

June 30 Dec. 31

78,709

24,382

32,726

25,936

3,494

2,865

431

19,923

1,678

1,060

340

278

78,709

71,162

39,266

14,889

4,337

1,806

22

10,076

766

594

11

6,953

2,859

2,741

1,353

95,459

27,593

47,344

40,712

3,533

2,680

419

18,907

1,615

1,048

301

266

95,459

87,820

47,128

15,706

4,394

8,215

13

11,145

1,219

583

10

573

7,056

2,849

2,801

1,406

1943

June 30 Dec. 31

102,405

25,538

57,890

51,542

3,441

2,520

387

17,392

1,585

1,022

257

306

102,405

94,582

53,423

16,897

4,675

7,765

9

10,681

1,132

594

25

569

7,229

2,841

2,887

1,501

112,246

27,191

64,678

58,693

3,288

2,342

355

18,844

1,533

994

207

332

112,246

104,116

58,346

18,572

4,749

10,068

7

10,705

1,669

676

45

631

7,454

2,875

3,090

1,489

1944

June 30 Dec. 30

122,647

27,190

73,228

67,104

3,394

2,388

342

20,732

1,497

972

172

353

122,647

114,180

57,364

20,544

4,812

18,865

6

11,038

1,551

757

84

673

7,710

2,895

3,190

1,625

134,613

29,746

82,053

75,896

3,424

2,386

347

21,355

1,459

940

139

380

134,613

125,752

64,149

23,363

4,944

19,862

5

12,074

1,355

871

121

750

7,990

2,912

3,402

1,676

June 30 Dec. 31

143,456

29,659

89,001

82,422

3,686

2,567

326

23,379

1,417

919

115

143,456

134,282

65,508

26,363

5,182

23,583

5

12,401

1,240

833

65

768

8,341

2,978

3,529

1,834

13,403 13,347 13,302 13,274 13,269 13,268 13,282 13,302 13,335 13,359 13,391 13,403

157,582

34,303

96,066

88,933

3,875

2,938

320

25,769

1,444

903

100

441

157,582

147,811

72,606

29,295

5,595

23,841

5

13,884

2,585

1,099

215

884

8,672

3,032

3,785

1,855

1946

June 29 Dec. 31

150,743

31,853

90,642

82,998

3,975

3,354

315

26,796

1,452

900

92

460

150,743

140,649

75,405

31,505

6,361

13,046

5

12,007

2,320

1,025

83

942

9.069

3.070 

3,933 

2,066

147,365

33,704

81,469

73,575

4,301

3,295

298

30,740

1,452

902

85

465

147,365

137,030

79,903

32,761

6,633

3.047 

5

12,320

2,361

1.047

39

1,008t

9,288

3,142

4,060

2,086

1947

June 30 Dec. 31

144,373

32,199

77,454

69,155

4,828

3,169

302

33,258

1,462

914

83

465

144,373

133,696

78,091

33,623

7,268

1,355

5

11,243

2,111

1,117

60

1,057

9,560

3,171

4,183

2,206

152,773

36,936

76,712

67,960

5,131

3,319

302

37,592

1,533

937

80

516

152,773

141,889

83,738

33,963

7,521

1,433

5

12,670

2,559

1,148

61

1,087

9,736

3,194

4,317

2,225

O

o

hjH

$

w

3

o

to

3

H

Back figures—See the following Annual Reports: 1946, p. 128; 1945, p. 116.

ASSETS AND LIABILITIES

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
b a n k s gro u ped b y d is tr ic t a n d s tate

(Amounts in millions of dollars)

Table 111. 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 i n t h e U n it e d St 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, 1947

Assets Liabilities and capital accounts

District and State Number

Cash and 

due from 

banks

U. S. Government obligationsLoans, discounts, and 

overdrafts

Miscellaneous

assets

Total

Deposits

Miscellaneous

liabilities

Total

capital

accounts

of banks Other

securities Business

and

personal1

Government2Interbank3

United States and possessions .............................. 14,755 38,559 81,623 10,760 43,229 1,836 176,007 140,341 9,322 13,050 1,298 11,996

United States................... 14,702 38,387 81,185 10,723 43,000 1,778 175,073 139,693 9,119 13,038 1,277 11,946

Possessions....................... 53 172 438 37 229 58 934 648 203 1 2 2 1 50

FDIC District

District 1......................... 877 1,931 7,179 1,041 3,575 162 13,888 11,740 372 420 107 1,249

District 24....................... 1,219 10,132 25,066 2,754 13,339 649 51,940 40,552 1,528 4,920 642 4,298

District 3 ......................... 1,673 4,173 9,036 1,826 4,529 232 19,796 16,314 861 935 101 1,585

District 4......................... 1,066 2,183 4,063 462 2,105 100 8,913 7,070 624 600 49 570

District 5......................... 988 1,604 2,409 389 1,389 55 5,846 4,457 588 450 26 325

District 6......................... 1,510 2,599 3,526 496 2,393 65 9,079

11,605

6,641 615 1,282 31 510

District 7......................... 1,495 2,513 5,865 698 2,445 84 9,805 715 420 37 628

District 8 ......................... 1,545 3,596 7,342 951 3,191 95 15,175 11,818 958 1,477 82 840

District 9......................... 1,114 1,150 2,562 276 951 29 4,968

6,183

3,921 381 394 15 257

District 10....................... 1,615 1,751 2,841 356 1,202 33 4,764 564 510 17 328

District 11....................... 1,105 2,855 3,333 476 2,261 92 9,017 6,679 816 1,034 37 451

District 125..................... 548 4,072 8,401 1,035 5,849 240 19,597 16,580 1,300 608 154 955

State

Alabama.............................. 222 376 527 108 320 13 1,344 1,045 139 78 6 76

Arizona................................ 11 92 162 21 153 6 434 360 49 4 3 18

Arkansas............................. 228 263 357 63 152 5 840 672 64 58 1 45

California............................ 202 2,793 5,835 713 4,467 162 13,970 11,905 826 427 133 679

Colorado.............................. 146 342 556 50 241 6 1,195 990 51 90 4 60

Connecticut........................ 188 436 1,606 274 667 39 3,022 2,624 73 41 16 268

Delaware............................. 41 106 247 88 132 6 579 470 42 4 3 60

District of Columbia.......... 19 289 506 41 243 18 1,097 962 14 48 6 67

Florida................................. 185 477 892 102 336 19 1,826 1,385 209 126 6 100

Georgia................................ 375 512 669 69 565 17 1,832 1,389 136 189 12 106

Idaho................................... 48 103 252 10 97 3 465 388 51 6 1 19

Illinois................................. 883 3,031 6,063 782 2,686 83 12,645 9,765 750 1,337 79 714

Indiana................................ 492 759 1,658 167 629 22 3,235 2,653 273 128 9 172

Iowa..................................... 662 565 1,279 169 505 12 2,530 2,053 208 140 3 126

Kansas................................. 610 444 802 106 338 8 1,698 1,291 229 88 3 87

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Kentucky..................

Louisiana...................

Maine........................

Maryland..................

Massachusetts.........

Michigan...................

Minnesota.................

Mississippi................

Missouri....................

Montana...................

Nebraska...................

Nevada......................

New Hampshire.. ..

New Jersey...............

New Mexico.............

New York.................

North Carolina........

North Dakota..........

Ohio............................

Oklahoma.................

Oregon.......................

Pennsylvania...........

Rhode Island............

South Carolina........

South Dakota..........

Tennessee..................

Texas..........................

Utah...........................

Vermont....................

Virginia.....................

Washington..............

West Virginia...........

Wisconsin..................

Wyoming..................

Possession

Alaska........................

American Samoa. . .

Guam.........................

Hawaii.......................

Panama Canal Zone

Puerto Rico..............

Virgin Islands..........

388 473 734 72 420 9

160 525 697 145 350 20 96 103 409 65 179 6

175 420 1,187 112 402 26 378 1,138 4,140 503 2,156 93

447 1,124 2,578 332 1,185 39 680 767 1,505 193 732 21 206 239 321 110 168 6

597 1,294 1,683 226 1,230 31 112 150 327 22 83 3

418 381 686 76 248 7

8 30 86 9 49 2

108 67 282 71 175 4

367 843 2,759 521 1,096 70 47 92 115 11 80 2

792 9,133 21,929 2,130 12,020 550 226 554 816 136 482 19 152 114 415 31 51 2

671 1,723 3,502 502 1,870 67 386 508 679 113 327 11

71 342 686 107 319 20 1,002 2,450 5,534 1,324 2,659 165 29 144 624 97 228 16 150 212 322 46 143 5

170 119 315 30 85 3

297 569 752 135 591 20 887 2,146 2,359 299 1,678 64

60 147 245 18 180 3 78 43 118 31 170 4

314 468 770 83 604 22

125 535 990 156 599 15 182 240 462 44 231 10 556 630 1,629 199 631 23

55 76 118 11 48 1

19 21 28 2 15 1

1 1 1

1 4 25 1 1

9 93 251 20 121 6

4 3 2 1 27 17 49 129 15 90 23 2 1 2 1

1 Demand and time deposits of individuals, partnerships, and corporations, certified and officers’

2 Deposits of the United States Government; and deposits of States and political subdivisions. 

* Interbank deposits; and postal savings deposits.

4 Includes Puerto Rico and the Virgin Islands.

6 Includes Alaska, American Samoa, Guam, Hawaii, and the Panama Canal Zone.

Back figures—See the following Annual Reports: 1946, pp. 130-131; 1945, pp. 118-119.

1,708 1,326 107 165 7 103

1,737 1,237 198 212 10 80

762 654 25 9 4 70

2,147 1,759 104 116 8 160

8,030 6,670 217 350 70 723

5,258 4,491 297 169 22 279

3,218 2,492 196 336 12 182

844 638 104 57 2 43

4,464 3,146 283 772 15 248

585 470 61 29 1 24

1,398 1,092 66 167 3 70

176 144 22 1 1 8

599 514 16 7 2 60

5,289 4,545 306 44 24 370

300 234 42 10 1 13

45,762 35,373 1,076 4,864 596 3,853

2,007 1,438 222 227 15 105

613 492 77 16 1 27

7,664 6,417 456 306 33 452

1,638 1,186 195 153 6 98

1,474 1,248 109 39 7 71

12,132 9,897 405 629 68 1,133

1,109 959 32 12 12 94

728 596 74 22 2 34

552 467 47 13 1 24

2,067 1,497 161 287 8 114

6,546 4,848 527 808 23 340

593 464 50 45 2 32

366 319 9 1 3 34

1,947 1,523 130 150 12 132

2,295 1,947 143 86 8 111

987 792 80 37 6 72

3,112 2,661 145 123 6 177

254 205 23 12 1 13

67 56 5 1 5

2 1 1

31 16 13 1 1

491 398 60 3 1 29

33 13 20

306 161 103 8 19 15

4 3 1

ecks, cash letters of credit, etc.

toASSETS AND LIABILITIES OF OPERATING BAN K S

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Federal Reserve Bank of St. Louis
Table 112, 

Table 113.

Table 114.

boto

E x a m in e r s ’ E v a l u a t io n of I n s u r e d C o m m e r c ia l B a n k s

Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks 

examined in 1939-1947

Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks 

examined in 1947

Banks grouped according to amount of deposits

Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks 

examined in 1947

Banks grouped by district and State

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
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 1947, include 12,719 insured commercial banks operating

at the close of the year and 28 banks which ceased operations or were

taken over by other banks during the year. Figures for 683 insured

banks operating at the close of the year were not included in the tabulations: 8 because they were not engaged in deposit banking, and 675

because reports of examination were, for various reasons, not available

for tabulation. For 481 banks the figures are derived from reports of

examination made in the last three months of 1946.

Evaluation of Assets

Book value of assets is the net value, after deduction of valuation

and premium allowances, at wThich the assets are carried on the books

of the banks at the time of examination.

Assets not 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.

Examiners’ deductions from total assets represent the difference

between the appraised value and book value of assets shown on the

books.

Examiners’ deductions (net) from total assets in Table 114 is

the difference between examiners’ deductions and the determinable

sound values of assets not shown on the books.

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 substantial degree of risk, or to be otherwise undesirable for bank investment. For a description of the procedure followed in examiners’ evaluation 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.

Evaluation of Liabilities and Capital

Adjusted liabilities include all liabilities shown on the books and

such others as have been determined by the examiners.

Book value of 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.

Adjusted capital accounts equal book value of total capital accounts 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.

EXAMINERS EVALUATION OF INSURED COMMERCIAL BAN KS

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Table 112. E x a m in e r s ’ A p p r a is a l o f A s s e ts , L ia b ilit ie s , an d C a p it a l o f I n s u r e d C o m m e r cia l B a n k s E x a m in e d in 1939-1947

(Amounts in thousands of dollars)

Asset, liability, or capital account item 1939 1940 1941 1942 1943 1944 1945 1946 1947

Total assets— book value.................................... 58,254,425 65,184,983 71,697,320 80,449,956 102,021,738 118,843,675 138,032,336 147,828,793 144,531,287

Assets not on the books.................................... 38,996 36,777 19,851 20,089 26,346 20,897 20,283 16,017 15,156

Examiners’ deductions...................................... 340,697 255,876 174,037 145,741 97,144 54,193 29,354 25,095 35,596 Appraised value................................................. 57,952,724 64,965,884 71,543,134 80,324,304 101,950,940 118,810,379 138,023,265 147,819,715 144,510,847 Not criticized................................................... 54,982,653 62,413,390 69,512,512 78,610,078 100,690,843 117,984,985 137,404,382 147,293,671 143,814,520

Substandard..................................................... 2,970,071 2,552,494 2,030,622 1,714,226 1,260,097 825,394 618,883 526,044 696,327

Cash and due from banks.................................. 18,643,164 23,308,292 24,107,119 24,618,882 25,342,868 26,036,187 29,215,660 0) 31,790,001

U. iS. Government obligations— book value (2) (2) (2) 26,799,729 50,067,210 65,089,147 78,783,904 (») 69,134,182 Appraised value3................................................ (2) (2) (2) 26,807,855 50,073,639 65,096,303 78,794,810 (*) (4)

Other securities— book value............................ 21,315,369 22,758,101 25,759,640 6,682,798 6,055,350 5,805,695 6,215,580 (l) 7,890,527

Appraised value................................................. 21,234,173 22,698,345 25,722,984 6,651,951 6,040,897 5,800,937 6,213,954 t1) 7,888,268

Not criticized................................................... 20,027,268 21,659,491 24,970,412 6,034,558 5,578,743 5,499,037 5,954,653 0) 7,657,623

Substandard.................................................... 1,206,905 1,038,854 752,572 617,393 462,154 301,900 259,301 (}) 230,645

Loans and discounts— book value.................. 16,055,860 17,037,342 19,544,145 20,136,352 18,290,697 19,562,561 21,436,642 0) 33,100,496

Appraised value................................................. 15,898,191 16,924,352 19,467,422 20,071,927 18,251,118 19,539,481 21,424,482 0) 33,075,357

Not criticized................................................... 14,669,527 15,870,628 18,618,309 19,303,969 17,710,001 19,180,144 21,161,567 0) 32,653,390

Substandard.................................................... 1,228,664 1,053,724 849,113 767,958 541,117 359,337 262,915 C1) 421,967

Fixed and miscellaneous assets— book value 2,240,032 2,081,248 2,286,416 2,212,195 2,265,613 2,350,085 2,380,550 C1) 2,616,081

Appraised value................................................. 2,177,196 2,034,895 2,245,609 2,173,689 2,242,418 2,337,471 2,374,359 (1) 2,623,039

Not criticized................................................... 1,642,694 1,574,979 1,816,672 1,844,814 1,985,592 2,173,314 2,277,692 C1) 2,579,324 Substandard.................................................... 534,502 459,916 428,937 328,875 256,826 164,157 96,667 C1) 43,715

Total liabilities—book value........................... 51,781,865 58,627,148 65,012,512 73,529,826 94,882,516 111,242,503 129,849,891 139,081,529 135,120,704

Total deposits.................................................... 50,976,656 57,919,547 64,218,740 72,755,007 94,087,113 110,177,295 128,263,849 137,221,546 133,169,657

Other liabilities—book value............................ 805,209 707,601 793,772 774,819 795,403 1,065,208 1,586,042 1,859,983 1,951,047

Liabilities not on the books.............................. 10,436 12,927 6,084 7,362 4,491 7,563 3,731 4,719 2,635

Adjusted total liabilities................................... 51,792,301 58,640,075 65,018,596 73,537,188 94,887,007 111,250,066 129,853,622 139,086,248 135,123,339

Total capital accounts—book value............. 6,472,560 6,557,835 6,684,808 6,920,130 7,139,222 7,601,172 8,182,445 8,747,264 9,410,583

Assets not on the books.................................... 38,996 36,777 19,851 20,089 26,346 20,897 20,283 16,017 15,156

Examiners’ deductions from total assets........ 340,697 255,876 174,037 145,741 97,144 54,193 29,354 25,095 35,596

Liabilities not on the books.............................. 10,436 12,927 6,084 7,362 4,491 7,563 3,731 4,719 2,635

Adjusted capital accounts................................ 6,160,423 6,325,809 6,524,538 6,787,116 7,063,933 7,560,313 8,169,643 8,733,467 9,387,508

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Adjusted capital accounts per $100 of—

Book capital.......................................................

Appraised value of total assets........................

$95.18

10.63

$96.46

9.74

$97.60

9.12

$98.08

8.45

$98.95

6.93

$99.46

6.36

$99.84

5.92

$99.84

5.91

$99.75

6.50

Substandard assets per $100 of—

Appraised value of total assets........................

Adjusted capital accounts................................

5.12

48.21

3.93

40.35

2.84

31.12

2.13

25.26

1.24

17.84

.69

10.92

.45

7.58

.36

6.02

.48

7.42

Substandard loans and discounts per $100

of—

Appraised value of loans and discounts......... 7.73 6.23 4.36 3.83 2.96 1.84 1.23 (J) 1.28

Number of banks................................................... 13,505 13,437 13,308 13,303 13,207 12,983 12,473 12,493 12,747

1 Not available separately.

2 Prior to 1942 U. S. Government obligations not available separately; included under other securities.

3 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.

4 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.

EXAMINERS EVALUATION OF INSURED COMMERCIAL BANKS

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BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

Table 113. 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 1947

Banks with deposits of—

Asset, liability, or capital account item All

banks $500,000 $500,000

to

$1,000,000

to

$2,000,000

to

$5,000,000

to

$10,000,000

to

$50,000,000

to More than

or less $1,000,000 $2,000,000 $5,000,000 $10,000,000 $50,000,000 $100,000,000 $100,000,000

(Amounts in thousands 'of dollars)

Total assets—book value................................. 144,531,287 301,523 1,373,760 4,973,266 13,838,763 12,723,028 25,318,089 10,921,384 75,081,474

Assets not on the books.................................... 15,156 169 879 2,429 3,754 2,088 3,200 872 1,765

Examiners’ deductions...................................... 35,596 292 970 2,006 5,725 4,385 7,662 2,433 12,123

Appraised value.................................................

Not criticized...................................................

144,510,847 301,400 1,373,669 4,973,689 13,836,792 12,720,731 25,313,627 10,919,823 75,071,116

1 US,81U,520 297,895 1,362,118 k,9k3,682 13,758,798 12,650,5k8 25,181,976 10,871,79k 7 k,7 k7,709

Substandard.................................................... 696,827 3,505 11,551 30,007 77,99k 70,183 131,651 k8,029 323,k07

Cash and due from banks............................... 31,790,001 91,778 351,874 1,172,365 3,008,652 2,605,785 5,256,136 2,526,128 16,777,283

U. S. Government obligations—book value 69,134,182 127,260 658,295 2,498,091 7,002,089 6,458,068 12,841,448 5,320,601 34,228,330

Other securities—book value......................... 7,890,527 10,369 64,039 270,242 928,272 942,430 1,645,779 561,251 3,468,145

Appraised value.................................................

Not criticized...................................................

7,888,268 10,334 63,976 270,050 927,518 942,070 1,645,290 561,111 3,467,919

7,657,623 9,670 62,02k 262,767 902,k2k 917,629 1,601,503 5k3,107 3,358 ,k99

Substandard.................................................... 230,6h5 66k 1,952 7,283 25,09k 2k,kkl k3,787 18,00 k 109,k20

Loans and discounts—book value................ 33,100,496 69,740 289,169 996,063 2,787,404 2,596,371 5,261,328 2,358,490 18,741,931

33,075,357 69,543 288,340 994,482 2,783,133 2,592,851 5,255,102 2,356,443 18,735,463

32,653,390 66,783 279,00k 972,k58 2,73 k,017 2,550,955 5,178,833 2,329,2k0 18,5k2,100

±21,967 2,760 9,336 22,02k k9,116 kl ,896 76,269 27,203 193,363

Fixed and miscellaneous assets—book value 2,616,081 2,376 10,383 36,505 112,346 120,374 313,398 154,914 1,865,785

Appraised value................................................. 2,623,039 2,485 11,184 38,701 115,400 121,957 315,651 155,540 1,862,121

2,579,321+ 2 ,m 10,921 38,001 111,616 118,111 30k,056 152,718 l,8kl,k97

1*3,715 81 263 700 3,78k 3,8k6 11,595 2,822 20,62k

135,120,704 273,687 1,274,814 4,652,509 12,983,992 11,947,343 23,764,718 10,271,678 69,951,963

Other liabilities—book value............................

133,169,657 272,530 1,270,608 4,640,799 12,944,071 11,896,238 23,615,220 10,189,050 68,341,141

1,951,047 1,157 4,206 11,710 39,921 51,105 149,498 82,628 1,610,822

2,635 47 112 223 442 410 322 1,053 26

Adjusted total liabilities................................... 135,123,339 273,734 1,274,926 4,652,732 12,984,434 11,947,753 23,765,040 10,272,731 69,951,989

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Total capital accounts—book value.............

Assets not on the books...................................

Examiners’ deductions from total assets........

Liabilities not on the books.............................

Adjusted capital accounts................................

9,410,583

15,156

35,596

2,635

9,387,508

27,836

169

292

47

27,666

98,946

879

970

112

98,743

320,757

2,429

2,006

223

320,957

854,771

3,754

5,725

442

852,358

775,685

2,088

4,385

410

772,978

1,553,371

3,200

7,662

322

1,548,587

649,706

872

2,433

1,053

647,092

5,129,511

1,765

12,123

26

5,119,127

Adjusted capital accounts per $100 of—

Book capital.......................................................

Appraised value of total assets........................

$99.75

6.50

$99.39

9.18

$99.79

7.19

$100.06

6.45

$99.72

6.16

$99.65

6.08

$99.69

6.12

$99.60

5.93

$99.80

6.82

Substandard assets per $100 of—

Appraised value of total assets........................

Adjusted capital accounts................................

.48

7.42

1.16

12.67

.84

11.70

.60

9.35

.56

9.15

.55

9.08

.52

8.50

.44

7.42

.43

6.32

Substandard loans and discounts per $100

of—

Appraised value of loans and discounts......... 1.28 3.97 3.24 2.21 1.76 1.62 1.45 1.15 1.03

Number of banks................................................... 12,747 655 1,611 3,160 4,114 1,707 1,192 144 164

Back figures—See the following Annual Reports: 1946, pp. 134-135, and earlier reports.

toEXAMINERS EVALUATION OF INSURED COMMERCIAL BAN K S

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Federal Reserve Bank of St. Louis
BAN KS GROUPED B Y FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AN D STATE

(Amounts in thousands of dollars)

Table 114. 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 it 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 1947

Total assets Total liabilities Total capital 

accounts Adjusted 

capital 

accounts 

aer $100 oi 

appraised 

value of 

total 

assets

Substandard assets 

per $100 of—

FDIC District 

and State

Number

of Examiners’

deductions

(net)1

Appraised value

Appraised Adjusted

capital

accounts

banks Book

value

Total Not

criticized

Substandard

Book

value

Adjusted

value

Book

value

Adjusted

value

value of 

total 

assets

United States and

possessions........ 12,747 144,531,287 20,440 144,510,847 143,814,520 696,327 135,120,704 135,123,339 9,410,583 9,387,508 $6.50 $.48 $7.42

United States.... 12,742 144,489,443 20,428 144,469,015 143,772,888 696,127 135,080,922 135,083,556 9,408,521 9,385,459 6.50 .48 7.42

Possessions.......... 5 41,844 12 41,832 41,632 200 39,782 39,783 2,062 2,049 4.90 .48 9.76

FDIC District

District 1............. 463 7,202,990 1,179 7,201,811 7,169,328

38,498,810

32,483 6,639,220 6,639,225 563,770 562,586 7.81 .45 5.77

District 22........... 1,016 38,765,621 8,653 38,756,968 258,158 35,723,165 35,724,544 3,042,456 3,032,424 7.82 .67 8.51

District 3 ............. 1,616 17,325,020 3,144 17,321,876 17,240,677 81,199 15,888,093 15,888,205 1,436,927 1,433,671 8.28 .47 5.66

District 4 ............. 983 7,707,684 861 7,706,823 7,675,969 30,854 7,236,954 7,237,089 470,730 469,734 6.10 .40 6.57

District 5............. 791 5,292,096 542 5,291,554 5,253,453 88,101 4,997,359 4,997,444 294,737 294,110 5.56 .72 12.95

District 6 ............. 1,398 8,346,744 938 8,345,806 8,310,858 34,948 7,878,284 7,878,505

9,834,716

468,460 467,301 5.60 .42 7.48

District 7............. 1,311 10,390,738 116 10,390,622 10,356,120 34,502 9,834,632 556,106 555,906 5.35 .33 6.21

District 8............. 1,342 13,622,416 124 13,622,292 13,582,414 39,878 12,862,318 12,862,373 760,098 759,919 5.58 .29 5.25

District 9 ............. 1,010 4,247,518 577 4,248,095 4,235,011 13,084 4,028,111 4,028,157 219,407 219,938 5.18 .31 5.95

District 10........... 1,370 5,660,459 613 5,659,846 5,637,265 22,581 5,361,226 5,361,658 299,233 298,188 5.27 .40 7.57

District 11........... 987 8,127,340 1,332 8,126,008

17,839,146

8,103,560 22,448 7,705,320 7,705,358 422,020 420,650 5.18 .28 5.34

District 123.......... 460 17,842,661 3,515 17,751,055 88,091 16,966,022 16,966,065 876,639 873,081 4.89 .49 10.09

State

Alabama.............. 200 1,225,568 97 1,225,665 1,221,481 4,184 1,155,169 1,155,182 70,399 70,483 5.75 .34 5.94

Arizona................ 10 418,402 134 418,268 414,754 3,514 402,273 402,274 16,129 15,994 3.82 .84 21.97

Arkansas............. 215 786,498 111 786,387 784,490 1,897 742,940 742,955 43,558 43,432 5.52 .24 4.37

California............ 176 13,346,945 1,826 13,345,119 13,277,352 67,767 12,683,837 12,683,859 663,108 661,260 4.96 .51 10.25

Colorado.............. 138 1,109,750 S61 1,110,111 1,105,600 4,511 1,052,356 1,052,401 57,394 57,710 5.20 .41 7.82

Connecticut......... 92 1,259,340 430 1,258,910 1,252,666 6,244 1,161,982 1,161,983 97,358 96,927 7.70 .50 6.44

Delaware............. 36 471,999 124 471,875 465,910 5,965 426,519 426,534 45,480 45,341 9.61 1.26 13.16

Dist. of Columbia 19 1,112,319 199 1,112,120 1,108,172 3,948 1,046,504 1,046,504 65,815 65,616 5.90 .35 . 6.02

Florida................. 161 1,725,211 529 1,724,682 1,708,366 16,316 1,634,180 1,634,187 91,031 90,495 5.25 .95 18.03

Georgia................ 256 1,619,842 91 1,619,933 1,609,676 10,257 1,525,594 1,525,644 94,248 94,289 5.82 .63 10.88

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Idaho.................... 33 394,769 27 394,742 394,601 141 379,235 379,235 15,534 15,507 3.93 .04 .91

Illinois.................. 844 11,541,034 610 11,540,424 11,510,679 29,745 10,885,379 10,885,413 655,655 655,011 5.68 .26 4.54

Indiana................ 453 2,833,610 63 2,833,547 2,820,273 13,274 2,677,705 2,677,733 155,905 155,814 5.50 .47 8.52

Iowa..................... 498 2,081,382 486 2,081,868 2,071,735 10,133 1,976,939 1,976,960 104,443 104,908 5.04 .49 9.66

Kansas................. 448 1,429,009 214 1,428,795 1,423,378 5,417 1,356,904 1,357,035 72,105 71,760 5.02 .38 7.55

Kentucky............ 362 1,531,757 48 1,531,709 1,525,546 6,163 1,433,721 1,433,750 98,036 97,959 6.40 .40 6.29

Louisiana............. 150 1,609,833 18 1,609,815 1,605,331 4,484 1,531,802 1,531,811 78,031 78,004 4.85 .28 5.75

Maine.................. 54 450,163 208 449,955 446,405 3,550 414,582 414,583 35,581 35,372 7.86 .79 10.04

Maryland............ 164 1,535,654 32 1,535,622 1,531,296 4,326 1,439,213 1,439,254 96,441 96,368 6.28 .28 4.49

Massachusetts. . . 177 4,324,383 96 4,324,479 4,312,266 12,213 3,989,198 3,989,200 335,185 335,279 7.75 .28 3.64

Michigan.............. 380 4,773,426 309 4,773,117 4,761,378 11,739 4,528,976 4,529,015 244,450 244,102 5.11 .25 4.81

Minnesota............ 604 2,729,383 U08 2,729,786 2,720,534 9,252 2,572,568 2,572,590 156,815 157,196 5.76 .34 5.89

Mississippi........... 174 721,475 201 721,274 713,930 7,344 682,416 682,431 39,059 38,843 5.39 1.02 18.91

Missouri.............. 532 4,121,421 251 4,121,170 4,107,478 13,692 3,902,013 3,902,049 219,408 219,121 5.32 .33 6.25

Montana.............. 110 556,385 89 556,424 554,634 1,790 533,622 533,627 22,763 22,797 4.10 .32 7.85

Nebraska............. 357 1,326,832 175 1,327,007 1,324,438 2,569 1,263,480 1,263,576 63,352 63,431 4.78 .19 4.05

Nevada................ 8 171,686 52 171,634 170,829 805 164,181 164,181 7,505 7,453 4.34 .47 10.80

New Hampshire.. 57 228,781 191 228,590 226,433 2,157 207,069 207,069 21,712 21,521 9.41 .94 10.02

New Jersey.......... 334 4,553,514 1,151 4,552,363 4,494,308 58,055 4,257,089 4,257,314 296,425 295,049 6.48 1.28 19.68

New Mexico........ 45 277,143 299 276,844 274,854 1,990 264,625 264,629 12,518 12,215 4.41 .72 16.29

New York............ 645 33,735,725 7,378 33,728,347 33,534,301 194,046 31,035,493 31,036,632 2,700,232 2,691,715 7.98 .58 7.21

North Carolina... 214 1,677,308 9 1,677,299 1,670,185 7,114 1,585,841 1,585,869 91,467 91,430 5.45 .42 7.78

North Dakota. . . 134 473,354 6U 473,418 472,726 692 455,135 455,145 18,219 18,273 3.86 .15 3.79

Ohio..................... 636 7,027,065 1,041 7,026,024 7,005,397 20,627 6,600,484 6,600,499 426,581 425,525 6.06 .29 4.85

Oklahoma............ 372 1,568,205 813 1,567,392 1,558,576 8,816 1,474,085 1,474,233 94,120 93,159 5.94 .56 9.46

Oregon................. 64 1,348,740 272 1,348,468 1,345,067 3,401 1,283,581 1,283,583 65,159 64,885 4.81 .25 5.24

Pennsylvania. . . . 980 10,297,955 2,103 10,295,852 10,235,280 60,572 9,287,609 9,287,706 1,010,346 1,008,146 9.79 .59 6.01

Rhode Island. . . . 13 672,696 51 672,645 670,224 2,421 624,359 624,359 48,337 48,286 7.18 .36 5.01

South Carolina... 112 618,191 88 618,279 616,713 1,566 590,716 590,733 27,475 27,546 4.46 .25 5.69

South Dakota---- 162 488,396 71 488,467 487,117 1,350 466,786 466,795 21,610 21,672 4.44 .28 6.23

Tennessee............ 289 1,907,068 528 1,906,540 1,893,344 13,196 1,799,610 1,799,751 107,458 106,789 5.60 .69 12.36

Texas.................... 782 5,821,962 881 5,821,081 5,808,621 12,460 5,506,620 5,506,644 315,342 314,437 5.40 .21 3.96

Utah..................... 57 556,780 40 556,740 555,612 1,128 526,711 526,714 30,069 30,026 5.39 .20 3.76

Vermont.............. 70 267,627 395 267,232 261,334 5,898 242,030 242,031 25,597 25,201 9.43 2.21 23.40

Virginia................ 301 1,839,191 559 1,838,632 1,828,339 10,293 1,715,401 1,715,426 123,790 123,206 6.70 .56 8.35

Washington......... 118 1,986,280 1,286 1,984,994 1,970,253 14,741 1,892,759 1,892,774 93,521 92,220 4.65 .74 15.98

West Virginia. . . . 173 925,021 150 924,871 921,264 3,607 859,279 859,303 65,742 65,568 7.09 .39 5.50

Wisconsin............ 478 2,783,702 256 2,783,958 2,774,469 9,489 2,627,951 2,627,968 155,751 155,990 5.60 .34 6.08

Wyoming............. 55 226,663 122 226,541 225,273 1,268 214,401 214,413 12,262 12,128 5.35 .56 10.46

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 1 national bank in the Virgin Islands, not a member of the Federal Reserve System.

* Includes 3 national banks in Alaska and 1 State bank in Hawaii, not members of the Federal Reserve System.

EXAMINERS EVALUATION OF INSURED COMMERCIAL BAN K S

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Federal Reserve Bank of St. Louis
Table 115. 

Table 116.

Table 117.

Table 118.

Table 119.

Table 120.

Table 121.

Table 122. 

Table 123.

Earnings, expenses, and dividends of insured commercial banks, 1934, 1941-1947

Ratios of earnings, expenses, and dividends of insured commercial banks, 1934, 

1941-1947

Earnings, expenses, and dividends of insured commercial banks, 1947 

By class of bank

Ratios of earnings, expenses, and dividends of insured commercial banks, 1947 

B y class of bank

Earnings, expenses, and dividends of insured commercial banks operating 

throughout 1947

Banks grouped according to amount of deposits

Ratios of earnings, expenses, and dividends of insured commercial banks operating 

throughout 1947

Banks grouped according to amount of deposits

Amounts and ratios of earnings, expenses, and dividends of insured commercial 

banks, 1947 

B y State

Earnings, expenses, and dividends of insured mutual savings banks, 1934, 1941-1947

Ratios of earnings, expenses, and dividends of insured mutual savings banks, 1934, 

1941-1947

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 B a n k s

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Reports of earnings, expenses, and dividends are submitted to the

Federal supervisory agencies on either a cash or an accrual basis.

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 115-118 and 121-

123 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 significantly. Some further incomparability is also introduced into the

data by class of bank by shifts between those classes during the year.

Assets and liabilities shown in Table 119, and utilized for computation

of ratios shown in Table 120, 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, 1947, and for other banks, are averages of beginning, middle, and

end of the year.

Sources of data:

National banks, and State banks not members of the Federal Reserve

System in the District of Columbia: Office of the Comptroller of the

Currency.

State banks members of the Federal Reserve System: Board of

Governors of the Federal Reserve System.

Other insured banks: Federal Deposit Insurance Corporation.

wEARNINGS, EXPENSES AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 115. E a r n in g s , E x p e n se 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 cia l B a n k s, 1934, 1941-1947

(Amounts in thousands of dollars)

Earnings or expense item 1934 1941 1942 1943 1944 1945 1946 1947

Current operating earnings—total....................................... 1,518,449 1,729,901 1,790,692 1,959,481 2,214,905 2,482,278 2,862,875 3,097,670

Interest and dividends on:

United States Government obligations..............................

Other securities.....................................................................

| 550,092 509,175 610,298 861,412 1,090,253 / 1,132,977 

\ 167,198

1,218,517

176,620

1,079,535

179,408

Interest and discount on loans................................................ 690,601 847,832 804,717 692,305 680,708 707,738 936,554 1,263,788

Service charges and other fees on bank’s loans.................... (*)

]

12,084 13,513 17,320 18,860 14,564 18,386

Service charges on deposit accounts....................................... 34,609 f 84,309 95,332 107,375 109,789 124,696 147,761

Other service charges, commissions, fees, and collection 

and exchange charges....................................................... 41,139

[ 139,698

1 55,148 67,533 78,485 90,617 97,995 97,264

Trust department..................................................................... 78,190 0) 100,652 104,710 112,486 120,317 140,340 144,734

Other current operating earnings........................................... 123,818 233,196 123,484 124,676 128,278 134,782 153,589 166,794

Current operating expenses—total....................................... 21,114,167 21,215,766 1,222,157 1,256,025 1,356,680 1,522,778 1,762,634 1,981,787

Salaries—officers....................................................................... r 211,311 219,388 225,142 240,354 266,018 309,220 344,845

Salaries and wages—employees............................................... I 402,038 1 302,627 333,171 356,958 386,346 424,881 521,709 602,266

Fees paid to directors and members of executive, discount, 

and other committees....................................................... 1 13,151 11,541 11,775 12,907 14,610 16,936 18,954

Interest on time and savings deposits.................................... 302,603 190,256 174,674 163,900 186,773 233,321 268,624 298,274

Interest and discount on borrowed money............................ 7,324 374 336 502 1,112 2,448 2,364 2,656

Taxes other than on net income............................................. 274,043 2103,371 97,085 99,915 97,307 98,683 96,314 103,516

Recurring depreciation on banking house, furniture and 

fixtures................................................................................ 347,747 364,414 39,917 40,008 41,845 40,329 40,850 42,276

Other current operating expenses........................................... 280,412 330,262 346,045 357,825 390,036 442,488 506,617 569,000

Net current operating earnings............................................ 2404,282 2514,135 568,535 703,456 858,225 959,500 1,100,241 1,115,883

Recoveries and profits—total................................................. 292,027 324,453 222,775 353,015 361,726 509,329 408,608 262,042

Recoveries on securities........................................................... 457,994 73,589 55,947 91,891 92,778 122,364 59,515 45,360

Profits on securities sold or redeemed.................................... 4148,345 145,189 66,457 103,143 129,834 266,764 208,700 100,189

Recoveries on loans................................................................... 52,874 70,947 68,546 85,664 84,224 67,014 74,499 67,687

All other..................................................................................... 32,814 34,728 31,825 72,317 54,890 53,187 65,894 48,806

Losses and charge-offs—total................................................ 1,033,278 333,966 271,118 290,645 265,881 264,122 283,175 294,286

On securities.............................................................................. 391,547 161,073 120,614 116,383 110,439 132,870 132,254 118,498

On loans..................................................................................... 552,857 103,868 80,647 75,223 70,090 55,901 71,253 120,370

All other..................................................................................... 88,874 69,025 69,857 99,039 85,352 75,351 79,668 55,418

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Net profits before income taxes............................................

Taxes on net income—total...................................................

Federal.......................................................................................

State...........................................................................................

Net profits after 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...........................

Net additions to capital from profits..................................

2-336,969 2504,622 520,192 765,826 954,070 1,204,707 1,225,674 1,083,639

63,000

0)

650,000

0)

0)

79,541

0)

C1)

127,865

114,316

13,549

202,821

187,032

15,789

298,795

277,538

21,257

323,328

301,048

22,280

302,242

283,046

19,196

-339,969 454,622 440,651 637,961 751,249 905,912 902,346 781,397

187,769

17,796

169,973

253,396

17,563

235,833

227,608

14,523

213,085

233,490

14,324

219,166

253,193

13,645

239,548

274,438

11,769

262,669

298,983

8,345

290,638

315,215

5,981

309,234

-527,738 201,226 213,043 404,471 498,056 631,474 603,363 466,182

Average assets and liabilities6

Assets—total...............................................................................

Cash and due from banks.......................................................

U. S. Government obligations................................................

Other securities.........................................................................

Loans and discounts................................................................

All other assets..........................................................................

Liabilities and capital—total.................................................

Total deposits............................................................................

Demand deposits....................................................................

Time and savings deposits....................................................

Borrowings and other liabilities.............................................

Total capital accounts.............................................................

44,941,293

10,272,448

11,075,592

6,259,203

14,901,832

2,432,218

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

6,088,482

20,310,112

1,496,381

145,217,438

31,236,090

82,417,236

6,623,089

23,500,772

1,440,251

151,896,770

33,286,775

81,835,381

7,556,923

27,768,296

1,449,395

148,170,261

34,279,792

70,229,835

8,315,081

33,863,334

1,482,219

44,941,293

37,424,125 

2 k,823,179

12,600,9^6

1,319,221 

6,197,947

73,510,130

66,168,797 

50,327,k62

15,81,1,335

578,370 

6,762,963

83,666,451

76,134,514 

60,21,5,967

15,888,51,7

580,544 

6,951,393

103,370,189

95,506,221

77,878,606

17,627,615

617,535

7,246,433

123,168,863

114,682,390

93,267,111,

21,1,15,276

768,280

7,718,193

145,217,438

135,948,387

108,968,917

26,979,1,70

934,381

8,334,670

151,896,770

141,829,678 

109,890,600

31,939,078

1,057,079 

9,010,013

148,170,261

137,537,907 

103,159,25k

3k,378,653

1,104,386 

9,527,968

Number of active officers, December 31...................................

Number of other employees, December 31...............................

0)

C1)

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

Number of banks, December 317............................................... 14,137 13,427 13,347 13,274 13,268 13,302 13,359 13,403

1 Not available.

2 Differs from reported figures as a result of the estimate made of taxes on net income. See footnote 5.

* In 1934; and for banks not submitting reports to FDIC in 1941, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures. 

In 1941 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.

* Estimated; profits on securities sold were not reported separately from recoveries on securities by banks not submitting reports to the FDIC.

6 Estimated; based upon Bureau of Internal Revenue figures of income taxes paid by national banks for 1934, and paid by all banks and trust companies for 1941. Banks 

submitting reports to the FDIC have reported income taxes separately since 1936.

.....^ Asset and liability items are averages of figures reported at beginning, middle, and end of year.

7 In 1934 excludes 1 and in 1941, 3 trust companies not engaged in deposit banking, which submit reports to FDIC.

N o t e : Minus (-) indicates net loss.

Back figures—See the Annual Report for 1941, pp. 158-159.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
CO

Table 116. R a t io 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 , 1934, 1941-1947

Earnings or expense item 1934 1941 1942 1943 1944 1945 1946 1947

Amounts per $ 1 0 0 of current operating earnings:

Current operating earnings—total....................................... $1 0 0 . 0 0

J 36.23

$1 0 0 . 0 0

29.43

$1 0 0 . 0 0

34.08

$1 0 0 . 0 0

43.96

$1 0 0 . 0 0

49.22

$1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0

Interest and dividends on:

United States Government obligations.............................. / 45.64 42.56 34.85

Other securities..................................................................... 1 6.74 6.17 5.79

Income on loans........................................................................ 45.48 49.01

1

45.61 36.02 31.52 29.27 33.22 41.39

2.28 f 4.71 4.87 4.85 4.42 4.36 4.77

Other service charges, commissions, fees, and collection 

and exchange charges....................................................... 2.71

8.08

3.45 3.54 3.65 3.42 3.14

Other current operating earnings........................................... 13.30 13.48 12.52 11.70 10.87 10.28 10.27 10.06

Current operating expenses—total....................................... 173.38 170.28 68.25 64.10 61.25 61.35 61.57 63.98

Salaries, wages, and fees.......................................................... 26.48 30.47 31.50 30.31 28.88 28.42 29.62 31.19

Interest on time and savings deposits.................................... 19.93 11.00 9.76 8.36 8.43 9.40 9.38 9.63

Taxes other than on net income............................................. 14.88 15.98 5.42 5.10 4.39 3.98 3.36 3.34

Recurring depreciation on banking house, furniture and 

fixtures................................................................................ 23.14 23.72 2.23 2.04 1.89 1.62 1.43 1.36

Other current operating expenses ......................................... 18.95 19.11 19.34 18.29 17.66 17.93 17.78 18.46

Net current operating earnings............................................ 126.62 129.72 31.75 35.90 38.75 38.65 38.43 36.02

Amounts per $100 of total assets3 

Current operating earnings—total............................................. 3.38 2.35 2.14 1.90 1.80 1.71 1 . 8 8 2.09

Current operating expenses—total............................................. 12.48 x1.65 1.46 1 . 2 2 1 . 1 0 1.05 1.16 1.34

Net current operating earnings................................................... i.90 i.70 .6 8 .6 8 .70 . 6 6 .72 .75

Recoveries and profits—total...................................................... .65 .44 .26 .34 .29 .35 .27 .18

Losses and charge-offs—total...................................................... 2.30 .45 .32 .28 .2 2 .18 .18 .2 0

Net profits before income taxes.................................................. 1-.75 i.69 .62 .74 .77 .83 .81 .73

Net profits after income taxes..................................................... -.76 .62 .53 .62 .61 .62 .59 .53

Amounts per $100 of total capital accounts3

Net current operating earnings................................................... 16.52 17.60 8.18 9.71 1 1 . 1 2 11.51 1 2 . 2 1 11.71

Recoveries and profits—total...................................................... 4.71 4.80 3.20 4.87 4.69 6 . 1 1 4.53 2.75

Losses and charge-offs—total...................................................... 16.67 4.93 3.90 4.01 3.45 3.16 3.14 3.09

Net profits before income taxes.................................................. 1-5.44 17.47 7.48 10.57 12.36 14.46 13.60 11.37

Taxes on net income..................................................................... <.05 4.75 1.14 1.75 2.63 3.59 3.59 3.17

Net profits after income taxes..................................................... -5.49 6.72 6.34 8.82 9.73 10.87 1 0 . 0 1 8 . 2 0

Cash dividends declared............................................................... 3.03 3.75 3.28 3.23 3.28 3.29 3.32 3.31

Net additions to capital from profits......................................... -8.52 2.97 3.06 5.59 6.45 7.58 6.69 4.89

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Special ratios3

4.63 4.27 4.08 3.85 3.44 3.09 3.43

1.56

.11

3.79

1.60

.14

.87

3.17 1.95 1.69 1.52 1.49 1.46

.14 (5)

1.20

.14 .12 .12 .10

2.40 1.10 .93 .87 .87 .84

Assets and liabilities per $100 of total assets3

1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0

Cash and due from banks....................................................... 22.86 34.95 30.98 25.91 22.77 21.51 21.91

53.88

4.98

23.14

47.40

5.61

22.85

1.00

U S Government obligations................................................ 24.64 26.07 34.94 48.70 54.59 56.76

Other securities......................................................................... 13.93 9.52 8.13 6.11 4.94 4.56

Loans and discounts................................................................ 33.16 27.01 23.94 17.75 16.49 16.18 18.28

All other assets......................................................................... 5.41 2.45 2.01 1.53 1.21 .99 .95

Liabilities and capital—total................................................ 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0

92.82

69.62

23.20

Total deposits........................................................................... 83.27 90.01 91.00 92.39 93.11 93.62 93.37

Demand deposits.................................................................... 55.23 68.U6 72.01 75.39 75.72 75.0J,

18.58

72.3k

Time and savings deposits.................................................... 28.0U 21.55 18.99 17.00 17.39 21.03

Borrowings and other liabilities.............................................

Total capital accounts.............................................................

2.94

13.79

.79

9.20

.69

8.31

.60

7.01

.62

6.27

.64

5.74

.70

5.93

’.75

6.43

Number of banks, December 31®............................................... 14,137 13,427 13,347 13,274 13,268 13,302 13,359 13,403

1 Differs from reported figures as a result of the estimate made of taxes on net income. See footnote 4.

2 In 1934; and for banks not submitting reports to FDIC in 1941, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures. 

In 1941 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.

3 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

4 Estimated; based upon Bureau of Internal Revenue figures of income taxes paid by national banks for 1934, and paid by all banks and trust companies for 1941. Banks 

submitting reports to the FDIC have reported income taxes separately since 1936.

5 Not available.

6 In 1934 excludes 1 and in 1941, 3 trust companies not engaged in deposit banking, which submit reports to FDIC.

N o t e : Minus (-) indicates net loss.

COEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
00

05

BY CLASS OF BANK

Table 117. 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 , 1947

(Amounts in thousands of dollars)

Members F. R. System Not Operating 

throughout 

the year

Operating 

less than 

full year1

Earnings or expense item Total

National State

members 

F. R.

System

Current operating earnings—total................................................................

Interest and dividends on:

3,097,670 1,719,288 858,933 519,449 3,082,187 15,483

United States Government obligations....................................................... 1,079,535 617,990 302,585 158,960 1,075,365 4,170

Other securities.............................................................................................. 179,408 104,951 44,183 30,274 178,576 832

Interest and discount on loans......................................................................... 1,263,788 704,508 324,241 235,039 1,259,432 4,356

Service charges and other fees on bank’s loans............................................. 18,386 9,933 4,921 3,532 18,339 47

Service charges on deposit accounts................................................................

Other service charges, commissions, fees, and collection and exchange

147,761 83,013 36,241 28,507 147,109 652

charges......................................................................................................... 97,264 42,805 22,990 31,469 96,807 4 7

Trust department.............................................................................................. 144,734 55,052 80,880 8,802 141,171 3,563

Other current operating earnings.................................................................... 166,794 101,036 42,892 22,866 165,388 1,406

Current operating expenses—total................................................................ 1,981,787 1,076,831

177,694

572,836 332,120

75,431

1,970,193 11,594

Salaries—officers................................................................................................ 344,845 91,720 34 i,688 2,157

Salaries and wages—employees........................................................................

Fees paid to directors and members of executive, discount, and other

602,266 331,849 195,638 74,779 599,039 3,227

committees.................................................................................................. 18,954 9,168 4,561 5,225 18,872 82

Interest on time and savings deposits............................................................. 298,274 162,208 73,584 62,482 296,961 1,313

Interest and discount on borrowed money........................................... 2,656 1,354 1,107 195 2,652 4

Taxes other than on net income...................................................................... 103,516 58,942 28,992 15,582 102,928 588

Recurring depreciation on banking house, furniture and fixtures............... 42,276 24,043 10,793 7,440 42,024 252

Other current operating expenses.................................................................... 569,000 311,573 166,441 90,986 565,029 3,971

Net current operating earnings...................................................................... 1,115,883 642,457 286,097 187,329 1,111,994 3,889

Recoveries and profits—total.......................................................................... 262,042 160,555 71,494 29,993 259,688 2,354

Recoveries on securities.................................................................................... 45,360 25,569 14,789 5,002 44,3 8 1,022

Profits on securities sold or redeemed............................................................. 100,189 61,409 28,225 10,555 99,355 834

Recoveries on loans............................................................................................ 67,687 43,595 15,484 8,608 67,530 157

All other.............................................................................................................. 48,806 29,982 12,996 5,828 48,465 341

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Losses and charge-offs—total......................................................................... 294,286

118,498

120,370

55,418

168,505

69,748

73,234

25,523

82,672

31,568

29,419

21,685

43,109

17,182

17,717

8,210

292,603

117,532

120,123

54,948

1,683

966

247

470

On securities.......................................................................................................

Net profits before income taxes..................................................................... 1,083,639 634,507 274,919 174,213 1,079,079 4,560

Taxes on net income— total........................................................................... 302,242

283,046

19,196

182,409

172,266

10,143

74,109

67,215

6,894

45,724

43,565

2,159

300,896

281,755

19,141

1,346

1,291

55

781,397 452,098 200,810 128,489 778,183 3,214

Dividends and interest on capital—total................................................... 315,215

5,981

309,234

183,123

1,369

181,754

97,819

2,935

94,884

34,273

1,677

32,596

314,260

5,909

308,351

955

72

883

Dividends declared on preferred stock and interest paid on capital notes

Cash dividends declared on common stock....................................................

Net additions to capital from profits.......................................................... 466,182 268,975 102,991 94,216 463,923 2,259

Average assets and liabilities2 

Assets—total....................................................................................................... 148,170,261

34,279,792

70,229,835

8,315,081

33,863,334

1,482,219

85,297,787

20,459,070

39,867,710

4,972,624

19,154,603

843,780

42,717,345

9,914,101

20,172,397

1,984,828

10,169,087

476,932

20,155,129

3,906,621

10,189,728

1,357,629

4,539,644

161,507

Cash and due from banks................................................................................

U. S. Government obligations.........................................................................

Other securities..................................................................................................

Loans and discounts.........................................................................................

All other assets..................................................................................................

Liabilities and capital—total......................................................................... 148,i70,261

137,537,907

103,159,254

34,378,653

1,104,386

9,527,968

85,297,787

79,314,689 

60,373,574

18,941,115

702,234 

5,280,864

42,717,345

39,380,169

30,431,981

8,948,188

328,145

3,009,031

20,155,129

18,843,049

12,353,699

6,489,350

74,007

1,238,073

Total deposits....................................................................................................

Demand deposits.............................................................................................

Time and savings deposits.............................................................................

Borrowings and other liabilities......................................................................

Total capital accounts......................................................................................

Number of active officers, December 3 ............................................................ 65,740

284,072

31,549

155,218

13,401

85,772

20,790

43,082

65,326

282,658

414

Number of other employees, December 31........................................................ 1,414

Number of banks, December 31.......................................................................... 13,403 5,005 1,915 6,483 13,290 113

1 Includes banka 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.

Back figures—See Table 115, p. 132. See also the Annual Report for 1946, pp. 144-145, and earlier reports.

00EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BAN K S

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
BY CLASS OF BAN K

Table 118. R a t io 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 , 1947

Members F. R. System Not 

members 

F. R.

System

Earnings or expense item Total

National State

Amounts per $100 of current operating earnings

Current operating earnings—total.......................................................................................................... $1 0 0 . 0 0

34.85

$1 0 0 . 0 0

35.94

$1 0 0 . 0 0 $1 0 0 . 0 0

30.60

Interest and dividends on:

United States Government obligations................................................................................................. 35.23

Other securities........................................................................................................................................ 5.79 6.10 5.14 5.83

Income on loans........................................................................................................................................... 41.39 41.56 38.32 45.92

Service charges on deposit accounts.......................................................................................................... 4.77 4.83 4.22 5.49

Other service charges, commissions, fees and collection and exchange charges................................... 3.14 2.49 2.68 6.06

Other current operating earnings............................................................................................................... 10.06 9.08 14.41 6.10

Current operating expenses—total.......................................................................................................... 63.98 62.63 66.69 63.92

Salaries, wages, and fees............................................................................................................................. 31.19 30.17 33.98 29.92

Interest on time and savings deposits....................................................................................................... 9.63 9.43 8.57 12.02

Taxes other than on net income................................................................................................................ 3.34 3.43 3.37 3.00

Recurring depreciation on banking house, furniture and fixtures.......................................................... 1.36 1.40 1.26 1.43

Other current operating expenses.............................................................................................................. 18.46 18.20 19.51 17.55

Net current operating earnings................................................................................................................ 36.02 37.37 33.31 36.08

Amounts per $100 of total assets1

Current operating earnings—total................................................................................................................. 2.09 2.01 2.01 2.58

Current operating expenses—total................................................................................................................ 1.34 1.26 1.34 1.65

Net current operating earnings...................................................................................................................... .75 .75 .67 .93

Recoveries and profits—total......................................................................................................................... .18 .19 .17 .14

Losses and charge-offs—total......................................................................................................................... .20 .20 .20 .21

Net profits before income taxes...................................................................................................................... .73 .74 .64 .86

Net profits after income taxes....................................... ................................................................................ .53 .53 .47 .64

Amounts per $100 of total capital accounts1 

Net current operating earnings...................................................................................................................... 11.71 12.17 9.51 15.13

Recoveries and profits—total......................................................................................................................... 2.75 3.04 2.38 2.42

Losses and charge-offs—total......................................................................................................................... 3.09 3.19 2.75 3.48

Net profits before income taxes...................................................................................................................... 11.37 12.02 9.14 14.07

Taxes on net income........................................................................................................................................ 3.17 3.46 2.47 3.69

Net profits after income taxes........................................................................................................................ 8.20 8.56 6.67 10.38

Cash dividends declared.................................................................................................................................. 3.31 3.47 3.25 2.77

Net additions to capital from profits............................................................................................................. 4.89 5.09 3.42 7.61

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Special ratios1

Income on loans per $100 of loans................................................................................................................ 3.79 3.73 3.24 5.26

Income on securities per $100 of securities................................................................................................ 1.60 1.61 1.57 1.64 Service charges per $100 of demand deposits............................................................................................ .14 .14 .12 .23 Interest paid per $100 of time and savings deposits................................................................................. .87 .86 .82 .96

Assets and liabilities per $100 of total assets1

Assets— to ta l.............................................................................................................................................. 100.00 100.00 100.00 100.00

Cash and due from banks....................................................................................................................... 23.14 23.99 23.20 19.38 U. S. Government obligations............................................................................................................... 47.40 46.73 47.22 50.56 Other securities.......................................................................................................................................... 5.61 5.83 4.65 6.74

Loans and discounts.................................................................................................................................... 22.85 22.46 23.81 22.52 All other assets............................................................................................................................................. 1.00 .99 1.12 .80

Liabilities and capital— total.................................................................................................................. 100.00 100.00 100.00 100.00 Total deposits............................................................................................................................................. 92.82 92.99 92.19 93.49 Demand deposits...................................................................................................................................... 69.62 70.78 71.24 61.29 Time and savings deposits...................................................................................................................... 23.20 22.21 20.95 32.20 Borrowings and other liabilities............................................................................................................ .75 .82 .77 .37 Total capital accounts............................................................................................................................. 6.43 6.19 7.04 6.14

Number of banks, December 31.................................................................................................................... 13,403 5,005 1,915 6,483

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See Table 116, p. 134. See also the Annual Report for 1946, pp. 146-147, and earlier reports.

00

coEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
BAN KS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

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 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 1947

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

$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

Current operating earnings—total............................. 3,082,187 5,722 35,735

(Amounts

123,144

s in thousands 

347,639

j of dollars) 

314,405 594,110 223,732 1,437,700

Interest and dividends on:

United States Government obligations.................... 1,075,365 1,182 10,313 39,310 117,453 107,590 208,268 75,895 515,354

Other securities........................................................... 178,576 170 1,497 6,349 21,205 20,380

138,867

36,357 10,366 82,252

Interest and discount on loans...................................... 1,259,432 3,204 17,905 57,724 157,583 241,459 87,849 554,841

Service charges and other fees on bank’s loans........... 18,339 113 200 538 1,436 1,327

20,202

2,705 1,431 10,589

Service charges on deposit accounts............................. 147,109 293 1,954 6,966 20,542 37,448 11,074 48,630

Other service charges, commissions, fees and collection and exchange charges................................. 96,807 598 3,165 9,171 18,221 11,539 17,308 5,183 31,622

Trust department........................................................... 141,171 2 12 136 1,484 3,627 19,935 13,345 102,630

Other current operating earnings.................................. 165,388 160 689 2,950 9,715 10,873 30,630 18,589 91,782

Current operating expenses—total............................. 1,970,193 3,670 22,152 75,105 214,357 199,961 393,022 152,123 909,803

Salaries—officers............................................................. 342,688 1,499 8,108 23,855 55,680 41,610 66,401 23,010 122,525

Salaries and waees—employees..................................... 599,039 416 2,824 11,300 40,539 46,706 111,240 49,845 336,169

Fees paid to directors and members of executive, 

discount, and other committees............................. 18,872 78 493 1,725 4,554 3,281 4,246 1,097 3,398

Interest on time and savings deposits.......................... 296,961 311 2,930 12,611 40,507 39,447 69,807 20,173 111,175

Interest and discount on borrowed money.................. 2,652 7 24 56 159 160 316 259 1,671

Taxes other than on net income................................... 102,928 216 1,049 3,768 11,629 10,531 20,499 8,152 47,084

Recurring depreciation on banking house, furniture 

and fixtures.............................................................. 42,024 75 490 1,792 5,556 5,173 9,949 3,866 15,123

Other current operating expenses.................................. 565,029 1,068 6,234 19,998 55,733 53,053 110,564 45,721 272,658

Net current operating earnings................................... 1,111,994 2,052 13,583 48,039 133,282 114,444 201,088 71,609 527,897

Recoveries and profits—total....................................... 259,688 235 1,754 6,065 19,377 20,544 46,083 16,787 148,843

Recoveries on securities................................................. 44,338 20 178 1,009

1,736

3,319 3,870 8,705 2,394 24,843

Profits on securities sold or redeemed.......................... 99,355 47 423 6,736 7,929 17,249 7,220 58,015

Recoveries on loans......................................................... 67,530 108 788 2,040 5,601 5,056 11,584 3,747 38,606

All other........................................................................... 48,465 60 365 1,280 3,721 3,689 8,545 3,426 27,379

Losses and charge-offs—total....................................... 292,603 393 2,397 8,047 25,486 25,328 51,201 21,659 158,092

On securities..................................................................... 117,532 63 806 3,224 11,245 11,650 23,880 8,819 57,845

On loans........................................................................... 120,123 248 1,215 3,599 9,958 9,000 17,132 7,234 71,737

All other........................................................................... 54,948 82 376 1,224 4,283 4,678 10,189 5,606 28,510

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Net profits before income taxes...................................

Taxes on net income—total.........................................

Federal.............................................................................

Net profits after 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.................

Net additions to capital from profits........................

Average assets and liabilities3 

Assets—total.....................................................................

Cash and due from banks.............................................

U .S . Government obligations......................................

Other securities...............................................................

Loans and discounts.......................................................

All other assets................................................................

Liabilities and capital—total.......................................

Total deposits..................................................................

Demand deposits..........................................................

Time and savings deposits...........................................

Borrowings and other liabilities....................................

Total capital accounts...................................................

1,079,079 1,894 12,940 46,057 127,173 109,660 195,970 66,737 518,648

300,896

281,755

19,141

358

334

24

2,226

2,078

148

8,626

8,098

528

30,040

28,651

1,389

34,419

33,130

1,289

62,652

60,021

2,631

21,540

20,581

959

141,035

128,862

12,173

778,183 1,536 10,714 37,431 97,133 75,241 133,318 45,197 377,613

314,260

5,909

308,351

427

14

413

2,651

83

2,568

9,305

237

9,068

25,418

670

24,748

22,269

809

21,460

44,480

1,473

43,007

17,732

890

16,842

191,978

1,733

190,245

463,923 1,109 8,063 28,126 71,715 52,972 88,838 27,465 * 185,635

151,702,937

36,640,980

67,874,940

8,626,284

37,036,038

1,524,695

185,129

57,193

75,239

6,331

45,136

1,230

1,377,214

354,920

661,778

64,933

288,749

6,834

5,032,793

1,193,181

2,502,320

280,986

1,030,737

25,569

14,713,916

3,264,398

7,250,847

999,145

3,108,235

91,291

13,453,575

2,851,953

6,503,576

1,053,997

2,942,247

101,802

26,697,208

5,992,694

12,807,795

1,822,574

5,798,537

275,608

10,681,947

2,685,799

4,797,963

543,184

2,519,602

135,399

79,561,155

20,240,842

33,275,422

3,855,134

21,302,795

886,962

151,702,937

140,906,026 

106,251+,983

3U,651,0U3

1,143,690 

9,653,221

185,129

166,272

136,996

29,276

695

18,162

1,377,214

1,274,916 

98U,902

290,01 U

2,938 

99,360

5,032,793

4,703,048 

3 ,U10,7 UO

1,292,308

9,355 

320,390

14,713,916

13,778,672 

9 M l ,079

h,337,593

33,042 

902,202

13,453,575

12,600,027 

8,08A,U8

U,515,579

43,826 

809,722

26,697,208

24,965,107

16,539,321

8,^25,786

118,094

1,614,007

10,681,947

9,992,301

7,U7,916

2,5U,385

65,301

624,345

79,561,155

73,425,683

60,209,581

13,216,102

870,439

5,265,033

Number of active officers, December 31.........................

Number of other employees, December 31.....................

65,326

282,658

823

470

3,639

2,674

8,684

8,845

15,516

26,004

9,004

26,011

10,641

56,673

3,088

24,166

13,931

137,815

Number of banks, December 31....................................... 13,290 453 1,711 3,286 4,437 1,817 1,264 144 178

1 This group of banks is the same as the group shown in Table 117 under the heading “ Operating throughout the year.”

2 Deposits are as of December 31, 1947.

3 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, 1947, 

for banks not submitting reports to FDIC.

Back figures—See the Annual Report for 1946, pp. 148-149, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BAN K S

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 120. R a t io 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 O p e r a t in g T h r o u g h o u t 1947

BAN KS 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

$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

Amounts per $100 of current operating

earnings

Current operating earnings—total....................... $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0

Interest and dividends on:

United States Government obligations.................... 34.89 20.66 28.86 31.92 33.79 34.22 35.06 33.92 35.85

Other securities................................ 5.79 2.97 4.19 5.15 6.10 6.48 6.12 4.63 5.72

Income on loans................................... 41.46 57.97 50.66 47.31 45.74 44.59 41.10 39.91 39.33

Service charges on deposit accounts............................. 4.77 5.12 5.47 5.66 5.91 6.43 6.30 4.95 3.38

Other service charges, commissions, fees and collection

and exchange charges...................... 3.14 10.45 8.86 7.45 5.24 3.67 2.91 2.32 2.20

Other current operating earnings.................................. 9.95 2.83 1.96 2.51 3.22 4.61 8.51 14.27 13.52

Current operating expenses—total......... 63.92 64.14 61.99 60.99 61.66 63.60 66.15 67.99 63.28

Salaries, wages, and fees.............................. 31.17 34.83 31.97 29.95 28.99 29.13 30.62 33.05 32.14

Interest on time and savings deposits.......................... 9.63 5.44 8.20 10.24 11.65 12.55 11.75 9.02 7.73

Taxes other than on net income................................. 3.34 3.77 2.94 3.06 3.34 3.35 3.45 3.64 3.28

Recurring depreciation on banking house, furniture

and fixtures....................................... 1.36 1.31 1.37 1.46 1.60 1.65 1.67 1.73 1.05

Other current operating expenses................................ 18.42 18.79 17.51 16.28 16.08 16.92 18.66 20.55 19.08

Net current operating earnings................................. 36.08 35.86 38.01 39.01 38.34 36.40 33.85 32.01 36.72

Amounts per $100 of total assets^

Current operating earnings—total.................................... 2.03 3.09 2.59 2.45 2.36 2.34 2.22 2.09 1.80

Current operating expenses—total................................... 1.30 1.98 1.61 1.49 1.46 1.49 1.47 1.42 1.14

Net current operating earnings....................................... .73 1.11 .98 .96 .90 .85 .75 .67 .66

Recoveries and profits—total............................................ .17 .12 .13 .12 .13 .15 .17 .15 .19

Losses and charge-offs—total.......................... .19 .21 .17 .16 .17 .19 .19 .20 .20

Net profits before income taxes....................................... .71 1.02 .94 .92 .86 .81 .73 .62 .65

Net profits after income taxes......................................... .51 .83 .78 .74 .66 .56 .50 .42 .47

Amounts per $100 of total capital accounts3

Net current operating earnings......................................... 11.52 11.30 13.67 14.99 14.77 14.13 12.46 11.47 10.02

Recoveries and profits—total............................................ 2.69 1.29 1.76 1.89 2.15 2.54 2.85 2.69 2.83

Losses and charge-offs—total.......................... 3.03 2.16 2.41 2.51 2.82 3.13 3.17 3.47 3.00

Net profits before income taxes......................................... 11.18 10.43 13.02 14.37 14.10 13.54 12.14 10.69 9.85

Taxes on net income........................................................... 3.12 1.97 2.24 2.69 3.33 4.25 3.88 3.45 2.68

Net profits after income taxes........................................... 8.06 8.46 10.78 11.68 10.77 9.29 8.26 7.24 7.17

Cash dividends declared..................................................... 3.25 2.35 2.67 2.90 2.82 2.75 2.76 2.84 3.65

Net additions to capital from profits................................ 4.81 6.11 8.11 8.78 7.95 6.54 5.50 4.40 3.52

142 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Special ratios3

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. . . .

3.45

1.64

.14

.86

7.35

1.66

.21

1.06

6.27

1.63

.20

1.01

5.65

1.64

.20

.98

5.12

1.68

.22

.93

4.76

1.69

.25

.87

4.21

1.67

.23

.83

3.54

1.62

.15

.79

2.65

1.61

.08

.84

Assets and liabilities per $100 of total

assets3

Assets—total..................................................................... 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0

Cash and due from banks............................................. 24.15 30.89 25.77 23.71 22.19 21.20 22.45 25.14 25.44

U .S . Government obligations...................................... 44.74 40.64 48.05 49.72 49.28 48.34 47.97 44.92 41.82

Other securities............................................................... 5.69 3.42 4.71 5.58 6.79 7.83 6.83 5.08 4.85

Loans and discounts....................................................... 24.41 24.38 20.97 20.48 21.12 21.87 21.72 23.59 26.78

All other assets................................................................ 1.01 .67 .50 .51 .62 .76 1.03 1.27 1.11

Liabilities and capital—total....................................... 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0

Total deposits.................................................................. 92.88 89.81 92.57 93.45 93.64 93.65 93.51 93.54 92.29

Demand deposits.......................................................... 70.0U 7U.00 71.51 67.77 6U.16 60.09 61.95 69.72 75.68

Time and savings deposits........................................... 22.8 U 15.81 21.06 25.68 29.U8 33.56 31.56 23.82 16.61

Borrowings and other liabilities.................................... .75 .38 .21 .18 .23 .33 .44 .61 1.09

Total capital accounts................................................... 6.37 9.81 7.22 6.37 6.13 6.02 6.05 5.85 6.62

Number of banks, December 31....................................... 13,290 453 1,711 3,286 4,437 1,817 1,264 144 178

1 This group of banks is the same as the group shown in Table 117 under the heading “ Operating throughout the year.” These ratios differ slightly from the ratios for all 

insured commercial banks shown in Tables 116 and 118.

2 Deposits are as of December 31, 1947.

3 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, 1947, 

for banks not submitting reports to FDIC.

Back figures—See Table 116, p. 134. See also the Annual Report for 1946, pp. 150-151, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BAN KS

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Federal Reserve Bank of St. Louis
Table 121. A m o u n t s a n d R a t io 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 , b y St a t e , 1947

(Amounts, except ratios, in thousands of dollars)

Earnings or expense item U. S.and 

possessions Possessions United States Alabama Arizona Arkansas California Colorado Connecticut Delaware

Current operating earnings—total............. 3,097,670 1,099 3,096,571 29,404 11,106 18,075 329,278 22,464 31,967 10,107

Interest and dividends on:

United States Government obligations. . . 1,079,535 300 1,079,235 7,533 2,354 5,046 89,188 7,141 10,344 3,345

Other securities............................................ 179,408 40 179,368 1,940 289 1,404 15,612 898 1,264 765

Interest and discount on loans...................... 1,263,788 447 1,263,341 14,384 6,356 7,328 171,031 9,946 12,863 3,821

Service charges and other fees on bank’s loans 18,386 10 18,376 108 161 56 3,412 96 64 27

Service charges on deposit accounts............. 147,761 36 147,725 1,613 804 1,250 17,133 2,105 2,008 186

Other service charges, commissions, fees, and

collection and exchange charges............ 97,264 230 97,034 1,926 293 2,154 6,412 623 515 141

Trust department............................................ 144,734 144,734 647 242 136 11,166 805 2,892 1,568

Other current operating earnings.................. 166,794 36 166,758 1,253 607 701 15,324 850 2,017 254

Current operating expenses— total............. 1,981,787 701 1,981,086 17,158 7,735 10,527 214,501 13,392 21,920 5,855

Salaries—officers............................................. 344,845 133 344,712 •3,714 1,220 2,805 28,855 2,765 4,303 1,375

Salaries and wages—employees..................... 602,266 216 602,050 4,696 2,796 2,471 71,914 4,082 6,410 1,569

Fees paid to directors and members of

committees............................................... 18,954 7 18,947 188 12 222 621 174 249 133

Interest on time and savings deposits.......... 298,274 153 298,121 2,361 780 787 52,275 1,581 3,432 615

Interest and discount on borrowed money. . 2,656 2,656 22 1 2 64 6 51 10

Taxes other than on net income.................... 103,516 13 103,503 347 206 492 7,761 397 912 184

Recurring depreciation on banking house,

furniture and fixtures.............................. 42,276 15 42,261 393 155 246 3,777 254 677 149

Other current operating expenses.................. 569,000 164 568,836 5,437 2,565 3,502 49,234 4,133 5,886 1,820

Net current operating earnings................... 1,115,883 398 1,115,485 12,246 3,371 7,548 114,777 9,072 10,047 4,252

Recoveries and profits—total........................ 262,042 17 262,025 1,083 421 750 32,472 1,693 2,187 601

Recoveries on securities.................................. 45,360 2 45,358 22 53 116 2,819 357 246 148

Profits on securities sold or redeemed.......... 100,189 4 100,185 375 201 283 12,229 276 861 317

Recoveries on loans......................................... 67,687 8 67,679 437 71 199 15,287 735 690 106

All other........................................................... 48,806 3 48,803 249 96 152 2,137 325 390 30

Losses and charge-offs—total....................... 294,286 32 294,254 1,741 976 1,319 38,532 1,845 2,052 341

On securities..................................................... 118,498 1 118,497 301 146 619 8,718 649 660 148

On loans........................................................... 120,370 24 120,346 861 717 429 26,076 900 598 106

All other........................................................... 55,418 7 55,411 579 113 271 3,738 296 794 87

Net profits before income taxes................... 1,083,639 383 1,083,256 11,588 2,816 6,979 108,717 8,920 10,182 4,512

Taxes on net income—total.......................... 302,242 97 302,145 3|445 931 1,808 35,985 2,844 3,312 1,461

Federal.............................................................. 283,046 97 282,949 2,947 804 1,808 32,764 2,466 2,970 1,461

State 19,196 19,196 498 127 3,221 378 342

Net profits after taxes..................................... 781,397 286 781,111 8,143 1,885 5,171 72,732 6,076 6,870 3,051

Dividends and interest on capital—total.. 315,215 54 315,161 2,455 679 1,468 33,105 1,569 2,742 1,637

Dividends on preferred stock and interest on

capital notes and debentures.................. 5,981 3 5,978 10 21 26 399 10 22 2

Cash dividends declared on common stock.. 309,234 51 309,183 2,445 658 1,442 32,706 1,559 2,720 1,635

Net additions to capital from profits........ 466,182 232 465,950 5,688 1,206 3,703 39,627 4,507 4,128 1,414

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
AVERAGE ASSETS AND LIABILITIES1

Assets—total. . ..................................................

Cash and due from banks..............................

U. S. Government obligations.......................

Other securities................................................

Loans and discounts........................................

All other assets................................................

148,170,261

34,279,792

70,229,835

8,315,081

33,863,334

1,482,219

39,931

9,790

19,369

2,556

8,009

207

148,130,330

34,270,002

70,210,466

8,312,525

33,855,325

1,482,012

1,286,136

339,415

544,166

102,962

287,297

12,296

415,253

85,965

180,302

16,599

127,991

4,396

807,943

243,924

359,071

60,099

140,773

4,076

13,615,846

2,644,662

6,199,481

737,468

3,880,885

153,350

1,127,656

320,446

546,124

45,689

209,859

5,538

1,333,234

299,546

659,366

70,600

285,531

18,191

486,014

97,933

249,728

31,515

102,187

4,651

Liabilities and capital—total........................

Total deposits..................................................

Demand deposits...........................................

Time and savings deposits...........................

Borrowings and other liabilities....................

Total capital accounts....................................

148,170,261

137,537,907

108,159,254

84,378,653

1,104,386

9,527,968

39,931

37,853

19,198

18,655

50

2,028

148,130,330

137,500,054

103,140,056

34,359,998

1,104,336

9,525,940

1,286,136

1,207,682

954,101

253,581

5,477

72,977

415,253

397,213

303,290

93,923

2,437

15,603

807,943

763,607

667,306

96,301

1,131

43,205

13,615,846

12,849,390

7,372,312

5,477,078

113,826

652,630

1,127,656

1,067,580

843,736

223,844

3,263

56,813

1,333,234

1,225,230

865,576

359,654

7,714

100,290

486,014

436,576

368,092

68,484

2,801

46,637

Number of active officers, December 31 .......... 65,740 21 65,719 828 201 739 5,036 606 641 231

Number of other employees, December 31. .. . 284,072 93 283,979 2,517 1,355 1,514 28,228 2,148 3,103 868

Number of banks, December 31........................ 13,403 5 13,398 219 10 215 189 138 98 38

RATIOS

Amounts per $100 of current operating

earnings

Current operating earnings—total............. $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0

Interest and dividends on:

United States Government obligations. . . 34.85 27.30 34.85 25.62 21.20 27.92 27.08 31.79 32.36 33.10

Other securities............................................ 5.79 3.64 5.79 6.60 2.60 7.77 4.74 4.00 3.95 7.57

Income on loans............................................... 41.39 41.58 41.39 49.28 58.68 40.85 52.98 44.70 40.44 38.07

All other current operating earnings............. 17.97 27.48 17.97 18.50 17.52 23.46 15.20 19.51 23.25 21.26

Current operating expenses—total............. 63.98 63.78 63.98 58.35 69.65 58.24 65.14 59.62 68.57 57.93

Salaries, wages, and fees................................ 31.19 32.39 31.19 29.24 36.27 30.42 30.79 31.25 34.29 30.45

Interest on time and savings deposits.......... 9.63 13.92 9.63 8.03 7.02 4.35 15.87 7.04 10.74 6.08

Taxes other than on net income.................... 3.34 1.18 3.34 1.18 1.86 2.72 2.36 1.77 2.85 1.82

All other current operating expenses............ 19.82 16.29 19.82 19.90 24.50 20.75 16.12 19.56 20.69 19.58

Amounts per $100 of total assets1

Current operating earnings—total.................... 2.09 2.75 2.09 2.29 2.67 2.24 2.42 1.99 2.40 2.08

Current operating expenses—total.................... 1.34 1.75 1.34 1.34 1.86 1.30 1.58 1.19 1.65 1.21

Net current operating earnings.......................... .75 1.00 .75 .95 .81 .94 .84 .80 .75 .87

Amounts per $100 of total capital

accounts1

Net profits after income taxes........................... 8.20 14.10 8.20 11.16 12.08 11.97 11.14 10.69 6.85 6.54

Cash dividends declared..................................... 3.31 2.66 3.31 3.36 4.35 3.40 5.07 2.76 2.73 3.51

Special ratios1

Income on loans per $100 of loans. . . . ............ 3.79 5.71 3.79 5.04 5.09 5.25 4.49 4.79 4.53 3.77

Income on securities per $100 of securities. . . . 1.60 1.55 1.60 1.46 1.34 1.54 1.51 1.36 1.59 1.46

Interest paid per $100 of time and savings

deposits..................................................... .87 .82 .87 .93 .83 .82 .90 .95 .71 .95

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See the Annual Report for 1946, pp. 152-161.

EXPENSES, AND DIVIDENDS OF INSURED BANKS 145

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Federal Reserve Bank of St. Louis
Table 121. A m o u n t s a n d R a t io 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 , b y St a t e , 1947—Continued

(Amounts, except ratios, in thousands of dollars)

Earnings or expense item District of 

Columbia Florida Georgia Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana

Current operating earnings—total............. 21,758 38,204 43,704 9,841 218,115 63,342 47,387 28,280 32,988 33,359

Interest and dividends on:

United States Government obligations. . . 8,311 13,783 10,449 4,119 92,032 25,766 18,190 10,192 11,105 10,147

Other securities............................................ 852 2,400 1,766 174 14,745 2,968 2,172 1,172 1,610 3,118

Interest and discount on loans...................... 7,744 12,485 21,511 4,091 71,226 24,167 19,521 12,325 15,675 13,238

Service charges and other fees on bank’s loans 30 78 404 18 1,904 326 82 93 178 64

Service charges on deposit accounts............. 1,660 3,491 2,086 766 10,235 3,345 3,543 2,000 1,253 2,084

Other service charges, commissions, fees, and

collection and exchange charges............ 626 2,185 4,204 254 3,943 2,285 1,970 929 579 2,278

Trust department............................................ 1,350 869 1,370 71 13,241 1,382 481 197 1,316 336

Other current operating earnings.................. 1,185 2,913 1,914 348 10,789 3,103 1,428 1,372 1,272 2,094

Current operating expenses—total............. 15,121 24,492 27,882 5,904 140,072 41,365 28,899 16,832 18,713 21,410

Salaries— officers.............................................. 2,390 4,476 5,509 1,287 23,647 7,835 7,633 5,006 4,559 3,986

Salaries and wages—employees..................... 5,421 6,889 6,771 1,690 41,801 10,123 6,339 3,788 4,726 5,548

Fees paid to directors and members of

committees............................................... 196 207 347 40 997 513 305 259 282 294

Interest on time and savings deposits.......... 1,546 2,742 3,091 852 22,470 7,422 4,819 1,189 1,724 2,597

Interest and discount on borrowed money. . 7 32 60 8 88 6 8 12 47 4

Taxes other than on net income.................... 1,169 941 2,296 155 7,744 3,892 998 804 1,449 1,950

Recurring depreciation on banking house,

furniture and fixtures.............................. 426 897 634 162 2,215 916 585 427 389 502

Other current operating expenses.................. 3,966 8,308 9,174 1,710 41,110 10,658 8,212 5,347 5,537 6,529

Net current operating earnings................... 6,637 13,712 15,822 3,937 78,043 21,977 18,488 11,448 14,275 11,949

Recoveries and profits—total........................ 1,250 2,313 2,277 2 2 1 24,111 4,816 1,969 1,566 2,353 1,599

Recoveries on securities.......................... 82 281 181 45 7,157 875 337 141 339 278

Profits on securities sold or redeemed.......... 480 1,529 1,065 71 7,346 1,855 744 347 997 630

Recoveries on loans......................................... 528 181 581 69 3,980 638 534 494 584 365

All other........................................................... 160 322 450 36 5,628 1,448 354 584 433 326

Losses and charge-offs—total....................... 1,027 2,558 2,559 635 24,010 6,330 3,623 2,366 2,694 2,978

On securities..................................................... 347 1,673 557 363 14,511 2,914 1,722 1,149 1,223 1,151

On loans........................................................... 285 554 1,486 142 6,363 1,993 1,142 806 938 1,243

All other........................................................... 395 331 516 130 3,136 1,423 759 411 533 584

Net profits before income taxes................... 6,860 13,467 15,540 3,523 78,144 20,463 16,834 10,648 13,934 10,570

Taxes on net income—total.......................... 1,849 4,182 4,404 938 17,983 6,139 4,725 2,696 3,594 2,843

Federal.............................................................. 1,849 4,182 4,404 926 17,983 6,139 4,725 2,696 3,594 2,843

State . . . . .. 12

Net profits after taxes..................................... 5,011 9,285 11,136 2,585 60,161 14,324 12,109 7,952 10,340 7,727

Dividends and interest on capital—total.. 2,197 2,238 4,115 652 20,028 3,943 3,398 2,268 3,230 2,134

Dividends on preferred stock and interest on

capital notes and debentures.................. 7 11 2 22 145 63 15 48 44

Cash dividends declared on common stock.. 2,197 2,231 4,104 650 20,006 3,798 3,335 2,253 3,182 2,090

Net additions to capital from profits........ 2,814 7,047 7,021 1,933 40,133 10,381 8,711 5,684 7,110 5,593

DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
AVERAGE ASSETS AND LIABILITIES1

Assets—total......................................................

Cash and due from banks..............................

U. S. Government obligations.......................

Other securities................................................

Loans and discounts.......................................

All other assets................................................

1,091,912

275,138

545,651

42,490

210,669

17,964

1,805,865

464,965

920,720

97,910

303,340

18,930

1,763,106

482,528

695,604

65,283

502,639

17,052

435,038

94,513

247,928

8,622

81,491

2,484

11,936,658

2,810,784

5,940,342

708,028

2,407,211

70,293

3,023,666

692,855

1,611,289

152,346

546,490

2 0 , 6 8 6

2,320,642

527,139

1,197,850

143,599

440,414

11,640

1,445,440

380,080

712,318

84,187

261,981

6,874

1,581,364

397,248

741,773

67,087

366,607

8,649

1,647,888

476,961

698,464

140,152

313,098

19,213

Liabilities and capital—total.......................

Total deposits..................................................

Demand deposits...........................................

Time and savings deposits...........................

Borrowings and other liabilities....................

Total capital accounts....................................

1,091,912

1,020,272

795,541

224,731

6,166

65,474

1,805,865

1,705,733

1,363,110

342,623

5,677

94,455

1,763,106

1,651,622

1,339,246

312,376

12,141

99,343

435,038

416,842

325,685

91,157

1,028

17,168

11,936,658

11,222,628

8,488,375

2,734,253

52,414

661,616

3,023,666

2,853,395

2,028,346

825,049

7,632

162,639

2,320,642

2,201,687

1,692,710

508,977

2,532

116,423

1,445,440

1,371,013

1,228,908

142,105

2,384

72,043

1,581,364

1,478,463

1,264,591

213,872

5,485

97,416

1,647,888

1,561,007

1,283,637

277,370

9,287

77,594

Number of active officers, December 31.......... 324 915 1,225 259 4,015 2,005 1,955 1,447 1,285 778

Number of other employees, December 3 1... . 2,545 3,669 3,677 965 19,070 5,697 3,941 2,303 3,022 2,908

Number of banks, December 31........................ 19 180 311 47 867 473 602 452 362 159

RATIOS

Amounts per $100 of current operating

earnings

Current operating earnings—total............. $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

Interest and dividends on:

United States Government obligations. . . 38.20 36.08 23.91 41.86 42.19 40.68 38.39 36.04 33.66 30.42

Other securities.......................................... 3.91 6.28 4.04 1.77 6.76 4.68 4.58 4.14 4.88 9.35

Income on loans............................................... 35.73 32.88 50.14 41.75 33.53 38.67 41.37 43.91 48.06 39.87

All other current operating earnings............ 22.16 24.76 21.91 14.62 17.52 15.97 15.66 15.91 13.40 20.36

Current operating expenses—total............. 69.50 64.11 63.80 59.99 64.22 65.30 60.99 59.52 56.73 64.18

Salaries, wages, and fees................................ 36.80 30.29 28.89 30.66 30.47 29.16 30.13 32.01 29.00 29.46

Interest on time and savings deposits.......... 7.11 7.18 7.07 8 . 6 6 10.30 11.72 10.17 4.21 5.23 7.79

Taxes other than on net income.................... 5.37 2.46 5.26 1.57 3.55 6.14 2 . 1 1 2.84 4.39 5.84

All other current operating expenses............ 2 0 . 2 2 24.18 22.58 19.10 19.90 18.28 18.58 20.46 18.11 21.09

Amounts per $100 of total assets1

Current operating earnings—total.................... 1.99 2 . 1 2 2.48 2.26 1.83 2 . 1 0 2.04 1.96 2.08 2 . 0 2

Current operating expenses—total.................... 1.38 1.36 1.58 1.36 1.18 1.37 1.24 1.17 1.18 1.30

Net current operating earnings......................... .61 .76 .90 .90 .65 .73 .80 .79 .90 .72

Amounts per $100 of total capital

accounts1

Net profits after income taxes........................... 7.65 9.83 1 1 . 2 1 15.06 9.09 8.81 10.40 11.04 10.61 9.96

Cash dividends declared..................................... 3.36 2.37 4.14 3.80 3.03 2.42 2.92 3.15 3.32 2.75

Special ratios1

Income on loans per $100 of loans.................... 3.69 4.14 4.36 5.04 3.04 4.48 4.45 4.74 4.32 4.25

Income on securities per $100 of securities.... 1.56 1.59 1.61 1.67 1.61 1.63 1.52 1.43 1.57 1.58

Interest paid per $100 of time and savings

deposits..................................................... .69 .80 .99 .93 .82 .90 .95 .84 .81 .94

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See the Annual Report for 1946, pp. 152-161.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 121. A m o u n t s a n d R a t io 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 , b y S t a t e , 1947—Continued

(Amounts, except ratios, in thousands of dollars)

Earnings or expense item Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New

Hampshire

Current operating earnings—total.............

Interest and dividends on:

United States Government obligations. . .

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............

Other current operating earnings..................

11,893

4,144

687

5,451

18

701

224

313

355

31,481

13,412

1,232

12,659

104

1,331

670

916

1,157

95,110

33,178

3,527

35,807

612

5,020

2,095

7,382

7,489

103,878

39,986

5,147

44,832

756

5,204

3,184

1,387

3,382

63,758

22,956

2,711

23,689

217

3,082

6,789

1,731

2,583

19,806

4,802

2,407

7,871

27

1,029

2,995

73

602

80,149

25,314

4,435

39,135

272

3,372

2,047

2,430

3,144

11,229

4,707

367

4,070

42

844

620

49

530

24,609

9,649

1,034

9,585

29

1,673

1,085

255

1,299

4,434

1,377

161

2,280

36

154

8 8

1 2 1

217

6,432

1,901

407

3,025

1 1

544

123

115

306

Current operating expenses—total.............

Salaries and wages—employees................... .

Fees paid to directors and members of

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..................

8,070

1,324

1,934

125

2,041

9

21,121

3,248

5,772

347

3,977

60

62,780

10,155

20,374

565

7,231

72

70,414

1 0 , 1 0 0

20.840

600

16.840

60

41,980

9,344

10,443

541

8,320

8 6

12,376

3,031

2,754

174

1,140

3

49,639

9,887

14,474

480

5,212

107

6,929

1,572

1,591

51

674

14,895

4,035

3,459

192

1,066

47

2,746

454

764

9

656

4,298

828

953

75

899

1 0

403

135

2,099

1,436

348

5,933

2,274

1,542

20,567

3,402

1,312

17,260

859

630

11,757

1,034

2 2 2

4,018

3,081

905

15,493

813

144

2,084

778

263

5,055

183

58

622

186

127

1 , 2 2 0

Net current operating earnings................... 3,823 10,360 32,330 33,464 21,778 7,430 30,510 4,300 9,714 1,688 2,134

Recoveries and profits—total........................

Profits on securities sold or redeemed..........

1,047

219

496

188

144

2,072

487

864

375

346

8.318

1,282

3,592

2.318

1,126

4,917

918

2,782

770

447

3,487

900

849

874

864

1,012

246

206

321

239

6,763

1,566

1,963

1,984

1,250

796

226

85

414

71

1,293

273

332

386

302

39

4

1 0

5

20

645

177

278

115

75

Losses and charge-offs—total....................... 1,155 1,916 11,566 5,502 4,979

2,318

2,374 7,557 1,908 2,026 138 552

479 1,256 3,607 1,969 1,307 3,561 1,056 987 33 342

342 393 4,828 2,387 1,253 740 2,436 611 816 70 176

334 267 3,131 1,146 1,408 327 1,560 241 223 35 34

Net profits before income taxes................... 3,715 10,516 29,082 32,879 20,286 6,068 29,716 3,188 8,981 1,589 2,227

1,130 3,355 8,498 7,786 6,027 1,324 7,389 1,011 2,016 440 675

1,130 3,355 6,711

1,787

7,786 4,949

1,078

1,324 7,306

83

969

42

2,016 440 675

Net profits after taxes..................................... 2,585 7,161 20,584 25,093 14,259 4,744 22,327 2,177 6,965 1,149 1,552

Dividends and interest on capital—total..

Dividends on preferred stock and interest on

984 3,302 12,033 7,813 4,889 1,332 7,952 885 1,978 149 508

capital notes and debentures.................. 8 8 41 92 256 46 1 0 1 91 4 6

149

6

Cash dividends declared on common stock.. 896 3,261 11,941 7,557 4,843 1,231 7,861 881 1,972 502

Net additions to capital from profits......... 1,601 3,859 8,551 17,280 9,370 3,412 14,375 1,292 4,987 1,000 1,044

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
AVERAGE ASSETS AND LIABILITIES1

Assets—total......................................................

Cash and due from banks..............................

U. S. Government obligations.......................

Other securities................................................

Loans and discounts.......................................

All other assets................................................

458,847

82,284

229,460

25,839

117,295

3,969

1,573,127

345,791

833,602

52,309

324,740

16,685

4,311,118

953,005

2,037,632

138,169

1,118,681

63,631

4,919,654

984,857

2,566,628

299,644

1,033,065

35,460

2,880,923

674,541

1,432,050

150,095

604,592

19,645

792,553

212,653

315,981

105,816

152,462

5,641

4,225,290

1,154,909

1,755,123

198,930

1,087,066

29,262

551,095

139,869

315,448

18,064

74,639

3,075

1,306,456

358,045

662,518

68,933

210,255

6,705

172,176

31,458

87,254

8,769

42,967

1,728

230,643

50,924

97,389

15,456

64,911

1,963

Liabilities and capital—total.......................

Total deposits...................................................

Demand deposits...........................................

Time and savings deposits...........................

Borrowings and other liabilities....................

Total capital accounts....................................

458,847

420,250

229,8^0

190,410

2,385

36,212

1,573,127

1,469,471 

1,027,919

441,552

5,891 

97,765

4,311,118

3,913,903

3,109,066

804,837

51,722

345,493

4,919,654

4,646,410

2,574,470

2,071,940

19,345

253,899

2,880,923

2,706,386

1,872,890

833,496

12,247

162,290

792,553

749.289

617.290

131,999

1,583

41,681

4,225,290

3,985,641

3,341,196

644,445

14,417

225,232

551,095

527,517

433,304

94,213

917

22,661

1,306,456

1,237,571

1,100,852

136,719

5,546

63,339

172,176

163,253

108,927

54,326

1,617

7,306

230,643

207,914

139,836

68,078

1,156

21,573

Number of active officers, December 31.......... 299 711 1,448 1,788 2,347 754 2,258 379 1,097 89 197

Number of other employees, December 31. . . . 1,110 3,276 9,882 9,877 5,715 1,656 7,985 940 2,087 384 554

Number of banks, December 31........................ 54 164 179 419 651 202 566 112 360 8 57

RATIOS

Amounts per $100 of current operating

earnings

Current operating earnings— total............. $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

Interest and dividends on:

United States Government obligations. . . 34.84 42.60 34.88 38.49 36.00 24.25 31.58 41.92 39.21 31.06 29.55 Other securities............................................ 5.78 3.92 3.71 4.95 4.25 12.14 5.53 3.27 4.20 3.63 6.33 Income on loans............................................. 45.99 40.54 38.29 43.89 37.49 39.88 49.17 36.62 39.07 52.23 47.20 All other current operating earnings............ 13.39 12.94 23.12 12.67 22.26 23.73 13.72 18.19 17.52 13.08 16.92

Current operating expenses— total............. 67.86 67.09 66.00 67.79 65.84 62.49 61.93 61.70 60.52 61.93 66.82 Salaries, wages, and fees................................ 28.45 29.76 32.69 30.36 31.88 30.09 30.99 28.62 31.23 27.67 28.85

Interest on time and savings deposits.......... 17.16 12.63 7.60 16.21 13.05 5.76 6.50 6.00 4.33 14.79 13.98 Taxes other than on net income.................... 3.39 4.56 2.39 3.27 1.35 5.22 3.85 7.24 3.16 4.13 2.89 All other current operating expenses............ 18.86 20.14 23.32 17.95 19.56 21.42 20.59 19.84 21.80 15.34 21.10

Amounts per $100 of total assets1

Current operating earnings—total.................... 2.59 2.00 2.21 2.11 2.21 2.50 1.90 2.04 1.88 2.57 2.79 Current operating expenses— total.................... 1.76 1.34 1.46 1.43 1.46 1.56 1.18 1.26 1.14 1.59 1.86

Net current operating earnings......................... .83 .66 .75 .68 .75 .94 .72 .78 .74 .98 .93

Amounts per $100 of total capital

accounts1

Net profits after income taxes........................... 7.14 7.32 5.96 9.88 8.79 11.38 9.91 9.61 11.00 15.73 7.19

Cash dividends declared..................................... 2.72 3.38 3.48 3.08 3.01 3.20 3.53 3.91 3.12 2.04 2.35

Special ratios1

Income on loans per $100 of loans.................... 4.66 3.93 3.26 4.41 3.95 5.18 3.63 5.51 4.57 5.39 4.68

Income on securities per $100 of securities. . . . 1.89 1.65 1.69 1.57 1.62 1.71 1.52 1.52 1.46 1.60 2.05

Interest paid per $100 of time and savings

deposits..................................................... 1.07 .90 .90 .81 1.00 .86 .81 .72 .78 1.21 1.32

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See the Annual Report for 1946, pp. 152-161.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 121. A m o u n t s a n d R a t io 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 , b y S t a t e , 1947—Continued

(Amounts, except ratios, in thousands of dollars)

Earnings or expense item

New

Jersey

New

Mexico

New

York

North

Carolina

North

Dakota Ohio Oklahoma Oregon Pennsylvania Rhode

Island

South

Carolina

Current operating earnings—total.............

Interest and dividends on:

United States Government obligations. . .

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..................

106,124

43,383

8,505

37,267

189

5,742

1,629

4,535

4,874

7,169

1,611

249

4,379

9

401

220

38

262

608,382

230,207

32,742

208,288

4,967

20,170

13,141

51,694

47,173

41,519

12,406

2,410

17,870

419

2,237

3,764

1,262

1,151

10,180

4,382

297

2,362

57

553

2,128

35

366

151,287

55,018

9,085

61,131

686

7,412

3,216

6,536

8,203

35,228

9,613

1,962

17,681

161

2,442

1,113

273

1,983

30,251

11,933

1,864

12,389

64

1,621

789

579

1,012

247,178

90,392

25,344

86,130

694

7,306

4,015

18,839

14,458

15,033

6,786

561

5,191

16

568

172

610

1,129

13,636

4,234

761

5,420

28

1,191

1,500

263

239

Current operating expenses—total.............

Salaries and wages—employees.....................

Fees paid to directors and members of

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..................

75,372

11,466

20.263

1,117

16,304

97

4,454

2,407

19.264

4,263

949

1,279

35

348

1

243

76

1,332

386,285

58,027

152,629

2,757

27,809

1,073

14,219

6,419

123,352

25,214

5,439

6,341

230

3,258

54

997

628

8,267

6 , 0 1 0

1,599

1,186

89

988

194

119

1,835

103,462

14,545

26,012

933

20,748

110

12,962

2,238

25,914

20,060

5,478

5,406

190

950

11

509

635

6,881

18,497

3,171

6,399

70

3,288

7

459

470

4,633

155,766

25,217

44,860

2,256

26,235

214

8,470

4,026

44,488

10,161

1,293

2,537

88

2,566

21

705

243

2,708

7,952

1,961

2,213

91

771

4

132

182

2,598

Net current operating earnings................... 30,752 2,906 222,097 16,305 4,170 47,825 15,168 11,754 91,412 4,872 5,684

Recoveries and profits—total.......................

Recoveries on securities..................................

Profits on securities sold or redeemed..........

Recoveries on loans.........................................

All other...........................................................

13,826

2,845

4,731

3,488

2,762

569

97

20

226

226

63,369

7,247

27,026

16,289

12,807

1 , 6 8 8

56

792

313

527

309

26

48

90

145

10,059

1,382

4,132

1,600

2,945

1,999

140

740

551

568

1,961

90

1,563

132

176

31,875

10,526

10,485

5,002

5,862

34,250

19,006

8,160

7,084

1,015

219

287

305

204

525

258

98

57

112

Losses and charge-offs—total.......................

On loans...........................................................

All other...........................................................

10,797

5,721

3,139

1,937

6 6 8

177

380

111

59,617

18,754

28,011

12,852

2,754

1,097

758

899

659

253

134

272

12,206

4,773

4,526

2,907

2,271

564

1,133

574

2,256

1,628

479

149

1,655

345

476

834

758

465

173

120

Net profits before income taxes................... 33,781 2,807 225,849 15,239 3,820 45,678 14,896 11,459 89,037 4,232 5,451

Taxes on net income—total.......................... 9.049

9.049

674

673

1

61,028

51,962

9,066

4,586

4,451

135

1,005

954

51

12.872

12.872

4,225

3,641

584

3,496

2,604

892

25.669

25.669

1,588

1,392

196

1,479

1,281

198

Net profits after taxes..................................... 24,732 2,133 164,821 10,653 2,815 32,806 10,671 7,963 63,368 2,644 3,972

Dividends and interest on capital—total.

Dividends on preferred stock and interest on

capital notes and debentures..................

Cash dividends declared on common stock..

7,558

1,605

5,953

403

3

400

92,374

1,408

90,966

2,820

25

2,795

692

5

687

11,476

547

10,929

3,585

1

3,584

1,298

3

1,295

30,264

170

30,094

1.527

1.527

972

4

968

Net additions to capital from profits........ 17,174 1,730 72,447 7,833 2,123 21,330 7,086 6,665 33,104 1,117 3,000

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
AVERAGE ASSETS AND LIABILITIES1

Assets—total......................................................

Cash and due from banks..............................

U. S. Government obligations.......................

Other securities................................................

Loans and discounts.......................................

All other assets.................................................

Liabilities and capital—total.......................

Total deposits..................................................

Demand deposits...........................................

Time and savings deposits...........................

Borrowings and other liabilities....................

Total capital accounts....................................

4.648.797

784,964

2,529,994

379,516

891,648

62,675

4.648.797

4,328,026

2,330,01+9

1,997,977

20,345

300,426

283.625

82,946

112,249

11,314

75,533

1,583

283.625

271,347

230,91+5

1+0,1+02

292

11,986

33.655.133

7,737,971

15,766,024

1,532,940

8,214,570

403,628

33.655.133

30,418,990 

26,590,21+7

3,828,71+3

535,980 

2,700,163

1.885.848

486,899

828,512

118,345

433,380

18,712

1.885.848

1,771,795

1,1+26,096

31+5,699

15,594

98,459

485.136

91,313

325,037

20,395

46,005

2,386

485.136

465,278

361+,937

100,31+1

845

19,013

7.198.463

1,552,771

3,490,815

465,561

1,624,592

64,724

7.198.463

6,737,989 

1+,207,926

2,530,063

32,170 

428,304

1.564.407

486,603

668,934

103,552

295,169

10,149

1.564.407

1,467,421

1,351+,050

113,371

4,301 

92,685

1.390.085

311,473

686,276

92,853

283,041

16,442

1.390.085

1,318,380

928,631

389,71+9

5,930

65,775

10.661.305

2,233,593

5,067,713

965,776

2,247,299

146,924

10.661.305

9,575,406

6,613,272

2,962,131+

60,633

1,025,266

687.159

117,590

406,798

15,705

135,531

11,535

687.159

631,899

1+08,966

222,933

6,577

48,683

674.723

188,855

319,457

39,690

122,342

4,379

674.723

642,185

556,098

86,087

1,726

30,812

Number of active officers, December 31.......... 2,010 209 6,518 1,123 460 2,925 1,405 665 4,695 208 471 Number of other employees, December 31. . . . 9,826 688' 60,440 3,423 790 12,886 3,143 3,075 22,398 1,539 1,222

Number of banks, December 31........................ 339 47 651 223 146 654 375 68 978 14 127

RATIOS

Amounts per $100 of current operating

earnings

Current operating earnings— total............. $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 Interest and dividends on:

United States Government obligations. . . 40.88 22.47 37.84 29.88 43.04 36.37 27.29 39.45 36.57 45.14 31.05 Other securities............................................ 8.01 3.47 5.38 5.80 2.92 6.00 5.57 6.16 10.25 3.73 5.58 Income on loans............................................... 35.30 61.21 35.05 44.05 23.76 40.86 50.65 41.16 35.13 34.64 39.95 All other current operating earnings............ 15.81 12.85 21.73 20.27 30.28 16.77 16.49 13.23 18.05 16.49 23.42

Current operating expenses—total............. 71.02 59.46 63.49 60.73 59.04 68.39 56.94 61.15 63.02 67.59 58.32 Salaries, wages, and fees................................ 30.95 31.57 35.08 28.93 28.23 27.43 31.43 31.87 29.27 26.06 31.28 Interest on time and savings deposits.......... 15.36 4.85 4.57 7.85 9.71 13.71 2.70 10.87 10.61 17.07 5.65 Taxes other than on net income.................... 4.20 3.39 2.34 2.40 1.91 8.57 1.44 1.52 3.43 4.69 .97 All other current operating expenses............ 20.51 19.65 21.50 21.55 19.19 18.68 21.37 16.89 19.71 19.77 20.42

Amounts per $100 of total assets1

Current operating earnings—total.................... 2.28 2.53 1.81 2.20 2.10 2.10 2.25 2.18 2.32 2.19 2.02 Current operating expenses—total.................... 1.62 1.50 1.15 1.34 1.24 1.44 1.28 1.33 1.46 1.48 1.18 Net current operating earnings.......................... .66 1.03 .66 .86 .86 .66 .97 .85 .86 .71 .84

Amounts per $100 of total capital

accounts1

Net profits after income taxes........................... 8.23 17.80 6.10 10.82 14.81 7.66 11.51 12.11 6.18 5.43 12.89 Cash dividends declared..................................... 2.52 3.36 3.42 2.86 3.64 2.68 3.87 1.97 2.95 3.14 3.15

Special ratios1

Income on loans per $100 of loans.................... 4.20 5.81 2.60 4.22 5.26 3.81 6.04 4.40 3.86 3.84 4.45 Income on securities per $100 of securities. . . . 1.78 1.51 1.52 1.56 1.35 1.62 1.50 1.77 1.92 1.74 1.39 Interest paid per $100 of time and savings

deposits..................................................... .82 .86 .73 .94 .98 .82 .84 .84 .89 1.1-5 .90

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See the Annual Report for 1946, pp. 152-161.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 121. A m o u n t s a n d R a t io s o f E a r n i n g s , E x p e n s e s , a n d D iv 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 , b y S t a t e , 1947—Continued

(Amounts, except ratios, in thousands of dollars)

Earnings or expense item

South

Dakota Tennessee Texas Utah Vermont Virginia Washington West

Virginia Wisconsin Wyoming

Current operating earnings—tota l.............

Interest and dividends on:

United States Government obligations. . .

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....................

11,460

3,737

471

4,116

31

872

1,690

49

494

44,812

12,382

3,262

22,528

176

1,515

2,261

892

1,796

126,156

33,350

5,575

66,447

492

6,756

4,150

1,788

7,598

14,053

3,680

371

7,666

127

713

660

343

493

8,499

1,953

606

5,083

35

367

117

100

238

47,530

13,645

1,975

25,049

358

2,216

1,063

1,632

1,592

47,147

13,932

3,136

23,050

188

2,878

1,576

972

1,415

22,856

7,969

1,021

10,838

139

909

464

558

958

60,730

26,615

3,708

21,860

310

2,943

1,924

833

2,537

5,183

1,536

199

2,480

5

397

205

62

299

Current operating expenses—total.............

Salaries— officers..................................................

Salaries and wages— employees.......................

Fees paid to directors and members of

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...................

6,761

2,031

1,401

123

874

2

154

132

2,044

26,104

4,976

6,716

229

3,787

24

1,945

757

7,670

76,894

17,817

20,577

829

3,936

30

7,633

2,074

23,998

8,253

1,538

2,296

145

1,542

18

201

178

2,335

5,797

842

1,111

121

2,146

10

145

118

1,304

29,000

5,737

7,087

422

5,653

28

1,655

919

7,499

30,556

5,609

10,090

134

5,157

13

617

748

8,188

13,244

2,590

3,231

191

2,700

34

532

397

3,569

41,254

8,269

9,235

639

10,386

21

954

925

10,825

3,155

815

789

60

336

2

177

80

896

Net current operating earnings................... 4,699 18,708 49,262 5,800 2,702 18,530 16,591 9,612 19,476 2,028

Recoveries and profits—total........................

Recoveries on securities.....................................

Profits on securities sold or redeemed...........

Recoveries on loans.............................................

288

39

37

133

79

2,655

340

1,211

587

517

7,483

782

2,107

2,838

1,756

678

12

486

132

48

914

194

357

281

82

2,614

372

966

944

332

2,404

224

949

367

864

1,203

114

427

363

299

4,259

610

2,612

611

426

261

10

48

141

62

Losses and charge-offs—tota l....................... 536

267

133

136

4,552

2,530

1,351

671

10,235

2,927

5,404

1,904

938

476

296

166

745

368

294

83

2,599

1,001

1,131

467

5,462

1,799

2,996

667

1,275

603

458

214

4,402

1,884

2,022

496

360

93

201

66

Net profits before incom e taxes................... 4,451 16,811 46,510 5,540 2,871 18,545 13,533 9,540 19,333 1,929

Taxes on net incom e—to ta l..........................

State ..............................................................

1 , 1 1 0

1,033

77

4,783

4,692

91

13.323

13.323

1,718

1,575

143

770

673

97

5.054

5.054

2.673

2.673

2.852

2.852

4,897

4,800

97

504

504

Net profits after taxes..................................... 3,341 12,028 33,187 3,822 2 , 1 0 1 13,491 10,860 6 , 6 8 8 14,436 1,425

Dividends and interest on capital—to ta l..

Dividends on preferred stock and interest on

729 3,653 12,360 1,213 581 4,239 2,977 1,885 4,474 398

24 capital notes and debentures...................

Cash dividends declared on common stock..

7 68 59 10 152 90 23 28 168

722 3,585 12,301 1,203 429 4,149 2,954 1,857 4,306 374

Net additions to capital from profits......... 2,612 8,375 20,827 2,609 1,520 9,252 7,883 4,803 9,962 1,027

152 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
AVERAGE ASSETS AND LIABILITIES1

Assets—total......................................................

Cash and due from banks..............................

U. S. Government obligations.......................

Other securities................................................

Loans and discounts.......................................

All other assets................................................

506,670

115,756

286,012

25,266

76,753

2,883

1,973,637

525,876

789,334

134,406

504,498

19,523

5,991,477

1,942,040

2,262,173

255,238

1,475,168

56,858

572,057

134,355

257,268

17,074

159,908

3,452

268,188

37,421

94,823

25,683

107,658

2,603

1,898,345

437,726

814,003

80,584

544,058

21,974

2,036,423

491,147

873,931

138,899

518,599

13,847

936,245

214,779

470,513

41,602

199,792

9,559

3,029,762

604,641

1,664,979

181,649

555,679

22,814

237,302

68,845

112,359

9,817

44,966

1,315

Liabilities and capital—total.......................

Total deposits...................................................

Demand deposits...........................................

Time and savings deposits............................

Borrowings and other liabilities....................

Total capital accounts....................................

506,670

483,265

402,431

80,834

961

22,444

1,973,637

1,858,538 

1,441,520

417,018

7,967 

107,132

5,991,477

5,655,446

5,189,794

515,652

18,188

317,843

572,057

539,944

374,469

165,475

1,896

30,217

268,188

241,200 

91,423

149,777

1,550 

25,438

1,898,345

1,760,311

1,189,577

570,734

10,569

127,465

2,036,423

1,933,828 

1,371,578

562,250

7,526 

95,069

936,245

862,119

602,462

259,657

6,814

67,312

3,029,762

2,854,892

1,596,593

1,258,299

5,793

169,077

237,302

224,250

178,840

45,410

458

12,594

Number of active officers, December 31..........

Number of other employees, December 31.. . .

592

920

1,223

3,819

3,779

10,893

288

1,172

238

620

1,334

4,149

981

4,649

606

1,805

1,929

5,085

203

441

Number of banks, December 31....................... 170 289 828 60 69 314 120 177 543 55

RATIOS

Amounts per $ 1 0 0 of current operating

earnings

Current operating earnings— total.............

Interest and dividends on:

United States Government obligations. . .

Other securities..........................................

Income on loans...........................................

All other current operating earnings............

$1 0 0 . 0 0

32.61

4.11

36.19

27.09

$1 0 0 . 0 0

27.63

7.28

50.67

14.42

$1 0 0 . 0 0

26.44

4.42

53.06

16.08

$1 0 0 . 0 0

26.19

2.64

55.45

15.72

$1 0 0 . 0 0

22.98

7.13

60.22

9.67

$1 0 0 . 0 0

28.71

4.16

53.45

13.68

$1 0 0 . 0 0

29.55

6.65

49.29

14.51

$1 0 0 . 0 0

34.87

4.47

48.02

12.64

$1 0 0 . 0 0

43.82

6.11

36.51

13.56

$1 0 0 . 0 0

29.64

3.84

47.94

18.58

Current operating expenses—total.............

Salaries, wages, and fees..............................

Interest on time and savings deposits..........

Taxes other than on net income....................

All other current operating expenses............

59.00

31.02

7.63

1.34

19.01

58.25

26.60

8.45

4.34

18.86

60.95

31.09

3.12

6.05

20.69

58.73

28.32

10.97

1.43

18.01

6 8 . 2 1

24.40

25.25

1.71

16.85

61.01

27.87

11.89

3.48

17.77

64.81

33.58

10.94

1.31

18.98

57.95

26.31

11.81

2.33

17.50

67.93

29.88

17.10

1.57

19.38

60.87

32.10

6.48

3.42

18.87

Amounts per $100 of total assets1

Current operating earnings—total....................

Current operating expenses—total....................

Net current operating earnings.........................

2.26

1.33

.93

2.27

1.32

.95

2.10

1.28

.82

2.45

1.44

1.01

3.17

2.16

1.01

2.50

1.53

.97

2.32

1.50

.82

2.44

1.41

1.03

2.00

1.36

.64

2.18

1.33

.85

Amounts per $100 of total capital

accounts1

Net profits after income taxes...........................

Cash dividends declared.....................................

14.89

3.25

11.23

3.41

10.44

3.89

12.65

4.01

8.26

2.28

10.58

3.33

11.42

3.13

9.94

2.80

8.54

2.65

11.31

3.16

Special ratios1

Income on loans per $100 of loans....................

Income on securities per $100 of securities. ... 

Interest paid per $100 of time and savings 

deposits.....................................................

5.40

1.35

1.08

4.50

1.69

.91

4.54

1.55

.76

4.87

1.48

.93

4.75

2.12

1.43

4.67

1.75

.99

4.48

1.69

.92

5.49

1.76

1.04

3.99

1.64

.83

5.53

1.42

.74

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See the Annual Report for 1946, pp. 152-161.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BAN K S

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Federal Reserve Bank of St. Louis
Table 122. 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 , 1934, 1941-1947

(Amounts in thousands of dollars)

Earnings, expense, asset or liability item 1934 1941 1942 1943 1944 1945 1946 1947

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

Interest and dividends on other securities............................

Collection and exchange charges, commissions, and fees. . . 

Other current operating earnings...........................................

47,819

24,602

457

1 18,866

44

3,850

69,547

26,554

1,195

f 12,955

1 18,068

123

10,652

76,287

31,212

1,119

17,134

16,923

154

9,745

273,479

137,950

1,241

76,510

24,607

321

32,850

295,709

140,002

1,260

97,856

29,694

538

26,359

322,795

141,001

1,627

135,627

24,652

1,033

18,855

350,951

142,538

1,893

171,139

22,609

1,301

11,471

375,592

151,174

2,114

184,900

24,386

1,329

11,689

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

fixtures3...............................................................................

Other current operating expenses...........................................

11,943

| 3,166

208

22,866

94

5,609

23,344

/ 2,205

\ 5,080

316

5,432

668

9,643

24,520

2,715

5,915

389

5,104

743

9,654

87,847

9,467

19,792

1,704

17,015

3,046

36,823

86,575

10,093

20,658

1,903

14,838

3,359

35,724

77,705

10,567

22,179

855

8,410

2,649

33,045

85,523

11,967

26,938

1,045

7,243

2,574

35,756

93,613

13,271

31,247

1,142

6,891

2,550

38,512

Net current operating earnings............................................ 35,876 46,203 51,767 185,632 209,134 245,090 265,428 281,979

Dividends (interest) paid on deposits................................. 26,701 29,684 33,209 117,985 132,430 143,350 160,134 181,225

Net operating earnings after dividends on deposits.......

Profits and recoveries on assets—total...............................

Recoveries on securities4..........................................................

Profits on securities sold or exchanged..................................

Recoveries on loans4.................................................................

All other profits and recoveries5..............................................

9,175 16,519 18,558 67,647 76,704 101,740 105,294 100,754

5,481

833

1,355

702

2,591

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

Losses and charge-offs— total................................................

All other7....................................................................................

11,097

5,300

2,567

3,230

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

154 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Net profits before income taxes.............................

Taxes on net income................................................................

Net profits after income taxes...............................................

Interest paid on capital notes and debentures................

Net profits after interest and dividends.............................

Average assets and liabilities10 

Assets— total.............................................................................

Cash and due from banks............................................................

U. S. Government obligations....................................................

Other securities...............................................................................

Real estate loans.............................................

Other loans and discounts....................................

All other assets..........................................................................

Liabilities and capital—total................................

Total deposits........................................................................

Demand deposits...........................................

Time and savings deposits....................................................

Borrowings and other liabilities.............................................

Total surplus and capital accounts............................................

3,559 4,685 4,164 27,916 64,486 147,939 149,515 88,304

(8) 97 33 345 1 2 2 2,034 5,759 5,992

3,559 4,588 4,131 27,571 64,364 145,905 143,756 82,312

91,550 344 318 294 482 271 264 248

2,009 4,244 3,813 27,277 63,882 145,634 143,492 82,064

1,177,936

65,643

140,129

320,949

552,188

13,129

85,898

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

1,177,936

1,042,388

} 1 M2,388

8,399

127,149

1,973,635

1.803.002

1.803.002

7,248

163,385

2,089,328

1,900,429

1,900,U29

6,656

182,243

7,945,687

7,134,660

7,13k,660

22,331

788,696

9,164,873

8.280.998

8.280.998

23,974

859,901

10,636,400

9,648,308

9,61+8,308

27,085

961,007

12,066,095

10,923,361 

/ 13,198

\ 10,910,163

32,934 

1,109,800

13,128,837

11,869,717

13,565

11,856,152

42,064

1,217,056

Number of active officers, December 31.................................

Number of other employees, December 31............................... (»)

01)

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

Number of banks, December 3112..................................... 68 52 56 184 192 192 191 194

1 Includes professional fees from 1941 through 1944.

2 Includes income taxes.

! t11 an j ^or ^anks no^ submitting reports to FDIC in 1941, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures.

4 In 1934, and in 1941-1944; and for banks not submitting reports to FDIC in 1945-1947, includes reductions in valuation allowances.

5 In 1945-1947 for banks submitting reports to FDIC, includes all reductions in valuation allowances.

6 In 1934, and in 1941-1944; and for banks not submitting reports to FDIC in 1945-1947, includes additions to valuation allowances.

7 In 1945-1947 for banks submitting reports to FDIC, includes all additions to valuation allowances.

8 Not available; see footnote 2.

9 Also includes interest on borrowed money.

10 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

11 Not available.

12 For 1941-1947, includes three mutual savings banks, members of the Federal Reserve System.

Back figures—See the Annual Report for 1941, p. 173.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS 155

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Federal Reserve Bank of St. Louis
Oi

05

Table 123. R a t io s o f E a r n in g s , E x p e n se s, an 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, 1934, 1941-1947

Earnings or expense item 1934 1941 1942 1943 1944 1945 1946 1947

Amounts per $100 of current operating earnings:

Current operating earnings— total $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0 ...................................... $1 0 0 . 0 0 $1 0 0 . 0 0 $1 0 0 . 0 0

51.45 38.18 40.91 50.44 47.34 43.68 40.62 40.25

.96 1.72 1.47 .46 .43 .50 .54 .56

Interest on U. S. Government obligations............................ 1 39.45 / 18.63 22.46 2 .97 33.09 42.02 48.76 49.23

Interest and dividends on other securities............................ \ 25.98 22.18 9.00 10.04 7.64 6.44 6.49

Collection and exchange charges, commissions, and fees. . . .09 .17 .20 .12 .18 .32 .37 .36

Other current operating earnings........................................... 8.05 15.32 12.78 12.01 8.92 5.84 3.27 3.11

Current operating expenses— total...................................... 24.98 33.57 32.14 32.12 29.28 24.07 24.37 24.92

Salaries, wages and fees1.......................................................... 7.06 10.93 11.82 11.32 11.04 10.41 11.38 12.16

Taxes other than on net income............................................. 25.99 7.81 6.69 6.22 5.02 2.60 2.06 1.83

Recurring depreciation on banking house, furniture and

.20 .96 .97 1.11 1.14 .82 .74 .68

Other current operating expenses........................................... 11.73 13.87 12.66 13.47 12.08 10.24 10.19 10.25

Net current operating earnings............................................ <75.02 66.43 67.86 67.88 70.72 75.93 75.63 75.08

Dividends (interest) paid on deposits................................. 55.84 42.68 43.53 43.14 44.78 44.41 45.63 48.25

Net operating earnings after dividends on deposits....... 19.18 23.75 24.33 24.74 25.94 31.52 30.00 26.83

Amounts per $100 of total assets5

Current operating earnings—total.............................................

Current operating expenses—total.............................................

4.06 3.52 3.65 3.44 3.23 3.03 2.91 2.86

1.01 1.18 1.17 1.10 .95 .73 .71 •71

Net current operating earnings. . . . ........................................... 43.05 2.34 2.48 2.34 2.28 2.30 2.20 2.15

Dividends (interest) paid on deposits........................................ 2.27 1.50 1.59 1.49 1.44 1.35 1.33 1.38

Net operating earnings after dividends on deposits................. .78 .84 .89 .85 .84 .95 .87 .77

Recoveries and profits—total...................................................... .46 1.17 .91 1.63 1.11 1.71 1.55 .76

Losses and charge-offs—total...................................................... .94 1.77 1.60 2.13 1.24 1.27 1.18 .86

Net profits before income taxes.................................................. 4.30 .24 .20 .35 .71 1.39 1.24 .67

Net additions to surplus and capital accounts......................... .17 .22 .18 .34 .70 1.37 1.19 .63

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Special ratios5

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.............................

Assets and liabilities per $100 of total assets5

Assets—to ta l...........................................................................

Cash and due from banks...................................................

U. S. Government obligations............................................

Other securities.....................................................................

Loans and discounts.............................................................

All other assets......................................................................

Liabilities and capital—total.............................................

Total deposits........................................................................

Demand deposits................................................................

Time and savings deposits.................................................

Borrowings and other liabilities.........................................

Total capital accounts.........................................................

Number of banks, December 31.............................................

4.46

3.48

4.09

2.56

1.58

100.00

5.57

11.90

27.25

47.99

7.29

100.00

88.49

8849

.71

10.80

4.39

3.40

2.23

4.05

1.65

2.60

100.00

9.36

29.48

22.59

32.42

6.15

100.00

91.35

.37

8.28

4.72

3.72

2.36

4.07

1.75

2.09

100.00

6.77

34.73

19.91

33.11

5.48

100.00

90.96

90.96

.32

8.72

4.44

4.41

2.30

3.71

1.65

3.46

100.00

6.22

41.80

8.35

39.43

4.20

100.00

89.79

89.79

.28

9.93

4.54

4.15

2.07

4.72

1.60

7.43

100.00

4.91

51.53

6.86

34.00

2.70

100.00

90.36

90.36

.26

9.38

4.61

4.41

2.14

4.07

1.49

15.15

100.00

3.92

59.66

5.69

29.08

1.65

100.00

90.71

.25

9.0,4

4.58

4.55

2.26

3.46

1.47

12.93

100.00

4.40

62.89

5.42

26.14

1.15

100.00

90.53

.11

90.42

.27

9.20

4.51

4.39

2.28

2.99

1.53

6.74

100.00

4.95

61.91

6.20

25.90

1.04

100.00

90.41

.10

90.31

.32

9.27

68 184 194

1 Includes professional fees from 1941 through 1944.

2 Includes income taxes.

3 In 1934, and for banks not submitting reports to FDIC in 1941, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures.

4 See footnote 2.

6 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

CnEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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D e p o sit I n s u r a n c e D is b u r s e m e n t s

Table 124. 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, 1934-1947

Banks grouped by class of bank, year of disbursement, amount of deposits, and

State

Table 125. Assets and liabilities of insured banks placed in receivership and of insured banks 

merged with the financial aid of the Federal Deposit Insurance Corporation, 

1934-1947

As shown by books of bank at date of closing

Table 126. Name, location, Federal Deposit Insurance Corporation disbursement, and assets 

and liabilities of insured banks merged with the financial aid of the Corporation 

during 1947

Table 127. Disbursements to protect depositors, 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, 1934-1947 

As shown by books of F D IC , December 31, 1947

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
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 Corporation’s disbursement is the amount loaned to merging banks, or the

price paid for assets purchased from them.

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 three 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 Corporation for December 31, 1946, see the Annual Report of the Corporation for 1946, pages 167 and 171.

Deposits of insured banks placed in receivership as given in Table 124

are taken from the books of FDIC at the end of the year and will differ

from the deposits in Table 125 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.

Details of the mergers during 1947 are given in Table 126. The

disbursements by the Corporation wTere made to purchase assets from

the selling bank which were not acceptable to the purchasing bank.

Non insured bank failures:

One noninsured bank failed in 1947. The Brooklet Banking Company,

Brooklet, Georgia, with deposits of $167,000, closed October 7, 1947.

For suspensions of noninsured banks in previous years, see the Annual

Reports of the Corporation, 1943, page 102, and 1946, page 167.

Sources of data:

Books of bank at date of closing; and books of FDIC, December

31, 1947.

C7t

CDDEPOSIT INSURANCE DISBURSEMENTS

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Table 124. D is b u r s e m e n t s b y t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n t o P r o t e c t D e p o s it o r s ; N u m b e r a n d D e p o s it s

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 iv e r s h ip o r M e r g e d w i t h t h e F in a n c ia l A id o f t h e C o r p o r a t io n , 1934-1947

BANKS GROUPED BY CLASS OF BANK, YEAR OF DISBURSEMENT, AMOUNT OF DEPOSITS, AND STATE

Classification

Disbursements by FDIC 

(in thousands of dollars) Number of banks Deposits (in thousands of dollars)

Total Receiverships1 Mergers1 Total Receiverships Mergers Total Receiverships1 Mergers2

All banks.............................................................. 264,184 87,039 177,145 404 245 159 512,223 109,603 402,620

Class of bank

National banks.................................................. 46,879 14,808 32,071 68 21 47 100,165 19,474 80,691 State banks members F. R. System............... 99,475 20,934 78,541 20 6 14 179,093 26,550 152,543 Banks not members F. R. System.................. 117,830 51,297 66,533 316 218 98 232,965 63,579 169,386

Calendar year

1934.................................................................... 941 941 9 9 1,968 1,968

1935.................................................................... 8,890 6,025 2,865 25 24 1 13’,320 9’,091 4,229

1936..................................................................... 14,833 8,056 6,777 69 42 27 27,528 11,241 16,287

1937.................................................................... 19,202 12,045 7,157 75 50 25 33,345 14,960 18,385

1938.................................................................... 30,512 9,092 21,420 74 50 24 59,724 10,296 49,428

1939.................................................................... 67,804 26,196 41,608 60 32 28 157,790 32,751 125,039

1940..................................................................... 74,435 4,895 69,540 43 19 24 142,389 5,657 136,732

1941.................................................................... 23,888 12,278 11,610 15 8 7 29,721 14,730 14,991

1942.................................................................... 11,021 1,612 9,409 20 6 14 19,011 1,816 17,195

1943.................................................................... 7,250 5,500 1,750 5 4 1 12,535 6,637 5,898

1944.................................................................... 1,515 399 1,116 2 1 1 1,915 456 1,459

1945.................................................................... 1,877 1,877 1 1 5,695 5 695

1946.................................................................... 292 292 1 1 316 316

1947.................................................................... 1,724 1,724 5 5 6,966 6,966

Banks with deposits of—

$100,000 or less................................................. 4,955 4,308 647 106 83 23 6,358 4,947 1,411

$100,000 to $250,000......................................... 12,864 11,554 1,310 108 86 22 17,611 13,920 3,691

$250,000 to $500,000......................................... 14,634 10,218 4,416 59 36 23 20,972 12,462 8,510

$500,000 to $1,000,000..................................... 25,132 13,901 11,231 51 24 27 38,323 17,590 20,733

$1,000,000 to $2,000,000.................................. 27,314 8,961 18,353 38 9 29 54,769 11,748 43,021

$2,000,000 to $5,000,000.................................. 42,631 12,421 30,210 25 5 20 77,568 16,279 61,289

$5,000,000 to $10,000,000................................ 22,091 22,091 9 9 57,486 57,486

$10,000,000 to $50,000,000.............................. 114,563 25,676 88,887 8 2 6 239,136 32,657 206^479

More than $50,000,000.....................................

A

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
State

Alabama...........

Arkansas.............

California.........

Colorado.............

Connecticut. . . .

Florida................

Georgia...............

Illinois.................

Indiana...............

Iowa.....................

Kansas................

Kentucky...........

Louisiana............

Maryland...........

Massachusetts. .

Michigan.............

Minnesota..........

Mississippi.........

Missouri..............

Montana.............

Nebraska............

New Hampshire

New Jersey.........

New York...........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma...........

Oregon.................

Pennsylvania. . .

South Carolina..

South Dakota...

Tennessee...........

Texas...................

Vermont.............

Virginia...............

Washington........

West Virginia. . .

Wisconsin...........

Wyoming............

237 94 143

841 841

861 861

7 7

1,242 1,242

300 203 97

863 846 17

3,779 1,242 2,537

4,335 3,092 1,243

1,462 385 1,077

975 482 493

4,614 3,329 1,285

6 6 8 6 6 8

3,132 735 2,397

1,571 1,571

5,340 139 5,201

640 640

257 257

4,920 4,335 585

213 186 27

469 469

118 118

79,326 25,103 54,223

67,732 10,835 56,897

1,448 1,156 292

2,663 1,397 1,266

1,610 1,610

1,218 1,133 85

962 962

47,610 10,133 37,477

274 136 138

2,412 2,388 24

1,279 1,164 115

2,512 2,468 44

3,445 3,259 186

5,056 511 4,545

935 935

1,458 1,458

7,198 5,096 2 , 1 0 2

2 0 2 2 0 2

1 Data from books of FDIC, December 31, 1947.

2 Data from books of bank at date of closing.

2 1 1 529 1 0 1 428

5 5 1,168 1,168

1 1 1,078 1,078

1 1 8 8

2 2 1,526 1,526

2 1 1 491 217 274

8 7 1 1,027 998 29

15 6 9 8,158 1,637 6,521

18 15 3 9,710 3,932 5,778

6 3 3 5,516 498 5,018

9 5 4 1,233 539 694

2 2 18 4 7,951 3,954 3,997

3 3 1,652 1,652

5 2 3 4,569 828 ......... *3,741

2 2 3,019 3,019

7 3 4 12,404 160 12,244

5 5 818 818

3 3 334 334

45 34 1 1 7,001 5,116 1,885

4 3 1 298 215 83

4 4 538 538

1 1 296 296

37 1 1 26 184,523 30,928 153,595

25 3 2 2 138,826 13,286 125,540

6 2 4 2,291 1,421 870

29 18 1 1 3,830 1,552 2,278

2 2 2,345 2,345

7 5 2 2,226 1,659 567

1 1 1,114 1.114

26 8 18 69,139 14,340 54,799

2 1 1 850 136 714

23 2 2 1 2,988 2,862 126

1 2 8 4 1,942 1,620 322

17 16 1 3,316 3,239 77

3 2 1 3,725 3,375 350

8 3 5 10,746 629 10,117

1 1 1,538 1,538

3 3 2,006 2,006

31 2 0 1 1 9,503 5,966 3,537

1 1 1,991 1,991

DEPOSIT INSURANCE DISBURSEMENTS

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Federal Reserve Bank of St. Louis
Table 125. A s s e t s a n d L ia b ilit ie s o f I n s u r e d B a n k s P la c e d in R e c e iv e r s h ip a n d o f I n s u r e d B a n k s M e r g e d w it h 

t h e F in a n c ia l A id 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 , 1934-1947

as sh o w n b y books of b a n k a t d a te of closin g

Assets Liabilities and capital accounts

Year Cash and 

due from 

banks

U. S. Government 

obligations

Other

securities

Loans,

discounts,

and

overdrafts

Banking 

house, 

furniture & 

fixtures

Other

real

estate

Other

assets

Total Total

deposits

Other

liabilities

R. F. C.

capital

Private

capital

stock

Other

capital

accounts3

Total $110,914,367 $78,610,555 $73,881,642 $233,212,733 $22,284,615 $59,544,600 $13,444,999 $591,893,511 $509,994,485 $11,468,774 $25,130,464 $37,684,961 $7,614,827

RECEF

Total

^ERSHIPS2

$22,620,382 $10,154,078 $15,946,562 $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

1934

1935

1936

1937

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

1,845,901

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

I 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

MERGI

Total

3RS

$88,293,985 $68,456,477 $57,935,080 $167,643,516 $16,908,999 $47,250,914 $5,114,492 $451,603,463 $402,619,921 $1,346,751 $19,234,218 $25,430,662 $2,971,911

1935 404,834

3,109,830

4,717,074

233,395

2,071,296

2,495,254

1,403,807

2,080,059

3,520,186

2,256,417

8,917,554

8,678,629

608,467

1,277,605

562,181

10,808 4,917,728

18,966,364

21,086,180

4,228,816

16,287,262

18,384,923

140

19,769

262,651

315,000

1,664,000

1,808,400

373,772

685,333

21,006

1936

1937

1,184,658

926,359

325,362

186,497

310,000

609,200

1938

1939

1940

1941

8,133,887

27,451,442

30,227,874

3,167,243

7,018,796

27,929,162

17,183,076

801,273

10,377,037

16,266,036

17,987,527

2,835,309

20,896,236

44,289,765

60,687,428

8,178,623

2,873,257

5,142,882

4,553,388

798,028

3,913,009

15,459,743

22,840,095

1,014,582

2,380,489

1,049,600

458,831

197,669

55,592,711

137,588,630

153,938,219

16,992,727

49,428,383

125,038,946

136,731,549

14,990,768

168,674

679,659

157,766

57,508

3,726,463

6,103,500

7,186,655

289,000

2,697,650

6,381,000

8,666,162

1,111,250

-428,459

-614,475

1,196,087

544,201

1942

1943

4,159,617

1,216,987

3,547,766

2,903,771

2,275,392

555,383

7,731,137

1,675,734

759,861

274,331

1,824,586

15,844

354,362

34,523

20,652,721

6,676,573

17,195,146

5,897,691

1,459,091

5,695,202

316,402

6,965,742

584 913,400

96,000

1,748,200

300.000

200.000

331.500 

10,000

197.500

795,391

382,882

-8,303

365,213

24,767

-365,504

1944 368,633 585,251 230,282 367,086 67,428 32,108 1,650,788

6,391,915

351,169

6,797,738

1945 2,440,786 1,371,925

114,326

55,504 2,435,488

77,049

1,452,370

4,609 83,603

126,764 30,236 2,369 4251946

1947 2,769,014 2,201,186 318,322 56,630 1 215

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.

162 FEDERAL DEPOSIT INSURANCE CORPORATION

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Table 126. N a m e , L o c a t io n , 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 D i s b u r s e m e n t , a n d A s s e t s a n d L ia b il it ie s 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 ia l A id o f t h e C o r p o r a t io n D u r in g 1947

Case

number

Number of 

accounts1

Disbursement2

Name and location Class of bank

Date Amount

Absorbing bank

155 The First National Bank of Evanston, 

Evanston, Wyoming

National 3,197 January 13, 1947 $202,225 First National Bank in Evanston, 

Evanston, Wyoming

156 The First National Bank of Lemont, 

Lemont, Illinois

National 2,871 January 27, 1947 479,407 The Lemont National Bank, 

Lemont, Illinois

157 The Central City National Bank, 

Central City, Pennsylvania

National 2,081 July 14, 1947 93,190 Central City National Bank, 

Central City, Pennsylvania

158 Peoples Bank of Donalds, 

Donalds, South Carolina

State commercial, not 

member F. R. System

1,445 December 1, 1947 138,185 The Commercial Bank,

Honea Path, South Carolina

159 Lyons State Bank, 

Lyons, Wisconsin

State commercial, not 

member F. R. System

1,024 December 8, 1947 811,047 Meinhardt Bank,

Burlington, Wisconsin

Case

number

Assets

Cash and 

due from 

banks

U. S. Government 

obligations

Other

securities

Loans,

discounts,

and

overdrafts

Banking 

house, 

furniture <6 

fixtures

Other

real

estate

Other

assets

Total

Liabilities and capital accounts

Total

deposits

Other

liabilities

R. F. C.

capital

Private

capital

stock

Other

capital

accounts3

Total

155

156

157

158

159

$2,769,014

422,088

1,221,356

457,006

573,143

95,421

$2,201,186

977,208

189,000

986,978

28,000

20,000

$318,322

36,128

155,635

121,534

1

5,024

$1,452,370

337,483

99,027

108,571

156,799

750,490

$56,630

30,000

1,000

18,650

3,600

3,380

$1 $215

195 

’ "2 0

$6,797,738

1,802,907

1,666,213

1,692,739

761,564

874,315

$6,965,742

1,991,044

1,748,524

1,709,000

713,459

803,715

$197,500

50.000

50.000

50.000 

12,500

35.000

$-365,504

-238,137

-132,311

-66,261

35,605

35,600

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.

3 Includes surplus, undivided profits, and reserve funds minus operating deficit, if any, as shown by books. Minus (-) indicates net operating deficit.

DEPOSIT INSURANCE DISBURSEMENTS 163

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05

Table 127. D is b u r s e m e n ts t o P r o t e c t D e p o s ito r s , R e c o v e r ie s , a n d L o s s e s b y t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n in 

C o n n e c t io n w it h I n s u r e d B a n k s P l a c e d in R e c e iv e r s h ip o r M e r g e d w it h t h e F in a n c ia l A id o f t h e C o r p o r a t io n , 1934-1947

AS SHOWN BY BOOKS o f FDIC, DECEMBER 31, 1947

(Amounts in thousands of dollars)

Type and status of case Total

Banks placed in receivership or merged in—

1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947

All banks placed in receiver

ship or merged

Disbursements by FDIC........

Receiverships........................

Mergers.................................

Recoveries by FDIC................

Receiverships........................

Mergers.................................

Estimate of losses by FDIC.. .

Receiverships........................

Mergers.................................

Terminated liquidations

Disbursements by FDIC........

Receiverships........................

Mergers.................................

Recoveries by FDIC................

Receiverships........................

Mergers.................................

Losses by FDIC.......................

Receiverships........................

Mergers.................................

264,184

87,039

177,145

234,211

70,882

163,329

26,014

14,619

11,395

79,046

49,646

29,400

68,603

40,662

27,941

10,443

8,984

1,459

941

941

734

734

207

207

941

941

8,890

6,025

2,865

6,109

4,255

1,854

2.751

1.751 

1,000

5.847

5.847

734

734

4.158

4.158

207

207

1.689

1.689

14,833

8,056

6,777

12,338

6,596

5,742

2,423

1,460

963

8,478

7,862

616

6,911

6,402

509

1,567

1,460

107

19,202

12,045

7,157

15,396

9,297

6,099

3,589

2,555

1,034

11,777

9,018

2,759

9,196

6,928

2,268

2,581

2,090

491

30,512

9,092

21,420

28,013

7,882

20,131

2,456

1,189

1,267

13,710

8,635

5,075

11,838

7,544

4,294

1,872

1,091

781

67,804

26,196

41,608

58,450

18,740

39,710

7,782

6,218

1,564

15,284

8,586

6,698

13,780

7,158

6,622

1,504

1,428

76

74,435

4,895

69,540

68,427

4,313

64,114

5,093

582

4,511

8,695

4,756

3,939

8,109

4,174

3,935

586

582

4

23,888

12,278

11,610

23.065

12.065 

11,000

701

213

488

4,449

1,955

2.494

4,236

1,742

2.494

213

213

11,021

1,612

9,409

10,180

1,297

672

289

383

3,607

823

2.784

3,507

723

2.784

100

100

0)

7,250

5,500

1.750

7,094

5,344

1.750

124

124

1,515

399

1,116

1,475

359

1,116

31

31

1.877

1.877

1.877

1.877

292 

* 292 

292 

’ 292

1,724

1,724

761

761

185

185

2,973

1,223

1.750

2,849

1,099

1.750

124

124

1,116 1,877

1,116

1,116

1,116

1.877

1.877 

1,877'

292 

’ 292' 

292 

’ 292

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Active liquidations

Disbursements by F D IC ..........

Receiverships..........................

Mergers...................................

Recoveries by FDIC.................

Receiverships..........................

Mergers...................................

Estimate of losses by FDIC

Receiverships..........................

Mergers...................................

Number of banks........................

Receiverships..............................

Mergers.......................................

Liquidation terminated.............

Receiverships..........................

Mergers...................................

Liquidation active......................

Receiverships..........................

Mergers...................................

185,138 3,043 6,355 7,425 16,802 52,520 65,740

37,393 178 194 3,027 457 17,610 139

147,745 2,865 6,161 4,398 16,345 34,910 65,601

165,608 1,951 5,427 6,200 16,175 44,670 60,318

30,220 97 194 2,369 338 11,582 139

135,388 1,854 5,233 3,831 15,837 33,088 60,179

15,571

5,635

9,936

1,062

62

856 1,008

465

584

98

6,278

4,790

1,488

4,507

1,000 856 543 486 4,507

404 9 25 69 75 74 60 43

245 9 24 42 50 50 32 19

159 1 27 25 24 28 24

308 9 23 57 64 61 44 29

219

89

9 23 41

16

44

20

46

15

28

16

17

12

96 2 12 11 13 16 14

26 1 1 6 4 4 2

70 1 11 5 9 12 12

19,439

10.323 

9,116

18,829

10.323 

8,506

488

488

15

8

7

6

5

1

7,414

789

6,625

6,673

574

6,099

572

189

20

4.277

4.277

399 1,724

399

1,724

4.245 761

4.245

359

359

761

31 185

31

185

5 2 1 1 5

4 1

1 1 1 1 5

3 1 1 1

2

1 1 1 1

2 1 5

2 1

5

1 Less than $500.

Note: Estimates of losses for banks placed in receivership are based on total insured deposits, unpaid as well as paid. For amounts unpaid on insured deposits, see Table 2, page 14. 

The disbursements in the receiverships as given in the table are the amounts paid on insured deposits by December 31, 1947. For estimated additional disbursements and estimated 

additional recoveries see Table 3, p. 16.

0

01DEPOSIT INSURANCE DISBURSEMENTS

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INDEX

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INDEX

Absorptions, consolidations, and mergers:

Of insured banks, 1934-47. See Mergers of insured banks with financial aid

of the Corporation.

Of operating banks, 1947......................................................................................... 98-99

Adjusted capital account. See Capital of banks.

Adjusted liabilities. See Assets and liabilities of insured commercial banks,

examiners’ appraisal.

Admission to insurance:

Applications approved.............................................................................................. 21

By class of bank, 1947.............................................................................................. 98-99

Applications from banks:

For admission to insurance..................................................................................... 21

For approval of establishment of branches................................................. 22-23

Appraised value of assets. See Assets and liabilities of insured commercial banks,

examiners’ appraisal.

Assessments on insured banks for deposit insurance:

Amount.................................................................................................................. 28-29, 35

Assets and liabilities of closed banks. See Receivership, insured banks placed in.

Assets and liabilities of insured commercial banks, examiners’ appraisal:

Banks examined in 1939-1947.............................................................................. 124-125

Banks examined in 1947, grouped by amount of deposits............................. 126-127

Banks examined in 1947, grouped by FDIC district and State....................128-129

Definitions of terms used: adjusted liabilities; appraised value; book value;

examiners’ deductions; not criticized; substandard............................... 123

Regional distribution of banks according to ratio of adjusted capital accounts

to appraised value of total assets, 1947.................................................... 50

Sources of data........................................................................................................... 123

Substandard assets:

Banking development with respect to............................................................ 9

Ratio to:

Adjusted capital accounts.........................................50-51, 125, 127, 128-129

Total assets, appraised value, 1939-1947........................ 50-51, 125, 128-129

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, 1947...................................... 120-121

Call dates, 1942-1947.......................................................................................... 116

December 31, 1947.............................................................................................. 41

December 31, 1945, 1946, and 1947................................................................ 43

June 30 and December 31, 1947...................................................................112, 113

Percentage change, by type of asset and liability during 1946 and 1947. 43

Percentage change in total assets, December 31, 1945-1947, by State... 41-42

Commercial banks:

Call dates, 1942-1947.......................................................................................... 118

December 31, 1945-46, June 30, 1947, and December 31, 1947................ 43-44

June 30 and December 31, 1947...................................................................112, 113

Percentage distribution of assets and liabilities, December 31, 1945 and

1947................................................................................................................. 44

Insured banks, call dates, 1942-1947..................................................................... 117

169

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Assets and liabilities of operating banks:—Continued

Insured commercial banks:

Call dates, 1942-1947......................................................................................... 119

Charge-offs and recoveries on assets.................................................................56-57

December 31, 1946, June 30 and December 31, 1947............................... 114-115

Reports of............................................................................................................. 23

Mutual savings banks:

December 31, 1945, 1946, and 1947................................................................ 46-47

June 30 and December 31, 1947...................................................................112, 113

Percentage change during 1946 and 1947...................................................... 46-47

Noninsured banks, June 30 and December 31, 1947......................................112, 113

Sources of data........................................................................................................... Ill

Assets and liabilities of the Federal Deposit Insurance Corporation................... 30-36

Assets purchased by the Federal Deposit Insurance Corporation:

From banks in receivership to facilitate liquidation.......................................... 15

From banks merged with financial aid of the Corporation. See Mergers of

insured banks with financial aid of the Corporation.

Liquidation of............................................................................................................ 15-16

Assets of insured banks, quality of. See Assets and liabilities of insured commercial banks, examiners’ appraisal.

Assets pledged to secure bank obligations...................................... 115

Bank supervision (See also Examinations of banks):

Activities of the Federal Deposit Insurance Corporation in 1947................ 7, 18-23

State legislation, 1947......................................................................................... 26, 85-93

Banking data. See Methods of tabulating bank data.

Banking offices, establishment of:

Banks beginning operations, 1947...................................................................21, 40, 98

Branches, establishment approved by Corporation............................................ 22

Branches opened, 1947............................................................................................ 40, 98

Policy of the Corporation........................................................................................ 23

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, 1947............................................................................40, 98-99

Branches of insured banks, 1947...................................................................... 40, 98-99

Insured banks, 1947.....................................................................................15, 40, 98-99

Noninsured banks, 1947........................................................ .................. 40, 98-99, 159

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:

Fulty protected, in insured banks placed in receivership or merged with

the financial aid of the Corporation.......................................................... 11

Number of, in insured banks placed in receivership or merged with

financial aid of the Corporation..........................................................11, 13-14

Depositors sustaining loss in closed insured banks, number of....................... 13

Insured banks closed:

Deposits of............................................................................................................ 11

Deposits protected.............................................................................................. 11

Disbursements by the Corporation in connection with............................. 11, 160

Loss to depositors............................................................................................... 13, 14

Loss to Federal Deposit Insurance Corporation................................. 16, 164-165

Number, 1934-1947............................................................................................ 14

Methods of handling under existing law.............................................................. 10-11

Noninsured bank suspensions, 1947...................................................................... 159

Banks, number of. See Number of operating banks and branches.

Banks operating branches. See Banking offices, establishment of; Number of

operating banks and branches.

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Blanket bond coverage. See Fidelity bond coverage.

Board of Directors of the Federal Deposit Insurance Corporation.. . iv, v, 26-27

Board of Governors of the Federal Reserve System, data obtained from........Ill, 131

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 Department.

Capital of banks (See also Assets and liabilities of operating banks; Earnings,

expenses, profits, and dividends of insured banks):

Adequacy of............................................................................................................... 8

Definition of terms used in examiners’ appraisal of:

Adjusted capital accounts; book value of capital accounts; net sound

capital.............................................................................................................. 123

Examiners’ appraisal, insured commercial banks:

1939-1947.............................................................................................................. 124

Banks grouped by amount of deposits, 1947................................................ 127

Banks grouped by FDIC districts and State, 1947................................... 128-129

Banks grouped by ratio of adjusted capital accounts to appraised value

of total assets and FDIC district, 1947.................................................... 50

Banks grouped by ratio of substandard assets to adjusted capital

accounts, 1945-1947...................................................................................... 50-51

Ratio of substandard assets to adjusted capital accounts, 1939-1947.... 50-51

Growth....................................................................................................................8, 47, 60

Insured banks placed in receivership or merged with financial aid of the

Corporation..................................................................................................162-163

Net additions as a proportion of net profits, insured commercial banks,

by State, during 1946 and 1947................................................................. 48

Percentage change, 1946 and 1947........................................................................ 49

Ratios to assets:

Commercial banks, December 31, 1947, by State........................................ 49

Commercial banks, December 31, 1945, 1946, and 1947............................. 49

Insured banks, 1934 and 1947.......................................................................... 8

Insured commercial banks...................... 115, 125, 127, 128-129, 135, 139, 143

Insured mutual savings banks, 1934, 1941-1947........................................... 156

Ratios to assets other than cash and U. S. Government obligations; commercial banks................................................................................................ 49

Retirement of capital invested in banks by the Reconstruction Finance

Corporation......................................................, .........................................8, 48-49

Total capital accounts:

Commercial and mutual savings banks, insured and noninsured, June

30, and December 31, 1947.......................................................................112-113

Commercial banks, December 31, 1945-1947............................................... 47-49

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...................................................... 98-99

Assets and liabilities..............................................................................................112, 113

Banks which suspended operations, 1934-1947.................................................. 160

Deposits..................................................................................................108-109, 112, 113

Earnings of insured commercial banks...............................................................136-139

Name, location, FDIC disbursement and assets and liabilities of insured

banks merged with financial aid of the Corporation, 1947................... 163

Number and deposits of insured banks placed in receivership or merged

with financial aid of the Corporation, 1934-1947..................................14, 160

Number of banking offices................................................................. .98-99, 100-107

Number of banks. ................................................... .98-99, 100-107, 108-109

Ratios of earnings of insured commercial banks. ........................................ 138-139

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Classification of banks and banking offices................................................................ 96-97

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, and 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.............................................................................................. Ill, 131

Director of Corporation.................................................................................. iv, v, 26

Consolidations. See Absorptions, consolidations, and mergers.

Consumer loans. See Loans by banks.

Credit, bank, expansion of during 1947................................................7, 8, 41-42, 50-51

Criticized assets. See Assets and liabilities of insured commercial banks, examiners’ appraisal.

Debt, retirement of Federal........................................................................41-43, 45-46, 54

Defalcation in banks....................................................................................................... 9, 19

Demand deposits. See Assets and liabilities of operating banks; Deposits,

classified 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........................ 11, 160

Insured commercial banks examined in 1947................................................ 126

Business and personal. See Deposits, classified by type of deposit.

Classified by type of deposit:

All banks, call dates, 1942-1947....................................................................... 116

All banks, December 31, 1945-1947................................................................ 42-43

All banks, grouped by FDIC district and State.........................................120-121

All banks, June 30 and December 31, 1947.................................................112-113

Commercial banks, call dates, 1942-1947...................................................... 118

Insured banks, call dates, 1942-1947.............................................................. 117

Insured commercial banks, call dates, 1942-1947......................................... 119

Insured Commercial banks, December 31, 1946, June and December

1947................................................................................................................. 114

Demand. See Deposits, classified by type of deposit.

Government. See Deposits, classified by type of deposit.

Growth........................................................................................................................ 42

Individuals, partnerships, and corporations. See Deposits, classified by

type of deposit.

Insured and otherwise protected:

In banks merged with financial aid of the Corporation.............................. 11

In banks placed in receivership........................................................................ 13

Interbank. See Deposits, classified by type of deposit.

Interest on time and savings deposits............ 54, 56, 135, 139, 143, 145-153, 157

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.

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Deposits:—Continued

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, 1934-1947 14

Sources of data.............................................................................................. ............ I ll

Subject to offset. See Receivership, insured banks placed in.

Uninsured deposits of insured banks placed in receivership............................. 14

Deposits in:

.A.11 banks *

June 30 and December 31, 1947.................................................................... 112-113

Banks grouped by FDIC district and State, December 31, 1947............. 120

Banks grouped by insurance status and by FDIC district and State,

December 31, 1947..................................................................................... 108-109

Call dates, 1942-1947......................................................................................... 116

December 31, 1945-1947.................................................................................... 42-43

Percentage change, 1946 and 1947.................................................................. 43

Banks for which the Corporation is receiver....................................................... 13-14

Banks located in each State and possession, December 31, 1947.108-109, 120-121

Banks which received financial aid from the Corporation...............11, 14, 160-163

Commercial banks:

Banks grouped by insurance status and by FDIC district and State,

December 31, 1947..................................................................................... 108-109

Call dates, 1942-1947......................................................................................... 118

December 31, 1945-1947.................................................................................... 44

June 30 and December 31, 1947....................................................................112-113

Percentage distribution, December 31, 1945 and 1947............................... 44

Insured banks, call dates, 1942-1947.................................................................... 117

Insured banks merged with financial aid of the Corporation......... 11, 14, 160-163

Insured banks placed in receivership........................................................... 13, 160-162

Insured commercial banks:

At time of examination. See Assets and liabilities of insured commercial

banks, examiners’ analysis.

By FDIC district and State, December 31, 1947.......................................108-109

Call dates, 1942-1947......................................................................................... 119

December 31, 1946, June 30, 1947, and December 31, 1947..................... 114

Insured mutual savings banks:

By FDIC district and State............................................................................108-109

June 30 and December 31, 1947....................................................................112-113

Mutual savings banks:

By FDIC district and State, December 31, 1947.......................................108-109

June 30 and December 31, 1947.................................................................... 112-113

December 31, 1945-1947.................................................................................... 47

Noninsured banks:

By FDIC district and State, December 31, 1947.......................................108-109

June 30 and December 31, 1947.................................................................... 112-113

Depreciation. See Earnings, expenses, profits, and dividends of insured banks.

Dividends:

To depositors in mutual savings banks...............................................60, 62, 154, 157

To stockholders of operating insured commercial banks. See Earnings,

expenses, profits, and dividends of insured banks.

Earnings, expenses, profits, and dividends of insured banks:

Insured commercial banks:

Amounts, 1934, 1941-1947.............................................................................. 132-133

Amounts, 1934-1947........................................................................................... 52

Amounts by class of bank, 1947.................................................................... 136-137

Amounts by size of bank, 1947...................................................................... 140-141

Amounts by State, 1947...................................................................................144-153

Amounts, comparison, 1946-1947.................................................................... 53

Charge-offs and recoveries................................................................................ 56-57

Current operating earnings.......................................................................... 52, 54-55

Current operating expenses............................................................................... 55-56

Distribution of earnings and expenses, 1941, 1945-1947............................. 55

Dividends............................................................................................................. 60

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Earnings, expenses, profits and dividends of insured banks:—Continued

Insured commercial banks:—Continued

Income on loans......................................................................................52, 54, 72-74

Income on securities........................................................................................... 54

Income on service charges................................... ............................................ 54

Income on U.S. Government obligations...................................................... 54

Interest on deposits............................................................................................ 54, 56

Net additions to capital as a proportion of net profits, by State, during

1946 and 1947................................................................................................ 48

Net earnings. . ..................................................................................................... 56

Net losses.............................................................................................................. 56-57

Net profits............................................................................................................ 57-60

Profits on sale of assets...................................................................................... 56

Rate of net earnings on total assets, by size of bank................................. 58

Rate of net profit on total capital accounts, percentage distribution

of banks, 1941, 1945-1947........................................................................... 57-58

Rate of net profits on total capital accounts, by size of bank, 1947........ 58

Rates of income on loans and securities, 1941, 1945-1947.......................... 54

Rates of net earnings and net profits, by State, 1947................................. 58-60

Rates of net profit and cash dividends to total capital account, 1941-

1945-1947........................................................................................................ 55, 60

Ratios to average total capital accounts..........................134, 138, 142, 144-153

Ratios to total assets, special ratios, etc., 1934, 1941-1947......................134-135

Ratios to total assets, special ratios, etc., 1947:

By class of bank..........................................................................................138-139

size of bank........................................................................................... 142-143

By State....................................................................................................... 144-153

Ratios to total current earnings.........................................134, 138, 142, 144-153

Reserves for bad debt losses on loans...................................................... 57

Salaries and wages........................................................................................ 55

Taxes.................................................... ..................................................... 54, 56-57

Insured mutual savings banks:

Amounts, 1934, 1941-1947..............................................................................154-155

Amounts and rates, 1943-1947......................................................................... 61

Dividends to depositors.....................................................................................60, 62

Ratios to total assets, special ratios, etc., 1934, 1941-1947.....................156-157

Salaries and wages............................................................................................... 61

Sources of data........................................................................................................... 131

Employees:

Federal Deposit Insurance Corporation............................................................... 27

Insured commercial banks:

Number and salary, December 31, 1947...................136-137, 140-141, 144-153

Number and salary, 1934, 1941-1947........................................................... 132-133

Number and salary, 1941, 1946-1947................................... .......................... 55

Insured mutual savings banks, 1934, 1941-1947.............................................. 154-155

Examinations of banks {See also Assets and liabilities of insured commercial

banks, examiners’ appraisal; Capital of banks):

Banks cited for unsafe and unsound practices.................................................... 19

Banks examined by the Federal Deposit Insurance Corporation................... 18

Data from reports of examination.......................................................................124-129

Definition of terms................... ................................................................................ 123

Policy of the Corporation........................................................................................ 18

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.

Failures, business and bank, rates of.......................................................................... 17-18

Federal bank supervisory authorities.......................................................................... 7

Federal credit unions...................................................................................................... 23, 25

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Federal Deposit Insurance Corporation:

Actions on applications from banks. See Applications from banks.

Assessments on insured banks................................................................................ 29

Assets and liabilities..................................................................................................30, 34

Audits........................................................................................................................... 32-36

Banks examined by, and submitting reports to.................................................. 23

Bank supervision by. See Bank supervision.

Board of Directors.................................................................................................iv, v, 26

Capital, amount of............................................................................................... 7, 31, 34

Depositors protected by. See Banks in financial difficulties.

Disbursements for protection of depositors.. . . . 11-13, 16, 159, 160-161, 163-165

Districts...................................................................................................................... vi, vii

Divisions..................................................................................................................... iv, 27

Employees:

Examiners, recruitment of................................................................................ 27-28

Number of............................................................................................................. 27

Examination of banks. See Examinations of banks.

Expenses...............................................................................................................28, 29, 35

Federal credit union activities..........................................................................23, 25, 35

Income...................................................................................................................28, 29, 35

Income and expenses, 1933-1947........................................................................... 28

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:

During 1947...................................................................................................16, 29, 35

During 1934-1947...............................................................................16, 17, 164-165

Reserve for........................................................................................................... 31

Methods for protecting depositors. See Banks in financial difficulties.

Officers.....................................................................................................................v, vi, 27

Organization and staff........................................................................................ iv, 26-27

Payments to insured depositors............................................................................. 7, 29

Policies................................................................................. .. ......................... 18

Powers......................................................................................................................... 10, 24

Protection of depositors. See Banks in financial difficulties.

Purchase of assets to facilitate completion of liquidation of banks in receivership........................................................................................................ 15

Receiver for insured banks...................................................................................... 13

Recentralization of offices........................................................................................ 7

Recoveries from banks in financial difficulties..............................................11, 16, 35

Regulations.................................................................................................................26, 84

Reports from banks.................................................................................................. 23

Reserves for losses...............................................................................................31, 34, 35

Responsibilities of the Corporation....................................................................... 9-10

Retirement of capital stock of the Corporation...................................... 7, 24, 30, 77

Supervisory activities............................................................................................... 7

Surplus.................................................................................................................10, 29, 31

Federal Deposit Insurance Corporation districts:

Number and deposits of banks in.......................................................................... 108

States and possessions served................................................................................. vi, vii

Federal Reserve System. See Board of Governors of the Federal Reserve

System.

Fidelity bond coverage................................................................................................... 19-20

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.

Inflation..........................................................................

Insolvent banks. See Banks in financial difficulties.

41, 50-51

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Instalment loans, how reported.................................................................................... I ll

Insured status, banks classified by:

Assets and liabilities of...........................................................................................112-113

Changes in number of............................................................................................... 40

Deposits of.............................................................................................. 108-109, 112-113

Number of.................................................................................................98-109, 112-113

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’ classification;

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;

Unsafe and unsound banking practices.

Insured commercial banks not members of the Federal Reserve System. See

Class of bank, banking data presented by.

Insured commercial banks submitting reports to the Corporation................. 23

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............................................................................ 19

Legal developments:

Executive order regarding Federal credit unions............................................... 25

War loan deposit accounts assessment for deposit insurance........................... 24

Legislation related to banking and deposit insurance:

Federal, enacted in 1947:

Extension of the life of the Reconstruction Finance Corporation............ 25

Labor Management Relations Act.................................................................. 25

Organization of Executive Branch of the Government................... 24-25, 78-80

Procedure for facilitating payment of certain Government checks. . . 25, 80-82

Retirement of FDIC capital stock.......................................................7, 24, 30, 77

State, enacted in 1947.........................................................................................26, 85-93

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Liquidation, banks placed in...............................................................................98, 159-165

Loans by banks. (See also Assets and liabilities of operating banks):

Agricultural...........................................................................................................66-67, 69

Commercial and industrial............................................................66-67, 69, 70, 72-73

Consumer................................................................................................ 66-67, 69, 71, 72

Examiners’ evaluation. See Assets and liabilities of insured commercial

banks, examiners’ appraisal.

Expansion in 1947................................................................................................41, 43-44

Guaranteed by Federal Government, by type.................................................... 44-45

Income and charge-offs on (See also Earnings, expenses, profits, and dividends of insured banks)................................................................... 56-57, 72-74

On securities...........................................................................................66-67, 69, 72, 73

Percentage changes, by State, December 31, 1945-1947................................... 70-71

Rate of income on..................................................................72-74, 135, 143, 145-153

Real estate.....................................................................................................44, 66-67, 71

Regional trends......................................................................................................... 67-72

Special study.............................................................................................................. 63-74

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 Insurance Corporation.

Provision for, in banks..................................................................... 9, 25-26, 57, 82-84

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, 1934-1947......................................... 162-163

Banks cited for unsafe and unsound practices.................................................... 19

Classification of banks merged............................................................................... 163

Collections by Corporation on assets purchased or held as collateral..........164-165

Deposits protected...................................................................................................11, 163

Disbursements by Corporation.......................................... 11, 160-161, 163, 164-165

Loans made and assets purchased by the Corporation..................................... 15

Losses incurred by Corporation....................................................................16, 164-165

Name and location of banks merged, 1947.......................................................... 163

Number of banks merged............................................................11, 160-161, 163, 165

Number of depositors............................................................................................... 11

Procedure.................................................................................................................... 10

Recoveries by the Corporation.................................................................15-16, 164-165

Sources of data........................................................................................................... 159

Methods of tabulating banking data:

Assets and liabilities of operating banks.............................................................. Ill

Deposit Insurance disbursements.......................................................................... 158

Earnings, expenses, profits and dividends of insured banks............................. 131

Examiners’ evaluation of insured commercial banks......................................... 123

Number, offices, and deposits of operating banks.............................................. 96-97

Mutual savings banks:

Insured:

Assets and liabilities, June 30 and December 31, 1947.............................112-113

Deposits.............................................................................................108-109, 112-113

Earnings, expenses, profits and dividends......................................60-62, 154-157

Number................................................................................................................. 98-109

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Mutual savings banks:—Continued

Insured and noninsured:

Assets and liabilities, by type, December 31, 1945-1947........................... 46-47

Assets and liabilities, June 30 and December 31, 1947.............................112-113

Deposits, by State, December 31, 1946............ ...........................................108-109

Number................................................................................................................. 98-109

United States Government obligations, distribution by maturity,

December 31, 1947............... ........................................................................ 46-47

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.........................................................................................40, 98-99

All banks:

By class of bank, FDIC district, and State or possession, December

31, 1947.........................................................................................................108-109

By FDIC district and State or possession, December 31, 1947................ 120

Call dates, 1942-1947.......................................................................................... 116

Changes during 1947.......................................................................................... 98-99

Changes during 1945 to 1947............................................................................ 40

June 30 and December 31, 1947.................................................................... 112-113

All banks and branches:

By class of bank and State, December 31, 1947........................................ 100-107

Changes during 1947.......................................................................................... 98-99

Changes during 1947 and cumulative, 1942-1947........................................ 39-41

Approved for admission to insurance.................................................................... 21

Banks operating branches..................................................................................... 100-107

Branches:

By class of bank and State, December 31, 1947.........................................100-107

Changes during 1947..............................................................................22, 41, 98-99

Changes during 1941-1947................................................................................ 41

Commercial banks:

By class of bank, FDIC district, and State, December 31, 1947............108-109

Call dates, 1942-1947.......................................................................................... 118

Changes during 1947...................................................................................... .. . 98-99

June 30 and December 31, 1947.................................................................... 112-113

Insured banks:

Branches............................................................................................................... 22, 41

Call dates, 1942-1947......................................................................................... 117

Changes during 1947 and cumulative, 1942-1947........................................ 39-40

December 31, 1947.............................................................................................. 98-99

Proportion of insured banks, by State, December 31, 1947....................... 39

Insured commercial banks:

By FDIC district, and State, December 31, 1947..................................... 108-109

Call dates, 1942-1947......................................................................................... 119

Changes during 1947........................................................................................... 98-99

December 31, 1946, June 30 and December 31, 1947............................... 114-115

Examined in 1947, by amount of deposits..................................................... 127

Operating throughout 1946, by amount of deposits.................................141, 143

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Number of operating banks and branches:—Continued

Mutual savings banks. See Mutual savings banks.

Noninsured banks:

By class of bank, FDIC district, and State, December 31, 1947............108-109

Changes during 1947.....................................................................................40, 98-99

Changes during 1947 and cumulative, 1942-1947......................................... 40

June 30 and December 31, 1947.................................................................... 112-113

Termination of insurance......................................................................................... 14

Unit banks, by class of bank and State, December 31, 1947.........................100-107

Officers, active, of insured banks. See Employees.

Officers and employees of the Federal Deposit Insurance Corporation............... v, 27

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............................................................................................... 120-121

Deposits of..............................................................................................108-109, 120-121

Earnings, expenses, profits, and dividends........................................................ 144-145

Number of............................................................................ 100, 107, 108-109, 120-121

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................................................................................... 23

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................................................................ 15

Assets and liabilities of, at dates of suspension, cumulative, 1934-1947. . 162

Depositors:

Losses.....................................................................................................................14, 17

Methods of protection........................................................................................ 10—11

Deposits:

Amounts, 1934-1947........................................................................................... 162

Insured, paid and unpaid by December 31, 1947......................................... 14

Paid and unpaid, December 31, 1947............................................................. 14

Secured, preferred, and subject to offset........................................................ 14

Disbursements by the Corporation.............................15-16, 159, 160-161, 164-165

Losses by Corporation on disbursements............................................. 15-16, 164-165

Number of banks....................................................................15-16, 159, 160-161, 165

Payments to depositors............................................................................................ 15

Recoveries by the Corporation on disbursements...............................15-16, 164-165

Sources of data.................................................................................... ...................... 159

Reconstruction Finance Corporation, capital of insured banks held by:

Amount, total and portion repaid...................................................................... 8, 48-49

Number of banks....................................................................................................... 8

Recoveries:

By banks on assets charged off. See Earnings, expenses, profits, and dividends of insured banks.

By the Corporation on disbursements...................................................15-16, 164-165

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Reports from banks......................................................................................................... 23

Reserves:

Bank, changes in 1947............................................................................................. 43

For bad debt losses on loans. Ruling of Commissioner of Internal

Revenue.............. ...................................................................................... 57, 82-84

In bank assets and liabilities. See Assets and liabilities of operating banks.

Of Federal Deposit Insurance Corporation..........................................................31, 34

Salaries and wages:

Federal Deposit Insurance Corporation............................................................... 29

Insured banks. See Earnings, expenses, profits, and dividends of insured

banks.

Savings and time deposits. See Deposits, classified by type of deposit.

Secured and preferred deposits. See Deposits, secured and preferred; Receivership, insured banks placed in.

Securities (See also Assets and liabilities of operating banks):

Charge-offs on securities held by insured banks........................ ........................ 57, 62

Held by Federal Deposit Insurance Corporation.........................................30, 31, 34

Held by insured banks placed in receivership or merged with financial aid

of the Corporation, 1934-1947......................................... .......................... 162

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...................................................30, 31, 34

Insured banks placed in receivership or merged with financial aid of

the Corporation............................................................................................. 162

Insured commercial banks, amounts and percentage distribution by

maturities, December 31, 1945-1947......................................................... 45-46

Mutual savings banks, amounts and percentage distribution by maturities, December 31, 1947........................................................................ 46-47

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.................................................................................................. Ill

State legislation regarding....................................................................................... 85-93

State, banking data classified by:

Assets and liabilities of operating banks:

Amounts, December 31, 1947.........................................................................120-121

Percentage change, December 31, 1945-1947................................................ 41-42

Deposits, December 31, 1947:

Commercial banks, insured and noninsured................................................ 108-109

Mutual savings banks, insured and noninsured......................................... 108-109

Disbursements by the Corporation, cumulative, 1934-1947............................. 161

Disbursements by the Corporation, number of banks assisted, cumulative,

1934-1947....................................................................................................... 13

Earnings, expenses, profits, and dividends of insured commercial banks,

1947................................................................................................................144-153

Insured commercial banks examined in 1947....................................................128-129

Loans of insured commercial banks, percentage increase:

Commercial and industrial, 1945-1947............................................................ 70

Consumer, 1945-1947.......................................................................................... 71

Real estate, 1945-1947........................................................................................ 71

Total, 1945-1947.................................................................................................. 70

Total, 1934-1947.................................................................................................. 68

Net additions to capital as a proportion of net profits during 1946 and 1947 48

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State, banking data classified by:—Continued

Number of operating banks or offices, December 31, 1947:

All banking offices, by class of bank and type of office.............................100-107

Commercial banks, insured and noninsured................................................108-109

Insured banks, percentage of all banks, December 31, 1947..................... 39

Mutual savings banks, insured and noninsured......................................... 108-109

Operating banks........................................................... .....................................108-109

Rates of net earnings and net profits of insured commercial banks, 1947.. 58-59

Ratio of total capital accounts to total assets, commercial banks, December

31, 1947.......................................................................................................... 49

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:

Losses of. See Banks in financial difficulties.

Net profits of insured commercial banks, available for. See Earnings,

expenses, profits, and dividends of insured banks.

Substandard assets. See Assets and liabilities of insured commercial banks,

examiners’ appraisal.

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. See Number of

operating banks and branches.

Time and savings deposits. See Deposits, classified by type of deposit.

Trust companies:

Classification of.......................................................................................................... 96-97

Noninsured, number not engaged in deposit banking..................... 98-109, 112-113

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..............9, 25-26, 57, 82-84

Unsafe and unsound banking practices:

Actions of the Corporation..............................................................................................19

Number of banks cited.............................................................................................19, 20

Type of practice or violation...........................................................................................20

Unsecured deposits. See Receivership, insured banks placed in.

Valuation allowances..................

Violations of law or regulations

111 

19, 20

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