ANNUAL REPORT

OF THE

FEDERAL DEPOSIT INSURANCE CORPORATION

FOR THE YEAR ENDED

DECEMBER 31,1948

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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., July 27, 194.9

SIRS: Pursuant to the provisions of subsection (r) of section 

12B of the Federal Reserve Act, as amended, the Federal Deposit 

Insurance Corporation has the honor to submit its annual report.

Respectfully,

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

T h e P r e s id e n t P ro T e m p o r e of 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 o f 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 ss B u il d in g — W a s h in g t o n 25, D . C .

BOARD OF DIRECTORS

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

(H . E . C o o k

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

(P r e s t o n D e l a n o

OFFICIALS—JULY 27, 1949

Secretary............................................................................... Miss E. F. Downey

Executive Officer....................................................................Walter F. Oakes (Acting)

Deputy to Chairman............................................................. Lyle L. Robertson

Assistant to Director............................................................. Albert G. Towers

Associate General Counsel....................................................Norris C. Bakke

Chief, Division of Examination...........................................Vance L. Sailor

Chief, Division of Research and Statistics...........................Edison H. Cramer

Director of Personnel............................................................Randolph Hughes

Chief, Service Division......................................................... Henry T. Ivey

Chief, Division of Liquidation.............................................Edward C. Tefft

Fiscal Agent..........................................................................W. G. Loeffler

Chief, Audit Division........................................................... Mark A. Heck

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Federal Reserve Bank of St. Louis
D IS T R IC T O F F IC E S

D is t . S u p e rv isin 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 d d ress

Room 1365, 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.

St a t e s in d istr ic t

Maine, New Hampshire, 

Vermont, Massachusetts, 

Rhode Island, Connecticut

New York, New Jersey, 

Delaware, Puerto Rico, 

Virgin Islands

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, CaliCalif. fornia, Alaska, Hawaii

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Federal Reserve Bank of St. Louis
IIA

FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICTS

District X includes Puertp 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

Summary................................................................................................................... xvii

PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

Adequacy of the capital of the banking system.................................................... 3

Deposit insurance protection................................................................................... 5

Supervisory activities.............................................................................................. 12

Legal developments.................................................................................................. 17

Organization and financial statements of the Corporation................................... 17

PART TWO 

BANKING DEVELOPMENTS

Banks and branches................................................................................................. 29

Assets and deposits.................................................................................................. 31

Capital....................................................................................................................... 39

Earnings of insured commercial banks................................................................... 41

Earnings of insured mutual savings banks............................................................ 46

PART THREE

SUBSTANDARD ASSETS OF INSURED COMMERCIAL BANKS, 1934-1948

Substandard assets of insured commercial banks, 1934-1948............................... 53

PART FOUR 

LEGISLATION AND REGULATIONS

Federal legislation.................................................................................................... 65

Regulations of the Corporation............................................................................... 66

State banking legislation......................................................................................... 66

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

Number, offices, and deposits of operating banks................................................. 70

Assets and liabilities of operating banks................................................................ 84

Examined evaluation of insured commercial banks............................................ 98

Earnings, expenses, and dividends of insured banks............................................ 106

Deposit insurance disbursements............................................................................ 134

Page

ix

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Federal Reserve Bank of St. Louis
LIST OF CHARTS

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

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

A. (Map). Disbursements by the Corporation to protect depositors in insured 

banks, 1934-1948..................................................................... ......................... 7

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

by year, 1934-1948........................................................................................... 8

C. (Map). Deposits of insured banks as a percentage of deposits of all banks, 

December 31, 1948........................................................................................... 29

D. Annual changes in business and personal deposits, 1934-1948..................... 32

E. Percentage composition of assets of all operating banks, December 31, 

1934-1948........................................................................................................... 33

F. (Map). Ratios of total capital accounts to total assets other than cash and 

United States government obligations, insured commercial banks, December 31, 1948....................................................................................................... 40

G. Sources and disposition of current operating earnings, insured commercial 

banks, 1948........................................................................................................ 43

H. Disposition of net profits after taxes, insured commercial banks, 1935-1948 45

I. (Map). Rate of net profits and proportion of net profits retained, insured 

commercial banks, 1948................................................................................... 47

J. (Map). Ratios of substandard loans and valuation reserves to total loans,

insured commercial banks, 1948..................................................................... 58

K. Ratio of substandard assets to adjusted capital accounts, insured commercial banks examined 1939 to 1948..................... ..................................... 59

L. Ratio of substandard assets to adjusted capital accounts, insured commercial banks, 1948.......................................................................................... 60

L IS T OF T A B L E S 

PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

Deposit insurance protection:

1. Number of depositors, amount of deposits, recoveries, and losses in 

insured banks placed in receivership or merged with the financial aid

of the Corporation, 1934-1948............................................................... 9

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

banks placed in receivership, 1934-1948............................................... 9

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

Corporation from insured banks placed in receivership or merged with

its financial aid, 1934-1948..................................................................... 11

Supervisory activities:

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

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

1936-1948................................................................................................. 13

5. Summary of unsafe or unsound banking practices and violations of 

law or regulations charged against four banks by the Corporation 

during 1948.............................................................................................. 14

6. Actions by the Federal Deposit Insurance Corporation on applications from banks for admission to insurance, 1935-1948..................... 15

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

branches, 1935-1948................................................................................ 16

Page

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Federal Reserve Bank of St. Louis
LIST OF TABLES XI

Organization and financial statements of the corporation:

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

December 31, 1948.............................................................................................. 18

9. Income and expenses of the Federal Deposit Insurance Corporation

since beginning operations................................................................................ 19

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

calendar year 1948............................................................................................... 20

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

1934-1948................................................................................................................ 21

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

December 31, 1948, and December 31, 1947.............................................. 22

13. Financial statements of the Federal Deposit Insurance Corporation— from Auditors’ Report for year ended June 30, 1948............. 24

PART TW O

BAN KIN G DEVELOPMENTS

Banks and branches:

14. Number and deposits of operating banks in the United States and

possessions, December 31, 1948....................................................................... 30

15. Changes in number of banks and branches in the United States and

possessions, 1948 and the period, 1946-1948............................................... 30

Assets and deposits:

16. Assets and liabilities of all banks in the United States and possessions, December 31, 1946-1948........................................................................ 31

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

and possessions, December 31, 1945-1948................................................... 34

18. Maturities of United States Government obligations held by insured

commercial banks, December 31, 1948, 1947, and 1945......................... 35

19. Annual changes in loans and discounts of insured commercial banks,

1946-1948................................................................................................................ 36

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

United States Government, December 31, 1947-1948............................. 37

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

States, December 31, 1948, 1947, and 1946................................................ 38

22. Maturities of United States Government obligations held by mutual

savings banks, December 31, 1947-1948...................................................... 39

Capital:

23. Capital accounts and capital ratios of banks in the United States and

possessions, by class of bank, December 31, 1948.................................... 39

Earnings of insured commercial banks:

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

1948........................................................................................................................... 41

25. Selected operating ratios of insured commercial banks, 1945-1948.. 42

26. Number and compensation of employees of insured commercial

banks, 1937-1948.................................................................................................. 44

Earnings of insured mutual savings banks:

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

by insured mutual savings banks, 1943-1948............................................. 48

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Federal Reserve Bank of St. Louis
PART THREE

SUBSTANDARD ASSETS OF INSURED COM M ERCIAL BANKS, 1934-1948

Page

Substandard assets of insured commercial banks, 1934-1948:

28. Amounts and percentages of types of assets of insured commercial

banks classified as substandard, examinations 1939 to 1948................ 54

29. Distribution of insured commercial banks according to ratio of

substandard loans to total loans, examinations in 1947 and 1948___ 57

30. Distribution of insured commercial banks according to ratio of

substandard assets to adjusted capital accounts, examinations

1946 to 1948........................................................................................................... 60

31. Distribution of insured commercial banks by FDIC district and

amount of deposits, classified according to ratio of substandard assets

to adjusted capital accounts, examinations in 1948............................. 61

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

N umber, offices, and deposits of operating banks:

Explanatory note............................................................................................................... 70

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

in the United States and possessions during 1948.................................... 72

102. Number of operating banks and branches, December 31, 1948

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

State and type of office..................................................................................... 74

103. Number and deposits of operating banks, December 31, 1948

Banks grouped according to insurance status and by district and State 82

Assets and liabilities of operating banks:

Explanatory note............................................................................................................... 84

104. Assets and liabilities of operating banks in the United States and

possessions, December 31, 1947

Banks grouped according to insurance status and type of bank........... 86

105. Assets and liabilities of operating banks in the United States and

possessions, June 30, 1948

Banks grouped according to insurance status and type of bank........... 88

106. Assets and liabilities of operating banks in the United States and

possessions, December 31, 1948

Banks grouped according to insurance status and type of bank........... 90

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

possessions, December 31, 1948

Banks grouped by district and State............................................................ 92

108. Assets and liabilities of operating insured banks, December 31, 1948,

June 30, 1948, and December 31, 1947........................................................ 94

Examiners’ evaluation of insured commercial banks:

Explanatory note............................................................................................................... 98

109. Examined appraisal of assets, liabilities, and capital of insured

commercial banks examined in 1941-1948................................................... 100

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

commercial banks examined in 1948

Banks grouped according to amount of deposits....................................... 102

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

commercial banks examined in 1948

Banks grouped by Federal Deposit Insurance Corporation district and

State....................................................................................................................... 104

x ii FEDERAL DEPOSIT INSURANCE CORPORATION

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Page

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 in s u r e d b a n k s :

Explanatory note................................................................................................ 106

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

1941-1948................................................................................................. 108

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

banks, 1941-1948..................................................................................... 110

114. Earnings, expenses, and dividends of insured commercial banks, 1948

By class of bank................................................................................... 112

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

banks, 1948

By class of bank................................................................................... 114

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

operating throughout 1948

Banks grouped according to amount of deposits.................................. 116

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

banks operating throughout 1948

Banks grouped according to amount of deposits................................. 118

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

by State, 1948......................................................................................... 120

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

1941-1948................................................................................................. 130

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

banks, 1941-1948..................................................................................... 132

D e p o s it in s u r a n c e d is b u r s e m e n t s:

Explanatory note................................................................................................ 134

121. Disbursements by the Federal Deposit Insurance Corporation to 

protect depositors; number and deposits of insured banks placed in 

receivership or merged with the financial aid of the Corporation, 

1934-1948

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

deposits, and State............................................................................... 136

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

insured banks merged with the financial aid of the Federal Deposit 

Insurance Corporation, 1934-1948

As shown by books of bank at date of closing...................................... 138

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

financial aid of the Corporation during 1948....................................... 139

124. Recoveries and losses by the Federal Deposit Insurance Corporation 

in connection with insured banks placed in receivership or merged 

with the financial aid of the Corporation, 1934-1948

As shown by books of FDIC, December 31, 1948............................... 140

LIST OF TABLES x iii

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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

During 1948 the Federal Deposit Insurance Corporation completed 

the retirement of its original capital. The surplus of the Corporation is 

now a mutual fund which has been created through assessments paid 

by banks supplemented by income from the Corporation’s investments. 

(Pp. 3-4).

The surplus of the Corporation is the most mobile and potent part of 

the capital of the banking system. It is available for the defense of 

deposits at any insured bank in which the bank’s own capital may prove 

inadequate to meet the stresses impinging upon that institution. This 

surplus is now more than $1 billion, but because of the growth of deposits 

this amount is not as adequate as was formerly expected. The surplus 

at the end of 1948 was 7/10 of 1 percent of the deposits in insured banks. 

(Pp. 3, 4, and 21).

In 15 years of operation, the Corporation has disbursed $311 million 

in aid to 307 insured banks in difficulty. It is estimated that all but 

$25 million of this amount will be recovered. Defalcations had occurred 

in over one-fourth of the banks aided by the Corporation. Banks are 

urged to provide more adequate surety coverage. (Pp. 5, 6-7, 12).

The most significant banking development in 1948 was a decline in 

the deposits of individuals and business, the first decline since 1937. 

Bank loans were expanded, but at a slower rate than in 1946 or 1947. 

Bank investments in United States Government obligations were sharply 

reduced. (Pp. 31-36).

Improvement in the quality of bank assets represents one of the most 

significant changes that has occurred in the nation’s banking system 

during the 15 years’ existence of the Federal Deposit Insurance Corporation. In 1939, insured commercial banks owned substandard assets 

amounting to one-half of their capital accounts and over 5 percent of 

their deposits; in 1948 their substandard assets were about one-twelfth 

of capital accounts and 1/2 of 1 percent of their assets. However, their 

substandard assets have increased since 1946. (P. 53).

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Federal Reserve Bank of St. Louis
PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

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Federal Reserve Bank of St. Louis
One of the conditions requisite for the proper performance by the 

banking system of its role in the maintenance of prosperity and stability 

is the adequacy of its capital. If capital cushions become too thin, many 

banks are likely to become unable to take the risks which are inherent 

in acquisition of the volume and kind of bank assets needed to maintain 

a reasonable rate of growth in deposits. Under present circumstances, 

the capital of the banking system is made up of two parts. First is the 

capital of each of the operating banks; this is available only for meeting 

the stresses and strains to which each particular institution may be 

subjected. Second is the capital of the Federal Deposit Insurance Corporation which stands behind all insured banks, available for the defense 

of deposits at any insured bank in which the capital may prove inadequate 

to meet the stresses impinging upon that institution.

Capital of the Federal Deposit Insurance Corporation, The

capital of the Federal Deposit Insurance Corporation is the most mobile 

and therefore the most potent part of the capital in the banking system. 

It is important that this capital should be maintained in an adequate 

amount, ready for instant use on a large scale should an emergency 

situation make that necessary. The original capital of the Corporation, 

amounting to $289 million, was subscribed by the United States Government and the Federal Reserve banks in accordance with provisions 

of the Banking Act of 1933.

During 1948, the Corporation completed the retirement of its original 

capital. This retirement was made in accordance with Public Law 363, 

80th Congress, approved August 5, 1947, and Public Law 813, approved 

June 29, 1948, which were recommended by the Board of Directors of 

the Corporation. At the beginning of 1948, about two-thirds of the 

original capital had been retired. On August 30, 1948, the Directors of 

the Corporation made the final payment to the Secretary of the Treasury. 

A credit was allowed the Corporation for reimbursement of the net cost 

it had incurred in the administration of the Federal Credit Union Act. 

The amounts of the capital stock of the Corporation retired in 1947 and 

in 1948 are shown below.

By payments into miscellaneous receipts of the 

Treasury, pursuant to Public Law 363:

Calendar year 1947............................................... $186,695,250.41

Calendar year 1948............................................... 100,677,589.31

By credit allowed (cancellation of stock) in 1948,

pursuant to Public Law 813........................................ 1,926,717.27

Total capital stock originally issued............ $289,299,556.99

A d e q u a c y o f t h e C a p i t a l o f t h e B a n k i n g S y s t e m

3

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

The surplus of the Corporation is now a mutual fund which has been

created through assessments paid by insured banks supplemented by

income from the Corporation’s investments. The assessment, at the

rate of 1/12 of 1 percent per year of total deposits, has been paid since

the effective date of the Banking Act of 1935. Retirement of the original

amount subscribed by the Federal Government and the Federal Reserve

banks to the capital of the Corporation was made possible by the fact

that during the fifteen years of operation of the Corporation its losses

have been small. The surplus of the Corporation, after repayment of

the original capital, is a little over one billion dollars. As long as the

present volume of bank deposits is maintained and the Corporation’s

losses remain as low as in the past, this surplus will increase, under the

present assessment rate, at approximately $120 million per year. However, this fund is by no means as adequate as was formerly thought.

Deposits of insured banks increased very rapidly as a result of war

financing, and are now more than three times the amount when insurance

under the permanent plan went into effect.

When the permanent plan of insurance went into effect in 1935 an

insurance fund of one billion dollars would have amounted to approximately 2 percent of all deposits in insured banks. The present surplus

of the Corporation is only 7/10 of 1 percent of the deposits in insured

banks. The nation has just passed the peak of wartime and postwar

inflation, and it is not clear what the future developments will be.

Capital of insured banks. Insured banks are now adding about half

a billion dollars a year to their capital accounts. This growth in capital

is encouraging, but it is not a satisfactory rate of increase in view of the

change in the character of bank assets which is taking place and the

normal rate of growth in bank operations. For many years the capital

of banks has grown less rapidly than deposits or assets, so that the

capital cushion has become much thinner than formerly. During the

war period, when a large part of the assets acquired by banks consisted

of obligations of the United States Government, this thinning process

did not appear serious. During the past few years, however, the amount

of United States Government obligations held by insured banks has been

reduced, chiefly as a result of retirement of debt by the Treasury. With

the decline in holdings of United States Government obligations, the

banks have substantially increased their loans and investments other

than United States Government obligations.

The ratio of capital accounts of all insured banks to their loans and

investments other than United States Government obligations declined

from 26 percent at the end of 1945 to 20 percent at the end of 1948. To

provide an appropriate rate of growth in the assets of the banking system

and to maintain the present amount of bank capital relative to those

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Federal Reserve Bank of St. Louis
assets commonly designated “ risk assets” will require larger additions 

to capital than the banks have been making in recent years.

At the end of 1935, a few months after the permanent deposit insurance plan went into effect, insured banks had $6,337 million in capital 

accounts and the Federal Deposit Insurance Corporation $306 million. 

Taken together, this amounted to 14.7 percent of the deposits in insured 

banks. At the end of 1948 insured banks had $11,495 million in capital 

accounts and the Federal Deposit Insurance Corporation $1,066 million, 

the total amounting to 8.2 percent of the deposits in insured banks. 

In 1948, the total capital of the banking system, including that of the 

Federal Deposit Insurance Corporation, was nearly twice the amount 

in 1935, but bank deposits in 1948 were about three and one-half times 

the amount in 1935.

Insured banks continued in 1948 to retire portions of the capital 

invested in banks by the Reconstruction Finance Corporation in the 

depression of the 1930’s. By the close of 1948 approximately 5,300 banks, 

out of more than 6,000 which originally obtained capital from the Reconstruction Finance Corporation, had completed the retirement of 

this capital. Only $130 million remained outstanding. It is sound policy 

for the banks in which this capital is still outstanding to complete its 

retirement in the near future, and to sell additional common stock where 

it is necessary to do so to avoid unduly reducing their capital funds 

relative to their obligations.

Defalcation and fidelity insurance. Maintenance of adequate 

protection against known insurable hazards is closely allied to maintenance of adequate capital. Defalcations had occurred in over one-fourth 

of the banks which the Corporation has assisted because of financial 

difficulties. In 1948, all the banks which required the assistance of the 

Corporation were banks in which defalcations had occurred.

The Corporation believes that the boards of directors of all banks 

should resurvey their surety coverage and carry basic coverage to at 

least the “ fair” amount recommended by the American Bankers Association. All members of the board of directors of every insured bank 

should take an active part in exercising the responsibilities which they 

have assumed, so that the banks which they direct are always under 

their active supervision and control. Defalcations are not likely to take 

place in banks which are appropriately managed and audited.

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

During 1948, three insured banks required the financial aid of the 

Federal Deposit Insurance Corporation. Each of these banks was merged 

with another insured bank.

ADEQUACY OF THE CAPITAL OF THE BANKING SYSTEM 5

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

Merger of an insured bank with another insured bank, assisted by 

financial aid from the Corporation, has been found more advantageous 

than receivership, both to the Corporation and to the depositors of the 

bank. This procedure is beneficial to the depositors since there is no 

loss of funds or interruption in the use of their accounts. It has been 

found desirable by the Corporation, because its experience, during the 

years in which both methods were used, indicated that the Corporation’s 

disbursements and its losses in mergers are relatively smaller than in 

receiverships.

Decision as to whether a bank in difficulty is to be placed in receivership 

or merged with another insured bank does not rest solely with the Federal 

Deposit Insurance Corporation. A merger is possible only through 

agreement with another bank which will take over the assets of the old 

bank or through agreement with people of the community who will 

provide sufficient capital for a sound new institution. The State banking 

supervisory agency in the case of a State bank or the Comptroller of 

the Currency in the case of a national bank, and not the Corporation, 

are empowered to place a bank in receivership.

Deposits protected and the Corporation’s disbursement in 1948.

The three banks requiring financial aid of the Federal Deposit Insurance 

Corporation during 1948 had total deposits of over $10 million in 18,311 

accounts. Of these accounts 236, or 1.3 percent, had balances of more 

than $5,000 at the time the banks were examined in connection with 

the plans for merger; and 13 percent of the total deposits would not 

have been protected by the Corporation under the $5,000 limitation 

had the banks been placed in receivership. None of the depositors suffered 

any loss, nor did any break in the continuity of banking services occur.

The Corporation disbursed $2,690,000 in the three banks merged 

during 1948. This amount does not include expenses incurred in handling 

and protecting the assets acquired by the Corporation.

While only three banks were aided during 1948, the deposits of these 

banks and the disbursements by the Corporation to facilitate the ensuing 

mergers were both about 50 percent higher than in 1947. The financial 

difficulties in all three were occasioned by embezzlements of officers 

of the banks. In the last four years eight of the ten banks aided have had 

large defalcations. The need for careful vigilance on the part of the 

directors of banks cannot be stressed too strongly.

Deposits protected and disbursements, 1934-1948. During its

15 years of operation the Corporation has made disbursements in 407 

closed insured banks. These banks had nearly 1,350,000 depositors and 

$523 million deposits. The Corporation’s disbursements amounted to 

$267 million, exclusive of advances for the protection and maintenance 

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DEPOSIT INSURANCE PROTECTION 9

Details regarding the number of depositors and their losses, together 

with the estimated loss of the Corporation, are given in Tables 1 and 2.

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

L osses 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 or M e r g e d w it h

th 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 , 1934-1948

Item

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

Number of depositors................................................

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

Estimated number with some loss2...........................

Estimated number with claims barred by termination of insurance or receivership3..........................

Am ount of deposits....................................................

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

Estimated loss by depositors.....................................

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

Disbursement by FDIC.............................................

Estimated loss to FDIC.............................................

Total

407

1,342,290

1,285,010

2,509

54,771

$522,678,000

520,347,000

1,883,000

448,000

$266,976,000

$ 24,930,000

Banks placed 

in

receivership1

245

382,766

325,486

2,509

54,771

$109,603,000

107,272,000

1,883,000

448,000

$ 87,039,000

$ 14,535,000

Banks merged 

with financial 

aid of FDIC

162

959.524

959.524

$413,075,000

413,075,000

$179,937,000

$ 10,395,000

1 The figures given in this table for number of depositors in receiverships differ from those in the 

1947 Annual Report due to the final disposition of 6,585 claims, the status of which had been unsettled 

but were previously tabulated as fully insured. Of these, 4,333 when settled became barred claims; the 

balance, 2,252, were considered fully insured and the claims paid. The estimated number of depositors 

with no loss was reduced by 358 restricted claims which were paid in full or into a trust fund until claimed 

by the depositors. An adjustment of 1 depositor in the total number has also been made.

2 1,502 depositors will lose an estimated $1,841,000 in accounts which exceeded the limit of $5,000 

insurance and were not otherwise protected, and 1,007 depositors will lose about $42,000 in accounts 

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

3 Of these 54,771 claims, it is estimated that 2,810 will be fully paid or held in trust, and 4,422 will 

be partially paid.

Table 2. P a y m e n t of D e p o sit s b y th e C o r p o r a tio n a n d b y R e c e iv e r s

in I n su r e d B a n k s P la c e d in R e c e iv e r s h ip , 1934-1948

(In thousands)

Status of deposits Total

Paid by 

Dec. 31, 

1948

Unpaid on 

Dec. 31, 

1948

Deposits—tota l....................................................................... $109,603 $107,243 $2,360

Insured.................................................................................... 87,067 87,039 28

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

In excess of $5,000, not otherwise protected...................... 9,686 7,845 1,841

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

Insurance terminated or claims barred1............................... 498 50 448

Deposits, terminated receiverships (227 banks)—total 65,546 64,552 994

Insured.................................................................................... 52,106

7,755

4,577

52,106

7,755

3,747

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

In excess of $5,000, not otherwise protected....................... 830

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

Insurance terminated or claims barred1............................... 172 50 122

Deposits, active receiverships (18 banks)—tota l............ 44,057 42,691 1,366

Insured.................................................................................... 34,961 34,933 28

Secured, preferred, and subject to offset............................. 3,661 3,660 1

In excess of $5,000, not otherwise protected......................

Other uninsured......................................................................

5,109 4,098 1,011

Insurance terminated or claims barred................................ 326 326

1 In a few cases payments have been made by receivers on deposits on which insurance had terroi 

nated either directly or into a trust to meet claims presented after termination of receivership.

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10 FEDERAL DEPOSIT INSURANCE CORPORATION

All the banks which the Corporation has aided during the past four 

years have been merged with other banks and there has been no loss to 

depositors in these banks. Loss to depositors has occurred only in the 

case of banks placed in receivership. Ninety percent of the total deposits 

in those banks were covered by insurance, or by offset against sums due 

the bank by depositors, pledge of security, or preferred status. Of the 

balance, only one-fifth will not be paid. The amounts of recoveries by 

the depositors, the methods by which payments have been made, and 

the amounts remaining unpaid are shown in Table 2.

Liquidation of assets of closed banks. No insured bank has been 

placed in receivership since the middle of 1944. Of the 245 insured banks 

placed in receivership prior to that date, 227 have been liquidated and 

the receiverships terminated. Of these, eight were terminated in 1948. 

By the end of 1948, only 18 receiverships were still active. These are 

cases in which special problems have been encountered in the process 

of liquidation. Of the banks still in receivership 3 are national banks, 

for which the Corporation is receiver. These banks had deposits of $7 

million at the time of closing. The 15 State banks remaining in recievership, for which the Corporation is not acting as receiver, had deposits 

of $37 million at the time of failure. Through agreement with the State 

banking authorities the Corporation obtains information on the results 

of liquidation of these latter banks from periodic reports by the receivers 

or liquidators.

In order to reduce expenses of liquidation and expedite termination 

of receiverships, the Federal Deposit Insurance Corporation sometimes 

buys at public sale the residue of assets in the hands of a bank’s receiver. 

By the end of 1948 the Corporation had disbursed $1.2 million to purchase assets from the receivers of 70 banks. Most of these assets had 

been liquidated by the Corporation without a net loss.

To the end of 1948, 162 insured banks were merged with the aid of 

the Corporation. The assets acquired from these banks by the Corporation have been liquidated in 106 cases; liquidation was still in 

progress in the remaining 56 cases. Assets not acceptable to the absorbing 

bank in the case of an insured bank merged with the aid of the Corporation are purchased or taken as collateral for a loan by the Corporation. 

However, if the Corporation recovers more than the full amount of its 

advance and its incidental expenses and interest on the advance, the 

excess is returned to the stockholders of the closed bank.

Of the 152 merger cases occurring during the period 1935-1944, 104 

have been completely liquidated. Of the 10 occurring during the past 

four years, 2 have been completely liquidated. Seventeen of the total 

106 terminated cases were completed during 1948, leaving a balance of 

56 active cases at the end of the year.

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DEPOSIT INSURANCE PROTECTION 11

The assets acquired by the Corporation in the merger cases have 

yielded upon liquidation larger amounts than were estimated at the time 

they were acquired. This is attributable to the high level of the nation’s 

economy in general, and specifically to the recovery of property values 

and inflation of prices. Receivers of the banks closed without merger have 

also had a favorable experience in the liquidation of the assets of those 

banks.

Recoveries and losses of the Corporation. By December 31, 1948, 

the Corporation had recovered $72 million of the $87 million of claims 

to which it had been subrogated by the depositors of insured banks in 

receivership. During the year final disposition was made of over 6,500 

claims in these banks which were previously unsettled.

Of the $180 million which had been disbursed in advances to merged 

insolvent banks, nearly $167 million had been recovered by the end of 

1948. An additional $3 million is estimated to be recoverable from 

receiverships and mergers still active.

Table 3 summarizes the Corporation’s disbursements and its recoveries 

and losses in the two groups of cases. The estimate of loss to the Corporation is slightly smaller than that given in the previous annual report 

of the Corporation, even though the present estimate covers three more 

cases. This reflects the fact that collections have been better than expected in nearly every type of asset acquired.

Table 3. D isb u r se 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 , an d

L o sse s b y t h e C o r p o r a tio n fro m In 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 ith it s F in a n c ia l A id , 1934-1948

(In thousands)

Total Liquidation

terminated

Liquidation

active

$266,976 $105,890 $161,086

87,039 52,106 34,933

179,937 53,784 126,153

28 28

238,652 94,096 144,556

72,220 42,701 29,519

166,432 51,395 115,037

3,422 3,422

312 312

3,110 3,110

24,930 11,794 13,136

14,535 9,405 5,130

10,395 2,389 8,006

407 333 74

245 227 18

162 106 56

Book entry December 31, 1948

Disbursements1....................................................................

Receiverships......................................................................

Mergers................................................................................

Estimated additional disbursements in receiverships2

Recoveries..............................................................................

Receiverships......................................................................

Mergers................................................................................

Estimated additional recoveries.....................................

Receiverships......................................................................

Mergers................................................................................

Losses by FDIC*...................................................................

Receiverships......................................................................

Mergers................................................................................

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

Receiverships......................................................................

Mergers................................................................................

1 Includes only principal disbursement; i.e., excludes expenses incident to the transactions, the 

greater part of which has been recovered.

2 Insured deposits which have not been paid. See Table 2.

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

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12 FEDERAL DEPOSIT INSURANCE CORPORATION

The total loss to the Corporation in the 407 insured banks placed in 

receivership or merged is estimated at $25 million: $15 million in the 

receivership cases and $10 million in the merger cases. For every $100 of 

deposits in banks placed in receivership it is estimated that the Corporation will lose $13.26. For every $100 of deposits in banks aided 

through a merger, it is estimated that the Corporation will lose $2.52.

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

Bank Examinations. It is the policy of the Corporation to examine 

annually each insured bank which is not a member of the Federal Reserve 

System, and to make additional examinations of such bank ^enever 

necessary. National banks are examined by the Comptroller of the 

Currency, and State bank members of the Federal Reserve System are 

examined by the respective Federal Reserve Banks. Copies of reports 

of examination made by the Comptroller of the Currency and by the 

Federal Reserve Banks are furnished the Corporation for review.

The Corporation conducted 5,712 regular examinations during 1948. 

In addition, the Corporation in 1948 made 528 other examinations and 

investigations. The latter figure includes 122 special examinations, 

54 entrance examinations of operating noninsured banks, 115 new bank 

investigations, 59 branch investigations, and 178 miscellaneous investigations. The regular examinations involved examination of 829 branches 

and approximately 600 trust departments operated by the 5,712 banks.

To assist in maintaining a competent examining staff, the Corporation 

is conducting an educational program for examiners and assistants. 

This program, which began in 1946, is designed to fit the particular 

needs of each participant and is supplemental to the training he receives 

on the job. Usually the program consists of correspondence study in 

courses given by the American Institute of Banking. In other cases, 

examiners or assistants are enrolled in residence courses offered through 

a college or university or by a local chapter of the American Institute 

of Banking. In the latter group are included enrollees in the American 

Bankers Association Graduate School of Banking held at Rutgers University, and in the Central States School of Banking at the University 

of Wisconsin. Approximately 75 percent of the examining staff were 

either enrolled or had completed courses under the program by the end 

of 1948. The entire cost of the program is paid by the Corporation.

Unsafe and unsound banking practices and violations of law 

or regulations. During 1948, proceedings were initiated against four 

insured banks for engaging in unsafe and unsound banking practices 

and were continued against four other banks. Corrections were made

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SUPERVISORY ACTIVITIES 13

by the banks in three cases; the proceedings were pending in the other 

five cases.

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

and the disposition of these cases, are given in Table 4. The practices 

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

1947 are listed in Table 5.

Table 4. A c tio n t o T e r m in a te In su r e d S ta t u s o f B a n k s C h a r g e d

w ith E n g a g in g in U n s a fe o r U n so u n d P r a c tic e s o r V io la t io n s

o f L a w o r R e g u la tio n s , 1936-1948

Disposition or status

Total

cases

1936-19481

Pending 

beginning 

of 19482

Started

during

1948

Total banks against which action was taken................. 141 4 4

Cases closed:

Corrections made.................................................................... 29 3

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 operation3............................. .......... 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

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

Cases pending December 31, 1948:

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

Recapitalization program pending.......................................

Action deferred pending examination.................................. 4 4

Otherwise deferred................................ ................................. 1 1

1 No action to terminate the insured status of any bank was taken before 1936. In 5 cases where 

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

2 Excludes one bank against which action pending at the beginning of 1948 was discontinued in 

order that a new action could be started.

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

Back data—See the Annual Report of the Corporation for 1947, p. 19, and earlier reports.

Approval of banks for insurance. During 1948 the Corporation 

approved the applications of 79 banks for admission to insurance. Of 

these, 43 were new banks, including one which succeeded a branch of 

another bank. The remaining banks approved for insurance comprised 

29 banks or successors thereto which were operating as noninsured 

banks at the beginning of the year and 7 insured banks which obtained 

new charters or withdrew from the Federal Reserve System and applied 

for insurance as banks not members of that System. In addition, the 

Corporation approved applications of 6 insured banks previously engaged 

only in certain banking functions, which wished to change their business 

to that of regular banks of deposit and discount or to engage in a special 

type of banking or fiduciary business. Eighteen applications for admission 

to insurance were disapproved because, in the opinion of the Board of 

Directors, the factors enumerated in the deposit insurance law were not 

met. One application was approved and later rescinded because of inability to meet capital requirements.

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

Table 5. S u m m a r y of U n s a f e o r U n s o u n d B a n k in g P r a c tic e s

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

F o u r B a n k s b y t h e C o r p o r a tio n D u r in g 1948

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 a seriously impaired capital... .

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

Continued payment of dividends of the bank’s capital stock while the

bank is in a weak and hazardous condition..........................................

Continued operation of the bank with its surplus impaired...................

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

specified date as requested by State Commissioner of banks.............

Management and general practices:

Continued operation of the bank with a weak and hazardous management 

Continued operation of the bank in an extended and hazardous condition 

Continued failure of the bank’s officers to properly exercise their functions and to preserve the assets of the bank........................................

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

Extensions of credit to directors, officers, employees and their interests

which do not conform to legal requirements........................................

Hazardous and reckless lending policies of the officers and failure of the

board to supervise the bank's lending and collection policies............

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

Hazardous practice of posting the bank's records at 10.00 A.M. each 

day and carrying over until the following day all subsequent business 

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

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

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

comply with the recommendations of bank examiners and/or Superintendent of Banks.............................................................................

Failure of directors and officers to carry out promises made to correct

unsafe and unsound practices.................................................................

Failure to effectuate fully the program of correction requested by 

Corporation representatives................................................................

Loan and investment practices:

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

Failure to obtain and maintain adequate credit support and information

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

Continued and unwarranted credit extensions to borrowers whose 

loans are secured by separate stocks of companies in which an officer

is interested..........................................................................................

Excessive amount of losses (including loans and overdrafts).............

Excessive amount of assets classified III and IV or held in violation

of State law..........................................................................................

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

Abnormal volume of loans classified II and loans listed for various

specific reasons.....................................................................................

Continued extension of large unsecured credits to financially involved

borrowers..................................................................................................

Disproportionately large aggregate extensions of credit which exceed

in amount the limitations prescribed by law........................................

Continued and unwarranted practice of extending credit in the form 

of cash items and overdrafts..............................................................

d

a, d

b, c

a, b, c, d

a, b, c

a, b 

b

b, e 

a, b

b

a, b, c, d

a, b, c

a, b, c 

a, b, c 

a, b

a, b, c, d

a, b, e 

a, b, d

a, b, c

a, b, e 

b

The number of banks approved for insurance in a year differs from the 

number admitted. Some new banks approved for insurance are not 

opened, or the effective date of insurance is delayed for other reasons, 

until the subsequent year. In a few cases banks alter their plans or do 

not meet conditions specified by the Corporation. Banks which are 

chartered as national banks, and State banks which are admitted to 

the Federal Reserve System, become insured without action by the 

Corporation. For changes in the number of insured banks during 1948, 

see pages 30 and 72.

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SUPERVISORY ACTIVITIES 15

The total number of applications for admission to insurance acted 

upon by the Corporation during each year since the beginning of the 

permanent plan of deposit insurance on August 23, 1935, together with 

the final action of the Corporation on these cases, is given in Table 6.

T a b le 6 . A c tio n s b y t h e Fe 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 l ic a t io n s fr o m B a n k s fo r A d m is s io n to I n s u r a n c e , 1935-1948

Number of applications1

Year

Acted

upon Approved*

Approved 

but later 

rescinded

Disapproved

1935-1948............................................................ 1,605

104

1,376

85

51 178

1948.................................................................. 1 18

1947.................................................................. 155 135 3 17

1946.................................................................. 175 158 6 11

1945.................................................................. 124 116 3 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 1948 may differ slightly from those given in previous Annual Reports 

of the Corporation, because of later recisions of cases approved or revision of the data.

2 Includes approvals of change in type of business conducted. Excludes cases where approval was 

later rescinded.

Approval of establishment of branches. During 1948 the Corporation approved the establishment of 48 branches by insured banks 

not members of the Federal Reserve System. Of these, 39 were for the 

establishment of new banking offices. Of the remaining cases, 7 were 

banks to be absorbed and converted into branches, and 2 were branches 

to be established at former locations of head offices after the relocation 

of such offices. The Corporation also approved the establishment of 

one regular branch in place of a teller’s window; and approved continuation of operation of six branches previously operated by absorbed 

banks or operated by banks at time of their admittance to insurance. 

The Corporation disapproved five applications for permission to establish 

branches. One application was approved and later rescinded because 

the applicants abandoned their plans.

The number of branches established by insured banks in a year differs 

from the number approved by the Corporation. Approval by the 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

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16 FEDERAL DEPOSIT INSURANCE CORPORATION

the banks change their plans or fail to meet conditions specified by the 

Corporation. Early in 1946 the Corporation established a policy under 

which approval of a branch is automatically abrogated if the branch is 

not in operation within six months after date of approval, unless the 

bank receives an extension of time. For changes in the number of branches 

of insured banks in 1948, see pages 30 and 73.

Table 7 gives the number of applications received each year from banks 

not members of the Federal Reserve System for approval of the 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.

Table 7. A c tio 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 tio n o n

A p p l ic a t io n s fo r A p p r o v a l of 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, 1935-1948

Number of applications1

Year

i

i Approved2

Approved 

but later 

rescinded8

Disapproved

919 829 36 54

61 55 1 5

83 72 3 8

91 84 3 4

61 58 1 2

49 46 3

105 101 2 2

36 32 2 2

49 46 3

44 40 2 2

61 53 3 5

82 71 6 5

89 82 5 2

93 80 5 8

15 9 6

1935-1948.

1948.

1947.

1946.

1945.

1944.

1943.

1942.

1941.

1940.

1939.

1938.

1937.

1936.

1935.

1 Figures for years prior to 1948 may differ slightly from those given in previous Annual Reports 

of the Corporation, because of later recisions of cases approved or revision of the data.

2 Excludes cases where approval was later rescinded.

* Includes cases where commitments expired under the 6-month limitation period.

Reports from banks. Semi-annual statements of average deposit 

liabilities were submitted by each insured bank as required by law for the 

purpose of determining the amount of the insurance assessment.

The Corporation called for reports of assets, liabilities, and capital 

accounts as of June 30 and December 31, 1948, and for a report of earnings, expenses, and disposition of profits for the calendar year 1948, 

from each insured bank required by law to submit such reports to the 

Corporation. These reports are required from all insured State banks 

not members of the Federal Reserve System except those in the District 

of Columbia.

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SUPERVISORY ACTIVITIES 17

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

and capital accounts for June 30 and December 31, 1948, are given in 

the pamphlets, “ Assets and Liabilities, Operating Insured Commercial 

and Mutual Savings Banks,” Reports No. 29 and 30, and in Table 108 

of this report, pages 94-97. Summaries of the reports of earnings, expenses, and disposition of profits are given in Tables 114-120, pages 

112-133 of this report.

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

Federal legislation. Under Public Law 813, approved June 29, 1948, 

all functions, powers, and duties in connection with Federal Credit 

Unions, which had been supervised by the Federal Deposit Insurance 

Corporation since April 27, 1942, were transferred to the Federal Security 

Agency. This transfer was recommended by the directors of the Corporation because of their belief that supervision of credit unions was 

extraneous to the functions of the Corporation. They were also concerned about the possibility that an association of ideas would lead 

members of Federal Credit Unions to conclude that their shares might 

be insured. The text of the Act appears on pages 65-66 of this report.

State legislation. Only a few States held legislative sessions during 

1948. A summary of the banking legislation enacted in these States is 

given on pages 66-68.

O r g a n iz a t io n 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 in 1946, Mr. Preston Delano, Comptroller of the Currency 

since 1938, and Mr. H. Earl Cook who was appointed in 1947, served 

throughout the year as members of the Board of Directors.

Staff and organization. On December 31, 1948, the personnel of 

the Corporation consisted of 1,033 officers and employees as compared 

with 1,160 at the beginning of the year. The change in the number of 

employees was due primarily to the transfer of 95 persons to the Federal 

Security Agency when credit union supervision was shifted to that 

agency; and to a decrease of 49 in the personnel of the Division of Liquidation, principally on account of reduction in the volume of assets 

remaining in the process of liquidation. The number of employees in 

each Division of the Corporation as of December 31, 1948, is given 

in Table 8.

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18 FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 8 . O ff ic e r s a n d E m p l o y e e s o f 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 t io n , D e c e m b e r 31, 1948

Division and office Number

T ota l.....................................................

Washington office..........................

Field offices....................................

Directors...........................................

Executive Division..........................

Legal Division..................................

Division of Examination.................

Washington office...........................

District and field...........................

Division of Liquidation...................

Washington office..........................

Field..............................................

Division of Research and Statistics

Washington office...........................

Field...............................................

Personnel Division...........................

Fiscal and Accounting Division

Audit Division..................................

Washington office...........................

Field...............................................

Service Division...............................

1,033

922

711

3

25

23

655UO

615

118

28

90

44AS1

20

46

22

17

5

77

Descriptions of the duties of each Division of the Corporation and of 

the Corporation’s standing committees, and of other aspects of the 

organization of the Corporation, are given in Subchapter A of Chapter 3, 

Title 12 of the Code of Federal Regulations. This chapter of the Code 

of Regulations, which comprises the rules and regulations of the Federal 

Deposit Insurance Corporation, was reprinted by the Corporation as 

of August 15, 1948.

Income and expenses. The total income of the Corporation in 1948 

was $146.8 million. Of this amount, $119.2 million represented assessments; $24.8 million profit and interest on investments; and $1.4 million 

interest on loans and subrogated claims. Other income amounted to 

$1.4 million.

Total losses and expenses of the Corporation in 1948 amounted to 

$5.7 million, of which $0.4 million were insurance losses and expenses 

and $5.3 million administrative expenses and other charges. Administrative expenses were 3.6 percent less than in 1947.

The surplus of the Corporation was increased by $142.4 million during 

the year, reflecting income of $141.2 million in excess of expenses and 

losses and $1.2 million of adjustments to surplus applicable to prior 

periods.

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ORGANIZATION AND FINANCIAL STATEMENTS 19

A summary statement of the income and expenses of the Corporation 

for each year since its organization is given in Table 9. A detailed statement for the year 1948 is given in Table 10.

T a b le 9 . I n c o m e a n d E x p e n s e s o f t h e F e d e r a l D e p o s it I n s u r a n c e

C o r p o r a tio n Sin c e B e g in n in g O p e r a t io n s1

(In millions)

Year

Income Expenses

Net 

income 

added to 

Total surplus

Deposit

insurance

assessments2

Investment 

and other 

income

Total

Deposit 

insurance 

losses and 

expenses3

Administrative

expenses4

1933-1948.............. $1,148.7 $904.3 $244.4 $82.8 $25.9 $56.9 $1,065.9

1948................... 146.8 119.2 27.6 5.7 .4 5.3 141.2

1947................... 157.7 114.4 43.3 5.6 .1 5.5 152.1

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 4.3 .6 3.7 57.7

1940................... 55.9 46.2 9.7 8.1 4.5 3.6 47.8

1939.................... 51.2 40.7 10.5 11.0 7.6 3.4 40.2

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

1937................... 48.1 38.8 9.3 6.3 3.6 2.7 41.8

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

1933-34®............. 7.0 7.0 4.4 .3 4.18 2.6

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.

8 Includes nonrecoverable expenses in connection with payment of insured deposits of banks placed 

in receivership. Total deposit insurance losses and expenses are therefore larger than the losses incurred 

and reserve for losses, as given in footnote 1 to Table 12.

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

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

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

funds on June 30, 1934.

Assets and liabilities. From the beginning of deposit insurance to 

December 31, 1948, the Corporation disbursed $311.2 million to pay 

depositors in closed insured banks or to assist in the merger of banks in 

difficulty, thereby acquiring subrogated depositors’ claims or other 

assets from the closed banks. The Corporation has recovered $283.3 

million from these assets. Additional recoveries are estimated at $3.6 

million, and the Corporation’s losses at $24.3 million.

Of the total assets acquired from closed banks, the portion which was 

held by the Corporation at the close of 1948 had cost $16.5 million. 

These assets were carried on the books of the Corporation at the amount 

of the estimated additional recovery, or appraised value, of $3.6 million.

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20 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 10. I n com e an 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 su ran ce

C o r p o r a t io n , C a l e n d a r Y e a r 1948

Income or expense item Amount

Income:

Deposit insurance assessments................................................................................. $ 119,226,931.10

24,778,600.56

1,384,462.18

1,302,049.37

94,542.21

21,789.88

146,808,375.30

362,648.77

5,274,284.22

20,935.50

5,657,868.49

141,150,506.81

923,485,506.05

1,214,888.05

924,700,394.10

$1,065,850,900.91

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

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

Other interest received.............................................................................................

Reimbursement of net cost incurred in administration of the Federal Credit 

Union Act from Mav 16, 1942, to July 28, 1948...............................................

Charter, organization, examination and supervision fees, Federal Credit Unions 

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

Total Income........................................................................................

Expenses:

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

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

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

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

Net Income added to surplus...........................................................

Surplus:

As previouslv reported for December 31, 1947......................................................

Plus—Net adjustments applicable to periods prior to January 1, 1948..............

Surplus December 31, 1947, as adjusted.......................................

Surplus December 31, 1948..............................................................

DISTRIBUTION OF ADMINISTRATIVE EXPENSES 

Salaries............................................................................................................................ $ 4,017,468.92 

3,087.00 

620.57 

711,330.34 

310,449.25 

119,564.76 

41,404.12 

5,487.55 

15,028.69 

15,982.96 

15,498.37 

14,472.49 

30,628.24

5,301,023.26

26,739.04 

$ 5,274,284.22

Professional services........................................................................... ...........................

Services of other governmental agencies.....................................................................

Transportation (travel, including per diem)..............................................................

Office rental....................................................................................................................

Printing, stationery, and supplies................................................... ...........................

Postage, telephone, and telegraph..............................................................................

Insurance and fidelity bond premiums........................................................................

Subscriptions............................................................................................ ......................

Equipment rental.................................................... ......................................................

Repairs and alterations.................................................................................................

Transportation of things...............................................................................................

Miscellaneous................................................................................................................

Less:

Inter-departmental expense transfers.....................................................................

Administrative expenses for the year ended December 31, 1948...................

United States Government obligations held by the Corporation at 

the close of 1948 amounted to $1,066.1 million, valued at cost and accrued 

interest receivable. Cash amounted to $2.3 million and other assets to 

$0.1 million.

The capital of the Corporation at the close of 1948 consisted of its 

accumulated surplus, which amounted to $1,065.9 million, after repayment of its original capital. Pursuant to Public Laws 363 and 813, approved August 5, 1947 and June 29, 1948, respectively, which were 

recommended by the Corporation, the Corporation has retired and 

cancelled all the capital stock issued to the United States in the amount 

of $150 million and to the Federal Reserve banks in the amount of 

$139.3 million. Retirement of the capital stock was accomplished by

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ORGANIZATION AND FINANCIAL STATEMENTS 21

payments of $287.4 million into miscellaneous funds of the Treasury, made 

between September 8,1947 and August 30,1948, and by a credit, pursuant 

to Public Law 813, of $1.9 comprised of $1.3 for the net cost incurred in 

administering the Federal Credit Union Act from May 16, 1942, to 

July 28, 1948, and $0.6 million for funds advanced to the Bureau of 

Federal Credit Unions of the Federal Security Agency for use in administering the Act from July 28, 1948, to June 30, 1949.

A summary of the assets and liabilities of the Corporation at the close 

of each year since its organization is given in Table 11. A more detailed 

statement of assets and liabilities at the beginning and end of 1948 is 

given in Table 12.

Table 11. A sse ts a n d L ia b il it ie 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 , 1934-1948

(In millions)

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

1948___ $ 2.3 $1,066.0 $ 3.6 $.1 $1,072.0 $ 6.1 $1,065.9 $153,454.0 .69%

1947___ 4.6 1,022.5 3.6 .1 1,030.8 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

Audit. The audit of the Corporation for the year ended June 30, 

1948, was made under the direction of the Comptroller General of the 

United States. The financial statements from the audit report have been 

furnished to the Corporation by the Comptroller General and are given 

in Table 13. The auditors’ opinion is shown on page 23.

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22 FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 12. A sse ts a n d L ia b il it 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, 1948, a n d D e c e m b e r 31, 1947

Asset, liability, or capital item Dec. 31, 1948 Dec. 31, 1947

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 paid— 

contra........................................................................................

$ 5,414,439.64

27,959.30

4,009,535.29

6,982,842.68

58,366.12

$ 7,173,569.38

79,560.02

4,452,200.66

6,959,368.43

411,282.34

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........

Total at face value................................................

Less: Reserve for losses...............................................................

$ 16,493,143.03

12,896,663.08

$ 19,075,980.83 

15,497,234.21

Cash on hand and on deposit...................................................

United States Government obligations at cost (purchased 

at face value) and accrued interest receivable...................

Due from Governmental agencies...........................................

Miscellaneous receivables...........................................................

Furniture, fixtures and equipm ent.........................................

Deferred charges...........................................................................

$ 3,596,479.951 

2,285,883.81

1,066,056,021.46

147.68

4,324.06

1.00

84,244.10

$ 3,578,746.62 

4,588,948.84

1,022,456,486.94

23,881.78

19,773.28

1.00

74,297.49

Total assets............................................................. $1,072,027,102.06 $1,030,742,135.95

LIABILITIES

Current liabilities:

United States Treasury for retirement of capital stock..........

Accounts and assessment rebates payable................................

Earnest money deposits and collections in suspense................

Net balances of depositors in closed insured banks pending 

settlement or not claimed—contra.........................................

Deferred credits.............................................................................

$ 367,325.01 

438,398.16

27.959.30 

4,530,476.37

790,000.00

22.042.31

$ 20,000,000.00 

700,831.23 

494,175.15

79,560.02

3,354,786.54

Special reserve for undetermined losses in purchases of 

assets from merging insured banks....................................

Reserve for deposit insurance expenses.................................

Total liabilities......................................................

22,970.38

$ 6,176,201.15 $ 24,652,323.32

CAPITAL

Capital stock:

United States................................................................................ (2) $ 102,604,306.58 

20,000,000.00

Less provision for retirement pursuant to Public Law 363— 

approved August 5, 1947 (see Current Liabilities)..............

Net capital stock................................................... 82,604,306.58

................................................................ $1,065,850,900.91 923,485,506.05Surplus— (see Table 10)

Total capital........................................................... $1,065,850,900.91 $1,006,089,812.63

Total liabilities and capital................................ $1,072,027,102.06 $1,030,742,135.95

1 Assets acquired through bank suspensions and mergers:

Disbursements (principal and recoverable liquidation expenses)................. $311,202,682.88

Recoveries........................................................................................................... 283,257,988.49

Remaining assets........................................................................................... $ 27,944,694.39

Less—Losses incurred and reserves for losses............................................. 24,348,214.44

Net book value, December 31, 1948................................................ $ 3,596,479.95

s Capital stock has been retired pursuant to Public Laws 363 and 813, approved August 5, 1947 

and June 29, 1948 respectively, which were recommended by the Board of Directors of the Corporation.

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ORGANIZATION AND FINANCIAL STATEMENTS 23

C o m p tr o lle r G e n e r a l o f t h e U n it e d St a t e s

WASHINGTON 25

March 17, 1949

Board of Directors,

Federal Deposit Insurance Corporation,

Washington 25, D. C.

Gentlemen:

An audit of the affairs of Federal Deposit Insurance Corporation for the fiscal 

year ended June 30, 1948, has been made by the General Accounting Office in compliance with the Government Corporation Control Act (31 U.S.C. 841 et seq.). At 

your request, there are transmitted herewith, for inclusion in the Corporation’s 

annual report, statements of financial position and operations, together with explanatory notes and the auditors’ opinion, all of which will be included in the detailed 

audit report to be submitted by the Comptroller General to the Congress.

Very truly yours,

L in d s a y C. W a r r e n

Comptroller General 

of the United States

a u d it o r s’ o p in io n

We have examined the balance sheet of Federal Deposit Insurance Corporation as 

of June 30, 1948, and the statement of income and deposit insurance reserve (surplus) 

for the year then ended. We have reviewed the system of internal control and accounting procedures of the Corporation and, without making a detailed audit of 

the transactions, have examined or tested accounting records and other supporting 

evidence by methods and to the extent deemed appropriate in view of the work 

performed by the Corporation’s internal auditing staff. Our examination was made 

in accordance with generally accepted auditing standards and included all procedures 

which we considered necessary in the circumstances.

We did not inspect the collateral under loans to merged insured banks or the documents evidencing ownership of assets purchased from merged insured banks or insured 

banks in receivership. The collateral and assets, for the most part, are held by liquidating agents of the Corporation at various locations throughout the country. We 

reviewed the reports of the Corporation’s internal auditors on their examination of 

such collateral and purchased assets.

In our opinion, the accompanying balance sheet and the statement of income and 

deposit insurance reserve (surplus), including the explanatory notes, present fairly 

the financial position of Federal Deposit Insurance Corporation at June 30, 1948, 

and the results of its operations for the year then ended, in conformity with generally 

accepted accounting principles applied on a basis consistent with that of the preceding 

year.

St e p h e n B. I v e s

Director

Corporation Audits Division 

General Accounting Office

March 2, 1949

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2 4 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 13. F in a n c ia l Sta t e m e n ts of th e F e d e r a l D e p o s it I n su r a n c e

C o r po r a t io n— from A u d ito r s’ R e p o r t fo r Y e a r E n ded

J u n e 30, 1948

ASSETS

$ 2,516,450

United States Government securities owned, at cost—market

value $1,017,087,081....................................................................

Accrued interest receivable.............................................................

$1,016,789,500

2,116,777 1,018,906,277

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 expense incurred

through loans to merged banks, less collections (note 2 )........

Assets purchased and liquidation expense incurred under agreements with merged banks, less collections (note 2).................

Assets purchased outright—cost, less collections (note 2 )..........

5,596,247

28,040

4,362,581

5,711,944

57,735

Less estimate for losses and expenses............................................

15,756,547

13,893,581 1,862,966

Miscellaneous receivables and deferred charges...................... k 7 - : -■ 74,588

Furniture, fixtures, and equipment, at nominal value............ . 5 7 1

$1,023,360,282

LIABILITIES

Due United States Treasury for retirement of capital stock

(note 3 )........ .......................................... ..................................... $ 10,000,000 

380,880Accounts payable and accrued liabilities (note 4)................

Earnest money, escrow funds, and collections held for others 480,296

Depositors’ net balances in insured banks in receivership,

28,040

Deferred credits (interest on loans and allowable return on purchased assets— note 2)................................................................ 5,054,032

Investment of United States Government, represented by 

non voting capital stock without par value (note 3):

U. S. Treasury................................................................................. $ 150,000,000

Federal Reserve banks.................................................................... 139,299,557

Capital stock outstanding, July 1, 1947................................... 289,299,557

Less:

Payments to the U. S. Treasury including the above 

$10,000,000 liability which was paid in July 1948......... 276,695,250

Net loss from Federal credit union activities to June 30, 

1948, recovered in August 1948 (note 5 )......................... 1,277,269

277,972,519 11,327,038

Deposit insurance reserve (surplus), representing net income 

from deposit insurance activities to June 30, 1948, available 

for future losses and related expenses (notes 4 and 6).......... 996,089,996

$1,023,360,282

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ORGANIZATION AND FINANCIAL STATEMENTS 25

Table 13. F in a n c ia l Sta t e m e n t s of th e F e d e r a l D e p o s it I n su r a n c e

C o r p o r a t io n— fr o m A u d it o r s’ R e p o r t fo r Y e a r E n ded

J u n e 30, 1948—Continued 

INCOME AND DEPOSIT INSURANCE RESERVE (SURPLUS)

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

$ 23,465,791 

13,723,283

$116,967,216

37,189,074

50,664

Incom e from investments:

Interest earned on Government securities less amortization. . . . 

Profit on sales of Government securities.......................................

Incom e from bank mergers and receiverships:

Interest and allowable return (note 2).......................................... 167,709

15,357

7,598

Profit on sale of assets purchased outright...................................

Receivership fees..............................................................................

Deduct estimated losses on disposition of assets purchased........

Total income.................................................................

190,664

140,000

154,206,954

Administrative and operating expenses..................................... 5,002,054

Net incom e for the fiscal year....................................................... 149,204,900

845,345,659

1,539,437

Deposit insurance reserve, June 30, 1947...................................

Adjustment of estimate of losses and expenses of prior years 

restored to reserve................................................................

Deposit insurance reserve (surplus), June 30, 1948................. $996,089,996

STATEMENT OF OPERATIONS AND CUMULATIVE LOSS 

FEDERAL CREDIT UNION ACTIVITIES

Incom e from fees.............................................................................. $ 189,912 

Operating expenses......................................................................... 508,346

Net loss for the fiscal year............................................................ 318,434

30, 1947................................................. 958,835Cumulative loss to June 

Cumulative loss to June 30, 1948 (note 5)................................. $ 1,277,269

NOTES TO THE FINANCIAL STATEMENTS:

1. The Corporation properly does not reflect in its balance sheet the assets of closed insured banks 

for which it acts as receiver. Such assets remaining at June 30, 1948, as evidenced in the records maintained by the Corporation, were undistributed cash of $398,332 and unliquidated assets having a book 

value of $459,990 with an estimated recovery value of $62,933. The undistributed cash and the collections on other remaining assets will be applied against the unpaid creditors’ claims of $655,151, 

including depositors’ claims subrogated to or pending settlement with the Corporation in the amount 

of $588,455.

2. Loans to merged insured banks are supported by collateral and are evidenced by demand notes 

bearing interest at the rate of 4 percent per annum on the principal and any subsequent amounts 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 collected 

the principal and any subsequent amounts expended plus interest. Any excess recoveries and residual 

unliquidated assets are returned to the stockholders of the closed bank.

Assets purchased from merged insured banks are evidenced by purchase agreements allowing a 

return at the rate of 4 percent per annum on the principal purchase price and any subsequent amounts 

expended by the Corporation. Under this arrangement, the Corporation acquires title to the assets, 

which it liquidates, returning any excess recoveries to the stockholders of the selling bank.

The Corporation follows the practice of taking into income only such amounts of interest or 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 closed. For those cases not yet closed 

in which the Corporation has recovered in full its investment, the additional recoveries representing 

interest of $4,732,407 and allowable return of $311,746, a total of $5,044,153 at June 30, 1948, are 

included in deferred credits.

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26 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 13. F in a n c ia l S ta te m e n ts o f t h e F e d e r a l D e p o s it In s u r a n c e

C o r p o r a tio n — fro m A u d ito r s ’ R e p o r t f o r Y e a r E n d ed

J u n e 30, 1948— Continued

NOTES: continued

3. The act of August 5, 1947 (12 U.S.C. 264 note), directs the Corporation to retire its capital 

stock by paying the amount received therefor (whether received from the Secretary of the Treasury 

or the Federal Reserve banks) to the Secretary of the Treasury. The act provides among other things 

that:

“ As soon as practicable after the enactment of this Act, the Corporation shall pay to the 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."

Final payment to the Secretary of the Treasury was made by the Corporation on August 30, 1948, 

retiring the balance of the outstanding capital stock.

4. Accrued annual leave of FDIC employees as of June 30, 1948, computed by the Corporation 

to be approximately $953,000, is not reflected in the financial statements.

5. The Corporation has been delegated the noninsurance function of supervising Federal credit 

unions for the United States Government. This activity has resulted in a loss of $1,277,269 to June 30, 

1948, including $318,434 for the fiscal year 1948, all of which had been charged against the deposit 

insurance reserve. Pursuant to Public Law 813, approved June 29, 1948 (62 Stat. 1091), the administration of the Federal Credit Union Act was transferred to the Federal Security Agency effective July 

29, 1948. In accordance with provisions of the law, the Corporation effected recovery for the deficit 

of the Federal credit unions through July 28, 1948, and the unexpended 1949 budget allocation for 

FCU of $624,668 which FDIC transferred to FSA. Thus FDIC was reimbursed for $1,926,717 by the 

deduction of this amount in the final settlement with the Treasury for retirement of capital stock.

6. Under the provisions of section 12B of the Federal Reserve Act, as amended by section 101 of 

the Banking Act of 1935 (subsection “ o” ), the Corporation was authorized and empowered to issue 

and have outstanding its notes, debentures, bonds, or other such obligations, in a par amount aggregating $974,600,000. This borrowing power was canceled by the act of August 5,1947 (12 U.S.C 264(o) ), 

which authorizes the Corporation to borrow from the Treasury, on such terms as may be fixed by the 

Corporation and the Secretary, such funds as in the judgment of the board of directors of the Corporation are required from time to time for insurance purposes, not exceeding, in the aggregate, 

$3,000,000,000 outstanding at any time. The Corporation has never used the borrowing power granted 

to it by the Congress.

7. The Corporation estimated that at June 30, 1948, the insured deposits in operating insured 

banks increased to 74.5 billion dollars—the highest in the Corporation’s history. The ratio of the aggregate capital stock and deposit insurance reserve (surplus) to the total insured deposits decreased 

to 1.352 percent at June 30, 1948, as compared with 1.553 percent at June 30, 1947.

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PART TWO

BANKING DEVELOPMENTS

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

At the close of 1948, more than 92 percent of the 14,753 banks operating 

in the United States and possessions were insured, and almost 95 percent 

of all bank deposits were liabilities of insured banks. All deposit liabilities 

were insured up to $5,000 per depositor in every bank in eight States and 

in the District of Columbia. The percentages of all deposits which are 

held by insured banks in each State are shown in Chart C.

CHART C

DEPOSITS OF INSURED BANKS AS A PERCENTAGE OF DEPOSITS OF ALL BANKS 

DECEMBER 31.1948

United States Average 95.1 %

The relatively low percentage of deposits in insured banks in most of 

the New England States was a reflection of deposits in mutual savings 

banks which have not joined the Federal deposit insurance system. At 

the end of 1948, only 36 percent of the 532 mutual savings banks in the 

country, with 69 percent of all deposits in mutual savings banks, were 

members of the Federal deposit insurance system. In contrast, 94 percent 

of all commercial banks, with 98 percent of commercial bank deposits, 

were insured. The number and deposits of commercial and mutual 

savings banks operating in the United States and possessions on December 

31, 1948, are presented in Table 14.

29

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

T a b le 14. N u m b e r a n d D e p o sit s o f O p e r a t in g B a n k s in th e U n it e d S t a t e s

a n d P o s s e s s io n s, D e c e m b e r 31, 1948

Type of bank and insurance status

Number of banks Deposits

Number Percentage

distribution

Amount 

(in millions)

Percentage

distribution

All banks............................................................ 14,753

13,612

1,141

14,221

13,419

802

100.0%

92.3

$162,041

153,454

8,587

143,636

140,682

2,954

18,405

12,772

5,633

100.0%

94.7Insured.............................................................

N oninsured...................................................... 7.7 5.3

Commercial banks.......................................... 100.0 100.0

Insured............................................................. 94.4 97.9

Noninsured...................................................... 5.6 2.1

Mutual savings banks.................................... 532 100.0 100.0

Insured......................................... ................... 193 36.3 69.4

N oninsured...................................................... 339 63.7 30.6

Changes in the number of banks and branches. The trend toward 

gradual reduction in the number of banks, which was interrupted in 1945, 

was resumed during 1948 with a decline of 14 in the number of operating 

banks. Nevertheless, the number of insured banks continued to rise.

Insured banks ceasing operations during 1948 outnumbered those 

opening for business, but the total number of insured banks increased 15 

during the year as a result of admissions of operating noninsured banks 

to insurance. During 1948, 62 banks opening for business were insured; 

80 insured banks terminated operations; and 33 noninsured banks became 

insured.

Changes in the number of banks and branches during 1948 and the 

period since the end of the war are given in Table 15.

T a b le 15. C h a n g e s in N u m b e r o f 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 St a t e s

a n d P o sse ssio n s, 1948 a n d t h e P e r io d 1946-1948

Type of change

During 1948 During 1946-1948

Total Insured Noninsured Total Insured Noninsured

Banks

Net change.......................................... -14 + 15 -29 +36 + 118 -82

Banks beginning operations............. 80 62 18 341 293 48

Banks ceasing operations................. 94 80 14 305 265 40

Changes in classification—net.......... +33 -33 +90 -90

Branches

Net change........................................... +205 + 195 + 10 +446 +418 +28

Branches opened for business.......... 225 211 14 671 633 38

Branches discontinued...................... 20 20 225 220 5

Changes in classification—net.......... + 4 -4 + 5 - 5

All banking offices

Net change........................................... + 191 +210 -19 +482 +536 -54

Offices opened.................................... 305 273 32 1,012 926 86

Offices closed...................................... 114 100 14 530 485 45

Changes in classification—net........ + 37 -37 95 -95

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BANKS AND BRANCHES 31

The relatively slow but steady trend toward branch banking throughout 

the war and postwar periods was accelerated in 1948. During the year 

205 more branches were opened than were discontinued. The net increase in branch offices during the period 1946-1948 was 446.

A sse t s a n d D ep o sit s

Assets and deposits of all banks. Almost no net change in total 

assets and deposits of all banks in the United States and possessions was 

recorded during 1948, but there were marked changes in the composition 

of both assets and deposits. Bank investments in United States Government obligations contracted sharply, while loans and discounts continued 

to expand. Business and personal demand deposits declined, the first 

annual decline since 1937, while savings and time deposits and Government deposits increased. Annual changes in assets and liabilities of all 

banks in 1948 are compared with those of 1946 and 1947 in Table 16.

Table 16. A s s e ts an d L ia b ilit ie s o f A l l B a n k s in t h e U n ite d S t a t e s an d

P o sse ssio n s, D e c e m b e r 31, 1946-1948

(Amounts in millions)

Asset, liability, or capital 

account item

Dec. 31, 

1948

Dec. 31, 

19471

Dec. 31, 

1946

Percentage change 

during—

1948 1947 1946

Total assets...............................................

Cash and funds due from banks...........

United States Government obligations. 

Obligations of States and political subdivisions ...............................................

Other securities.......................................

Loans, discounts, and overdrafts..........

Miscellaneous assets...............................

Total liabilities and capital accounts.

Total deposits.......................................

Business and personal—total.............

Demand.............................................

Time................................................

Certified checks, etc...........................

United States Government................

States and political subdivisions.......

Interbank (including postal savings).

Miscellaneous liabilities..........................

Total capital accounts............................

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

$176,075

39,635

74,462

5,754

5,717

48,453

2,054

176,075

162,041

138,674

83,167

58,355

2,152

2,515

8,561

12,291

1,480

12,554

$176,024

38,560

81,637

5,362

5,398

43,231

1,836

176,024

162,729

140,357

85,303

52,U5U

2,600

1,534

7,788

13,050

1,298

11,997

$169,256

35,185

87,032

4,471

5,046

35,810

1,712

169,256

156,753

133,956 

81,276

50,28b

2,396

3,164 

6,895 

12,738 

1,158 

11,345

(2)

2.89

- 8.8

7.3

5.9 

12.1

11.9

(2)

- 0.4

- 1.2

-2.5

1.7

-17.3

64.0

9.9 

- 5.8

14.0

4.7

4.0%

9.6

6.2

19.9

7.0 

20.7

7.2

4.0

3.8

4.8

5.0 U.3

8.5

-51.5

13.0 

2.4

12.1

5.7

- 5.0%

- 1.1

-14.5

10.0

11.4

17.5

- 0.9

- 5.0

- 5.8

10.0

10.0 11.0

-8 .U

-87.2

19.2

- 9.9 

-3.7

7.8

14,735 14,755 14,655 - 0.1 0.7 0.2

1 Revised.

2 Less than 0.05 percent.

Annual changes in demand and time deposits of businesses and individuals during the period 1934 to 1948 are shown in Chart D. Changing 

trends in the composition of assets of all banks since the beginning of 

deposit insurance are shown in Chart E.

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

CHART D

ANNUAL CHANGES IN BUSINESS AND PERSONAL DEPOSITS

1934-1948

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

1934 1935 1936 1937 1938 1939 1940 1941 ' 1942 1943 1944 {9 4 5 1946 1947 1948

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948

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ASSETS AND DEPOSITS 33

PERCENTAGE COMPOSITION OF ASSETS OF ALL OPERATING BANKS

December 3 1,19 3 4-19 4 8

♦178

T O T A L A S S E T S 

(B illions of D o llori)

♦176 $176

7%

ill

I p

I

United Staffs

Government

Obligations

Other

Securities

Loans and

Discounts

Cash and

Due from Banks

I^Other Assets

1934 ,935 1936 1997 1938 1939 1940 1941 1942 1943 1944 1949 1946 1947 1946

The most significant banking development in 1948 was the decline in 

deposits of businesses and individuals. During the preceding decade of 

war and its aftermath, these deposits had continued to expand in each 

year, slowly at first, and then more rapidly during the war years.

After the war was ended, private deposits continued to rise from one 

year-end to the next until 1948, even though total bank deposits declined 

during 1946. The reduction of total deposits of all banks in 1946 occurred 

mainly in United States Government deposits used for debt retirement 

by the Treasury. In contrast, most of the funds used for cash retirement 

of United States Government obligations in 1948 were obtained from 

surplus tax receipts. Thus, bank deposits of taxpayers rather than United 

States Government deposits were reduced in 1948.

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3 4 FEDERAL DEPOSIT INSURANCE CORPORATION

The year 1948 was also characterized by record levels of production 

by industry and agriculture. Backlogs of unsatisfied demands for many 

goods and services were partly supplied at higher prices than during the 

preceding years. But with a smaller supply of money than at the end of

1947, attempts to sell at higher prices met increasing resistance. Rapid 

increases in prices which had followed the end of wartime allocation and 

price controls were moderated and in some instances reversed during

1948. Nevertheless, the historically difficult adjustment from war to 

peacetime conditions appeared to proceed in a, generally satisfactory 

manner during 1948.

Financial operations and policies of the United States Treasury and the 

Federal Reserve System continued to exert dominating influences upon 

the volume and composition of bank assets and liabilities during 1948, 

as in the preceding war and postwar years. Two of the most important 

factors tending to reduce bank investments in United States Government obligations, for example, were increased reserve requirements and 

continued retirement of debt by the United States Treasury. The impact 

of these operations and policies affected commercial banks to a greater 

extent than mutual savings banks.

Table 17. A ssets a n d Lia b il it ie s op 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

Sta t e s an d P ossessio n s, D e c e m b e r 31,1945-1948

(Amounts in millions)

Asset, liability, or 

capital account item

Dec. 31, 

1948

Dec. 31, 

19471

Dec. 31, 

1946

Dec. 31, 

1945

Percentage

distribution

Dec. 31, 

1948

Dec. 31, 

1945

Total assets.............................. $155,602 $156,310 $150,552 $161,182 100.0% 100.0%

Cash and funds due from

banks................................... 38,758 37,674 34,366 34,975 24.9 21.7

United States Government

obligations.......................... 62,987 69,659 75,253 91,149 40.5 56.5

Obligations of States and

political subdivisions......... 5,683 5,297 4,411 3,974 3.6 2.5

Otner securities...................... 3,555 3,745 3,707 3,366 2.3 2.1

Loans, discounts, and overdrafts................................... 42,767 38,287 31,283 26,193 27.5 16.3

Miscellaneous assets.............. 1,852 1,648 1,532 1,525 1.2 0.9

Total liabilities and capital

accounts............................ 155,602 156,310 150,552 161,182 100.0 100.0

Total deposits...................... 143,636 144,966 139,883 151,089 92.3 93.7

Business and personal—

total............................. 120,274 122,599 117,092 106,397 77.3 66.0

Demand........................... 88,155 85,291 81,265 78,867 53.U U5.8

Time................................ 3U,970 8 U,710 88,1*32 29,917 22.5 18.6

Certified checks, etc.......... 2,11,9 2,598 2,895 2,618 l'A 1.6

United States Government 2,512 1,531 3,161 24,767 1.6 15.4

States and political subdivisions .......................... 8,559 7,786 6,893 5,784 5.5 3.6

Interbank (including postal

savings)........................... 12,291 13,050 12,737 14,141 7.9 8.7

Miscellaneous liabilities........ 1,411 1,236 1,108 1,160 0.9 0.7

Total capital accounts........... 10,555 10,108 9,561 8,933 6.8 5.6

Number of banks included... . . 14,129 14,222 14,1142 14,0792

1 Revised.

2 Noninsured nondeposit trust companies are not included.

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ASSETS AND DEPOSITS 35

Assets of commercial banks. Total assets of commercial banks 

amounted to $156 billion at the close of 1948, compared with $161 billion 

at the end of 1945, when bank assets reached their peak. In the three 

years since the cessation of hostilities, investments in United States 

Government obligations decreased by $28 billion. All other types of 

assets expanded during the same period.

United States Government obligations still comprised the largest 

portion of assets of commercial banks but dropped from 57 percent to 

40 percent of all assets between December 31, 1945, and December 31, 

1948. Cash and reserves increased from 22 percent to 25 percent of total 

assets during the same period, while loans and discounts expanded from

16 percent to 28 percent of total assets. The distribution of assets and 

liabilities of all commercial banks at the end of the years 1945 to 1948 is 

presented in Table 17.

Maturity of investments in United States Government obligations. Table 18 compares the maturity distribution of insured commercial bank investments in United States Government obligations on 

December 31, 1948, with the distribution at the close of 1947 and 1945. 

Prior to 1947, this distribution was available only for insured commercial banks, which held 98 percent of all commercial bank assets.

T a b le 18. M a t u r it i e s o f U n ite d S t a t e s G o v e r n m e n t O b lig a tio n s H e ld b y

In s u r e d C o m m e rc ia l B a n k s, D e c e m b e r 31, 1948, 1947, an d 1945

(Amounts in millions)

Type and maturity

Amount Percentage distribution

Dec. 31,

1948

Dec. 31,

1947

Dec. 31,

1945

Dec. 31,

1948

Dec. 31,

1947

Dec. 31,

1945

Total U. S. Government

obligations............................

Marketable issues:

Direct:

$61,407 $67,960 $88,933 100.0% 100.0 % 100.0%

Treasury bills1................

Certificates of indebted2,822 2,124 2,456 4.6 3.1 2.8

ness1............................. 10,068 7,555 19,075 16.4 11.1 21.5

Treasury notes1.............. 3,395 5,920 16,047 5.5 8.7 18.0

Bonds maturing in:3

5 years or less............. 19,374 18,341 9,030 31.6 27.0 10.2

5 to 10 years............... 15,114

6,581

22,202 32,230 24.6 32.7 36.2

10 to 20 years............. 7,534 6,092 10.7 11.1 6.9

Over 20 years.............. 2,059 2,654 2,787 3.4 3.9 3.1

Guaranteed issues.............. 8 14 22 (*) (’) 0)

Non-marketable issues4......... 1,986 1,616 1,194 3.2 2.4 1.3

1 Treasury bills are generally issued with maturities of 91 days; certificates of indebtedness have

maturities of approximately one year; and Treasury notes are issued with maturities of from one to

five years.

* Based upon number of years to final maturity.

* Less than 0.05 percent.

* United States savings bonds, Treasury bonds (investment series A-1965), and depositary bonds.

Prior to December 31, 1947, this item included United States savings bonds only; depositary bonds

were included with other United States bonds according to maturity.

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FEDERAL DEPOSIT INSURANCE CORPORATION

The decline in United States Government obligations held by insured 

commercial banks during 1948 occurred chiefly in bonds. Investments 

in Treasury notes, bills, and certificates increased about $1 billion during 

the year.

The most substantial decline, amounting to more than $7 billion, 

occurred in bonds maturing in 5 to 10 years. Almost all of this decline 

reflected changes in classification of bonds maturing in 1953 from the 5 

to 10 year category to the category of bonds maturing in less than 5 years. 

At the close of 1948, 58 percent of total holdings of United States Government obligations was scheduled to mature in less than five years compared with less than 50 percent at the beginning of the year.

Loans of insured commercial banks. The postwar expansion of 

bank loans continued during 1948, but the rate of expansion was slower 

than in either 1946 or 1947. Insured commercial bank loans outstanding 

at the end of 1948 reached the unprecedented total of $42 billion, a 

growth of 12 percent during the year, compared with increases of 19 

percent and 22 percent in 1946 and 1947.

Changes in the principal types of loans and discounts of insured commercial banks during 1948 are compared with those of 1946 and 1947 

in Table 19. Table 20 gives the amount of commercial bank loans insured 

or guaranteed by agencies of the United States Government at the end of

1947 and 1948.

T a b le 1 9 . A n n u a l C h a n g e s in L o a n s a n d D is c o u n t s o f I n s u r e d C o m m e r c ia l

B a n k s , 1946-1948

(Amounts in millions)

Dec. 31, 

1948

Dec. 31, 

1947

Dec. 31, 

1946

Percentage change during—

Type of loan 1948 1947 1946

Loans and discounts, net—

total........................................... $41,979 $37,592 $30,740 H .7% 22.3% 19.3%

Valuation reserves..................... 409 V) V) 0) C1) 0)

Loans and discounts, gross—

total........................................... 42,388 0) 0) (*) (1)

Commercial and industrial... 18,765 18,015 14,019 4.2 28.5 48.2

Agricultural (excluding farm

real estate loans)................ 2,775 1,610 1,358 72.4 18.6 3.3

Guaranteed by Commodity

Credit Corporation.......... 886 65 102 1,256.2 -36.1 -66.5

Other loans to farmers......... 1,889

10,671

1,51,5 1,256 22.3 22.9 2k.5

Real estate—total.................. 9,271 7,107 15.1 30.5 51.8

On farm land....................... 8U8 79A 68U 6.9 16.1 3U.7

On residential properties. . . 7,912 6,816 5,058 16.1 3U.8 51.8

On other properties.............. 1,911

6,806

1,661

5,655

1,365 15.1 21.7 62.U

Consumer............................... 4,031 20.4 40.3 70.7

For purchasing or carrying

securities............................. 2,276 2,013 3,127 13.1 -35.6 -53.8

All other................................. 1,095 1,028 1,098 6.5 -6.4 -6.9

1 Individual loan items as of December 31, 1948, were reported gross. Prior to June 30, 1948, loans 

were reported net of reserves. Since the total amount of reserve was less than 1 percent of total loan 

volume on December 31, 1948, it is not believed this revision materially affects comparisons with earlier 

dates.

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ASSETS AND DEPOSITS 37

The most marked reduction in the rate of loan expansion was recorded 

for commercial and industrial loans. The volume of this type of loan rose 

48 percent in 1946, 29 percent in 1947, and only 4 percent in 1948. Commercial and industrial loans outstanding at the year-end amounted to 

$19 billion and constituted 44 percent of total loans.

Real estate loans of $11 billion represented 25 percent of all loans outstanding at the close of 1948. Further growth in the volume of real estate 

loans was reported for every State in the Nation, but in each state the

1948 expansion was slower than during the preceding year. For the entire 

country, the average rate of increase was half that of 1947. Loans on 

residential properties rose to $8 billion, an increase of 16 percent compared with 35 percent in 1947. Loans on farm land were less than $1 billion. 

Loans on all other property, including commercial and industrial real 

estate, amounted to $2 billion at the year-end.

Agricultural loans, excluding farm real estate loans, rose more than 

$1 billion during 1948. Most of this increase represented a sharp rise in 

loans guaranteed by the Commodity Credit Corporation. Farm production loans increased at about the same rate as in 1946 and 1947.

Consumer loans to individuals rose 20 percent during 1948, about 

half as much as in 1947, reaching almost $7 billion. Loans for purchasing 

or carrying securities, which declined during 1946 and 1947, showed an 

increase of 13 percent in 1948.

Table 20. C o m m e r c ia l B a n k L o a n s G u a r a n t e e d o r I n s u r e d b y A g e n c ie s

o f 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, 1947-1948

(Amounts in millions)

Type of loan and guarantor agency

Total guaranteed 

in whole or in 

part

Guaranteed

portion

1948 1947 1948 1947

All types............................................................................. $7,124 $5,283 $5,023 $3,512

Real estate— total1.......................................................... 4,935 3,851 3,517 2,711

Federal Housing Administration.................................. 2,240 1,801 2,230 1,786

Veterans Administration............................................... 2,695 2,050 1,287 925

Business loans—tota l.................................................... 593 788 427 573

Veterans Administration............................................... 140 183 56 71

Reconstruction Finance Corporation........................... 328 409 246 307

Export-Import Bank...................................................... 122 187 122 187

War Agencies.................................................................. 1 2 1 2

Federal Reserve 13 B ...................................................... 2 7 2 6

Farm loans—tota l........................................................... 956 134 919 98

Veterans Administration............................................... 66 68 30 32

Commodity Credit Corporation................................... 887 66 887 66

Farmer’s Home Administration.................................... 8 (2) 2 (2)

Consumer loans—total*................................................ 640 510r 160 130

Federal Housing Administration.................................. 640 510 160 130

1 Excludes farm real estate mortgage loans which are shown under farm loans.

2 Less than $500,000.

* Includes a small amount of Title I loans made by mutual savings banks not available separately, 

r Revised.

Note: Based on records and estimates of guarantor agencies.

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38 FEDERAL DEPOSIT INSURANCE CORPORATION

Assets and deposits of all mutual savings banks. Total assets and 

deposits of all mutual savings banks continued to grow in 1948, but at 

a slower rate than during the preceding years. On December 31, 1948, 

total deposits were approximately $18 billion, an increase of 4 percent 

during the year, compared with increases of 5 percent in 1947 and 10 

percent in 1946. Comparison of 1948 changes in assets and liabilities of 

all mutual savings banks with changes during 1946 and 1947 is made in 

Table 21.

Table'll. A s s e t s an 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 t e s , D e c e m b e r 31, 1946-1948

(Amounts in millions)

Asset, liability, or surplus 

and capital account item

Dec. 31, 

1948

Dec. 31, 

1947

Dec. 31, 

1946

Percentage change1 

during—

1948 1947 1946

Total assets............................. $20,474 $19,714 $18,704 3.9% 5.4% 9.9%

Cash and funds due from

banks...................................

United States Government

878 886 819 -1.0 8.2 34.3

obligations..........................

Obligations of States and political subdivisions.............

11,476 11,979 11,779 -4.2 1.7 10.4

71 65 60 9.2 7.0 -32.2

Other securities......................

Loans, discounts, and over2,162 1,653 1,339 30.8 23.5 14.8

drafts................................... 5,686 4,944 4,527 15.0 9.2 5.8

Miscellaneous assets.............. 201 187 180 7.5 3.9 -11.3

Total liabilities and surplus

and capital accounts___ 20,474 19,714 18,704 3.9 5.4 9.9

Total deposits........................ 18,405 17,763 16,870 3.6 5.3 9.7

Miscellaneous liabilities........ 70 62 50 12.9 23.3 16.3

Surplus and capital accounts. 1,999 1,889 1,784 5.8 5.9 12.0

Number of banks included....... 532 533 5412 -0.2 -1.5 0.2

1 Computed from unrounded figures.

2 Includes 8 noninsured guaranty savings banks in New Hampshire.

Total assets at the close of 1948 exceeded $20 billion, of which more than 

one-half were United States Government obligations and more than onefourth were real estate loans. Mutual savings bank investments in United 

States Government obligations declined in 1948 for the first time since 

1930. Loans and investments in other securities expanded more rapidly 

than in 1946 or 1947.

United States Government obligations owned by mutual savings banks 

declined $500 million during 1948. Most of this reduction took place in 

issues maturing after 20 years. At the close of 1948, 41 percent of total 

investments in United States Government obligations were marketable 

bonds scheduled to mature in more than 20 years, as compared with 46 

percent at the beginning of the year. The change in the maturity distribution of mutual savings bank investments in United States Government obligations during 1948 is presented in Table 22.

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ASSETS AND DEPOSITS 39

Table 22. M a t u r it ie s o f U n it e d S t 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 M u t u a l Sa v in g s B a n k s , D e c e m b e r 31, 1947-1948

(Amounts in millions)

Type and maturity

Amount Percentage

distribution

Dec. 31, 

1948

Dec. 31, 

1947

Dec. 31, 

1948

Dec. 31, 

1947

Total United States Government obligations........ $11,476 $11,978 100.0% 100.0%

Marketable issues:

Direct:

Treasury notes, bills, and certificates.................. 391 314 3.4 2.6

Bonds maturing in:1

5 years or less...................................................... 948 652 8.2 5.5

5 to 10 years........................................................ 1,111 1,415 9.7 11.8

10 to 20 years...................................................... 3,794 3,712 33.1 31.0

Over 20 years........................... ....................... 4,695 5,515 40.9 46.0

Guaranteed issues....................................................... (2) 3 (a) (2)

Non-marketable issues*.................................................. 537 367 4.7 3.1

1 Based upon number of years to final maturity.

8 Less than $500,000 or .05 percent.

* United States savings bonds, Treasury bonds (investment series A-1965), and depositary bonds.

C a p it a l

Total capital accounts of all banks at the close of 1948 amounted to 

$12.5 billion. Of this total, $10.5 billion represented capital accounts of 

commercial banks and $2 billion represented surplus and guarantee 

funds of the mutual savings banks. The capital accounts and capital 

ratios of all banks by class of bank on December 31, 1948, are presented 

in Table 23.

Table 23. C a p it a l A c c o u n t s a n d C a p it a l R a t io s o f 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, b y C la ss o f B a n k , D e c e m b e r 31, 1948

(Amounts in millions)

Type of capital account 

or capital ratio

All

banks

Class of bank

AH

commercial

Insured

commercial

All

mutual

savings

Insured

mutual

savings

Capital accounts—total........................... $12,554 $10,555 $10,160 $1,999 $1,334

Capital stock, notes, and debentures—

total....................................................

Common stock.........................................

3,423

3,296

127

3,418

3,296

122

3,264

3,163

101

5 5

Preferred stock, capital notes, and debentures ............ .................................. 5 5

Surplus and guaranty funds.....................

Undivided profits and reserves................

6,008

3,123

4,646

2,491

4,504

2,392

1,362

632

998

331

Ratio of total capital accounts to:

Total assets................................................

Assets other than cash and United States 

Government obligations.......................

7.1%

20.2

6.8%

19.6

6.7%

19.3

9.8%

24.6

9.4%

23.5

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40 FEDERAL DEPOSIT INSURANCE CORPORATION

Capital stock outstanding increased during 1948, as the growth in 

common stock exceeded retirements of preferred stock owned mainly by 

the Reconstruction Finance Corporation. Capital stock of commercial 

banks exceeded $3 billion at the year-end. Net additions to capital from 

profits were smaller than in 1947 or 1946, but most of the growth in total 

capital accounts during 1948 came from retained earnings as in previous 

years.

Capital ratios. With total assets below the record high of 1945 and 

capital accounts increasing, the ratio of total capital accounts to total 

assets of commercial banks has improved from 5.5 percent at the end of 

1945 to 6.8 percent at the end of 1948. However, all of the reduction in 

commercial bank assets since 1945 has been in United States Government obligations. Investments in other securities and loans and discounts 

have risen more rapidly than capital accounts. As a result, the ratio of 

total capital accounts to assets other than cash and United States Government obligations has declined during the same period from 25.5 percent 

to 19.6 percent.

The wide variation in the ratio of total capital accounts to total 

assets other than cash and United States Government obligations by 

States is shown in Chart F. On December 31, 1948, the average “ risk 

asset” ratio for insured commercial banks ranged from a low of 9.2 

percent in Arizona to 28.7 percent in Delaware.

C H A R TF

Ratios of Total Capital Accounts to Total Assets other than Cash

and U.S.Govermnent Obligations, Insured Commercial Banks

United States Average 19.3%

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Federal Reserve Bank of St. Louis
CAPITAL 41

Examiners’ evaluation of capital and appraisal of assets. Both

the amount and proportion of assets classified as substandard by examiners 

of insured commercial banks were higher in 1948 than in 1946 or 1947. 

For banks examined in 1948, the ratio of substandard assets to appraised 

value of total assets was 0.53 percent compared with 0.48 percent in 1947 

and 0.36 percent in 1946, while the ratio of substandard assets to adjusted 

capital accounts was 8.00 percent compared with 7.42 percent and 6.02 

percent, respectively.

A special study of the quality of insured commercial bank assets is 

presented in Part Three of this report.

E a r n in g s of I n s u r e d C o m m e r c ia l B a n k s

For the tenth straight year both total and net current operating 

earnings of insured commercial banks were greater than in the preceding 

year. A substantial part of the record net earnings in 1948 were, however, 

transferred to reserve accounts, causing net profits after taxes to fall 

5 percent below 1947. The major earnings, expense, and profit data of 

insured commercial banks are shown in Table 24.

T a b le 2 4 . E a r n in g s , E x p e n s e s , a n d P r o f i t s o f I n s u r e d C o m m e r cia l B a n k s,

1934-1948

(Amounts in millions)

Year

Total

current

operating

earnings

Total

current

operating

expenses1

Net

current

operating

earnings1

Chargeoffs in 

excess of 

recoveries 

and profits 

on assets 

sold2

Income

taxes3

Net

profits

after

taxes

Cash 

dividends 

declared 

and 

interest 

paid on 

capital

Net

profits

retained

in

capital

accounts

1948.. $3,404 $2,164 $1,240 $219 $276 $745 $332 $413

1947.. 3,098 1,982 1,116 32 302 781 315 466

1946.. 2,863 1,763 1,100 126* 323 902 299 603

1945.. 2,482 1,523 960 2A5* 299 906 274 631

1944.. 2,215 1,357 858 96* 203 751 253 498

1943.. 1,959 1,256 703 62* 128 638 233 404

1942.. 1,790 1,222 569 48 79 441 228 213

1941. . 1,730 1,216 514 9 50 455 253 201

1940.. 1,631 1,170 461 37 23 401 237 164

1939.. 1,605 1,148 457 57 12 388 232 156

1938.. 1,584 1,148 436 126 10 300 222 78

1937.. 1,634 1,156 478 86 11 381 226 155

1936.. 1,567 1,114 453 88« 12 524 223 301

1935.. 1,486 1,078 408 195 5 207 208

1934.. 1,518 1,114 404 742 3 -3406 188 -528«

1 Figures for 1934-1941 are estimates and differ from reported figures by the amount of estimated 

income taxes excluded from total current operating expenses. See footnote 3.

2 Book value of assets charged off, and transfers to valuation reserves, minus recoveries on assets 

previously charged off, transfers from valuation reserves, and profits on assets sold.

3 Includes surtax and excess profits tax. Figures for 1934-1941 are estimates, based upon Bureau

of Internal Revenue figures of income taxes paid by national banks for 1934-1937, and paid by “ all banks 

and trust companies” for 1938-1941. Income taxes have been reported separately since 1936 for insured 

banks not members of the Federal Reserve System and since 1942, for banks members of the Federal 

Reserve System.

* Recoveries and profits on assets sold in excess of charge-offs.

6 Net loss.

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42 FEDERAL DEPOSIT INSURANCE CORPORATION

Dividends paid to stockholders were the highest of any year of Federal 

deposit insurance. Net additions to capital from profits declined 11 percent, but were sufficient, in view of the decline in bank deposits, to 

improve slightly the ratio of capital accounts to total assets.

Total current operating earnings. Total current operating earnings 

of $3,404 million in 1948 were 10 percent greater than in 1947. These 

unequalled gross earnings resulted chiefly from the 25 percent increase 

in income on loans, which rose to a record $1,600 million. During the 

three postwar years income from loans has more than doubled, due to 

greater loan volume, rising rates of interest, and a greater proportion of 

higher yielding types of loans. Between 1945 and 1948 the average rate 

of income on loans rose from 3.1 percent to 4.0 percent, thus accounting 

for about one-fourth of the growth in income from loans. During the 

same three-year period the proportion of total current operating earnings 

derived from loans increased from 29 percent to 47 percent.

Income from securities constituted about one-third of total earnings in

1948, as compared with their peak proportion of over one-half in 1945. 

The moderate drop in the amount of income from securities in 1948 was 

due to the decline in bank holdings of United States Government obligations. Income from United States Government obligations fell 7 percent 

to $1,008 million in 1948. Income from other securities, on the contrary, 

advanced 6 percent, chiefly as the result of an increase in bank holdings 

of obligations of State and local governmental units.

For the third successive year the average rate of income on securities 

advanced slightly, rising from 1.60 in 1947 to 1.64 in 1948, as shown in 

Table 25. The average rate of return on United States Government 

obligations increased slightly to 1.6 percent, while that on other securities 

remained practically the same at 2.1 percent.

Table 25. Sele c te d O p e r a t in g R a tio s of I n su r e d C o m m e r c ia l B a n k s , 1945-1948

Operating ratio 1948 1947 1946 1945

Net current operating earnings to total assets............... 0.82% 0.75% 0.72% 0.66%

Net profits after taxes to total capital accounts.............

Dividends and interest on capital to total capital

7.49 8.20 10.01 10.87

accounts.......................................................................... 3.33 3.31 3.32 3.29

Retained net profits to total capital accounts................ 4.16 4.89 6.69 7.58

Average rate of income on loans...................................... 4.04 3.79 3.43 3.09

Average rate of income on securities............................... 1.64 1.60 1.56 1.46

Average interest paid on time and savings deposits. . . . 0.90 0.87 0.84 0.87

Average service charges to demand deposits................... 0.17 0.14 0.11 0.10

Income taxes to net profits before income taxes............ 26.98 27.89 26.38 24.80

As in the previous three years, current operating earnings other than 

from loans and securities comprised 18 percent of the total in 1948. 

Service charges on deposit accounts, which made up 5 percent of the

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EARNINGS OF INSURED COMMERCIAL BANKS 43

total, brought in twice what they did when they were first reported 

separately in 1942. Income from trust departments and miscellaneous 

earnings from commissions, fees, and rentals accounted for the rest of 

current income. The distribution of the main components of current 

operating earnings and expenses is shown in Chart G.

CHARTG

SOURCES AND DISPOSITION OF CURRENT OPERATING EARNINGS

INSURED COMMERCIAL BANKS-1948

SOURCES

OTHER

SECURITIES-5.6 %

__ INTEREST ON 

TAXES AND DEPO SITS-9 . 3 % 

DEPRECIATION 

4.5 %

Total current operating expenses. Current operating expenses of 

insured commercial banks totaled $2,164 million in 1948, 9 percent 

greater than in 1947. As in the previous two years, salaries and wages 

constituted 48 percent of the total. The 10 percent increase in wage and 

salary payments was due to both increased employment and higher 

rates of pay. The average bank officer earned $5,726 in 1948, and the 

average bank employee $2,301, as shown in Table 26.

Interest on time and savings deposits, the next major expense item 

after wages and salaries, increased 6 percent in 1948 to its highest level 

since 1934. During the decade before the war interest payments to depositors comprised a substantially larger proportion of total expenses 

than the 15 percent they accounted for in 1948. The decline in aggregate 

interest payments until 1944 was due to a sharp fall in the average rate 

of interest paid on savings deposits. The increase in interest payments in 

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

posits, although the rate of interest paid on such deposits has also advanced slightly.

Other expenses of operation constituted 37 percent of total expenses 

in 1948. These include such diverse items as taxes other than on net income, rentals, depreciation on fixed assets, interest on borrowed money, 

fidelity and other insurance premiums, advertising and travel, office 

supplies, deposit insurance assessments, dues and contributions to other 

organizations, and various incidental items. The total of all such expenses 

increased 9 percent during 1948.

T a b le 2 6 . N u m b e r a n d C o m p e n sa tio n o f E m p lo y e e s o f I n s u r e d C o m m e r cia l

B a n k s, 1937-1948

Year

Employment1 Salaries and wages 

(in thousands) Average salary

Officers Others Officers Others Officers Others

1948................... 66,674 288,043 $381,756 $662,696 $5,726 $2,301

1947.................... 64,218 277,733 344,845 602,266 5,370 2,169

1946.................... 60,908 258,335 309,220 521,709 5,077 2,020

1945.................... 57,806 237,326 266,018 424,881 4,602 1,790

1944................... 55,902 227,512 240,354 386,346 4,300 1,698

1943................... 55,117 221,060 225,142 356,958 4,085 1,615

1942............ 55,996 213,794 219,388 333,171 3,918 1,558

1941................... 56,392 204,319 211,311 302,627 3,747 1,481

1940................... 55,215 194,567 202,357 282,837 3,665 1,454

1939................... 54,396 189,400 196,426 274,934 3,611 1,452

1938................... 53,657 187,799 191,984 269,952 3,578 1,437

1937................... 52,876 184,651 187,024 285,141 3,537 1,436

1 Average of number of full and part-time employees at the beginning and end of the year.

Net current operating earnings. Net current operating earnings 

amounted to a record $1,240 million in 1948, an increase of 11 percent 

above the previous year. The rate of net earnings on total assets advanced 

to 0.82 percent, the highest since 1937. This compares with a rate of 0.75 

percent in 1947, and a 1935-1941 average of 0.77 percent.

Charge-offs, recoveries, transfers to and from reserves, and

profits on assets. During the postwar years charge-offs on assets and 

additions to valuation reserves of insured commercial banks have steadily 

become a heavier charge against net current operating earnings. In 1945 

and 1946 large profits on the sales of securities offset net charge-offs on 

assets, including valuation reserve transfers, sufficiently to provide a 

substantial net addition to current earnings from this source. In 1947, 

however, net losses and charge-offs exceeded net recoveries and profits 

on assets by $32 million; in 1948 this excess amounted to $219 million.

By far the largest element in this change from 1947 to 1948 was the 

transfer of $279 million to valuation reserves against loans. Combined 

additions to such reserves and losses and charge-offs on loans amounted

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Federal Reserve Bank of St. Louis
EARNINGS OF INSURED COMMERCIAL BANKS 45

to $311 million in 1948, compared with $120 million in 1947. The practice 

of making additions to reserve accounts against loans was stimulated 

substantially by the December 8, 1947, ruling of the Commissioner of 

Internal Revenue permitting banks to accumulate limited amounts of 

tax-free reserves for bad-debt losses on loans. As of December 31, 1948, 

38 percent of all insured commercial banks had taken advantage of this 

ruling. During 1948 these banks added $250 million to the $100 million 

balance in such accounts at the beginning of the year. At the end of 1948 

the reserve account for bad-debt losses on loans, after recoveries, losses, 

and transfers to and from this account, stood at $311 million.

Profits on sales of securities declined further from $100 million in 1947 

to $60 million in 1948. Charge-offs on securities, including transfers to 

reserve accounts, were the same as in 1947, amounting to $119 million. 

The amount of recoveries on securities and transfers from reserve accounts 

against them increased slightly; but it amounted to less than half the 

charge-offs.

Net profits. The amounts of net profits and their disposition for each 

year from 1935 to 1948 are shown in Chart H.

CHART H

DISPOSITION OF NET PROFITS AFTER TAXES 

INSURED COMMERCIAL BANKS 

1935-1948

M ILLIONS OF D O L L A R S M ILLIO N S O F DOLLARS

1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948

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46 FEDERAL DEPOSIT INSURANCE CORPORATION

Net profits both before and after income taxes were lower in 1948, 

due largely to the substantial additions to reserve accounts. The 27 

percent of net profits absorbed by income taxes was about the same as 

in recent years. Net profits after taxes amounted to $745 million, 5 

percent below 1947. This represented a rate of return of 7.5 percent on 

total capital accounts as compared with 8.2 percent in 1947. Although 

the ratio of net profits to capital accounts has declined steadily since 

1945, it is still appreciably above the 1935-1941 average rate of return.

Dividends and retained profits. Payments of dividends and interest on capital of insured commercial banks reached a record level 

of $332 million in 1948, 5 percent above the previous peak in 1947. This 

increase in dividends, in view of the decline in net profits, raised the proportion of distributed net profits to 45 percent in 1948 as compared with 

40 percent in 1947. In 1948 the rate of dividends on total capital accounts 

remained at the 3.3 percent rate of the previous four years.

The additions to capital accounts from retained profits averaged 

55 percent of net profits of all insured commercial banks. The average 

proportion of profits retained by banks in the different States, and the 

average rate of profits on capital accounts by State, are given in Chart I. 

As shown there, banks in Nevada averaged the highest proportional retention of net profits in capital accounts, while banks in the District of 

Columbia retained the smallest proportion. In general, the proportion of 

profits retained varied directly with the level of profits. However, in three 

States—California, Georgia, and Utah—banks retained a smaller proportion of profits than the national average even though their rate of net 

profits on capital accounts was above the national average. Conversely, 

banks in five States—Illinois, New Jersey, Ohio, Vermont, and Wisconsin—retained a larger proportion of profits than the national average 

even though their rate of net profits on capital accounts was below the 

national average.

E a r n in g s of I n s u r e d M u t u a l Sa v in g s B a n k s

Both total and net current operating earnings of insured mutual savings 

banks reached record levels in 1948. Current operating earnings totaled 

$403 million, 7 percent above 1947. Net current operating earnings before 

payment of dividends advanced likewise by 7 percent. Most of this increase above 1947 earnings was used to boost dividends to depositors 

8 percent above the previous year. Although losses and charge-offs exceeded recoveries and profits on assets, net profits after taxes advanced 

slightly, regaining part of the sharp decline experienced in 1947.

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WARNINGS OF INSURED COMMERCIAL BANKS 47

CHART/

RATE OF NET PROFITS AND PROPORTION OF NET PROFITS RETAINED

INSURED COMMERCIAL BANKS-1948

RATE OF NET PROFITS AFTER TAXES ON TOTAL CAPITAL ACCOUNTS

United Stoles Average 7.5%

NET ADDITIONS TO CAPITAL FROM PROFITS 

AS A PROPORTION OF NET PROFITS AFTER TAXES

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48 FEDERAL DEPOSIT INSURANCE CORPORATION

As in the previous two years, income from United States Government 

obligations was the largest single element in earnings. Income from 

United States Government obligations constituted 46 percent of total 

current operating earnings; the total of $184 million was about the same 

as in 1947. Both the volume of such securities held by insured mutual 

savings banks and the average rate of return on them approximated that 

of the previous year.

Income on other securities advanced sharply during 1948 to $36 

million, the growth amounting to 47 percent. This resulted almost entirely from the increase in holdings of other securities, for the 3.0 percent 

average rate of return on them was about the same as in 1947.

Income from loans, almost all of it from real estate loans, reached a 

record level of $169 million in 1948. The proportion of earnings derived 

from this source increased slightly during the year and comprised 42 

percent of the total. The decline in the average rate of income on loans 

of the previous two years was further extended; the rate averaged 4.4 

percent in 1948. The amount and the average rate of income on loans 

and securities of insured mutual savings banks for the period 1943 to 1948 

are shown in Table 27.

Table 27. A m ou n ts a n d A v e r a g e R a te s op I ncom e R e c e iv e d an d D iv id e n d s

P a id b y I n su r e d M u tu a l Sa v in g s B a n k s , 1943-19481

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 

and savings 

deposits2

1948......................... $169 $220 4.43% 2.38% 1.57%

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.

Current operating expenses totaled $101 million in 1948, 8 percent 

greater than in the previous year. Salaries and wages, the major expense 

item, comprised 48 percent of the total, about the same as in previous 

years. Compensation of officers averaged $9,448 and of other employees 

$2,903, slightly above the average compensation in 1947. The higher 

average salary of officers and employees of insured mutual savings banks, 

as compared with that of officers and employees of insured commercial 

banks, reflects the concentration of the insured mutual savings banks in 

New York and New Jersey, where rates of pay are typically higher.

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EARNINGS OF INSURED MUTUAL SAVINGS BANKS 49

Net current operating earnings before the distribution of dividends, 

or interest, to depositors amounted to $302 million in 1948. Dividends 

paid to depositors in mutual savings banks are similar to interest paid on 

time deposits in commercial banks; unlike the latter, however, dividends 

are not considered a current expense, but instead are distributed at the 

end of specified periods. Dividends amounted to a record $196 million in 

1948. Most of the increase in dividends was due to the larger amount of 

deposits, but part of it was due to a slight advance in the average rate 

of dividends to 1.6 percent of deposits. Net operating earnings after the 

distribution of dividends on deposits amounted to $106 million, moderately 

above the previous year.

Losses and charge-offs exceeded recoveries and profits on assets by 

$17 million in 1948, as compared with $12 million in 1947. This continued 

the 1947 reversal of the experience of 1945 and 1946 when substantial 

net recoveries and profits on assets were realized. The major factor in the 

1948 experience was the sharp drop in recoveries and profits on securities, 

which more than offset a substantial decline in losses and charge-offs on 

them. Losses and charge-offs on loans increased from $4 million to $7 

million, but were still a relatively small part of total losses and charge-offs.

Net profits after taxes of insured mutual savings banks totaled $85 

million in 1948, 3 percent above 1947, but substantially below the levels 

of 1945 and 1946. Retained profits amounted to 6.5 percent of average 

surplus and capital accounts, boosting them to $1,334 million at the 

end of 1948. This increase in surplus and capital accounts raised them 

to 9.4 percent of total assets as compared with 9.3 percent at the end 

of 1947.

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PART THREE

SUBSTANDARD ASSETS OF INSURED COMMERCIAL BANKS

1934-1948

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S u b sta n d a r d A s s e t s o f In s u r e d C o m m e rc ia l B a n k s, 1934-1948

The growth in substandard assets held by insured commercial banks 

during 1947 and 1948 marked the reversal of a trend that had continued 

since 1934. Assets classified as substandard were one-half greater in 1948 

than at the low point in 1946. In 1948, substandard assets equaled 

8 percent of the capital accounts of the banks, as evaluated by bank 

examiners, compared with 6 percent in 1946. However, the amount and 

proportion of assets classified in 1948 as substandard were much smaller 

than in prewar years. In 1948, about one-half of 1 percent of all assets 

of insured commercial banks were considered substandard. In 1939, 

over 5 percent of the assets were rated substandard, and these substandard assets equalec| nearly one-half of the capital accounts of the 

banks.1

Improvement in the quality of bank assets represents one of the most 

significant changes that has occurred in the nation’s banking system 

during the 15 years existence of the Federal Deposit Insurance Corporation. Three of the factors which have contributed to this record of 

progress are the general uptrend of business during the period 1934 to 

1948, a change in the composition of bank assets, and more effective 

cooperation between the banks and the supervisory authorities.

The uptrend in business after 1934 enabled banks to recover an 

appreciable part of assets previously regarded as worthless. Many 

doubtful loans proved sound because of the growth in economic activity 

and rise in prices. Improvement in the earning position of banks also 

enabled banks to write off losses the recovery of which appeared improbable. At the same time, the closing of weak and insolvent banks 

served to raise the average quality of the assets of the remaining banks.

There has been a significant change in the composition of bank assets 

since the beginning of deposit insurance, particularly with respect to 

direct and indirect obligations of the United States Government. During 

the five years preceding 1934 United States Government obligations, 

cash in vault, deposits in Federal Reserve banks, and loans or securities 

guaranteed by the Government comprised about 18 percent of the assets 

of commercial banks. At the close of 1939 they comprised 46 percent, 

and at the end of 1945 amounted to 69 percent of total assets. After 

that date bank holdings of United States Government obligations 

declined; but at the end of 1948 those obligations, together with cash

1 The term “ substandard” is used to describe loans or other assets which entail excessive risk, but 

the repayment or sale of which is not so improbable as to require charging off the books. The classification 

is made by the examiners of the Federal banking agencies: The Office of the Comptroller of the Currency 

in the case of national banks; the Federal Reserve banks in the case of State banks members of the 

Federal Reserve System; and the Federal Deposit Insurance Corporation in the case of other insured 

banks. For details regarding the classification and evaluation of bank assets by examiners, see the annual 

report of the Corporation for 1938, pages 61-78.

53

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54 FEDERAL DEPOSIT INSURANCE CORPORATION

in vault, deposits in Federal Reserve banks, and loans or securities 

guaranteed by the Government, made up 58 percent of the assets of 

commercial banks. This increase in low risk assets was an important 

factor in the improvement in the average quality of bank assets during 

the period. In addition, general adoption of the amortization principle 

for repaj^ment of real estate loans and loans to business and farmers for 

capital purposes, improved the average quality of other bank assets.

When the Federal Deposit Insurance Corporation was established, 

bankers feared that deposit insurance would encourage unsound practices 

and excessive risk-taking. These apprehensions, however, have proved 

unwarranted. The mutual interest of the Corporation and of insured 

banks in maintaining bank operations on a sound and therefore profitable basis stimulated a high degree of fruitful cooperation. The limitation of the Corporation’s powers of examination and supervision made 

cooperation with the other supervisory authorities, both State and national, essential. Except through cooperative arrangements it would 

have been impossible for the Corporation to keep currently informed on 

the condition of each of its insured risks.

Change in substandard assets from 1939 to 1948. The amount of 

substandard assets in all insured commercial banks was not tabulated 

prior to 1939 in the same manner as for subsequent years. However, 

available data indicate that the amount and proportion of substandard 

assets before 1939 were appreciably greater than the amount held by 

banks examined in that year. Amounts and percentages of assets classified as substandard from 1939 to 1948 are given in Table 28.

Table 28. A m ou n ts an d P er c e n t a g e s o f T y p e s o f A ssets of

I n su r e d C o m m e r c ia l B a n k s C la s sifie d as Su b st a n d a r d ,

E x a m in a t io n s 1939 to 1948

(Amounts in millions)

Year

Substandard assets Substandard loans Substandard

securities1

Substandard fixed and 

miscellaneous assets

Amount2 Percentage 

of total 

assets

Amount

Percentage 

of total 

loans

Amount

Percentage 

of total 

other 

securities

Amount

Percentage 

of total 

fixed and 

miscellaneous 

assets

1948.. $ 788 0.53% $ 533 1.35% $ 211 2.51% $ 44 1.51%

1947.. 696 0.48 422 1.28 231 2.92 44 1.67

1946.. 526 0.36 (a) (*) (3^ (*) (*) (*)

1945.. 619 0.45 263 1.23 259 4.17 97 4.07

1944.. 825 0.69 359 1.84 302 5.20 164 7.02

1943.. 1,260 1.24 541 2.96 462 7.65 257 11.45

1942.. 1,714 2.13 768 3.83 617 9.28 329 15.13

1941.. 2,031 2.84 849 4.36 753 429 19.10

1940.. 2,552 3.93 1,054 6.23 1,039 460 22.60

1939.. 2,970 5.12 1,229 7.73 1,207 535 24.55

1 Amounts and percentages both refer to securities other than U. S. Government obligations. Prior 

to 1942 no segregation was made between U. S. Government obligations and other securities.

2 Components do not necessarily add to the total because of rounding.

* Data not available separately.

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SUBSTANDARD ASSETS 55

In 1939 the bank examiners classified as substandard $2,970 million 

of assets, or 5.1 percent of the appraised value of total assets. After 

1939 there was a steady decline until 1946, when substandard assets 

amounted to $526 million, or 0.36 percent of the appraised value of 

total assets. This decline was reversed in 1947, and a further increase in 

substandard assets in 1948 raised the total to $788 million.

Total bank assets increased sharply during World War II. Most of 

this growth in assets was in holdings of United States Government 

obligations which, because of their distinctive character and high quality, 

are not criticized. Between 1939 and 1946 the yearly average volume of 

United States Government obligations held by insured commercial banks 

advanced from $15 billion to $82 billion. The amount declined to $64 

billion in 1948. These changes in the volume of United States Government obligations held by banks were a major factor affecting the ratio 

of substandard assets to total assets during the period.

Examiners’ classification of other securities held by banks has revealed 

a steady decline since 1939 in the proportion considered substandard. 

The rising market after 1939 enabled banks to reduce their holdings of 

substandard securities about one-half by 1942. In the latter year securities 

classified as substandard amounted to $617 million, or 9.3 percent of the 

appraised value of all securities other than United States Government 

obligations. Substandard securities continued to decline steadily in 

amount and percentage, and in 1948 amounted to $211 million, or 2.5 

percent of the appraised value of securities other than United States 

Government obligations.

Since loans constitute the bulk of bank assets subject to criticism, 

the quality of the loan portfolio largely determines the quality of assets 

as a whole. Therefore the course of substandard loans in general parallels 

that of substandard assets. In 1939 loans classified as substandard 

amounted to $1,229 million, or 7.7 percent of the appraised value of 

loans. Thereafter substandard loans fell off steadily to a low of $263 

million in 1945, while the volume of loans increased moderately.

During the postwar period the volume of bank loans has increased 

sharply, from $26 billion at the end of 1945 to $42 billion at the end of 

1948. This rapid rate of growth, however, has been exceeded by the rate 

of increase in substandard loans. During 1945 examiners classified $263 

million loans as substandard; more than twice that amount, or $533 

million, were classified substandard in 1948. The proportion of substandard loans increased from 1.2 percent of the appraised value of 

total loans in 1945 to 1.4 percent in 1948.

The period since 1939 has witnessed a steady decline in fixed and 

miscellaneous assets classified as substandard. Almost one-fourth of the

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

appraised value of fixed and miscellaneous assets was classified substandard in 1939. Rising values during the war and postwar years, 

however, erased most of this substandard classification. In 1947 and 

1948 fixed and miscellaneous assets classified as substandard amounted 

to $44 million, or 1.5 percent of their appraised value.

Substandard assets in 1948. Substandard assets of the 12,927 

insured commercial banks examined in 1948 were appraised at $788 

million.* The proportion of assets classified as substandard in the New 

York and Atlanta districts was about twice as great as in the Madison 

and San Francisco districts. The proportion of assets classified as substandard varied inversely with size of bank. The smallest banks—those 

with deposits of $500,000 or less—had substandard assets amounting 

to 1.6 percent of total assets; the proportion declined progressively with 

increasing size of bank to 0.4 percent for the largest banks. One of the 

factors affecting this distribution of substandard assets is the smaller 

proportion of United States Government obligations held by the small 

banks. Another factor is the variation in the type of loans that predominate in banks doing different kinds of business.

Substandard loans in 1948. Since substandard loans constituted 

about two-thirds of all substandard assets in 1948, they warrant particular 

attention.

The increase from 1947 to 1948 in the proportion of loans classified 

as substandard was general throughout the banking system, except in 

banks with more than $50 million deposits, which had a slightly smaller 

proportion than in 1947. The diffusive character of the increase in substandard loans is further indicated by the number of banks with given 

proportions of loans classified as substandard in 1947 and 1948, shown 

in Table 29. The number of banks with a relatively high proportion of 

substandard loans increased in 1948, while the number of banks with 

no substandard loans or with such loans amounting to less than 1 percent 

of the appraised value of total loans declined.

In 1948 over one-third of the banks had no loans regarded by the 

examiners as substandard. However, 513 banks had 10 percent or more 

of total loans classified as substandard. Substandard loans averaged 

4.3 percent of the appraised value of total loans in the smallest banks, 

and 1.0 percent of total loans in the largest banks, as compared with an 

average of 1.4 percent in all banks examined. Small banks predominate 

in agricultural areas and typically serve relatively small businesses with 

limited financial resources. They are therefore likely to have a higher 

proportion of relatively high risk loans.

1 The number of insured commercial banks examined during the year was 96 percent of the number 

operating at the end of the year. Tabulations of the examiners’ appraisal of the assets of these banks by 

district and State are given in Table 111, page 104, and by size of bank in Table 110, page 102.

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SUBSTANDARD ASSETS 57

T a b le 2 9 . D is t r ib u t io n o f I n s u r e d C o m m e r c ia l B a n k s

A c co r d in g to R a t io o f S u b s t a n d a r d L o a n s to T o t a l L o a n s,

E x a m in a t io n s in 1947 a n d 1948

Bank group

Number of banks Percentage of banks1

1948 1947 1948 1947

All banks exam ined........................................................ 12,927 12,747 100.0% 100.0%

Banks with no loans classified substandard....................

Banks with ratio of substandard loans to total 

loans of—

4,451 4,751 34.4 37.3

0.9% or less...............................................................

1.0% to 1.9%.................................................................

2.0% to 2.9% .................................................................

3.0% to 3.9% .................................................................

4.0% to 4.9% .................................................................

5.0% to 5.9%.................................................................

2,618 2,827 20.3 22.2

1,611 1,523 12.5 11.9

1,096 975 8.5 7.6

746 701 5.8 5.5

605 482 4.7 3.8

411 345 3.2 2.7

6.0% to 6.9% .................................................................

7.0% to 7.9% .................................................................

322 263 2.5 2.1

239 219 1.8 1.7

8.0% to 8.9% ................................................................. 182 157 1.4 1.2

9.0% to 9.9% ................................................................. 133 107 1.0 0.8

10.0% or more................................................................ 513 397 4.0 3.1

1 Percentages do not add to 100.0 percent because of rounding.

Provision for losses on loans. Banks which have provided for losses 

on loans, either through building up valuation reserves out of current 

earnings or strengthening their capital position, have less to fear than 

other banks from an increase in substandard loans. The accumulation 

of valuation reserves was greatly stimulated by a ruling of the Commissioner of Internal Revenue on December 8, 1947, permitting banks 

to set aside limited amounts of tax-free reserves for bad-debt losses on 

loans. During 1948 transfers to reserve accounts against loans aggregated 

$279 million, boosting valuation reserves against loans to $409 million. 

Banks which have thus made more adequate provision for losses should 

in the future be less hesitant to charge off bad-debts, thereby maintaining 

their loan portfolio in a healthier condition.

»

At the end of 1948 valuation reserves against loans averaged 0.97 

percent of total loans in all insured commercial banks, about the same 

as average annual net charge-offs on loans in the period 1934 to 1941. 

Unfortunately the distribution of valuation reserves does not necessarily 

coincide with the probable need for them. The geographical disparity 

between provision and need is roughly indicated in Chart J.

The amount of the capital accounts in relation to assets is also a factor 

in the ability of the banks to withstand deterioration in the quality of 

their assets. The geographical disparity in the ratio of total capital 

accounts to assets other than cash and United States Government 

obligations is shown in Chart F, page 40.

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58 FEDERAL DEPOSIT INSURANCE CORPORATION

RATIOS OF SUBSTANDARD LOANS AND VALUATION RESERVES TO TOTAL LOANS

INSURED COMMERCIAL B A N K S -1948

RATIO OF SUBSTANDARD LOANS TO TOTAL LOANS 

Examination* in 1948

RATIO OF VALUATION RESERVES TO TOTAL LOANS 

December 31,1948

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SUBSTANDARD ASSETS 59

Relation of substandard assets to adjusted capital accounts.

Substandard assets of insured commercial banks examined during 1948 

amounted to 8.0 percent of the adjusted capital accounts of these banks, 

as compared with 7.4 percent in 1947. The increase in 1947 and 1948 

reversed the previous steady decline in the ratio from 48.2 percent in 

1939 to a low point of 6.0 percent in 1946, as indicated in Chart K. The 

decline in the ratio of substandard assets to adjusted capital accounts 

during the period was due primarily to the decline in substandard assets, 

notwithstanding an appreciable growth in capital accounts during the 

period.

CHARTK

RATIO OF SUBSTANDARD ASSETS TO ADJUSTED

CAPITAL ACCOUNTS

Insured Commercial Banks Examined 1939 to 1948

Ratios of substandard assets to capital accounts varied widely from 

the national average of 8.0 percent in 1948. The ratio for each State is 

shown in Chart L. The number of banks with given ratios of substandard 

assets to capital accounts for the years 1946 to 1948 is given in Table 30. 

Similar figures for 1948 for banks in each Federal Deposit Insurance 

Corporation district, and for banks grouped by amount of deposits, are 

presented in Table 31.

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60 FEDERAL DEPOSIT INSURANCE CORPORATION

CHARTL

RATIO OF SUBSTANDARD ASSETS TO ADJUSTED CAPITAL ACCOUNTS 

INSURED COMMERCIAL BANKS -1 9 4 8

The variation was striking among individual banks; 3,316 banks had 

no assets classified as substandard, while 124 banks had substandard 

assets in excess of their capital accounts. This represented a steady 

decline since 1946 in the number of banks with no substandard assets 

and a sharp increase in the number of banks with substandard assets 

greater than their capital accounts.

T a b le 3 0 . D is t r ib u t io n o f I n s u r e d C o m m e r cia l B a n k s A c c o r d in g t o 

R a t io o f S u b s ta n d a r d A s s e ts t o A d ju s te d C a p it a l A c c o u n t s , 

E x a m in a tio n s 1946 t o 1948

Bank group

Number of banks Percentage distribution1

1948 1947 1946 1948 1947 1946

All banks examined..................................... 12,927 12,747 12,493 100.0% 100.0% 100.0%

Banks with no assets classified substandard. 3,316 3,556 3,741 25.7 27.9 29.9

Banks with ratio of substandard assets 

to adjusted capital accounts of—

9.9% or less.................................................

10.0% to 49.9%..........................................

50.0% to 99.9%..........................................

100.0% or more...........................................

5,391

3,668

428

124

5,667

3,140

304

80

5,753

2,726

228

45

41.7

28.4

3.3

1.0

44.5

24.6 

2.4 

0.6

46.0

21.8

1.8

0.4

1 Percentages do not necessarily add to 100.0 percent because of rounding.

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SUBSTANDARD ASSETS 61

Table 31. D is t r ib u t io n o f I n s u r e d C o m m e r c ia l B a n k s b y F D I C D is t r ic t

a n d A m o u n t o f D e p o s it s, C l a s s if ie d A c co r d in g to R a t io o f S u b s t a n d a r d

A s s e t s to A d ju st ed C a p it a l A c c o u n t s, E x a m in a t io n s in 1948

Bank group Total

Number 

of banks 

with no 

assets 

classified 

substandard

Number of banks with ratio of substandard 

assets to adjusted capital accounts of—

9.9%

or

less

10.0%

to

49.9%

50.0%

to

99.9%

100.0%

or

more

All banks examined................. 12,927 3,316 5,391 3,668 428 124

FDIC District

1. Boston............................... 470 76 228 150 10 6

2. New York.......................... 1,015 156 461 346 41 11

3. Columbus.......................... 1,621 397 828 363 25 8

4. Richmond.......................... 1,008 219 454 288 35 12

5. Atlanta............................... 813 195 319 244 39 16

6. St. Louis............................ 1,361 353 474 433 79 22

7. Madison............................. 1,319 409 530 341 32 7

8. Chicago.............................. 1,395 435 556 344 49 11

9. St. Paul............................. 1,045 284 427 299 26 9

10. Kansas City...................... 1,381 357 507 463 45 9

11. Dallas................................. 1,018 313 395 273 31 6

12. San Francisco.................... 481 122 212 124 16 7

Banks with deposits o f:

$500,000 or less........................ 516 150 154 168 34 10

$500,000 to $1,000,000............ 1,802 542 566 592 80 22

$1,000,000 to $2,000,000 ... 3,180 917 1,159 959 113 32

$2,000,000 to $5,000,000........ 4,174 1,067 1,800 1,138 130 39

$5,000,000 to $10,000,000___ 1,708 345 829 474 45 15

$10,000,000 to $50,000,000. .. 1,233 242 693 269 24 5

$50,000,000 to $100,000,000. . 140 28 79 33

More than $100,000,000......... 174 25 111 35 2 1

Banks possessing substandard assets in excess of their capital accounts 

are of particular concern to the Federal Deposit Insurance Corporation. 

The 124 banks in this condition in 1948 were widely scattered geographically; the St. Louis district had the most—22—but none of the 

districts had fewer than 6 such banks. Over one-half of these 124 banks 

had total deposits from $1 million to $5 million; one of them had deposits 

greater than $50 million.

The outlook. It is too early to say what the weaknesses in business 

conditions which became evident during 1948 portend for the quality 

of bank assets. Loans made under favorable auspices mg,y become substandard in case of a widening business reaction. Banks which have 

used their high earnings of the last few years to add substantially to 

their valuation reserves and capital accounts have shown commendable 

foresight. Prudence in lending policies and a well-balanced portfolio 

continue to be the basis of sound banking.

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Federal Reserve Bank of St. Louis
PART FOUR

LEGISLATION AND REGULATIONS

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Federal Leg islatio n

ADMINISTRATION OF THE FEDERAL CREDIT UNION ACT

[P u b l ic L a w 813— 80 t h C o n g r e s s]

[C h a p t e r 711—2 d Se s s io n ]

[S. 2225]

AN ACT

To transfer administration of the Federal Credit Union Act to the Federal Security

Agency.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That all functions, powers, and duties of the Farm Credit 

Administration and of the Governor thereof under the Federal Credit Union Act, 

as amended (U. S. C., title 12, secs. 1751-1772), together with the functions of the 

Secretary of Agriculture with respect thereto, which were transferred to the Federal 

Deposit Insurance Corporation by Reorganization Plan Numbered 1 of 1947, part 

IV, section 401, are hereby transferred to the Federal Security Agency.

S e c . 2. There is hereby established in the Federal Security Agency a Bureau of 

Federal Credit Unions, which shall be under the supervision of a Director appointed 

by the Federal Security Administrator. The Bureau of Federal Credit Unions and the 

Director thereof shall be under the general direction and supervision of the Federal 

Security Administrator. The functions, powers, and duties of the Farm Credit Administration under the Federal Credit Union Act, as amended, shall be exercised by 

the Bureau of Federal Credit Unions. The functions, powers, and duties of the Governor 

of the Farm Credit Administration under the Federal Credit Union Act, as amended, 

shall be exercised by the Director of the Bureau of Federal Credit Unions.

Se c . 3. There are hereby transferred to the Federal Security Agency, to be used in 

the administration of the functions hereby transferred, (a) all property, including 

office equipment, transferred to the Federal Deposit Insurance Corporation pursuant 

to Executive Order 9148 of April 27, 1942, and in use on the effective date of this 

Act; (b) all property, including office equipment, purchased by the Corporation for 

use exclusively in connection with the administration of the Federal Credit Union 

Act, as amended, the cost of which has been charged to such functions and which 

is in use on the effective date of this Act; (c) all records and files pertaining exclusively 

to the supervision of Federal Credit Unions; and (d) all personnel employed primarily 

in the administration of the Federal Credit Union Act, as amended, on the effective 

date of this Act.

S e c . 4. All funds allocated, specifically or otherwise, in the budget of the Federal 

Deposit Insurance Corporation for the administration of the Federal Credit Union 

Act, as amended, during the fiscal year ending June 30, 1949, which may be unexpended on the effective date of this Act, shall be transferred by the Corporation to 

the Federal Security Agency for use in the administration of the Federal Credit 

Union Act, as amended. The Corporation shall be reimbursed for the funds so transferred and shall also be reimbursed for all other funds expended by it prior to the 

effective date of this Act in the administration of the Federal Credit Union Act, as 

amended, in excess of fees from Federal credit unions received by the Corporation, 

by deducting such amounts from the first moneys payable to the Secretary of the 

Treasury on account of the retirement of the stock of the Federal Deposit Insurance 

Corporation owned by the United States, and the Corporation shall have a charge 

on such stock for such amounts.

65

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66 FEDERAL DEPOSIT INSURANCE CORPORATION

Sec. 5. This Act shall become effective on the thirtieth day following the date of 

enactment.

Approved June 29, 1948.

Reg u latio n s Of T he Corpo ratio n

No changes were made in the regulations of the Corporation in 1948.

The rules and regulations of the Corporation, as given in Chapter III of Title 12 

of the Code of Federal Regulations, were reprinted in pamphlet form by the Corporation, August 15, 1948.

Sta t e Ba n k in g Leg islatio n

The legislatures of ten States held regular sessions in 1948. Nine States held special 

sessions of their legislatures and one (Missouri) continued its regular 1947 session 

through 1948.

New Jersey completely revised its banking law by adopting a new bank code. 

Mississippi established a banking board and provided for salary increases in the 

banking department. Massachusetts, Mississippi, and New York adopted legislation 

dealing with the expenses of bank examinations and Virginia amended its law to 

remove the former qualifications prescribed for its banking department personnel.

Three States, Kentucky, Louisiana, and Michigan, adopted five-day week legislation. The Kentucky law is permissive but allows banks to close on any fixed week 

day; no bank may adopt a five-day week unless the bank commissioner is satisfied 

that the public interest still will be served adequately. The Michigan law is also 

permissive, allowing banks to close on Saturdays throughout the year, at their option; 

however, a bank must install a night depository before it may close on Saturdays. 

Louisiana makes Saturday a legal holiday in Orleans parish and gives the governing 

authorities in adjacent parishes the power to make Saturday a legal holiday there.

The Virginia Legislature passed a Statewide anti-branch banking law and increased 

the time which a bank must be in business before it can merge with another bank. 

Massachusetts adopted a law prohibiting the acquisition of a branch in another 

county by merger.

These and other important subjects relating to banks which were dealt with by 

State legislatures during 1948 are listed below.

SUPERVISORY AUTHORITY

Expenses of examining savings banks, co-operative banks, and trust companies 

.................................................................................................Massachusetts (Ch. 527)

Provides for issuance of certificate or authority to incorporate and organize bank 

.......................................................................................................Mississippi (Ch. 203)

Department of Banking and Insurance designated principal department in executive 

branch of state government......................................................... New Jersey (Ch. 88)

Payment of expenses of banking department.................................. New York (Ch. 66)

Amends law relating to reports of condition.........................Rhode Island (Ch. 2133)

Permits banking facilities at Veterans Administration hospitals. .Virginia (Ch. 209)

Appointment of bank examiners............................................................Virginia (Ch. 84)

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STATE BANKING LEGISLATION 6 7

LOANS AND MORTGAGES

Amends law relating to financing charges of certain FHA loans by savings banks 

and savings departments.................................................... Connecticut (S.B. 11-XX)

Provides that original mortgage shall secure renewals, extensions and limited additions 

to original loan where mortgage so provides...............................Kentucky (Ch. 196)

Authorizes banking companies to make loans insured by the Federal Housing Administrator.............................................................................. Massachusetts (Ch. 101)

Further regulates investments by banking companies in loans secured by mortgages 

on real estate..........................................................................Massachusetts (Ch. 100)

Authorizes banking companies to make loans to veterans of World War II guaranteed 

or insured by the Administrator of Veteran’s Affairs.........Massachusetts (Ch. 115)

Prohibits disaffirmance of transactions of infants in connection with loans guaranteed 

under “ Servicemen’s Readjustment Act of 1944” ..................... New York (Ch. 122)

Amends law relative to recording discharges of mortgages.......... New York (Ch. 873)

INVESTMENTS

Permits savings banks to invest in obligations of Internationa] Bank for Reconstruction 

and Development.......................Massachusetts (Ch. 361), Rhode Island (Ch. 2043)

Revises law relative to investment by savings banks in certain railroad obligations 

................................................................................................. Massachusetts (Ch. 119)

Authorizes banks, trust companies, and savings banks to invest in obligations of 

housing corporations indirectly guaranteed pursuant to the “ Servicemen’s Readjustment Act of 1944” ..... ........................................................... New York (Ch. 608)

Amends law relating to investment of trust funds................. South Carolina (Act 756)

MERGERS, CONSOLIDATIONS, LIQUIDATIONS

Requires the written approval of the commissioner of banks of mergers, consolidations 

or purchase and sale of assets between banking companies or a banking company 

and bank or trust company.................................................. Massachusetts (Ch. 281)

Requires discontinuance of offices of merged banking companies.............................

...................................................................................................Massachusetts (Ch. 37)

Provides for destruction of records of banks in liquidation and dissolution.............

......................................................................................................New Jersey (Ch. 266)

Amends law relating to payment of interest on claims in involuntary liquidation 

..........................................................................................................New York (Ch. 31)

Requires public convenience and necessity be served in merger of certain banks and 

that they have been in actual operation for five years..............Virginia (Ch. 96)

DEPOSITORIES OF PUBLIC FUNDS

Amends law relating to designation by State treasurer of banks as depositories of 

State funds..................................................................................... Kentucky (Ch. 115)

Provides for the designation and regulation of depositories of State funds.............

..................................................................................................Louisiana (Act No. 133)

Authorizes deposit of trust funds of municipalities in banking companies incorporated 

inStates and which are members of Federal Deposit Insurance Corporation and 

relieves officer making such deposit of liability for loss caused by closing of banking 

company..................................................................................Massachusetts (Ch. 194)

Amends law relative to deposit by State treasurer of securities received from State 

depositories................................................................................... Mississippi (Ch. 205)

Amends law relative to deposit by chancery clerk of securities deposited with 

him by banks qualifying as county depositories.......................Mississippi (Ch. 463)

Allows unclaimed deposits of less than ten dollars to be paid to State without prior 

advertising.............................................................................. Rhode Island (Ch. 2044)

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68 FEDERAL DEPOSIT INSURANCE CORPORATION

TRUST FUNDS AND FIDUCIARIES

Amends law relating to transactions with or by fiduciaries..........New York (Ch. 866)

Provides for security from individual fiduciary where assets are deposited with bank 

co-fiduciary.....................................................................................New York (Ch. 274)

Provides that receipt of custodian for minor designated by Administrator of Veteran’s 

Affairs under “ World War Veterans Act, 1944” shall be valid discharge for payment of deposit to such custodian...............................................New York (Ch. 737)

Personal representative not required to assert claim for joint bank account of decedent ...................................................................................................Virginia (Ch. 36)

Permits bank holding stock as fiduciary to hold it in name of nominee.....................

............................................................................................................Virginia (Ch. 144)

BANK HOLIDAYS

Makes Saturday a legal holiday in Orleans parish and gives governing authorities of

certain other parishes option to declare Saturday a legal holiday.........................

..................................................................................................Louisiana (Act No. 445)

Provides for permissive closing of banks and trust companies on one day of the week 

......................................................................................................... Kentucky (Ch. 150)

Provides for Saturday closings....................................................... Michigan (P. Act 33)

Provides that following Monday shall be legal holiday for any legal holiday falling 

on Sunday.....................................................................................Mississippi (Ch. 365)

Makes December 26 a legal holiday..................South Carolina (Governors Act—694)

OTHER

Amends law relating to establishment of branch banks in certain parishes..............

................................................................................... Louisiana (House Bill No. 16-X)

Requires notice to the commissioner of banks of certain transfers to stock of banks 

................................................................................................. Massachusetts (Ch. 285)

Requires approval of the commissioners of banks of certain pension or retirement

plans for employees of savings banks and co-operative banks.................................

................................................................................................. Massachusetts (Ch. 283)

Increases the maximum amount of demand deposits which may be received by certain 

banking companies................................................................. Massachusetts (Ch. 150)

Authorizes savings banks to deposit funds in certain banking companies and increases 

the amounts which may be deposited in trust companies and national banking 

associations............................................................................... Massachusetts (Ch. 88)

Increases penalty for false pretenses and issuing bad checks.. Mississippi (Ch. 403)

Fixes the minimum amount of foreign bills of exchange which must be protested 

.......................................................................................................Mississippi (Ch. 208)

Includes paid in surplus of certain banks in definition of earned surplus for purposes 

of ad valorem taxation................................................................ Mississippi (Ch. 204)

Banking Code....................................................................................New Jersey (Ch. 67)

Requires bank department to publicize certain records of licensed check cashers 

..........................................................................................................New York (Ch. 65)

Allows at least one day for banks to decide whether to pay check.........................

................................................................................................. Rhode Island (Ch. 2099)

Requires public convenience and necessity be served for certain banks to establish 

branches and further amends branch banking law......................... Virginia (Ch. 96)

Restricts access to safe deposit boxes by lessee when bank receives notice of garnishment, etc.............................................................................................Virginia (Ch. 436)

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PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

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-I

o

Table 101. Changes in number and classification of operating banks and branches in the United 

States and possessions during 1948

Table 102. Number of operating banks and branches, December 31, 1948

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

of office

Table 103. Number and deposits of operating banks, December 31, 1948

Banks grouped according to insurance status and by District and State

N u m b e r , O f f i c e s , a n d D e p o s i t s o f O p e r a t i n g B a n k s

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.

The tabulations for all banks and trust companies shown here and 

in Tables 104-107 are prepared in accordance with an agreement 

among the Federal bank supervisory agencies.

The data are tabulated from individual reports of assets and liabilities 

of the banks included. This procedure permits exclusion or inclusion 

of any particular institution on the basis of the principles adopted. 

The data relate to banks operating in the United States and possessions.

Institutions included are classified in three groups: commercial 

and stock savings banks, nondeposit trust companies, and mutual 

savings banks. However, in the case of insured banks the first two 

of these groups are combined.

Nondeposit trust companies include institutions operating under 

trust company charters which are not regularly engaged in deposit 

banking but are engaged in fiduciary business other than that incidental 

to real estate title or investment activities.

Mutual savings banks include all banks operating under State 

banking codes applying to mutual savings banks.

FEDERAL DEPOSIT INSURANCE CORPORATION

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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 bank and 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, North 

Dakota, and Puerto Rico; a cooperative bank, usually classified 

as a credit union, operating under a special charter in New Hampshire; 

two savings institutions, known as “ trust companies,” operating 

under special charters in Texas; and the Savings Bank Trust 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.

Institutions excluded. Institutions in the following categories are 

excluded, 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.

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 101. C h a n g e s in N um b e r an d C lassific a tio n of O pe r a t in g B a n k s an d B r a n c h e s

in th e U n ite d St a t e s and P o ssession s D u r in g 1948 to

Type of change

All banks Commercial banks and trust companies Mutual savings banks

Total Insured

Noninsured Total

Insured1 Noninsured

Total

Insured2

Noninsured Total

Members F. R. 

System Not 

members 

F. R.

System

Banks 

of deposit

Nondeposit

trust

com­ National State panies

BANKS

Number of banks, December 31, 1948....................................... 14,753

14,767

-14

80

78

2

94

13,612

13,597

+ 15

62

61

1

80

1,141

1,170

-29

18

17

1

14

14,221

14,234

-13

80

78

2

93

13,419

13,403

+ 16

61

1

79

4,991

5,005

-14

14

14

1,924

1,915

+ 9

6

6

6,504

6,483

+21

42

41

1

32

735

763

-28

17

16

1

11

67

68

-1

1

1

532

533

-1

193

194

-1

339

Number of banks, December 31, 1947....................................... 339

Net change during year.............................................................

Banks beginning operations................................................

New banks...............................................................................

Other additions to operating banks3.....................................

Banks ceasing operations..................................................... 30 17 3 1 1

Suspended banks not reopened or succeeded......................

Merged with financial aid of FDIC— net decrease4............ 2

77

13

2

2

70

8

2

76

13

2

2

69

8

2

15

Mergers and absorptions (without FDIC aid)— net 

decrease............................................................................ 7

5

2

-33

-6

-26

-1

30 24

8

5

4

2

-33

-6

-26

-1

-1

2

1

1 1

Other liquidations...................................................................

Institutions excluded6.............................................................

Noninsured banks becoming insured............................... +33

+ 6

+26

+ 1

+33

+ 6

+26

+ 1

+ 1 +32

+ 6

+26

Successions to noninsured banks...........................................

Admission to insurance, operating banks6...........................

Admission to F. R. System................................................... + 1

+ 19

-2

Other changes in classification among banks................ + 2

+4

-2

-21

-2

+ 2

-25

+ 4

+ 1 National banks succeeding State banks...............................

State banks succeeding national banks................................

Admissions to F. R. System................................................. +25

Withdrawals from F. R. System.......................................... -4

Bank reclassified...................................................................... -1

4

3

+ 1

Changes not involving number in any class:

Successions (including 1 with FDIC aid)............................ 7

103

7

3

97

7

4

6

7

100

7

3

96

7

2

17

1

70

7

Changes in title, location or name of location.................... 9 1 3 1 2

Changes in corporate powers.................................................

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Number of branches, December 31, 1948. 

Number of branches, December 31, 1947.

BRANCHES

Net change during year.

Branches opened for business.........................

Facility provided as agent of the government.

Absorbed banks converted into branches........

Branch replacing office relocated......................

Other branches opened.......................................

Branches not previously included.....................

Branches discontinued......................................

Facility provided as agent of the government. 

Other branches discontinued.............................

Other changes in classification am ong branches..........

Branch of noninsured bank admitted to insurance............

Branches transferred as result of absorptions or successions 

Admissions to F. R. System.................................................

Changes not involving num ber in any class:

Branches transferred as result of absorption___

Changes in powers................................................

Changes in title, location, or name of location..

ALL BANKING OFFICES

Number of offices, December 31, 1948. 

Number of offices, December 31, 1947.

Net change during year.

Offices opened.

Banks.............

Branches........

Offices closed.

Banks...........

Branches.. ..

Changes in classification.

Among banks....................

Among branches..............

4,613

4,408

+205

2251

591

160

4

201

19

19,366

19,175

+ 191

305

80

225

114

9420

4,415

4,220

+ 195

2111

561

1521

201

19

+ 4

+ 4

18,027

17,817

+210

273

62

211

100

80

20

+ 37

+33

+ 4

198

188

+ 10

14

-4

1,339

1,358

-19

32

18

14

14

14

4,431

4,237

+ 194

2141

591

149

4

201

19

18,652

18,471

+ 181

294

80

214

113

93

20

4,283 1,965 1,232 1,086 147 1 182 132 50

4,096 1,870 1,181 1,045 141 171 124 47

+ 187 +95 +51 +41 + 6 + 1 + 11 + 8 + 3

203 100 55 48 10 1 11 8 3

1 1

56 31 19 6 3

1 1

144 67 36 41 4 1 11 8 3

1 1 3

20 8 6 6

1 1

19 7 6 6

+ 4 + 3 + 2 -1 -4

+ 4 + 4 -4

+ 3 -3

+ 2 -2

19 10 7 2

2 2

80 52 11 17 6 6

17,702 6,956 3,156 7,590 882 68 714 325 389

17,499 6,875 3,096 7,528 904 68 704 318 386

+ 203 +81 +60 +62 -22 + 10 + 7 + 3

265 114 61 90 27 2 11 8 3

62 14 6 42 17 1

203 100 55 48 10 1 11 8 3

99 38 23 38 11 3 1 1

79 30 17 32 11 3 1 1

20 8 6 6

+37 + 5 +22 + 10 -38 + 1

+33 + 2 +20 + 11 -34 + 1

+ 4 + 3 + 2 -1 -4

1 Includes 7 trust companies not engaged in deposit banking on December 31, 1948, and December 31, 1947.

2 Includes & mutual savings banks members of the Federal Reserve System, for December 31, 1948, and December 31, 1947.

* Includes in insured banks not members of the Federal Reserve System 1 Morris Plan Bank in Massachusetts previously operating as an industrial company and in noninsured banks of deposit 1 government owned bank in Puerto Rico not previously included.

* In addition, 1 national bank was succeeded by another national bank with financial aid of FDIC.

6 Institutions previously included which operate under trust company charters but do not engage in deposit banking nor in the fiduciary business.

* Operating at beginning of year. CONUMBER, 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 er o f O p e r a tin g B a n k s an d B r a n c h e s, D e c e m b e r 31, 1948

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE AND TYPE OF OFFICE

- I

State and type of bank or office

All banks

Total Noninsured

Commercial and stock savings banks 

and nondeposit trust companies

Total

Insured1

Total

Members F. R. 

System

National State

Not 

members 

F. R.

System

Noninsured

Banks 

of deposit

Nondeposit

trust

companies

Mutual savings banks

Total

Insured2Noninsured

Insured banks 

as percentages ofAU

banks

Commercial

banks

Mutual

savings

banks

United States and possessions

All banks.....................................

Unit banks..............................

Banks operating branches. . . . 

Branches.....................................

United States.............................

All banks...................................

Unit banks.............................

Banks operating branches

Branches.....................................

Possessions................................. .

All banks...................................

Unit banks.............................

Banks operating branches. . . . 

Branches...................................

State

A labam a......................................

All banks...................................

Unit banks.............................

Banks operating branches

Branches...................................

A rizona........................................

All banks...................................

Unit banks.............................

Banks operating branches

Branches...................................

Arkansas.....................................

All banks...................................

Unit banks.............................

Banks operating branches

Branches...................................

19,366

14,753 13,1+71* 1,279

4,613

19,234 

14,703 13,1+35 1,268

4,531

132

5039

11

82

247

224

220U

23

5611U7

45

249

230 21317

19

18,027

13,612 12,1+18 1,191+

4,415

18,019

13,606 12,1+11+ 1,192

4,413

8

6

U

244 221 217

U

23

54

10

u

6

44

238

219

20217

19

1,339

1,141 1,05685

198

1,215

1,097 1,02176

118

124

44359

80

18,652

14,221 13,01+1+ 1,177

4,431

18,520

14,171 13,005 1,166

4,349

132

5039

11

82

247

224

220h

23

56

11h

7

45

249

230 21317

19

17,702

13,419 12,287 1,132

4,283

17,694

13,413 12,283 1,130

4,281

8

6

U2

2

244 221 217h

23

238

219

6.956

4.991 If,693 298

1.965

6.956

4.991 693 298

1.965

91

69

663

22

35

3

1

2

32

52

51501

1

3.156

1.924 1.720

201+

1.232

3.156

1.924 1.720

201+

1.232

7,590

6,504 5,871+630

1,086

7,582

6,498 5,870628

1,084

8

6

U

132

132 132

11

170

152 13616

18

882

735 691

u

147

763 69666135

67

119

39309

80

10

10

10

714

532 1+30 102

182

714

532 1+30 102

182

325

193 13162

132

325

193 13162

132

389

339 299

uo

50

389

339 299

uo

50

93.1

92.3 92.2 93. U

95.7

93.7

92.5 92.U 9U.0

97.4

6.1

12.0 10.3 18.2

2.4

98.8 

98.7 98.6

100.0 100.0

96.4

90.9 

100.0 85.7

97.8

95.6

95.2 9U.8

100.0

100.0

94.9

94.4 9U.2 96.2

96.7

95.5

94.7 9U 4 96.9

98.4

6.1

12.0 10.3 18.2

2.4

98.8 

98.7 98.6

100.0

100.0

96.4

90.9 

100.0 85.7

97.8

95.6

95.2 9U.8

100.0

100.0

45.5

36.3 30.5 60.8

72.5

45.5

36.3 30.5 60.8

72.5

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
California..............................

All banks.............................

Unit banks.......................

Banks operating branches

Branches.............................

C olorado................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches..............................

C onnecticut..........................

All banks.............................

Unit banks...................

Banks operating branches

Branches.............................

Delaware................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches.............................

District of C olum bia.........

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.............................

Id ah o......................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches.............................

Illinois...................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches..............................

1,107 13 1,120 1,107 829

191 12 203 191 94

152 11 163 152 81

39

1 40 39 13

916

1 917 916 735

139

8 147 139 78

138

8 146 138 77

137

8 1^5 137 76

1

1 1 1

1 1 1 1

117 98 142 114 61

101 87 116 98 51

90 85 104 87 45

11

2 12 It

6

16 11 26 16 10

52 4 53 52 13

38 3 39 38 13

31

2 32 31 13

7

1

7

7

14

1 14 14

58 58 58 31

19 19 19

9

5

5

5

2

n 14 14

7

39 39 39 22

188

4 192 188 63

185 4 189 185 61

182

4 186 182 59

3 3 3

2

3

3

3

2

347 78 425 347 71

318 76 394 318 50

307 74 381 307 44

11

2 13 11

6

29 2 31 29 21

94 1 95 94 59

46

1 47 46 15

39

1 40 39 10

7 7 7

5

48 48 48 44

873 17 890 873 384

870 17 887 870 381

867 17 884 867 378

3 3

3

3

3 3 3

3

1,120

203

162

40

917

147

146

14511

215

188

175

12

27

56

41

SS8

15

58

195n

39

192

189

18633

425

394

381

IS

31

95

47

407

48

890

887

88433

15921

129

138

15

15

15

20

1513

1312

1111

123

123

123

119

49

76 3 9

59 2 9

17

1

43

1

46

8

46

8

46 8

35 27 1 73 3 70

32 171 72 3 69

29 16 1 71 3 68 3 1 1 1 3 10 1 1

31 1 3 3

21

1

2

2

17 1 1 1 4 1 1

10 1 1 6313

113

22

112

2

2

111

2

2

11

256 78

253 76

250 74 3 2

3 2

22

1

19

1

18 1 13

366 12

5

366 12 5

366 12

5

98.8

94.1

93.3

97.5

99.9

94.6

94.5

9k. 5

100.0

100.0

54.4

53.7

514 84.6

59.3

92.9

92.7

93.9

87.5

93.3

100.0

100.0

100.0

100.0 100.0

97.9

97.9

97.8

100.0

100.0

81.6

80.7

80.6 84.6

93.5

98.9

97.9

97.5

100.0

100.0

98.1

98.1

98.1

100.0

100.0

98.8

94.1

93.3

97.5

99.9

94.6

94.5

94.5

100.0

100.0

80.3

84.5

83.7

91.7

61.5

98.1

97.4

96.9

100.0

100.0

100.0 100.0

100.0

100.0 100.0

97.9

97.9

97.8

100.0

100.0

81.6

80.7

80.6 84.6

93.5

98.9

97.9

97.5

100.0

100.0

98.1

98.1

98.1

100.0

100.0

4.1

4.2

4.2

.... ^NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

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 tin g B a n k s an d B r a n c h e s , D e c e m b e r 31, 1948— 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

Nondeposit Total Insured2

Noninsured

All

banks

Commercial

banks

Mutual

savings

insured banks Total

National State

trust

companies

588 572 16 584 569 150 128 291 12 3 4 3 1 97.3 97.4 75.0

491 476 15 487 473 125 112 236 11 3 4 3 1 96.9 97.1 75.0

US 7 1*23 1U U83 U20 n u 109 197 10 3 U 3 1 96.8 97.0 75.0

5U

97

828

53

96

1 5b

97

58 11 3 39 1 98.1 98.1

1 96 25 16 55 1 99.0 99.0

763 65 828 763 98 67 598 65

‘

92.1 92.1

All i__ 666

BU7

606 60 666 606 98 67 441 60 91.0 91.0

K91

115

157

455

56 5U7

119

162

b91

115

98 67 826 56 90.0 90.0

119

162

609

609

609

h

5

115 u 96.6 96.6

157 157 5 96.9 96.9

If a t ic o f i 154 609 455 174 41 240 154 74.7 74.7

A ll h a n k a 455 154 609 455 174 41 240 154 74.7 74.7

TT'n'it 7inrtlffi U55 15U 609 U55 17 k U 2U0 15 k 7U.7 7k.7

XTA n t n r l f V 425 399 26 425 399 109 28 262 23 3 93.9 93.9

A ll Kq h Itq 386 360 26 386 360 92 20 248 23 3 93.3 93.3

1*0 S66

20

39

81*0

20

39

26 866 suo

20

90 15 285 23 8 92.9 92.9

20 2 5 13 100.0 100.0

39 39 17 8 14 100.0 100.0

226

161

125

86

65

168

225

160

1 226 225 66 16 143 1 99.6 99.6

1 161 160 34 12 114 1 99.4 99.4

12h

86

65

1 125 12 U

36

26 8 90 1 99.2 99.2

Z*o 'Mn po 86 8 u 2U

29

100.0 100.0

65 65 32 4 100.0 100.0

M d i n c ................................................... .. 121 47 134 115 41 34 40 19

t

34 6 28 72.0 85.8 17.6

A ll hanlrci ....................... ..................... 96 60 36 64 54 33 5 16 10 32 6 26 62.5 84.4 18.8

U n i t batiks • .............. 70 42 28 uo 36 28 1 7 u 30 6 2U 60.0 90.0 20.0

XyTr a n'npmn nTMtl^hPSl 26

72

18

61

8 2h

70

18 5 k 9 6 2 2 69.2 75.0

11 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.........................

Bank* 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...............................

M ississippi..............................

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................................

297

172 U280

125

581

378

298

80

203

663

447

886

61

216

688

682

68026

263

205

17283

58

599

599

599

112

112 112

418

416 m22

26885

18

285

163

186

27 122

341

180

132U8

161

623

418

860

58

205

664

658

65626

259

201

16883

58

570

570

570

112

112

112

363

361

359

129683

240

198

166

82

42

40

29

268

11

24

242U

272

163

186

27

109

351

188

18949

163

663

447

886

61

216

687

681

679

263

205

172

83

58

599

599

599

112

112 112

418

416 hU22

26835

18

269

161

185

26

108

341

180

182U8

161

623

418

860

58

205

663

657

65526

259

201

168

83

58

570

570

570

112 112 112

363

361

35922

26885

18

79

61

565

18

205 120

99

21

85

154

78 

67

11

76

184

178

17626

27

252U12

79

79

79

39

39

89

128

126

12U

71

1697

55

88

27 

10

17

61

241

151

187U

90

28

28

101 101

101

45

45 

h 5

18

18

18

119

84

70lh

35

48

33

28

10

15

228

189

15633

451

451

U51

224

169

138

31

55

390

390

390

28

28

28

217

217

217

25968

16

230

190

159

31

40

230

190

159

81

40

96.0 98.9

94.8 98.8

95.8 99.3

90.0 96.3

97.6 99.1

58.7 97.2

47.6 95.7 .

U.3 95.0 .

60.0 98.0

79.3 98.8 .

94.0 94.0

93.5 93.5 .

93.3 93.3 ,

95.1 95.1

94.9 94.9 .

96.5 96.5

96.5 - 96.5

96.5 96.5

100.0 100.0 .

100.0 100.0 

,

98.5 98.5

98.0 98.0 ,

97.7 97.7 ,

100.0 100.0 .

100.0 100.0 

.

95.2 95.2

95.2 95.2 .

95.2 95.2 .

100.0 100.0

100.0 100.0 

.

100.0 100.0

.

86.8 86.8

86.8 86.8 .

86.8 86.8 .

100.0 100.0 .

100.0 100.0 

.

100.0 100.0

100.0 100.0 

.

100.0 100.0 .

100.0 100.0

.

100.0 100.0 

.

64.0

22.2

16.7

33.8

87.5

100.0

100.0

100.0

•<! NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

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 tin g B a n k s a n d B r a n c h e s , D e c e m b e r 31, 1948— Continued

g r o u p e d a c c o r d in g t o in s u r a n c e s t a t u s an d c la s s o f b a n k , a n d b y s t a t e a n d t y p e o f o f f i c e

00

State and type of bank or office

New H am pshire..................................

All banks.............................................

Unit banks......................................

Banks operating branches..............

Branches.............................................

New Jersey...........................................

All banks.............................................

Unit banks......................................

Banks operating branches..............

Branches.............................................

New M exico..........................................

All banks............................................

Unit banks......................................

Banks operating branches..............

Branches.............................................

New Y ork ..............................................

All banks............................................

Unit banks......................................

Banks operating branches..............

Branches.............................................

North Carolina....................................

All banks.............................................

Unit banks......................................

Banks operating branches...............

Branches.............................................

North Dakota.......................................

All banks.......................................

Unit banks.......................................

Banks operating branches..............

Branches.............................................

All banks

Total

112

109

106

8

3

509

361

805

56

148

60

49ho

9

11

1,595

779

622

157

816

408

227

171

56

181

175

151

18k

17

24

Insured

58

57

561

1

505

357

801

56

148

60

49

ko

9

11

1,585

772

617

155

813

404

225

170

55

179

167

145

180

15

22

Noninsured

Commercial and stock savings banks 

and nondeposit trust companies

Insured1

Total

77

75

732

2

478

337

285

52

141

60

49

ho

9

11

1,382

648 5U2

106

734

408

227

171

56

181

175

151

18k

17

24

Total

National State

58

57

561

1

474

333

281

52

141

60

49

ko

9

11

1,372

641

537

10k

731

404

225

170

55

179

167

145

130

15

22

Members F. R. 

System

52

51

501

1

257 211

191

20

46

26

2422

2

2

589

386

Skk

k2

203

65

46

38

8

19

41

41

kl

Not 

members 

F. R.

System

155

75

51

2k

80

10

10

10

657

181

183

k8

476

24

8

k

k

16

1

1

1

62

47

39

8

15

24

15

8

7

9

126

74

60

lk

52

315

171

128

kS

144

125

103

88

15

22

Noninsured

Banks 

of deposit

Nondeposit

trust

companies

Mutual savings banks

Total

213

131

80

51

82

Insured2 Noninsured

213

131

80

51

82

Insured banks 

as percentages of—

All

banks

Commercial

banks

51.8

52.3

52.8

38.3

33.3

99.2

98.9

98.7

100.0

100.0

100.0

100.0

100.0

100.0

100.0

99.4

99.1

99.2

98.7

99.6

99.0

99.1 

99.k

98.2

98.9

95.4

96.0

97.0

88.2

91.7

Mutual

savings

banks

75.3

76.0

76.7

50.0

50.0

99.2

98.8

98.6

100.0

100.0

100.0

100.0

100.0

100.0

100.0

99.3

98.9

99.1

98.1

99.6

99.0

99.1 

99.k

98.2

98.9

95.4

96.0

97.0

88.2

91.7

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
O h io........................................

All banks.............................

Unit banks.........................

Banks operating branches

Branches.............................

O klahom a..............................

All banks.............................

Unit banks.........................

Banks operating branches

Branches.............................

Oregon...................................

All banks.............................

Unit banks.........................

Batiks 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 D akota......................

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.............................

860 13 870 857 296

656 13 666 653 241

612 13 622 609 229 U U U 12

204 204 204 55

376 11 387 376 201

375 11 386 375 200

37 U 11 385 37 U 199 1 1 1 1 1 1 1 1

158

2 159 157 103

70

2 71 69 22

61

2 62 60 20

9 9 9 2

88 88 88 81

1,153 21 1,150 1,129 737

974 17 984 967 637

912

U 923 909 606

62 3 61 58 31

179 4 166 162 100

52 30 70 52 19

14 15 20 14 9 7 8 8 7 6 7 7 12 7 3

38 15 50 38 10

166 20 186 166 49

129 20 149 129 24

117 20 137 117 21

12 12 12

3

37 37 37 25

218 218 218 55

170 170 170 35

1U 1U 1U 31

26 26 26

1

48 48 48 20

369

8 377 369 113

287 8 295 287 71

258 8 266 258 60

29 29 29 11

82 82 82 42

842 59 901 842 440

839 59 898 839 437

83 U 59 893 83k U32 5 5 5 5 3 3 3 3 '

873

669

625UU

204

387

386

38511

160

72

639

88

1,174

991

926

65

183

82

29

15lh

53

186

149

137

12

37

218

170 m

26

48

377

295

266

29

82

901

898

89353

306

184

169

15

122

25

25

25

12

11

1011

152

112

99

13

40

222

20

108622

27

27

27

22

1091

12

130

130

130

255

228

211

17

27

150

150

150

240

218

20UU22

1131

107 

97 

907

10

136

108 

86

22

28

234

206

189

17

28

272

272

272

13

13

13

333

333

999

222

111

111111111

19

15

1234

175

2222473U

17

129723

2473U

17

111

129723

5

12

20

20

20555

333

59

59

59

98.5

98.1

97.9

100.0

100.0

97.2

97.2

97.1

100.0

100.0

98.8

97.2

96.8

100.0 100.0

98.2

98.3

98.5

954

97.8

63.4

48.3

U6.7

50.0

71.7

89.2

86.6 

854

100.0 100.0

100.0

100.0

100.0

100.0 100.0

97.9

97.3

97.0

100.0 100.0

93.5

93.4

93.U

100.0

100.0

98.5

98.0 

97.9

100.0 100.0

97.2

97.2

97.1

100.0

100.0

98.8

97.2

96.8

100.0

100.0

98.2

98.3

98.5

95.1

97.6

74.3

70.0

87.5

58.5

76.0

89.2

86.6

85.k

100.0 100.0

100.0 100.0

100.0

100.0

100.0

97.9

97.3

97.0

100.0

100.0

93.5

93.4

93.4 

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

CONUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

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Federal Reserve Bank of St. Louis
Table 102. N u m b e r o f O p e ra tin g B a n k s an d B r a n c h e s, D e c e m b e r 31, 1948— 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 N oninsured

State and type of bank or office

Total Insured Noninsured Total

Total

Members F. R.

System Not

mem­ Banks

of deposit

Nondeposit Total Insured2

Noninsured

All

banks

Commercial

Mutual

savings

National State

bers

F. R.

System

trust

companies

banks banks

Utah .................................................... 77 77 77 77 26 25 26 100.0 100.0

55 55 55 55 11 20 24 100.0 100.0

U9

6

U9

6

U9

6

h9

6

9 18 22 100.0 100.0

Banks operating branches................ 2 2 2 100.0 100.0

Branches ............................................... 22 22 22 22 15 5 2 100.0 100.0

Verm ont.................................................... 97 96 1 8J 80 41 1 38 1 16 16 99.0 98.8 100.0

All banks................................................. 77 76 1 70 69 39 1 29 1 7 7 98.7 98.6 100.0

Unit banks.......................................... 68 67 1 62 61 37 1 23 1 6 6 98.5 98.U 100.0

Banks operating branches................ 9 9 8 8 2 6 1 1 100.0 100.0 100.0

Branches . . .............................. 20 20 11 11 2 9 9 9 100.0 100.0 100.0

Virginia .................................................... 410 410 410 410 166 85 159 100.0 100.0

All banks ............................................. 314 314 314 314 131 72 111 100.0 100.0

Unit banks.......................................... 26k

50

26U

50

26h

50

261,

50

113 65 88 100.0 100.0

Banks operating branches................ 18 7 25 100.0 100.0

Branches ........................................... 96 96 96 96 35 13 48 100.0 100.0

W ashington............................................. 251 248 3 246 243 150 20 73 3 5 5 98.8 98.8 100.0

All banks . ................................... 124 121 3 122 119 37 16 66 g 2 2 97.6 97.5 100.0

Unit banks .................................. 112 109 8 111 108 SO 15 63 8 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 ........................................... 127 127 124 124 113 4 7 3 3 100.0 100.0 100.0

West Virginia......................................... 181 177 4 181 177 76 33 68 4 97.8 97.8

All banks................................................. 181 177 4 181 177 76 33 68 4 97.8 97.8

Unit banks.......................................... 181 177 U 181 177 76 33 68 h 97.8 97.8

Banks operating branches................

Branches................................................. *—-S'

W isconsin................................................. 705 694 11 701

V •

691 110 75 506 7 3 4 3 1 98.4 98.6 75.0

All banks................................................. 555 545 10 551 542 95 69 378 6 3 4 1 98.2 98.4 75.0

Unit banks.......................................... 1*65 U56 9 U61 U58 91 65 297 5 3 U 8 1 98.1 98.3 75.0

Banks operating branches................ 90 89 1 90 89 u u 81 1 98.9 98.9

Branches................................................. 150 149 1 150 149 3.5 6 128 1 99.3 99.3

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
W yom ing............................................... 55

55

55

55

55

55

55

55

55

55

55

55

26

26

26

15

15

15

14

14

14

100.0

100.0

100.0

100.0

100.0

100.0

All banks.............................................

Unit banks.......................................

Banks operating branches..............

Branches.............................................

Possessions 

Alaska3................................................... 21

19

17

2

2

1

1

1

5

4

3

1

1

16

15

14

1

1

1

1

1

21

19

17

2

2

1

1

1

5

4

3

1

1

5

4

3

1

1

16

15

14

1

1

1

1

1

23.8

21.1

17.6

50.0

50.0

23.8

21.1

17.6

50.0

50.0

All banks.............................................

Unit banks.......................................

Banks operating branches..............

Branches.............................................

American Sam oa................................

All banks.............................................

Unit banks.......................................

Banks operating branches...............

Branches.............................................

G uam ..................................................... 1

1

1

1

1

1

1

1

1

1

1

1

All banks.............................................

Unit bomks.......................................

Banks operating branches..............

Branches.............................................

Hawaii4.................................................. 53

9

7

44

4

4

u

1

1

1

52

8

6

2

44

4

4

h

53

9

7

2

44

4

4

4

1

1

1

1

1

1

47

3 

1

2

44

4

4

4

5

5

5

1.9

11.1

14.3

1.9

11.1

14.3

All banks.............................................

Unit banks.......................................

Banks operating branches..............

Branches.............................................

Panama Canal Z on e..........................

All banks.............................................

Unit banks.......................................

Banks operating branches...............

Branches.............................................

Puerto R ico .......................................... 49

14

8

6

35

3

2

1

1

1

49

14

8

6

35

1

1

1

49

14

8

6

35

3

2

1

1

1

49

14

8

6

35

1

1

1

All banks.............................................

Unit banks.......................................

Banks operating branches..............

Branches.............................................

Virgin Islands5..................................... 2

1

2

1

2

1

66.7

50.0

66.7 All banks............................................. 50.0 Unit banks.......................................

Banks operating branches............... 1

1

1

1

1

1

100.0

100.0

100.0 Branches............................................. 100.0

1 ^ c^u^es ^ trust companies not engaged in deposit banking: 1 national bank in Kansas: 2 State banks members of the Federal Reserve System, 1 each in California and 

Massachusetts; and 4 State banks not members of the Federal Reserve System, 1 each in Florida, Missouri, Pennsylvania and Wisconsin.

2 Includes 3 banks members of the Federal Reserve System for December 31, 1948: 1 in Indiana and 2 in Wisconsin.

* Includes 4 national banks, 3 among insured banks not members of the Federal Reserve System, and 1 among noninsured banks. 00

4 Includes, among noninsured banks, 1 national bank operating 20 branches. •—*

5 Includes, among insured banks not members of the Federal Reserve System, 1 national bank operating 1 branch.

Back figures—See Annual Report for 1947, pp. 100-107, and earlier reports.

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 103. N u m b er an d D e p o s its o f O p e r a tin g B a n k s, D e c e m b e r 31, 1948

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND BY DISTRICT AND STATE

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 All

banks1

Noninsured

All

banks and State

Total Insured2 Banks 

of deposit1

Nondeposit

trust

companies

Total Insured

Noninsured Total Insured Noninsured Total Insured Noninsured

United States and 

possessions........ 14,753 14,221 13,419 735 67 532 193 339 162,041,389 143,636,539 140,682,521 2,954,018 18,404,850 12,771,527 5,633,323

United S tates... 14,703 14,171 13,413 696 62 532 193 339 161,247,667 142,842,817 140,641,975 2,200,842 18,404,850 12,771,527 5,633,323

Possessions 50 50 6 39 5 793,722 793,722 40,546 753,176

FDIC District

District 1............. 877 533 472 58 3 344 16 328 12,491,704 7,120,911 6,621,217 499,694 5,370,793 151,987 5,218,806

District 23............ 1,197

1,660

1,062

1,012

1,510

1,493

1,553

1,115

1,612

1,119

543

224

11

230

203

146

188

41

1,040

1,650

1,053

1,012

1,510

1,485

1,553

1,114

1,612

1.119

'540

224

11

230

203

146

116

39

1,013 24 3 157 155 2 46,418,520 35,464,802 34,675,825 788,977 10,953,718 10,868,606 85,112

District 3 1,620

1,025

925

28 2 10 10 18,228,659

8,197,379

16,945,877

7,802,265

16,890,195

7,660,222

55,682

142,043

1,282,782

395,114

1,282,782

District 4 ............. 27 1 9 2 7 78,243 316,871

District 5 85 2 5,400,343

8,528,429

10,997,810

5,400,343

8,528,429

10,942,493

5,359,538

8,466,416

10,769,119

40,805

62,013

173,374

District 6 1,436

1,433

64 10

District 7............. 39 13 8 6 2 55,317 42,783 12,534

Dict-ript 8 1,476

1,084

1,384

1,058

493

221

10

219

191

138

98

38

72

27

5 14,075,144

4,661,575

5,900,629

8,819,861

18,321,336

1 1,256,821 

423,264 

804,472 

13,188,401 

1,101,524

2,769,787

518,481

1,019,760

1,652,875

1,673,726

14,075,144

4,510,803

5,900,629

8,819,861

18,124,982

1,256,821

423,264

804,472

13,188,401

1,101,524

1,468,006

433,369

13,937,086

4,399,489

5,671,535

8,685,597

17,546,282

1,254,819

421,576

800,609

13,136,949

1,094,975

1,267,713

431,406

1,019,760

1,645,776

1,651,187

138,058

111,314

229,094

134,264

578,700

1 2,002 

1,688 

3,863 

51,452 

6,549

200,293

1,963

District 9 3 1 1 150,772 150,772

1 10 219

60

32

9

District 11 1

Dictrirt 124 15 3 3 196,354 196,354

State

A 1 a m *a 3

Arizona 1

A rkansas 10

3

1

C* q 1 i f rkrri 151 9

/"vl nro r! n 8

Connecticut.........

Delaware

17

1

1 72

2

3 69

2

1,301,781

85,112

38,797 1,262,984

85,112

Dist. of Columbia

1^1 nrifl si

19

189

394

19

189

394

19

185

1,019,760

1,652,875

1,673,726

2 2 7,099

n-ori7*(yifj 318 76 22,539

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................

Washington.........

West Virginia. . . .

Wisconsin............

Wyoming.............

Possession

Alaska..................

American Samoa.

Guam...................

Hawaii..................

Panama Canal

Zone.................

Puerto R ico.........

Virgin Islands___

47

887

491

666

609

386

161

96

172

378

447

682

205

599

112

416

8

109

361

49

779

227

151

669

72

991

29

149

170

295

898

55

77

314

124

181

555

55

47

887

487

666

609

3 $6 

161 

64

163

188

447

681

205

599

112

416

8

75

337

648

227

151

666

386

71

984

20

149

170

295

898

55

70

314

122

181

551

55

46

870

473

606

455

360 

160

54 

161 

180

418

657

201

570

112

361 

8

57

333

49

641

225

145

653

375

69

967

14

129

170

287

839

55 

69

314

119

177

542

55

1

1211

60

154

231

101

8

2222

4

26

48

32

9

190

131 

' ' ‘ 3

131 

' ‘ * 3

26

7

190

34

438,473

11,814,485

3,055,625

2,260,659

1,647,239

1,613,151 

v 1,702,286 

688,864 

1,918,226 

7,170,815

4,984,256

2,972,298

816,921

4,170,354

577,472

1,290,887

164,252

534,489

4,941,112

307,486

40,695,614

1,827,430

596,694

7,346,038

1,603,942

1,345,361

10,882,621

999,747

685,362

515,111

1,940,452

6,386,825

564,166

328,002

1,794,670

2,090,274

951,931

2,957,929

257,037

66,065

1,523

20,919

418,269

23,633

259,693

3,620

438,473

11,814,485

3,012,645

2,260,659

1,647,239

1,613,151

1,702,286

454,633

1,523,112

3,960,439

4,984,256

2,821,526

816,921

4,170,354

577,472

1,290,887

164,252

259,840

4,415,346

307,486

30,352,774

1,827,430

596,694

7,113,787

1.603.942

1,331,339

9,832,090

736,027

685,362

515,111

1,940,452

6,386,825

564,166

241,966

1,794,670

1.907.942 

951,931

2,945,592

257,037

66,065

1,523

20,919

418,269

23,633

259,693

3,620

429,413

11,774,756

2,986,821

2,162,330

1,474,152

1,586,197’

1,701,338

411,740

1,444,587

3,860,973

4,847,444

2,804,945

807,756

4,144,920

577,472

1.247.689 

164,252 

207,152

4,409,769

307,486

29,831,030

1,800,580

501,961

7,099,971

1,597,682

1,323,047

9,790,224

631,673

660,364

515,111

1.934.690 

6,255,197

564,166

241,966

1,794,670

1,891,529

940,261

2,934,854

257,037

24,130

12,798

3,620

9,060

39,729

25,824

98,329

173,087

26,954

948

42,893

78,525

99,466

136,812

16,581

9,165

25,434

42,980 30,835 12,145

234,231

395,114

3,210,376

27,154

78,243

207,077

316,871

3,210,376

150,772 150,772

43,198

52,688

5,577

274,649

525,766

274,649

525,766

521,744

26,850

94,733

13,816

6,260

8,292

41,866

104,354

24,998

10,342,840 10,342,840

232,251 232,251

14,022

1,050,531

263,720

14,022

1,050,531

263,720

5,762

131,628

86,036 86,036

16,413

11,670

10,738

182,332 182,332

12,337 11,948 389

41,935

1,523

20,919

405,473

23,633

259,693

i Includes 18 noninsured banks of deposit (10 in Georgia, 2 in Iowa, 1 in Michigan, 4 in Texas, and 1 in the Virgin Islands) for which deposits are not available.

Includes 7 trust companies not engaged in deposit banking: 1 each in California, Florida, Kansas, Massachusetts, Missouri, Pennsylvania, and Wisconsin.

» Includes Puerto Rico and the Virgin Islands.

4 Includes Alaska, American Samoa, Guam, Hawaii, and the Panama Canal Zone.

Back figures—See the Annual Report for 1947, pp. 108-109, and earlier reports.

00

00NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
00

Table 104. Assets and liabilities of operating banks in the United States and possessions, 

December 31, 1947 

Banks grouped according to insurance status and type of bank

Table 105. Assets and liabilities of operating banks in the United States and possessions, 

June 30, .1948

Banks grouped according to insurance status and type of bank

Table 106. Assets and liabilities of operating banks in the United States and possessions, 

December 31, 1948 

Banks grouped according to insurance status and type of bank

Table 107. Assets and liabilities of all operating banks in the United States and possessions, 

December 31, 1948

Banks grouped by district and State

Table 108. Assets and liabilities of operating insured banks, December 31, 1948, June 30, 

1948, and December 31, 1947

A ssets a n d L ia b il it ie s of O p e r a t in g B a n k s

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
The data in these tables relate to banks operating in the United 

States and possessions. Data from the same tabulations for all operating 

banks in each State are published in the Federal Reserve Bulletin

as follows:

For December 31, 1947 June 1948 issue, pp. 688-87;

For June 30, 1948 November 1948 issue, pp. 1386-87;

For December 31, 1948 June 1949 issue, pp. 690-91.

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 reserves.

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.

Beginning with June 30, 1948, individual loan items have been 

reported gross instead of net of valuation reserves. Accordingly, reserves for losses on loans under the provisions of Mimeograph 6209 

issued by the Bureau of Internal Revenue in December 1947 and other 

loan valuation reserves have been shown separately.

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.

Asset and liability data for noninsured banks are tabulated from 

reports pertaining to the individual banks. In a few cases these reports 

are not as detailed as those submitted by insured banks, and some of 

the items reported have been allocated to more detailed categories 

according to the distribution of asset and liability data for insured 

State banks not members of the Federal Reserve System or for other 

noninsured banks.

Sources o f 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 oo 

Directory; and Polk’s Bankers Encyclopedia.

ASSETS AND LIABILITIES OF OPERATING BANKS

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Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK 

(Amounts in thousands of dollars)

Table 104. A s s e t s an d L ia b i lit i e s o f O p e ra tin g B a n k s in t h e U n ite d S t a t e s an d P o sse ssio n s, D e c e m b e r 31, 1947

0005

All banks Commercial and stock savings banks and 

nondeposit trust companies Mutual savings banks

Noninsured

Total1 Insured Noninsured1 Total1 Insured2

Banks

of

deposit1

Nondeposit

trust

companies3

Total Insured

Noninsured

176,024,102 166,271,763 9,752,339 156,310,157 152,773,086 3,333,845 203,226 19,713,945 13,498,677 6,215,268

38,560,143

2,392,970

37,611,042

2,223,478

949,101

169,492

37,673,863

2,288,271

36,936,014

2,147,943

678,322

138,936

59,527

1,392

886,280

104,699

675,028

75,535

211,252

29,164

17,796,687

10,780,080

278,840

30,959

7,280,607

17,796,687

10,074,500

256,545

25,778

7,234,054

17,795,563

10,227,395

66,984

30,959

7,264,691

17,795,563

9,689,645

52,359

25,778

7,224,726

1,124

552,685

211,856

1,124

384,855

204,186

705,580

22,295

5,181

46,553

483,979

11,100

5,181

39,126

53,771

3,525

167,830

7,670

839 15,916 9,328 6,588

92,397,336 85,835,668 6,561,668 78,701,130 76,712,307 1,885,360 103,463 13,696,206 9,123,361 4,572,845

81,636,938

5,362,100

4,897,998

500,300

76,124,821

5,176,215

4,218,265

316,367

5,512,117

185,885

679,733

183,933

69,658,518

5,297,284

3,391,422

353,906

67,959,691

5,130,927

3,319,506

302,183

1,626,609

157,796

66,433

34,522

72,218

8,561

5,483

17,201

11,978,420

64,816

1,506,576

146,394

8,165,130

45,288

898,759

14,184

3,813,290

19,528

607,817

132,210

43,231,136

18,294,735

41,151,958

18,038,481

2,079,178

256,254

38,286,728

18,264,421

37,591,988

18,014,990

672,772

249,051

21,968

380

4,944,408

30,314

3,559,970

23,491

1,384,438

6,823

68,168

1,610,344

830,545

1,244,815

65,294

1,544,988

823,310

1,190,244

2,874

65,356

7,235

54,571

68,168

1,609,630

830,545

1,242,528

65,294

1,544,394

823,310

1,189,799

2,874

65,048

7,210

47,394

188

25

714 594 120

5,335 2,287 445 1,842

850,205

10,869,398

2,582,401

5,790,909

116,154

973,462

813,558

9,631,779

2,332,613

5,676,376

113,941

921,374

36,647

1,237,619

249,788

114,533

2,213

52,088

822,625

6,932,841

1,691,447

5,744,740

116,154

963,629

793,539

6,815,984

1,661,126

5,655,268

113,941

914,343

28,386

106,791

27,977

88,307

2,213

47,521

700

10,066

2,344

1,165

27,580

3,936,557

890,954

46,169

20,019

2,815,795

671,487

21,108

7,561

1,120,762

219,467

25,061

1,765 9,833 7,031 2,802

1,835,487

1,059,579

101,236

674,672

1,673,095

1,007,214

91,024

574,857

162,392

52,365

10,212

99,815

1,648,436

966,695

87,021

594,720

1,532,777

936,444

80,041

516,292

97,391

18,702

5,783

72,906

18,268

11,549

1,197

5,522

187,051

92,884

14,215

79,952

140,318

70,770

10,983

58,565

46,733

22,114

3,232

21,387

Asset, liability, or capital account item

Total assets........................................................

Cash, balances with other banks, and cash

collection items— total.....................

Currency and coin......................................

Reserve with Federal Reserve banks (member

banks)...................................................................

Demand balances with banks in U. S..............

Other balances with banks in U. S...................

Balances with banks in foreign countries. . . .

Cash items in process of collection...................

Securities— total.....................................................

U. S. Government obligations, direct and

guaranteed.............................. .. ................

Obligations of States and subdivisions...

Other bonds, notes, and debentures4. . . .

Corporate stocks...........................................

Loans and discounts— tota l......................

Commercial and industrial loans..............

Loans to farmers directly guaranteed by the

Commodity Credit Corporation.........

Other loans to farmers (excluding loans on

real estate)......................................................

Loans to brokers and dealers in securities..

Other loans for carrying securities...............

Real estate loans:

On farm land..................................................

On residential properties.............................

On other properties.......................................

Other loans to individuals..............................

Loans to banks...................................................

All other loans (including overdrafts).........

Miscellaneous assets— tota l..........................

Bank premises owned, furniture and fixture

Other real estate— direct and indirect.........

All other miscellaneous assets........................

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Total liabilities and capital accoun ts..............

Deposits of individuals, partnerships, and

corporations— tota l...................................

Demand..............................................................

Time...................................................................

Certified and officers’ checks, cash letters 

of credit and travelers checks outstanding, and am ounts due to Federal 

Reserve banks.............................................

Government deposits—total..........................

United States Government—demand.............

United States Government—time...................

States and political subdivisions—demand... 

States and political subdivisions— time..........

Interbank and postal savings deposits—

tota l...............................................................

Banks in the United States—demand............

Banks in the United States—time..................

Banks in foreign countries—demand..............

Banks in foreign countries—time...................

Postal savings....................................................

176,024,102 166,271,763 9,752,339 156,310,157 152,773,086 3,333,845 203,226 19,713,945 13,498,677 6,215,268

137,756,434

85,302,610

52,453,824

129,901,249

83,747,088

46,154,161

7,855.185

1,555,522

6,299,663

120,001,655

85,291,385

34,710,270

117,701,053

83,737,730

33,963,323

2,221,046

1,474,143

748,903

79,556

79,512

44

17,754,779

11,225

17,743,554

12,200,196

9,358

12,190,838

5,554,583

1,867

5,552,716

2,600,261 2,561,507 38,754 2,597,895 2,559,258 38,634 3 2,366 2,249 117

9,321,497

1,427,574

105,950

6,856,008

931,965

8,957,617

1,329,206

105,545

6,695,665

827,201

363,880

98,368

405

160,343

104,764

9,316,461

1,424,815

105,925

6,855,571

930,150

8,953,724 

1,327,075 

105,520 

6,695,228 

825,901

361,141

97,715

405

158,772

104,249

1,596

25

1,571

5,036

2,759

25

437

1,815

3,893

2,131

25

437

1,300

1,143

628

515

13,050,490

11,371,229

229,110

1,433,465

11,110

5,576

12,675,246

11,236,177

43,794

1,379,176

11,105

4,994

375,244

135,052

185,316

54,289

5

582

13,049,865

11,371,183

228,531

1,433,465

11,110

5,576

12,674,631

11,236,131

43,225

1,379,176

11,105

4,994

375,234

135,052

185,306

54,289

5

582

625

46

579

615

46

569

10

10

Total deposits.............................................

Demand............................................................

Time.................................................................

Miscellaneous liabilities— total.....................

Rediscounts and other borrowed money........

All other miscellaneous liabilities....................

Total liabilities (excluding capital 

accounts)..................................................

Capital accounts—total...................................

Preferred capital...............................................

Common stock...................................................

162,728,682

108,991,1^7

53,737,535

154,095,619

106,9^8,819

47,1^6,800

8,633,063

2,042,328

6,590,735

144,965,876

108,974,314

35,991,562

141,888,666

106,934,598

34,954,068

2,996,055

1,958,605

1,037,450

81,155 

81,111

U

17,762,806

16,833

17,745,973

12,206,953

14,221

12,192,732

5,555,853

2,612

5,553,241

1,298,022

74,614

1,223,408

1,188,145

61,458

1,126,687

109,877

13,156

96,721

1,235,968

74,451

1,161,517

1,148,617

61,345

1,087,272

57,712

11,787

45,925

29,639

1,319

28,320

62,054

163

61,891

39,528

113

39,415

22,526

50

22,476

164,026,704 155,283,764 8,742,940 146,201,844 143,037,283 3,053,767 110,794 17,824,860 12,246,481 5,578,379

11,997,398

149,414

3,193,186

5,734,958

2,919,840

10,987,999

121,061

3,077,810

5,255,551

2,533,577

1,009,399

28,353

115,376

479,407

386,263

10,108,313

144,461

3,193,186

4,450,670

2,319,996

9,735,803

116,108

3,077,810

4,316,404

2,225,481

280,078

27,964

78,228

103,577

70,309

92,432

389

37,148

30,689

24,206

1,889,085

4,953

1,252,196

4,953

636,889

Surplus...............................................................

Undivided profits and reserves.........................

1,284,288

599,844

939,147

308,096

345,141

291,748

Number of banks5..................................................... 14,767 13,597 1,170 14,234 13,403 763 68 533 194 339

i Revised. *

* Includes 7 trust companies not engaged in deposit banking having total capital accounts of $15,909,000 and total assets of $16,768,000.

8 Amounts shown as deposits are special accounts and uninvested trust funds, with the latter classified as demand deposits of individuals, partnerships, and corporations.

4 Includes obligations of United States Government corporations and agencies, not guaranteed by the United States Government.

6 Includes 12 noninsured banks of deposit for which asset and liability data are not available.

Back figures—See the Annual Report for 1947, pp. 112 and 116-119, and earlier reports. qq

ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK 

(Amounts in thousands of dollars)

T a b le 105. A s s e t s an d L ia b ilit ie s op O p e ra tin g B a n k s in t h e U n ite d S t a t e s an d P o sse ssio n s, June 30, 1948

GO

GO

Asset, liability, or capital account item

All banks Commercial and stock savings banks and 

nondeposit trust companies Mutual savings banks

Noninsured

Total Insured Noninsured Total Insured1

Banks

of

deposit

Nondeposit

trust

companies2

Total Insured

Noninsured

170,981,488 161,176,866 9,804,622 150,729,059 147,243,473 3,288,839 196,747 20,252,429 13,933,393 6,319,036

35,164,357

2,264,740

34,351,648

2,131,182

812,709

133,558

34,332,198

2,172,545

33,707,629

2,064,673

577,455

106,593

47,114

1,279

832,159

92,195

644,019

66,509

188,140

25,686

17,356,081

9,109,587

327,998

33,468

6,072,483

17,356,081

8,496,972

313,639

23,343

6,030,431

17,355,020

8,659,549

55,757

33,468

6,055,859

17,355,020

8,194,982

49,463

23,343

6,020,148

1,061

450,038

272,241

16,624

1,061

301,990

264,176

10,283

612,615

14,359

10,125

42,052

420,120

5,912

10,125

34,705

44,447

382

........1,006

148,048

8,065

........6,341

88,412,224 81,813,808 6,598,416 74,420,269 72,440,813 1,875,768 103,688 13,991,955 9,372,995 4,618,960

77,160,671

5,689,158

5,049,476

512,919

71,675,965

5,497,625

4,320,145

320,073

5,484,706

191,533

729,331

192,846

65,184,509

5,609,994

3,271,608

354,158

63,507,417

5,436,459

3,193,390

303,547

1,604,649

162,174

73,786

35,159

72,443

11,361

4,432

15,452

11,976,162

79,164

1,777,868

158,761

8,168,548

61,166

1,126,755

16,526

3,807,614

17,998

651,113

142,235

45,379,380

552,183

45,931,563

18,151,504

43,151,471

536,874

43,688,345

17,865,392

2,227,909

15,309

2,243,218

286,112

40,145,618

331,718

40,477,336

18,117,648

39,382,301

330,567

39,712,868

17,837,982

736,382

1,121

737,503

275,455

26,935

30

26,965

4,211

5,233,762

220,465

5,454,227

33,856

3,769,170

206,307

3,975,477

27,410

1,464,592

14,158

1,478,750

6,446

21,925

2,044,850

1,188,566

1,131,224

21,161

1,955,635

1,183,158

1,077,538

764 21,925

2,044,026

1,188,566

1,128,993

21,161

1,954,925

1,183,158

1,077,065

764

89,215

5,408

53,686

88,993

5,389

46,387

108

19

824 710 114

5,541 2,231 473 1,758

921,478

11,933,068

2,813,766

6,553,024

161,977

1,010,181

880,565

10,584,206

2,557,885

6,437,134

160,408

965,263

40,913

1,348,862

255,881

115,890

1,569

44,918

889,100

7,583,677

1,840,036

6,499,785

161,977

1,001,603

857,106

7,448,300

1,800,305

6,413,985

160,408

958,473

31,081

123,797

37,613

84,778

1,569

41,677

913

11,580

2,118

1,022

........1,453

32,378

4,349,391

973,730

53,239

........8,578

23,459

3,135,906

757,580

23,149

‘ ’ 6,790

8,919

1,213,485

216,150

30,090

........1,788

2,025,527

1,088,272

111,861

825,394

1,859,939

1,041,343

93,978

724,618

165,588

46,929

17,883

100,776

1,830,974

991,897

95,816

743,261

1,712,730

967,339

81,553

663,838

99,234

19,156

5,892

74,186

19,010

5,402

8,371

5,237

194,553

96,375

16,045

82,133

147,209

74,004

12,425

60,780

47,344

22,371

3,620

21,353

Total assets.........................................................

Gash, balances with other banks, and cash

collection items— total.....................

Currency and coin.......................................

Reserve with Federal Reserve banks (member

banks)...................................................................

Demand balances with banks in U. S..............

Other balances with banks in U. S...................

Balances with banks in foreign countries. . . .

Cash items in process of collection...................

Securities— total.....................................................

U. S. Government obligations, direct and

guaranteed..................................................

Obligations of States and subdivisions...

Other bonds, notes, and debentures3. . . .

Corporate stocks...........................................

Loans and discounts, net— total............

Valuation reserves4...........................................

Loans and discounts, gross— total.........

Commercial and industrial loans..............

Loans to farmers directly guaranteed by the

Commodity Credit Corporation....................

Other loans to farmers (excluding loans on

real estate)..........................................................

Loans to brokers and dealers in securities-----

Other loans for carrying securities....................

Real estate loans:

On farm land......................................................

On residential properties.................................

On other properties...........................................

Other loans to individuals...................................

Loans to banks.......................................................

All other loans (including overdrafts).............

Miscellaneous assets— tota l...............................

Bank premises owned, furniture and fixtures.

Other real estate— direct and indirect.............

AH other miscellaneous assets............................

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Total liabilities and capital accoun ts.............

Deposits of individuals, partnerships, and 

corporations—to ta l...................................

Demand....................................................................

Time.........................................................................

Certified and officers’ checks, cash letters 

of credit and travelers checks outstanding, and am ounts due to Federal 

Reserve banks.............................................

Government deposits—total...........................

United States Government—demand..............

United States Government—time....................

States and political subdivisions—demand.. . 

States and political subdivisions— time...........

Interbank and postal savings deposits— 

tota l...............................................................

Banks in the United States— demand.............

Banks in the United States— time...................

Banks in foreign countries— demand...............

Banks in foreign countries— time.....................

170,981,488 161,176,866 9,804,622 150,729,059 147,243,473 3,288,839 196,747 20,252,429 13,933,393 6,319,036

132,903,828

79,722,443

53,181,385

125,138,254

78,310,409

46,827,845

7,765,574

1,412,034

6,353,540

114,701,278

79,711,478

34,989,800

112,564,136

78,301,105

34,263,031

2,063,431

1,336,708

726,723

73,711

73,665

46

18,202,550

10,965

18,191,585

12,574,118

9,304

12,564,814

5,628,432

1,661

5,626,771

2,057,305 2,022,801 34,504 2,054,253 2,019,874 34,379 3,052 2,927 125

10,759,710

2,139,817

109,414

7,326,348

1,184,131

10,359,820

2,056,314

105,738

7,135,582

1,062,186

399,890

83,503

3,676

190,766

121,945

10,754,831

2,137,262

109,364

7,325,883

1,182,322

10,356,173

2,054,409

105,690

7,135,118

1,060,956

397,098

82,840

3,674

189,218

121,366

1,560

13

1,547

4,879

2,555

50

465

1,809

3,647

1,905

48

464

1,230

1,232

650

2

1

579

11,455,911

9,792,672

242,185

1,399,155

15,526

6,373

11,041,425

9,628,116

34,880

1,357,149

15,526

5,754

414,486

164,556

207,305

42,006

11,455,488

9,792,627

241,807

1,399,155

15,526

6,373

11,041,012

9,628,071

34,512

1,357,149

15,526

5,754

414,476

164,556

207,295

42,006

423

45

378

413

45

368

10

10

Postal savings.................................................... 619 619

Total deposits.............................................

Demand............................................................

Time.................................................................

Miscellaneous liabilities— total.......................

Rediscounts and other borrowed money........

All other miscellaneous liabilities.....................

Total liabilities (excluding capital

accounts).......................................................

Capital accounts— total......................................

Preferred capital....................................................

Common stock.......................................................

Undivided profits and reserves..........................

157,176,754

102,437,740

54,739,014

148,562,300

100,510,371

48,051,929

8,614,454

1,927,369

6,687,085

138,965,850

102,420,658

36,545,192

135,981,195

100,495,726

35,485,469

2,909,384

1,849,707

1,059,677

75,271

75,225

46

18,210,904

17,082

18,193,822

12,581,105

14,645

12,566,460

5,629,799

2,437

5,627,362

1,488,839

68,681

1,420,158

1,355,076

62,850

1,292,226

133,763

5,831

127,932

1,402,101

68,342

1,333,759

1,304,936

62,671

1,242,265

70,418

4,733

65,685

26,747

938

25,809

86,738

339

86,399

50,140

179

49,961

36,598

160

36,438

158,665,593 149,917,376 8,748,217 140,367,951 137,286,131 2,979,802 102,018 18,297,642 12,631,245 5,666,397

12,315,895

140,515

3,257,900

3,061,623

11,259,490

112,152

3,122,073

5,361,764

2,663,501

1,056,405

28,363

135,827

494,093

398,122

10,361,108

135,859

3,257,900

4,532,167

2,435,182

S 9,957,342 

107,496 

3,122,073 

4,391,227 

2,336,546

309,037

27,953

98,076

109,739

73,269

94,729

410

37,751

31,201

25,367

1,954,787

4,656

' i ,323,690 

626,441

4,302,148

4,656

970,537

326,955

652,639

353,153

299,486

Number of banks5......................................................... 14,772 13,613 1,159 14,240 13,420 752 68 532 193 339

1 Includes 7 trust companies not engaged in deposit banking having total capital accounts of $15,914,000 and total assets of $16,585,000.

2 Amounts shown as deposits are special accounts and uninvested trust funds, with the latter classified as demand deposits of individuals, partnerships, and corporations.

8 Includes obligations of United States Government corporations and agencies, not guaranteed by the United States Government.

4 Reserves for losses on loans authorized by the Bureau of Internal Revenue for income tax purposes and other valuation reserves.

6 Includes 13 noninsured banks of deposit for which asset and liability data are not available.

Back figures— See the preceding table and the Annual Report for 1947, pp. 112, 116-119, and earlier reports. ^

CDASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK

(Amounts in thousands of dollars)

Table 106. A s s e t s an d L ia b i lit i e s o f O p e r a tin g B a n k s in t h e U n ite d S t a t e s an d P o sse ssio n s, D e c e m b e r 31, 1948

cc

o

Asset, liability, or capital account item

All banks Commercial and stock savings banks and 

nondeposit trust companies Mutual savings banks

Total Insured Noninsured Total Insured1

Noninsured

Total Insured

Noninsured

Banks

of

deposit

Nondeposit

trust

companies2

Total assets.............................................................. 176,075,430 166,312,875 9,762,555 155,601,889 152,162,979 3,248,342 190,568 20,473,541 14,149,896 6,323,645

Cash, balances with other banks, and cash

collection items—tota l............................. 39,635,525 38,781,764 853,761 38,757,669 38,097,434 608,782 51,453- 877,856 684,330 193,526

Currency and coin............................................. 2,145,156 2,019,818 125,338 2,038,781 1,941,281 96,442 1,058 106,375 78,537 27,838

Reserve with Federal Reserve banks (member

20,405,686 20,405,686 20,404,402 20,404,402 1,284 1,284

Demand balances with banks in U. S............. 9,933,505 9,277,976 655,529 9,413,313 8,910,108 453,877 49,328 520,192 367,868 152,324

Other balances with banks in U. S................. 282,076 267,161 14,915 53,514 44,523 8,355 636 228,562 222,638 5,924

Balances with banks in foreign countries. . . . 39,649 29,609 10,040 39,649 29,609 10,040

Cash items in process of collection.................. 6,829,453 6,781,514 47,939 6,808,010 6,767,511 40,068 ..........431’ 21,443 14,003 ........7,440

85,933,401 79,541,019 6,392,382 72,224,721 70,338,801 1,789,398 96,522 13,708,680 9,202,218 4,506,462

U. S. Government obligations, direct and

74,462,553 69,201,909 5,260,644 62,986,954 61,406,786 1,517,706 62,462 11,475,599 7,795,123 3,680,476

Obligations of States and subdivisions........... 5,753,815 5,569,475 184,340 5,683,204 5,511,216 159,544 12,444 70,611 58,259 12,352

Other bonds, notes, and debentures3.............. 5,199,681 4,448,338 751,343 3,194,176 3,113,073 74,009 7,094 2,005,505 1,335,265 670,240

Corporate stocks............................................... 517,352 321,297 196,055 360,387 307,726 38,139 14,522 156,965 13,571 143,394

Loans and discounts, net—total................... 48,452,743 46,088,073 2,364,670 42,766,581 41,978,595 764,284 23,702 5,686,162 4,109,478 1,576,684

Valuation reserves4................................................ 637,685 618,121 19,564 410,721 409,217 1,474 30 226,964 208,904 18,060

Loans and discounts, gross— total................ 49,090,428 46,706,194 2,384,234 43,177,302 42,387,812 765,758 23,732 5,913,126 4,318,382 1,594,744

Commercial and industrial loans..................... 19,055,252 18,790,619 264,633 19,014,006 18,765,233 246,091 2,682 41,246 25,386 15,860

Loans to farmers directly guaranteed by the

Commodity Credit Corporation.................. 915,271 885,491 29,780 915,271 885,491 29,780

Other loans to farmers (excluding loans on

1,977,439 1,889,850 87,589 1,976,500 1,889,045 87,333 122 939 805 134

Loans to brokers and dealers in securities... . 1,343,742 1,336,299 7,443 1,343,742 1,336,299 7,415 28

Other loans for carrying securities.................. 988,161 939,977 48,184 985,193 939,353 40,114 5,726 2,968 624 2,344

Real estate loans:

On farm land................................................. 911,968 872,907 39,061 878,419 847,912 29,481 1,026 33,549 24,995 8,554

On residential properties.............................. 12,819,942 11,345,687 1,474,255 8,061,695 7,912,634 138,414 10,647 4,758,247 3,433,053 1,325,194

On other properties....................................... 2,971,718 2,712,587 259,131 1,957,186 1,910,842 44,635 1,709 1,014,532 801,745 212,787

Other loans to individuals................................ 6,960,099 6,834,204 125,895 6,904,643 6,806,207 98,240 196 55,456 27,997 27,459

121,839 121,126 713 121,839 121,126 713

All other loans (including overdrafts)............ 1,024,997 977,447 47,550 1,018,808 973,670 43,542 ........1,596 ........6,189 ........8,777 ........2,41*2*

Miscellaneous assets—to ta l............................ 2,053,761 1,902,019 151,742 1,852,918 1,748,149 85,878 18,891 200,843 153,870 46,973

Bank premises owned, furniture and fixtures. 1,123,382 1,075,770 47,612 1,023,565 999,046 19,396 5,123 99,817 76,724 23,093

Other real estate—direct and indirect............ 109,511 91,213 18,298 95,634 80,371 6,607 8,656 13,877 10,842 3,035

All other miscellaneous assets.......................... 820,868 735,036 85,832 733,719 668,732 59,875 5,112 87,149 66,304 20,845

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Total liabilities and capital accounts.............

Deposits of individuals, partnerships, and

corporations—total...................................

Demand..............................................................

Time...................................................................

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...................

States and political subdivisions—demand.. . 

States and political subdivisions—time..........

Interbank and postal savings deposits—

total...............................................................

Banks in the United States—demand............

Banks in the United States—time..................

Banks in foreign countries—demand.............

Banks in foreign countries—time...................

Postal savings....................................................

176,075,430 166,312,875 9,762,555 155,601,889 152,162,979 3,248,342 190,568 20,473,541 14,149,896 6,323,645

136,521,495

83,166,726

53,354,769

128,724,870

81,708,040

47,016,830

7,796,625

1,458,686

6,337,939

118,125,282

83,155,546

34,969,736

115,960,249

81,698,513

34,261,736

2,092,965

1,385,014

707,951

72,068

72,019

49

18,396,213

11,180

18,385,033

12,764,621

9,527

12,755,094

5,631,592

1,653

5,629,939

2,152,234 2,115,641 36,593 2,149,376 2,113,210 36,165 1 2,858 2,431 427

11,076,463

2,400,710

114,057

7,356,321

1,205,375

10,706,677

2,326,921

111,138

7,186,759

1,081,859

369,786

73,789

2,919

169,562

123,516

11,071,337

2,398,309

113,984

7,355,695

1,203,349

10,702,845

2,325,231

111,065

7,186,133

1,080,416

368,388

73,077

2,919

169,459

122,933

104

1

103

5,126

2,401

73

626

2,026

3,832

1,690

73

626

1,443

1,294

711

583

12,291,197

10,482,484

237,500

1,530,034

34,762

6,417

11,906,860

10,344,114

35,224

1,487,709

34,012

5,801

384,337

138,370

202,276

42,325

750

616

12,290,544

10,482,439

236,892

1,530,034

34,762

6,417

11,906,217

10,344,069

34,626

1,487,709

34,012

5,801

384,327

138,370

202,266

42,325

750

616

653

45

608

643

45

598

10

10

Total deposits.............................................

Demand.......................................................

Time............................................................

Miscellaneous liabilities—total.....................

Rediscounts and other borrowed money........

All other miscellaneous liabilities....................

Total liabilities (excluding capital

accounts)..................................................

Capital accounts—total...................................

Preferred capital...............................................

Common stock...................................................

Surplus...............................................................

Undivided profits and reserves........................

162,041,389

107,088,509

5b,952,880

153,454,048

105,169,18^

U8,28k,86U

8,587,341

1,919,825

6,668,016

143,636,539

107,071,899

86,565,HO

140,682,521

105,15k,865

85,527,656

2,881,845

1 ,8 U M 0

1,037,^85

72,173

72,12 k

k9

18,404,850

17,110

18,887,7k0

12,771,527

Ik, 319

12,757,208

5,633,323

2,791

5,630,582

1,480,238

64,320

1,415,918

1,364,191

54,625

1,309,566

116,047

9,695

106,352

1,410,759

63,518

1,347,241

1,320,003

53,838

1,266,165

67,341

8,652

58,689

23,415

1,028

22,387

69,479

802

68,677

44,188

787

43,401

25,291

15

25,276

163,521,627 154,818,239 8,703,388 145,047,298 142,002,524 2,949,186 95,588 18,474,329 12,815,715 5,658,614

12,553,803

127,431

3,295,764

6,007,969

3,122,639

11,494,636

105,412

3,163,453

5,501,891

2,723,880

1,059,167

22,019

132,311

506,078

398,759

10,554,591

122,712

3,295,764

4,646,036

2,490,079

10,160,455

100,693

3,163,453

4,504,089

2,392,220

299,156

21,834

94,962

110,111

72,249

94,980

185

37,349

31,836

25,610

1,999,212

4,719

' i,861,933

632,560

1,334,181

4,719

997,802

331,660

665,031

364,131

300,900

Number of banks5..................................................... 14,753 13,612 1,141 14,221 13,419 735 67 532 193 339

1 Includes 7 trust companies not engaged in deposit banking having total capital accounts of $16,028,000 and total assets of $16,783,000.

8 Amounts shown as deposits are special accounts and uninvested trust funds, with the latter classified as demand deposits of individuals, partnerships, and corporations.

* Includes obligations of United States Government corporations and agencies, not guaranteed by the United States Government.

4 Reserves for losses on loans authorized by the Bureau of Internal Revenue for income tax purposes and other valuation reserves.

6 Includes 18 noninsured banks of deposit for which asset and liability data are not available.

Back figures—See the two preceding tables and the Annual Report for 1947, pp. 112, 116-119, and earlier reports.

ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED BY DISTRICT AND STATE

o

(Amounts in thousands of dollars) ^

Table 107. A s s e t s an d L ia b i lit i e s o f A l l O p e ra tin g B a n k s in t h e U n ite d S t a t e s an d P o sse ssio n s D e c e m b e r 31, 1948

Assets Liabilities and capital accounts

District and State Number 

of banks1 Cash and 

due from 

banks

U. S. Government 

obligations

Loans, discounts, and 

overdrafts

Miscellaneous

assets

Total

Deposits

Miscellaneous

liabilities

Total

capital

accounts

Other

securities Business

and

personal2

Government3

Interbank4

United States and possessions ............................ 14,753 39,635,525 74,462,553 11,470,848 48,452,743 2,053,761 176,075,430 138,673,729 11,076,463 12,291,197 1,480,238 12,553,803

United States................. 14,703 39,473,617 74,097,499 11,421,742 48,173,804 2,009,197 175,175,859 138,084,339 10,888,295 12,275,033 1,449,370 12,478^822

Possessions...................... 50 161,908 365,054 49,106 278,939 44,564 899,571 589,390 188,168 16,164 30,868 74,981

FDIC District

District 1....................... 877 1,927,280 6,805,860 1,115,609 3,871,776 171,142 13,891,667 11,638,061 457,993 395,650 107,077 1,292,886

District 25...................... 1,197 10,702,205 22,135,069 3,062,968 14,990,103 768,757 51,659,102 39,930,943 1,791,249 4,696,328 777,493 4,463,089

District 3 ....................... 1,660 4,234,994 8,663,831 1,889,002 4,931,906 232,881 19,952,614 16,270,521 1,098,247 859,891 102,359 1,621,598

District 4 ....................... 1,062 2,155,883 3,761,825 487,591 2,338,241 106,885 8,850,425 6,933,683 706,235 557,461 51,197 601,849

District 5....................... 1,012 1,636,648 2,151,805 399,675 1,528,707 61,449 5,778,284 4,342,901 626,210 431,232 29,729 348,212

District 6....................... 1,510 2,594,770 3,279,517 501,744 2,653,558 73,735 9,103,324 6,585,685 706,358 1,236,386 34,631 540,264

District 7....................... 1,493 2,566,650 5,565,121 760,659 2,721,483 93,832 11,707,745 9,771,980 839,331 386,499 47,759 662,176 District 8 ....................... 1,553 3,764,561 6,729,824 1,002,930 3,438,573 104,707 15,040,595 11,659,454 1,129,769 1,285,921 79,026 886,425

District 9 ....................... 1,115 1,106,555 2,314,766 306,651 1,194,719 33,816 4,956,507 3,869,576 454,975 337,024 21,381 273,551

District 10..................... 1,612 1,784,064 2,526,614 381,462 1,551,201 35,668 6,279,009 4,764,047 663,401 473,181 24,297 354,083

District 11..................... 1,119 2,982,081 3,150,840 502,280 2,611,989 106,881 9,354,071 6,779,786 1,025,024 1,015,051 45,681 488,529

District 12«................... 543 4,179,834 7,377,481 1,060,277 6,620,487 264,008 19,502,087 16,127,092 1,577,671 616,573 159,608 1,021,143

State

Alabama............................ 224 377,354 469,426 111,243 373,049 14,044 1,345,116 1,027,999 156,424 72,398 6,774 81,521

Arizona.............................. 11 94,846 140,639 25,794 179,801 7,462 448,542 357,752 61,635 3,877 4,166 21,112

Arkansas........................... 230 267,091 314,940 62,400 206,912 4,516 855,859 672,355 71,640 60,477 1,583 49,804

California.......................... 203 2,924.157 5,179,718 741.324 5,019,042 190,171 14,054,412 11,652,624 1,082,646 453,131 138,084 727,927

Colorado........................... 146 332,229 504,334 5lj635 276,966 6,871 1,172,035 957,748 65,600 78,176 4,419 66,092

Connecticut...................... 188 419,883 1,536,355 316,050 751,126 39,408 3,062,822 2,640,462 86,595 42,730 16,318 276,717

Delaware........................... 41 103,675 235,022 93,127 145,944 5,609 583,377 467,221 46,715 4,545 2,611 62,285

District of Columbia........ 19 295,233 467,235 42,310 270,963 18,529 1,094,270 943,572 23,556 52,632 6,256 68,254

Florida............................... 189 476,341 814,252 102,401 351,209 22,404 1,766,607 1,324,261 212,498 116,116 6,511 107,221

Georgia.............................. 394 536,326 575,636 69,849 601,230 18,603 1,801,644 1,340,098 148,782 184,846 14,471 113,447

Idaho................................. 47 106,094 203,660 11,608 134,849 3,314 459,525 368,462 62,714 7,297 1,012 20,040

Illinois............................... 887 3,238,521 5,696,186 817,938 2,795,341 91,444

23,753

12,639,430 9,732,855 902,692 1,178,938 75,942 749,003

Indiana.............................. 491 763,919 1,576,111 179,223 707,061 3,250,067 2,633,912 311,056 110,657 10,790 183,652

Iowa................................... 666 526,040 1,033,638 184,992 643,232 13,263 2,401,165 1,926,599 227,077 106,983 3,084 137,422

Kansas............................... 609 461,910 684,610 119,055 470,760 8,655 1,744,990 1,291,732 268,245 87,262 3,543 94,208

FEDERAI DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Kentucky.......................... 386 482,190 690,753 71,391 475,085 10,496 1,729,915 1,328,059 121,235 163,857 7,285 109,479

Louisiana........................... 161 549,848 691,234 134,968 403,528 21,236 1,800,814 1,233,616 257,441 211,229 11,933 86,595

Maine................................ 96 111,376 372,358 67,887 206,891 6,000 764,512 654,574 27,187 7,103 2,979 72,669

Maryland.......................... 172 402,076 1,095,421 131,131 436,850 27,235 2,092,713 1,708,101 115,409 94,716 9,330 165,157

Massachusetts.................. 378 1,140,556 3,948,029 533,844 2,266,905 101,350 7,990,684 6,572,636 273,970 324,209 72,660 747,209

Michigan........................... 447 1,158,634 2,439,590 364,408 1,299,767 45,162 5,307,561 4,465,520 362,842 155,894 28,427 294,878

Minnesota......................... 682 727,997 1,388,860 219,242 820,430 24,457 3,180,986 2,446,525 238,895 286,878 16,829 191,859

Mississippi........................ 205 246,627 292,491 116,182 203,219 6,398 864,917 650,543 108,506

334,110

57,872 1,973 46,023

Missouri............................ 599 1,264,098 1,597,243 230,700 1,319,989 35,773 4,447,803 3,110,793 725,451 16,109 261,340

Montana............................ 112 155,345 286,268 23,144 135,292 3,624 603,673 477,996 71,512 27,964 1,304 24,897

Nebraska........................... 416 369,263 590,744 79,257 326,838 8,221 1,374,323 1,067,446 78,605 144,836 9,104 74,332

Nevada.............................. 8 34,063 76,048 9,022 53,179 1,951 174,263 141,679 21,602 971 1,064 8,947

New Hampshire............... 109 68,751 261,207 68,556 196,717 4,284 599,515 508,822 18,686 6,981 1,576 63,450

New Jersey........................ 361 883,078 2,627,795 559,706 1,204,266 71,833 5,346,678 4,531,046 363,410 46,656 23,372 382,194

New Mexico...................... 49 101,261 111,996 12,091 94,783 2,321 322,452 241,216 55,229 11,041 467 14,499

New York.......................... 779 9,669,125 19,148,121 2,383,552 13,523,690 673,111 45,397,599 34,783,019 1,279,966 4,632,629 722,154 3,979,831

North Carolina................. 227 512,400 740,828 135,505 548,958 20,752 1,958,443 1,388,643 230,489 208,298 17,614 113,399

North Dakota.................. 151 111,932 371,444 35,368 108,087 2,568 629,399 490,914 93,136 12,644 2,049

35,841

30,656

Ohio................................... 669 1,750,526 3,495,857 546,445 1,982,271 73,019 7,848,118 6,487,465 573,621 284,952 466,239

Oklahoma.......................... 386 538,126 627,720 119,176 420,282 10,411 1,715,715 1,226,513 226,279 151,150 6,597 105,176

Oregon............................... 72 325,275 597,657 101,996 384,661 20,949 1,430,538 1,183,603 129,256 32,502 7,785 77,392

Pennsylvania.................... 991 2,484,468 5,167,974 1,342,557 2,949,635 159,862 12,104,496 9,783,056 524,626 574,939 66,518 1,155,357

Rhode Island.................... 29 143,200 581,163 100,993 266,725 15,877 1,107,958 945,068 41,399 13,280 11,123 97,088

South Carolina................. 149 204,096 294,455 49,287 173,187 4,650 725,675 577,520 87,002 20,840 2,350 37,963

South Dakota................... 170 111,281 268,194 28,897 130,910 3,167 542,449 454,141 51,432 9,538 1,199 26,139

Tennessee.......................... 295 581,391 676,581 137,253 651,572 22,950 2,069,747 1,474,478 179,373 286,601 9,654 119,641

Texas................................. 898 2,236,126 2,206,971 329,427 1,933,877 75,862 6,782,263 4,947,202 650,719 788,904 29,115 366,323

Utah................................... 55 152,572 233,495 21,936 187,092 4,257 599,352 466,193 56,444 41,529 2,159 33,027

Vermont............................ 77 43,514 106,748 28,279 183,412 4,223 366,176 316,499 10,156 1,347 2,421 35,753

Virginia.............................. 314 486,382 705,004 83,230 646,436 25,045 1,946,097 1,506,466 149,375 138,829 11,556 139,871

Washington....................... 124 522,092 845,980 151,868 678,928 17,006 2,215,874 1,874,798 137,999 77,477 7,992 117,608

West Virginia.................... 181 255,696 458,882 46,128 261,847 10,674 1,033,227 809,381 100,404 42,146 4,091 77,205

Wisconsin.......................... 555 644,097 1,549,420 217,028 714,655 24,917 3,150,117

271,946

2,672,548 165,433 119,948 8,542 183,646

Wyoming........................... 55 82,536 119,206 12,339 56,355 1,510 220,608 24,672 11,757 634 14,275

Possession

Alaska...............................

American Samoa. .

19

1

23,009

403

27,970

1,227

16,656

2,138 16,960

17

1,037

10

71,114

1,657

22,103

449,613

58,636

1,311

18,723

6,727

202

702

10

12 5,037

134

Guam....................... 1 4,716

84,624

........... 21 332 378 2,196

66,042

407 777

Hawaii.................... 9 193,335 20,364 144,690 6,600 349,363 2,864 1,090 30,254

Panama Canal Zone........ 4 2,829 1,735 737 18,335 23,636 11,700 11,843 90 3

Puerto R ico...................... 14 45,648 121,950 26,564 115,121 18,156 327,439 147,001 100,214 12,478 29,334 38,412

Virgin Islands................... 2 679 2,181 19 1,082 48 4,009 2,656 944 20 22 367

1 Includes 18 noninsured banks of deposit (10 in Georgia, 2 in Iowa, 1 in Michigan, 4 in Texas, and 1 in the Virgin Islands) for which asset, liability, and capital account 

data are not available.

8 Demand and time deposits of individuals, partnerships, and corporations, certified and officers’ checks, cash letters of credit, etc.

5 Deposits of the United States Government; and deposits of States and political subdivisions.

4 Interbank deposits; and postal savings deposits.

5 Includes Puerto Rico and the Virgin Islands.

* Includes Alaska, American Samoa, Guam, Hawaii, and the Panama Canal Zone.

Back figures—See the following Annual Reports: 1947, pp. 120-121; 1946, pp. 130-131; 1945, pp. 113-119.

ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 108. A s s e t s an d L ia b ilit ie s o f O p e ra tin g In su r e d B a n k s, D e c e m b e r 31, 1948, J u n e 30, 1948, an d D e c e m b e r 31, 1947

(Amounts in thousands of dollars)

Assets

December 31, 1948 June 30, 1948 December 31, 1947

All

insured

banks

Commercial

banks1

Mutual

savings

banks

All

insured

banks

Commercial

banks1

Mutual

savings

banks

All

insured

banks

Commercial

banks1

Mutual

savings

banks

Total assets...........................................................................

Gash, balances with other banks, and cash collection items—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—to ta l................................................

Direct:

Treasury bills...............................................................

Treasury certificates of indebtedness........................

Treasury notes.............................................................

United States non-marketable bonds2......................

Other bonds maturing in 5 years or less..................

Other bonds maturing in 5 to 10 years....................

Other 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 debentures3...........................

Corporate stocks:

Federal Reserve banks...............................................

Other corporate stocks...............................................

Total securities.....................................................

166,312,875 152,162,979 14,149,896 161,176,866 147,243,473 13,933,393 166,271,763 152,773,086 13,498,677

38,781,764

2,019,818

20,405,686

9,277,976

267,161

29,609

6,781,514

38,097,434

1,941,281

20,404,402

8,910,108

44,523

29,609

6,767,511

684,330

78,537

1,284

367,868

222,638

........14,003

34,351,648

2,131,182

17,356,081

8,496,972

313,639

23,343

6,030,431

33,707,629

2,064,673

17,355,020

8,194,982

49,463

23,343

6,020,148

644,019

66,509

1,061

301,990

264,176

........10,283

37,611,042

2,223,478

17,796,687

10,074,500

256,545

25,778

7,234,054

36,936,014

2,147,943

17,795,563

9,689,645

52,359

25,778

7,224,726

675,028

75,535

1,124

384,855

204,186

..........9,328

69,201,909

2,856,974

10,192,357

3,434,733

2,242,448

19,886,510

15,761,655

9,195,542

5,622,961

8,729

61,406,786

2,821,589

10,068,450

3,394,553

1,985,987

19,373,541

15,113,921

6,581,427

2,058,914

8,404

7,795,123

35,385

123,907

40,180

256,461

512,969

647,734

2,614,115

3,564,047

325

71,675,965

2,360,521

9,613,141

5,116,091

1,775,482

13,756,817

23,345,058

9,101,145

6,594,583

13,127

63,507,417

2,326,597

9,454,107

5,070,989

1,581,207

13,524,622

22,386,077

6,732,873

2,418,740

12,205

8,168,548

33,924

159,034

45,102

194,275

232,195

958,981

2,368,272

4,175,843

922

76,124,821

2,146,438

7,682,385

5,965,698

1,800,087

18,662,457

23,106,443

10,038,690

6,706,848

15,775

67,959,691

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

8,165,130

22,341

127,640

45,603

184,510

321,048

904,377

2,504,705

4,052,635

2,271

10,339,110

5,569,475

4,448,338

201,292

120,005

8,932,015

5,511,216

3,113,073

201,243

106,483

1,407,095

58,259

1,335,265

49

13,522

10,137,843

5,497,625

4,320,145

198,497

121,576

8,933,396

5,436,459

3,193,390

198,447

105,100

1,204,447

61,166

1,126,755

50

16,476

9,710,847

5,176,215

4,218,265

195,408

120,959

8,752,616

5,130,927

3,319,506

195,359

106,824

958,231

45,288

898,759

49

14,135

79,541,019 70,338,801 9,202,218 81,813,808 72,440,813 9,372,995 85,835,668 76,712,307 9,123,361

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Loans and discounts, net— total.......................

Valuation reserves4...................................................

Loans and discounts, gross—total8...................

Commercial and industrial loans (including open

market paper).........................................................

Loans to farmers directly guaranteed by the Commodity Credit Corporation...................................

Other loans to farmers (excluding loans on real

estate) ..............................................................

Loans to brokers and dealers in securities...........

Other loans for the purpose of purchasing or car

securities..........................................................

Real estate loans:

On farm land.......................................................

On residential properties...................................

On other properties.............................................

Other loans to individuals (consumer loans).......

Loans to banks........................................................

All other loans (including overdrafts).................

Total loans and securities.

Bank premises, furniture and fixtures, and oth<

real estate— total.............................................

Bank premises.............................................................

Furniture and fixtures................................................

Real estate owned other than bank premises..........

Investments and other assets indirectly representing 

bank premises or other real estate..............

Miscellaneous assets—total.................................

Customers’ liability on acceptances outstanding.

Income accrued but not collected.........................

Prepaid expenses...................................................

Other assets.............................................................

RATIOS

Percentages of total assets:

Cash and balances with other banks...........................

U. S. Government obligations, direct and guaranteed

Other securities.....................................................

Loans and discounts.............................................

Other assets...........................................................

Total capital accounts..........................................

46,088,073

618,121

46,706,194

41,978,595

409,217

42,387,812

4,109,478

208,904

4,318,382

43,151,471

536,874

43,688,345

39,382,301

330,567

39,712,868

3,769,170

206,307

3,975,477

41,151,958

(5)

(5)

37,591,988

(5)

(8)

3,559,970

(5)

(6)

18,790,619 18,765,233 25,386 17,865,392 17,837,982 27,410 18,038,481 18,014,990 23,491

885,491 885,491 21,161 21,161

1,954,925

1,183,158

1,077,065

65,294

1,544,988

823,310

1,190,244

65,294

1,889,850

1,336,299

1,889,045

1,336,299

805 1,955,635

1,183,158

1,077,538

710 1,544,394

823,310

1,189,799

594

939,977 939,353 624 473 445

872,907

11,345,687

2,712,587

6,834,204

121,126

847,912

7,912,634

1,910,842

6,806,207

121,126

24,995

3,433,053

801,745

27,997

880,565

10,584,206

2,557,885

6,437,134

160,408

857,106

7,448,300

1,800,305

6,413,985

160,408

23,459

3,135,906

757,580

23,149

813,558

9,631,779

2,332,613

5,676,376

113,941

793,539

6,815,984

1,661,126

5,655,268

113,941

914,343

20,019

2,815,795

671,487

21,108

977,447 973,670 ..........3,777 965,263 958,473 ..........6,790 921,374 7,031

125,629,092 112,317,396 13,311,696 124,965,279 111,823,114 13,142,165 126,987,626 114,304,295 12,683,331

1,166,983

930,711

145,059

22,088

1,079,417

855,428

143,618

16,794

87,566

75,283

1,441

5,294

1,135,321

915,335

126,008

23,273

1,048,892

842,370

124,969

17,397

86,429

72,965

1,039

5,876

1,098,238

900,803

106,411

25,172

1,016,485

830,595

105,849

17,801

81,753

70,208

562

7,371

69,125 63,577 5,548 70,705 64,156 6,549 65,852 62,240 3,612

735,036

180,093

668,732

180,093

66,304 724,618

192,989

663,838

192,989

237,718

26,874

206,257

60,780 574,857

143,230

516,292

143,230

58,565

297,735

30,505

226,703

250,844

28,081

209,714

........46,891

2,424

16,989

281,126

28,472

222,031

........43,408

1,598

15,774

280,189

23,788

127,650

239,372

21,953

111,737

40,817

1,835

15,913

23.3%

41.6 

6.2

27.7

1.2

6.9

25.0%

40.4

5.9

27.6

1.1

6.7

4.8%

55.1

9.9

29.1

1.1

9.4

21.3%

44.5

6.3

26.8

1.1

7.0

22.9%

43.1

6.1

26.7

1.2

6.8

4.6%

58.6

8.6

27.1

1.1

9.3

22.6%

45,8

5;8

H

24.2%

44.5 

5.7

24.6 

1.0

6.4

5.0%

60.5

7.1

26.4

1.0

9.3

0

01ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 108. A s s e t s and L ia b il i t i e s o p O p e r a tin g I n s u r e d B an ks, D e c e m b e r 31, 1948, J u n e 30, 1948, a n d D e c e m b e r 31, 1947—Continued.

(Amounts in thousands of dollars) CO

Oi

Liabilities and Capital

December 31, 1948

All

insured

banks

Commercial

banks1

Mutual

savings

banks

June 30, 1948

All

insured

banks

Commercial

banks1

Mutual

savings

banks

December 31, 1947

All

insured

banks

Commercial

banks1

Mutual

savings

banks

Total liabilities and capital accounts.......................

Deposits of individuals, partnerships, and corporations—total...............................................

Demand........................................................................

Time.............................................................................

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.............................

States and political subdivisions—demand..............

States and political subdivisions—time....................

Interbank and postal savings deposits—to ta l. . .

Banks in the United States—demand......................

Banks in the United States—time............................

Banks in foreign countries—demand........................

Banks in foreign countries—time..............................

Postal savings..............................................................

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)

166,312,875 152,162,979 14,149,896 161,176,866 147,243,473 13,933,393 166,271,763 152,773,086 13,498,677

128,724,870

81,708,040

47,016,830

115,960,249

81,698,513

34,261,736

12,764,621

9,527

12,755,094

125,138,254

78,310,409

46,827,845

112,564,136

78,301,105

34,263,031

12,574,118

9,304

12,564,814

129,901,249

83,747,088

46,154,161

117,701,053

83,737,730

33,963,323

12,200,196

9,358

12,190,838

2,115,641 2,113,210 2,431 2,022,801 2,019,874 2,927 2,561,507 2,559,258 2,249

10,706,677

2,326,921

111,138

7,186,759

1,081,859

10,702,845

2,325,231

111,065

7,186,133

1,080,416

3,832

1,690

73

626

1,443

10,359,820

2,056,314

105,738

7,135,582

1,062,186

10,356,173

2,054,409

105,690

7,135,118

1,060,956

3,647

1,905

48

464

1,230

8,957,617

1,329,206

105,545

6,695,665

827,201

8,953,724

1,327,075

105,520

6,695,228

825,901

3,893

2,131

25

437

1,300

11,906,860

10,344,114

35,224

1,487,709

34,012

5,801

11,906,217

10,344,069

34,626

1,487,709

34,012

5,801

643

45

598

11,041,425

9,628,116

34,880

1,357,149

15,526

5,754

11,041,012

9,628,071

34,512

1,357,149

15,526

5,754

413

45

368

12,675,246

11,236,177

43,794

1,379,176

11,105

4,994

12,674,631

11,236,131

43,225

1,379,176

11,105

4,994

615

46

569

153,454,048

105,169,181*

1*8,281*,861*

140,682,521

105,151*,865

35,527,656

12,771,527

11*,319

12,757,208

148,562,300

100,510,371

1*8,051,929

135,981,195

100,1*95,726

35,1*85,1*69

12,581,105

lk ,61*5

12,566,1*60

154,095,619

106,91*8,819

1*7,11*6,800

141,888,666

106,931*,598

31*,951*,068

12,206,953

11*,221

12,192,732

1,364,191

54,625

201,980

64,630

195,548

349,224

498,184

1,320,003

53,838

201,980

61,630

194,052

340,962

467,541

44,188

787

3,000

1,496

8,262

30,643

1,355,076

62,850

215,752

62,865

177,708

349,487

486,414

1,304,936

62,671

215,752

54,373

176,355

338,040

457,745

50,140

179

8,492

1,353

11,447

28,669

1,188,145

61,458

166,556

63,046

153,206

341,948

401,931

1,148,617

61,345

166,556

60,315

151,851

332,864

375,686

39,528

113

2,731

1,355

9,084

26,245

154,818,239 142,002,524 12,815,715 149,917,376 137,286,131 12,631,245 155,283,764 143,037,283 12,246,481

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Capital accounts— total.................................................

Capital stock, notes, and debentures...........................

Surplus.............................................................................

Undivided profits............................................................

Reserves...........................................................................

MEMORANDA 

Pledged assets and securities loaned.........................

Capital stock, notes, and debentures:

Par or face value—total.............................................

Common stock............................................................

11,494,636

3,268,865

5,501,891

2,153,240

570,640

10,160,455

3,264,146

4,504,089

1,872,518

519,702

1,334,181

4,719

997,802

280,722

50,938

11,259,490

3,234,225

5,361,764

2,076,656

586,845

9,957,342

3,229,569

4,391,227

1,803,724

532,822

1,302,148

4,656

970,537

272,932

54,023

10,987,999

3,198,871

5,255,551

1,906,069

627,508

9,735,803

3,193,918

4,316,404

1,650,231

575,250

1,252,196

4,953

939,147

255,838

52,258

13,436,912 13,436,912 13,031,725 13,031,725 11,648,069 11,648,069

3,272,723

3,164,300

30,034

78,389

3,264,993

3,164,300

22,304

78,389

7,730 3,238,285

3,123,059

35,294

79,932

3,230,555

3,123,059

27,564

79,932

7,730 3,202,901

3,078,933

37,402

86,566

3,195,041

3,078,933

29,542

86,566

7,860

Capital notes and debentures...................................

Preferred stock............................................................

7,730 7,730 7,860

Retireable value of preferred stock.............................. 146,799 146,799 149,355 149,355 158,208 158,208

Number of banks................................................................... 13,612 13,419 193 13,613 13,420 193 13,597 13,403 194

1 Includes stock savings banks and nondeposit trust companies.

2 United States savings bonds, Treasury bonds (investment series A-1965), and depositary bonds.

8 Includes obligations of United States Government corporations and agencies, not guaranteed by the United States Government.

4 Reserves for losses on loans authorized by the Bureau of Internal Revenue for income tax purposes and other valuation reserves.

1 Not reported.

• Individual loan items as of December 31, and June 30, 1948 are reported gross and are, therefore, not strictly comparable with amounts as of December 31 1947 which 

were reported on a net basis.

CD

-4ASSETS AND LIABILITIES OF OPERATING BANKS

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CO

00

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

Table 109. Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks 

examined in 1941-1948

Table 110. Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks 

examined in 1948 

Banks grouped according to amount of deposits

Table 111. Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks 

examined in 1948

Banks grouped hy Federal Deposit Insum?im Corporation district and State

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 1948, include 12,894 insured commercial banks operating 

at the close of the year and 33 banks which ceased operations or were 

taken over by others during the year. Figures for 522 insured banks 

operating at the close of the year were not included in the tabulations: 

7 because they were not engaged in deposit banking, and 515 because 

reports of examination were, for various reasons, not available for 

tabulation. For 466 banks the figures are derived from reports of 

examination made in the last three months of 1947.

Evaluation o f Assets

Book value of assets is the net value, after deduction of valuation 

and premium reserves, at which the assets are carried on the books 

of the banks at the time of examination.

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 111 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 o f capital accounts refers to the net worth or equity 

of the stockholders (including holders of capital notes and debentures) 

shown on the books at the time of examination.

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.

cc

scEXAMINERS EVALUATION OF INSURED COMMERCIAL .BANKS

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Federal Reserve Bank of St. Louis
Table 109. E x a m in e r s ’ A p p r a is a l o f A sse ts, L ia b ilit ie s , and 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 ed in 1941-1948

(Amounts in thousands of dollars)

Asset, liability, or capital account item 1941 1942 1943 1944 1945 1946 1947 1948

Total assets—book value......................................................... 71,697,320 80,449,956 102,021,738 118,843,675 138,032,336 147,828,793 144,531,287 147,679,494

Assets not on the books........................................................... 19,851 20,089 26,346 20,897 20,283 16,017 15,156 16,056

Examiners’ deductions............................................................. 174,037 145,741 97,144 54,193 29,354 25,095 35,596 40,775

Appraised value........................................................................ 71,543,134 80,324,304 101,950,940 118,810,379 138,023,265 147,819,715 144,510,847 147,654,775

Not criticized.......................................................................... 69,512,512 78,610,078 100,690,843 117,984,985 137,404,382 147,293,671 143,814,520 146,866,522

Substandard............................................................................ 2,030,622 1,714,226 1,260,097 825,394 618,883 526,044 696,327 788,253

Gash and due from banks....................................................... 24,107,119 24,618,882 25,342,868 26,036,187 29,215,660 V) 31,790,001 33,487,233

U. S. Government obligations—book value...................... (2) 26,799,729 50,067,210 65,089,147 78,783,904 0) 69,134,182 63,438,109

Appraised value3....................................................................... (2) 26,807,855 50,073,639 65,096,303 78,794,810 « (4) (4)

Other securities—book value................................................. 25,759,640 6,682,798 6,055,350 5,805,695 6,215,580 (l) 7,890,527 8,435,320

Appraised value........................................................................ 25,722,984 6,651,951 6,040,897 5,800,937 6,213,954 (x) 7,888,268 8,432,640

Not criticized.......................................................................... 24,970,412 6,034,558 5,578,743 5,499,037 5,954,653 (0 7,657,623 8,221,268

Substandard............................................................................ 752,572 617,393 462,154 301,900 259,301 0) 230,645 211,372

Loans and discounts—book value........................................ 19,544,145 20,136,352 18,290,697 19,562,561 21,436,642 0) 33,100,496 39,416,074

Appraised value........................................................................ 19,467,422 20,071,927 18,251,118 19,539,481 21,424,482 0) 33,075,357 39,385,909

Not criticized.......................................................................... 18,618,309 19,303,969 17,710,001 19,180,144 21,161,567 0) 32,653,390 38,852,883

Substandard............................................................................ 849,113 767,958 541,117 359,337 262,915 « 421,967 533,026

Fixed and miscellaneous assets—book value.................... 2,286,416 2,212,195 2,265,613 2,350,085 2,380,550 (!) 2,616,081 2,902,758

Appraised value........................................................................ 2,245,609 2,173,689 2,242,418 2,337,471 2,374,359 0) 2,623,039 2,910,884

Not criticized.......................................................................... 1,816,672 1,844,814 1,985,592 2,173,314 2,277,692 0) 2,579,324 2,867,029

Substandard............................................................................ 428,937 328,875 256,826 164,157 96,667 0) 43,715 43,855

Total liabilities—book value.................................................. 65,012,512 73,529,826 94,882,516 111,242,503 129,849,891 139,081,529 135,120,704 137,795,798

Total deposits.................................................... ....................... 64.218,740 72,755,007 94,087,113 110,177,295 128,263,849 137,221,546 133,169,657 135,666,637

Other liabilities—book value................................................... 793,772 774,819 795,403 1,065,208 1,588,042 1,859,983 1,951,047 2,129,161

Liabilities not on the books..................................................... 6,084 7,362 4,491 7,563 3,731 4,719 2,635 4,083

Adjusted total liabilities........................................................... 65,018,596 73,537,188 94,887,007 111,250,066 129,853,622 139,085,248 135,123,339 137,799,881

Total capital accounts—book value..................................... 6,684,808 6,920,130 7,139,222 7,601,172 8,182,445 8,747,264 9,410,583 9,883,696

Assets not on the books........................................................... 19,851 20,089 26,346 20,897 20,283 16,017 15,156 16,056

Examiners’ deductions from total assets............................... 174,037 145,741 97,144 54,193 29,354 25,095 35,596 40,775

Liabilities not on the books..................................................... 6,084 7,362 4,491 7,563 3,731 4,719 2,635 4,083

Adjusted capital accounts....................................................... 6,524,538 6,787,116 7,063,933 7,560,313 8,169,643 8,733,467 9,387,508 9,854,894

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Adjusted capital accounts per $100 of—

$97.60

9.12

$98.08

8.45

$98.95 $99.46 $99.84 $99.84 $99.75 $99.71

6.93 6.36 5.92 5.91 6.50 6.67

Substandard assets per $100 of—

Appraised value of total assets.............................................. 2.84 2.13 1.24 .69 .45 .36 .48 .53

Adjusted capital accounts....................................................... 31.12 25.26 17.84 10.92 7.58 6.02 7.42 8.00

Substandard loans and discounts per $100 of—

Appraised value of loans and discounts............................... 4.36 3.83 2.96 1.84 1.23 0) 1.28 1.35

Number of banks.......................................................................... 13,308 13,303 13,207 12,983 12,473 12,493 12,747 12,927

1 Not available separately.

8 U. S. Government obligations not available separately; included under other securities. , • ,

* Appraised value is in excess of book value due to the excess of redemption value of U. S. savings bonds not shown on the books over examiners deductions of unamortized 

premiums on U. S. Government obligations purchased above par. , ■, i

* Appraised value not available. Redemption value of U. S. savings bonds not shown on the books included under fixed and miscellaneous assets, while examiners deductions 

of unamortized premium on U. S. Government obligations purchased above par included under other securities.

EXAMINERS EVALUATION OF INSURED COMMERCIAL BANKS

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Table 110. E x a m in e r s 1 A p p r a is a l o f A s s e ts , L ia b ilitie s , an d C a p it a l o f In s u r e d C o m m e rc ia l B a n k s E xa m in ed in 1948

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

Asset, liability, or capital account item

All

banks

Banks with deposits of—

$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 in thousands of dollars)

Total assets—book value................................. 147,679,494 216,548 1,500,638 5,035,401 14,135,213 12,823,163 26,290,645 10,485,609 77,192,277

Assets not on the books................................... 16,056 126 934 2,489 3,928 2,033 2,941 846 2,759

Examiners’ deductions...................................... 40,775 340 1,028 3,147 6,715 5,335 8,453 2,869 12,888

Appraised value................................................. 147,654,775 216,334 1,500,544 5,034,743 14,132,426 12,819,861 26,285,133 10,483,586 77,182,148

Not criticized................................................... 11*6,866,522 212,908 1,1*85,21*0 1*,993,313 11*,029,658 12,730,61*0 26,133,928 10,1*36,1*99 76,8U,386

Substandard.................................................... 788,253 3,1*26 15,301* 1*1 ,k30 102,768 89,221 151,205 1*7,087 887,812

Gash and due from banks............................... 33,487,233 59,543 342,550 1,086,342 2,934,729 2,599,205 5,578,810 2,500,576 18,385,478

U. S. Government obligations—book value 63,438,109 81,090 678,515 2,353,190 6,555,448 5,900,583 12,227,116 4,659,908 30,982,259

Other securities—book value.......................... 8,435,320 7,640 74,480 300,524 1,013,286 1,049,168 1,903,597 586,873 3,499,752

Appraised value................................................. 8,432,640 7,622 74,441 300,327 1,012,772 1,048,582 1,902,663 586,713 3,499,520

Not criticized................................................... 8,221,268 7,231 72,591* 298,711* 990,792 1,021*,51*1 1,857,607 573,152 8,1*01,637

Substandard.................................................... 211,872 891 1,81*7 6,613 21,980 21*,01*1 1*5,056 13,561 97,883

Loans and discounts— book value................ 39,416,074 65,961 393,991 1,257,629 3,513,307 3,148,138 6,239,353 2,588,439 22,209,256

Appraised value................................................. 39,385,909 65,700 393,085 1,254,958 3,507,771 3,143,769 6,232,858 2,586,315 22,201,453

Not criticized................................................... 88,852,883 62,858 379,81*1 1,220,951 3,1*29,736 3,081,739 6,139,551 2,556,921* 21,981,283

Substandard.................................................... 533,026 2,81*2 18,21*1* 31*,007 78,035 62,030 93,307 29,391 220,170

Fixed and miscellaneous assets—book value 2,902,758 2,314 11,102 37,716 118,443 126,069 341,769 149,813 2,115,532

2,910,884 2,379 11,953 39,926 121,706 127,722 343,686 150,074 2,113,438

Not criticized................................................... 2,867,029 2,186 11,71*0 89,116 118,953 121*,57 2 330,81*1* 11*5,939 2,098,679

Substandard.................................................... US,855 198 213 810 2,753 3,150 12,81*2 1*,135 19,759

Total liabilities—book value........................... 137,795,798 193,498 1,383,325 4,687,319 13,202,182 12,008,468 24,636,729 9,862,263 71,822,014

Total deposits.................................................... 135,666,637 192,636 1,379,252 4,671,330 13,156,305 11,952,318 24,470,611 9,766,842 70,077,343

Other liabilities—book value.................. 2,129,161 862 4,073 15,989 45,877 56,150 166,118 95,421 1,744,671

Liabilities not on the books.............................. 4,083 37 122 240 762 305 981 481 1,155

Adjusted total liabilities................................... 137,799,881 193,535 1,383,447 4,687,559 13,202,944 12,008,773 24,637,710 9,862,744 71,823,169

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................................

9,883,696

16,056

40,775

4,083

9,854,894

23,050

126

340

37

22,799

117,313

934

1,028

122

117,097

348,082

2,489

3,147

240

347,184

933,031

3,928

6,715

762

929,482

814,695

2,033

5,335

305

811,088

1,653,916

2,941

8,453

981

1,647,423

623,346

846

2,869

481

620,842

5,370,263

2,759

12,888

1,155

5,358,979

Adjusted capital accounts per $100 of—

Book capital.......................................................

Appraised value of total assets.......................

$99.71

6.67

$98.91

10.54

$99.82

7.80

$99.74

6.90

$99.62

6.58

$99.56

6.33

$99.61

6.27

$99.60

5.92

$99.79

6.94

Substandard assets per $100 of—

Appraised value of total assets........................

Adjusted capital accounts................................

.53

8.00

1.58

15.03

1.02

13.07

.82

11.93

.73

11.06

.70

11.00

.58

9.18

.45

7.58

.44

6.30

Substandard loans and discounts per $100

of—

Appraised value of loans and discounts......... 1.35 4.33 3.37 2.71 2.22 1.97 1.50 1.14 .99

Number of banks................................................... 12,927 516 1,802 3,180 4,174 1,708 1,233 140 174

Back figures—See the following Annual Reports: 1947, pp. 126-127, and earlier reports.

EXAMINERS EVALUATION OF INSURED COMMERCIAL BANKS

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Federal Reserve Bank of St. Louis
(Amounts in thousands of dollars)

Table 111. 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 ilitie s , an d C a p it a l o f In s u r e d C o m m erc ia l B a n k s E xa m in ed in 1948

BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE

Total assets Total liabilities Total capital 

accounts Adjusted 

capital 

accounts 

per $100 of 

appraised 

value of 

total 

assets

Substandard assets 

per $100 of—

FDIC District

Number

of

Rook

value

Examiners'

deductions

(net)1

Appraised value

Book

value

Adjusted

value

Book

value

Adjusted

value

Appraised 

value of 

total 

assets

Adjusted

capital

accounts

and State banks

Total Not

criticized

Substandard

United States and 

possessions........ 12,927 147,679,494 24,719 147,654,775 146,866,522 788,253 137,795,798 137,799,881 9,883,696 9,854,894 $6.67 $.53 $8.00

United States.... 12,922 147,640,821 24,657 147,616,164 146,828,099 788,065 137,759,120 137,763,203 9,881,701 9,852,961 6.67 .53 8.00

Possessions.......... 5 38,673

7,290,618

62 38,611 38,423 188 36,678 36,678 1,995 1,933 5.01 .49 9.73

FDIC District 

District 1............. 470 1,938 7,288,680 7,253,609 35,071 6,707,569 6,707,598 583,049 581,082 7.97 .48 6.04

District 2 ............. 1,015

1,621

1,008

813

38,385,289

18,009,062

8,064,285

5,347,586

9,314 38,375,975 38,102,136 273,839 35,265,018 35,265,940 3,120,271 3,110,035 8.10 .71 8.81

District 3 .............

District 4 .............

3,233

2,199

18,005,829

8,062,086

17,909,487

8,018,349

96,342

43,737

16,534,586

7,542,950

16,535,754

7,543,136

1,474,476

521,335

1,470,075

518,950

8.16

6.44

.54

.54

6.55

8.43

District 5............. 581 5,347,005 5,305,589 41,416 5,027,258 5,027,357 320,328 319,648 5.98 .77 12.96

District 6 ............. 1,361 8,287,196 1,084 8,286,112 8,246,117 39,995 7,793,528 7,793,960 493,668 492,152 5.94 .48 8.13

District 7............. 1,319 10,744,390 7U 10,744,464 10,705,569 38,895 10,155,587 10,155,947 588,803 588,517 5.48 .36 6.61

District 8 ............. 1,395 14,181,945 6U2 14,182,587 14,111,212 71,375 13,370,427 13,370,632 811,518

237,596

811,955 5.73 .50 8.79

District 9 ............. 1,045 4,464,053 622 4,464,675 4,443,168 21,507 4,226,457 4,226,507 238,168 5.33 .48 9.03

District 10........... 1,381 5,826,426 740 5,825,686 5,797,061 28,625 5,501,207 5,501,656 325,219 324,030 5.56 .49 8.83

District 11........... 1,018

481

8,646,961 2,382 8,644,579 8,610,159 34,420 8,180,701 8,180,741 466,260 463,838 5.37 .40 7.42

District 122.......... 18,431,683 4,586 18,427,097 18,364,066 63,031 17,490,510 17,490,653 941,173 936,444 5.08 .34 6.73

State

Alabama.............. 194 1,248,108 244 1,247,864 1,243,035 4,829 1,171,095 1,171,118 ’ 77,013 76,746 6.15 .39 6.29

Arizona................ 10 444,536 521 444,015 436,004 8,011 424,680 424,682 / 19,856 19,333 4.35 1.80 41.44

Arkansas.............. 207 769,489 109 769,380 766,982 2,398 722,605 722,620 / 46,884 46,760 6.08 .31 5.13

California............ 183 13,798,442 2,191 13,796,251 13,757,313 38,938 13,095,626 13,095,708

1,077,241

/ 702,816 700.543 5.08 ,28 5.56

Colorado.............. 138 1,140,145 272 1,140,417 1,135,454 4,963 1,077,146 62,999 63^176 5.54 .44 7.86

Connecticut.........

Delaware.............

97

38

1,358,065

448,342

643

168

1,357,422

448,174

1,350,352

441,688

7,070

6,486

1,255,247

400,102

1,255,251

400,105

102,818

48,240

102,171

48,069

7.53

10.73

.52

1.45

6.92

13.49

Dist. of Columbia 

Florida.................

19

173

1,096,435

1,758,370

446

517

1,095,989

1,757,853

1,092,411

1,740,383

1,611,074

3,578

17,470

12,347

1,028,640

1,657,834

1,028,641

1,657,846

1,521,672

67,795

100,536

67,348

100,007

6.14

5.69

.33

.99

5.31

17.47

Georgia................ 271 1,623,308 113 1,623,421 1,521,629 101,679 101,749 6.27 .76 12.13

FEDERAL DEPOSIT INSURANCE CORPORATION

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Idaho................... 48 430,053 23 430,030 429,381 649 411,189 411,236 18,864 18,794 4.37 .15 3.45

Illinois.................. 835 11,999,127 13 11,999,140 11,943,825 55,315 11,308,886 11,309,076 690,241 690,064 5.75 .46 8.02

Indiana................ 457 3,025,040 97 3,024,943 3,007,633 17,310 2,856,172 2,856,477 168,868 168,466 5.57 .57 10.28

Iowa..................... 560 2,182,818 629 2,183,447 2,167,387 16,060 2,061,541 2,061,556 121,277 121,891 5.58 .74 13.18

Kansas................. 452 1,472,873 480 1,472,393 1,464,614 7,779 1,394,425 1,394,551 78,448 77,842 5.29 .53 9.99

Kentucky............ 350 1,536,265 10 1,536,255 1,528,541 7,714 1,433,778 1,433,809 102,487 102,446 6.67 .50 7.53

Louisiana............. 144 1,675,843 73 1,675,770 1,668,658 7,112 1,592,096 1,592,112 83,747 83,658 4.99 .42 8.50

Maine.................. 54 452,569 253 452,316 449,288 3,028 415,865 415,867 36,704 36,449 8.06 .67 8.31 Maryland............ 156 1,526,080 528 1,525,552 1,517,681 7,871 1,426,290 1,426,363 99,790 99,189 6.50 .52 7.94

Massachusetts. . . 179 4,287,604 50 4,287,654 4,275,352 12,302 3,943,190 3,943,208 344,414 344,448 8.03 .29 3.57

Michigan............. 400 4,931,934 247 4,931,687 4,918,158 13,529 4,671,621 4,671,683 260,313 260,024 5.27 .27 5.20

Minnesota........... 631 2,893,502 U22 2,893,924 2,878,909 15,015 2,725,059 2,725,085 168,443 168,839 5.83 .52 8.89

Mississippi.......... 175 717,800 67 717,867 711,097 6,770 676,700 676,721 41,100 41,146 5.73 .94 16.45

Missouri.............. 531 4,075,875 498 4,075,377 4,058,774 16,603 3,843,162 3,843,203 232,713 232,174 5.70 .41 7.15

Montana.............. 112 556,074 27 556,101 552,957 3,144 531,993 531,996 24,081 24,105 4.33 .57 13.04

Nebraska............. 362 1,288,258 19 h 1,288,452 1,284,830 3,622 1,219,768 1,219,870 68,490 68,582 5.32 .28 5.28

Nevada................ 8 174,024 59 173,965 172,843 1,122 165,390 165,390 8,834 8,575 4.93 .64 13.08

New Hampshire.. 57 232,254 298 231,956 229,621 2,335 209,720 209,721 22,534 22,235 9.59 1.01 10.50

New Jersey.......... 336 4,676,184 1,903 4,674,281 4,618,108 56,173 4,364,297 4,364,447 311,887 309,834 6.63 1.20 18.13

New Mexico........ 48 293,966 276 293,690 291,587 2,103 280,272 280,273 13,694 13,417 4.57 .72 15.67

New York............ 641 33,260,763 7,243 33,253,520 33,042,340 211,180 30,500,619 30,501,388 2,760,144 2,752,132 8.28 .64 7.67

North Carolina... 218 1,861,126 82 1,861,044 1,849,732 11,312 1,752,848 1,752,889 108,278 108,155 5.81 .61 10.46

North Dakota... 138 491,567 n 491,661 490,770 891 470,835 470,848 20,732 20,813 4.23 .18 4.28

Ohio...................... 652 7,390,887 981 7,389,906 7,366,952 22,954 6,946,138 6,946,229 444,749 443,677 6.00 .31 5.17

Oklahoma............ 374 1,677,252 593 1,676,659 1,665,703 10,956 1,575,535 1,575,657 101,717 101,002 6.02 .65 10.85

Oregon................. 67 1,399,111 485 1,398,628 1,391,846 6,780 1,324,877 1,324,879 74,234 73,747 5.27 .48 9.19 Pennsylvania. . . . 969 10,618,175 2,252 10,615,923 10,542,535 73,388 9,588,448 9,589,525 1,029,727 1,026,398 9.67 .69 7.15

Rhode Island. . . . 14 687,426 127 687,299 685,017 2,282 637,312 637,313 50,114 49,986 7.27 .33 4.57

South Carolina... 124 682,120 108 682,228 680,191 2,037 646,438 646,456 35,682 35,772 5.24 .30 5.69 South Dakota.... 164 522,910 79 522,989 520,532 2,457 498,570 498,578 24,340 24,411 4.67 .47 10.07

Tennessee............ 273 1,905,567 467 1,905,100 1,891,820 13,280 1,793,983 1,794,328 111,584 110,772 5.81 .70 11.99

Texas.................... 816 6,232,616 1,512 6,231,104 6,213,910 17,194 5,883,653 5,883,674 348,963 347,430 5.58 .28 4.95

Utah..................... 53 573,489 165 573,324 570,845 2,479 541,542 541,545 31,947 31,779 5.54 .43 7.80

Vermont.............. 69 272,700 667 272,033 263,979 8,054 246,235 24b,238 26,465 25,795 9.48 2.96 31.22

Virginia................ 314 1,897,157 1,051 1,896,106 1,882,238 13,868 1,759,760 1,759,791 137,397 136,315 7.19 .73 10.17

Washington......... 117 2,017,891 1,601 2,016,290 2,003,415 12,875 1,915,208 1,915,217 102,683 101,073 5.01 .64 12.74

West Virginia. ... 177 1,001,367 200 1,001,167 996,096 5,071 928,974 928,998 72,393 72,171 7.21 .51 7.03

Wisconsin............ 462 2,787,416 U8 2,787,834 2,779,778 8,056 2,627,794 2,627,807 159,622 160,027 5.74 .29 5.03

Wyoming............. 55 247,898 133 247,765 246,460 1,305 234,333 234,337 13,565 13,428 5.42 .53 9.72

1 Examiners’ deductions (net) is net of assets not on the books. Figures in italics represent excess of appraised value of assets over book value.

2 Includes 3 national banks and 1 State bank in Alaska and 1 State bank in Hawaii, not members of the Federal Reserve System.

EXAMINERS EVALUATION OF INSURED COMMERCIAL BANKS

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Federal Reserve Bank of St. Louis
Table 112. Earnings, expenses, and dividends of insured commercial banks, 1941-1948

Table 113. Ratios of earnings, expenses, and dividends of insured commercial banks, 1941-1948

Table 114. Earnings, expenses, and dividends of insured commercial banks, 1948 

By class of bank

Table 115. Ratios of earnings, expenses, and dividends of insured commercial banks, 1948 

By class of bank

Table 116. Earnings, expenses, and dividends of insured commercial banks operating throughout 1948

Banks grouped according to amount of deposits

Table 117. Ratios of earnings, expenses, and dividends of insured commercial banks operating 

throughout 1948 

Banks grouped according to amount of deposits

Table 118. Earnings, expenses, and dividends of insured commercial banks, by State, 1948

Table 119. Earnings, expenses, and dividends of insured mutual savings banks, 1941-1948

Table 120. Ratios of earnings, expenses, and dividends of insured mutual savings banks, 

1941-1948

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

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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.

On December 8, 1947, the Commissioner of Internal Revenue issued 

Comm. Mineograph Coll. No. 6209 entitled, “Reserve Method of 

Accounting for Bad Debts in the Case of Banks.” (See pp. 82-84 in 

the 1947 Annual Report). Under this ruling, banks are permitted to 

accumulate limited amounts of tax-free reserves for bad debt losses on 

loans. As a result, in 1948 unusually large amounts were set aside from 

income to valuation reserves, and net profits were decreased accordingly. 

The uniform report of earnings and dividends for the calendar year 

1948 was revised to show separately for the first time charge-offs and 

transfers to valuation reserves as well as recoveries and transfers from 

valuation reserves. Also, for the first time the actual recoveries and 

losses that are credited and charged to valuation reserves are reported 

as memoranda items. As of December 31, 1948, the reserve method 

of accounting for bad debt losses on loans as authorized by the Bureau 

of Internal Revenue had been adopted by 5,120, or 38 percent, of the 

13,419 insured commercial banks.

Averages of assets and liabilities shown in Tables 112-115 and 118— 

120 are based upon figures at the beginning, middle, and end of each 

year, as reported by banks operating on those dates. Consequently, the 

asset and liability averages are not strictly comparable with the earnings 

data, but the differences are not large enough to affect the totals 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 116, and utilized for computation 

of ratios shown in Table 117, are for the identical banks to which the 

earnings data pertain. For national banks and State banks members 

of the Federal Reserve System, assets and liabilities are as of December 

31, 1948, and for other banks, are averages of beginning, middle, and 

end of the year.

Sources o f 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.

oEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 112. 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 C o m m e r cia l B a n k s, 1941-1948

(Amounts in thousands of dollars)

Earnings or expense item 1941 1942 1943 1944 1945 1946 1947 1948

Current operating earnings—total......................................

Interest on United States Government obligations..............

Interest and dividends on other securities.............................

Interest and discount on loans...............................................

Service charges and other fees on bank’s loans....................

Service charges on deposit accounts...................................

Other service charges, commissions, fee3, and collection

Other current operating earnings...........................................

1,729,901

} 509,175 

847,832 

0)

139,698

0)

233,196

1,790,692

610,298

804,717 

12,084 

f 84,309

I 55,148 

100,652 

123,484

1,959,481

861,412

692,305

13,513

95,332

67,533

104,710

124,676

2,214,905

1,090,253

680,708

17,320

107,375

78,485

112,486

128,278

2,482,278

/ 1,132,977 

\ 167,198 

707,738 

18,860 

109,789

90,617

120,317

134,782

2,862,875

1,218,517

176,620

936,554

14,564

124,696

97,995

140,340

153,589

3,097,670

1,079,535

179,408

1,263,788

18,386

147,761

97,264

144,734

166,794

3,403,586

1,008,138

189,559

1,577,633

22,315

173,791

97,456

156,678

178,016

Current operating expenses—total......................................

Salaries—officers.......................................................................

Salaries and wages—employees...............................................

Fees paid to directors and members of executive, discount,

and other committees.......................................................

Interest on time and savings deposits...................................

Interest and discount on borrowed money...........................

Taxes other than on net income.............................................

Recurring depreciation on banking house, furniture and

fixtures................................................................................

Other current operating expenses...........................................

21,215,766

211,311

302,627

13,151

190,256

374

2103,371

364,414

330,262

1,222,157

219,388

333,171

11,541

174,674

336

97,085

39,917

346,045

1,256,025

225,142

356,958

11,775

163,900

502

99,915

40,008

357,825

1,356,680

240,354

386,346

12,907

186,773

1,112

97,307

41,845

390,036

1,522,778

266,018

424,881

14,610

233,321

2,448

98,683

40,329

442,488

1,762,634

309,220

521,709

, 16,936 

'268,624 

2,364 

96,314

40,850

506,617

1,981,787

344,845

602,266

18,954

298,274

2,656

103,516

42,276

569,000

2,163,514

381,756

662,696

20,859

316,570

3,432

106,163

48,271

623,767

Net current operating earnings............................................ 2514,135 568,535 703,456 858,225 959,500 1,100,241 1,115,883 1,240,072

Recoveries, transfers from reserve accounts, and profits—total .........................................................................

On securities:

Transfers from reserve accounts.........................................

Profits on securities sold or redeemed................................

On loans:

Transfers from reserve accounts.........................................

324,453

} 73,589 

145,189

| 70,947 

34,728

222,775

55,947

66,457

68,546

31,825

353,015

91,891

103,143

85,664

72,317

361,726

92,778

129,834

84,224

54,890

509,329

122,364

266,764

67,014

53,187

408,608

59,515

208,700

74,499

65,894

262,042

45,360

100,189

67,687

48,806

266,439

f 29,221 

\ 24,161 

60,025

/ 39,748 

\ 48,934 

64,350

Losses, charge-offs, and transfers to reserve accounts— 

to ta l...................................................................................

On securities:

Losses and charge-offs..........................................................

Transfers to reserve accounts.............................................

On loans:

Losses and charge-offs..........................................................

Transfers to reserve accounts.............................................

333,966

1 161,073

| 103,868 

69,025

271,118

120,614

80,647

69,857

290,645

116,383

75,223

99,039

265,881

110,439

70,090

85,352

264,122

132,870

55,901

75,351

283,175

132,254

71,253

79,668

294,286

118,498

120,370

55,418

485,753

/ 78,590 

\ 40,941

/ 32,393 

\ 278,666 

55,163

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Net profits before income taxes............................................ 2504,622 520,192 765,826 954,070 1,225,674 1,083,639 1,020,758

Taxes on net income—total.................................................. 450,000

(*)

(')

79,541

0)

(x)

127,865

114,316

13,549

202,821 OOQ no; 323,328

301,048 99 9QA

302,242 OQQ t\AG 275,422

258,490

16,932

Federal...................................................................................... 977 £Qft

State.............................. ............................................................

XO i $\JOLt

15 789

Lt l ( ,000 91 9^7 £oo,U4b

19,196

Net profits after income taxes.............................................. 454,622 440,651 637,961 751,249 on* 019 7V D,7lZ 7U/,o4D 781,397 745,336

Dividends and interest on capital—total........................... 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

298,983

8,345

290,638

315,215

5,981

309,234

331,833

5,230

326,603

Dividends declared on preferred stock and interest paid on 

capital notes and debentures..........................................

Cash dividends declared on common stock........................... 262 ,*669

Net additions to capital from profits................................. 201,226 213,043 404,471 498,056 631 474 603,363 466,182 413,503

Memoranda

Recoveries credited to reserve accounts (not included in 

recoveries above):

On securities............................................................................. <0

o

(!)

«

0)

C1)

0)

(x)

C1) 0) M 0)

0)

«

(!)

C1)

0)

(l)

0)

7,224

10,844

18,031

46,487

On loans.........................................................................

Losses charged to reserve accounts (not included in losses 

above):

On securities..............................................................................

V )

0)

(l)

Vv

/'l't

\)

On loans.................................................................................... v. ) w

Average assets and liabilities5 

Assets—total.............................................................................. 73,510,130

25,693,758

19,160,565

6,997,406

19,857,387

1,801,014

83,666,451

25,922,701

29,231,826

6,802,771

20,030,625

1,678,528

103,370,189

26,774,094

50,315,698

6,321,794

18,380,838

1,577,765

123,168,863

28,042,727 

67,231,161 

6 088 48?

14.K 717 iifi 1K1 OOA 77A 148,170,261

34,279,792

70,229,835

8,315,081

33,863,334

1,482,219

150,726,513

36,247,026

64,291,298

8,872,676

39,650,962

1,664,551

Cash and due from banks....................................................... 9 OQO XDJL,O70,/ /v

33,286,775

81,835,381 7 £££ Q9Q

United States Government obligations................................. 82,417,236 Other securities........................................................................ fi9Q ORQ

Loans and discounts................................................................ 20,310,112

0,Uit0 ,uoi/ 

9*3 779 I ,00t>,;7£0

27,768,296 All other assets............................................................ 1 A A Q QQ£

UO ,OUUj 1 ( Li

1 AACi 9£1 1,4^ ,Oi70

Liabilities and capital—total................................................ 73,510,130

66,168,797 

50,327,k62

15,8U ,835

578,370 

6,762,963

83,666,451

76,134,514

60,2^5,967

15,888,5^7

580,544

6,951,393

103,370,189

95,506,221

77 R7R

123,168,863

114,682,390 Q0 Oftry 11!,

145,217,438

13^ QAR QR7 148,170,261

137,537,907 

103,159,25k

8k,378,653

1,104,386 

9,527,968

150,726,513

139,517,461 

10k,195,063

85,322,398

1,257,852 

9,951,200

Total deposits........................................................................... 101,070,/ 4v

1A1 Q9Q C7Q

Demand deposits......................................................

iOJ)3'±0,00 1

108,968,917

26,979,U70

141,0^*7,0 IO

109,890,600

31,939,078

1,057,079 

q m n ni q

Time and savings deposits.....................................

Borrowings and other liabilities.............................................

# / yO / O fUUU

17,627,615

617,535

7,246,433

iJO f&O / fJL X Jf

21 ,U15,27 6

768,280 Total capital accounts............................................................. 7 718 193

t/OljOOl

0,00'±,0 1 U

Number of active officers, December 31................................... 57,067

211,115

54,925

216,473

55,309

225,647

56,494

229,377

59,119

245,275

62,697

271,395

65,740

284,072

67,609

292,015 Number of other employees, December 31...............................

Number of banks, December 31*............................................. 13,427 13,347 13,274 13,268 13 302 13,359 13,403 13,419

1 Not available.

2 Differs from reported figures as a result of the estimate made of taxes on net income. See footnote 4.

8 For banks not submitting reports to FDIC, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures. For banks submitting 

reports to FDIC, consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy and maintenance of banking quarters

4 Estimated; based upon Bureau of Internal Revenue figures of income taxes paid by all banks and trust companies for 1941. Banks submitting reports to the FDIC havp

reported income taxes separately since 1936. 6 v

6 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

6 In 1941 excludes 3 trust companies not engaged in deposit banking, which submit reports to FDIC.

Back figures—See the Annual Report for 1941, pp. 158-159.

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Federal Reserve Bank of St. Louis
Table 113. R a t io s o f E a r n in g s, E x p e n ses, and D iv id e n d s o f In s u r e d C o m m e rc ia l B a n k s, 1941-1948

Earnings or expense item 1941 1942 19 !3 1944 1945 1946 1917 1948

$100.00 

} 29.43 

49.01

| 8.08

13.48

$109.00

34.08

45.61 

J 4.71

( 3.08 

12.52

$100.00

43.96

36.02

4.87

3.45

11.70

$100.00

49.22

31.52

4.85

3.54

10.87

$100.00

f 45.64 

\ 6.74

29.27 

4.42

3.65

10.28

$100.00

42.56

6.17

33.22

4.38

3.42

10.27

$100.00

34.85

5.79

41.39

4.77

3.14

10.06

$100.00

29.62

5.57

47.01

5.11

2.86

9.83

170.28 68.25 64.10 61.25 61.35 61.57 63.98 63.57

30.47 31.50 30.31 28.88 28.42 29.62 31.19 31.30

11.00 9.76 8.36 8.43 9.40 9.38 9.63 9.30

15.98 5.42 5.10 4.39 3.98 3.36 3.34 3.12

23.72 2.23 2.04 1.89 1.62 1.43 1.36 1.42

19.11 19.34 18.29 17.66 17.93 17.78 18.46 18.43

129.72 31.75 35.90 38.75 38.65 38.43 36.02 36.43

2.35 2.14 1.90 1.80 1.71 1.88 2.09 2.26

11.65 1.46 1.22 1.10 1.05 1.16 1.34 1.44

i.70 .68 .68 .70 .66 .72 .75 .82

.44 .26 .34 .29 .35 .27 .18 .18

.45 .32 .28 .22 .18 .18 .20 .32

i.69 .62 .74 .77 .83 .81 .73 .68

.62 .53 .62 .61 .62 .59 .53 .49

17.60 8.18 9.71 11.12 11.51 12.21 11.71 12.46

4.80 3.20 4.87 4.69 6.11 4.53 2.75 2.68

4.93 3.90 4.01 3.45 3.16 3.14 3.09 4.88

17.47 7.48 10.57 12.36 14.46 13.60 11.37 10.26

4,75 1.14 1.75 2.63 3.59 3.59 3.17 2.77

6.72 6.34 8.82 9.73 10.87 10.01 8.20 7.49

3.75 3.28 3.23 3.28 3.29 3.32 3.31 3.33

2.97 3.06 5.59 6.45 7.58 6.69 4.89 4.16

Amounts per $100 of current operating earnings

Current operating earnings—total......................................

Interest on United States Government obligations.............

Interest and dividends on other securities............................

Income on loans........................................................................

Service charges on deposit accounts.......................................

Other service charges, commissions, fees, and collection

and exchange charges.......................................................

Other current operating earnings...........................................

Current operating expenses— total......................................

Salaries, wages, and fees.........................................................

Interest on time and savings deposits...................................

Taxes other than on net income.............................................

Recurring depreciation on banking house, furniture and

fixtures...............................................................................

Other current operating expenses...........................................

Net current operating earnings............................................

Amounts per $100 of total assets3

Current operating earnings—total.............................................

Current operating expenses—total.............................................

Net current operating earnings...................................................

Recoveries, transfers from reserve accounts, and profits—total 

Losses, charge-offs, and transfers to reserve accounts—total. .

Net profits before income taxes..................................................

Net profits after income taxes....................................................

Amounts per $100 of total capital accounts3

Net current operating earnings...................................................

Recoveries, transfers from reserve accounts, and profits—total 

Losses, charge-offs, and transfers to reserve accounts—total. .

Net profits before income taxes..................................................

Taxes on net income....................................................................

Net profits after income taxes.....................................................

Cash dividends declared..............................................................

Net additions to capital from profits.........................................

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Special ratios*

Income on loans per $100 of loans............................................. 4.27 4.08 3.85 3.44 3.09 3.43 3.79 4.04

1.95 1.69 1.52 1.49 1.46 1.56 1.60 1.64

Service charges per $100 of demand deposits........................... (5)

1.20

.14 .12 .12 .10 .11 .14 .17

Interest paid per $100 of time and savings deposits............... 1.10 .93 .87 .87 .84 .87 .90

Assets and liabilities per $100 of total assets3 

Assets—to ta l.............................................................................. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Cash and due from banks....................................................... 34.95 30.98 25.91 22.77 21.51 21.91 23.14 24.05

United States Government obligations................................. 26.07 34.94 48.70 54.59 56.76 53.88 47.40 42.65

Other securities......................................................................... 9.52 8.13 6.11 4.94 4.56 4.98 5.61 5.89

Loans and discounts................................................................ 27.01 23.94 17.75 16.49 16.18 18.28 22.85 26.31

All other assets......................................................................... 2.45 2.01 1.53 1.21 .99 .95 1.00 1.10

Liabilities and capital—total................................................ 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Total deposits........................................................................... 90.01 91.00 92.39 93.11 93.62 93.37 92.82 92.56

Demand deposits.................................................................... 68.46

21.55

72.01 75.39 75.72 75.04

18.58

72.34

21.03

69.62 69.13

Time and savings deposits.................................................... 18.99 17.00 17.39 23.20 23.43

...................... ...................... .79 .69 .60 .62 .64 .70 .75 .84Borrowings and other liabilities

Total capital accounts............................................................. 9.20 8.31 7.01 6.27 5.74 5.93 6.43 6.60

Number of banks, December 31®............................................... 13,427 13,347 13,274 13,268 13,302 13,359 13,403 13,419

1 Differs from reported figures as a result of the estimate made of taxes on net income. See footnote 4.

2 For banks not submitting reports to FDIC, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures. For banks submitting

reports to FDIC, consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy and maintenance of banking quarters.

* Asset and liability items are averages of figures reported at beginning, middle, and end of year.

« Estimated; based upon Bureau of Internal Revenue figures of income taxes paid by all banks and trust companies for 1941. Banks submitting reports to the FDIC have 

reported income taxes separately since 1936.

6 Not available.

• In 1941, excludes 3 trust companies not engaged in deposit banking, which submit reports to FDIC.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
BY CLASS OF BANK 

(Amounts in thousands of dollars)

Table 114. 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 , 1948

Members F . R. System Not 

members 

F. R.

System

Operating 

throughout 

the year

Operating 

less than 

full year1

Earnings or expense item Total

National State

Current operating earnings—total............................................................... 3,403,586 1,894,437 933,467 575,682 3,389,671 13,915

Interest on United States Government obligations...................................... 1,008,138 576,308 278,238 153,592 1,004,978 3,160

Interest and dividends on other securities............................................... 189,559 110,694 47,116 31,749 189,007

1,573,021

552

Interest and discount on loans........................................................................ 1,577,633 888,243

11,744

401,080 288,310 4,612

Service charges and other fees on bank’s loans............................................. 22,315 6,586 3,985 22,239 76

Service charges on deposit accounts................................................................

Other service charges, commissions, fees, and collection and exchange

173,791 97,327 43,806 32,658 173,309 482

97,456 42,895 22,427 32,134 97,114 342

156,678 59,374

107,852

88,137 9,167 152,835 3,843

178,016 46,077 24,087 177,168 848

Current operating expenses—total............................................................... 2,163,514 1,180,243 614,660 368,611 2,153,433 10,081

Salaries—officers................................................................................................ 381,756 196,885 100,393 84,478 379,687

659,943

2,069

Salaries and wages—employees........................................................................

Fees paid to directors and members of executive, discount, and other

662,696 366,782 211,646 84,268 2,753

committees................................................................................................. 20,859 9,994 4,913 5,952 20,769 90

Interest on time and savings deposits............................................................ 316,570 174,481 75,845 66,244 315,408 1,162

Interest and discount on borrowed money..................................................... 3,432 1,814 1,319 299 3,428 4

Taxes other than on net income...................................................................... 106,163 61,178 28,738 16,247 105,836 327

Recurring depreciation on banking house, furniture and fixtures............... 48,271 27,540 11,832 8,899

102,224

48,113 158

Other current operating expenses.................................................................... 623,767 341,569 179,974 620,249 3,518

Net current operating earnings..................................................................... 1,240,072 714,194 318,807 207,071 1,236,238 3,834

Recoveries, transfers from reserve accounts, and profits—total..........

On securities:

266,439 161,377 81,137 23,925 264,153 2,286

29,221 19,680 6,797 2,744 28,323 898

24,161 11,296 12,067 798 24,071 90

60,025 37,474 17,277 5,274 59,591 434

On loans:

39,748 24,540 9,368 5,840 39,655 93

Transfers from reserve accounts.................................................................. 48,934 23,941 21,606 3,387 48,903 31

64,350 44,446 14,022 5,882 63,610 740

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Losses, charge-offs, and transfers to reserve accounts—total............... 485,753

78,590

40,941

32,393

278,666

55,163

277,076

46,600

23,555

19,373

160,594

26,954

144,082

21,724

11,966

4,411

86,583

19,398

64,595

10,266

5,420

8,609

31,489

8,811

483,442

77,691

40,914

32,116

278,219

54,502

2,311

899

27

277

447

661

On securities:

Losses and charge-offs..................................................................................

Transfers to reserve accounts................ ....................................................

On loans:

Losses and charge-offs..................................................................................

Transfers to reserve accounts......................................................................

All other.............................................................................................................

Net profits before incom e taxes..................................................................... 1,020,758 598,495 255,862 166,401 1,016,949 3,809

Taxes on net incom e—to ta l........................................................................... 275,422

258,490

16,932

175,906

166,235

9,671

57,650

52,476

5,174

41,866

39,779

2,087

274,322

257,450

16,872

1,100

1,040

60

Federal...............................................................................................................

State...................................................................................................................

Net profits after incom e taxes....................................................................... 745,336 422,589 198,212 124,535 742,627 2,709

Dividends and interest on capital—total................................................... 331,833

5,230

326,603

193,511

1,301

192,210

100,307

2,565

97,742

38,015

1,364

36,651

330,769

5,230

325,539

1,064 Dividends declared on preferred stock and interest paid on capital notes 

and debentures..........................................................................................

Cash dividends declared on common stock................................................... 1,064

Net additions to capital from profits.......................................................... 413,503 229,078 97,905 86,520 411,858 1,645

Memoranda

Recoveries credited to reserve accounts (not included in recoveries above): 

On securities...................................................................................................... 7,224

10,844

18,031

46,487

5,582

6,519

8,753

30,849

1,435

2,786

8,326

8,796

207

1,539

952

6,842

7,224

10,808

17,945

46,410

On loans............................................................................................................. 36

86

77

Losses charged to reserve accounts (not included in losses above):

On securities......................................................................................................

On loans............................................................................................................

Average assets and liabilities2 

Assets—to ta l....................................................................................................... 150,726,513

36,247,026

64,291,298

8,872,676

39,650,962

1,664,551

87,047,574

21,804,366

36,539,319

5,240,815

22,474,335

988,739

43,184,416

10,643,684

18,185,004

2,139,429

11,709,080

507,219

20,494,523

3,798,976

9,566,975

1,492,432

5,467,547

168,593

Cash and due from banks................................................................................

United States Government obligations..........................................................

Other securities.................................................................................................

Loans and discounts.........................................................................................

All other assets..................................................................................................

Liabilities and capital—total......................................................................... 150,726,513

139,517,461

104,195,063

35,322,398

1,257,852

9,951,200

87,047,574

80,727,715 

61,239,545

19,488,170

786,882 

5,532,977

43,184,416

39,703,259

30,487,143

9,216,116

385,843

3,095,314

20,494,523

19,086,487

12,468,375

6,618,112

85,127

1,322,909

Total deposits....................................................................................................

Demand deposits............................................................................................

Time and savings deposits.............................................................................

Borrowings and other liabilities......................................................................

Total capital accounts......................................................................................

Number of active officers, December 31........................................................... 67,609

292,015

32,430

159,507

13,837

88,102

21,342

44,406

67,309

291,043

300 Number of other employees, December 31....................................................... 972

Number of banks, December 31......................................................................... 13,419 4,991 1,924 6,504 13,345 74

1 Includes banks operating less than full year and trust companies not engaged in deposit banking. 00

* Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Bach figures—See Table 112, p. 108. See also the Annual Report for 1947, pp. 136-137, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 115. R a t io s o f E a r n in g s, E x p e n s e s, an d D iv id e n d s of I n su r e d C o m m e r c ia l B a n k s , 1948

BY CLASS OF BANK

Members F,. R. System Not

members

Earnings or expense item Total

National State

F. R.

System

Amounts per $100 of current operating earnings $100.00 $100.00 $100.00 $100.00

29.62 30.42 29.81 26.68

5.57 5.84 5.05 5.52

47.01 47.51 43.67 50.77

5.11 5.14 4.69 5.67

Other service charges commissions, fees, and collection and exchange charges................................ 2.86 2.26 2.40 5.58

9.83 8.83 14.38 5.78

Current operating expenses—total....................................................................................................... 63.57 62.30 65.85 64.03

31.30 30.28 33.95 30.35

Interest on time and savings deposits..................................................................................................... 9.30 9.21 8.13 11.51

Taxes other than on net income.............................................................................................................. 3.12 3.23 3.08 2.82

Recurring depreciation on banking house, furniture and fixtures........................................................ 1.42 1.45 1.27 1.54

18.43 18.13 19.42 17.81

36.43 37.70 34.15 35.97

Amounts per $100 of total assets1

2.26 2.18 2.16 2.81

1.44 1.36 1.42 1.80

.82 .82 .74 1.01

Recoveries transfers from reserve accounts, and profits—total.............................................................

.18 .18 .18 .12

Losses charge-offs and transfers to reserve accounts—total.................................................................. .32 .32 .33 .32

.68 .68 .59 .81

.49 .49 .46 .61

Memoranda

Recoveries credited to reserve accounts (not included in recoveries above):

0) .01 0) 0)

.01 .01 .01 .01

Losses charged to reserve accounts (not included in losses above):

.01 .01 .02 0)

.03 .04 .02 .03

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Am ounts per $100 of total capital accounts1

Net current operating earnings.................................................................................................................... 12.46 12.91 10.30 15.65

Recoveries, transfers from reserve accounts, and profits—total.............................................................. 2.68 2.92 2.62 1.81

Losses, charge-offs, and transfers to reserve accounts—total.................................................................. 4.88 5.01 4.65 4.88

Net profits before income taxes................................................................................................................... 10.26 10.82 8.27 12.58

Taxes on net income..................................................................................................................................... 2.77 3.18 1.87 3.17

Net profits after income taxes..................................................................................................................... 7.49 7.64 6.40 9.41

Cash dividends declared............................................................................................................................... 3.33 3.50 3.24 2.87

Net additions to capital from profits.......................................................................................................... 4.16 4.14 3.16 6.54

M emoranda

Recoveries credited to reserve accounts (not included in recoveries above):

On securities............................................................................................................................................... .07 .10 .05 .02

On loans...................................................................................................................................................... .11 .12 .09 .12

Losses charged to reserve accounts (not included in losses above):

On securities.............................................................. . ............................................... ..................... .18 .16 .27 .07

On loans...................................................................................................................................................... .47 .56 .28 .52

Special ratios2

Income on loans per $100 of loans.............................................................................................................. 4.04 4.00 3.48 5.35

Income on securities per $100 of securities................................................................................................ 1.64 1.64 1.60 1.68

Service charges per $100 of demand deposits............................................................................................ .17 .16 .14 .26

Interest paid per $100 of time and savings deposits................................................................................. .90 .90 .82 1.00

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........................................................................................................................ 24.05 25.05 24.65 18.54

United States Government obligations................................................................................................... 42.65 41.98 42.11 46.68

Other securities....................................................................................................... .................... 5.89 6.02 4.95

27.12

7.28

Loans and discounts................................................................................................................................. 26.31 25.82 26.68

All other assets....................................................................................................................................... 1.10 1.13 1.17 .82

Liabilities and capital—total.................................................................................................................. 100.00 100.00 100.00 100.00

Total deposits............................................................................................................................................. 92.56 92.74 91.94 93.13

Demand deposits..................................................................................................................................... 69.13 70.35

22.39

.90

70.60

21.3 A

.89

60.8 A

Time and savings deposits...................................................................................................................... 2343 32.29

Borrowings and other liabilities.............................................................................................................. .84 .42

Total capital accounts.............................................................................................................................. 6.60 6.36 7.17 6.45

Number of banks, December 31.................................................................................................................. 13,419 4,991 1,924 6,504

1 Less than .005.

a Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See Table 113, p. 110. See also the Annual Report for 1947, pp. 138-139, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 116. 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 i n g T h r o u g h o u t 1948

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

Banks with deposits of—2

Earnings or expense item

All

banks1

$500,000

or

less

$500,000

to

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$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............................. 3,389,671

1,004,978

6,602 44,378

(Amount

141,388

s in thousand 

379,365

s of dollars) 

343,562 653,989 249,778 1,570,609

Interest on United States Government obligations... 1,279 11,366 40,056 111,295 99,458 196,349 71,622 473,553

Interest and dividends on other securities................... 189,007 185 1,687 6,968 22,639 21,565 38,682 11,327 85,954

Interest and discount on loans...................................... 1,573,021 3,917 24,348

291

73,382 191,389 171,029 297,992 108,090 702,874

Service charges and other fees on bank's loans.......... 22,239 85 591 1,654

22,567

1,969 3,579

43,628

1,607 12,463

Service charges on deposit accounts.............................

Other service charges, commissions, fees, and collection and exchange charges.................................

173,309 335 2,356 7,801 22,834 13,609 60,179

97,114 627 3,480 9,182 17,823 11,490 17,594 5,224 31,694

Trust department........................................................... 152,835 2 9 171 1,633 3,885 22,554 19,492 105,089

Other current operating earnings.................................. 177,168 172 841 3,237 10,365 11,332 33,611 18,807 98,803

Current operating expenses—total............................. 2,153,433 4,228 27,179 85,539 234,348 217,721 433,686 170,975 979,757

379,687 1,731 10,133 27,060 60,920 45,781 73,848 25,609 134,605

Salaries and wages—employees..................................... 659,943 542 3,507 13,401 45,957 52,327 125,385 57,468 361,356

Fees paid to directors and members of executive, 

discount, and other committees............................ 20,769 92 613 2,023 5,059 3,583 4,654 1,190 3,555

Interest on time and savings deposits.......................... 315,408 292 3,334 13,448 41,706 40,480 73,388 21,606 121,154

Interest and discount on borrowed money.................. 3,428 9 41 112 209 198 378 196 2,285

Taxes other than on net income................................... 105,836 216 1,231 4,115 11,880 10,739 21,896 8,294 47,465

Recurring depreciation on banking house, furniture 

and fixtures.............................................................. 48,113 94 632 2,119 6,512 5,848 11,508 4,403 16,997

Other current operating expenses................................. 620,249 1,252 7,688 23,261 62,105 58,765 122,629 52,209 292,340

Net current operating earnings.................................. 1,236,238 2,374 17,199 55,849 145,017 125,841 220,303 78,803 590,852

Recoveries, transfers from reserve accounts, and

profits—total......................................................... 264,153 261 1,441 4,826 13,889 15,317 37,087 18,240 173,092

On securities:

Recoveries.................................................................... 28,323 15 122 534 1,772 2,677 5,058 1,704 16,441

Transfers from reserve accounts............................... 24,071

59,591

5 43 225 584 1,795

7,992

1,234 20,185

Profits on securities sold or redeemed...................... 52 248 968 3,105 3,279 4,434 39,513

On loans:

Recoveries.................................................................... 39,655 140 746 1,937 4,589 3,893 7,274 2,326 18,750

Transfers from reserve accounts............................... 48.903

63,610

10 33 142 891 1.274 4.401 2.760 39,392

All other........................................................................... 44 287 1,202 3,307 31610 10^567 5,782 38,811

Losses, charge-offs, and transfers to reserve accounts—total......................................................... 483,442 537 3,424 12,455 39,475 42,122 92,395 42,266 250,768

On securities:

Losses and charge-offs................................................ 77,691 44 562 2,386 8,635 9,734 15,405 8,020 32,905

Transfers to reserve accounts.................................... 40,914 8 78 587 2,224 1,949 4,854 2,639 28,575

On loans:

Losses and charge-offs................................................ 32,116 264 1,387 3,243 6,377 4,321 5,612 2,199 8,713

Transfers to reserve accounts.................................... 278,219 139 946 4,456

1,783

16,792 21,457 55,079 23,545 155,805

All other........................................................................... 54,502 82 451 5,447 4,661 11,445 5,863 24,770

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Net profits before incom e taxes..................................

Taxes on net incom e—tota l.........................................

Federal.............................................................................

Net profits after incom e 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........................

1,016,949 2,098 15,216 48,220 119,431 99,036 164,995 54,777 513,176

274,322

257,450

16,872

360

338

22

2,784

2,597

187

9,302

8,750

552

28,090

26,761

1,329

29,117

28,001

1,116

51,471

49,293

2,178

16,511

15,726

785

136,687

125,984

10,703

742,627 1,738 12,432 38,918 91,341 69,919 113,524 38,266 376,489

330,769

5,230

325,539

469

10

459

3,245

70

3,175

10,391

164

10,227

27,106

506

26,600

23,569

729

22,840

47,741

1,248

46,493

18,471

1,151

17,320

199,777

1,352

198,425

411,858 1,269 9,187 28,527 64,235 46,350 65,783 19,795 176,712

M emoranda

Recoveries credited to reserve accounts (not included 

in recoveries above):

7,224

10,808

17,945

46,410

14

187

117

798

84

732

417

3,124

137

958

473

3,828

249

2,338

2,116

9,007

352

857

1,432

3,614

6,388

5,679

13,378

25,806

Losses charged to reserve accounts (not included in 

losses above):

On securities....................................................................

On loans..........................................................................

4

2

52

53

10

181

Average assets and liabilities3

United States Government obligations.......................

Loans and discounts......................................................

All other assets................................................................

Liabilities and capital—total.......................................

Total deposits.................................................................

Demand deposits..........................................................

Time and savings deposits...........................................

Total capital accounts...................................................

151,634,095

37,942,712

61,604,356

8,876,561

41,470,507

1,739,959

198,514

57,101

76,177

7,356

56,489

1,391

1,515,189

359,832

672,012

74,145

400,997

8,203

5,169,957

1,162,502

2,352,069

303,133

1,322,925

29,328

14,580,633

3,184,773

6,515,341

1,066,412

3,715,369

98,738

13,415,638

2,912,691

5,880,992

1,080,879

3,431,970

109,106

27,149,132

6,245,160

11,989,602

1,991,904

6,623,436

299,030

10,770,531

2,744,565

4,589,103

595,926

2,697,518

143,419

78,834,501

21,276,088

29,529,060

3,756,806

23,221,803

1,050,744

151,634,095

140,230,264 

10k,778,298

35,1*51,966

1,316,187 

10,087,644

198,514

177,751

11+9,780

27,971

705

20,058

1,515,189

1,394,400 

1,071,131

323,269

3,872 

116,917

5,169,957

4,803,084

3,U56,708

1,31+6,376

11,331

355,542

14,580,633 

13,594,722 

9,275,036

k,319,686

33,860 

952,051

13,415,638

12,526,837

8,085,060

k,kkl,777

44,877

843,924

27,149,132

25,313,210 

16,739,201

8,57k,009

132,854 

1,703,068

10,770,531

10,049,033 

7 ,kl3,598

2,635,k35

69,268 

652,230

78,834,501 

72,371,227 

58,587,78k

13,783 ,kk3

1,019,420 

5,443,854

Number of active officers, December 31.........................

Number of other employees, December 31.....................

67,309

291,043

871

521

4,080

2,918

8,821

9,322

15,504

26,565

9,134

26,726

11,238

59,414

3,192

25,837

14,469

139,740

Number of banks, December 31....................................... 13,345 479 1,834 3,284 4,331 1,810 1,287 143 177

i This group of banks is the same as the group shown in Table 114 under the heading “ Operating throughout the year.”

* Deposits are as of December 31, 1948.

* Asset and liability items are averages of figures reported at beginning, middle, and end of year for banks submitting reports to FDIC and are as of December 31, 1948, |_

for banks not submitting reports to FDIC. i—i

Back figures—See the Annual Report for 1947, pp. 140-141, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 117. R a t io s o f E a r n in g s , E x p e n s e s, an d D iv id e n d s of I n su r e d C o m m e r c ia l B a n k s O p e r a t in g T h r o u g h o u t 1948

b a n k s g ro u ped acco rd ing to a m o u n t o f d e po sits 00

Earnings or expense item

Banks with deposits of—*

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

$100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

29.65 19.37 25.61 28.33 29.34 28.95 30.02 28.68 30.15

5.58 2.80 3.80 4.93 5.97 6.28 5.92 4.53 5.47

47.06 60.62 55.52 52.32 50.88 50.35 46.11 43.92 45.55

5.11 5.07 5.31 5.52 5.95 6.65 6.67 5.45 3.83

2.86 9.50 7.84 6.49 4.70 3.34 2.69 2.09 2.02

9.74 2.64 1.92 2.41 3.16 4.43 8.59 15.33 12.98

63.53 64.04 61.24 60.50 61.77 63.37 66.31 68.45 62.38

31.28 35.82 32.12 30.05 29.51 29.60 31.17 33.74 31.81

9.31 4.42 7.51 9.51 10.99 11.78 11.22 8.65 7.71

3.12 3.27 2.77 2.91 3.13 3.13 3.35 3.32 3.02

1.42 1.43 1.42 1.50 1.72 1.70 1.76 1.76 1.08

18.40 19.10 17.42 16.53 16.42 17.16 18.81 20.98 18.76

36.47 35.96 38.76 39.50 38.23 36.63 33.69 31.55 37.62

2.24 3.33 2.93 2.73 2.60 2.56 2.41 2.32 1.99

1.42 2.13 1.79 1.65 1.61 1.62 1.60 1.59 1.24

.82 1.20 1.14 1.08 .99 .94 .81 .73 .75

.17 .13 .09 .09 .10 .11 .14 .17 .22

.32 .27 .23 .24 .27 .31 .34 .39 .32

.67 1.06 1.00 .93 .82 .74 .61 .51 .65

.49 .88 .82 .75 .63 .52 .42 .36 .48

.00 .00 .00 .00 .00 .00 .01

.01 .00 ©

o

.00 .01 .01 .01 .01 .01

.01 .00 .00 .00 .00 .00 .01 .01 .02

.03 .03 .01 .02 .02 .03 .03 .03 .03

Amounts per $100 of current operating

earnings:

Current operating earnings—t o t a l ........

Interest on United States Government obligations. .

Interest and dividends on other securities.................

Income on loans.............................................................

Service charges on deposit accounts...........................

Other service charges, commissions, fees, and collection and exchange charges.......................

Other current operating earnings........................

Current operating expenses—total...................

Salaries, wages, and fees......................................

Interest on time and savings deposits................

Taxes other than on net income.........................

Recurring depreciation on banking house, furniture

and fixtures.....................................................

Other current operating expenses........................

Net current operating earnings.........................

Amounts per $100 of total assets3

Current operating earnings—total..........................

Current operating expenses—total..........................

Net current operating earnings...............................

Recoveries, transfers from reserve accounts, and profits— total.................................................................

Losses, charge-offs, and transfers to reserve accounts—

total.................................................................

Net profits before income taxes...............................

Net profits after income taxes.................................

Memoranda

Recoveries credited to reserve accounts (not included

in recoveries above):

On securities...........................................................

On loans..................................................................

Losses charged to reserve accounts (not included in

losses above):

On securities...........................................................

On loans.................................................................

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Am ounts per $100 of total capital accounts3

Net current operating earnings.........................................

Recoveries, transfers from reserve accounts, and profits— total.................................................................

Losses, charge-offs, and transfers to reserve accounts—

total..........................................................................

Net profits before income taxes........................................

Taxes on net income..........................................................

Net profits after income taxes..........................................

Cash dividends declared....................................................

Net additions to capital from profits...............................

12.25

2.62

4.79

10.08

2.72

7.36

3.28

4.08

11.84

1.30

2.68

10.46

1.80

8.66

2.33

6.33

14.71

1.23

2.93

13.01

2.38

10.63

2.77

7.86

15.71

1.35

3.50

13.56

2.61

10.95

2.93

8.02

15.23

1.46

4.15

12.54

2.95

9.59

2.84

6.75

14.91

1.82

4.99

11.74

3.45

8.29

2.80

5.49

12.94

2.18

5.43

9.69

3.02

6.67

2.81

3.86

12.08

2.80

6.48

8.40

2.53

5.87

2.84

3.03

10.85

3.18

4.60

9.43

2.51

6.92

3.67

3.25

Memoranda

Recoveries credited to reserve accounts (not included 

in recoveries above):

On securities.................................................................... .07 .00 .01 .02 .01 .05 .12

On loans........................................................................... .11 .02 .05 .05 .08 .11 .14 .13 .10

Losses charged to reserve accounts (not included in 

losses above):

On securities.................................................................... .18 .01 .01 .03 .04 .06 .12 .22 .25

On loans........................................................................... .46 .26 .15 .22 .33 .45 .53 .55 .47

Special ratios8

Income on loans per $100 of loans................................... 3.85 7.08 6.14 5.59 5.20 5.04 4.55 4.07 3.08

Income on securities per $100 of securities..................... 1.69 1.75 1.75 1.77 1.77 1.74 1.68 1.60 1.68

Service charges per $100 of demand deposits................. .17 .22 .22 .23 .24 .28 .26 .18 .10

Interest paid per $100 of time and savings deposits. . . . .89 1.04 1.03 1.00 .97 .91 .86 .82 .88

Assets and liabilities per $100 of total 

assets3

Assets—to ta l..................................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Cash and due from banks............................................. 25.02 28.76 23.75 22.49 21.84 21.71 23.00 25.48 26.99

United States Government obligations........................ 40.63 38.37 44.35 45.49 44.69 43.84 44.16 42.61 37.46

Other securities............................................................... 5.85 3.71 4.89 5.86 7.31 8.06 7.34 5.53 4.76

Loans and discounts....................................................... 27.35 28.46 26.47 25.59 25.48 25.58 24.40 25.05 29.46

All other assets................................................................ 1.15 .70 .54 .57 .68 .81 1.10 1.33 1.33

Liabilities and capital—total....................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Total deposits.................................................................. 92.48 89.54 92.03 92.90 93.24 93.37 93.24 93.30 91.80

Demand deposits.......................................................... 69.10 75.U5 70.69 66.86 63.61 60.26 61.66 68.83 74-32

Time and savings deposits.......................................... 23.38 14.09 21 .SU 26.04 29.63 33.11 31.58 24.47 1748

Borrowings and other liabilities.................................... .87 .36 .25 .22 .23 .34 .49 .64 1.29

Total capital accounts................................................... 6.65 10.10 7.72 6.88 6.53 6.29 6.27 6.06 6.91

Number of banks, December 31....................................... 13,345 479 1,834 3,284 4,331 1,810 1,287 143 177

1 This group of banks is the same as the group shown in Table 114 under the heading “ Operating throughout the year.” These ratios differ slightly from the ratios for all 

insured commercial banks shown in Tables 113 and 115.

2 Deposits are as of December 31, 1948.

* Asset and liability items are averages of figures reported at beginning, middle, and end of year for banks submitting reports to FDIC and are as of December 31, 1948, 

for banks not submitting reports to FDIC.

Back figures—See Table 113, p. 110. See also the Annual Report for 1947, pp. 142-143, and earlier reports.

EARNINGS. EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 118. 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 S t a t e , 1948

(Amounts in thousands of dollars)

Earnings or expense item U. S.and

possessions Possessions United States Alabama Arizona Arkansas California Colorado Connecticut Delaware

Current operating earnings—total............. 3,403,586 1,309 3,402,277 32,996 13,709 20,064 375,931 25,081 34,909 11,091

Interest on United States Government

obligations................................................ 1,008,138 306 1,007,832 7,091 2,160 4,765 85,291 7,156 9,795 3,039

Interest and dividends on other securities.. 189,559 37 189,522 2,113 459 1,473 15,415 1,012 1,527 730

Interest and discount on loans .................... 1,577,633 584 1,577,049 17,878 8,392 9,266 215,452 12,047 15,214 4,923

Service charges and other fees on bank’s loans 22,315 15 22,300 62 362 56 3,481 151 78 55

Service charges on deposit accounts............. 173,791 44 173,747 1,906 1,014 1,357 20,381 2,361 2,413 228

Other service charges, commissions, fees, and

collection and exchange charges............ 97,456 280 97,176 1,927 297 2,143 6,472 587 599 134

156,678 156,678 665 303 162 11,603 852 3,169 1,710

Other current operating earnings.................. 178,016 43 177,973 1,354 722 842 17,836 915 2,114 272

Current operating expenses—total............. 2,163,514 846 2,162,668 19,178 9,182 11,507 240,113 14,935 24,055 6,279

381,756 168 381,588 4,183 1,468 3,171 32,416 3,177 4,638 1,438

Salaries and wages—employees..................... 662,696 266 662,430 5,260 3,245 2,725 78,219 4,591 7,170 1,750

Fees paid to directors and members of

executive, discount, and other committees....................................................... 20,859 8 20,851 209 19 259 673 197 276 140

Interest on time and savings deposits.......... 316,570 148 316,422 2,422 823 801 61,040 1,672 3,480 608

Interest and discount on borrowed money. . 3,432 3,432 13 9 55 12 33 8

Taxes other than on net income.................... 106,163 19 106,144 372 259 524 8,567 453 900 193

Recurring depreciation on banking house,

furnitu*e and fixtures.............................. 48,271 43 48,228 510 228 295 4,802 312 734 181

Other current operating expenses.................. 623,767 194 623,573 6,209 3,140 3,723 54,341 4,521 6,824 1,961

Net current operating earnings................... 1,240,072 463 1,239,609 13,818 4,527 8,557 135,818 10,146 10,854 4,812

Recoveries, transfers from reserve accounts, and profits—total.................. 266,439 17 266,422 2,220 332 646 13,238 1,162 2,367 289

On securities:

29,221 5 29,216 51 25 86 631 236 283 44

T'rQncforo frnin toqotvp P.PPOlinf'.R 24,161 24,161 7 2,124 22 65

Profits on securities sold or redeemed. . . . 60,025 4 60,021 349 80 132 3,568 150 671 112

On loans:

39,748 3 39,745 472 107 212 2,795 379 428 34

Transfers from reserve accounts................ 48,934 3 48,931 91 18 23 2,459 53 103 78

64,350 2 64,348 1,257 102 186 1,661 322 817 21

Losses, charge-offs, and transfers to reserve accounts—tota l.......................... 485,753 97 485,656 4,937 1,081 1,819 29,724 2,412 6,054 697

On securities:

Losses and charge-offs................................. 78,590 2 78,588 518 34 478 2,432 425 821 111

Transfers to reserve accounts.................... 40,941 40,941 43 51 65 3,889 7 250 65

On loans:

Losses and charge-offs................................. 32,393 22 32,371 471 84 892 880 447 97 41

Transfers to reserve accounts.................... 278,666 66 278,600 3,065 798 592 19,550 1,251 3,874 277

55,163 7 55,156 840 114 292 2,973 282 1,012 203

Net profits before incom e taxes................... 1,020,758 383 1,020,375 11,101 3,778 7,384 119,332 8,896 7,167 4,404

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Taxes on net incom e—to ta l..........................

Federal..............................................................

275,422

258,490

16,932

157

157

275,265

258,333

16,932

3,560

2,987

573

1,342

1,192

150

1.702

1.702

40,837

37,583

3,254

2,714

2,371

343

2,548

2,216

332

1.462

1.462

Net profits after incom e taxes...................... 745,336 226 745,110 7,541 2,436 5,682 78,495 6,182 4,619 2,942

Dividends and interest on capital—tota l.. 331,833 56 331,777 2,740 794 1,694 36,706 1,787 2,829 1,748

Dividends declared on preferred stock and 

interest paid on capital notes and

debentures................................................ 5,230 3 5,227 6 21 7 380 7 13 2

Cash dividends declared on common stock.. 326,603 53 326,550 2,734 773 1,687 36,326 1,780 2,816 1,746

Net additions to capital from profits......... 413,503 170 413,333 4,801 1,642 3,988 41,789 4,395 1,790 1,194

M emoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

7,224 12

10,844

7,224 3 36 629 1

On loans........................................................... 10,844 80 121 20 2,267 84 93 24

Losses charged to reserve accounts (not included iji losses above):

On securities..................................................... 18,031 18,031 25

46,486

3 10 43 1,001

8,229

1 16

On loans........................................................... 46,487 1 462 830 87 304 544 51

Average assets and liabilities1

Assets—tota l..................................................... 150,726,513 40,557 150,685,956 1,309,215 436,013 816,391 13,870,588 1,149,687 1,368,195 474,288

Cash and due from banks.............................. 36,247,026 9,823 36,237,203 352,117 87,924 243,565 2,753,919

5,509,267

321,963 312,407 99,498

United States Government obligations........ 64,291,298 18,109 64,273489 490,974 152,440 328,203 518,602 618,035 213,215

Other securities................................................ 8,872,676 2,466 8,870,210 109,449 24,868 62,697 723,487 50,709 87,685 33,572

Loans and discounts....................................... 39,650,962 9,852 39,641,110 343,374 165,018 177,541 4,707,054

176,861

252,092 331,606 123,219

All other assets................................................ 1,664,551 307 1,664,244 13,301 5,763 4,385 6,321 18,462 4,784

Liabilities and capital—total....................... 150,726,513 40,557 150,685,956 1,309,215 436,013 816,391 13,870,588

13,043,072

1,149,687 1,368,195 474,288

Total deposits.................................................. 139,517,461 38,227 139,479,234 1,224,195 414,455 767,652 1,083,444 1,257,436 423,580

........................................... 10 b,195,063 20,597 10b,17b,b66 967,588 316,973 355,80bDemand deposits

97,b82

671,711 7,b03,2b6 861,956 895,738

Time and savings deposits........................... 35,322,398

1,257,852

17,630 35,30b,768 256,607 95,9bl 5,639,826 221,b88 361,698 67,776

Borrowings and other liabilities.................... 52 1,257,800 6,118 3,487 1,417 132,296 3,730 7,259

103,500

2,655

Total capital accounts.................................... 9,951,200 2,278 9,948,922 78,902 18,071 47,322 695,220 62,513 48,053

Number of active officers, December 31.......... 67,609 24 67,585 857 231 763 5,067

28,934

599 664 245

Number of other employees, December 3 1 .... 292,015 94 291,921 2,346 1,496 1,596 2,219 3,236 892

Number of banks, December 31........................ 13,419 6 13,413 221 10 219 191 138 98 38

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See the Annual Report for 1947, pp. 144-153. h-*

fcOEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 118. 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 S t a t e , 1948— Continued

(Amounts in thousands of dollars)

Earnings or expense item District of 

Columbia Florida Georgia Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana

Current operating earnings— total............. 23,837 41,738 48,617 11,192 238,482 70,034 52,732 32,705 36,661 37,508

Interest on United States Government

obligations................................................ 7,584 13,475 9,267 3,862 91,112 25,052 17,723 9,871 10,499 10,493

Interest and dividends on other securities. . 799 2,525 1,947 211 16,974 3,205 2,636 1,588 1,681 2,991

Interest and discount on loans .................... 10,118 15,296 26,694 5,576 87,494 30,432 24,267 16,346 19,493 16,593

Service charges and other fees on bank’s loans 56 104 454 36 2,095 405 92 102 204 47

Service charges on deposit accounts............. 1,910 4,231 2,378 822 11,699 3,764 3,867 2,214 1,404 2,276

Other service charges, commissions, fees, and

collection and exchange charges............ 677 2,049 4,141 245 3,987 2,294 2,035 873 592 2,516

Trust department............................................ 1,397 974 1,627 76 13,716 1,555 553 213 1,434 388

Other current operating earnings.................. 1,296 3,084 2,109 364 11,405 3,327 1,559 1,498 1,354 2,204

Current operating expenses—total............. 16,323 26,650 31,092 6,763 154,022 46,079 31,948 18,998 21,111 24,294

Salaries— officers.............................................. 2,578 5,021 6,271 1,527 25,798 8,735 8,531 5,610 5,053 4,413

Salaries and wages—employees..................... 5,772 7,845 7,716 2,016 46,214 11,545 7,140 4,268 5,344 6,358

Fees paid to directors and members of

executive, discount, and other committees...................................................... 199 229 394 44 1,112 580 348 285 318 326

Interest on time and savings deposits.......... 1,487 2,826 3,315 906 24,644 7,987 4,940 1,253 1,757 2,683

Interest and discount on borrowed money. . 9 36 78 4 416 9 9 14 47 11

Taxes other than on net income.................... 1,258 1,020 2,421 163 7,742 4,090 1,081 906 1,754 2,099

Recurring depreciation on banking house,

furniture and fixtures.............................. 465 1,009 705 209 2,551 988 678 443 453 829

Other current operating expenses.................. 4,555 8,664 10,192 1,894 45,545 12,145 9,221 6,219 6,385 7,575

Net current operating earnings................... 7,514 15,088 17,525 4,429 84,460 23,955 20,784 13,707 15,550 13,214

Recoveries, transfers from reserve accounts, and profits—total.................. 788 1,395 1,663 372 29,982 4,950 2,455 1,167 1,957 2,399

On securities:

Recoveries.................................................... 88 131 71 5 1,475 1,369 260 167 490 349

Transfers from reserve accounts................ 9 33 167 17 25 19 120

Profits on securities sold or redeemed. . . . 254 434 607 147 6,994 949 707 164 403 239

On loans:

Recoveries.................................................... 174 174 529 51 6,631 645 354 464 459 380

Transfers from reserve accounts................ 1 30 68 3 3,205 185 68 43 268 289

All other........................................................... 271 617 388 166 11,644 1,635 1,049 304 318 1,022

Losses, charge-offs, and transfers to reserve accounts—total.......................... 2,496 4,486 5,633 2,101 46,069 9,395 6,095 3,471 4,471 5,533

On securities:

Losses and charge-offs................................. 192 791 445 945 8,048 1,977 1,429 752 701 394

Transfers to reserve accounts.................... 10 226 189 2,844 494 51 30 159 791

On loans:

Losses and charge-offs................................. 108 401 551 83 5,637 415 432 849 384 1,235

Transfers to reserve accounts.................... 1,640 2,694 3,870 1,041 25,367 4,197 3,243 1,307 2,652 2,056

All other........................................................... 546 374 578 32 4,173 2,312 940 533 575 1,057

Net profits before income taxes................... 5,806 11,997 13,555 2,700 68,373 19,510 17,144 11,403 13,036 10,080

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Taxes on net incom e—to ta l..........................

Federal..............................................................

State..................................................................

2.235

2.235

3.730

3.730

4.318

4.318

887

873

14

18.156

18.156

5.145

5.145

3.537

3.537

2.720

2.720

3.369

3.369

2.847

2.847

Net profits after incom e taxes......................

Dividends and interest on capital—tota l..

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.........

3,571 8,267 9,237 1,813 50,217 14,365 13,607 8,683 9,667 7,233

2.412

2.412

2,521

6

2,515

4,526

7

4,519

550

2

548

20,716

44

20,672

4,288

110

4,178

3,702

66

3,636

2,406

12

2,394

3,416

33

3,383

2,485

19

2,466

1,159 5,746 4,711 1,263 29,501 10,077 9,905 6,277 6,251 4,748

Memoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

On securities..................................................... 9

411

303

2,744

396

285

932

1,184

4

71

5

324

3

194

174

372

5

56

243

181

On loans...........................................................

Losses charged to reserve accounts (not included in losses above):

On securities.....................................................

36

10

328

124 137

3

578

6 65

On loans........................................................... 400 47 285

Average assets and liabilities1

Assets—to ta l......................................................

Cash and due from banks..............................

United States 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....................................

1,095,160

285,799

489,810

42,154

258,984

18,413

1,781,771

458,476

864,537

102,895

335,375

20,488

1,758,939

490,285

609,219

69,600

572,350

17,485

440,950

96,207

220,873

9,732

111,131

3,007

12,401,040

3,043,606

5,789,322

783,796

2,707,410

76,906

3,142,894

726,944

1,569,172

170,848

653,428

22,502

2,327,010

506,610

1,094,017

173,178

540,727

12,478

1,506,252

394,689

654,362

104,176

345,746

7,279

1,631,418

425,657

689,411

72,375

434,490

9,485

1,731,033

502,430

700,221

138,718

369,402

20,262

1,095,160

1,021,015

802,762

218,253

6,479

67,666

1,781,771

1,673,926 

1,331,694

3^2,232

6,173 

101,672

1,758,939

1,638,285

1,323,288

314,997

13,903

106,751

440,950

421,003

330,165

90,838

1,046

18,901

12,401,040

11,648,082

8,697,446

2,950,636

53,648

699,310

3,142,894

2,960,615

2,106,336

854,279

9,485

172,794

2,327,010

2,198,194

1,680,981

517,213

2,757

126,059

1,506,252

1,424,901 

1,279,729

145,172

2,950 

78,401

1,631,418

1,521,468

1,304,967

216,501

6,176

103,774

1,731,033

1,636,528

1,354,865

281,663

10,493

84,012

Number of active officers, December 31..........

Number of other employees, December 3 1....

338

2,543

950

3,792

1,269

3,880

277

965

4,097

19,356

1,954

6,001

2,003

3,974

1,492

2,358

1,307

3,192

805

3,116

Number of banks, December 31........................ 19 185 318 46 870 473 606 455 360 160

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See the Annual Report for 1947, pp. 144-153.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 118. 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 S t a t e , 1948— Continued

(Amounts in thousands of dollars)

Earnings or expense item Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New

Hampshire

Current operating earnings—total............. 12,505 33,670 100,617 116,439 70,199 21,583 88,152 12,797 27,318 4,898 6,804

Interest on United States Government 

obligations................................................ 3,528 12,292 29,258 38,078 21,550 4,650 23,012 4,619 9,252 1,268 1,581

Interest and dividends on other securities.. 622 1,301 3,638 5,962 3,296 2,595 4,699

48,196

478 1,208 174 375

Interest and discount on loans .................... 6,667 15,504 43,830 56,997 29,999 9,366 5,461 12,258 2,777 3,680

Service charges and other fees on bank’s loans 29 74 568 961 288 28 326 74 30 43 13

Service charges on deposit accounts............. 752 1,643 6,047 5,904 3,571 1,131 3,674 952 1,819 174 599

Other service charges, commissions, fees, and 

collection and exchange charges............ 199 677 2,203 3,077 6,876 3,020 2,108 566 1,105 81 121

Trust department............................................ 338 936 7,975 1,757 1,813 84 2,606 90 280 151 117

Other current operating earnings.................. 370 1,243 7,098 3,703 2,806 709 3,531 557 1,366 230 318

Current operating expenses—total............. 8,758 22,605 67,107 77,971 46,246 13,744 54,439 7,743 16,523 2,963 4,614

Salaries— officers............................................. 1,444 3,570 11,026 11,328 10,522 3,398 10,993 1,826 4,522 503 893

Salaries and wages—employees..................... 2,167 6,428 22,094 23,888 11,807 3,151 16,290 1,831 3,940 848 1,071

Fees paid to directors and members of 

executive, discount, and other committees ...................................................... 125 379 608 679 615 203 528 58 221 9 88

Interest on time and savings deposits.......... 2,009 3,930 7,246 17,253 8,724 1,185 5,597 708 1,111 715 902

Interest and discount on borrowed money. . 14 69 93 66 42 12 85 2 68 10

Taxes other than on net income.................... 437 1,454 2,555 3,629 907 1,075 2,294 877 850 186 215

Recurring depreciation on banking house, 

furniture and fixtures.............................. 147 419 1,706 1,585 794 307 1,270 167 318 68 121

Other current operating expenses.................. 2,415 6,356 21,779 19,543 12,835 4,413 17,382 2,274 5,493 634 1,314

Net current operating earnings................... 3,747 11,065 33,510 38,468 23,953 7,839 33,713 5,054 10,795 1,935 2,190

Recoveries, transfers from reserve accounts, and profits—total.................. 787 2,101 13,239 4,670 5,640 1,022 6,885 895 2,154 83 358

On securities:

138 756 1,061 772 3,007 195 1,224 170 169 1 167

Transfers from reserve accounts................

Profits on securities sold or redeemed. . . . 117

14

644

1,821

3,255

30

1,460

27

660

13

207

1,163

1,011

153

54

290

483 36 83

On loans:

242 309 1,385 878 937 259 1,488 329 260 4 86

Transfers from reserve accounts 49 151 4,035

1,682

202 55 84 866 16 144 3

241 227 1,328 954 264 1,133 173 808 42 19

Losses, charge-offs, and transfers to reserve accounts—tota l.......................... 1,701 4,412 20,552 13,389 10,739 3,051 12,244 2,648 4,685 201 978

On securities:

Losses and charge-offs................................. 378 1,420 2,607 3,165 1,619 999 2,226 633 578 11 474

Transfers to reserve accounts....................

On loans:

Losses and charge-offs.................................

17

208

115

244

2,503

382

274

1,787

1,587

705

300

210

1,125

874

224

523

635

402 14 101

Transfers to reserve accounts.................... 927 2,347 12,574 6,998 5,246 1,202 5,891 750 2,247 147 337

All other........................................................... 171 286 2,486 1,165 1,582 340 2,128 518 823 29 66

Net profits before incom e taxes................... 2,833 8,754 26,197 29,749 18,854 5,810 28,354 3,301 8,264 1,817 1,570

124 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income—total..........................

Federal..............................................................

State..................................................................

811

811

2.534

2.534

7,281

5,767

1,514

7.213

7.213

5,362

4,296

1,066

1.192

1.192

7,234

6,926

308

963

920

43

1.923

1.923

517

517

501

501

Net profits after income taxes......................

Dividends and interest on capital—total..

Dividends declared on preferred stock and 

interest paid on capital notes and

debentures................................................

Cash dividends declared on common stock..

Net additions to capital from profits.........

2,022 6,220 18,916 22,536 13,492 4,618 21,120 2,338 6,341 1,300 1,069

1,041

21

1,020

3,355

31

3,324

12,200

32

12,168

8,645

223

8,422

5,143

42

5,101

1,425

76

1,349

8,631

67

8,564

1,018

5

1,013

2,179

4

2,175

149

149

495

7

488

981 2,865 6,716 13,891 8,349 3,193 12,489 1,320 4,162 1,151 574

Memoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

On securities..................................................... 29

383

125

1,650

6

254

5

970

29

42

57

268

25

198

159

1,936

16

104

347

268

On loans............................................................

Losses charged to reserve accounts (not included in losses above):

On securities.....................................................

23

3

120

34

112

510

62

50

404

39 22 8

On loans............................................................ 104 119 140

Average assets and liabilities1

Assets—total......................................................

Cash and due from banks..............................

United States 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....................................

450,809

87,153

196,985

25,425

137,195

4,051

1,567,274

362,367

762,888

59,166

365,386

17,467

4,285,148

991,731

1,824,022

149,413

1,243,228

76,754

5,093,439

1,056,239

2,439,691

340,907

1,217,511

39,091

2,983,210

715,274

1,341,977

181,614

722,913

21,432

821,020

221,554

300,606

112,773

180,073

6,014

4,328,313

1,207,138

1,610,225

238,896

1,259,913

32,141

574,759

142,541

298,992

22,280

107,532

3,414

1,309,415

351,663

606,754

75,967

267,858

7,173

175,077

33,067

79,198

8,928

52,092

1,792

231,427

53,198

83,676

15,553

76,980

2,020

450,809

411,988

226,901

185,087

2,145

36,676

1,567,274

1,459,442 

1,026,881

US 3,061

6,510 

101,322

4,285,148

3,871,502

3,085,772

785,730

61,127

352,519

5,093,439

4,802,535

2,699,6U

2,102,891

23,495

267,409

2,983,210

2,798,238

1,929,86k

868,37k

13,857

171,115

821,020

774,487 

6k0,210

13k,277

1,812 

44,721

4,328,313

4,073,416 

3,kl3,527

659,889

16,013 

238,884

574,759

549,481

k53,3k3

96,138

1,178

24,100

1,309,415

1,236,566

1,099,051

137,515

5,110

67,739

175,077

165,406

108,690

56,716

1,296

8,375

231,427

207,907

lk0,010

67,897

1,091

22,429

Number of active officers, December 31..........

Number of other employees, December 3 1 ....

292

1,139

761

3,442

1,511

10,279

1,834

10,300

2,419

5,953

761

1,739

2,352

8,366

395

982

1,121

2,150

89

404

204

566

Number of banks, December 31........................ 54 161 180 418 657 201 570 112 361 8 57

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See the Annual Report for 1947, pp. 144-158.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
(Amounts in thousands of dollars)

_______________________________________________________ _______ ______________________ ______________ 1

Table 118. E a r n i n g s , E x p e n s e s , a n d D i v id e n d s o f I n s u r e d C o m m e r c ia l B a n k s , b y S t a t e , 1948— Continued

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............. 113,869 8,295 647,589 45,521 11,669 165,002 40,424 34,204 266,256 15,874 15,469

Interest on United States Government

obligations................................................ 40,762 1,630 201,882 11,450 4,669 52,403 9,475 10,832 83,212 6,376 4,236

Interest and dividends on other securities.. 9,052 222 33,756 2,418 395 10,002 2,076 2,028 25,010 396 849

Interest and discount on loans .................... 45,816 5,333 261,092 22,265 3,290 74,131 22,583 16,264 108,854 6,422 6,905

Service charges and other fees on bank’s loans 190 15 6,430 772 87 868 176 92 982 17 27

Service charges on deposit accounts............. 6,817 471 25,899 2,499 745 8,266 2,735 2,440 8,888 656 1,271

Other service charges, commissions, fees, and

collection and exchange charges............ 1,655 233 13,213 3,347 2,031 3,331 1,084 790 4,036 156 1,552

Trust department............................................ 4,456 69 57,297 1,498 50 7,066 291 632 19,792 745 351

Other current operating earnings.................. 5,121 322 48,020 1,272 402 8,935 2,004 1,126 15,482 1,106 278

Current operating expenses—total............. 80,676 4,990 405,451 27,695 6,757 111,180 22,406 21,335 167,933 10,909 9,057

Salaries— officers.............................................. 12,369 1,114 61,779 6,405 1,789 15,984 6,207 3,804 27,469 1,442 2,308

Salaries and wages—employees..................... 22,318 1,542 160,779 7,110 1,385 28,745 6,152 7,420 49,684 2,952 2,468

Fees paid to directors and members of

executive, discount, and other committees ...................................................... 1,180 45 2,891 286 87 1,032 216 83 2,423 90 103

Interest on time and savings deposits.......... 16,399 341 28,430 3,490 1,070 21,473 1,004 3,255 26,867 2,593 809

Interest and discount on borrowed money. . 83 1 1,430 74 2 121 18 6 216 5 9

Taxes other than on net income.................... 4,791 250 12,836 1,073 229 13,614 502 518 8,458 677 131

Recurring depreciation on banking house,

furniture and fixtures.............................. 2,516 130 6,531 684 114 2,454 671 688 4,467 202 224

Other current operating expenses.................. 21,020 1,567 130,775 8,573 2,081 27,757 7,636 5,561 48,349 2,948 3,005

Net current operating earnings................... 33,193 3,305 242,138 17,826 4,912 53,822 18,018 12,869 98,323 4,965 6,412

Recoveries, transfers from reserve accounts, and profits—total.................. 10,887 612 83,655 2,442 347 10,250 1,919 1,212 27,469 1,894 337

On securities:

Recoveries.................................................... 590 19 3,829 127 89 663 416 57 7,624 32 120

Transfers from reserve accounts 1,012 12,021 111 3 547 2 3,039

Profits on securities sold or redeemed. . . . 2,776 28 18,450 715 53 2,301 310 708 5,514 258 56

On loans:

Recoveries..................................................... 1,659 222 6,691 180 75 1,438 504 105 3,358 134 31

Transfers from reserve accounts 2,241 162 28,053 158 8 2,171 33 1 1,200 555

All other........................................................... 2,609 181 14,611 1,151 119 3,130 654 341 6,734 915 130

Losses, charge-offs, and transfers to reserve accounts—total.......................... 15,964 1,785 108,816 6,102 1,166 23,697 4,612 2,216 42,629 2,596 1,703

On securities:

Losses and charge-offs................................. 3,729 112 14,599 861 147 3,466 458 732 8,445 210 289

Transfers to reserve accounts.................... 1,613 10,587 464 75 1,698 144 8,589 269 31

On loans:

Losses and charge-offs................................. 498 364 2,059 322 73 821 742 706 1,526 45 68

Transfers to reserve accounts.................... 8,614 1,176 71,360 3,793 568 15,075 2,103 571 18,839 1,210 1,177

All other........................................................... 1,510 133 10,211 662 303 2,637 1,165 207 5,230 862 138

Net profits before income taxes................... 28,116 2,132 216,977 14,166 4,093 40,375 15,325 11,865 83,163 4,263 5,046

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income—total..........................

Federal............................................................

State................................................................

6.424

6.424

692

692

49,201

42,316

6,885

3,850

3,714

136

1,013

961

52

9.947

9.947

4,366

3,887

479

3,493

2,583

910

22.350

22.350

1,393

1,222

171

1,601

1,366

235

Net profits after income taxes......................

Dividends and interest on capital—total..

Dividends declared on preferred stock and

interest paid on capital notes and

debentures................................................

Cash dividends declared on common stock..

Net additions to capital from profits.........

21,692 1,440 167,776 10,316 3,080 30,428 10,959 8,372 60,813 2,870 3,445

7,582

1,414

6,168

475

3

472

93,219

1,511

91,708

3,146

21

3,125

770

6

764

11,766

434

11,332

3.736

3.736

1,840

1

1,839

30,971

123

30,848

1.539

1.539

1,218

3

1,215

14,110 965 74,557 7,170 2,310 18,662 7,223 6,532 29,842 1,331 2,227

Memoranda

Recoveries credited to reserve accounts (not

included in recoveries above):

On securities..................................................... 60

205

731

1,052

1,216

2,894

9,421

9,989

47

48

134

202

127

279

783

1,756

4,529

400

1,907

2,533

On loans.........................................................

Losses charged to reserve accounts (not included in losses above):

On securities.....................................................

On loans...........................................................

76

239

6

25

35

272

109

415

9

2

73

19

219

323

15

7

122

Average assets and liabilities1

Assets—total......................................................

Cash and due from banks..............................

United States 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....................................

4,714,997

816,663

2,374,222

424,533

1,035,361

64,218

304,092

89,768

111,656

11,726

88,800

2,142

33,357,375

8,458,686

13,504,428

1,530,404

9,367,195

496,662

1,898,171

491,716

744,672

130,963

511,113

19,707

516,370

94,485

322,283

25,571

71,512

2,519

7,429,870

1,656,982

3,354,529"

518,772

1,830,825

68,762

1,675,269

523,010

657,871

110,904

373,186

10,298

1,404,728

320,531

616,589

105,736

341,800

20,072

10,866,887

2,359,625

4,675,978

980,652

2,707,014

143,618

685,894

120,855

374,567

15,581

163,746

11,145

685,213

188,870

296,981

45,320

149,478

4,564

4,714,997

4,381,469

2,367,976

2,013,498

21,854

311,674

304,092

289,902 

248,855

41,047

458 

13,732

33,357,375

29,958,858

25,958,121

4,000,737

637,736

2,760,781

1,898,171

1,774,131

1,417,288

356,843

16,313

107,727

516,370

493,919

384,909

109,010

1,075

21,376

7,429,870

6,953,702

4,349,598

2,604,104

32,358

443,810

1,675,269

1,570,088

1,452,977

117,111

5,097

100,084

1,404,728

1,324,800

940,230

384,570

7,460

72,468

10,866,887

9,766,927

6,722,549

3,044,378

57,780

1,042,180

685,894

629,630

405,067

224,563

6,235

50,029

685,213

647,846

559,010

88,836

2,402

34,965

Number of active officers, December 31..........

Number of other employees, December 3 1 ....

2,051

10,296

224

785

6,621

60,897

1,200

3,611

459

853

3,018

13,457

1,443

3,250

738

3,406

4,797

21,819

217

1,597

517

1,334

Number of banks, December 31........................ 333 49 641 225 145 653 375 69 967 14 129

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See the Annual Report for 1947, pp. 144-153.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 118. 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 S t a t e , 1948— Continued

(Amounts in thousands of dollars)

Earnings or expense item South

Dakota Tennessee Texas Utah Vermont Virginia Washington West

Virginia Wisconsin ^Wyoming

Current operating earnings—total............. 13,3H 49,197 147,248 15,505 9,042 52,404 50,919 25,820 66,374 6,016

Interest on United States Government 

obligations................................................ 3,984 11,333 33,533 3,383 1,570

599

12,432 12,632 7,680 25,442 1,593

Interest and dividends on other securities. . 572 3,066 6,666 419 1,981 3,181 1,075

13,811

3,895 230

Interest and discount on loans .................... 5,497 27,837 83,769 9,071 5,914 30,599 26,651 27,609 3,120

Service charges and other fees on bank’s loans 

Service charges on deposit accounts.............

60 177 647 217 49 433 283 147 349 8

954 1,604 7,646 788 405 2,453 3,990 948 3,319 462

Other service charges, commissions, fees, and 

collection and exchange charges............ 1,686 2,168 4,195 672 124 1,087

1,870

1,538 510 1,932 235

Trust department............................................ 49 949 1,886 373 123 1,074

1,570

624 911 28

Other current operating earnings.................. 509 2,063 8,906 582 258 1,549 1,025 2,917 340

Current operating expenses—total............. 7,787 29,146 88,063 9,237 6,249 32,159 33,060 14,598 45,195 3,543

Salaries—officers.............................................. 2,277 5,691 20,409 1,704 924 6,469 6,264 2,935 9,286

10,577

906

Salaries and wages—employees..................... 1,676 7,571 23,711 2,616 1,222 7,959 11,315 3,632 903

Fees paid to directors and members of 

executive, discount, and other committees ...................................................... 145 271 937 159 120 472 170 284 691 45

Interest on time and savings deposits.......... 919 4,096 4,657 1,778 2,237 6,213 5,060 2,705 10,641 361

Interest and discount on borrowed money. . A 34 31 14 20 58 13 23 42 4

Taxes other than on net income.................... 176 2,159 7,979 170 135 1,678 673 600 1,011 203

Recurring depreciation on banking house, 

furniture and fixtures.............................. 172 785 2,542 207 139 1,039 854 474 933 108

Other current operating expenses.................. 2,418 8,539 27,797 2,589 1,452 8,271 8,711 3,945 12,014 1,013

Net current operating earnings................... 5,524 20,051 59,185 6,268 2,793 20,245 17,859 11,222 21,179 2,473

Recoveries, transfers from reserve accounts, and profits—total................. 417 2,289 6,065 637 622 2,047 3,268 1,615 2,859 363

On securities:

31 336 471 29 81 169 458 34 591 29

Transfers from. reserve accounts 7 300 433 200 2 61 159 75 70

Profits on securities sold or redeemed . . . . 54 601 1,249 42 116 406 1,163 182 1,051 18

On loans:

Recoveries.................................................... 84 362 2,141 148 175 696 288 346 483 180

Transfers from reserve accounts................ 10 25 327 41 44 173 425 516 183 15

All other........................................................... 231 665 1,444 177 204 542 795 462 481 121

Losses, charge-offs, and transfers to reserve accounts—tota l.......................... 1,773 8,479 21,667 1,711 1,392 6,584 8,753 3,007 9,264 666

On securities:

Losses and charge-offs.........................« ... 171 2,291 3,245 88 318 847 1,748 447 1,678 104

Transfers to reserve accounts................

On loans:

Losses and charge-offs.................................

32

81

219

582

104

3,124

30

187

11

194

56

1,088

839

800

63

365

173

568 201

Transfers to reserve accounts.................... 1,321 4,528 12,940 1,234 693 4,131 4,874

492

1,772 6,196 285

168 859 2,254 172 176 462 360 649 76

Net profits before income taxes................... 4,168 13,861 43,583 5,194 2,023 15,708 12,374 9,830 14,774 2,170

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net incom e—to ta l.........................

Federal..............................................................

1,020

913

107

3,697

3,611

86

12.870

12.870

1,775

1,639

136

579

500

79

4.703

4.703

2.715

2.715

2.695

2.695

3,657

3,598

59

584

584

Net profits after incom e taxes...................... 3,148 10,164 30,713 3,419 1,444 11,005 9,659 7,135 11,117 1,586

Dividends and interest on capital—total. . 813 3,766 13,549 2,005 570 4,659 3,346 2,037 4,720 449

Dividends declared on preferred stock and 

interest paid on capital notes and

debentures................................................ 5 52 50 9 123 42 6 22 150 9

Cash dividends declared on common stock. . 808 3,714 13,499 1,996 447 4,617 3,340 2,015 4,570 440

Net additions to capital from profits........ 2,335 6,398 17,164 1,414 874 6,346 6,313 5,098 6,397 1,137

M emoranda 

Recoveries credited to reserve accounts (not 

included in recoveries above):

On securities..................................................... 1 36 1 2 1 1

On loans........................................................... 26 136 315 38 27 213 402 81 108 32

Losses charged to reserve accounts (not included in losses above):

On securities..................................................... 67 106 7 7 797 42 40

On loans........................................................... 5.129 570 2,521 182 161 540 1,550 179 414 62

Average assets and liabilities1

Assets—to ta l..................................................... 536,451 2,008,961 6,412,601 583,149 270,395 1,919,121 2,013,874 996,223 3,091,804 253,776

Cash and due from banks.............................. 113,253 539,824 2,072,024 140,078 40.010 458,054 496,537 241,450 618,072 72,889

United States Government obligations........ 285,418 713,306 2,214,854 236,109 79,925 726,835 785,567 453,643 1,573,051 114,011

Other securities............................................... 28,763 138,131 302,708 19,634 25,924 83,122 140,356 45,203 205,894 11,452

Loans and discounts....................................... 106,000 599,118 1,756,538 183,284 121,797 627,733 578,389 245,755

10,172

670,797 54,035

All other assets................................................ 3,011 20,782 66,477 4,044 2,739 23,377 15,025 23,990 1,389

Liabilities and capital—total....................... 536,451 2,008,961 6,412,601 583,149 270,395 1,919,121 2,013,874 996,223 3,091,804 253,776

Total deposits.................................................. 510,415 1,886,178 6,047,181 549,068 242,276 1,770,902 1,905,605 919,092 2,908,829 239,597

Demand deposits............................................... 1*21*,756 1,1*61,966 5,1*83,059 375,932 90,625 1,190,250 1,358,91*7 656,339 1,621},052 193,318

Time and savings deposits..............................

Borrowings and other liabilities....................

85,659 m ,s i 2

8,535

561*,122

20,717

173,136 151,651 580,652 51*6,658 262,753 1,281*, 777

6,692

1*6,279

1,155 2,028 1,982 11,964 7,118 4,616 519

Total capital accounts.................................... 24,881 114,248 344,703 32,053 26,137 136,255 101,151 72,515 176,283 13,660

Number of active officers, December 31.......... 600 1,282 3,981 309 234 1,409 1,013 633 1,972 210

Number of other employees, December 31. .. . 992 4,030 11,677 1,324 632 4,300 4,850 1,833 5,319 443

Number of banks, December 31....................... 170 287 839 55 69 314 119 177 542 55

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See the Annual Report for 1947, pp. 144-153.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 119. E a r n in g s , E x p e n s e s , an d D iv id e n d s of I n su r e d M u tu a l S a v in g s B a n k s , 1941-1948

(Amounts in thousands of dollars)

Earnings, expense, asset or liability item 1941 1942 1943 1944 1945 1946 1947 1948

Current operating earnings—total......................................

Interest, discount, and other income on real estate loans. . .

Interest, discount, and income on other loans.....................

Interest on U. S. Government obligations, direct and

guaranteed.........................................................................

Interest and dividends on other securities............................

Collection and exchange charges, commissions, and fees. . .

Other current operating earnings...........................................

Current operating expenses— total......................................

Salaries—officers.......................................................................

Salaries and wages—employees..............................................

Directors’, trustees’, and managers’ fees1.............................

Taxes other than on net income.............................................

Recurring depreciation on banking house, furniture and

fixtures2..............................................................................

Other current operating expenses...........................................

Net current operating earnings............................................

Dividends (interest) paid on deposits.................................

Net operating earnings after dividends on deposits.......

Profits and recoveries on assets—total...............................

Recoveries on securities3..........................................................

Profits on securities sold or exchanged..................................

Recoveries on loans3................................................................

All other profits and recoveries4, ................................

Losses and charge-offs— total................................................

On securities5.............................................................................

On loans5....................................................................................

All other6....................................................................................

69,547

26,554

1,195

12,955

18,068

123

10,652

23,344

2,205

5,080

316

5,432

668

9,643

46,203

29,684

16,519

23,014

3,432

13,996

462

5,124

34,848

16,470

6,030

12,348

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

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

51,767 185,632 209,134 245,090 265,428

33,209 117,985 132,430 143,350 160,134

18,558 67,647 76,704 101,740 105,294

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

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

375,592

151,174

2,114

184,900

24,386

1,329

11,689

93,613

13,271

31,247

1,142

6,891

2,550

38,512

281,979

181,225

100,754

99,548

32,443

27,770

1,266

38,069

111,998

58,587

4,472

48,939

403,156

166,308

2,477

184,139

35,748

1,214

13,270

100,768

14,267

34,156

1,211

6,418

2,705

42,011

302,388

196,096

106,292

59,897

14,514

6,705

411

38,267

76,792

23,872

7,233

45,687

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 liabilities7

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....................................

4,685 4,164 27,916 64,486 147,939 149,515 88,304 89,397

97 33 345 122 2,034 5,759 5,992 4,501

4,588 4,131 27,571 64,364 145,905 143,756 82,312 84,896

344 318 294 482 271 264 248 234

4,244 3,813 27,277 63,882 145,634 143,492 82,064 84,662

1,973,635

184,743

581,795

445,939

604,701

35,151

121,306

2,089,328

141,377

725,595

416,107

661,599

30,078

114,572

7,945,687

494,112

3,322,146

663,101

3,104,849

28,145

333,334

9,164,873

449,751

4,723,004

628,821

3,085,567

30,372

247,358

10,636,400

416,762

6,345,344

605,362

3,056,494

36,934

175,504

12,066,095

530,271

7,588,938

653,589

3,112,879

41,588

138,830

13,128,837

649,906

8,127,449

814,360

3,352,063

48,173

136,886

13,860,655

667,792

8,042,934

1,189,924

3,756,276

56,597

147,132

1,973,635

1,803,002

} 1,803,002

7,248

163,385

2,089,328

1.900.429

1.900.429

6,656

182,243

7,945,687

7.134.660

7.134.660

22,331

788,696

9,164,873

8.280.998

8.280.998

23,974

859,901

10,636,400

9.648.308

9.648.308

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

13,860,655

12,519,862

14,395

12,505,4^7

44,618

1,298,175

Number of active officers, December 31.........................

Number of other employees, December 31.....................

317

2,823

363

2,884

1,209

9,581

1,276

9,719

1,337

10,852

1,410

11,414

1,494

11,599

1,527

11,930

Number of banks, December 318......................... 52 56 184 192 192 191 1S4 193

1 Includes professional fees from 1941 through 1944. 

a su5r? lttiu g Tep0r^ to, F^ P in 1941» consists of regular and extraordinary depreciation reserves on banking house, furniture and fixtures.

t *an4 r , s P°P submitting reports to FDIC m 1945-1948, includes reductions in valuation reserves.

In 1945-1948 for banks submitting reports to FDIC, includes all reductions in valuation reserves.

I Jn IS IK S I# banlP n.ot. submitting reports to FDIC in 1945-1948, includes additions to valuation reserves.

8 In 1945-1948 for banks submitting reports to FDIC, includes all additions to valuation reserves.

7 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

8 Includes 3 mutual savings banks, members of the Federal Reserve System.

Back figures—See the Annual Report for 1941, p. 173.

COEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 120. R a t i o s o f E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d M u t u a l S a v in g s B a n k s , 1941-1948

Earnings or expense item 1941 1942 1943 1944 1945 1946 1947 1948

Am ounts per $100 of current operating earnings:

Current operating earnings—total...................................... $100.00 $100.00 $100.00 $100.00 $100.00 $180.09 $100.00 $100.00

Income on real estate loans..................................................... 38.18 40.91 50.44 47.34 43.68 40.62 40.25 41.25

Income on other loan3............................................................. 1.72 1.47 .46 .43 .50 .54 .56 .61

Interest on U. S. Government obligations............................ 18.63 22.46 27.97 33.09 42.02 48.76 49.23 45.68

Interest and dividends on other securities............................. 25.98 22.18 9.00 10.04 7.64 6.44 6.49 8.37

Collection and exchange charges, commissions, and fees. . . .17 .20 .12 .18 .32 .37 .36 .30

Other current operating earning3........................................... 15.32 12.78 12.01 8.92 5.84 3.27 3.11 3.29

Current operating expenses—total...................................... 33.57 32.14 32.12 29.28 24.07 24.37 24.92 24.99

Salaries, wages and fees1.......................................................... 10.93 11.82 11.32 11.04 10.41 11.38 12.16 12.31

Taxes other than on net income............................................. 7.81 6.69 6.22 5.02 2.60 2.06 1.83 1.59

Recurring depreciation on banking house, furniture and

fixtures2.............................................................................. .96 .97 1.11 1.14 .82 .74 .68 .67

Other current operating expenses........................................... 13.87 12.66 13.47 12.08 10.24 10.19 10.25 10.42

Net current operating earnings............................................ 66.43 67.86 67.88 70.72 75.93 75.63 75.08 75.91

Dividends (interest) paid on deposits................................. 42.68 43.53 43.14 44.78 44.41 45.63 48.25 48.64

Net operating earnings after dividends on deposits....... 23.75 24.33 24.74 25.94 31.52 30.00 26.83 26.37

Amounts per $100 of total assets3

Current operating earnings—total............................................. 3.52 3.65 3.44 3.23 3.03 2.91 2.86 2.91

Current operating expenses—total............................................. 1.18 1.17 1.10 .95 .73 .71 .71 .73

Net current operating earnings................................................... 2.34 2.48 2.34 2.28 2.30 2.20 2.15 2.18

Dividends (interest) paid on deposits........................................ 1.50 1.59 1.49 1.44 1.35 1.33 1.38 1.41

Net operating earnings after dividends on deposits................. .84 .89 .85 .84 .95 .87 .77 .77

Recoveries and profits—total..................................................... 1.17 .91 1.63 1.11 1.71 1.55 .76 .43

Losses and charge-offs—total...................................................... 1.77 1.60 2.13 1.24 1.27 1.18 .86 .55

Net profits before income taxes.................................................. .24 .20 .35 .71 1.39 1.24 .67 .65

Net additions to surplus and capital accounts......................... .22 .18 .34 .70 1.37 1.19 .63 .61

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Special ratios3

Income on real estate loans per $100 of real estate loans....... 4.39 4.72 4.44 4.54 4.61 4.58 4.51 4.43 Income on other loans per $100 of other loans........................ 3.40 3.72 4.41 4.15 4.41 4.55 4.39 4.38 Interest on U. S. Government obligations per $100 of U. S.

Government obligations.................................................. 2.23 2.36 2.30 2.07 2.14 2.26 2.28 2.29 Income on other securities per $100 of other securities........... 4.05 4.07 3.71 4.72 4.07 3.46 2.99 3.00 Dividends paid on deposits per $100 of time and savings

deposits.............................................................................. 1.65 1.75 1.65 1.60 1.49 1.47 1.53 1.57 Net additions to surplus and capital accounts per $100 of

total surplus and capital accounts................................. 2.60 2.09 3.46 7.43 15.15 12.93 6.74 6.53

Assets and liabilities per $109 of total assets3

Assets— tota l.................................................................. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Cash and due from banks....................................................... 9.36 6.77 6.22 4.91 3.92 4.40 4.95 4.82 U. S. Government obligations................................................ 29.48 34.73 41.80 51.53 59.66 62.89 61.91 58.03 Other securities........................................................................ 22.59 19.91 8.35 6.86 5.69 5.42 6.20 8.58 Loans and discounts................................................................ 32.42 33.11 39.43 34.00 29.08 26.14 25.90 27.51 All other assets....................................................................... 6.15 5.48 4.20 2.70 1.65 1.15 1.04 1.06

Liabilities and capital—total................................................ 100.00 100.00 100.00 100.0© 100.00 100.00 100.00 100.00 Total deposits........................................................................... 91.35 90.96 89.79 90.36 90.71 90.53 90.41 90.33 Demand deposits....................................................................

Time and savings deposits....................................................

[ 91.85 90.96 89.79 90.36 90.71 1 .11

/ 90.J+2

.10

90.31

.11

90 22 Borrowings and other liabilities............................................. .37 .32 .28 .26 .25 .27 .32 .32 Total capital accounts............................................................. 8.28 8.72 9.93 9.38 9.04 9.20 9.27 9.35

Number of banks, December 314............................................... 52 56 184 192 192 191 194 193

1 Includes professional fees from 1941 through 1944.

2 For banks not submitting reports to FDIC in 1941, consists of regular and extraordinary depreciation reserves on banking house, furniture and fixtures.

3 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

4 Includes 3 mutual savings banks, members of the Federal Reserve System.

EARNINGS. EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
D ep o sit I n s u r a n c e D is b u r s e m e n t s

Table 121. Disbursements by the Federal Deposit Insurance Corporation to protect depositors;

number and deposits of insured banks placed in receivership or merged with the 

financial aid of the Corporation, 1934-1948

Banks grouped by class of bank, year of disbursement, amount of deposits, and

State

Table 122. Assets and liabilities of insured banks placed in receivership and of insured banks 

merged with the financial aid of the Federal Deposit Insurance Corporation, 

1934-1948

As shown by books of bank at dale of closing

Table 123. Name, location, Federal Deposit Insurance Corporation disbursement, and assets 

and liabilities of insured bajnks merged with the financial aid of the Corporation 

during 1948

Table 124. Recoveries and losses by the Federal Deposit Insurance Corporation in connection 

with insured banks placed in receivership or merged with the financial aid of the 

Corporation, 1934-1948

As shown by books of FDIC, December 31, 1948

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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 four years. Total 

figures may be found in Table 2. For definitions of the terms used in 

that table, and the detailed figures as shown by the books of the 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 121 

are taken from the books of FDIC at the end of the year and will differ

from the deposits in Table 122 which are taken from books of the 

bank at date of closing. This is because the former include deposits 

discovered or reclassified after the date of a bank’s closing.

Details of the mergers during 1948 are given in Table 123. The 

disbursements by the Corporation were made to purchase assets from 

the selling bank which were not acceptable to the purchasing bank.

Noninsured bank failures

No noninsured bank failed in 1948. For suspensions of noninsured 

banks in previous years, see the Annual Reports of the Corporation 

as follows: 1943, p. 102; 1946, p. 167; and 1947, p. 159.

Sources of data

Books of bank at date of closing; and books of FDIC, December 

31, 1948.

co

Oi DEPOSIT INSURANCE DISBURSEMENTS

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Federal Reserve Bank of St. Louis
Table 121. D is b u r s e m e n ts b y t h e F e d e r a l D e p o s it In s u r a n c e C o r p o r a t io n t o P r o t e c t D e p o s it o r s ; N u m b e r an d D e p o s its 

o f I n s u r e d B a n k s P l a c e d in R e c e iv e r s h ip o r M e rg ih ) w ith , 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 , 1934-1948

tn - a j ci

BANKS GROUPED BY CLASS OF BANK, YEAR AMOUNT OF DEPOSITS, AND STATE

Classification

Disbursement by FDIC 

(in thousands of dollars)1 Number of banks Deposits (in thousands of dollars)

Total Receiverships2 Mergers? ' Total Receiverships Mergers Total ReCergerShiRS Mergers2

All banks............................................................... 266,976 ^ 87,039 179,937 407 245 162 522,678 109,603 413,075

Class of bank

National banks................................................... 47,900 14,808 33,092 69 21 48 102,089 19,474 82,615

State banks members F. R. System............... 101,238 20,934 80,304 22 6 16 187,623 26,550 161,073

Banks not members F . R . System.................. 117,838 51,297 66,541 316 218 98 232,966 63,579 169,887

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..................................................................... 11,091 1,612 9,479 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..................................................................... 1,874 1,874 1 1 5,695 5,695

1946..................................................................... 292 292 1 1 316 316

1947..................................................................... 1,759 1,759 5 5 6,966 6,966

1948..................................................................... 2,690 2,690 3 3 10,455 10,455

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..................................... 25,392 13,901 11,491 52 24 28 38,932 17,590 21,342

$1,000,000 to $2,000,000.................................. 28,537 8,961 19,576 39 9 30 56,693 11,748 44,945

$2,000,000 to $5,000,000.................................. 42,429 12,421 30,008 25 5 20 77,568 16,279 61,289

$5,000,000 to $10,000,000................................ 23,602 23,602 10 10 65,407 65,407

$10,000,000 to $50,000,000.............................. 114,563 25,676 88,887 8 2 6 239,137 32,657 206,480

More than $50,000,000.....................................

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

841

861

7

1,242

300

863

3,779

4,335

1,462

975

4,614

668

3,132

1,571

5,340

640

257

4,920

213

469

118

80,841

67,765

1,448

2,663

1,610

2,144

962

47,673

284

2,411

1,279

2,761

3,445

5,053

935

1,458

7,198

202

94

841

7

1.242

203

846

1.242 

3,092

385

482

3,329

668

735

139

640

257

4,335

186

469

25,103

10,835

1,156

1,397

1,610

1,133

10,133

186

2,388

1,164

2,468

3,259

511

1,458

5,096

143 

' 861

97

17

2,537

1,243

1,077

493

1,285

2,397

1,571

5,201

585

27

118

55,738

56,930

292

1,266

1,011

962

37,540

148

23

115

293

186

4,542

935

2,102

202

20

529

1,168

1,078

8

1,526

491

1,027

8,158

9,710

5,516

1,233

7,951

1,652

4,569

3,019

12,404

818

334

7,001

298

538

296

192,444

138,826

2,291

3,830

2,345

4,151

1,114

69,139

850

2,988

1,942

3,925

3,725

10,746

1,538

2,006

9,503

1,991

101

1,168

1,526

217

998

1,637

3,932

498

539

3,954

1,652

828

160

818

334

5,116

215

538

30,928

13,286

1,421

1,552

2,345

1,659

14,340

138

2,862

1,620

3,239

3,375

629

2,006

5,966

1,078

428

274

29

6,521

5,778

5.018

694

3,997

’ 3,741

3.019

12,244

1,885

83

296

161,516

125,540

870

2,278

2,492

1,114

54,799

714

126

322

686

350

10,117

1,538

3,537’

1,9S1

1 Includes only principal disbursement; i.e., excludes expenses incident to the transactions, the greater part of which has been recovered.

2 Data from books of FDIC, December 31, 1948.

1 Data from books of bank at date of closing.

DEPOSIT INSURANCE DISBURSEMENTS

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Federal Reserve Bank of St. Louis
Table 122. A s s e t s a n d L ia b i li t i e 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 ith 

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 , 1934-1948

AS SHOWN BY BOOKS OF BANK AT DATE OF CLOSING

Year Cash and 

due from 

banks

Total $117,778,568

RECEIVERSHIPS2

Total $22,620,382

1934

1935

1936

1937

1938

1939

1940

1941

1942

1943

1944

185,056

1,974,181

2,194,712

2,238,648

1,610,297

3,329,557

1,018,215

6,462,157

500,513

2,910,826

196,220

MERGERS

Total $95,158,186

1935

1936

1937

1938

1939

1940

1941

1942

1943

1944

1945

1946

1947

1948

404,834

3,109,830

4,717,074

8,133,887

27,451,442

30,227,874

3,167,243

4,159,617

1,216,987

368,633

2,440,786

126,764

2,769,014

6,864,201

U. S. Government 

obligations

$79,624,212

$10,154,078

603,519

698,440

902,215

1,293,683

451,570

1,052,424

452,574

3,493,431

119,650

968,872

117,700

$69,470,134

233,395

2,071,296

2,495,254

7,018,796

27,929,162

17,183,076

801,273

3,547,766

2,903,771

585,251

1,371,925

114,326

2,201,186

1,013,657

Other

securities

$74,060,362

$15,946,562

273,638

510,479

1,955,104

2,307,696

2,215,638

4,855,519

1,519,677

1,810,346

52,364

405,011

41,090

$58,113,800

1,403,807

2,080,059

3,520,186

10,377,037

16,266,036

17,987,527

2,835,309

2,275,392

555,383

230,282

55,504

30,236

318,322

178,720

Loans,

discounts,

and

overdrafts

$235,228,147

$65,569,217

1,329,865

6,842,116

6,454,624

11,107,699

6,574,061

21,839,422

3,314,762

5,398,218

777,953

1,846,467

84,030

$169,658,930

2,256,417

8,917,554

8,678,629

20,896,236

44,289,765

60,687,428

8,178,623

7,731,137

1,675,734

367,086

2,435,488

77,049

1,452,370

2,015,414

Banking 

house, 

furniture & 

fixtures

$22,396,815

$5,375,616

79,365

459,055

459,700

486,995

412,911

1,845,801

694,900

91,311

70,685

772,493

2,300

$17,021,199

608,467

1,277,605

562,181

2,873,257

5,142,882

4,553,388

798,028

759,861

274,331

2,369

56,630

112,200

Other

real

estate

$59,563,796

$12,293,686

120,319

242,274

734,874

837,966

2,125,022

7,221,558

435,526

106,615

55,222

414,310

$47,270,110

1,184,658

926,359

3,913,009

15,459,743

22,840,095

1,014,582

1,824,586

15,844

67,428

4,609

1

19,196

Other

$13,601,807

$8,330,507

69,565

1,597,403

273,559

1,010,689

530,408

3,781,385

523,899

449,458

25,030

63,677

5,434

$5,271,300

10,808

325.362 

186,497

2,380,489

1,049,600

458,831

197,669

354.362 

34,523 

32,108

83,603

425

215

156,808

Total

$602,253,707

$140,290,048

2,661,327

12,323,948

12,974,788

19,283,376

13,919,907

43,925,766

7,959,553

17,811,536

1,601,417

7,381,656

446,774

$461,963,659

4,917,728

18,966,364

21,086,180

55,592,711

137,588,630

153,938,219

16,992,727

20,652,721

6,676,573

1,650,788

6,391,915

351,169

6,797,738

10,360,196

Liabilities and capital accounts

Total

deposits

$520,449,005

$107,374,564

1,951,992

8,700,485

11,039,098

14,715,286

10,124,255

32,557,805

5,599,438

14,627,158

1,379,526

6,274,311

405,210

$413,074,441

4,228,816

16,287,262

18,384,923

49,428,383

125,038,946

136,731,549

14,990,768

17,195,146

5,897,691

1,459,091

5,695,202

316,402

6,965,742

10,454,520

Other

liabilities

$11,468,774 $25,130,464

$10,122,023 $5,896,246

104,963

2,111,886

93,695

1,132,758

90,000

223.000

788.000 

755,250

1,213,354

4,695,820

455,788

298,526

1,052,900

2,249,996

422,750

195,500

1,520

13,582

131

81,750

32,500

4,600

$1,346,751 $19,234,218

140

19,769

262,651

168,674

679,659

310,000

609,200

3,726,463

6,103,500

157,766

57,508

584

7,186,655

289,000

913.400

96,000

R. F. C.

capital

Private

capital

stock

$38,059,961

$12,254,299

432,100

950.000 

1,069,350 

2,498,815

1,059,200

2,775,001

1,045,533

1,582,000

140.000

675.000 

27,300

$25,805,662

315.000

1.664.000 

1,808,400 

2,697,650

6.381.000

8,666,162

1,111,250

1,748,200

300.000

200.000

331.500 

10,000

197.500 

375,000

Other

capital

accounts1

$7,145,503

$4,642,916

82,272

338,577

-15,355

181,267

470,198

1,647,144

436,044

1,108,352

-1,379

386,263

9,533

$2,502,587

373,772

685,333

21,006

-428,459

-614,475

1,196,087 

544,201 

795.391 

382;882 

-8,303

365,213

24,767

-365,504

-469,324

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.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Table 123. N a m e , L o c a t i o n , F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t i o n D is b u r s e m e n t , a n d A s s e t s a n d L i a b i l i t i e s o f

I n s u r e d B a n k s M e r g e d w i t h t h e F i n a n c i a l A id o f t h e C o r p o r a t i o n D u r i n g 1948

Case Disbursement2

Name and location Class of bank Number of 

accounts1

number Absorbing bank

Date Amount

160 Columbus Trust Company, 

Newark, New Jersey

State commercial, 

member F. R. System

14,882 July 24,1948 $1,514,801 United States Trust Company, 

Newark, New Jersey

161 The American National Bank of 

Pryor Creek,

Pryor, Oklahoma

National 2,356 November 22, 1948 926,206 The American National Bank in Pryor, 

Pryor, Oklahoma

162 The First State Bank, 

Franklin, Texas

State commercial, 

member F. R. System

1,073 December 18, 1948 248,825 The First National Bank of Franklin, 

Franklin, Texas

Case

number

Assets

Cash and 

due from

banks

U. S. Government 

obligations

Other

securities

Loans,

discounts,

and

overdrafts

Banking 

house, 

furniture & 

fixtures

Other

real

estate

Other

Total

Liabilities

Total

deposits

Other

liabilities

R. F. C.

capital

Private

capital

stock

Other

capital

accounts3

Total

160

161

162

$6,864,201

6,349,275

357,400

157,526

$1,013,657

331.400 

481,857

200.400

$178,720

14,250

138,746

25,724

$2,015,414

1,055,828

735,374

224,212

$112,200

90.000

18.000 

4,200

$19,196

19,196

$156,808

32,552

42,402

81,854

$10,360,196

7,892,501

1,773,779

693,916

$10,454,520

7,920,755

1,924,729

609,036

$375,000

320,000

25.000

30.000

$-469,324

-348,254

-175,950

54,880

1 Number of accounts are as of date of examination prior to purchase of assets.

2 Does not include preliminary and field liquidation expenses or advances for the protection of assets, incident to the transaction.

Includes surplus, undivided profits, and reserve funds minus operating deficit, if any, as shown by books. Minus (-) indicates net operating deficit.

CO

CDDEPOSIT INSURANCE DISBURSEMENTS

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Table 124. R e c o v e r i e 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 i t I n s u r a n c e C o r p o r a t i o n in C o n n e c t i o n w i t h

I n s u r e d B a n k s P l a c e d in R e c e i v e r s h i p o r M e r g e d w i t h t h e F i n a n c i a l A id o f t h e C o r p o r a t i o n , 1934-1948

AS SHOWN BY BOOKS OF FDIC, DECEMBER 31, 1948

(Amounts in thousands of dollars)

All banks Active liquidations Liquidations terminated, 

December 31, 1948

Year Number

of

banks

Estimated

FDIC

total

disbursement1

Recoveries

to

December 

31, 1948

Estimated

additional

recoveries

Estimated

losses

Number

of

banks

Estimated

FDIC

total

disbursement

Recoveries

to

December 

31, 1948

Estimated

additional

recoveries

Estimated

losses

Number

of

banks

FDIC

total

disbursement

Recoveries Losses

All banks placed in

re c e iv e r sh ip or

merged, total.......... 407 267,004

941

238,652 3,422 24,930 74 161,114 144,556 3,422 13,136 333 105,890 94,096 11,794

1934 9

25

734 207 9 941 734 207

1935........................... 8,890 6,116 42 2,732 2 3,043 1,959 42 1,042 23 5,847 4,157 1,690

1936........................... 69 14,833 12,391 19 2,423 3 4,794 4,552 19 223 66 10,039 7,839

9,561

2,200

1937........................... 75 19,204 15,449 172 3,583 8 6,932 5,888 172 872 67 12,272 2,711

1938........................... 74 30,512 28,071 10 2,431 8 14,959 14,667 10 282 66 15,553 13,404 2,149

1939........................... 60 67,817

74,435

59,938 285 7,594

3,952

14 52,005 45,750 285 5,970 46 15,812 14,188 1,624

1940........................... 43 69,494

23,146

989 12 45,875 41,519 989 3,367 31 28,560 27,975 585

1941........................... 15 23,888 116 626 8 18,338 17,809 116 413 7 5,550 5,337 213

1942........................... 20 11,091 10,358 55 678 8 6,030 5,589 55 386 12 5,061

2,973

4,769 292

1943 5 7,257

1,521

1,874

292

1,759

2,690

7,095

1,474

1,874

292

39 123 2 4,284 4,245 39 3 2,850 123

1944 2 16 31 1 405 358 16 31 1 1,116 1,116

1945 1 1 1,874 1,874

1 Q .lfi 1 1 292 292

1 Q /j7 5 1,220

1,000

381 158 5 1,759

2,690

1,220

1,000

381 158

1QA9, 3 1,298 392 3 1,298 392

FbiDEtiAL DEPOSIT INSURANCE CORPORATION

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Receiverships, total

193 4 

193 5 

193 6 

193 7 

193 8 

193 9 

194 0 

194 1 

194 2 

194 3 

194 4 

Mergers, total......

193 5 

193 6 

193 7 

193 8 

193 9 

194 0 

194 1 

194 2 

194 3 

194 4 

194 5 

194 6 

194 7 

194 8 

245

9

24 

42 

50 

50

32

19

8

6

4 

1

162

1

27

25 

24

28

24

7

14

1

1

1

1

5 

3

87,067

941

6,025

8,056

12,047

9,092

26,209

4,895

12,278

1,612

5,507

405

179,937

2,865

6,777

7,157

21,420

41,608

69,540

11,610

9,479

1,750

1,116

1,874

292

1,759

2,690

72,220

734

4,254

6,596

9,323

7,903

20,009

4,313

12,065

1,320

5,345

358

166,432

1,862

5,795

6,126

20,168

39,929

65,181

11,081

9,038

1,750

1,116

1,874

292

1,220

1,000

312

19 

’ 166

72

39

16

3,110

23

19

6

10

213

116

55

381

1,298

14,535

207

1,752

1,460

2,558

1,189

6,128

582

213

292

123

31

10,395

980

963

1,025

1,242

1,466

3,370

413

158

392

18 34,961

178

2,867

288

17,220

50

9,222

447

4,284

405

126,153

2,865

4,794

4,065

14,671

34,785

45,825

9,116

5,583

1,759

2,690

29,519

97

2,299

259

12,542

50

9,222

447

4,245

358

115,037

1,862

4,552

3,589

14,408

33,208

41,469

8,587

5,142

1,220

1,000

312

19 

’ 166

72

381

1,298

5,130

62

402

29

,606

39

16 31

3,110 8,006

23 980

19 223

6 470

10 253

213 1,364

989 3,367

116 413

55 386

158

392

227 52,106 42,701 9,405

9 941 734 207

23 5,847 4,157 1,690

42 8,056 6,596 1,460

45 9,180 7,024 2,156

48 8,804 7,644 1,160

29 8,989 7,467 1,522

18 4,845 4,263 582

6 3,056 2,843 213

5 1,165 873 292

2 1,223 1,100 123

106 53,784 51,395 2,389

24 1,983 1,243 740

22 3,092 2,537 555

18 6,749 5,760 989

17 6,823 6,721 102

13 23,715 23,712 3

1 2,494 2,494

7 3,896 3,896 (2)

1 1,750 1,750

1 1,116 1,116

1 1,874 1,874

1 292 292

* Includes unpaid insured deposits, expected to result in additional FDIC disbursement of $28 million ($2 million in 1937, $13 million in 1939, $7 million in 1943, and $6 

million in 1944). Estimated FDIC total disbursements and the amounts in receiverships differ by this amount from the actual disbursements to December 31, 1948, shown in 

Table 121, p. 136.

8 Less than $500.

DEPOSIT INSURANCE DISBURSEMENTS

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INDEX

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INDEX

Absorptions, consolidations, and mergers:

Of insured banks, 1934-48. See Mergers of insured banks with financial aid 

of the Corporation.

Of operating banks, 1948................................................................................... 72-73

x\djusted capital account. See Capital of banks.

Adjusted liabilities. See Assets and Liabilities of insured commercial banks, 

examiners’ appraisal.

Admission to insurance:

Applications approved....................................................................................... 12-15

By class of bank, 1948....................................................................................... 72-73

Applications from banks:

For admission to insurance................................................................................ 12-15

For approval of establishment of branches...................................................... 15-16

Appraised value of assets. See Assets and liabilities of insured commercial banks, 

examiners’ appraisal.

Assessments on insured banks for deposit insurance.........................................18-20, 25

Assets and liabilities of closed banks. See Receivership, insured banks placed in.

Assets and liabilities of insured commercial banks, examiners’ appraisal (See

also Substandard assets of insured commercial banks):

Banks examined in 1941-1948......................................................................... 100-101

Banks examined in 1948, grouped by amount of deposits........................... 102-103

Banks examined in 1948, grouped by FDIC district and State...................104-105

Definitions of terms used: adjusted liabilities; appraised value; book value;

examiners’ deductions, not criticized; substandard............................. 99

Sources of data................................................................................................... 99

Assets and liabilities of operating banks (See also Assets and liabilities of insured 

commercial banks, examiners’ appraisal; Capital of banks; Deposits):

All banks:

By FDIC district and State, December 31, 1948...................................... 92-93

December 31, 1946-1948.............................................................................. 31

Grouped according to insurance status and type of bank, December 31,

1947, June 30 and December 31, 1948.................................................. 86-91

Percentage change, by type of asset and liability during 1946, 1947 and

1948......................................................................................................... 31

Percentage composition of assets................................................................ 33

Commercial banks:

December 31, 1945-1948.............................................................................. 34

Percentage distribution of assets and liabilities......................................... 34

Insured banks, December 31, 1947, June 30 and December 31, 1948.......... 94-97

Insured commercial banks:

December 31, 1947, June 30 and December 31, 1948................. 86-91, 94-97

Reports of...................................................................................................... 16-17

Mutual savings banks:

December 31, 1946-1948............................................................................... 38

December 31, 1947, June 30 and December 31, 1948..................... 86-91, 94-97

Percentage change during 1946-1948.......................................................... 38

Noninsured banks, December 31, 1947, June 30 and December 31, 1948.. 86-91 

Sources of data.................................................................................................... 85

Assets and liabilities of the Federal Deposit Insurance Corporation............. 19-23

Assets purchased by the Federal Deposit Insurance Corporation:

From banks in receivership to facilitate liquidation....................................... 10-11

From banks merged with financial aid of the Corporation. See Mergers of 

insured banks with financial aid of the Corporation.

Liquidation of..................................................................................................... 10-11

Page

145

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146 FEDERAL DEPOSIT INSURANCE CORPORATION

Page

Assets of insured banks, quality of. See Assets and liabilities of insured commercial banks, examiners’ appraisal; Substandard assets of insured 

commercial banks.

Assets pledged to secure bank obligations...................................... 97

Bank supervision (See also Examinations of banks):

Activities of the Federal Deposit Insurance Corporation in 1948................. 12-17

State legislation, 1948........................................................................................ 66-68

Banking data. See Methods of tabulating bank data.

Banking offices, establishment of:

Banks beginning operations, 1948..................................................................... 30, 72

Branches, establishment approved by Corporation........................................ 16

Branches opened, 1948...................................................................................30-31, 73

Banking offices, number of. See Number of operating banks and branches.

Banking practices. See Unsafe and unsound banking practices.

Banks and branches ceasing operations:

All banks and branches, 1948....................................................................... 30, 72-73

Branches of insured banks, 1948....................................................................... 30, 73

Insured banks, 1948........................................................................................... 30,72

Noninsured banks, 1948...............................................................................30, 72,135

Banks in financial difficulties (See also Mergers of insured banks with financial 

aid of the Corporation; Receiverships, insured banks placed in): 

Depositors protected by the Corporation in closed banks:

Fully protected, in insured banks placed in receivership or merged with

the financial aid of the Corporation...................................................... 9

Number of, in insured banks placed in receivership or merged with the

financial aid of the Corporation............................................................ 9

Depositors sustaining loss in closed insured banks, number o f...................... 9

Insured banks closed:

Deposits o f.................................................................................................... 9

Deposits protected........................................................................................ 9

Disbursements by the Corporation in connection with......................9, 136-137

Loss to depositors........................................................................................ 7-11

Loss to Federal Deposit Insurance Corporation................................. 9, 140-141

Number, 1934-1948....................................................................................... 9,136

Methods of handling under existing law................................................ ......... 6

Noninsured bank suspensions, 1948................................................................. 135

Banks, number of. See Number of operating banks and branches.

Banks operating branches. See Banking offices, establishment of; Number of

operating banks and branches.

Blanket bond coverage. See Fidelity bond coverage.

Board of Directors of the Federal Deposit Insurance Corporation................. iv, v, 17

Board of Governors of the Federal Reserve System, data obtained from..........85, 107

Book value of bank assets and liabilities. See Assets and liabilities of insured 

commercial banks, examiners’ appraisal; Assets and liabilities of 

operating banks; Capital of banks.

Branches. See Banking offices, establishment of; Classification of banks and 

banking offices; Number of operating banks and branches.

Bureau of Internal Revenue, Commissioner’s ruling. See U. S. Treasury Department.

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INDEX 147

Page

Capital of banks {See also Assets and liabilities of operating banks; Earnings, 

expenses, profits, and dividends of insured banks):

Adequacy of........................................................................................................ 3-5

Definition of terms used in examiners’ appraisal of:

Adjusted capital accounts; book value of capital accounts; net sound

capital..................................................................................................... 99

Examiners’ appraisal, insured commercial banks:

1941-1948..................................................................................................... 100

Banks grouped by amount of deposits, 1948............................................. 103

Banks grouped by FDIC districts and State, 1948.................................104-105

Banks grouped by ratio of substandard assets to adjusted capital accounts, 1945-1948................................................................................... 59-61

Ratio of substandard assets to adjusted capital accounts........................ 59-61

Growth................................................................................................................ 40

Insured banks placed in receivership or merged with financial aid of the

Corporation...........................................................................................138, 139

Net additions as a proportion of net profits, insured commercial banks, by

State......................................................................................................... 47

Ratios to assets:

By class of bank, December 31, 1948......................................................... 39

Insured banks................................................. 95, 101, 103-105, 111, 115, 119, 133

Ratios to assets other than cash and U. S. Government obligations, insured 

commercial banks:

By class of banks, December 31, 1948........................................................ 39

By State, December 31, 1948...................................................................... 40

Retirement of capital invested in banks by the Reconstruction Finance

Corporation............................................................................................. 40

Total capital accounts:

By class of bank, December 31, 1948......................................................... 39

Commercial and mutual savings banks, insured and noninsured, December 31, 1947, June 30 and December 31, 1948................................ 87, 89, 91

Charge-offs by banks. See Earnings, expenses, profits, and dividends of insured 

banks.

Class of bank, banking data presented by:

Admissions to and terminations of insurance................................................. 72-73

Assets and liabilities........................................................................................... 94-97

Banks which suspended operations, 1934-1948..............................................138-139

Deposits........................................................................................82-83, 87, 89, 91, 96

Earnings of insured commercial banks........................................................... 112-115

Name, location, FDIC disbursement and assets and liabilities of insured

banks merged with financial aid of the Corporation, 1948.............. 139

Number and deposits of insured banks placed in receivership or merged

with financial aid of the Corporation, 1934-1948................................. 136

Number of banks and banking offices.............................................................. 72-83

Ratios of earnings of insured commercial banks........................................... 114-115

Classification of banks and banking offices.............................................. ............ 70-71

Closed banks. See Banks and branches ceasing operations; Banks in financial 

difficulties; Receivership, insured banks placed in.

Commercial banks. See Assets and liabilities of insured commercial banks, 

examiners’ appraisal; Assets and liabilities of operating banks; Capital 

of banks; Deposits; Earnings, expenses, profits, $nd dividends of 

insured banks; Number of operating banks and branches.

Commissioner of Internal Revenue, ruling on reserve for bad debt losses on 

loans. See U. S. Treasury Department.

Comptroller of the Currency:

Data obtained from............................................................................................85,107

Director of Corporation...................................................................................iv, v, 18

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Consolidations. See Absorptions, consolidations, and mergers.

Consumer loans. See Loans by banks.

Credit, bank, expansion of during 1948................................................................. 36-37

Criticized assets. See Assets and liabilities of insured commercial banks, examiners’ appraisal.

148 FEDERAL DEPOSIT INSURANCE CORPORATION

Page

Defalcation in banks................................................................................................

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................. 9, 136-139

Insured commercial banks examined in 1948.......................................... 102-103

Business and personal. See Deposits, classified by type of deposit.

Changes in business and personal deposits...................................................... 32-33

Classified by type of deposit:

All banks, December 31, 1947, June 30 and December 31, 1948. . . .87, 89, 91

All banks, December 31, 1946-1948............................................................ 31

All banks, grouped by FDIC district and State....................................... 92-93

Commercial banks, December 31, 1945-1948............................................. 34

Commercial banks, December 31, 1947, June 30 and December 31,

1948..................................................................................................... 87, 89, 91

Insured banks, by type of bank, December 31, 1947, June 30 and

December 31, 1948.............................................................................87, 89, 91

Mutual savings banks, December 31, 1947, June 30 and December 31,

1948.....................................................................................................87, 89, 91

Noninsured banks, by type of bank, December 31, 1947, June 30 and

December 31, 1948.............................................................................87, 89, 91

Demand. See Deposits, classified by type of deposit.

Government. See Deposits, classified by type of deposit.

Individuals, partnerships, and corporations. See Deposits, classified by

type of deposit.

Insured and otherwise protected:

In banks merged with financial aid of the Corporation........................... 7, 9

In banks placed in receivership................................................................. 7, 9

Interbank. See Deposits, classified by type of deposit.

Interest on time and savings deposits..........................................43, 46, 49, 108-133

Paid and unpaid in closed insured banks. See Banks in financial difficulties.

Postal savings deposits. See Deposits, classified by type of deposit.

Preferred. See Deposits, secured and preferred.

Public funds. See Deposits, classified by type of deposit.

Savings and time. See Deposits, classified by type of deposit.

Secured and preferred, in insured banks placed in receivership, 1934-1948.. 9

Sources of data.................................................................................................. 85,107

Subject to offset. See Receivership, insured banks placed in.

Uninsured deposits of insured banks placed in receivership................. . 9

Deposits in:

All banks:

December 31, 1947, June 30 and December 31, 1948.......................... 87, 89, 91

Banks grouped by FDIC district and State, December 31, 1948............ 92-93

Banks grouped by insurance status, December 31, 1947, June 30 and

December 31, 1948.............................................................................87, 89, 91

December 31, 1934-1948.............................................................................. 32-33

Percentage change, 1946-1948.................................................................... 31

Banks for which the Corporation is receiver................................................... 9

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Page

Deposits in:—Continued

Banks located in each State and possession, December 31, 1948... .82-83, 92-93

Banks which received financial aid from the Corporation..................... 9, 136-139

Commercial banks:

Banks grouped by insurance status and by FDIC district and State,

December 31, 1948................................................................................. 82-83

December 31, 1945-1948.............................................................................. 34

December 31, 1947, June 30 and December 31, 1948.......................... 87, 89, 91

Percentage distribution, December 31, 1945-1948..................................... 34

Insured banks, as percentage of deposits of all banks.................................... 29

Insured banks placed in receivership or merged with financial aid of the

Corporation....................................................................................... 9, 136-139

Insured commercial banks:

At time of examination. See Assets and Liabilities of insured commercial 

banks, examiners’ analysis.

By FDIC district and State, December 31, 1948...................................... 82-83

December 31, 1947, June 30 and December 31, 1948...........................87, 89, 91

Insured mutual savings banks:

By FDIC district and State, December 31, 1948...................................... 82-83

December 31, 1947, June 30 and December 31, 1948...........................87, 89, 91

Mutual savings banks:

By FDIC district and State, December 31, 1948...................................... 82-83

December 31, 1947, June 30 and December 31, 1948...........................87, 89, 91

December 31, 1946-1948.............................................................................. 38

Noninsured banks:

By FDIC district and State, December 31, 1948...................................... 82-83

December 31, 1947, June 30 and December 31, 1948...........................87, 89, 91

Depreciation. See Earnings, expenses, profits, and dividends of insured banks.

Dividends:

To depositors in mutual savings banks.....................................46, 49, 130, 132-133

To stockholders of operating insured commercial banks. See Earnings, expenses, profits, and dividends of insured banks.

Earnings, expenses, profits, and dividends of insured banks:

Insured commercial banks:

Amounts, 1941-1948................................................................................... 108-109

Amounts, 1934-1948................................................................................... 41

Amounts by class of bank, 1948................................................................112-113

Amounts by size of bank, 1948................................................................. 116-117

Amounts by State, 1948.............................................................................120-129

Charge-offs and recoveries........................................................................... 44

Current operating earnings.......................................................................... 41-44

Current operating expenses......................................................................... 43-44

Distribution of earnings and expenses, 1948............................................. 43

Dividends............................................................................................ 41-42, 45-46

Income on loans. %......................................................................................... 42

Income on securities..................................................................................... 42

Income on service charges........................................................................... 42

Income on U. S. Government obligations.................................................. 42

Interest on deposits...................................................................................... 43

Net additions to capital as a proportion of net profits, by State, 1948... 47

Net earnings....................................................................... .......................... 44

Net profits..................................................................................................... 45-46

Net profits, disposition of, 1935-1948......................................................... 45

Rate of net profit on total capital accounts. ........................................... 46-47

Rate of net profits on total capital accounts, by State, 1948................... 47

Rates of income on loans and securities.......... .......................................... 42

Rates of net profit and cash dividends to total capital account, 1945-1948 42

Ratios to average total capital accounts..........................................110, 115, 119

Ratios to total assets, special ratios, etc., 1941-1948.............................. 110-111

Ratios of total assets, special ratios, etc., 1948, by class of bank and by

size of bank............................................................................114-115, 118-119

Ratios to total current earnings................................................................. 110

Recoveries and profits on sale of assets...................................................... 44-45

Reserves for bad debt losses on loans.......................................44-45, 57-58, 107

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Earnings, expenses, profits and dividends of insured banks:—Continued

Salaries and wages, annual average per employee, 1937-1948................. 43-44

Taxes.............................................................................................................. 42, 46

Valuation reserves............................................................................44-45, 57, 107

Insured mutual savings banks:

Amounts and rates, 1941-1948......................................................48 -49, 130-133

Dividends to depositors............................................................................... 49

Ratios to total assets, special ratios, etc...................................................132-133

Salaries and wages........................................................................................ 48

Sources of data................................................................................................... 107

Employees:

Federal Deposit Insurance Corporation........................................................... 17

Insured commercial banks:

Number and salary, December 31, 1948................. 112-113, 116-117, 120-129

Number and salary, 1937-1948............................................................44, 108-109

Insured mutual savings banks, 1941-1948..................................................... 130-131

Examinations of banks (See also Assets and liabilities of insured commercial 

banks, examiners’ appraisal; Capital of banks):

Banks cited for unsafe and unsound practices................................................ 12-13

Banks examined by the Federal Deposit Insurance Corporation........... 12

Data from reports of examination............................................................ . 100-105

Definition of terms............................................................................................. 99

Policy of the Corporation.................................................................................. 12

Expenses of banks. See Earnings, expenses, profits, and dividends of insured 

banks.

Expenses of the Corporation. See Federal Deposit Insurance Corporation.

Facilities provided as agents of the Government. See Number of operating 

banks and branches.

Federal bank supervisory authorities..................................................................... 12

Federal credit unions............................................................................................... 3, 7,21

Federal Deposit Insurance Corporation:

Actions on applications from banks. See Applications from banks.

Assessments on insured banks.......................................................................18-20, 25

Assets and liabilities........................................................................................... 19-23

Audits.................................................................................................................. 21-26

Banks examined by, and submitting reports to.............................................. 16

Bank supervision by. See Bank supervision.

Board of Directors..........................................................................................iv, v, 17

Borrowing power................................................................................................ 26

Depositors protected by. See Banks in financial difficulties.

Deposit insurance reserve..........................................................................4, 21, 25-26

Disbursements for protection of depositors.............................6-9, 19, 136-137, 139

Districts.............................................................................................................. vi, vii

Divisions.............................................................................................................. iv, 18

Educational program for bank examiners........................................................ 12

Employees, number o f....................................................................................... 18

Examination of banks. See Examinations of banks.

Federal credit union activities.......................................................................... 25,26

Income and expenses............................................................................... .18-20, 25

Insured banks receiving financial aid from. See Banks in financial difficulties; 

Mergers of insured banks with financial aid of the Corporation; 

Receivership, insured banks placed in.

Insured deposits. See Deposits, insured and otherwise protected.

Loans to and purchase of assets from insured banks. See Mergers of insured 

banks with financial aid of the Corporation.

Losses incurred, 1934-1948................................. .............. 11—12, 19, 140-141

Methods for protecting depositors. See Banks in financial difficulties.

Organization and staff..................................................................................... iv, v, 17

Payments to insured depositors.............................................................. ......... 6-7,9

Powers................................................................................................................. 10,26

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Federal Deposit Insurance Corporation:—Continued

Protection of depositors. See Banks in financial difficulties.

Purchase of assets to facilitate completion of liquidation of banks in receivership ................................................................................................. 10

Receiver for insured banks................................................................................ 6-10

Recoveries........................................................................................................... 11,19

Regulations......................................................................................................... 18, 66

Reports from banks............................................................................................ 16-17

Reserves for losses.............................................................................................. 22, 24

Retirement of capital stock of the Corporation......................................3, 20-21, 26

Supervisory activities......................................................................................... 12-17

Surplus....................................................................................................3-5, 18-20, 25

Federal Deposit Insurance Corporation districts:

Assets and liabilities, classified b y .................................................................... 92-93

Assets and liabilities, examiners’ appraisal, classified by............................. 104-105

Number and deposits by class of bank, classified by...................................... 82-83

States and possessions served............................................................................ vi, vii

Substandard assets, number of banks with, classified by............................... 61

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

System.

Fidelity bond coverage............................................................................................ 5

Fixed and miscellaneous assets. See Assets and liabilities of insured commercial 

banks, examiners’ appraisal; Assets and liabilities of operating banks; 

Receivership, insured banks placed in.

Insolvent banks. See Banks in financial difficulties.

Insurance, defalcation and fidelity......................................................................... 5

Insured status, banks classified by:

Assets and liabilities of...................................................................................... 86-89

Changes in number of....................................................................................30, 72-73

Deposits o f.................................................. ....................................................... 82-83

Number o f........................................................................................................... 72-83

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;

Substandard assets;

Unsafe and unsound banking practices.

Insured commercial banks not members of the Federal Reserve System. See

Class of bank, banking data presented by.

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Insured commercial banks submitting reports to the Corporation..................... 16-17

Insured deposits. See Deposits, insured and otherwise protected.

Insured mutual savings banks. See Mutual savings banks.

Insured State banks members of the Federal Reserve System. See Class of 

bank, banking data presented by.

Interbank deposits. See Deposits, classified by type of deposit.

Interest. See Earnings, expenses, profits, and dividends of insured banks.

Investments of banks. See Assets and liabilities of insured commercial banks;

examiners’ appraisal; Assets and liabilities of operating banks; 

Securities.

Law, violations of by insured banks....................................................................... 13-14

Legislation related to banking and deposit insurance:

Federal, enacted in 1948: administration of the Federal Credit Union Act. 17, 65-66 

State, enacted in 1948........................................................................................ 68-68

Liquidation, banks placed in...........................................................................72, 136-141

Loans by banks. (See also Assets and liabilities of operating banks):

Agricultural......................................................................................................... 36-37

Commercial and industrial................................................................................ 36-37

Consumer............................................................................................................ 36-37

Examiners' evaluation. See Assets and liabilities of insured commercial 

banks, examiners’ appraisal.

Expansion in 1948.............................................................................................. 36

Guaranteed by Federal Government, by type................................................ 37

Income and charge-offs on............................................................................... 44-45

On securities........................................................................................................ 36

Provision for losses.....................................................................44-45, 57-58, 85, 107

Rate of income on.............................................................................................. 42

Real estate.......................................................................................................... 36-37

Substandard loans.............................................................................................. 54-58

Valuation reserves relative to total loans, by State, December 31, 1948.... 58

Loans to insolvent or hazardous insured banks by Federal Deposit Insurance 

Corporation. See Mergers of insured banks with financial aid of the 

Corporation.

Losses:

Of banks charged off. See Earnings, expenses, profits, and dividends of 

insured banks.

Of depositors. See Banks in financial difficulties; Receivership, insured banks 

placed in.

Of the Federal Deposit Insurance Corporation. See Federal Deposit Insurance Corporation.

Provision for, in banks.....................................................................44-45, 57-58, 107

Mergers. See Absorptions, consolidations, and mergers; Mergers of insured 

banks with financial aid of the Corporation.

Mergers of insured banks with financial aid of the Corporation (See also Banks 

in financial difficulties):

Assets and liabilities at date of merger, 1934-1948.......................................138-139

Banks cited for unsafe and unsound practices................................................ 13

Classification of banks merged.......................................................................... 139

Collections by Corporation on assets purchased or held as collateral... .140-141

Deposits protected.......................................................................................6-7, 9, 139

Disbursements by Corporation........................................................... 6-7, 9, 136-141

Loans made and assets purchased by the Corporation................... ............... 10-11

Losses incurred by Corporation.......................................................... 11-12, 140-141

Name and location of banks merged, 1948...................................................... 139

Number of banks merged...................................................................... 6-10, 136-141

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Mergers of insured banks with financial aid of the Corporation:—Continued

Number of depositors......................................................................................... 6-7, 9

Recoveries by the Corporation................................................................. 11, 140-141

Sources of data.................................................................................................... 135

Methods of tabulating banking data:

Assets and liabilities of operating banks.......................................................... 85

Deposit Insurance disbursements................. . .................................................. 135

Earnings, expenses, profits and dividends of insured banks........................... 107

Examiners’ evaluation of insured commercial banks...................................... 99

Number, offices, and deposits of operating banks........................................... 70-71

Mutual savings banks:

Insured:

Assets and liabilities, December 31, 1947, June 30 and December 31,

1948................................................................................................86-91, 96-97

Number and deposits, December 31, 1947, June 30 and December 31,

1948................................................................................................82-83, 94-95

Earnings, expenses, profits and dividends..........................................48, 130-133

Insured and noninsured:

Assets and liabilities, by type, December 31, 1946-1948......................... 38

Assets and liabilities, December 31, 1947, June 30 and December 31,

1948.......................................................................................................... 86-91

Number and deposits, by State, December 31, 1948................................ 82-83

United States Government obligations, distribution by maturity,

December 31, 1947-1948........................................................................ 38-39

National banks. See Class of bank, banking data presented by:

Net earnings of insured commercial banks. See Earnings, expenses, profits, 

and dividends of insured banks.

Net profits of insured commercial banks. See Earnings, expenses, profits, and 

dividends of insured banks.

Net sound capital of insured commercial banks. See Capital of banks.

New banks. See Banking offices, establishment of.

Noninsured banks. See:

Absorptions, consolidations, and mergers;

Admission to insurance;

Assets and liabilities of operating banks;

Capital of banks;

Class of bank, banking data presented by;

Deposits;

Number of operating banks and branches.

Number of operating banks and branches:

Admitted to insurance....................................................................................... 72-73

Ail banks:

By class of bank, FDIC district, and State or possession, December 31,

1948................................................................................................72-81, 82-83

By FDIC district and State or possession, December 31, 1948............... 92-93

Changes during 1948................................................................................30, 72-73

Changes 1946-1948....................................................................................... 30

December 31, 1947, June 30 and December 31, 1948............................... 86-91

All banks and branches:

By class of bank and State, December 31, 1948....................................... 74-81

Changes during 1948................................................................................30, 72-73

Changes during 1948 and cumulative, 1946-1948...................................... 30

Approved for admission to insurance............................................................... 15

Banks operating branches.......... ...................................................................... 74-81

Branches:

By class of bank and State, December 31, 1948....................................... 74-81

Changes during 1948................................................................................30, 72-73

Changes during 1948 and cumulative, 1946-1948...................................... 30

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Number of operating banks and branches:—Continued 

Commercial banks:

By class of bank, FDIC district, and State, December 31, 1948........... 82-83

Changes during 1948.................................................................................... 72-73

December 31, 1947, June 30 and December 31, 1948............................... 86-91

Insured banks:

B ranches.................................................................................................... 16,30

Changes during 1948 and cumulative, 1946-1948...................................... 30

December 31, 1948....................................................................................... 96-97

December 31, 1947, June 30 and December 31, 1948............................... 86-91

Proportion of total banks insured, December 31, 1948............................. 29

Insured commercial banks:

By FDIC district and State, December 31, 1948..................................... 82-83

Changes during 1948.................................................................................... 72-73

December 31, 1947, June 30 and December 31, 1948............................... 86-91

Examined in 1941-1948.............................................................................. 100-101

Examined in 1948, by amount of deposits...............................................102-103

Examined in 1948, by FDIC district and State...................................... 104-105

Operating throughout 1948, by amount of deposits................................116-119

Substandard assets, ratios to adjusted capital accounts........................... 60-61

Substandard loans, ratios to total loans, 1947-1948.................................. 57

Mutual savings banks. See Mutual savings banks.

Noninsured banks:

By class of bank, FDIC district, and State, December 31, 1948.......... 82-83

Changes during 1948................................................................................30, 72-83

Changes during 1948 and cumulative, 1946-1948...................................... 30

December 31, 1947, June 30 and December 31, 1948............................... 86-91

Termination of insurance................................................................................... 9,13

Unit banks, by class of bank and State, December 31, 1948......................... 74-81

Officers, active, of insured banks. See Employees.

Officers and employees of the Federal Deposit Insurance Corporation.......... 17-18

Operating banks. See Number of operating banks and branches.

Payments to depositors in closed insured banks. See Receivership, insured 

banks placed in.

Possessions, banks and branches located in:

Assets and liabilities, December 31, 1948........................................................ 92-93

Deposits of, December 31, 1948........................................................................ 82-83

Earnings, expenses, profits, and dividends, 1948.......................................... 120-121

Number of, December 31, 1948......................................................................... 81

Postal savings deposits. See Deposits, classified by type of deposit.

Preferred deposits. See Deposits, secured and preferred.

Profits. See Earnings, expenses, profits, and dividends of insured banks.

Protection of depositors. See Banks in financial difficulties; Deposits, insured 

and otherwise protected.

Public funds. See Deposits, classified by type of deposit.

Publications of the Corporation............................................................................. 17

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............................................................ 10

Assets and liabilities of, at dates of suspension, cumulative, 1934-1948....... 138

Depositors’ losses................................................................................................ 8-10

Deposits:

Amounts, 1934-1948..................................................................................... 9

Insured, paid and unpaid by December 31, 1948...................................... 9

Paid and unpaid, December 31, 1948......................................................... 9

Secured, preferred, and subject to offset.................................................... 9

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Receivership, insured banks placed in:—Continued

Disbursements by the Corporation.......................................................... 11, 136-141

Losses by Corporation on disbursements...........................................11-12, 140-141

Number of banks....................................................................... 10, 136-137, 139-141

Payments to depositors..................................................................................... 6-9

Recoveries by the Corporation on disbursements...................................11, 140-141

Sources of data................................................................................................... 135

Reconstruction Finance Corporation, capital of insured banks held by:

Amount outstanding.......................................................................................... 5

Number of banks................................................................................................ 5

Recoveries:

By banks on assets charged off. See Earnings, expenses, profits, and dividends of insured banks.

By the Corporation on disbursements......................................................11, 140-141

Reports from banks................................................................................................. 16-17

Reserves:

Bank, changes in 1948....................................................................................... 34

For bad debt losses on loans. Ruling of Commissioner of Internal

Revenue................. ...........................................................................45, 57, 107

In bank assets and liabilities. See Assets and liabilities of operating banks.

Of Federal Deposit Insurance Corporation...................................................... 22-24

Salaries and wages:

Federal Deposit Insurance Corporation........................................................... 20

Insured banks. See Earnings, expenses, profits, and dividends of insured 

banks.

Savings and time deposit. 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.........................................44, 45, 49

Held by Federal Deposit Insurance Corporation....................................... 21, 22, 24

Held by insured banks placed in receivership or merged with financial aid

of the Corporation, 1934-1948............................................................... 138

Held by insured commercial banks. See Assets and liabilities of insured 

commercial banks, examiners’ appraisal.

Held by operating banks. See Assets and liabilities of operating banks.

Interest on securities held by banks. See Earnings, expenses, profits, and 

dividends of insured banks.

Profits on securities sold by insured banks. See Earnings, expenses, profits, 

and dividends of insured banks.

United States Government obligations, held by:

Federal Deposit Insurance Corporation................................................ 21, 22, 24

Insured banks placed in receivership of merged with financial aid of

the Corporation....................................................................................... 138

Insured commercial banks, amounts and percentage distribution by

maturities, December 31, 1945, 1947 and 1948................................... 34-35

Mutual savings banks, amounts and percentage distribution by maturities, December 31, 1947 and 1948................................................... 39

Size of banks, banks classified by. See Deposits, amount of, banks grouped by.

State and local government obligations. See Assets and liabilities of operating 

banks.

State bank supervisory authorities:

Data obtained from............................................................................................ 85

State legislation regarding................................................................................. 66-68

State, banking data classified by:

Assets and liabilities of operating banks, December 31, 1948..................... 92-93

Capital, ratio of risk assets to, commercial banks, December 31, 1948........ 40

Deposits, December 31, 1948:

Commercial banks, insured and noninsured.............................................. 82-83

^ Mutual savings banks, insured and noninsured........................................ 82-83

Disbursements by the Corporation, cumulative, 1934-1948.........................136-137

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Disbursements by the Corporation, number of banks assisted, cumulative,

b 1934-1948................................................................................................. 7

Earnings, expenses, profits, and dividends of insured commercial banks,

1948........................................................................................................120-131

Insured commercial banks examined in 1948................................................ 104-105

Net additions to capital as a proportion of net profits, 1948......................... 47

Net earnings and net profits of insured commercial banks, rates of, 1948. . 120-129 

Net profits after taxes as a proportion of total capital accounts, 1948. ... 47 

Number of operating banks or offices, December 31, 1948:

All banking offices, by class of bank and type of office............................ 74-81

Commercial banks, insured and noninsured.............................................. 74-83

Mutual savings banks, insured and noninsured........................................ 74-83

Substandard assets as a proportion of adjusted capital accounts, insured

commercial banks, 1948......................................................................... 60

Substandard loans as a proportion of total loans, insured commercial

banks, 1948.............................................................................................. 58

Valuation reserves as a proportion of total loans, insured commercial

banks, December 31, 1948..................................................................... 58

State banks members of the Federal Reserve System. See Class of bank, banking 

data presented by.

State banks not members of the Federal Reserve System. See Class of bank, 

banking data presented by.

Statistical methods. See Methods of tabulating banking data.

Stockholders of banks, net profits available for. See Earnings, expenses, profits, 

and dividends of insured banks.

Substandard assets of insured commercial banks (See also Assets and liabilities 

of insured commercial banks, examiners’ appraisal):

Banking developments with respect to ............................................................ 53-61

Changes, 1939-1948............................................................................................ 54-56

Fixed and miscellaneous......................................................................54-56, 100, 102

Loans........... ......................................................................................... 54-58, 100, 102

Ratios to capital accounts:

Bv State, 1948...................................................................................... 60, 104-105

Change, 1939-1948........................................................................................ 59

Number of banks, 1946-1948............................ . ........................................ 60

Number of banks, by FDIC district and deposits.................................... 61

Relative to total assets..............................................................................54, 101, 103

Securities...............................................................................................54-55, 100, 102

Supervision. See Bank supervision.

Suspensions. See Banks in financial difficulties; Receivership, insured banks 

placed in.

Taxes paid by insured banks. See Earnings, expenses, profits, and dividends 

of insured banks.

Terminations of insurance for unsafe and unsound practices........................... 13

Time and savings deposits. See Deposits, classified by type of deposit.

Trust companies:

Classification o f.................................................................................................. 70-71

Noninsured, number not engaged in deposit banking..................................... 72-91

Unit banks. See Number of operating banks and branches.

United States Government obligations. See Assets and liabilities of insured 

commercial banks, examiners’ appraisal; Assets and liabilities of 

operating banks; Securities.

United States Treasury Department, Commissioner of Internal Revenue,

Ruling on reserves for bad debt losses on loans..................... 45, 57, 85, 107

Unsafe and unsound banking practices:

Actions of the Corporation............................................................................... 12-13

Number of banks cited....................................................................................... 12-13

Type of practice or violation............................................................................. 13-14

Unsecured deposits. See Receivership, insured banks placed in.

Valuation reserves................................................................................. 44, 57-58, 85, 107

Violations of law or regulations.............................................................................. 13-14

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