Covenant Bank

Headquarters

206 Sharkey Avenue
Clarksdale, MS 38614
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 0.91% →
1-Year CD N.A. 0.85% →
2-Year CD N.A. 0.95% →
5-Year CD N.A. 1.30% →
30-Year Mortgage N.A. 2.61% →
15-Year Mortgage N.A. 2.31% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Covenant Bank is an FDIC insured institution located in Clarksdale, MS. It was founded in 2000 and has approximately $0.22 billion in assets.

FDIC Insured Yes
FDIC Certificate # 57039
Date Established 2000
Assets $ 221.58 million
Loans $ 164.71 million
Deposits $ 184.78 million
Capital $ 25.36 million
 

For a more detailed analysis of Covenant Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - November 24, 2020

Your Current Location: Connecticut, CT 06828


Loan Rates - November 24, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Covenant Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Connecticut 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
AimLoan.com
NMLS ID: 2890
License#: 13256
2.557% 2.500% 0.75 $1,868 $988 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.240 %
$0 Learn More
More Info

Note to Covenant Bank
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Branches

Covenant Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Fairfield,Connecticut


Covenant Bank Locations


Financial Details

Covenant Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Covenant Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Covenant Bank U.S. Bank Average
17.74% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2020, Covenant Bank had $3,441,000 in non-current loans and $1,474,000 in owned real estate. To cover these potential losses it had $25,358,000 in equity and $2,355,000 in loans loss reserves. That gives it a Texas Ratio of 17.74%.

Return on Equity
Covenant Bank U.S. Bank Average
2.8% 7.80%

Covenant Bank has a Return on Equity of 2.8% versus the BestCashCow average of 7.80%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Covenant Bank U.S. Bank Average
11.44% 12.68%

Covenant Bank has a Capitalization of 11.44% versus the BestCashCow average of 12.68. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Covenant Bank Balance Sheet Analysis

As of March 31, 2015, Covenant Bank had assets of $222,122,000, loans of $164,708,000, and deposits of $184,783,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2020
ASSETS
Cash & Balances due from depository institutions N.A.
Interest-bearing balances N.A.
Total securities N.A.
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 164.71 million
Loan loss allowance $ 2.36 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 1.47 million
Goodwill and other intangibles N.A.
All other assets N.A.
     Total Assets N.A.
LIABILITIES
Total deposits $ 184.78 million
      Interest-bearing deposits N.A.
      Deposits held in domestic offices N.A.
      % insured (estimated) 0.00%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities N.A.
      Total Liabilities N.A.
      Shareholders’ Equity $ 221.58 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income N.A.
Total Interest Expense N.A.
Net interest income N.A.
Provision for loan and lease losses N.A.
Total non interest income N.A.
Total non interest expense N.A.
Pre-tax Net Operating Income N.A.

Bank Loan Profile?

The top three loan types in Covenant Bank’s loan portfolio are Commercial Real Estate, 1-4 Family Residential Loans, and Commercial and Industrial Loans.

Compared to other banks in Mississippi, Covenant Bank has a significantly higher percent of Small Business Loans, Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 22.32
Multifamily
Mortgages
1.95
Credit Card Loans 0.00
Consumer Auto Loans 0.98
Small Business Loans 20.00
Construction and Development Loans 8.84
Commercial Real Estate 30.42
Commercial and Industrial Loans 21.30
Farm Loans 4.29

Frequently Asked Questions About Covenant Bank

Branches and Savings

Is Covenant Bank FDIC insured?

Yes. It is covered under FDIC Certificate #57039.

Why does Covenant Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Covenant Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Covenant Bank a commercial bank?

Yes

Where are Covenant Bank locations?

See branch locations nearby.

Is Covenant Bank open on Saturdays?

Is Covenant Bank open on Sundays?

What time does Covenant Bank open?

What time does Covenant Bank close?

Are Covenant Bank ATMs Open 24/7?

Do Covenant Bank ATMs accept cash deposits?

Can Covenant Bank customers use other ATMs?

Do Covenant Bank branches have notaries?

Will Covenant Bank notarize my document?

What address for Covenant Bank should I put for incoming ACH transfers?

Will the Covenant Bank branch print checks?

Do Covenant Bank checks expire?

Does Covenant Bank require US citizenship to open account?

Can Covenant Bank close my account?

Does Covenant Bank Report to credit bureaus?

Does Covenant Bank Use Equifax?

What is Covenant Bank's ACH Routing Number?

What is Covenant Bank's SWIFT code?

Products

Does Covenant Bank offer mortgages?

Compare mortgage rates here.

Does Covenant Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Covenant Bank offer personal loans?

Compare personal loan rates here.

Does Covenant Bank offer student loans?

Will Covenant Bank cash a check?

Will Covenant Bank redeem a savings bond?

Does Covenant Bank cash savings bonds?

Will Covenant Bank cash money orders?

Can Covenant Bank issue a money order?

Does Covenant Bank do currency exchange?

Background on The Bank

Who owns Covenant Bank?

How long has Covenant Bank been around?

Can Covenant Bank transfer to other banks?

Does Covenant Bank have quick pay?

Does Covenant Bank accept rolled coins?

Will Covenant Bank accept loose change?

Where is Covenant Bank headquarters?

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