First Covenant Bank


1731 N Elm St
Commerce, GA 30529
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Notable Rates APY Vs.Others
Savings N.A. 0.85% →
1-Year CD N.A. 0.80% →
2-Year CD N.A. 0.80% →
5-Year CD N.A. 1.15% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

First Covenant Bank is an FDIC insured institution located in Commerce, GA. It was founded in 2006 and has approximately $0.11 billion in assets.

FDIC Insured Yes
FDIC Certificate # 58294
Date Established 2006
Assets $ 135.50 million
Loans $ 31.66 million
Deposits $ 91.99 million
Capital $ 19.76 million

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

Deposit Rates - September 27, 2021

Your Current Location: Connecticut, CT 06828


Loan Rates - September 27, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for First 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 2021

Lender APR Rate (%) Monthly
Learn More
Rocket Mortgage
NMLS ID: 3030
3.465% 3.375%
0.63 points
$2,812 fees
$1,106 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
Bethpage Federal Credit Union
Bethpage Federal Credit Union
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Intro APR 2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
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BMO Harris Bank
BMO Harris Bank
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Intro APR 1.790 %
After Intro: 4.840 %
Intro Period: 6 months
$0 Learn More
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Third Federal Savings and Loan
Third Federal Savings and Loan
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2.240 %
$0 Learn More
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Note to First Covenant Bank
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Financial Details

First Covenant Bank Ratio Analysis

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

Texas Ratio
First Covenant Bank U.S. Bank Average
26.39% 5.29%

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, 2021, First Covenant Bank had $146,000 in non-current loans and $5,179,000 in owned real estate. To cover these potential losses it had $19,763,000 in equity and $412,000 in loans loss reserves. That gives it a Texas Ratio of 26.39%.

Return on Equity
First Covenant Bank U.S. Bank Average
8.68% 11.43%

First Covenant Bank has a Return on Equity of 8.68% versus the BestCashCow average of 11.43%. 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.

First Covenant Bank U.S. Bank Average
14.58% 11.51%

First Covenant Bank has a Capitalization of 14.58% versus the BestCashCow average of 11.51. 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.

First Covenant Bank Balance Sheet Analysis

As of September 30, 2019, First Covenant Bank had assets of $112,422,000, loans of $31,657,000, and deposits of $91,988,000. 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, 2021
Cash & Balances due from depository institutions $ 47.78 million
Interest-bearing balances $ 47.19 million
Total securities $ 21.40 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 31.66 million
Loan loss allowance $ 0.41 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 5.18 million
Goodwill and other intangibles N.A.
All other assets $ 3.20 million
     Total Assets $ 92.66 million
Total deposits $ 91.99 million
      Interest-bearing deposits $ 44.02 million
      Deposits held in domestic offices $ 91.99 million
      % insured (estimated) 79.26%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 0.67 million
      Total Liabilities $ 92.66 million
      Shareholders’ Equity $ 42.84 million

Summary Income Statement

March 31, 2021
Total Interest Income $ 3.68 million
Total Interest Expense $ 0.06 million
Net interest income $ 3.63 million
Provision for loan and lease losses $ 0.10 million
Total non interest income $ 1.21 million
Total non interest expense $ 5.37 million
Pre-tax Net Operating Income N.A.

Bank Loan Profile?

The top three loan types in First Covenant Bank’s loan portfolio are Construction and Development Loans, Commercial Real Estate, and Commercial and Industrial Loans.

Compared to other banks in Georgia, First Covenant Bank has a significantly higher percent of Multifamily Mortgages, Construction and Development 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.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 6.42
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 0.00
Construction and Development Loans 63.28
Commercial Real Estate 13.31
Commercial and Industrial Loans 6.85
Farm Loans 0.00

Frequently Asked Questions About First Covenant Bank

Branches and Savings

Is First Covenant Bank FDIC insured?

Yes. It is covered under FDIC Certificate #58294.

Why does First 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 First Covenant Bank CD rates not competitive?

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

Is First Covenant Bank a commercial bank?


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Does First Covenant Bank offer mortgages?

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Background on The Bank

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