Simply Bank

Headquarters

369 Front Street
Spring City, TN 37381
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 1.05% →
1-Year CD 0.25% 0.95% →
2-Year CD 0.35% 1.05% →
5-Year CD 0.75% 1.30% →
30-Year Mortgage N.A. 2.80% →
15-Year Mortgage N.A. 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Simply Bank is an FDIC insured institution located in Spring City, TN. It was founded in 1890 and has approximately $0.37 billion in assets. Customers can open an account at one of its 6 branches.

FDIC Insured Yes
FDIC Certificate # 10693
Date Established 1890
Assets $ 366.38 million
Loans $ 303.68 million
Deposits $ 319.93 million
Capital $ 33.30 million
 

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

Deposit Rates - September 26, 2020

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Savings
0.05% $2,500 $4,999 Learn More
Money Market
0.25% $10,000 $14,999 Learn More
Money Market
0.25% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.05% $10,000 $14,999 Learn More
3 Mo CD
0.05% $100,000 $199,999 Learn More
6 Mo CD
0.10% $10,000 $14,999 Learn More
6 Mo CD
0.10% $100,000 $199,999 Learn More
12 Mo CD
0.25% $10,000 $14,999 Learn More
12 Mo CD
0.25% $100,000 $199,999 Learn More
18 Mo CD
0.30% $10,000 $14,999 Learn More
18 Mo CD
0.30% $100,000 $199,999 Learn More
24 Mo CD
0.35% $10,000 $14,999 Learn More
24 Mo CD
0.35% $100,000 $199,999 Learn More
30 Mo CD
0.40% $10,000 $14,999 Learn More
30 Mo CD
0.40% $100,000 $199,999 Learn More
36 Mo CD
0.45% $10,000 $14,999 Learn More
36 Mo CD
0.45% $100,000 $199,999 Learn More
48 Mo CD
0.55% $10,000 $14,999 Learn More
48 Mo CD
0.55% $100,000 $199,999 Learn More
60 Mo CD
0.75% $10,000 $14,999 Learn More
60 Mo CD
0.75% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.01% $1 $99 Learn MoreShow Less
Int Ckg
0.02% $2,500 $3,499 Learn MoreShow Less

Loan Rates - September 26, 2020

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for Simply Bank

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




Featured - Virginia 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Rocket Mortgage
NMLS ID: 3030
3.998% 3.875% 1.00 $3,750 $1,176 Learn More
AimLoan.com
NMLS ID: 2890
License#: MC-3098
2.815% 2.750% 0.88 $2,102 $1,021 Learn More

Featured - Virginia 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
2.990 %
$0 Learn More
More Info

Note to Simply Bank
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

Simply 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:
Ashburn,Virginia


Simply Bank Locations


Financial Details

Simply Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Simply 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
Simply Bank U.S. Bank Average
13.33% 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, Simply Bank had $4,766,000 in non-current loans and $158,000 in owned real estate. To cover these potential losses it had $33,297,000 in equity and $3,639,000 in loans loss reserves. That gives it a Texas Ratio of 13.33%.

Return on Equity
Simply Bank U.S. Bank Average
11.36% 7.80%

Simply Bank has a Return on Equity of 11.36% 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
Simply Bank U.S. Bank Average
9.09% 12.68%

Simply Bank has a Capitalization of 9.09% 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.

Simply Bank Balance Sheet Analysis

As of March 31, 2020, Simply Bank had assets of $366,380,000, loans of $303,682,000, and deposits of $319,930,000. 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 $ 19.30 million
Interest-bearing balances $ 12.43 million
Total securities $ 27.59 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 303.68 million
Loan loss allowance $ 3.64 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.16 million
Goodwill and other intangibles N.A.
All other assets $ 10.93 million
     Total Assets $ 333.08 million
LIABILITIES
Total deposits $ 319.93 million
      Interest-bearing deposits $ 257.77 million
      Deposits held in domestic offices $ 319.93 million
      % insured (estimated) 89.02%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 9.87 million
Subordinated debt N.A.
All other liabilities $ 3.28 million
      Total Liabilities $ 333.08 million
      Shareholders’ Equity $ 33.30 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 4.67 million
Total Interest Expense $ 0.91 million
Net interest income $ 3.76 million
Provision for loan and lease losses $ 0.08 million
Total non interest income $ 0.67 million
Total non interest expense $ 3.44 million
Pre-tax Net Operating Income $ 0.92 million

Bank Loan Profile?

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

Compared to other banks, Simply Bank’s loan portfolio does not show any specific loan specialty.

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 26.08
Multifamily
Mortgages
3.72
Credit Card Loans 0.00
Consumer Auto Loans 0.53
Small Business Loans 0.00
Construction and Development Loans 14.83
Commercial Real Estate 37.00
Commercial and Industrial Loans 15.11
Farm Loans 0.18

Frequently Asked Questions About Simply Bank

Branches and Savings

Is Simply Bank FDIC insured?

Yes. It is covered under FDIC Certificate #10693.

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

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

Why are Simply Bank CD rates not competitive?

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

Is Simply Bank a commercial bank?

Yes

Where are Simply Bank locations?

See branch locations nearby.

Is Simply Bank open on Saturdays?

Is Simply Bank open on Sundays?

What time does Simply Bank open?

What time does Simply Bank close?

Are Simply Bank ATMs Open 24/7?

Do Simply Bank ATMs accept cash deposits?

Can Simply Bank customers use other ATMs?

Do Simply Bank branches have notaries?

Will Simply Bank notarize my document?

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

Will the Simply Bank branch print checks?

Do Simply Bank checks expire?

Does Simply Bank require US citizenship to open account?

Can Simply Bank close my account?

Does Simply Bank Report to credit bureaus?

Does Simply Bank Use Equifax?

What is Simply Bank's ACH Routing Number?

What is Simply Bank's SWIFT code?

Products

Does Simply Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Simply Bank offer personal loans?

Compare personal loan rates here.

Does Simply Bank offer student loans?

Will Simply Bank cash a check?

Will Simply Bank redeem a savings bond?

Does Simply Bank cash savings bonds?

Will Simply Bank cash money orders?

Can Simply Bank issue a money order?

Does Simply Bank do currency exchange?

Background on The Bank

Who owns Simply Bank?

How long has Simply Bank been around?

Can Simply Bank transfer to other banks?

Does Simply Bank have quick pay?

Does Simply Bank accept rolled coins?

Will Simply Bank accept loose change?

Where is Simply Bank headquarters?

Customer Reviews for Simply Bank

There are currently no comments for Simply Bank. Be the first to share your experience. Please provide comments that will help others.

Add Your Review

Rate it here →