Bank of Utica and First Bank of Boaz earn Weiss top rating of A+
12/23/2011
Bank of Utica in Utica, New York was upgraded to A+ ("Excellent"), Weiss'
top rating, from A on December 12 based on September 30 financial results. The institution
has had consistently strong financial results since 2009. It reported a profit of $9.7
million for the nine months ending September 30 with a return on assets of 1.45%, far
better than the industry average of 0.94%. It had an above-industry-average Tier 1
capital ratio (9.2%) of 12.6%.
First Bank of Boaz in Boaz, Alabama was also upgraded to A+ ("Excellent"),
Weiss' top rating, from A on December 12 based on September 30 financial results. The
institution has been identified as "Excellent" since 1994. It reported a profit
of more than $2.4 million for the nine months ending September 30 with a return on assets
of 1.81%, almost double the industry average of 0.94%. Home mortgages account for just
over 8.4% of their total asset portfolio with commercial and consumer loans accounting
for another 3.2% and 3.5%, respectively. Additionally, the institution had an
above-industry-average risk-based capital ratio (15.6%) of 29.2%.