Beverly Co-operative Bank in Beverly, Massachusetts (MA)
Overview, Financial Summary, Detailed Financial Reports, Branches

Beverly Co-operative Bank - Overview

  • General
  • FDIC Certificate #: 26601
    Status: Active
    Federal Reserve ID: 946171
    Bank Holding Company (Regulatory Top Holder): Beverly Financial, Mhc (RSSDID: 3197835, Location: Beverly, MA)
    Date Established: January 01, 1888
    Trust Powers Granted: No
    Bank Charter Class: Savings banks, state charter, supervised by the FDIC
    Offices: 6 (Domestic: 6, Interstate: No)
    OTS Docket #: 9804
    FDIC's unique #: 35322
    Numeric code: 41
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    FDIC Insured: Yes
    Insured Savings Institution: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: March 25, 1986
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 254 Cabot Street, Beverly, MA 1915
    County: Essex
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: North Boston
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): Boston, MA-NH (#1120)
    Consolidated Metropolitan Statistical Area (CMSA): Boston-Worcester-Lawrence, MA-NH-ME-CT (#7)
    Combined Statistical Area (CSA): Boston-Worcester-Manchester, MA-RI-NH (#148)
    Core Based Statistical Area (CBSA): Boston-Cambridge-Quincy, MA-NH (#14460)
    CBSA Metro Statistical Area: Boston-Cambridge-Quincy, MA-NH (#14460)
    Core Based Statistical Division: Peabody, MA (#37764)
  • History of Changes
  • Name Change
    Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $297.6 mil
    Equity capital: $23.6 mil
    Deposits held in domestic offices: $245.9 mil
    Return on assets (ROA): 0.61% ($1.8 mil)
    Quarterly return on assets: 0.79% ($2.4 mil)
    Return on Equity (ROE): 8.02% ($1.9 mil)
    Quarterly return on equity: 10.22% ($2.5 mil)
    Net income: $1.8 mil
    Quarterly Net income: $0.6 mil
    Pretax return on assets: 0.99% ($2,946.6 mil)
    Quarterly Pretax return on assets: 1.32% ($3,928.8 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 59Total employees (full-time equivalent)
  • $297,634Total assets
  • $30,648Cash and due from depository institutions
  • $24,935Interest-bearing balances
  • $25,860Securities
  • $1,119Federal funds sold & reverse repurchase agreements
  • $222,280Net loans & leases
  • $3,148Loan loss allowance
  • $0Trading account assets
  • $5,868Bank premises and fixed assets
  • $132Other real estate owned
  • $183Goodwill and other intangibles
  • $297,634Life insurance assets
  • $11,544All other assets
  • $274,032Total liabilities and capital
  • $245,903Total liabilities
  • $204,953Total deposits
  • $245,903Interest-bearing deposits
  • $85Deposits held in domestic offices
  • 1854.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $21,542Trading liabilities
  • $3,000Other borrowed funds
  • $1,733Subordinated debt
  • $23,602All other liabilities
  • $23,602Total equity capital
  • $23,602Total bank equity capital
  • $0Perpetual preferred stock
  • $1Common stock
  • $6,000Surplus
  • $17,601Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $2,397Income earned, not collected on loans
  • $0Earning assets
  • $795Long-term assets (5+ years)
  • $274,194Average Assets, year-to-date
  • $84,978Average Assets, quarterly
  • $300,331Volatile liabilities
  • $300,138Insider loans
  • $185,750FHLB advances
  • $300,564Loans and leases held for sale
  • $3,894Unused loan commitments
  • $1,331Tier 1 (core) risk-based capital
  • $23,410Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $2,563Total unused commitments
  • $24,473Restructured Loans and leases
  • $1,058Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $13,305Total interest income
  • $3,314Total interest expense
  • $9,991Net interest income
  • $303Provision for loan and lease losses
  • $1,381Total noninterest income
  • $0Fiduciary activities
  • $377Service charges on deposit accounts
  • $0Trading account gains & fees
  • $1,004Additional noninterest income
  • $8,188Total noninterest expense
  • $4,115Salaries and employee benefits
  • $1,079Premises and equipment expense
  • $2,994Additional noninterest expense
  • $2,881Pre-tax net operating income
  • $100Securities gains (losses)
  • $1,161Applicable income taxes
  • $1,820Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,820Net income attributable to bank
  • $0Net charge-offs
  • $1,820Cash dividends
  • $230Sale, conversion, retirement of capital stock, net
  • $198Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.80%Yield on earning assets
  • 1.20%Cost of funding earning assets
  • 3.60%Net interest margin
  • 0.50%Noninterest income to earning assets
  • 2.95%Noninterest expense to earning assets
  • 0.58%Net operating income to assets
  • 0.61%Return on assets (ROA)
  • 0.99%Pretax return on assets
  • 8.02%Return on equity (ROE)
  • 7.14%Retained earnings to average equity (YTD only)
  • 0.10%Net charge-offs to loans
  • 131.74%Credit loss provision to net charge-offs
  • 13.84%Efficiency ratio
  • 71,245Assets per employee
  • 5.04%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 10.88%Loss allowance to loans
  • 1.40%Loss allowance to noncurrent loans
  • 131.33%Noncurrent assets plus other real estate owned to assets
  • 0.85%Noncurrent loans to loans
  • 1.06%Net loans and leases to deposits
  • 90.39%Net loans and leases to core deposits
  • 97.82%Equity capital to assets
  • 7.93%Core capital (leverage) ratio
  • 7.79%Tier 1 risk-based capital ratio
  • 12.60%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $300,331Average earning assets
  • $22,705Average equity
  • $277,166Average loans

List of branches

  • 6 Massachusetts Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    035322Beverly Co-Operative Bank254 Cabot Street, Beverly, MA 1915January 01, 1888Full Service Brick and Mortar
    2259743Beverly Branch63 Dodge Street, Beverly, MA 1915June 22, 1977Full Service Brick and Mortar
    3259744Enon Street Branch48 Enon Street, Beverly, MA 1915June 01, 1995Full Service Brick and Mortar
    4364182Cherry Hill Drive Branch108 Cherry Hill Drive, Beverly, MA 1915June 11, 2002Limited Service Facility
    5423056Electric Insurance Company Branch152 Conant Street, Beverly, MA 1915September 15, 2003Limited Service Retail
    6429559Salem Branch73 Lafayette Street, Salem, MA 1970May 27, 2004Full Service Brick and Mortar

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