Eastern Federal Bank in Norwich, Connecticut (CT)



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Eastern Federal Bank
GeneralFDIC Certificate #: 28167
Status: Active
Federal Reserve ID: 939070
Date Established: January 01, 1915
WWW: http://www.bankefb.com
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 4 (Domestic: 4, Interstate: No)
OTS Docket #: 1039
FDIC's unique #: 41001
Numeric code: 34
Regulator: OCC
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: No
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: April 27, 1949
Last Structure Change Effective Date: July 21, 2011
Last Structure Change Process Date: July 21, 2011
Last Data Update: July 21, 2011
Data Source Date: April 05, 2012
LocationAddress: 257 Main Street, Norwich, CT 6360
County: New London
Quarterly Banking Profile Region: New York
FDIC Geographic Region: New York
FDIC Supervisory Region: New York
FDIC Field Office: Hartford
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Northeast
Metropolitan Statistical Area (MSA): New London-Norwich, CT-RI (#5520)
Core Based Statistical Area (CBSA): Norwich-New London, CT (#35980)
CBSA Metro Statistical Area: Norwich-New London, CT (#35980)
History of ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $163.1 mil
Equity capital: $18.3 mil
Deposits held in domestic offices: $119.2 mil
Return on assets (ROA): 0.18% ($0.3 mil)
Quarterly return on assets: 0.06% ($0.1 mil)
Return on Equity (ROE): 1.58% ($0.3 mil)
Quarterly return on equity: 0.50% ($0.1 mil)
Net income: $0.3 mil
Quarterly Net income: $0.0 mil
Pretax return on assets: 0.22% ($358.7 mil)
Quarterly Pretax return on assets: 0.04% ($65.2 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)
Total employees (full-time equivalent)43
Total assets$163,064
Cash and due from depository institutions$13,661
Interest-bearing balances$11,776
Securities$1,174
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$134,830
Loan loss allowance $1,330
Trading account assets$0
Bank premises and fixed assets$3,034
Other real estate owned$830
Goodwill and other intangibles$163
All other assets$9,372
Life insurance assets$163,064
Total liabilities and capital$144,742
Total liabilities$119,188
Total deposits$104,011
Interest-bearing deposits$119,188
Deposits held in domestic offices$95
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$24,712
Other borrowed funds $0
Subordinated debt $842
All other liabilities $18,322
Total equity capital$18,322
Total bank equity capital$18,322
Perpetual preferred stock$0
Common stock$0
Surplus$0
Undivided profits $18,322
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $3,991
Earning assets $0
Long-term assets (5+ years) $460
Average Assets, year-to-date $147,780
Average Assets, quarterly $0
Volatile liabilities $163,450
Insider loans $161,273
FHLB advances $113,879
Loans and leases held for sale $163,043
Unused loan commitments $4,036
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $18,301
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $22,365
Derivatives$166
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $6,722
Total interest expense $1,864
Net interest income $4,858
Provision for loan and lease losses $70
Total noninterest income $718
Fiduciary activities $0
Service charges on deposit accounts $289
Trading account gains & fees $0
Additional noninterest income $429
Total noninterest expense $5,141
Salaries and employee benefits $3,036
Premises and equipment expense $1,282
Additional noninterest expense $823
Pre-tax net operating income $365
Securities gains (losses) $0
Applicable income taxes $77
Income before extraordinary items $288
Extraordinary gains - net $0
Net income attributable to bank $288
Net charge-offs $0
Cash dividends $288
Sale, conversion, retirement of capital stock, net $69
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.56%
Cost of funding earning assets 1.26%
Net interest margin 3.29%
Noninterest income to earning assets 0.49%
Noninterest expense to earning assets 3.48%
Net operating income to assets 0.18%
Return on assets (ROA) 0.18%
Pretax return on assets 0.22%
Return on equity (ROE) 1.58%
Retained earnings to average equity (YTD only) 1.58%
Net charge-offs to loans 0.05%
Credit loss provision to net charge-offs 101.45%
Efficiency ratio6.30%
Assets per employee$92,199
Cash dividends to net income (YTD only)3.79%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 0.98%
Noncurrent assets plus other real estate owned to assets 33.32%
Noncurrent loans to loans 2.96%
Net loans and leases to deposits2.93%
Net loans and leases to core deposits 113.12%
Equity capital to assets 119.68%
Core capital (leverage) ratio 11.24%
Tier 1 risk-based capital ratio 11.22%
Total risk-based capital ratio 16.07%
Memoranda
Average assets$17
Average earning assets$163,450
Average equity $18,222
Average loans $147,556
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4 Connecticut Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
041001Eastern Federal Bank257 Main Street, Norwich, CT 6360January 01, 1915Full Service Brick and Mortar
1265308West Side Office666 West Main Street, Norwich, CT 6360January 01, 1915Full Service Brick and Mortar
2265309Jewett City Branch1 Slater Avenue, Jewett City, CT 6351January 01, 1915Full Service Brick and Mortar
102464003Plainfield Branch14 Lathrop Road, Plainfield, CT 6374Febuary 14, 2004Full Service Brick and Mortar
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