First Federal Savings Bank of Boston in Boston, Massachusetts (MA)



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First Federal Savings Bank of Boston
GeneralFDIC Certificate #: 29656
Status: Active
Federal Reserve ID: 402275
Date Established: January 01, 1933
WWW: http://www.firstfedsavings.com
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 1 (Domestic: 1, Interstate: No)
OTS Docket #: 3835
FDIC's unique #: 42490
Numeric code: 33
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: Yes
Asset Concentration Hierarchy: Mortgage Lending Specialization
Date of Deposit Insurance: May 09, 1936
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: 19 School St, Boston, MA 2108
County: Suffolk
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: Boston-Quincy, MA (#14484)
History of ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $74.3 mil
Equity capital: $12.8 mil
Deposits held in domestic offices: $52.4 mil
Return on assets (ROA): -0.56% (-$0.4 mil)
Quarterly return on assets: 0.10% ($0.1 mil)
Return on Equity (ROE): -3.44% (-$0.4 mil)
Quarterly return on equity: 0.56% ($0.1 mil)
Net income: -$0.5 mil
Quarterly Net income: $0.0 mil
Pretax return on assets: -0.50% (-$371.4 mil)
Quarterly Pretax return on assets: 0.18% ($133.7 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)102
Total assets$74,285
Cash and due from depository institutions$3,262
Interest-bearing balances$18
Securities$5
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$57,519
Loan loss allowance $435
Trading account assets$0
Bank premises and fixed assets$2,249
Other real estate owned$284
Goodwill and other intangibles$8,788
All other assets$2,178
Life insurance assets$74,287
Total liabilities and capital$61,482
Total liabilities$52,388
Total deposits$37,427
Interest-bearing deposits$52,388
Deposits held in domestic offices$95
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$7,927
Other borrowed funds $0
Subordinated debt $1,167
All other liabilities $12,805
Total equity capital$12,805
Total bank equity capital$12,805
Perpetual preferred stock$0
Common stock$1
Surplus$5,727
Undivided profits $7,077
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 $2,198
Earning assets $0
Long-term assets (5+ years) $170
Average Assets, year-to-date $57,542
Average Assets, quarterly $0
Volatile liabilities $82,375
Insider loans $73,096
FHLB advances $40,114
Loans and leases held for sale $72,714
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $11,234
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $36,425
Derivatives$0
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $2,608
Total interest expense $571
Net interest income $2,037
Provision for loan and lease losses $0
Total noninterest income $1,227
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $1,227
Total noninterest expense $12,006
Salaries and employee benefits $9,205
Premises and equipment expense $1,415
Additional noninterest expense $1,386
Pre-tax net operating income -$8,742
Securities gains (losses) $8,327
Applicable income taxes $44
Income before extraordinary items -$459
Extraordinary gains - net $0
Net income attributable to bank -$459
Net charge-offs $0
Cash dividends -$459
Sale, conversion, retirement of capital stock, net $0
Net operating income $1,000
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets3.99%
Cost of funding earning assets 0.87%
Net interest margin 3.12%
Noninterest income to earning assets 1.88%
Noninterest expense to earning assets 18.37%
Net operating income to assets -10.67%
Return on assets (ROA) -0.56%
Pretax return on assets -0.50%
Return on equity (ROE) -3.44%
Retained earnings to average equity (YTD only) -10.94%
Net charge-offs to loans 0.00%
Credit loss provision to net charge-offs 0.00%
Efficiency ratio0.00%
Assets per employee$367,831
Cash dividends to net income (YTD only)0.73%
Condition Ratios (%)
Loss allowance to loans -217.86%
Loss allowance to noncurrent loans 0.75%
Noncurrent assets plus other real estate owned to assets 19.79%
Noncurrent loans to loans 3.34%
Net loans and leases to deposits3.79%
Net loans and leases to core deposits 109.79%
Equity capital to assets 148.42%
Core capital (leverage) ratio 17.24%
Tier 1 risk-based capital ratio 15.45%
Total risk-based capital ratio 28.01%
Memoranda
Average assets$29
Average earning assets$82,375
Average equity $13,339
Average loans $65,356
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1 Massachusetts Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
042490First Federal Savings Bank Of Boston19 School St, Boston, MA 2108January 01, 1933Full Service Brick and Mortar
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