First State Bank in Cranford, New Jersey (NJ)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of October 14, 2011

  • First State Bank in Cranford, New Jersey (NJ)
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First State Bank - Overview

  • General
  • FDIC Certificate #: 58046
    Status: Inactive
    Closing history: Absorption - Assisted
    Acquiring institution: Northfield Bank (#28710)
    Federal Reserve ID: 3402904
    Date Established: January 18, 2006
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 3 (Interstate: No)
    FDIC's unique #: 437116
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    State Chartered: Yes
    Date of Deposit Insurance: January 18, 2006
    Last Structure Change Effective Date: October 14, 2011
    Last Structure Change Process Date: October 17, 2011
    Last Data Update: October 17, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 16 Commerce Drive, Cranford, NJ 7016
    County: Union
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: Jamesburg
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): Newark, NJ (#5640)
    Consolidated Metropolitan Statistical Area (CMSA): New York-Northern New Jersey-Long Island, NY-NJ-CT-PA (#70)
    Combined Statistical Area (CSA): New York-Newark-Bridgeport, NY-NJ-CT-PA (#408)
    Core Based Statistical Area (CBSA): New York-Northern New Jersey-Long Island, NY-NJ-PA (#35620)
    CBSA Metro Statistical Area: New York-Northern New Jersey-Long Island, NY-NJ-PA (#35620)
    Core Based Statistical Division: Newark-Union, NJ-PA (#35084)
  • Financial Summary
  • Total assets: $191.9 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, 2010)

  • Dollar figures in thousands
  • 26Total employees (full-time equivalent)
  • $229,011Total assets
  • $17,382Cash and due from depository institutions
  • $11,456Interest-bearing balances
  • $11,569Securities
  • $16,590Federal funds sold & reverse repurchase agreements
  • $177,674Net loans & leases
  • $3,792Loan loss allowance
  • $0Trading account assets
  • $1,262Bank premises and fixed assets
  • $2,063Other real estate owned
  • $0Goodwill and other intangibles
  • $0Life insurance assets
  • $2,471All other assets
  • $229,012Total liabilities and capital
  • $219,096Total liabilities
  • $218,064Total deposits
  • $208,099Interest-bearing deposits
  • $218,064Deposits held in domestic offices
  • 95.49%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $1,032All other liabilities
  • $9,916Total equity capital
  • $9,916Total bank equity capital
  • $9,916Perpetual preferred stock
  • $0Common stock
  • $7,196Surplus
  • $18,662Undivided profits
  • Memoranda
  • $-15,942Noncurrent loans and leases
  • $10,172Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $8,269Earning assets
  • $386Long-term assets (5+ years)
  • $961Average Assets, year-to-date
  • $217,289Average Assets, quarterly
  • $48,845Volatile liabilities
  • $252,559Insider loans
  • $238,705FHLB advances
  • $63,107Loans and leases held for sale
  • $4,335Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $10,172Total unused commitments
  • $13,143Restructured Loans and leases
  • $2,311Derivatives

Income and Expense (December 31, 2010)

  • Dollar figures in thousands
  • $14,105Total interest income
  • $5,461Total interest expense
  • $8,644Net interest income
  • $5,371Provision for loan and lease losses
  • $722Total noninterest income
  • $0Fiduciary activities
  • $179Service charges on deposit accounts
  • $0Trading account gains & fees
  • $543Additional noninterest income
  • $8,631Total noninterest expense
  • $2,691Salaries and employee benefits
  • $974Premises and equipment expense
  • $4,966Additional noninterest expense
  • -$4,636Pre-tax net operating income
  • $253Securities gains (losses)
  • $18Applicable income taxes
  • -$4,401Income before extraordinary items
  • $0Extraordinary gains - net
  • -$4,401Net income attributable to bank
  • $0Net charge-offs
  • -$4,401Cash dividends
  • $5,835Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2010)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.84%Yield on earning assets
  • 2.26%Cost of funding earning assets
  • 3.58%Net interest margin
  • 0.30%Noninterest income to earning assets
  • 3.57%Noninterest expense to earning assets
  • -1.84%Net operating income to assets
  • -1.74%Return on assets (ROA)
  • -1.74%Pretax return on assets
  • -34.14%Return on equity (ROE)
  • -34.14%Retained earnings to average equity (YTD only)
  • 2.99%Net charge-offs to loans
  • 92.05%Credit loss provision to net charge-offs
  • 0.13%Efficiency ratio
  • 92,152Assets per employee
  • 8.81%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.09%Loss allowance to noncurrent loans
  • 45.86%Noncurrent assets plus other real estate owned to assets
  • 4.51%Noncurrent loans to loans
  • 4.56%Net loans and leases to deposits
  • 81.48%Net loans and leases to core deposits
  • 114.66%Equity capital to assets
  • 4.33%Core capital (leverage) ratio
  • 4.18%Tier 1 risk-based capital ratio
  • 5.44%Total risk-based capital ratio
  • Memoranda
  • $7Average assets
  • $252,559Average earning assets
  • $12,892Average equity
  • $241,653Average loans

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