Freedom National Bank in Greenville, Rhode Island (RI)
Overview, Financial Summary, Detailed Financial Reports, Branches

Freedom National Bank - Overview

  • General
  • FDIC Certificate #: 57254
    Status: Active
    Federal Reserve ID: 3051432
    Bank Holding Company (Regulatory Top Holder): Berkshire Financial Services, Inc. (RSSDID: 1985131, Location: Lee, MA)
    Date Established: November 29, 2001
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
    Offices: 2 (Domestic: 2, Interstate: No)
    FDIC's unique #: 360137
    Numeric code: 3
    Regulator: OCC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: 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: November 29, 2001
    Last Structure Change Effective Date: January 01, 2011
    Last Structure Change Process Date: December 14, 2011
    Last Data Update: December 14, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 584 Putnam Pike, Greenville, RI 2828
    County: Providence
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: South Boston
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Combined Statistical Area (CSA): Boston-Worcester-Manchester, MA-RI-NH (#148)
    Core Based Statistical Area (CBSA): Providence-New Bedford-Fall River, RI-MA (#39300)
    CBSA Metro Statistical Area: Providence-New Bedford-Fall River, RI-MA (#39300)
  • Financial Summary
  • Total assets: $87.2 mil
    Equity capital: $8.1 mil
    Deposits held in domestic offices: $72.3 mil
    Return on assets (ROA): 0.07% ($0.1 mil)
    Quarterly return on assets: -0.10% (-$0.1 mil)
    Return on Equity (ROE): 0.79% ($0.1 mil)
    Quarterly return on equity: -1.14% (-$0.1 mil)
    Net income: $0.1 mil
    Quarterly Net income: -$0.0 mil
    Pretax return on assets: 0.11% ($96.0 mil)
    Quarterly Pretax return on assets: -0.15% (-$130.9 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, 2011)

  • Dollar figures in thousands
  • 18Total employees (full-time equivalent)
  • $87,242Total assets
  • $9,450Cash and due from depository institutions
  • $8,383Interest-bearing balances
  • $17,270Securities
  • $54Federal funds sold & reverse repurchase agreements
  • $56,090Net loans & leases
  • $967Loan loss allowance
  • $0Trading account assets
  • $1,938Bank premises and fixed assets
  • $125Other real estate owned
  • $0Goodwill and other intangibles
  • $87,242Life insurance assets
  • $2,315All other assets
  • $79,184Total liabilities and capital
  • $72,323Total liabilities
  • $58,586Total deposits
  • $72,323Interest-bearing deposits
  • $96Deposits held in domestic offices
  • 1231.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $5,400Trading liabilities
  • $0Other borrowed funds
  • $230Subordinated debt
  • $8,058All other liabilities
  • $8,058Total equity capital
  • $8,058Total bank equity capital
  • $0Perpetual preferred stock
  • $801Common stock
  • $8,704Surplus
  • $-1,447Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $1,091Income earned, not collected on loans
  • $74Earning assets
  • $218Long-term assets (5+ years)
  • $81,797Average Assets, year-to-date
  • $5,341Average Assets, quarterly
  • $87,137Volatile liabilities
  • $87,740Insider loans
  • $60,108FHLB advances
  • $87,979Loans and leases held for sale
  • $586Unused loan commitments
  • $586Tier 1 (core) risk-based capital
  • $8,049Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $12,563Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $3,848Total interest income
  • $1,019Total interest expense
  • $2,829Net interest income
  • $556Provision for loan and lease losses
  • $888Total noninterest income
  • $0Fiduciary activities
  • $59Service charges on deposit accounts
  • $0Trading account gains & fees
  • $829Additional noninterest income
  • $3,067Total noninterest expense
  • $1,463Salaries and employee benefits
  • $326Premises and equipment expense
  • $1,278Additional noninterest expense
  • $94Pre-tax net operating income
  • $0Securities gains (losses)
  • $31Applicable income taxes
  • $63Income before extraordinary items
  • $0Extraordinary gains - net
  • $63Net income attributable to bank
  • $0Net charge-offs
  • $63Cash dividends
  • $984Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.70%Yield on earning assets
  • 1.24%Cost of funding earning assets
  • 3.45%Net interest margin
  • 1.08%Noninterest income to earning assets
  • 3.74%Noninterest expense to earning assets
  • 0.07%Net operating income to assets
  • 0.07%Return on assets (ROA)
  • 0.11%Pretax return on assets
  • 0.79%Return on equity (ROE)
  • 0.79%Retained earnings to average equity (YTD only)
  • 1.62%Net charge-offs to loans
  • 56.50%Credit loss provision to net charge-offs
  • 0.66%Efficiency ratio
  • 82,513Assets per employee
  • 4.85%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.69%Loss allowance to noncurrent loans
  • 88.63%Noncurrent assets plus other real estate owned to assets
  • 1.39%Noncurrent loans to loans
  • 1.91%Net loans and leases to deposits
  • 77.55%Net loans and leases to core deposits
  • 82.58%Equity capital to assets
  • 9.24%Core capital (leverage) ratio
  • 9.15%Tier 1 risk-based capital ratio
  • 13.39%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $87,137Average earning assets
  • $8,017Average equity
  • $81,900Average loans

List of branches

  • 2 Rhode Island Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0360137Freedom National Bank584 Putnam Pike, Greenville, RI 2828November 29, 2001Full Service Brick and Mortar
    1428049Cumberland Branch2150 Mendon Road, Cumberland, RI 2864June 18, 2003Full Service Brick and Mortar

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