Georgetown Savings Bank in Georgetown, Massachusetts (MA)



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Georgetown Savings Bank
GeneralFDIC Certificate #: 90202
Status: Active
Federal Reserve ID: 904201
Date Established: May 21, 1868
WWW: http://www.georgetownsb.com
Trust Powers Granted: Yes
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 3 (Domestic: 3, Interstate: No)
OTS Docket #: 17986
FDIC's unique #: 17793
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: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: August 26, 1985
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: 2 East Main Street, Georgetown, MA 1833
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): Lawrence, MA-NH (#4160)
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 ChangesChange in Primary Regulatory Agency
Financial SummaryTotal assets: $199.4 mil
Equity capital: $19.2 mil
Deposits held in domestic offices: $152.6 mil
Return on assets (ROA): 0.51% ($1.0 mil)
Quarterly return on assets: 0.85% ($1.7 mil)
Return on Equity (ROE): 5.48% ($1.0 mil)
Quarterly return on equity: 8.79% ($1.7 mil)
Net income: $1.0 mil
Quarterly Net income: $0.4 mil
Pretax return on assets: 0.80% ($1,595.1 mil)
Quarterly Pretax return on assets: 1.37% ($2,731.6 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)45
Total assets$199,386
Cash and due from depository institutions$11,621
Interest-bearing balances$8,600
Securities$6,497
Federal funds sold & reverse repurchase agreements$7,460
Net loans & leases$161,879
Loan loss allowance $1,503
Trading account assets$0
Bank premises and fixed assets$3,882
Other real estate owned$30
Goodwill and other intangibles$458
All other assets$7,559
Life insurance assets$199,386
Total liabilities and capital$180,147
Total liabilities$152,586
Total deposits$134,535
Interest-bearing deposits$152,586
Deposits held in domestic offices$94
% insured (estimated)574.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$25,464
Other borrowed funds $0
Subordinated debt $1,523
All other liabilities $19,239
Total equity capital$19,239
Total bank equity capital$19,239
Perpetual preferred stock$0
Common stock$0
Surplus$9,509
Undivided profits $9,730
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 $2,851
Earning assets $0
Long-term assets (5+ years) $627
Average Assets, year-to-date $184,436
Average Assets, quarterly $0
Volatile liabilities $201,538
Insider loans $197,589
FHLB advances $145,134
Loans and leases held for sale $199,252
Unused loan commitments $2,696
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $19,105
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $24,564
Derivatives$4,331
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $10,702
Total interest expense $2,468
Net interest income $8,234
Provision for loan and lease losses $946
Total noninterest income $992
Fiduciary activities $0
Service charges on deposit accounts $481
Trading account gains & fees $0
Additional noninterest income $511
Total noninterest expense $6,675
Salaries and employee benefits $3,915
Premises and equipment expense $1,030
Additional noninterest expense $1,730
Pre-tax net operating income $1,605
Securities gains (losses) $0
Applicable income taxes $587
Income before extraordinary items $1,018
Extraordinary gains - net $0
Net income attributable to bank $1,018
Net charge-offs $0
Cash dividends $1,018
Sale, conversion, retirement of capital stock, net $1,056
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 assets5.71%
Cost of funding earning assets 1.32%
Net interest margin 4.40%
Noninterest income to earning assets 0.53%
Noninterest expense to earning assets 3.56%
Net operating income to assets 0.51%
Return on assets (ROA) 0.51%
Pretax return on assets 0.80%
Return on equity (ROE) 5.48%
Retained earnings to average equity (YTD only) 5.48%
Net charge-offs to loans 0.61%
Credit loss provision to net charge-offs 89.58%
Efficiency ratio2.42%
Assets per employee$72,350
Cash dividends to net income (YTD only)4.43%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 0.92%
Noncurrent assets plus other real estate owned to assets 52.72%
Noncurrent loans to loans 1.44%
Net loans and leases to deposits1.74%
Net loans and leases to core deposits 106.09%
Equity capital to assets 110.64%
Core capital (leverage) ratio 9.65%
Tier 1 risk-based capital ratio 9.59%
Total risk-based capital ratio 13.16%
Memoranda
Average assets$14
Average earning assets$201,538
Average equity $18,589
Average loans $187,313
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3 Massachusetts Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
017793Georgetown Savings Bank2 East Main Street, Georgetown, MA 1833May 21, 1868Full Service Brick and Mortar
1291157Rowley Branch303 Haverhill Street, Rowley, MA 1969January 04, 1999Full Service Brick and Mortar
2464403North Andover Branch75 Turnpike Road, North Andover, MA 1845December 05, 2005Full Service Brick and Mortar
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