Greater Community Bank in Totowa, New Jersey (NJ)



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Greater Community Bank
GeneralFDIC Certificate #: 26480
Status: Inactive
Closing history: Absorption - Without Assistance
Acquiring institution: Valley National Bank (#9396)
Federal Reserve ID: 367208
Date Established: January 11, 1986
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 18 (Interstate: No)
OTS Docket #: 13196
FDIC's unique #: 33146
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 11, 1986
Last Structure Change Effective Date: July 01, 2008
Last Structure Change Process Date: August 13, 2008
Last Data Update: August 13, 2008
Data Source Date: April 05, 2012
LocationAddress: 55 Union Boulevard, Totowa, NJ 7512
County: Passaic
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): Bergen-Passaic, NJ (#875)
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: New York-White Plains-Wayne, NY-NJ (#35644)
Financial SummaryTotal assets: $961.6 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, 2007)
(Dollar figures in thousands)
Total employees (full-time equivalent)197
Total assets$974,605
Cash and due from depository institutions$21,652
Interest-bearing balances$4,851
Securities$94,106
Federal funds sold & reverse repurchase agreements$7,640
Net loans & leases$793,239
Loan loss allowance $11,188
Trading account assets$0
Bank premises and fixed assets$11,075
Other real estate owned$0
Goodwill and other intangibles$11,886
All other assets$35,007
Life insurance assets$15,955
Total liabilities and capital$974,604
Total liabilities$880,650
Total deposits$752,883
Interest-bearing deposits$582,923
Deposits held in domestic offices$752,883
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $4,729
Trading liabilities$0
Other borrowed funds $112,500
Subordinated debt $0
All other liabilities $10,538
Total equity capital$93,954
Total bank equity capital$93,954
Perpetual preferred stock$93,954
Common stock$0
Surplus$1,900
Undivided profits $38,659
Memoranda
Noncurrent loans and leases $53,395
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $159,305
Income earned, not collected on loans $0
Earning assets $1,984
Long-term assets (5+ years) $0
Average Assets, year-to-date $6,352
Average Assets, quarterly $899,836
Volatile liabilities $290,133
Insider loans $967,114
FHLB advances $976,086
Loans and leases held for sale $90,145
Unused loan commitments $25,976
Tier 1 (core) risk-based capital $112,500
Tier 2 risk-based capital $0
Total risk weighted assets $0
Total unused commitments $159,305
Restructured Loans and leases $37
Derivatives$10,320
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Income and Expense (December 31, 2007)
(Dollar figures in thousands)
Total interest income $60,880
Total interest expense $27,436
Net interest income $33,444
Provision for loan and lease losses $1,574
Total noninterest income $5,780
Fiduciary activities $0
Service charges on deposit accounts $2,646
Trading account gains & fees $0
Additional noninterest income $3,134
Total noninterest expense $24,462
Salaries and employee benefits $14,523
Premises and equipment expense $3,986
Additional noninterest expense $5,953
Pre-tax net operating income $13,188
Securities gains (losses) $26
Applicable income taxes $3,408
Income before extraordinary items $9,806
Extraordinary gains - net $0
Net income attributable to bank $9,806
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $408
Net operating income $1,800
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Performance and Condition Ratios (December 31, 2007)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets6.84%
Cost of funding earning assets 3.08%
Net interest margin 3.76%
Noninterest income to earning assets 0.65%
Noninterest expense to earning assets 2.75%
Net operating income to assets 1.01%
Return on assets (ROA) 1.01%
Pretax return on assets 1.37%
Return on equity (ROE) 10.88%
Retained earnings to average equity (YTD only) 8.89%
Net charge-offs to loans 0.05%
Credit loss provision to net charge-offs 385.78%
Efficiency ratio36.18%
Assets per employee$62,314
Cash dividends to net income (YTD only)4.95%
Condition Ratios (%)
Loss allowance to loans 18.36%
Loss allowance to noncurrent loans 1.39%
Noncurrent assets plus other real estate owned to assets 563.91%
Noncurrent loans to loans 0.20%
Net loans and leases to deposits0.25%
Net loans and leases to core deposits 105.36%
Equity capital to assets 116.57%
Core capital (leverage) ratio 9.64%
Tier 1 risk-based capital ratio 8.40%
Total risk-based capital ratio 9.97%
Memoranda
Average assets$11
Average earning assets$967,114
Average equity $90,107
Average loans $889,788
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