FDIC Certificate #: 26514 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Salem Five Cents Savings Bank (#23296) Federal Reserve ID: 1010471 Date Established: January 01, 1888 WWW:http://www.heritagebk.com Bank Charter Class: Savings banks, state charter, supervised by the FDIC Offices: 5 (Interstate: No) OTS Docket #: 8431 FDIC's unique #: 33216 Numeric code: 42 Regulator: FDIC Insurance Fund Membership: Bank Insurance Fund (BIF) Bank Insurance Fund: Yes FDIC Insured: Yes Insured Savings Institution: Yes State Chartered: Yes Date of Deposit Insurance: January 21, 1986 Last Structure Change Effective Date: Febuary 10, 2006 Last Structure Change Process Date: March 02, 2006 Last Data Update: March 02, 2006 Data Source Date: April 05, 2012
Location
Address: 71 Washington Street, Salem, MA 1970 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): 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: Peabody, MA (#37764)
Financial Summary
Total assets: $270.8 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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, 2005)
Dollar figures in thousands
58Total employees (full-time equivalent)
$270,815Total assets
$5,569Cash and due from depository institutions
$0Interest-bearing balances
$56,686Securities
$367Federal funds sold & reverse repurchase agreements
$192,076Net loans & leases
$1,775Loan loss allowance
$0Trading account assets
$3,985Bank premises and fixed assets
$0Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$12,132All other assets
$270,815Total liabilities and capital
$244,218Total liabilities
$230,049Total deposits
$213,600Interest-bearing deposits
$230,049Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$12,012Other borrowed funds
$0Subordinated debt
$2,157All other liabilities
$26,597Total equity capital
$26,597Total bank equity capital
$26,597Perpetual preferred stock
$0Common stock
$0Surplus
$27,013Undivided profits
Memoranda
$-416Noncurrent loans and leases
$54,414Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$97Earning assets
$0Long-term assets (5+ years)
$1,259Average Assets, year-to-date
$249,129Average Assets, quarterly
$63,728Volatile liabilities
$261,782Insider loans
$268,914FHLB advances
$47,166Loans and leases held for sale
$4,176Unused loan commitments
$12,012Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$54,414Total unused commitments
$0Restructured Loans and leases
$1,775Derivatives
Income and Expense (December 31, 2005)
Dollar figures in thousands
$14,216Total interest income
$5,393Total interest expense
$8,823Net interest income
$65Provision for loan and lease losses
$998Total noninterest income
$0Fiduciary activities
$407Service charges on deposit accounts
$0Trading account gains & fees
$591Additional noninterest income
$9,400Total noninterest expense
$5,990Salaries and employee benefits
$701Premises and equipment expense
$2,709Additional noninterest expense
$356Pre-tax net operating income
-$1,187Securities gains (losses)
-$414Applicable income taxes
-$417Income before extraordinary items
$0Extraordinary gains - net
-$417Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$16Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2005)
Dollar figures in thousands
Performance Ratios (%, annualized)
5.88%Yield on earning assets
2.23%Cost of funding earning assets
3.65%Net interest margin
0.41%Noninterest income to earning assets
3.89%Noninterest expense to earning assets
0.13%Net operating income to assets
-0.16%Return on assets (ROA)
-0.32%Pretax return on assets
-1.54%Return on equity (ROE)
-1.54%Retained earnings to average equity (YTD only)
0.01%Net charge-offs to loans
406.25%Credit loss provision to net charge-offs
26.31%Efficiency ratio
95,713Assets per employee
4.67%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
0.92%Loss allowance to noncurrent loans
1829.90%Noncurrent assets plus other real estate owned to assets
0.04%Noncurrent loans to loans
0.05%Net loans and leases to deposits
83.49%Net loans and leases to core deposits
98.55%Equity capital to assets
9.82%Core capital (leverage) ratio
9.89%Tier 1 risk-based capital ratio
15.30%Total risk-based capital ratio
Memoranda
$16Average assets
$261,782Average earning assets
$27,129Average equity
$241,577Average loans
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