Heritage Co-operative Bank in Salem, Massachusetts (MA)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of Febuary 10, 2006

  • Heritage Co-operative Bank in Salem, Massachusetts (MA)
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Heritage Co-operative Bank - Overview

  • General
  • 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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