Merrimac Savings Bank in Merrimac, Massachusetts (MA), NH

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Merrimac Savings Bank
GeneralFDIC Certificate #: 90240
Status: Active
Federal Reserve ID: 875909
Date Established: April 19, 1871
Trust Powers Granted: No
Bank Charter Class: Savings banks, state charter, supervised by the FDIC
Offices: 2 (Domestic: 2, Interstate: Yes)
FDIC's unique #: 17830
Numeric code: 42
Regulator: FDIC
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: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Mortgage Lending Specialization
Date of Deposit Insurance: November 19, 1985
Last Structure Change Effective Date: October 23, 2006
Last Structure Change Process Date: October 23, 2006
Last Data Update: October 23, 2006
Data Source Date: April 05, 2012
LocationAddress: 1 West Main Street, Merrimac, MA 1860
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)
Financial SummaryTotal assets: $63.4 mil
Equity capital: $4.5 mil
Deposits held in domestic offices: $56.2 mil
Return on assets (ROA): 0.58% ($0.4 mil)
Quarterly return on assets: 0.41% ($0.3 mil)
Return on Equity (ROE): 9.30% ($0.5 mil)
Quarterly return on equity: 5.86% ($0.3 mil)
Net income: $0.4 mil
Quarterly Net income: $0.1 mil
Pretax return on assets: 0.63% ($399.1 mil)
Quarterly Pretax return on assets: 0.19% ($120.4 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)21
Total assets$63,350
Cash and due from depository institutions$1,945
Interest-bearing balances$47
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$40,033
Loan loss allowance $374
Trading account assets$0
Bank premises and fixed assets$1,600
Other real estate owned$0
Goodwill and other intangibles$0
All other assets$1,133
Life insurance assets$63,350
Total liabilities and capital$58,818
Total liabilities$56,165
Total deposits$48,227
Interest-bearing deposits$56,165
Deposits held in domestic offices$88
% insured (estimated)909.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$1,666
Other borrowed funds $0
Subordinated debt $78
All other liabilities $4,532
Total equity capital$4,532
Total bank equity capital$4,532
Perpetual preferred stock$0
Common stock$0
Undivided profits $4,532
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 $842
Earning assets $0
Long-term assets (5+ years) $261
Average Assets, year-to-date $58,719
Average Assets, quarterly $36,996
Volatile liabilities $63,553
Insider loans $63,420
FHLB advances $34,309
Loans and leases held for sale $61,755
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $4,092
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $5,667
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $2,674
Total interest expense $347
Net interest income $2,327
Provision for loan and lease losses $161
Total noninterest income $498
Fiduciary activities $0
Service charges on deposit accounts $199
Trading account gains & fees $0
Additional noninterest income $299
Total noninterest expense $2,455
Salaries and employee benefits $1,155
Premises and equipment expense $279
Additional noninterest expense $1,021
Pre-tax net operating income $209
Securities gains (losses) $190
Applicable income taxes $29
Income before extraordinary items $370
Extraordinary gains - net $0
Net income attributable to bank $370
Net charge-offs $0
Cash dividends $370
Sale, conversion, retirement of capital stock, net $97
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 assets4.53%
Cost of funding earning assets 0.59%
Net interest margin 3.95%
Noninterest income to earning assets 0.84%
Noninterest expense to earning assets 4.16%
Net operating income to assets 0.30%
Return on assets (ROA) 0.58%
Pretax return on assets 0.63%
Return on equity (ROE) 9.30%
Retained earnings to average equity (YTD only) 9.30%
Net charge-offs to loans 0.24%
Credit loss provision to net charge-offs 165.98%
Efficiency ratio3.81%
Assets per employee$86,903
Cash dividends to net income (YTD only)3.02%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 0.93%
Noncurrent assets plus other real estate owned to assets 44.42%
Noncurrent loans to loans 1.33%
Net loans and leases to deposits2.08%
Net loans and leases to core deposits 71.28%
Equity capital to assets 76.03%
Core capital (leverage) ratio 7.15%
Tier 1 risk-based capital ratio 6.63%
Total risk-based capital ratio 11.93%
Average assets$13
Average earning assets$63,553
Average equity $3,977
Average loans $58,982
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1 Massachusetts Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
017830Merrimac Savings Bank1 West Main Street, Merrimac, MA 1860April 19, 1871Full Service Brick and Mortar
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1 New Hampshire Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
1433586Newton Nh Branch29 South Main Street, Newton, NH 3858December 15, 2004Full Service Brick and Mortar
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