Middlesex Federal Savings, F.A. in Somerville, Massachusetts (MA)



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Middlesex Federal Savings, F.A.
GeneralFDIC Certificate #: 28368
Status: Active
Federal Reserve ID: 87579
Date Established: January 01, 1890
WWW: http://www.middlesexfederal.com
Trust Powers Granted: No
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 #: 1452
FDIC's unique #: 41202
Numeric code: 38
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: All Other Specialization < 1 Billion
Date of Deposit Insurance: Febuary 08, 1937
Last Structure Change Effective Date: August 22, 2011
Last Structure Change Process Date: November 28, 2011
Last Data Update: November 28, 2011
Data Source Date: April 05, 2012
LocationAddress: 1 College Ave, Somerville, MA 2144
County: Middlesex
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: Cambridge-Newton-Framingham, MA (#15764)
Financial SummaryTotal assets: $354.3 mil
Equity capital: $35.7 mil
Deposits held in domestic offices: $285.8 mil
Return on assets (ROA): -0.61% (-$2.2 mil)
Quarterly return on assets: -0.68% (-$2.4 mil)
Return on Equity (ROE): -5.96% (-$2.1 mil)
Quarterly return on equity: -6.72% (-$2.4 mil)
Net income: -$2.2 mil
Quarterly Net income: -$0.6 mil
Pretax return on assets: -0.91% (-$3,224.0 mil)
Quarterly Pretax return on assets: -1.03% (-$3,649.2 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)42
Total assets$354,290
Cash and due from depository institutions$46,571
Interest-bearing balances$40,925
Securities$77,852
Federal funds sold & reverse repurchase agreements$7,492
Net loans & leases$202,809
Loan loss allowance $4,080
Trading account assets$0
Bank premises and fixed assets$1,414
Other real estate owned$3,567
Goodwill and other intangibles$0
All other assets$14,585
Life insurance assets$354,290
Total liabilities and capital$318,541
Total liabilities$285,775
Total deposits$281,745
Interest-bearing deposits$285,775
Deposits held in domestic offices$98
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$25,936
Other borrowed funds $0
Subordinated debt $6,830
All other liabilities $35,749
Total equity capital$35,749
Total bank equity capital$35,749
Perpetual preferred stock$0
Common stock$0
Surplus$0
Undivided profits $35,749
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 $18,062
Earning assets $0
Long-term assets (5+ years) $1,022
Average Assets, year-to-date $329,078
Average Assets, quarterly $0
Volatile liabilities $364,306
Insider loans $353,829
FHLB advances $193,731
Loans and leases held for sale $350,617
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $33,929
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $4,918
Derivatives$211
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $14,682
Total interest expense $6,177
Net interest income $8,505
Provision for loan and lease losses $1,165
Total noninterest income -$564
Fiduciary activities $0
Service charges on deposit accounts $6
Trading account gains & fees $0
Additional noninterest income -$570
Total noninterest expense $10,099
Salaries and employee benefits $4,506
Premises and equipment expense $933
Additional noninterest expense $4,660
Pre-tax net operating income -$3,323
Securities gains (losses) $0
Applicable income taxes -$1,109
Income before extraordinary items -$2,214
Extraordinary gains - net $0
Net income attributable to bank -$2,214
Net charge-offs $0
Cash dividends -$2,214
Sale, conversion, retirement of capital stock, net $637
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 assets4.36%
Cost of funding earning assets 1.83%
Net interest margin 2.52%
Noninterest income to earning assets -0.17%
Noninterest expense to earning assets 3.00%
Net operating income to assets -0.61%
Return on assets (ROA) -0.61%
Pretax return on assets -0.91%
Return on equity (ROE) -5.96%
Retained earnings to average equity (YTD only) -5.96%
Net charge-offs to loans 0.29%
Credit loss provision to net charge-offs 182.89%
Efficiency ratio-3.39%
Assets per employee$127,175
Cash dividends to net income (YTD only)8.44%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.97%
Noncurrent assets plus other real estate owned to assets 22.59%
Noncurrent loans to loans 6.10%
Net loans and leases to deposits8.73%
Net loans and leases to core deposits 70.97%
Equity capital to assets 76.77%
Core capital (leverage) ratio 10.09%
Tier 1 risk-based capital ratio 9.68%
Total risk-based capital ratio 17.51%
Memoranda
Average assets$19
Average earning assets$364,306
Average equity $37,141
Average loans $337,062
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3 Massachusetts Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
041202Middlesex Federal Savings, F.A.1 College Ave, Somerville, MA 2144January 01, 1890Full Service Brick and Mortar
22669981196 Broadway Branch1196 Broadway, Somerville, MA 2144January 01, 1890Full Service Brick and Mortar
100266999Riverside Ave Branch53 Riverside Avenue, Medford, MA 2155January 01, 1890Full Service Brick and Mortar
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