Passumpsic Savings Bank in St. Johnsbury, Vermont (VT), NH

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Passumpsic Savings Bank
GeneralFDIC Certificate #: 14134
Status: Active
Federal Reserve ID: 300009
Bank Holding Company (Regulatory Top Holder): Passumpsic Bancorp (RSSDID: 2337081, Location: Saint Johnsbury, VT)
Date Established: Febuary 24, 1853
Trust Powers Granted: Yes
Bank Charter Class: Savings banks, state charter, supervised by the FDIC
Offices: 13 (Domestic: 12, Interstate: Yes)
OTS Docket #: 10324
FDIC's unique #: 8828
Numeric code: 41
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: Commercial Lending Specialization
Date of Deposit Insurance: March 31, 1934
Last Structure Change Effective Date: July 12, 2008
Last Structure Change Process Date: July 16, 2008
Last Data Update: July 16, 2008
Data Source Date: April 05, 2012
LocationAddress: 497 Railroad Street, St. Johnsbury, VT 5819
County: Caledonia
Quarterly Banking Profile Region: New York
FDIC Geographic Region: New York
FDIC Supervisory Region: New York
FDIC Field Office: Springfield Ma
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Northeast
History of ChangesParticipated in Absorption/Consolidation/Merger
Financial SummaryTotal assets: $571.1 mil
Equity capital: $59.4 mil
Deposits held in domestic offices: $460.4 mil
Return on assets (ROA): -0.22% (-$1.3 mil)
Quarterly return on assets: -0.15% (-$0.9 mil)
Return on Equity (ROE): -2.11% (-$1.2 mil)
Quarterly return on equity: -1.46% (-$0.9 mil)
Net income: -$1.3 mil
Quarterly Net income: -$0.2 mil
Pretax return on assets: -0.49% (-$2,798.3 mil)
Quarterly Pretax return on assets: -0.41% (-$2,341.5 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)173
Total assets$571,091
Cash and due from depository institutions$25,733
Interest-bearing balances$16,890
Federal funds sold & reverse repurchase agreements$872
Net loans & leases$430,594
Loan loss allowance $6,464
Trading account assets$0
Bank premises and fixed assets$13,976
Other real estate owned$1,296
Goodwill and other intangibles$18,283
All other assets$27,556
Life insurance assets$571,091
Total liabilities and capital$511,709
Total liabilities$460,435
Total deposits$408,592
Interest-bearing deposits$460,435
Deposits held in domestic offices$91
% insured (estimated)1938.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$39,048
Other borrowed funds $0
Subordinated debt $10,288
All other liabilities $59,382
Total equity capital$59,382
Total bank equity capital$59,382
Perpetual preferred stock$0
Common stock$0
Undivided profits $59,382
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $23,233
Income earned, not collected on loans $12,689
Earning assets $3,686
Long-term assets (5+ years) $1,854
Average Assets, year-to-date $501,137
Average Assets, quarterly $222,723
Volatile liabilities $565,116
Insider loans $574,411
FHLB advances $380,118
Loans and leases held for sale $576,256
Unused loan commitments $12,156
Tier 1 (core) risk-based capital $9,975
Tier 2 risk-based capital $42,062
Total risk weighted assets $0
Total unused commitments $2,181
Restructured Loans and leases $36,253
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $25,119
Total interest expense $5,711
Net interest income $19,408
Provision for loan and lease losses $8,550
Total noninterest income $6,269
Fiduciary activities $756
Service charges on deposit accounts $1,030
Trading account gains & fees $0
Additional noninterest income $4,483
Total noninterest expense $20,646
Salaries and employee benefits $10,760
Premises and equipment expense $2,758
Additional noninterest expense $7,128
Pre-tax net operating income -$3,519
Securities gains (losses) $740
Applicable income taxes -$1,513
Income before extraordinary items -$1,266
Extraordinary gains - net $0
Net income attributable to bank -$1,266
Net charge-offs $0
Cash dividends -$1,266
Sale, conversion, retirement of capital stock, net $7,336
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 assets5.11%
Cost of funding earning assets 1.16%
Net interest margin 3.95%
Noninterest income to earning assets 1.27%
Noninterest expense to earning assets 4.20%
Net operating income to assets -0.31%
Return on assets (ROA) -0.22%
Pretax return on assets -0.49%
Return on equity (ROE) -2.11%
Retained earnings to average equity (YTD only) -2.11%
Net charge-offs to loans 1.67%
Credit loss provision to net charge-offs 116.55%
Efficiency ratio0.69%
Assets per employee$78,483
Cash dividends to net income (YTD only)3.30%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.48%
Noncurrent assets plus other real estate owned to assets 50.94%
Noncurrent loans to loans 2.45%
Net loans and leases to deposits2.90%
Net loans and leases to core deposits 93.52%
Equity capital to assets 100.98%
Core capital (leverage) ratio 10.40%
Tier 1 risk-based capital ratio 7.30%
Total risk-based capital ratio 11.07%
Average assets$12
Average earning assets$565,116
Average equity $59,903
Average loans $491,751
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Total Fiduciary and Related Assets (December 31, 2011)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$110,073
Number of Accounts1
Personal trust and agency accounts$110,073
Employee benefit-defined contribution accounts$25,209
Employee benefit-defined benefit accounts$10,449
Other retirement accounts$79
Corporate trust and agency accounts$20,343
Investment management agency accounts$0
Other fiduciary accounts$53,993
Fiduciary accounts held in foreign offices$0
Non-managed Assets$0
Number of Accounts576
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$20,343
Employee benefit-defined benefit accounts$0
Other retirement accounts$0
Corporate trust and agency accounts$0
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$0
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5 New Hampshire Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
6231018Littleton Loan Production Branch225 West Main Street, Littleton, NH 3561April 10, 1995Limited Service Loan Production
1174922Passumpsic Bank,fsb/Branch81 Meadow Street, Littleton, NH 3561October 21, 1999Full Service Brick and Mortar
1311964The Siwooganock Bank Branch117 Main Street, Lancaster, NH 3584August 04, 1887Full Service Brick and Mortar
14243628Groveton Branch40 State Street, Northumberland, NH 3582September 30, 1985Full Service Brick and Mortar
17209043Whitefield Branch20 Jefferson Road, Whitefield, NH 3598July 10, 1986Full Service Brick and Mortar
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8 Vermont Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
08828Passumpsic Savings Bank497 Railroad Street, St. Johnsbury, VT 5819Febuary 24, 1853Full Service Brick and Mortar
3231015Newport Branch1 Gardner Street, Newport, VT 5855March 23, 1981Full Service Brick and Mortar
4231016Main Street Branch1236 Main Street, St. Johnsbury, VT 5819Febuary 28, 1983Full Service Brick and Mortar
5231017Memorial Branch62 Broad Street, Lyndonville, VT 5851September 21, 1988Full Service Brick and Mortar
84234Danville Branch53 Route 2 West, Danville, VT 5828January 01, 1825Full Service Brick and Mortar
9231020Operations Center BranchU.S. Route 5, St. Johnsbury, VT 5819August 07, 1996Full Service Brick and Mortar
10361010Northeast Home Loan, Llc Branch80 Flat Street, Suite 107, Brattleboro, VT 5301September 13, 2000Limited Service Contractual
12363153Mill Street Branch49 Mill Street, Island Pond, VT 5846Febuary 25, 2002Full Service Brick and Mortar
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