Salem Five Cents Savings Bank in Salem, Massachusetts (MA)
Overview, Financial Summary, Detailed Financial Reports, Branches

Salem Five Cents Savings Bank - Overview

  • General
  • FDIC Certificate #: 23296
    Status: Active
    Federal Reserve ID: 618807
    Bank Holding Company (Regulatory Top Holder): Salem Five Bancorp (RSSDID: 3365858, Location: Salem, MA)
    Date Established: March 09, 1855
    Trust Powers Granted: Yes
    Bank Charter Class: Savings banks, state charter, supervised by the FDIC
    Offices: 23 (Domestic: 23, Interstate: No)
    OTS Docket #: 8342
    FDIC's unique #: 16329
    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: January 02, 1981
    Last Structure Change Effective Date: July 11, 2011
    Last Structure Change Process Date: July 11, 2011
    Last Data Update: July 11, 2011
    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)
  • History of Changes
  • Change in Trust Powers
  • Financial Summary
  • Total assets: $2,876.6 mil
    Equity capital: $285.4 mil
    Deposits held in domestic offices: $2,019.1 mil
    Return on assets (ROA): 0.76% ($21.9 mil)
    Quarterly return on assets: 0.77% ($22.2 mil)
    Return on Equity (ROE): 7.85% ($22.4 mil)
    Quarterly return on equity: 7.93% ($22.6 mil)
    Net income: $21.6 mil
    Quarterly Net income: $5.6 mil
    Pretax return on assets: 1.19% ($34,231.9 mil)
    Quarterly Pretax return on assets: 1.26% ($36,245.5 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
  • 500Total employees (full-time equivalent)
  • $2,876,630Total assets
  • $28,161Cash and due from depository institutions
  • $386Interest-bearing balances
  • $680,793Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $2,022,648Net loans & leases
  • $19,695Loan loss allowance
  • $0Trading account assets
  • $27,781Bank premises and fixed assets
  • $5,462Other real estate owned
  • $20,358Goodwill and other intangibles
  • $2,876,630Life insurance assets
  • $91,427All other assets
  • $2,591,253Total liabilities and capital
  • $2,019,118Total liabilities
  • $1,788,335Total deposits
  • $2,019,118Interest-bearing deposits
  • $81Deposits held in domestic offices
  • 44499.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $490,618Trading liabilities
  • $0Other borrowed funds
  • $37,018Subordinated debt
  • $285,377All other liabilities
  • $285,377Total equity capital
  • $285,377Total bank equity capital
  • $0Perpetual preferred stock
  • $500Common stock
  • $285,354Surplus
  • $-477Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $117,342Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $32,710Income earned, not collected on loans
  • $200Earning assets
  • $9,009Long-term assets (5+ years)
  • $2,703,827Average Assets, year-to-date
  • $1,033,961Average Assets, quarterly
  • $2,839,172Volatile liabilities
  • $2,902,199Insider loans
  • $2,048,645FHLB advances
  • $2,878,518Loans and leases held for sale
  • $20,450Unused loan commitments
  • $20,450Tier 1 (core) risk-based capital
  • $278,161Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $492,335Restructured Loans and leases
  • $386Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $126,049Total interest income
  • $46,068Total interest expense
  • $79,981Net interest income
  • $3,600Provision for loan and lease losses
  • $25,999Total noninterest income
  • $0Fiduciary activities
  • $4,046Service charges on deposit accounts
  • $0Trading account gains & fees
  • $21,953Additional noninterest income
  • $72,354Total noninterest expense
  • $41,657Salaries and employee benefits
  • $7,372Premises and equipment expense
  • $23,325Additional noninterest expense
  • $30,026Pre-tax net operating income
  • $3,902Securities gains (losses)
  • $12,282Applicable income taxes
  • $21,646Income before extraordinary items
  • $0Extraordinary gains - net
  • $21,646Net income attributable to bank
  • $0Net charge-offs
  • $21,646Cash dividends
  • $3,954Sale, conversion, retirement of capital stock, net
  • $500Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.73%Yield on earning assets
  • 1.73%Cost of funding earning assets
  • 3.00%Net interest margin
  • 0.97%Noninterest income to earning assets
  • 2.71%Noninterest expense to earning assets
  • 0.67%Net operating income to assets
  • 0.76%Return on assets (ROA)
  • 1.19%Pretax return on assets
  • 7.85%Return on equity (ROE)
  • 7.67%Retained earnings to average equity (YTD only)
  • 0.20%Net charge-offs to loans
  • 91.05%Credit loss provision to net charge-offs
  • 8.50%Efficiency ratio
  • 67,976Assets per employee
  • 5.75%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 2.31%Loss allowance to loans
  • 0.96%Loss allowance to noncurrent loans
  • 60.21%Noncurrent assets plus other real estate owned to assets
  • 1.33%Noncurrent loans to loans
  • 1.60%Net loans and leases to deposits
  • 100.17%Net loans and leases to core deposits
  • 107.68%Equity capital to assets
  • 9.92%Core capital (leverage) ratio
  • 9.66%Tier 1 risk-based capital ratio
  • 13.58%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $2,839,172Average earning assets
  • $275,766Average equity
  • $2,666,779Average loans

List of branches

  • 23 Massachusetts Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    016329Salem Five Cents Savings Bank71 Washington Street, Salem, MA 1970March 09, 1855Full Service Brick and Mortar
    1291442Salem Branch424 Essex Street, Salem, MA 1970January 22, 1958Full Service Brick and Mortar
    3291444South Hamilton Branch2 Bay Road, South Hamilton, MA 1982December 12, 1960Full Service Brick and Mortar
    4291445Endicott Plaza Branch137 Endicott Street, Danvers, MA 1923September 09, 1974Full Service Brick and Mortar
    5291446Swampscott Branch450 Paradise Road, Swampscott, MA 1907October 15, 1975Full Service Brick and Mortar
    6291447Northshore Shopping Center BranchRoutes 114 And 128, Peabody, MA 1960September 25, 1980Full Service Brick and Mortar
    8256166High Street Branch301 Newbury Street, Danvers, MA 1923January 19, 1989Full Service Brick and Mortar
    9256167Square One Mall Branch1277 Broadway, Saugus, MA 1906August 17, 1994Full Service Brick and Mortar
    10357184Directbanking Branch210 Essex Street, Salem, MA 1970November 01, 1999Full Service Cyber
    12361296Boston Branch52 Congress Street, Boston, MA 2109October 10, 2000Full Service Brick and Mortar
    13361297Lynn Branch20 State Street, Lynn, MA 1901June 28, 2001Full Service Brick and Mortar
    14430454Malden Branch90 Highland Avenue, Malden, MA 2148January 02, 2004Full Service Brick and Mortar
    15430455North Andover Branch532 Turnpike Street, North Andover, MA 1845June 28, 2004Full Service Brick and Mortar
    16431695Marblehead Branch89 Pleasant Street, Marblehead, MA 1945June 28, 2004Full Service Brick and Mortar
    17444143Beverly Branch495 Cabot Street, Beverly, MA 1915August 29, 2005Full Service Retail
    22432907Peabody Branch19 Central Street, Peabody, MA 1960October 12, 2004Full Service Retail
    23465622Middleton Branch100 South Main Street, Middleton, MA 1949July 24, 2006Full Service Brick and Mortar
    24471460Boston Street Lynn Branch35 Boston Street, Lynn, MA 1904December 31, 2007Full Service Brick and Mortar
    25471461Woburn Branch441 Main Street, Woburn, MA 1801August 30, 2007Full Service Brick and Mortar
    26489977Reading Branch8 Walkers Brook Drive, Reading, MA 1867April 06, 2009Full Service Brick and Mortar
    27493130Sudbury Branch19 Concord Road, Sudbury, MA 1776September 19, 2008Full Service Brick and Mortar
    28514039Beverly Farms Branch19 West Street, Beverly, MA 1915October 12, 2010Full Service Brick and Mortar
    29514913Stoneham Branch240 Main Street, Stoneham, MA 2180November 15, 2010Full Service Brick and Mortar

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