Somerset Savings Bank in Somerville, Massachusetts (MA)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of July 21, 1998

  • Somerset Savings Bank in Somerville, Massachusetts (MA)
  • Show street view No street view available for this location

Somerset Savings Bank - Overview

  • General
  • FDIC Certificate #: 90278
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: USTrust (#17971)
    Federal Reserve ID: 565200
    Date Established: January 01, 1885
    Bank Charter Class: Savings banks, state charter, supervised by the FDIC
    Offices: 6 (Interstate: No)
    OTS Docket #: 8393
    FDIC's unique #: 17868
    Numeric code: 41
    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: September 10, 1985
    Last Structure Change Effective Date: July 21, 1998
    Last Structure Change Process Date: July 23, 1998
    Last Data Update: July 23, 1998
    Data Source Date: April 05, 2012
  • Location
  • Address: 212 Elm Street, 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 Summary
  • Total assets: $524.3 mil

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1997)

  • Dollar figures in thousands
  • 145Total employees (full-time equivalent)
  • $539,869Total assets
  • $7,908Cash and due from depository institutions
  • $177Interest-bearing balances
  • $91,472Securities
  • $2,805Federal funds sold & reverse repurchase agreements
  • $412,177Net loans & leases
  • $7,668Loan loss allowance
  • $0Trading account assets
  • $12,468Bank premises and fixed assets
  • $5,908Other real estate owned
  • $0Goodwill and other intangibles
  • $0Life insurance assets
  • $7,131All other assets
  • $539,869Total liabilities and capital
  • $503,992Total liabilities
  • $456,031Total deposits
  • $430,479Interest-bearing deposits
  • $456,031Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $43,376Other borrowed funds
  • $0Subordinated debt
  • $4,585All other liabilities
  • $35,877Total equity capital
  • $35,877Total bank equity capital
  • $35,877Perpetual preferred stock
  • $0Common stock
  • $16,659Surplus
  • $18,652Undivided profits
  • Memoranda
  • $566Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $3,238Earning assets
  • $0Long-term assets (5+ years)
  • $2,451Average Assets, year-to-date
  • $506,631Average Assets, quarterly
  • $137,859Volatile liabilities
  • $522,938Insider loans
  • $530,179FHLB advances
  • $87,759Loans and leases held for sale
  • $1,511Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $29,784Total unused commitments
  • $0Restructured Loans and leases
  • $372,987Derivatives

Income and Expense (December 31, 1997)

  • Dollar figures in thousands
  • $42,351Total interest income
  • $22,185Total interest expense
  • $20,166Net interest income
  • $1,200Provision for loan and lease losses
  • $1,277Total noninterest income
  • $0Fiduciary activities
  • $694Service charges on deposit accounts
  • $0Trading account gains & fees
  • $583Additional noninterest income
  • $15,500Total noninterest expense
  • $7,290Salaries and employee benefits
  • $1,586Premises and equipment expense
  • $6,624Additional noninterest expense
  • $4,743Pre-tax net operating income
  • $0Securities gains (losses)
  • -$1,224Applicable income taxes
  • $5,967Income before extraordinary items
  • $0Extraordinary gains - net
  • $5,967Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • -$232Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 1997)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 8.66%Yield on earning assets
  • 4.54%Cost of funding earning assets
  • 4.12%Net interest margin
  • 0.26%Noninterest income to earning assets
  • 3.17%Noninterest expense to earning assets
  • 1.14%Net operating income to assets
  • 1.14%Return on assets (ROA)
  • 0.91%Pretax return on assets
  • 18.25%Return on equity (ROE)
  • 18.25%Retained earnings to average equity (YTD only)
  • -0.06%Net charge-offs to loans
  • -517.24%Credit loss provision to net charge-offs
  • 0.00%Efficiency ratio
  • 72,285Assets per employee
  • 3.72%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.83%Loss allowance to noncurrent loans
  • 236.81%Noncurrent assets plus other real estate owned to assets
  • 1.69%Noncurrent loans to loans
  • 0.77%Net loans and leases to deposits
  • 90.38%Net loans and leases to core deposits
  • 102.74%Equity capital to assets
  • 6.65%Core capital (leverage) ratio
  • 6.76%Tier 1 risk-based capital ratio
  • 9.54%Total risk-based capital ratio
  • Memoranda
  • $11Average assets
  • $522,938Average earning assets
  • $32,693Average equity
  • $489,161Average loans

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