Somerset Savings Bank, SLA in Bound Brook, New Jersey (NJ)
Overview, Financial Summary, Detailed Financial Reports, Branches


  • Somerset Savings Bank, SLA in Bound Brook, New Jersey (NJ)
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Somerset Savings Bank, SLA - Overview

  • General
  • FDIC Certificate #: 28778
    Status: Active
    Federal Reserve ID: 159971
    Date Established: January 01, 1887
    WWW: http://www.somersetsavings.com
    Trust Powers Granted: No
    Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
    Offices: 7 (Domestic: 7, Interstate: No)
    OTS Docket #: 2343
    FDIC's unique #: 41612
    Numeric code: 36
    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: June 04, 1957
    Last Structure Change Effective Date: December 01, 2011
    Last Structure Change Process Date: December 14, 2011
    Last Data Update: December 14, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 220 West Union Avenue, Bound Brook, NJ 8805
    County: Somerset
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: Jamesburg
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): Middlesex-Somerset-Hunterdon, NJ (#5015)
    Consolidated Metropolitan Statistical Area (CMSA): New York-Northern New Jersey-Long Island, NY-NJ-CT-PA (#70)
    Combined Statistical Area (CSA): New York-Newark-Bridgeport, NY-NJ-CT-PA (#408)
    Core Based Statistical Area (CBSA): New York-Northern New Jersey-Long Island, NY-NJ-PA (#35620)
    CBSA Metro Statistical Area: New York-Northern New Jersey-Long Island, NY-NJ-PA (#35620)
    Core Based Statistical Division: Edison-New Brunswick, NJ (#20764)
  • Financial Summary
  • Total assets: $587.0 mil
    Equity capital: $100.4 mil
    Deposits held in domestic offices: $484.6 mil
    Return on assets (ROA): 0.55% ($3.2 mil)
    Quarterly return on assets: 0.50% ($2.9 mil)
    Return on Equity (ROE): 3.26% ($3.3 mil)
    Quarterly return on equity: 2.94% ($2.9 mil)
    Net income: $3.2 mil
    Quarterly Net income: $0.7 mil
    Pretax return on assets: 0.87% ($5,107.3 mil)
    Quarterly Pretax return on assets: 0.80% ($4,696.4 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
  • 83Total employees (full-time equivalent)
  • $587,047Total assets
  • $108,825Cash and due from depository institutions
  • $106,633Interest-bearing balances
  • $217,176Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $252,900Net loans & leases
  • $1,303Loan loss allowance
  • $0Trading account assets
  • $2,085Bank premises and fixed assets
  • $339Other real estate owned
  • $0Goodwill and other intangibles
  • $587,047Life insurance assets
  • $5,722All other assets
  • $486,677Total liabilities and capital
  • $484,628Total liabilities
  • $463,962Total deposits
  • $484,628Interest-bearing deposits
  • $98Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $2,049Subordinated debt
  • $100,370All other liabilities
  • $100,370Total equity capital
  • $100,370Total bank equity capital
  • $0Perpetual preferred stock
  • $0Common stock
  • $0Surplus
  • $100,370Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $1,182Income earned, not collected on loans
  • $0Earning assets
  • $1,333Long-term assets (5+ years)
  • $576,709Average Assets, year-to-date
  • $0Average Assets, quarterly
  • $587,954Volatile liabilities
  • $588,160Insider loans
  • $221,747FHLB advances
  • $589,004Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $102,327Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $31,418Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $19,820Total interest income
  • $4,381Total interest expense
  • $15,439Net interest income
  • $15Provision for loan and lease losses
  • $576Total noninterest income
  • $0Fiduciary activities
  • $239Service charges on deposit accounts
  • $0Trading account gains & fees
  • $337Additional noninterest income
  • $10,889Total noninterest expense
  • $6,742Salaries and employee benefits
  • $2,383Premises and equipment expense
  • $1,764Additional noninterest expense
  • $5,111Pre-tax net operating income
  • $0Securities gains (losses)
  • $1,885Applicable income taxes
  • $3,226Income before extraordinary items
  • $0Extraordinary gains - net
  • $3,226Net income attributable to bank
  • $0Net charge-offs
  • $3,226Cash dividends
  • $150Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 3.43%Yield on earning assets
  • 0.76%Cost of funding earning assets
  • 2.67%Net interest margin
  • 0.10%Noninterest income to earning assets
  • 1.88%Noninterest expense to earning assets
  • 0.55%Net operating income to assets
  • 0.55%Return on assets (ROA)
  • 0.87%Pretax return on assets
  • 3.26%Return on equity (ROE)
  • 3.26%Retained earnings to average equity (YTD only)
  • 0.06%Net charge-offs to loans
  • 10.00%Credit loss provision to net charge-offs
  • 34.17%Efficiency ratio
  • 67,993Assets per employee
  • 7.07%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 0.51%Loss allowance to noncurrent loans
  • 110.24%Noncurrent assets plus other real estate owned to assets
  • 0.26%Noncurrent loans to loans
  • 0.46%Net loans and leases to deposits
  • 52.18%Net loans and leases to core deposits
  • 52.86%Equity capital to assets
  • 17.10%Core capital (leverage) ratio
  • 17.37%Tier 1 risk-based capital ratio
  • 46.15%Total risk-based capital ratio
  • Memoranda
  • $47Average assets
  • $587,954Average earning assets
  • $98,831Average equity
  • $577,818Average loans

List of branches

  • 7 New Jersey Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    041612Somerset Savings Bank, Sla220 West Union Avenue, Bound Brook, NJ 8805January 01, 1887Full Service Brick and Mortar
    1270479Somerville64 West End Avenue, Somerville, NJ 8876January 01, 1887Full Service Brick and Mortar
    2270480Raritan802 Somerset Street, Raritan, NJ 8869January 01, 1887Full Service Brick and Mortar
    3270481Middlesex1305 Bound Brook Road, Middlesex, NJ 8846January 01, 1887Full Service Brick and Mortar
    4270482Whitehouse Branch410 Route 22 West, Whitehouse, NJ 8888January 01, 1887Full Service Brick and Mortar
    5270483Flemington141 Broad Street, Flemington, NJ 8822January 01, 1887Full Service Brick and Mortar
    100270484Manville Branch41 South Main Street, Manville, NJ 8835January 01, 1887Full Service Brick and Mortar

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