Somerset Trust Company in Somerville, New Jersey (NJ)

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Somerset Trust Company
GeneralFDIC Certificate #: 9404
Status: Inactive
Closing history: Corrections
Acquiring institution: Summit Bank (#8610)
Federal Reserve ID: 880903
Date Established: January 01, 1864
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 17 (Interstate: No)
FDIC's unique #: 6041
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: Yes
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: October 29, 1993
Last Structure Change Process Date: November 23, 1993
Last Data Update: September 13, 1995
Data Source Date: April 05, 2012
LocationAddress: Somerset Shopping Center, Somerville, NJ 8876
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)
History of ChangesMerger - Without Assistance
Financial SummaryTotal assets: $664.5 mil
Assets and Liabilities (December 31, 1992)
(Dollar figures in thousands)
Total employees (full-time equivalent)0
Total assets$276
Cash and due from depository institutions$714,409
Interest-bearing balances$50,211
Federal funds sold & reverse repurchase agreements$146,849
Net loans & leases$18,100
Loan loss allowance $471,992
Trading account assets$23,593
Bank premises and fixed assets$0
Other real estate owned$8,688
Goodwill and other intangibles$3,155
All other assets$491
Life insurance assets$14,923
Total liabilities and capital$0
Total liabilities$714,409
Total deposits$664,797
Interest-bearing deposits$642,655
Deposits held in domestic offices$520,819
% insured (estimated)642655.00%
Federal funds purchased & repurchase agreements $79
Trading liabilities$16,461
Other borrowed funds $0
Subordinated debt $0
All other liabilities $0
Total equity capital$5,681
Total bank equity capital$5,681
Perpetual preferred stock$49,612
Common stock$0
Undivided profits $18,969
Noncurrent loans and leases $23,655
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $18,110
Earning assets $3,375
Long-term assets (5+ years) $636,941
Average Assets, year-to-date $59,321
Average Assets, quarterly $692,808
Volatile liabilities $716,483
Insider loans $58,983
FHLB advances $1,227
Loans and leases held for sale $0
Unused loan commitments $0
Tier 1 (core) risk-based capital $66,497
Tier 2 risk-based capital $0
Total risk weighted assets $49,121
Total unused commitments $542,516
Restructured Loans and leases $0
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Income and Expense (December 31, 1992)
(Dollar figures in thousands)
Total interest income $0
Total interest expense $50,476
Net interest income $20,531
Provision for loan and lease losses $29,945
Total noninterest income $4,025
Fiduciary activities $4,524
Service charges on deposit accounts $0
Trading account gains & fees $2,537
Additional noninterest income $0
Total noninterest expense $1,987
Salaries and employee benefits $23,945
Premises and equipment expense $9,750
Additional noninterest expense $3,342
Pre-tax net operating income $10,853
Securities gains (losses) $6,499
Applicable income taxes $1,109
Income before extraordinary items $3,356
Extraordinary gains - net $4,252
Net income attributable to bank $0
Net charge-offs $4,252
Cash dividends $4,502
Sale, conversion, retirement of capital stock, net $2,684
Net operating income $0
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Performance and Condition Ratios (December 31, 1992)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets0.00%
Cost of funding earning assets 8.13%
Net interest margin 3.31%
Noninterest income to earning assets 4.83%
Noninterest expense to earning assets 0.73%
Net operating income to assets 3.86%
Return on assets (ROA) 0.51%
Pretax return on assets 0.61%
Return on equity (ROE) 1.10%
Retained earnings to average equity (YTD only) 9.71%
Net charge-offs to loans 3.58%
Credit loss provision to net charge-offs 0.89%
Efficiency ratio89.40%
Assets per employee$69,416
Cash dividends to net income (YTD only)2.59%
Condition Ratios (%)
Loss allowance to loans 63.12%
Loss allowance to noncurrent loans 4.76%
Noncurrent assets plus other real estate owned to assets 130.28%
Noncurrent loans to loans 2.98%
Net loans and leases to deposits3.65%
Net loans and leases to core deposits 73.44%
Equity capital to assets 78.65%
Core capital (leverage) ratio 6.94%
Tier 1 risk-based capital ratio 6.81%
Total risk-based capital ratio 9.05%
Average assets$10
Average earning assets$692,808
Average equity $43,772
Average loans $620,537
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