Somerset Trust Company in Somerville, New Jersey (NJ)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of October 29, 1993

  • Somerset Trust Company in Somerville, New Jersey (NJ)
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Somerset Trust Company - Overview

  • General
  • FDIC 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
  • Location
  • Address: 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 Changes
  • Merger - Without Assistance
  • Financial Summary
  • Total assets: $664.5 mil

Assets and Liabilities (December 31, 1992)

  • Dollar figures in thousands
  • 0Total employees (full-time equivalent)
  • $276Total assets
  • $714,409Cash and due from depository institutions
  • $50,211Interest-bearing balances
  • $0Securities
  • $146,849Federal funds sold & reverse repurchase agreements
  • $18,100Net loans & leases
  • $471,992Loan loss allowance
  • $23,593Trading account assets
  • $0Bank premises and fixed assets
  • $8,688Other real estate owned
  • $3,155Goodwill and other intangibles
  • $14,923Life insurance assets
  • $491All other assets
  • $0Total liabilities and capital
  • $714,409Total liabilities
  • $664,797Total deposits
  • $642,655Interest-bearing deposits
  • $520,819Deposits held in domestic offices
  • 642655.00%% insured (estimated)
  • $79Federal funds purchased & repurchase agreements
  • $16,461Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $0All other liabilities
  • $5,681Total equity capital
  • $5,681Total bank equity capital
  • $49,612Perpetual preferred stock
  • $0Common stock
  • $6,988Surplus
  • $18,969Undivided profits
  • Memoranda
  • $23,655Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $18,110Income earned, not collected on loans
  • $3,375Earning assets
  • $636,941Long-term assets (5+ years)
  • $59,321Average Assets, year-to-date
  • $692,808Average Assets, quarterly
  • $716,483Volatile liabilities
  • $58,983Insider loans
  • $1,227FHLB advances
  • $0Loans and leases held for sale
  • $0Unused loan commitments
  • $66,497Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $49,121Total risk weighted assets
  • $542,516Total unused commitments
  • $0Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 1992)

  • Dollar figures in thousands
  • $0Total interest income
  • $50,476Total interest expense
  • $20,531Net interest income
  • $29,945Provision for loan and lease losses
  • $4,025Total noninterest income
  • $4,524Fiduciary activities
  • $0Service charges on deposit accounts
  • $2,537Trading account gains & fees
  • $0Additional noninterest income
  • $1,987Total noninterest expense
  • $23,945Salaries and employee benefits
  • $9,750Premises and equipment expense
  • $3,342Additional noninterest expense
  • $10,853Pre-tax net operating income
  • $6,499Securities gains (losses)
  • $1,109Applicable income taxes
  • $3,356Income before extraordinary items
  • $4,252Extraordinary gains - net
  • $0Net income attributable to bank
  • $4,252Net charge-offs
  • $4,502Cash dividends
  • $2,684Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 1992)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 0.00%Yield on earning assets
  • 8.13%Cost of funding earning assets
  • 3.31%Net interest margin
  • 4.83%Noninterest income to earning assets
  • 0.73%Noninterest expense to earning assets
  • 3.86%Net operating income to assets
  • 0.51%Return on assets (ROA)
  • 0.61%Pretax return on assets
  • 1.10%Return on equity (ROE)
  • 9.71%Retained earnings to average equity (YTD only)
  • 3.58%Net charge-offs to loans
  • 0.89%Credit loss provision to net charge-offs
  • 89.40%Efficiency ratio
  • 69,416Assets per employee
  • 2.59%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 63.12%Loss allowance to loans
  • 4.76%Loss allowance to noncurrent loans
  • 130.28%Noncurrent assets plus other real estate owned to assets
  • 2.98%Noncurrent loans to loans
  • 3.65%Net loans and leases to deposits
  • 73.44%Net loans and leases to core deposits
  • 78.65%Equity capital to assets
  • 6.94%Core capital (leverage) ratio
  • 6.81%Tier 1 risk-based capital ratio
  • 9.05%Total risk-based capital ratio
  • Memoranda
  • $10Average assets
  • $692,808Average earning assets
  • $43,772Average equity
  • $620,537Average loans

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