South Shore Savings Bank in South Weymouth, Massachusetts (MA)

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South Shore Savings Bank
GeneralFDIC Certificate #: 90303
Status: Active
Federal Reserve ID: 772008
Bank Holding Company (Regulatory Top Holder): South Shore Bancorp Mhc (RSSDID: 3212943, Location: South Weymouth, MA)
Date Established: Febuary 01, 1833
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
Offices: 13 (Domestic: 13, Interstate: No)
OTS Docket #: 8563
FDIC's unique #: 17892
Numeric code: 13
Regulator: FED
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: 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: November 19, 1985
Last Structure Change Effective Date: July 27, 2011
Last Structure Change Process Date: August 26, 2011
Last Data Update: August 26, 2011
Data Source Date: April 05, 2012
LocationAddress: 1530 Main St, South Weymouth, MA 2190
County: Norfolk
Quarterly Banking Profile Region: New York
FDIC Geographic Region: New York
FDIC Supervisory Region: New York
FDIC Field Office: South Boston
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Northeast
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: Boston-Quincy, MA (#14484)
History of ChangesName Change
Change in Location
Change in Primary Regulatory Agency
Change in Supervisory Agency
Financial SummaryTotal assets: $950.4 mil
Equity capital: $99.5 mil
Deposits held in domestic offices: $661.6 mil
Return on assets (ROA): 0.56% ($5.3 mil)
Quarterly return on assets: 0.78% ($7.4 mil)
Return on Equity (ROE): 5.64% ($5.6 mil)
Quarterly return on equity: 7.59% ($7.6 mil)
Net income: $5.4 mil
Quarterly Net income: $1.9 mil
Pretax return on assets: 0.76% ($7,222.9 mil)
Quarterly Pretax return on assets: 1.03% ($9,789.0 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)
Total employees (full-time equivalent)182
Total assets$950,388
Cash and due from depository institutions$16,372
Interest-bearing balances$3,806
Federal funds sold & reverse repurchase agreements$8,449
Net loans & leases$650,679
Loan loss allowance $5,515
Trading account assets$0
Bank premises and fixed assets$9,820
Other real estate owned$4,917
Goodwill and other intangibles$4,162
All other assets$36,858
Life insurance assets$950,388
Total liabilities and capital$850,888
Total liabilities$661,577
Total deposits$570,957
Interest-bearing deposits$661,577
Deposits held in domestic offices$92
% insured (estimated)12254.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$170,000
Other borrowed funds $0
Subordinated debt $7,057
All other liabilities $99,500
Total equity capital$99,500
Total bank equity capital$99,500
Perpetual preferred stock$0
Common stock$1
Undivided profits $99,490
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $6,864
Income earned, not collected on loans $17,429
Earning assets $31
Long-term assets (5+ years) $3,820
Average Assets, year-to-date $882,065
Average Assets, quarterly $378,111
Volatile liabilities $952,024
Insider loans $954,300
FHLB advances $676,214
Loans and leases held for sale $946,417
Unused loan commitments $15,084
Tier 1 (core) risk-based capital $15,084
Tier 2 risk-based capital $91,412
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $120,661
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $38,500
Total interest expense $11,520
Net interest income $26,980
Provision for loan and lease losses $1,627
Total noninterest income $5,246
Fiduciary activities $0
Service charges on deposit accounts $2,817
Trading account gains & fees $0
Additional noninterest income $2,429
Total noninterest expense $25,455
Salaries and employee benefits $14,285
Premises and equipment expense $3,138
Additional noninterest expense $8,032
Pre-tax net operating income $5,144
Securities gains (losses) $2,112
Applicable income taxes $1,890
Income before extraordinary items $5,366
Extraordinary gains - net $0
Net income attributable to bank $5,366
Net charge-offs $0
Cash dividends $5,366
Sale, conversion, retirement of capital stock, net $1,947
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.34%
Cost of funding earning assets 1.30%
Net interest margin 3.04%
Noninterest income to earning assets 0.59%
Noninterest expense to earning assets 2.87%
Net operating income to assets 0.40%
Return on assets (ROA) 0.56%
Pretax return on assets 0.76%
Return on equity (ROE) 5.64%
Retained earnings to average equity (YTD only) 5.64%
Net charge-offs to loans 0.31%
Credit loss provision to net charge-offs 83.56%
Efficiency ratio3.48%
Assets per employee$78,989
Cash dividends to net income (YTD only)5.22%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 0.84%
Noncurrent assets plus other real estate owned to assets 31.64%
Noncurrent loans to loans 2.35%
Net loans and leases to deposits2.66%
Net loans and leases to core deposits 98.35%
Equity capital to assets 102.65%
Core capital (leverage) ratio 10.47%
Tier 1 risk-based capital ratio 9.66%
Total risk-based capital ratio 13.52%
Average assets$14
Average earning assets$952,024
Average equity $95,164
Average loans $886,918
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13 Massachusetts Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
017892South Shore Savings Bank1530 Main St, South Weymouth, MA 2190Febuary 01, 1833Full Service Brick and Mortar
1291561North Weymouth Branch383 Bridge Street, Weymouth, MA 2191October 29, 1970Full Service Brick and Mortar
2291562Hunt Street Branch295 Washington Street, Weymouth, MA 2188December 02, 1974Full Service Brick and Mortar
3291563Grainte Crossing Branch370 Quincy Avenue, Quincy, MA 2169November 20, 1979Full Service Brick and Mortar
5291462Shaws Plaza Branch650 Middle Street, East Weymouth, MA 2189October 16, 1969Full Service Brick and Mortar
6291463Columbian Square Branch88 Pleasant Street, South Weymouth, MA 2190October 01, 1973Full Service Brick and Mortar
7291464Norwell Branch400 Washington Street, Norwell, MA 2061October 15, 1978Full Service Brick and Mortar
9291466East Bridgewater Branch225 Bedford Street, East Bridgewater, MA 2333March 03, 1990Full Service Brick and Mortar
10361225Franklin Street Branch138 Franklin Street, Quincy, MA 2169May 11, 2001Full Service Brick and Mortar
11363179Commercial Street Branch1515 Commercial Street, Weymouth, MA 2189January 15, 2002Full Service Brick and Mortar
1261126Braintree Branch501 John Mahar Highway, Braintree, MA 2184June 15, 1998Full Service Brick and Mortar
13443983Stoughton Branch1538 Turnpike Street, Stoughton, MA 2072June 30, 2005Full Service Brick and Mortar
15453840Pembroke Branch75 Washington Street, Pembroke, MA 2359June 19, 2006Full Service Brick and Mortar
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