Summit Federal Savings Bank in Summit, New Jersey (NJ)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of June 06, 2008

  • Summit Federal Savings Bank in Summit, New Jersey (NJ)
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Summit Federal Savings Bank - Overview

  • General
  • FDIC Certificate #: 29896
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Investors Bank (#28892)
    Federal Reserve ID: 15871
    Date Established: January 01, 1891
    Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
    OTS Docket #: 4281
    FDIC's unique #: 42730
    Numeric code: 33
    Regulator: OTS
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    FDIC Insured: Yes
    Insured Savings Institution: Yes
    Deposit Insurance Fund member: Yes
    State Chartered: No
    Date of Deposit Insurance: June 09, 1937
    Last Structure Change Effective Date: June 06, 2008
    Last Structure Change Process Date: June 17, 2008
    Last Data Update: June 17, 2008
    Data Source Date: April 05, 2012
  • Location
  • Address: 393 Springfield Avenue, Summit, NJ 7901
    County: Union
    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): Newark, NJ (#5640)
    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: Newark-Union, NJ-PA (#35084)
  • Financial Summary
  • Total assets: $112.2 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, 2007)

  • Dollar figures in thousands
  • 35Total employees (full-time equivalent)
  • $114,710Total assets
  • $14,775Cash and due from depository institutions
  • $13,243Interest-bearing balances
  • $59,114Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $33,830Net loans & leases
  • $33Loan loss allowance
  • $0Trading account assets
  • $1,447Bank premises and fixed assets
  • $0Other real estate owned
  • $10Goodwill and other intangibles
  • $4,269Life insurance assets
  • $5,534All other assets
  • $114,710Total liabilities and capital
  • $99,277Total liabilities
  • $98,130Total deposits
  • $96,213Interest-bearing deposits
  • $98,130Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $1,147All other liabilities
  • $15,433Total equity capital
  • $15,433Total bank equity capital
  • $15,433Perpetual preferred stock
  • $0Common stock
  • $0Surplus
  • $0Undivided profits
  • Memoranda
  • $15,433Noncurrent loans and leases
  • $6,913Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $0Earning assets
  • $0Long-term assets (5+ years)
  • $440Average Assets, year-to-date
  • $106,187Average Assets, quarterly
  • $0Volatile liabilities
  • $120,395Insider loans
  • $116,290FHLB advances
  • $9,291Loans and leases held for sale
  • $109Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $6,913Total unused commitments
  • $0Restructured Loans and leases
  • $33Derivatives

Income and Expense (December 31, 2007)

  • Dollar figures in thousands
  • $5,427Total interest income
  • $1,811Total interest expense
  • $3,616Net interest income
  • $1Provision for loan and lease losses
  • $257Total noninterest income
  • $0Fiduciary activities
  • $0Service charges on deposit accounts
  • $0Trading account gains & fees
  • $257Additional noninterest income
  • $3,970Total noninterest expense
  • $2,562Salaries and employee benefits
  • $794Premises and equipment expense
  • $614Additional noninterest expense
  • -$98Pre-tax net operating income
  • $0Securities gains (losses)
  • -$14Applicable income taxes
  • -$84Income before extraordinary items
  • $0Extraordinary gains - net
  • -$84Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $0Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2007)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.85%Yield on earning assets
  • 1.62%Cost of funding earning assets
  • 3.23%Net interest margin
  • 0.23%Noninterest income to earning assets
  • 3.55%Noninterest expense to earning assets
  • -0.07%Net operating income to assets
  • -0.07%Return on assets (ROA)
  • -0.08%Pretax return on assets
  • -0.52%Return on equity (ROE)
  • -0.52%Retained earnings to average equity (YTD only)
  • 0.00%Net charge-offs to loans
  • 0.00%Credit loss provision to net charge-offs
  • 0.00%Efficiency ratio
  • 102,505Assets per employee
  • 3.28%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 0.10%Loss allowance to noncurrent loans
  • 0.00%Noncurrent assets plus other real estate owned to assets
  • 0.00%Noncurrent loans to loans
  • 0.00%Net loans and leases to deposits
  • 34.47%Net loans and leases to core deposits
  • 38.08%Equity capital to assets
  • 13.45%Core capital (leverage) ratio
  • 14.27%Tier 1 risk-based capital ratio
  • 37.82%Total risk-based capital ratio
  • Memoranda
  • $38Average assets
  • $120,395Average earning assets
  • $16,051Average equity
  • $111,805Average loans

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