The Bank of Southern Connecticut in New Haven, Connecticut (CT)
Overview, Financial Summary, Detailed Financial Reports, Branches

  • The Bank of Southern Connecticut in New Haven, Connecticut (CT)
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The Bank of Southern Connecticut - Overview

  • General
  • FDIC Certificate #: 57251
    Status: Active
    Federal Reserve ID: 3047314
    Bank Holding Company (Regulatory Top Holder): Southern Connecticut Bancorp, Inc (RSSDID: 3019946, Location: New Haven, CT)
    Date Established: October 01, 2001
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 4 (Domestic: 4, Interstate: No)
    FDIC's unique #: 360128
    Numeric code: 21
    Regulator: FDIC
    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: October 01, 2001
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 215 Church Street, New Haven, CT 6510
    County: New Haven
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: Hartford
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): New Haven-Meriden, CT (#5480)
    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 Haven-Milford, CT (#35300)
    CBSA Metro Statistical Area: New Haven-Milford, CT (#35300)
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $145.3 mil
    Equity capital: $10.8 mil
    Deposits held in domestic offices: $132.8 mil
    Return on assets (ROA): -1.71% (-$2.5 mil)
    Quarterly return on assets: -5.18% (-$7.5 mil)
    Return on Equity (ROE): -21.05% (-$2.3 mil)
    Quarterly return on equity: -66.60% (-$7.3 mil)
    Net income: -$2.6 mil
    Quarterly Net income: -$2.0 mil
    Pretax return on assets: -1.71% (-$2,485.1 mil)
    Quarterly Pretax return on assets: -5.18% (-$7,527.9 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
  • 34Total employees (full-time equivalent)
  • $145,326Total assets
  • $18,168Cash and due from depository institutions
  • $15,358Interest-bearing balances
  • $10,314Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $111,620Net loans & leases
  • $2,300Loan loss allowance
  • $0Trading account assets
  • $2,013Bank premises and fixed assets
  • $374Other real estate owned
  • $0Goodwill and other intangibles
  • $145,326Life insurance assets
  • $2,837All other assets
  • $134,546Total liabilities and capital
  • $132,776Total liabilities
  • $101,627Total deposits
  • $132,776Interest-bearing deposits
  • $93Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $1,162Trading liabilities
  • $0Other borrowed funds
  • $608Subordinated debt
  • $10,780All other liabilities
  • $10,780Total equity capital
  • $10,780Total bank equity capital
  • $0Perpetual preferred stock
  • $10,000Common stock
  • $9,292Surplus
  • $-8,512Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $5,785Income earned, not collected on loans
  • $666Earning assets
  • $434Long-term assets (5+ years)
  • $137,292Average Assets, year-to-date
  • $20,016Average Assets, quarterly
  • $153,779Volatile liabilities
  • $151,262Insider loans
  • $119,434FHLB advances
  • $155,156Loans and leases held for sale
  • $918Unused loan commitments
  • $918Tier 1 (core) risk-based capital
  • $10,780Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $20,676Restructured Loans and leases
  • $1,908Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $7,109Total interest income
  • $1,950Total interest expense
  • $5,159Net interest income
  • $3,036Provision for loan and lease losses
  • $633Total noninterest income
  • $0Fiduciary activities
  • $427Service charges on deposit accounts
  • $0Trading account gains & fees
  • $206Additional noninterest income
  • $5,381Total noninterest expense
  • $2,648Salaries and employee benefits
  • $650Premises and equipment expense
  • $2,083Additional noninterest expense
  • -$2,625Pre-tax net operating income
  • $0Securities gains (losses)
  • $0Applicable income taxes
  • -$2,625Income before extraordinary items
  • $0Extraordinary gains - net
  • -$2,625Net income attributable to bank
  • $0Net charge-offs
  • -$2,625Cash dividends
  • $3,523Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.91%Yield on earning assets
  • 1.35%Cost of funding earning assets
  • 3.57%Net interest margin
  • 0.44%Noninterest income to earning assets
  • 3.72%Noninterest expense to earning assets
  • -1.71%Net operating income to assets
  • -1.71%Return on assets (ROA)
  • -1.71%Pretax return on assets
  • -21.05%Return on equity (ROE)
  • -21.05%Retained earnings to average equity (YTD only)
  • 2.91%Net charge-offs to loans
  • 86.18%Credit loss provision to net charge-offs
  • 0.12%Efficiency ratio
  • 92,904Assets per employee
  • 4.27%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.02%Loss allowance to noncurrent loans
  • 39.76%Noncurrent assets plus other real estate owned to assets
  • 4.24%Noncurrent loans to loans
  • 5.08%Net loans and leases to deposits
  • 84.07%Net loans and leases to core deposits
  • 94.36%Equity capital to assets
  • 7.42%Core capital (leverage) ratio
  • 6.95%Tier 1 risk-based capital ratio
  • 9.03%Total risk-based capital ratio
  • Memoranda
  • $10Average assets
  • $153,779Average earning assets
  • $12,468Average equity
  • $144,651Average loans

List of branches

  • 4 Connecticut Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0360128The Bank Of Southern Connecticut215 Church Street, New Haven, CT 6510October 01, 2001Full Service Brick and Mortar
    1418780Whalley Avenue Branch1475 Whalley Avenue, New Haven, CT 6515March 26, 2003Full Service Brick and Mortar
    2419056Branford Branch445 West Main Street, Branford, CT 6405October 07, 2002Full Service Brick and Mortar
    4452533North Haven Branch24 Washington Avenue, North Haven, CT 6473July 10, 2006Full Service Brick and Mortar

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