The Island Trust Company in Newport, Rhode Island (RI)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of January 01, 1993

  • The Island Trust Company in Newport, Rhode Island (RI)
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The Island Trust Company - Overview

  • General
  • FDIC Certificate #: 20686
    Status: Inactive
    Closing history: Corrections
    Acquiring institution: Newport Federal Savings Bank (#30626)
    Federal Reserve ID: 603504
    Date Established: June 21, 1972
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 2 (Interstate: No)
    FDIC's unique #: 14282
    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: June 21, 1972
    Last Structure Change Effective Date: January 01, 1993
    Last Structure Change Process Date: Febuary 25, 1993
    Last Data Update: Febuary 25, 1993
    Data Source Date: April 05, 2012
  • Location
  • Address: 100 Bellevue Avenue, Newport, RI 2840
    County: Newport
    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): Providence-New Bedford-Fall River, RI-MA (#39300)
    CBSA Metro Statistical Area: Providence-New Bedford-Fall River, RI-MA (#39300)
  • History of Changes
  • Merger - Without Assistance
    Corrections
  • Financial Summary
  • Total assets: $16.0 mil

Assets and Liabilities (December 31, 1992)

  • Dollar figures in thousands
  • 0Total employees (full-time equivalent)
  • $31Total assets
  • $15,960Cash and due from depository institutions
  • $1,744Interest-bearing balances
  • $0Securities
  • $797Federal funds sold & reverse repurchase agreements
  • $0Net loans & leases
  • $6,508Loan loss allowance
  • $344Trading account assets
  • $0Bank premises and fixed assets
  • $3Other real estate owned
  • $80Goodwill and other intangibles
  • $6,828Life insurance assets
  • $0All other assets
  • $0Total liabilities and capital
  • $15,960Total liabilities
  • $11,318Total deposits
  • $11,310Interest-bearing deposits
  • $3,896Deposits held in domestic offices
  • 11310.00%% insured (estimated)
  • $76Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $0All other liabilities
  • $8Total equity capital
  • $8Total bank equity capital
  • $4,642Perpetual preferred stock
  • $0Common stock
  • $100Surplus
  • $4,400Undivided profits
  • Memoranda
  • $142Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $810Income earned, not collected on loans
  • $23Earning assets
  • $7,305Long-term assets (5+ years)
  • $71Average Assets, year-to-date
  • $17,213Average Assets, quarterly
  • $15,686Volatile liabilities
  • $116Insider loans
  • $8FHLB advances
  • $0Loans and leases held for sale
  • $0Unused loan commitments
  • $1,402Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $4,642Total risk weighted assets
  • $14,654Total unused commitments
  • $0Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 1992)

  • Dollar figures in thousands
  • $0Total interest income
  • $921Total interest expense
  • $215Net interest income
  • $706Provision for loan and lease losses
  • $255Total noninterest income
  • $269Fiduciary activities
  • $0Service charges on deposit accounts
  • $248Trading account gains & fees
  • $0Additional noninterest income
  • $21Total noninterest expense
  • $1,220Salaries and employee benefits
  • $552Premises and equipment expense
  • $236Additional noninterest expense
  • $432Pre-tax net operating income
  • -$500Securities gains (losses)
  • $0Applicable income taxes
  • -$123Income before extraordinary items
  • -$377Extraordinary gains - net
  • $0Net income attributable to bank
  • -$377Net charge-offs
  • $387Cash dividends
  • $0Sale, 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
  • 8.28%Cost of funding earning assets
  • 1.93%Net interest margin
  • 6.35%Noninterest income to earning assets
  • 2.42%Noninterest expense to earning assets
  • 10.97%Net operating income to assets
  • -2.19%Return on assets (ROA)
  • -2.19%Pretax return on assets
  • -2.90%Return on equity (ROE)
  • -7.79%Retained earnings to average equity (YTD only)
  • -7.79%Net charge-offs to loans
  • 4.29%Credit loss provision to net charge-offs
  • 65.89%Efficiency ratio
  • 125,128Assets per employee
  • 0.51%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 5.02%Loss allowance to noncurrent loans
  • 42.47%Noncurrent assets plus other real estate owned to assets
  • 5.08%Noncurrent loans to loans
  • 11.82%Net loans and leases to deposits
  • 57.54%Net loans and leases to core deposits
  • 58.14%Equity capital to assets
  • 29.09%Core capital (leverage) ratio
  • 26.89%Tier 1 risk-based capital ratio
  • 31.68%Total risk-based capital ratio
  • Memoranda
  • $33Average assets
  • $17,213Average earning assets
  • $4,842Average equity
  • $11,123Average loans

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