Woronoco Savings Bank in Westfield, Massachusetts (MA)



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Woronoco Savings Bank
GeneralFDIC Certificate #: 90301
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Berkshire Bank (#23621)
Federal Reserve ID: 618405
Date Established: May 05, 1871
WWW: http://www.woronoco.com
Bank Charter Class: Savings banks, state charter, supervised by the FDIC
Offices: 10 (Interstate: No)
OTS Docket #: 8509
FDIC's unique #: 17890
Numeric code: 41
Regulator: FDIC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
FDIC Insured: Yes
Insured Savings Institution: Yes
State Chartered: Yes
Date of Deposit Insurance: November 20, 1985
Last Structure Change Effective Date: June 01, 2005
Last Structure Change Process Date: June 14, 2005
Last Data Update: June 14, 2005
Data Source Date: April 05, 2012
LocationAddress: 31 Court Street, Westfield, MA 1085
County: Hampden
Quarterly Banking Profile Region: New York
FDIC Geographic Region: New York
FDIC Supervisory Region: New York
FDIC Field Office: Springfield Ma
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Northeast
Metropolitan Statistical Area (MSA): Springfield, MA (#8000)
Core Based Statistical Area (CBSA): Springfield, MA (#44140)
CBSA Metro Statistical Area: Springfield, MA (#44140)
Financial SummaryTotal assets: $912.5 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, 2004)
(Dollar figures in thousands)
Total employees (full-time equivalent)176
Total assets$918,890
Cash and due from depository institutions$17,341
Interest-bearing balances$449
Securities$242,497
Federal funds sold & reverse repurchase agreements$4,900
Net loans & leases$610,963
Loan loss allowance $3,651
Trading account assets$0
Bank premises and fixed assets$10,363
Other real estate owned$0
Goodwill and other intangibles$4,496
All other assets$28,330
Life insurance assets$0
Total liabilities and capital$918,890
Total liabilities$845,267
Total deposits$485,947
Interest-bearing deposits$447,891
Deposits held in domestic offices$485,947
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $9,284
Trading liabilities$0
Other borrowed funds $346,507
Subordinated debt $0
All other liabilities $3,529
Total equity capital$73,623
Total bank equity capital$73,623
Perpetual preferred stock$73,623
Common stock$0
Surplus$1
Undivided profits $69,274
Memoranda
Noncurrent loans and leases $4,348
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $118,482
Income earned, not collected on loans $0
Earning assets $466
Long-term assets (5+ years) $0
Average Assets, year-to-date $3,413
Average Assets, quarterly $858,809
Volatile liabilities $425,452
Insider loans $864,226
FHLB advances $908,683
Loans and leases held for sale $263,837
Unused loan commitments $1,606
Tier 1 (core) risk-based capital $343,798
Tier 2 risk-based capital $25,000
Total risk weighted assets $0
Total unused commitments $118,482
Restructured Loans and leases $0
Derivatives$3,705
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Income and Expense (December 31, 2004)
(Dollar figures in thousands)
Total interest income $40,773
Total interest expense $20,017
Net interest income $20,756
Provision for loan and lease losses $373
Total noninterest income $6,305
Fiduciary activities $29
Service charges on deposit accounts $2,982
Trading account gains & fees $0
Additional noninterest income $3,294
Total noninterest expense $21,698
Salaries and employee benefits $14,664
Premises and equipment expense $2,060
Additional noninterest expense $4,974
Pre-tax net operating income $4,990
Securities gains (losses) $0
Applicable income taxes $795
Income before extraordinary items $4,195
Extraordinary gains - net $0
Net income attributable to bank $4,195
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $2
Net operating income $0
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Performance and Condition Ratios (December 31, 2004)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.07%
Cost of funding earning assets 2.49%
Net interest margin 2.58%
Noninterest income to earning assets 0.78%
Noninterest expense to earning assets 2.70%
Net operating income to assets 0.49%
Return on assets (ROA) 0.49%
Pretax return on assets 0.58%
Return on equity (ROE) 5.91%
Retained earnings to average equity (YTD only) 5.91%
Net charge-offs to loans 0.00%
Credit loss provision to net charge-offs 18650.00%
Efficiency ratio2681.50%
Assets per employee$79,975
Cash dividends to net income (YTD only)5.22%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 0.59%
Noncurrent assets plus other real estate owned to assets 783.48%
Noncurrent loans to loans 0.05%
Net loans and leases to deposits0.08%
Net loans and leases to core deposits 125.73%
Equity capital to assets 168.47%
Core capital (leverage) ratio 8.01%
Tier 1 risk-based capital ratio 7.54%
Total risk-based capital ratio 12.28%
Memoranda
Average assets$13
Average earning assets$864,226
Average equity $70,927
Average loans $804,348
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Total Fiduciary and Related Assets (December 31, 2004)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$3,465
Number of Accounts1
Personal trust and agency accounts$3,465
Employee benefit-defined contribution accounts$0
Employee benefit-defined benefit accounts$3,465
Other retirement accounts$0
Corporate trust and agency accounts$0
Investment management agency accounts$0
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$0
Non-managed Assets$0
Number of Accounts1
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$0
Employee benefit-defined benefit accounts$0
Other retirement accounts$0
Corporate trust and agency accounts$0
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$0
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