Southbridge Savings Bank in Southbridge, Massachusetts (MA)
| Southbridge Savings Bank | |
|---|---|
| General | FDIC Certificate #: 23524 Status: Active Federal Reserve ID: 627407 Bank Holding Company (Regulatory Top Holder): Green Valley Bancorp, Mhc (RSSDID: 3723216, Location: Southbridge, MA) Date Established: April 20, 1848 WWW: http://www.southbridgesavingsbank.com Trust Powers Granted: No Bank Charter Class: Savings banks, state charter, supervised by the FDIC Offices: 9 (Domestic: 9, Interstate: No) OTS Docket #: 14520 FDIC's unique #: 16477 Numeric code: 41 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) FDIC Insured: Yes Insured Savings Institution: 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: September 08, 1981 Last Structure Change Effective Date: October 07, 2008 Last Structure Change Process Date: October 14, 2008 Last Data Update: October 14, 2008 Data Source Date: Febuary 17, 2011 |
| Location | Address: 253 Main Street # 257, Southbridge, MA 1550 County: Worcester 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): Worcester, MA-CT (#9240) Consolidated Metropolitan Statistical Area (CMSA): Boston-Worcester-Lawrence, MA-NH-ME-CT (#7) Combined Statistical Area (CSA): Boston-Worcester-Manchester, MA-RI-NH (#148) Core Based Statistical Area (CBSA): Worcester, MA (#49340) CBSA Metro Statistical Area: Worcester, MA (#49340) |
| History of Changes | Change in Location Change in Entity Type |
| Financial Summary | Total assets: $42.9 mil Equity capital: $3.8 mil Deposits held in domestic offices: $33.5 mil Return on assets (ROA): 0.45% ($0.2 mil) Quarterly return on assets: 0.24% ($0.1 mil) Return on Equity (ROE): 1.05.1947% ($0.0 mil) Quarterly return on equity: 1.02.1982% ($0.0 mil) Net income: $0.0 mil Quarterly Net income: $0.3 mil Pretax return on assets: 0.63% ($270.2 mil) Quarterly Pretax return on assets: 0.40% ($171.6 mil) |
| Assets and Liabilities (December 31, 2010) (Dollar figures in thousands) | |
| Total employees (full-time equivalent) | 112 |
| Total assets | $409,030 |
| Cash and due from depository institutions | $11,620 |
| Interest-bearing balances | $3,501 |
| Securities | $18,589 |
| Federal funds sold & reverse repurchase agreements | $3,761 |
| Net loans & leases | $341,077 |
| Loan loss allowance | $2,758 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,322 |
| Other real estate owned | $2,020 |
| Goodwill and other intangibles | $0 |
| All other assets | $22,641 |
| Life insurance assets | $11,132 |
| Total liabilities and capital | $409,030 |
| Total liabilities | $370,691 |
| Total deposits | $316,721 |
| Interest-bearing deposits | $290,137 |
| Deposits held in domestic offices | $316,721 |
| % insured (estimated) | 97.16% |
| Federal funds purchased & repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $49,719 |
| Subordinated debt | $0 |
| All other liabilities | $4,251 |
| Total equity capital | $38,339 |
| Total bank equity capital | $38,339 |
| Perpetual preferred stock | $38,339 |
| Common stock | $0 |
| Surplus | $0 |
| Undivided profits | $0 |
| Memoranda | |
| Noncurrent loans and leases | $38,339 |
| Noncurrent loans that are wholly or partially guaranteed by the U.S. government | $52,221 |
| Income earned, not collected on loans | $0 |
| Earning assets | $4,877 |
| Long-term assets (5+ years) | $0 |
| Average Assets, year-to-date | $1,356 |
| Average Assets, quarterly | $366,928 |
| Volatile liabilities | $178,375 |
| Insider loans | $433,217 |
| FHLB advances | $418,960 |
| Loans and leases held for sale | $80,192 |
| Unused loan commitments | $3,746 |
| Tier 1 (core) risk-based capital | $49,719 |
| Tier 2 risk-based capital | $0 |
| Total risk weighted assets | $0 |
| Total unused commitments | $52,221 |
| Restructured Loans and leases | $1,533 |
| Derivatives | $2,758 |
| Income and Expense (December 31, 2010) (Dollar figures in thousands) | |
| Total interest income | $21,007 |
| Total interest expense | $6,434 |
| Net interest income | $14,573 |
| Provision for loan and lease losses | $2,160 |
| Total noninterest income | $4,952 |
| Fiduciary activities | $0 |
| Service charges on deposit accounts | $3,066 |
| Trading account gains & fees | $0 |
| Additional noninterest income | $1,886 |
| Total noninterest expense | $14,270 |
| Salaries and employee benefits | $6,967 |
| Premises and equipment expense | $1,876 |
| Additional noninterest expense | $5,427 |
| Pre-tax net operating income | $3,095 |
| Securities gains (losses) | -$59 |
| Applicable income taxes | $886 |
| Income before extraordinary items | $2,150 |
| Extraordinary gains - net | $0 |
| Net income attributable to bank | $2,150 |
| Net charge-offs | $0 |
| Cash dividends | $2,150 |
| Sale, conversion, retirement of capital stock, net | $2,494 |
| Net operating income | $0 |
| Performance and Condition Ratios (December 31, 2010) (Dollar figures in thousands) | |
| Performance Ratios (%, annualized) | |
| Yield on earning assets | 5.41% |
| Cost of funding earning assets | 1.66% |
| Net interest margin | 3.75% |
| Noninterest income to earning assets | 1.28% |
| Noninterest expense to earning assets | 3.67% |
| Net operating income to assets | 0.51% |
| Return on assets (ROA) | 0.50% |
| Pretax return on assets | 0.70% |
| Return on equity (ROE) | 5.83% |
| Retained earnings to average equity (YTD only) | 5.83% |
| Net charge-offs to loans | 0.70% |
| Credit loss provision to net charge-offs | 86.61% |
| Efficiency ratio | 2.11% |
| Assets per employee | $73,086 |
| Cash dividends to net income (YTD only) | 3.65% |
| Condition Ratios (%) | |
| Loss allowance to loans | 0.00% |
| Loss allowance to noncurrent loans | 0.80% |
| Noncurrent assets plus other real estate owned to assets | 56.55% |
| Noncurrent loans to loans | 1.69% |
| Net loans and leases to deposits | 1.42% |
| Net loans and leases to core deposits | 107.69% |
| Equity capital to assets | 126.55% |
| Core capital (leverage) ratio | 9.37% |
| Tier 1 risk-based capital ratio | 9.18% |
| Total risk-based capital ratio | 13.79% |
| Memoranda | |
| Average assets | $15 |
| Average earning assets | $433,217 |
| Average equity | $36,883 |
| Average loans | $388,323 |
| 9 Massachusetts Branches as of Febuary 17, 2011 | ||||||
| No | ID | Name | Address | Established | Service Type | Map |
|---|---|---|---|---|---|---|
| 0 | 16477 | Southbridge Savings Bank | 253 Main Street # 257, Southbridge, MA 1550 | April 20, 1848 | Full Service Brick and Mortar |  |
| 1 | 291460 | Sturbridge Branch | 200 Charlton Road, Sturbridge, MA 1566 | October 18, 1972 | Full Service Brick and Mortar |  |
| 2 | 291461 | Charlton Branch | 63 Main Street, Charlton, MA 1507 | Febuary 23, 1976 | Full Service Brick and Mortar | |
| 3 | 256415 | Southbridge Plaza Branch | 495 East Main Street, Southbridge, MA 1550 | June 01, 1987 | Full Service Retail | |
| 4 | 256416 | Spencer Big Y Branch | 70 West Main Street, Spencer, MA 1562 | June 01, 1996 | Full Service Retail | |
| 5 | 256417 | West Boylston Street Branch | 70 West Boylston Street, Worcester, MA 1606 | July 22, 1998 | Full Service Brick and Mortar | |
| 6 | 256418 | Webster Branch | 86 Worcester Road, Webster, MA 1570 | October 16, 1998 | Full Service Brick and Mortar | |
| 10 | 419162 | Holden Branch | 1073 Main Street, Holden, MA 1520 | June 04, 2003 | Full Service Brick and Mortar | |
| 13 | 469975 | North Oxford Branch | 64 Leicester Street, North Oxford, MA 1537 | December 17, 2007 | Full Service Brick and Mortar | |
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