FDIC Certificate #: 58046 Status: Inactive Closing history: Absorption - Assisted Acquiring institution:Northfield Bank (#28710) Federal Reserve ID: 3402904 Date Established: January 18, 2006 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 3 (Interstate: No) FDIC's unique #: 437116 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes State Chartered: Yes Date of Deposit Insurance: January 18, 2006 Last Structure Change Effective Date: October 14, 2011 Last Structure Change Process Date: October 17, 2011 Last Data Update: October 17, 2011 Data Source Date: April 05, 2012
Location
Address: 16 Commerce Drive, Cranford, NJ 7016 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: $191.9 mil
2000 - 2011 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Historical total employees (full-time equivalent)
Assets and Liabilities (December 31, 2010)
Dollar figures in thousands
26Total employees (full-time equivalent)
$229,011Total assets
$17,382Cash and due from depository institutions
$11,456Interest-bearing balances
$11,569Securities
$16,590Federal funds sold & reverse repurchase agreements
$177,674Net loans & leases
$3,792Loan loss allowance
$0Trading account assets
$1,262Bank premises and fixed assets
$2,063Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$2,471All other assets
$229,012Total liabilities and capital
$219,096Total liabilities
$218,064Total deposits
$208,099Interest-bearing deposits
$218,064Deposits held in domestic offices
95.49%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$1,032All other liabilities
$9,916Total equity capital
$9,916Total bank equity capital
$9,916Perpetual preferred stock
$0Common stock
$7,196Surplus
$18,662Undivided profits
Memoranda
$-15,942Noncurrent loans and leases
$10,172Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$8,269Earning assets
$386Long-term assets (5+ years)
$961Average Assets, year-to-date
$217,289Average Assets, quarterly
$48,845Volatile liabilities
$252,559Insider loans
$238,705FHLB advances
$63,107Loans and leases held for sale
$4,335Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$10,172Total unused commitments
$13,143Restructured Loans and leases
$2,311Derivatives
Income and Expense (December 31, 2010)
Dollar figures in thousands
$14,105Total interest income
$5,461Total interest expense
$8,644Net interest income
$5,371Provision for loan and lease losses
$722Total noninterest income
$0Fiduciary activities
$179Service charges on deposit accounts
$0Trading account gains & fees
$543Additional noninterest income
$8,631Total noninterest expense
$2,691Salaries and employee benefits
$974Premises and equipment expense
$4,966Additional noninterest expense
-$4,636Pre-tax net operating income
$253Securities gains (losses)
$18Applicable income taxes
-$4,401Income before extraordinary items
$0Extraordinary gains - net
-$4,401Net income attributable to bank
$0Net charge-offs
-$4,401Cash dividends
$5,835Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2010)
Dollar figures in thousands
Performance Ratios (%, annualized)
5.84%Yield on earning assets
2.26%Cost of funding earning assets
3.58%Net interest margin
0.30%Noninterest income to earning assets
3.57%Noninterest expense to earning assets
-1.84%Net operating income to assets
-1.74%Return on assets (ROA)
-1.74%Pretax return on assets
-34.14%Return on equity (ROE)
-34.14%Retained earnings to average equity (YTD only)
2.99%Net charge-offs to loans
92.05%Credit loss provision to net charge-offs
0.13%Efficiency ratio
92,152Assets per employee
8.81%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
2.09%Loss allowance to noncurrent loans
45.86%Noncurrent assets plus other real estate owned to assets
4.51%Noncurrent loans to loans
4.56%Net loans and leases to deposits
81.48%Net loans and leases to core deposits
114.66%Equity capital to assets
4.33%Core capital (leverage) ratio
4.18%Tier 1 risk-based capital ratio
5.44%Total risk-based capital ratio
Memoranda
$7Average assets
$252,559Average earning assets
$12,892Average equity
$241,653Average loans
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