FDIC Certificate #: 27608 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:The Washington Trust Company of Westerly (#23623) Federal Reserve ID: 1393325 Date Established: April 24, 1989 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 2 (Interstate: No) OTS Docket #: 15634 FDIC's unique #: 40442 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: December 17, 1991 Last Structure Change Effective Date: August 25, 1999 Last Structure Change Process Date: September 21, 1999 Last Data Update: September 21, 1999 Data Source Date: April 05, 2012
Location
Address: 885 Boston Neck Road, Narragansett, RI 2882 County: Washington 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 Metropolitan Statistical Area (MSA): Providence-Fall River-Warwick, RI-MA (#6480) 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)
Financial Summary
Total assets: $60.1 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Historical total employees (full-time equivalent)
Assets and Liabilities (December 31, 1998)
Dollar figures in thousands
31Total employees (full-time equivalent)
$59,415Total assets
$2,107Cash and due from depository institutions
$3Interest-bearing balances
$4,715Securities
$3,602Federal funds sold & reverse repurchase agreements
$46,969Net loans & leases
$550Loan loss allowance
$0Trading account assets
$1,037Bank premises and fixed assets
$0Other real estate owned
$1Goodwill and other intangibles
$0Life insurance assets
$984All other assets
$59,415Total liabilities and capital
$54,908Total liabilities
$52,594Total deposits
$46,346Interest-bearing deposits
$52,594Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$2,000Other borrowed funds
$0Subordinated debt
$314All other liabilities
$4,507Total equity capital
$4,507Total bank equity capital
$4,507Perpetual preferred stock
$0Common stock
$1,643Surplus
$4,600Undivided profits
Memoranda
$-1,736Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$338Earning assets
$0Long-term assets (5+ years)
$312Average Assets, year-to-date
$55,289Average Assets, quarterly
$8,591Volatile liabilities
$51,773Insider loans
$56,904FHLB advances
$8,944Loans and leases held for sale
$510Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$9,842Total unused commitments
$0Restructured Loans and leases
$48,211Derivatives
Income and Expense (December 31, 1998)
Dollar figures in thousands
$4,476Total interest income
$2,049Total interest expense
$2,427Net interest income
$79Provision for loan and lease losses
$965Total noninterest income
$0Fiduciary activities
$132Service charges on deposit accounts
$0Trading account gains & fees
$833Additional noninterest income
$2,566Total noninterest expense
$1,419Salaries and employee benefits
$341Premises and equipment expense
$806Additional noninterest expense
$747Pre-tax net operating income
$0Securities gains (losses)
$288Applicable income taxes
$459Income before extraordinary items
$0Extraordinary gains - net
$459Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$29Sale, conversion, retirement of capital stock, net
$78Net operating income
Performance and Condition Ratios (December 31, 1998)
Dollar figures in thousands
Performance Ratios (%, annualized)
9.35%Yield on earning assets
4.28%Cost of funding earning assets
5.07%Net interest margin
2.02%Noninterest income to earning assets
5.36%Noninterest expense to earning assets
0.89%Net operating income to assets
0.89%Return on assets (ROA)
1.44%Pretax return on assets
10.76%Return on equity (ROE)
8.93%Retained earnings to average equity (YTD only)
0.07%Net charge-offs to loans
272.41%Credit loss provision to net charge-offs
28.48%Efficiency ratio
75,649Assets per employee
1.92%Cash dividends to net income (YTD only)
Condition Ratios (%)
16.99%Loss allowance to loans
1.16%Loss allowance to noncurrent loans
162.72%Noncurrent assets plus other real estate owned to assets
0.57%Noncurrent loans to loans
0.71%Net loans and leases to deposits
89.30%Net loans and leases to core deposits
102.89%Equity capital to assets
7.59%Core capital (leverage) ratio
8.04%Tier 1 risk-based capital ratio
9.21%Total risk-based capital ratio
Memoranda
$10Average assets
$51,773Average earning assets
$4,265Average equity
$47,863Average loans
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