Summit Bank in Summit, New Jersey (NJ)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of July 13, 1996

  • Summit Bank in Summit, New Jersey (NJ)
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Summit Bank - Overview

  • General
  • FDIC Certificate #: 8610
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Summit Bank (#550)
    Federal Reserve ID: 298508
    Date Established: March 15, 1921
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 108 (Interstate: No)
    OTS Docket #: 10522
    FDIC's unique #: 5502
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Bank Insurance Fund (BIF)
    Bank Insurance Fund: Yes
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Oakar Institutions: Yes
    State Chartered: Yes
    Date of Deposit Insurance: January 01, 1934
    Last Structure Change Effective Date: July 13, 1996
    Last Structure Change Process Date: August 22, 1996
    Last Data Update: August 22, 1996
    Data Source Date: April 05, 2012
  • Location
  • Address: 367 Springfield Road, Summit, NJ 7901
    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: $5,713.2 mil

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1995)

  • Dollar figures in thousands
  • 0Total employees (full-time equivalent)
  • $1,567Total assets
  • $5,615,462Cash and due from depository institutions
  • $308,726Interest-bearing balances
  • $25Securities
  • $1,535,623Federal funds sold & reverse repurchase agreements
  • $128,150Net loans & leases
  • $3,470,808Loan loss allowance
  • $91,384Trading account assets
  • $1,237Bank premises and fixed assets
  • $43,263Other real estate owned
  • $4,688Goodwill and other intangibles
  • $117,497Life insurance assets
  • $5,470All other assets
  • $0Total liabilities and capital
  • $5,615,462Total liabilities
  • $5,238,718Total deposits
  • $4,696,045Interest-bearing deposits
  • $3,903,729Deposits held in domestic offices
  • 4696045.00%% insured (estimated)
  • $82Federal funds purchased & repurchase agreements
  • $264,047Trading liabilities
  • $0Other borrowed funds
  • $174,888Subordinated debt
  • $49,405All other liabilities
  • $54,333Total equity capital
  • $54,333Total bank equity capital
  • $376,744Perpetual preferred stock
  • $0Common stock
  • $58,771Surplus
  • $75,293Undivided profits
  • Memoranda
  • $242,680Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $35,825Income earned, not collected on loans
  • $21,193Earning assets
  • $5,135,843Long-term assets (5+ years)
  • $1,500,861Average Assets, year-to-date
  • $5,512,501Average Assets, quarterly
  • $5,595,272Volatile liabilities
  • $648,845Insider loans
  • $42,801FHLB advances
  • $0Loans and leases held for sale
  • $67,418Unused loan commitments
  • $852,887Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $370,579Total risk weighted assets
  • $3,695,060Total unused commitments
  • $0Restructured Loans and leases
  • $173,206Derivatives

Income and Expense (December 31, 1995)

  • Dollar figures in thousands
  • $0Total interest income
  • $397,535Total interest expense
  • $184,284Net interest income
  • $213,251Provision for loan and lease losses
  • $6,600Total noninterest income
  • $49,746Fiduciary activities
  • $13,007Service charges on deposit accounts
  • $20,130Trading account gains & fees
  • $284Additional noninterest income
  • $16,325Total noninterest expense
  • $150,719Salaries and employee benefits
  • $80,845Premises and equipment expense
  • $26,974Additional noninterest expense
  • $42,900Pre-tax net operating income
  • $105,678Securities gains (losses)
  • -$14,890Applicable income taxes
  • $32,193Income before extraordinary items
  • $58,595Extraordinary gains - net
  • $0Net income attributable to bank
  • $58,595Net charge-offs
  • $6,385Cash dividends
  • $29,200Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 1995)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 0.00%Yield on earning assets
  • 7.86%Cost of funding earning assets
  • 3.64%Net interest margin
  • 4.21%Noninterest income to earning assets
  • 0.98%Noninterest expense to earning assets
  • 2.98%Net operating income to assets
  • 1.24%Return on assets (ROA)
  • 1.06%Pretax return on assets
  • 1.65%Return on equity (ROE)
  • 16.74%Retained earnings to average equity (YTD only)
  • 8.40%Net charge-offs to loans
  • 0.18%Credit loss provision to net charge-offs
  • 103.37%Efficiency ratio
  • 57,088Assets per employee
  • 3.58%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 49.83%Loss allowance to loans
  • 2.57%Loss allowance to noncurrent loans
  • 255.08%Noncurrent assets plus other real estate owned to assets
  • 0.72%Noncurrent loans to loans
  • 1.01%Net loans and leases to deposits
  • 73.91%Net loans and leases to core deposits
  • 79.77%Equity capital to assets
  • 6.71%Core capital (leverage) ratio
  • 6.70%Tier 1 risk-based capital ratio
  • 10.03%Total risk-based capital ratio
  • Memoranda
  • $13Average assets
  • $5,512,501Average earning assets
  • $350,067Average equity
  • $5,059,708Average loans

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