East Boston Savings Bank (merged into Rockland Trust Company)
East Boston Savings Bank reported total assets of $6.1 bn at Q3 2021, its last Call Report before it merged into Rockland Trust Company. East Boston Savings Bank uses the community bank leverage ratio framework, with a leverage ratio of 11.90%, and the uninsured share of East Boston Savings Bank was 23.13%. Source: FDIC Call Reports.
Key takeaways
- Since , East Boston Savings Bank has taken over one institution; the latest was Meetinghouse Bank on (FDIC Call Reports).
What sets East Boston Savings Bank apart
How large is East Boston Savings Bank?
The balance sheet of East Boston Savings Bank at : assets $6.1 bn, deposits $4.7 bn, net loans $4.9 bn (loans equal to 102.59% of deposits). Securities make up 0.1% of total assets at East Boston Savings Bank. Since , when East Boston Savings Bank held $3.6 bn, its assets grew 70.0%. In the year to , deposits at East Boston Savings Bank fell 4.8% while its total assets fell 6.7%. At , East Boston Savings Bank employed 427 full-time equivalent staff across 43 offices, about $14.4 mn of assets per employee and $110.0 mn of deposits per office.
How much funding at East Boston Savings Bank is uninsured?
At East Boston Savings Bank, uninsured deposits (above the FDIC limit) made up 23.13% of domestic deposits at (+0.12 pp on a year earlier). In dollars, East Boston Savings Bank estimated $1.1 bn of uninsured deposits.
Key facts, Q3 2021
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $4.7 bn | $5.0 bn (Q3 2020) | |
| Net loans and leases | $4.9 bn | $5.6 bn (Q3 2020) | |
| Loan-to-deposit ratio | 102.59% | 112.64% (Q3 2020) | |
| Net interest margin | 3.13% | 3.10% (Q3 2020) | |
| Return on assets (ROA) | 1.26% | 0.98% (Q3 2020) | |
| Efficiency ratio | 50.93% | 46.98% (Q3 2020) | |
| Unrealized gain/loss on available-for-sale securities | Gain of $454,000 | Fell by $196,000 | |
| Noncurrent loans to total loans | 0.14% | 0.06% (Q3 2020) | |
| Net charge-offs to average loans | 0.10% | 0.00% (Q3 2020) |
US rank of East Boston Savings Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
East Boston Savings Bank: assets, deposits and loans
- Total assets $6.1bn
- Deposits $4.7bn
- Net loans $4.9bn
Capital and securities
East Boston Savings Bank uses the community bank leverage ratio framework, so it reports no risk-based ratios; its leverage ratio was 11.90% in . Equity capital of East Boston Savings Bank at : $762.8 mn, or 12.4% of total assets.
The available-for-sale portfolio of East Boston Savings Bank showed an unrealized gain of $454,000 at ; the gain fell by $196,000 over the year.
East Boston Savings Bank: capital ratios
- Total capital 12%
- CET1 11%
- Tier 1 leverage 12%
East Boston Savings Bank: unrealized securities gains and losses
- Available for sale $454,000
- Held to maturity $0
Profitability and loan quality
For the year to , East Boston Savings Bank earned a return on equity of 10.69%; return on assets: 1.26%. Net interest margin at East Boston Savings Bank: 3.13%, +0.02 pp in a year. East Boston Savings Bank net income: $60.4 mn, up 28.0% year on year. The efficiency ratio of East Boston Savings Bank was 50.93%: about 51 cents cost per revenue dollar, against 57 cents at the median peer.
At , noncurrent loans were 0.14% of total loans at East Boston Savings Bank; net charge-offs: 0.10% of average loans. Gross loans and leases at East Boston Savings Bank: $4.9 bn at , against $5.7 bn at .
East Boston Savings Bank: profitability
- Return on equity 11%
- Net interest margin 3.1%
- Return on assets 1.3%
Peer group of East Boston Savings Bank
The peer group of East Boston Savings Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 0 share the charter type of East Boston Savings Bank (state-chartered stock savings bank) and 0 have head offices in Massachusetts. Against them, East Boston Savings Bank shows return on equity 10.69% against a peer median of 13.45% and uninsured deposit share 23.13% against a peer median of 36.56%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Stock Yards Bank & Trust Company | State nonmember bank | KY | $6.2 bn | 11.34% | 11.84% | 45.98% | |
| Metropolitan Commercial Bank | State member bank | NY | $6.1 bn | 14.61% | 13.30% | 42.07% | |
| TrustCo Bank | Federal savings bank | NY | $6.1 bn | 18.90% | 11.34% | 13.32% | |
| East Boston Savings Bank | State-chartered stock savings bank | MA | $6.1 bn | not reported | 10.69% | 23.13% | |
| Union Bank and Trust Company | State nonmember bank | NE | $6.1 bn | 11.99% | 13.86% | 16.70% | |
| Alpine Bank | State nonmember bank | CO | $6.1 bn | 13.09% | 13.60% | 47.51% | |
| Principal Bank | Federal savings bank | IA | $6.1 bn | 14.42% | 16.10% | 31.05% | |
. FDIC Call Reports.
Last eight quarters
Two years at East Boston Savings Bank, to : assets $6.3 bn to $6.1 bn, deposits $4.9 bn to $4.7 bn, equity $683.4 mn to $762.8 mn. Staff 514 to 427; offices 40 to 43.
| Metric | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $6.3 bn | $6.3 bn | $6.4 bn | $6.6 bn | $6.6 bn | $6.5 bn | $6.3 bn | $6.1 bn |
| Total deposits | $4.9 bn | $4.8 bn | $4.8 bn | $5.0 bn | $5.1 bn | $5.1 bn | $4.9 bn | $4.7 bn |
| Bank equity capital | $683.4 mn | $698.1 mn | $698.8 mn | $716.7 mn | $741.3 mn | $766.5 mn | $743.8 mn | $762.8 mn |
| CET1 ratio | 11.06% | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Return on equity (ROE) | 10.45% | 7.56% | 8.78% | 9.00% | 9.24% | 12.93% | 11.14% | 10.69% |
| Uninsured share of domestic deposits | 20.16% | 20.92% | 23.25% | 23.00% | 24.50% | 22.00% | 23.28% | 23.13% |
| Full-time equivalent employees | 514 | 514 | 481 | 472 | 478 | 470 | 438 | 427 |
| Number of offices | 40 | 40 | 40 | 43 | 43 | 43 | 43 | 43 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of East Boston Savings Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Meetinghouse Bank (FDIC certificate 26715).
- . Merged into Rockland Trust Company (FDIC certificate 9712).
Questions and identifiers
What were the total assets of East Boston Savings Bank?
East Boston Savings Bank reported $6.1 bn at in its Call Report.
Is East Boston Savings Bank the same as its holding company?
No. This page covers East Boston Savings Bank, FDIC certificate 33510; MERIDIAN BCORP INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is East Boston Savings Bank profitable?
East Boston Savings Bank reported net income of $60.4 mn for the year to ; annualized return on equity: 10.69%. So yes: East Boston Savings Bank made a profit over these months.
When is data for East Boston Savings Bank next updated?
East Boston Savings Bank no longer files Call Reports; its data ends at .
Where can I check the figures for East Boston Savings Bank?
In the FDIC BankFind Suite record for certificate 33510, and in the Call Reports of East Boston Savings Bank (RSSD ID 1000100) at the FFIEC Central Data Repository.