Farmington Bank (merged into People's United Bank)
Farmington Bank reported total assets of $3.2 bn at Q3 2018, its last Call Report before it merged into People's United Bank. The CET1 capital ratio at Farmington Bank was 10.61%, and the uninsured share of Farmington Bank was 38.63%. Source: FDIC Call Reports.
What sets Farmington Bank apart
Nothing in the latest data sets Farmington Bank apart from banks of its size: no ratio in the top or bottom tenth of its size group, no large rank move or year change, and no acquisition in the FDIC history since 2016. This page is kept out of search results until that changes.
How large is Farmington Bank?
The balance sheet of Farmington Bank at : assets $3.2 bn, deposits $2.4 bn, net loans $2.9 bn (loans equal to 121.17% of deposits). Securities make up 3.2% of total assets at Farmington Bank. Since , when Farmington Bank held $2.7 bn, its assets grew 20.0%. In the year to , deposits at Farmington Bank rose 0.8% while its total assets rose 8.0%. At , Farmington Bank employed 340 full-time equivalent staff across 29 offices, about $9.5 mn of assets per employee and $83.9 mn of deposits per office.
How much funding at Farmington Bank is uninsured?
At Farmington Bank, uninsured deposits (above the FDIC limit) made up 38.63% of domestic deposits at (+0.70 pp on a year earlier). In dollars, Farmington Bank estimated $940.0 mn of uninsured deposits.
Key facts, Q3 2018
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $2.4 bn | $2.4 bn (Q3 2017) | |
| Net loans and leases | $2.9 bn | $2.7 bn (Q3 2017) | |
| Loan-to-deposit ratio | 121.17% | 111.22% (Q3 2017) | |
| Tier 1 leverage ratio | 8.18% | 8.25% (Q3 2017) | |
| Total risk-based capital ratio | 11.52% | 11.24% (Q3 2017) | |
| Net interest margin | 2.91% | 2.88% (Q3 2017) | |
| Return on assets (ROA) | 0.80% | 0.76% (Q3 2017) | |
| Efficiency ratio | 64.80% | 64.64% (Q3 2017) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $2.6 mn | Turned from a gain into a loss | |
| Unrealized gain/loss on available-for-sale securities | Loss of $93,000 | Narrowed by $84,000 | |
| Noncurrent loans to total loans | 0.43% | 0.57% (Q3 2017) | |
| Net charge-offs to average loans | 0.03% | 0.03% (Q3 2017) |
US rank of Farmington Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
Farmington Bank: assets, deposits and loans
- Total assets $3.2bn
- Deposits $2.4bn
- Net loans $2.9bn
Capital and securities
The CET1 ratio of Farmington Bank stood at 10.61% in , +0.29 pp year on year. Low and high at Farmington Bank since : 10.12% () to 10.61% (). Equity capital of Farmington Bank at : $263.2 mn, or 8.1% of total assets. Farmington Bank also reported a total capital ratio of 11.52% for , and a tier 1 leverage ratio of 8.18%.
On held-to-maturity securities, Farmington Bank carried an unrealized loss of $2.6 mn at , equal to 1.0% of equity capital. The loss turned from a gain into a loss over the year. The available-for-sale portfolio of Farmington Bank showed an unrealized loss of $93,000 at ; the loss narrowed by $84,000 over the year.
Farmington Bank: capital ratios
- Total capital 12%
- CET1 11%
- Tier 1 leverage 8.2%
Farmington Bank: unrealized securities gains and losses
- Available for sale -$93,000
- Held to maturity -$3mn
Profitability and loan quality
For the year to , Farmington Bank earned a return on equity of 10.03%; return on assets: 0.80%. Net interest margin at Farmington Bank: 2.91%, +0.03 pp in a year. Farmington Bank net income: $19.1 mn, up 14.7% year on year. The efficiency ratio of Farmington Bank was 64.80%: about 65 cents cost per revenue dollar, against 54 cents at the median peer.
At , noncurrent loans were 0.43% of total loans at Farmington Bank; net charge-offs: 0.03% of average loans. Gross loans and leases at Farmington Bank: $3.0 bn at , against $2.7 bn at .
Farmington Bank: profitability
- Return on equity 10%
- Net interest margin 2.9%
- Return on assets 0.8%
Peer group of Farmington Bank
The peer group of Farmington 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 Farmington Bank (state-chartered stock savings bank) and 0 have head offices in Connecticut. Against them, Farmington Bank shows CET1 ratio 10.61% against a peer median of 11.92%, return on equity 10.03% against a peer median of 11.03% and uninsured deposit share 38.63% against a peer median of 26.00%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Veritex Community Bank | State member bank | TX | $3.3 bn | 11.13% | 9.38% | 48.67% | |
| Mercantile Bank | State nonmember bank | MI | $3.3 bn | 12.06% | 11.83% | 38.58% | |
| MidWestOne Bank | State nonmember bank | IA | $3.3 bn | 10.84% | 9.23% | 14.02% | |
| Farmington Bank | State-chartered stock savings bank | CT | $3.2 bn | 10.61% | 10.03% | 38.63% | |
| Community Bank of Mississippi | State nonmember bank | MS | $3.2 bn | 13.27% | 10.39% | 0.00% | |
| First Internet Bank of Indiana | State nonmember bank | IN | $3.2 bn | 11.78% | 11.66% | 21.12% | |
| Sterling Bank and Trust, FSB | Federal savings bank | MI | $3.2 bn | 14.91% | 25.64% | 30.88% | |
. FDIC Call Reports.
Last eight quarters
Two years at Farmington Bank, to : assets $2.8 bn to $3.2 bn, deposits $2.3 bn to $2.4 bn, equity $225.8 mn to $263.2 mn. Staff 339 to 340; offices 28 to 29.
| Metric | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $2.8 bn | $2.9 bn | $3.0 bn | $3.0 bn | $3.0 bn | $3.1 bn | $3.3 bn | $3.2 bn |
| Total deposits | $2.3 bn | $2.3 bn | $2.3 bn | $2.4 bn | $2.5 bn | $2.5 bn | $2.5 bn | $2.4 bn |
| Bank equity capital | $225.8 mn | $231.4 mn | $236.9 mn | $242.9 mn | $243.8 mn | $250.0 mn | $256.9 mn | $263.2 mn |
| CET1 ratio | 10.32% | 10.30% | 10.19% | 10.32% | 10.28% | 10.39% | 10.36% | 10.61% |
| Return on equity (ROE) | 7.54% | 9.40% | 9.25% | 9.46% | 7.42% | 10.35% | 10.80% | 10.03% |
| Uninsured share of domestic deposits | 35.78% | 37.16% | 35.25% | 37.94% | 37.73% | 36.68% | 35.89% | 38.63% |
| Full-time equivalent employees | 339 | 349 | 349 | 349 | 349 | 355 | 356 | 340 |
| Number of offices | 28 | 28 | 28 | 28 | 28 | 29 | 29 | 29 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Farmington Bank, oldest first; figures before and after each event are not like for like.
- . Merged into People's United Bank, National Association (FDIC certificate 27334).
Questions and identifiers
What were the total assets of Farmington Bank?
Farmington Bank reported $3.2 bn at in its Call Report.
Is Farmington Bank the same as its holding company?
No. This page covers Farmington Bank, FDIC certificate 18208; FIRST CONNECTICUT BCORP INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Farmington Bank profitable?
Farmington Bank reported net income of $19.1 mn for the year to ; annualized return on equity: 10.03%. So yes: Farmington Bank made a profit over these months.
When is data for Farmington Bank next updated?
Farmington Bank no longer files Call Reports; its data ends at .
Where can I check the figures for Farmington Bank?
In the FDIC BankFind Suite record for certificate 18208, and in the Call Reports of Farmington Bank (RSSD ID 1009804) at the FFIEC Central Data Repository.