Revere Bank (merged into Sandy Spring Bank)

What sets Revere Bank apart

How large is Revere Bank?

The balance sheet of Revere Bank at Q1 2020: assets $2.8 bn, deposits $2.3 bn, net loans $2.5 bn (loans equal to 107.55% of deposits). Securities make up 6.3% of total assets at Revere Bank. Since Q1 2016, when Revere Bank held $1.2 bn, its assets grew 142.0%. In the year to Q1 2020, deposits at Revere Bank rose 11.1% while its total assets rose 13.1%. At Q1 2020, Revere Bank employed 227 full-time equivalent staff across 11 offices, about $12.5 mn of assets per employee and $209.8 mn of deposits per office.

How much funding at Revere Bank is uninsured?

At Revere Bank, uninsured deposits (above the FDIC limit) made up 26.04% of domestic deposits at Q1 2020 (+2.18 pp on a year earlier). In dollars, Revere Bank estimated $600.9 mn of uninsured deposits.

Key facts, Q1 2020

US rank of Revere Bank: 1 = highest unless marked 1 = lowest.

The CET1 ratio of Revere Bank stood at 10.93% in Q1 2020, -0.37 pp year on year. Low and high at Revere Bank since Q1 2016: 8.71% (Q3 2016) to 11.45% (Q3 2018). Equity capital of Revere Bank at Q1 2020: $307.2 mn, or 10.8% of total assets. Revere Bank also reported a total capital ratio of 13.14% for Q1 2020, and a tier 1 leverage ratio of 9.99%.

The available-for-sale portfolio of Revere Bank showed an unrealized gain of $1.8 mn at Q1 2020; the gain turned from a loss into a gain over the year.

For the year to Q1 2020, Revere Bank earned a return on equity of 0.76%; return on assets: 0.08%. Net interest margin at Revere Bank: 3.54%, -0.09 pp in a year. Revere Bank net income: $577,000, down 92.3% year on year. The efficiency ratio of Revere Bank was 70.22%: about 70 cents cost per revenue dollar, against 74 cents at the median peer.

At Q1 2020, noncurrent loans were 0.47% of total loans at Revere Bank; net charge-offs: 0.78% of average loans. Gross loans and leases at Revere Bank: $2.5 bn at Q1 2020, against $2.2 bn at Q1 2019.

The peer group of Revere Bank is the 6 banks nearest to it by total assets at Q1 2020: 3 larger and 3 smaller. Of the peers, 1 shares the charter type of Revere Bank (state nonmember bank) and 0 have head offices in Maryland. Against them, Revere Bank shows CET1 ratio 10.93% against a peer median of 12.64%, return on equity 0.76% against a peer median of 2.69% and uninsured deposit share 26.04% against a peer median of 37.16%.

The FDIC history of Revere Bank, oldest first; figures before and after each event are not like for like.

1. 23 March 2016. Absorbed BlueRidge Bank (FDIC certificate 58756).
2. 1 October 2016. Absorbed MONUMENT BANK (FDIC certificate 57942).
3. 1 April 2020. Merged into Sandy Spring Bank (FDIC certificate 4865).

Large one-quarter moves at Revere Bank

• Total assets at Revere Bank changed by +42.7% in the quarter to 2016-12-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from MONUMENT BANK.