Savings Institute Bank and Trust Company
Savings Institute Bank and Trust Company reported total assets of $1.7 bn at Q1 2019, its last Call Report before it merged into Berkshire Bank. Its common equity tier 1 ratio was 12.89%, and an estimated 16.56% of domestic deposits were uninsured. Source: FDIC Call Report data, cross-checked against FFIEC filings.
- Return on equity (ROE): up 1.30 pp on Q4 2018, to 7.68%
- Bank equity capital: up 2.7% on Q4 2018, to $172.3 mn
- Total assets: up 2.5% on Q4 2018, to $1.7 bn
Ranks compare banks in our US coverage that report each metric. Sparklines: the last ten years. Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Overview
What stands out about Savings Institute Bank and Trust Company?
Against its six size peers, its uninsured share of domestic deposits stands out most: 16.56% at Q1 2019, below the peer median of 36.41%.
How large is Savings Institute Bank and Trust Company?
At Q1 2019 the bank held $1.7 bn of assets. Deposits were $1.3 bn and net loans and leases $1.3 bn, a loan-to-deposit ratio of 99.75%. Securities of $132.1 mn made up 7.9% of assets.
Total assets rose 12.0% between Q1 2016 and Q1 2019, from $1.5 bn.
How much of its funding is uninsured?
An estimated 16.56% of domestic deposits were above the FDIC insurance limit at Q1 2019, -0.49 pp from the previous quarter and +0.21 pp from a year earlier.
Key facts, Q1 2019
| Metric | Value | Change from a year earlier | US rank |
|---|---|---|---|
| Total assets | $1.7 bn | +6.0% | |
| Total deposits | $1.3 bn | +7.6% | |
| Net loans and leases | $1.3 bn | +4.2% | |
| Bank equity capital | $172.3 mn | +6.5% | |
| Common equity tier 1 (CET1) ratio | 12.89% | -0.59 pp | |
| Tier 1 leverage ratio | 9.68% | +0.16 pp | |
| Return on equity (ROE) | 7.68% | +2.37 pp | |
| Net interest margin | 3.00% | +0.01 pp | |
| Uninsured share of domestic deposits | 16.56% | +0.21 pp | |
| Noncurrent loans to total loans | 0.61% | -0.01 pp | |
| Net charge-offs to average loans | 0.00% | -0.02 pp |
US rank: rank among the banks in our coverage reporting each metric, 1 = highest unless marked 1 = lowest.
Balance sheet
Total assets, deposits and net loans, quarterly, Q1 2016 to Q1 2019.
- Total assets $1.7bn
- Deposits $1.3bn
- Net loans $1.3bn
Capital and securities
The common equity tier 1 (CET1) ratio was 12.89% at Q1 2019, -0.59 pp from a year earlier. Since Q1 2016 it has ranged from 12.88% (Q4 2018) to 14.53% (Q2 2016). At Q1 2019 the tier 1 leverage ratio was 9.68% and the total risk-based capital ratio 14.14%. The median CET1 ratio of the size peers listed below was 11.91% at Q1 2019.
Available-for-sale securities showed an unrealized loss of $1.3 mn at Q1 2019; the loss narrowed by $1.7 mn from a year earlier.
Capital ratios
- Total capital 14%
- CET1 13%
- Tier 1 leverage 9.7%
Unrealized gains and losses on securities
- Available for sale -$1mn
- Held to maturity $0
Profitability and loan quality
Return on equity was 7.68% for the year to Q1 2019, annualized, with a return on assets of 0.79% and a net interest margin of 3.00%. The margin was +0.01 pp from a year earlier. The efficiency ratio, noninterest expense as a share of revenue as the FDIC defines it, was 65.59%. Net income for the year to Q1 2019 was $3.3 mn, up 52.7% on the same period a year earlier. The median return on equity of its size peers was 11.40% for the same period.
Noncurrent loans, those 90 days or more past due or no longer accruing interest, were 0.61% of total loans at Q1 2019. Net charge-offs for the year to date were 0.00% of average loans, annualized.
Profitability
- Return on equity 7.7%
- Net interest margin 3.0%
- Return on assets 0.8%
Compared with banks of similar size
The six banks ranked closest to Savings Institute Bank and Trust Company by total assets at Q1 2019, three above and three below where possible.
Among the seven banks in the table at Q1 2019, Savings Institute Bank and Trust Company is 4th by total assets. Its CET1 ratio of 12.89% compares with a peer median of 11.91%, its tier 1 leverage ratio of 9.68% compares with a peer median of 9.87%, and its return on equity of 7.68% compares with a peer median of 11.40%.
| Bank | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|
| VIST Bank | $1.7 bn | 11.15% | 7.90% | 41.94% | |
| American Momentum Bank | $1.7 bn | 13.50% | 10.10% | 52.22% | |
| BankNewport | $1.7 bn | 12.83% | 10.13% | 22.63% | |
| Savings Institute Bank and Trust Company | $1.7 bn | 12.89% | 7.68% | 16.56% | |
| Bank Independent | $1.7 bn | 10.89% | 14.03% | 30.89% | |
| Quad City Bank and Trust Company | $1.7 bn | 10.66% | 12.67% | 47.62% | |
| American First National Bank | $1.7 bn | 12.68% | 16.47% | 19.63% | |
Q1 2019. Peer median (the six banks, excluding this one): CET1 11.91%, return on equity 11.40%. Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Last eight quarters
Savings Institute Bank and Trust Company, as reported in its Call Reports.
From Q2 2017 to Q1 2019, total assets rose 6.1% to $1.7 bn, deposits rose 9.3% to $1.3 bn and bank equity capital rose 7.3% to $172.3 mn. Over the same period its full-time equivalent staff went from 272 to 286 and its offices went from 24 to 23.
| Metric | Q2 2017 | Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $1.6 bn | $1.6 bn | $1.6 bn | $1.6 bn | $1.6 bn | $1.6 bn | $1.6 bn | $1.7 bn |
| Total deposits | $1.2 bn | $1.2 bn | $1.2 bn | $1.2 bn | $1.2 bn | $1.3 bn | $1.3 bn | $1.3 bn |
| Bank equity capital | $160.7 mn | $163.3 mn | $160.5 mn | $161.8 mn | $161.5 mn | $164.0 mn | $167.9 mn | $172.3 mn |
| Common equity tier 1 (CET1) ratio | 14.27% | 14.42% | 13.81% | 13.48% | 13.18% | 13.02% | 12.88% | 12.89% |
| Return on equity (ROE) | 5.91% | 5.89% | 3.51% | 5.31% | 6.29% | 6.48% | 6.38% | 7.68% |
| Uninsured share of domestic deposits | 15.37% | 16.90% | 16.50% | 16.35% | 15.39% | 16.24% | 17.05% | 16.56% |
| Full-time equivalent employees | 272 | 269 | 270 | 280 | 277 | 293 | 287 | 286 |
| Number of offices | 24 | 24 | 24 | 24 | 23 | 23 | 23 | 23 |
Source: FDIC BankFind Suite (Call Report data), cross-checked against FFIEC Call Report filings. Calculations: EconoMonitor.
Mergers and acquisitions
Figures before and after each event are not like for like.
- . Merged into Berkshire Bank (FDIC certificate 23621).
Source: FDIC BankFind API, institution history. Moves of more than 25% in one quarter are checked against that history in our review.
Identifiers and sources
- FDIC certificate
- 18214
- Federal Reserve RSSD ID
- 480808
- Head office
- Willimantic, Connecticut
- Holding company
- SI FINANCIAL GROUP INC (as reported to the FDIC)
- Holding company RSSD ID
- 3306815
- EconoMonitor ID
- EMB-US-000717
Frequently asked questions
What were Savings Institute Bank and Trust Company's total assets?
$1.7 bn at Q1 2019, according to its Call Report as published by the FDIC.
Is Savings Institute Bank and Trust Company the same as its holding company?
No. This page covers the FDIC-insured bank (certificate 18214). Its holding company, SI FINANCIAL GROUP INC (as reported to the FDIC), reports separately to the Federal Reserve and, if its shares are listed, to the SEC.
How often is this page updated?
Every quarter, after Savings Institute Bank and Trust Company files its Call Report and the FDIC publishes it. This page shows Q1 2019, loaded on 19 October 2026; any sentence that uses an earlier quarter names it.
Where can I check these numbers?
In the FDIC BankFind Suite record for certificate 18214, and in the Call Reports filed under RSSD ID 480808 at the FFIEC Central Data Repository.
Sources and definitions
Definitions, Call Report fields and formulas for each metric: Bank equity capital, Common equity tier 1 (CET1) ratio, Deposits in domestic offices, Efficiency ratio, Full-time equivalent employees, Loan-to-deposit ratio, Total loans and leases (gross), Net loans and leases, Net charge-offs to average loans, Net income (year to date), Net interest margin, Noncurrent loans to total loans, Number of offices, Return on assets (ROA), Return on equity (ROE), Available-for-sale securities (amortized cost), Available-for-sale securities (fair value), Held-to-maturity securities (amortized cost), Held-to-maturity securities (fair value), Total securities, Tier 1 leverage ratio, Total assets, Total deposits, Total equity capital, Total risk-based capital ratio, Uninsured share of domestic deposits, Estimated uninsured deposits, Unrealized gain/loss on available-for-sale securities, Unrealized gain/loss on held-to-maturity securities.
Checks for this release: Check A (database against the FDIC download) passed, Check B (FDIC against FFIEC Call Report filings) passed.
Source: FDIC BankFind Suite (Call Report data). EconoMonitor is not affiliated with or endorsed by the FDIC. FDIC BankFind Suite API.
Source: FFIEC Central Data Repository (Call Reports). EconoMonitor is not affiliated with or endorsed by the FFIEC. FFIEC Central Data Repository, Public Data Distribution.
Data and analysis only, not financial advice. The FDIC and the FFIEC do not endorse EconoMonitor. See the disclaimer and methodology.