|
Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CENTURY BANCORP, INC. |
|
|
|
|
Registered Office : |
400 Mystic Avenue, P. O. Box 9102 Medford, MA 02155 |
|
|
|
|
Country : |
United States |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.01.1972 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
The Company operates through its banking subsidiary, Century Bank and Trust Company (the Bank). |
|
|
|
|
No. of Employees : |
336 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the largest and most technologically powerful
economy in the world, with a per capita GDP of $49,800. In this market-oriented
economy, private individuals and business firms make most of the decisions, and
the federal and state governments buy needed goods and services predominantly
in the private marketplace. US business firms enjoy greater flexibility than
their counterparts in Western Europe and Japan in decisions to expand capital
plant, to lay off surplus workers, and to develop new products. At the same
time, they face higher barriers to enter their rivals' home markets than
foreign firms face entering US markets. US firms are at or near the forefront
in technological advances, especially in computers and in medical, aerospace,
and military equipment; their advantage has narrowed since the end of World War
II. The onrush of technology largely explains the gradual development of a
"two-tier labor market" in which those at the bottom lack the
education and the professional/technical skills of those at the top and, more
and more, fail to get comparable pay raises, health insurance coverage, and
other benefits. Since 1975, practically all the gains in household income have
gone to the top 20% of households. Since 1996, dividends and capital gains have
grown faster than wages or any other category of after-tax income. Imported oil
accounts for nearly 55% of US consumption. Crude oil prices doubled between
2001 and 2006, the year home prices peaked; higher gasoline prices ate into
consumers' budgets and many individuals fell behind in their mortgage payments.
Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures
more than doubled in the same period. Besides dampening the housing market,
soaring oil prices caused a drop in the value of the dollar and a deterioration
in the US merchandise trade deficit, which peaked at $840 billion in 2008. The
sub-prime mortgage crisis, falling home prices, investment bank failures, tight
credit, and the global economic downturn pushed the United States into a
recession by mid-2008. GDP contracted until the third quarter of 2009, making
this the deepest and longest downturn since the Great Depression. To help
stabilize financial markets, in October 2008 the US Congress established a $700
billion Troubled Asset Relief Program (TARP). The government used some of these
funds to purchase equity in US banks and industrial corporations, much of which
had been returned to the government by early 2011. In January 2009 the US
Congress passed and President Barack OBAMA signed a
bill providing an additional $787 billion fiscal stimulus to be used over 10
years - two-thirds on additional spending and one-third on tax cuts - to create
jobs and to help the economy recover. In 2010 and 2011, the federal budget
deficit reached nearly 9% of GDP. In 2012 the federal government reduced the
growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and
Afghanistan required major shifts in national resources from civilian to
military purposes and contributed to the growth of the budget deficit and
public debt. Through 2011, the direct costs of the wars totaled nearly $900
billion, according to US government figures. US revenues from taxes and other
sources are lower, as a percentage of GDP, than those of most other countries.
In March 2010, President OBAMA signed into law the Patient Protection and
Affordable Care Act, a health insurance reform that will extend coverage to an
additional 32 million American citizens by 2016, through private health
insurance for the general population and Medicaid for the impoverished. Total
spending on health care - public plus private - rose from 9.0% of GDP in 1980
to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street
Reform and Consumer Protection Act, a law designed to promote financial
stability by protecting consumers from financial abuses, ending taxpayer
bailouts of financial firms, dealing with troubled banks that are "too big
to fail," and improving accountability and transparency in the financial
system - in particular, by requiring certain financial derivatives to be traded
in markets that are subject to government regulation and oversight. In December
2012, the Federal Reserve Board announced plans to purchase $85 billion per
month of mortgage-backed and Treasury securities in an effort to hold down
long-term interest rates, and to keep short term rates near zero until
unemployment drops to 6.5% from the December rate of 7.8%, or until inflation
rises above 2.5%. Long-term problems include stagnation of wages for
lower-income families, inadequate investment in deteriorating infrastructure,
rapidly rising medical and pension costs of an aging population, energy
shortages, and sizable current account and budget deficits - including
significant budget shortages for state governments.
Source
: CIA
Century Bancorp,
Inc.
|
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Business
Description
|
Century Bancorp, Inc. is a state-chartered bank holding company. The
Company operates through its banking subsidiary, Century Bank and Trust Company
(the Bank). As of December 31, 2011, the Company operated 24 banking offices
in 17 cities and towns in Massachusetts. The Bank’s
customers consist primarily of small and medium-sized businesses and retail
customers in these communities and surrounding areas, as well as local
governments and institutions throughout Massachusetts. The Company offers a
range of services to commercial enterprises, state and local governments and
agencies, nonprofit organizations and individuals. It focuses on small and
medium-sized businesses and retail customers in its market area. The Company
makes commercial loans, real estate and construction loans, and consumer
loans and accepts savings, time and demand deposits. For the six months ended
30 June 2013, Century Bancorp, Inc. interest income decreased 4% to $38.3M.
Net interest income after loan loss provision decreased 1% to $27.6M. Net
income increased 11% to $9.5M. Net interest income after loan loss provision
reflects Loans decrease of 3% to $23.9M, Securities held-to-maturity decrease
of 13% to $2.9M, Securities available-for-sale, taxable decrease of 2% to
$11.2M. |
Industry
|
Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
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Key Executives (Emails Available)
|
Significant
Developments
|
Financial
Summary
|
Stock
Snapshot
|
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
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Century Bancorp,
Inc. |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Medford, MA |
United States |
Banking |
77.8 |
336 |
|
|
Subsidiary |
Medford, MA |
United States |
Banking |
|
100 |
|
|
Branch |
Lynn, MA |
United States |
Banking |
|
9 |
|
|
Branch |
Allston, MA |
United States |
Banking |
|
7 |
|
|
Branch |
Boston, MA |
United States |
Banking |
|
7 |
|
|
Branch |
Everett, MA |
United States |
Banking |
|
7 |
|
|
Branch |
Somerville, MA |
United States |
Banking |
|
7 |
|
|
Branch |
Medford, MA |
United States |
Banking |
|
7 |
|
|
Branch |
Burlington, MA |
United States |
Banking |
|
6 |
|
|
Branch |
Cambridge, MA |
United States |
Banking |
|
6 |
|
|
Branch |
Braintree, MA |
United States |
Banking |
|
6 |
|
|
Branch |
Quincy, MA |
United States |
Banking |
|
5 |
|
|
Branch |
Chestnut Hill, MA |
United States |
Banking |
|
5 |
|
|
Branch |
Medford, MA |
United States |
Banking |
|
5 |
|
|
Branch |
Brookline, MA |
United States |
Banking |
|
5 |
|
|
Branch |
Malden, MA |
United States |
Banking |
|
5 |
|
|
Branch |
Boston, MA |
United States |
Banking |
|
5 |
|
|
Branch |
Winchester, MA |
United States |
Banking |
|
5 |
|
|
Branch |
Boston, MA |
United States |
Banking |
|
5 |
|
|
Branch |
Beverly, MA |
United States |
Banking |
|
4 |
|
|
Branch |
Peabody, MA |
United States |
Banking |
|
4 |
|
|
Branch |
Salem, MA |
United States |
Banking |
|
4 |
|
|
Branch |
Chestnut Hill, MA |
United States |
Banking |
|
4 |
|
|
Branch |
Boston, MA |
United States |
Banking |
|
4 |
|
|
Branch |
Boston, MA |
United States |
Banking |
|
3 |
|
Executives Report
|
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|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Interest & Fees on Loans |
51.4 |
48.1 |
48.4 |
48.2 |
49.3 |
|
Interest & Dividends on Investment
Securities |
29.4 |
28.9 |
26.5 |
29.2 |
28.6 |
|
Fed Funds Sold/Securities Purch
under Resale Agrmnt |
0.6 |
1.1 |
1.6 |
2.2 |
2.8 |
|
Interest Income, Bank |
81.5 |
78.1 |
76.6 |
79.6 |
80.7 |
|
Interest on Deposit |
10.9 |
14.6 |
15.9 |
20.8 |
23.0 |
|
Interest on Other Borrowings |
8.3 |
7.8 |
8.3 |
10.4 |
11.5 |
|
Fed Funds Purch/Securities
Sold under Repurch Agrmnt |
0.4 |
0.4 |
0.6 |
0.6 |
1.4 |
|
Total Interest Expense |
19.5 |
22.8 |
24.8 |
31.7 |
35.9 |
|
Net Interest Income |
62.0 |
55.3 |
51.8 |
47.9 |
44.8 |
|
|
|
|
|
|
|
|
Loan Loss Provision |
4.2 |
4.6 |
5.6 |
6.6 |
4.4 |
|
Net Interest Income after Loan Loss Provision |
57.8 |
50.7 |
46.2 |
41.3 |
40.4 |
|
|
|
|
|
|
|
|
Fees & Commissions from Operations |
7.9 |
7.9 |
7.9 |
8.0 |
8.2 |
|
Commissions & Fees from Securities
Activities |
0.4 |
0.4 |
0.2 |
0.1 |
0.2 |
|
Fees for Other Customer Services |
2.9 |
2.8 |
2.9 |
2.8 |
3.0 |
|
Other Unusual Income |
- |
- |
0.0 |
- |
0.0 |
|
Other Revenue |
4.7 |
5.1 |
5.0 |
5.5 |
2.7 |
|
Non-Interest Income, Bank |
15.9 |
16.2 |
16.0 |
16.5 |
14.0 |
|
Labor & Related Expenses |
-33.3 |
-29.9 |
-28.7 |
-27.2 |
-25.6 |
|
Amortization of Intangibles |
-0.1 |
-0.4 |
-0.4 |
-0.4 |
- |
|
Other Expense |
-19.8 |
-18.4 |
-18.3 |
-18.8 |
-17.4 |
|
Non-Interest Expense, Bank |
-53.2 |
-48.7 |
-47.4 |
-46.4 |
-43.0 |
|
Income Before Tax |
20.4 |
18.2 |
14.8 |
11.3 |
11.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
1.4 |
1.6 |
1.2 |
1.2 |
2.3 |
|
Income After Tax |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
Net Income |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Basic EPS Excl Extraord Items |
3.43 |
3.01 |
2.45 |
1.84 |
1.63 |
|
Basic/Primary EPS Incl Extraord
Items |
3.43 |
3.01 |
2.45 |
1.84 |
1.63 |
|
Diluted Net Income |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
Diluted Weighted Average Shares |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Diluted EPS Excl Extraord Items |
3.43 |
3.01 |
2.45 |
1.84 |
1.63 |
|
Diluted EPS Incl Extraord
Items |
3.43 |
3.01 |
2.45 |
1.84 |
1.63 |
|
Dividends per Share - Common Stock Primary Issue |
0.48 |
0.48 |
0.48 |
0.48 |
0.48 |
|
Dividends per Share - Common Stock Issue 2 |
0.24 |
0.24 |
0.24 |
0.24 |
0.24 |
|
Gross Dividends - Common Stock |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
|
Depreciation, Supplemental |
6.3 |
5.2 |
4.6 |
5.6 |
2.8 |
|
Total Special Items |
- |
- |
0.0 |
- |
0.1 |
|
Normalized Income Before Tax |
20.4 |
18.2 |
14.8 |
11.3 |
11.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
- |
0.0 |
- |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
1.4 |
1.6 |
1.2 |
1.2 |
2.3 |
|
Normalized Income After Tax |
19.0 |
16.7 |
13.6 |
10.2 |
9.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
19.0 |
16.7 |
13.6 |
10.2 |
9.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.43 |
3.01 |
2.45 |
1.84 |
1.64 |
|
Diluted Normalized EPS |
3.43 |
3.01 |
2.45 |
1.84 |
1.64 |
|
Amort of Intangibles, Supplemental |
0.1 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Rental Expenses |
- |
2.0 |
1.7 |
1.7 |
1.5 |
|
Bank Total Revenue |
77.8 |
71.5 |
67.8 |
64.3 |
58.8 |
|
Current Tax - Domestic |
3.2 |
2.2 |
2.3 |
3.1 |
3.1 |
|
Current Tax - Local |
0.3 |
0.3 |
0.5 |
0.4 |
0.2 |
|
Current Tax - Total |
3.5 |
2.5 |
2.8 |
3.5 |
3.3 |
|
Deferred Tax - Domestic |
-1.8 |
-1.0 |
-1.2 |
-1.8 |
-1.0 |
|
Deferred Tax - Local |
-0.3 |
0.0 |
-0.3 |
-0.5 |
-0.1 |
|
Deferred Tax - Total |
-2.1 |
-1.0 |
-1.5 |
-2.3 |
-1.1 |
|
Income Tax - Total |
1.4 |
1.6 |
1.2 |
1.2 |
2.3 |
|
Interest Cost - Domestic |
1.3 |
1.4 |
1.3 |
1.2 |
1.1 |
|
Service Cost - Domestic |
1.1 |
0.8 |
0.9 |
0.8 |
0.8 |
|
Prior Service Cost - Domestic |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Expected Return on Assets - Domestic |
-1.6 |
-1.6 |
-1.4 |
-1.1 |
-1.3 |
|
Other Pension, Net - Domestic |
0.7 |
0.5 |
0.6 |
0.7 |
0.2 |
|
Domestic Pension Plan Expense |
1.4 |
1.1 |
1.3 |
1.5 |
0.7 |
|
Interest Cost - Post-Retirement |
0.9 |
0.9 |
0.9 |
0.9 |
0.8 |
|
Service Cost - Post-Retirement |
1.4 |
0.7 |
0.6 |
0.5 |
0.3 |
|
Prior Service Cost - Post-Retirement |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Post-Retirement, Net |
0.3 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Post-Retirement Plan Expense |
2.8 |
1.9 |
1.7 |
1.7 |
1.3 |
|
Defined Contribution Expense - Domestic |
0.3 |
0.3 |
0.2 |
0.3 |
0.3 |
|
Total Pension Expense |
4.5 |
3.2 |
3.3 |
3.4 |
2.3 |
|
Discount Rate - Domestic |
4.50% |
5.50% |
5.50% |
5.75% |
6.00% |
|
Discount Rate - Post-Retirement |
4.50% |
5.50% |
5.50% |
5.75% |
6.00% |
|
Expected Rate of Return - Domestic |
8.00% |
8.00% |
8.00% |
8.00% |
8.00% |
|
Compensation Rate - Domestic |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Compensation Rate - Post-Retirement |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Total Plan Interest Cost |
2.2 |
2.4 |
2.2 |
2.2 |
2.0 |
|
Total Plan Service Cost |
2.5 |
1.5 |
1.4 |
1.3 |
1.1 |
|
Total Plan Expected Return |
-1.6 |
-1.6 |
-1.4 |
-1.1 |
-1.3 |
|
Total Plan Other Expense |
1.1 |
0.6 |
0.8 |
0.8 |
0.3 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Due from Banks |
53.6 |
50.2 |
37.2 |
42.6 |
61.2 |
|
Fed Funds Sold/Securities Purch
Under Resale Agrmnt |
98.6 |
157.6 |
151.3 |
356.0 |
95.0 |
|
FHLB Stock |
15.1 |
15.5 |
15.5 |
15.5 |
15.5 |
|
Other Short Term Investments |
17.4 |
18.4 |
113.9 |
18.5 |
43.8 |
|
Securities Held |
275.5 |
179.4 |
230.1 |
217.6 |
184.0 |
|
Securities for Sale |
1,434.8 |
1,258.7 |
909.4 |
647.8 |
495.6 |
|
Total Investment Securities |
1,710.3 |
1,438.0 |
1,139.5 |
865.4 |
679.6 |
|
Loans Held for Sale |
3.5 |
3.5 |
3.5 |
3.5 |
3.5 |
|
Other Earning Assets, Total |
1,844.9 |
1,633.0 |
1,423.8 |
1,259.0 |
837.4 |
|
Total Gross Loans |
1,111.8 |
984.5 |
906.2 |
877.1 |
836.1 |
|
Loan Loss Allowances |
-19.2 |
-16.6 |
-14.1 |
-12.4 |
-11.1 |
|
Net Loans |
1,092.6 |
967.9 |
892.1 |
864.8 |
824.9 |
|
Buildings |
28.3 |
26.4 |
25.1 |
24.2 |
24.4 |
|
Machinery/Equipment |
31.3 |
28.9 |
27.5 |
26.2 |
25.4 |
|
Property/Plant/Equipment - Gross |
59.6 |
55.3 |
52.6 |
50.4 |
49.8 |
|
Accumulated Depreciation |
-39.2 |
-37.0 |
-34.9 |
-32.9 |
-31.2 |
|
Property/Plant/Equipment - Net |
20.4 |
18.3 |
17.8 |
17.5 |
18.6 |
|
Goodwill, Net |
2.7 |
2.7 |
2.7 |
2.7 |
2.7 |
|
Intangibles, Net |
0.0 |
0.1 |
0.5 |
0.9 |
1.3 |
|
Deferred Income Tax - Long Term Asset |
14.6 |
13.7 |
13.5 |
- |
- |
|
Other Long Term Assets, Total |
14.6 |
13.7 |
13.5 |
- |
- |
|
Interest Receivable |
5.8 |
6.0 |
6.6 |
5.8 |
6.7 |
|
Other Assets |
51.5 |
51.3 |
47.5 |
60.7 |
48.7 |
|
Other Assets, Total |
57.4 |
57.3 |
54.2 |
66.5 |
55.4 |
|
Total Assets |
3,086.2 |
2,743.2 |
2,441.7 |
2,254.0 |
1,801.6 |
|
|
|
|
|
|
|
|
Non-Interest Bearing Deposits |
438.4 |
365.9 |
322.0 |
279.9 |
277.2 |
|
Interest Bearing Deposits |
2,006.6 |
1,758.7 |
1,580.0 |
1,422.1 |
988.3 |
|
Total Deposits |
2,445.1 |
2,124.6 |
1,902.0 |
1,702.0 |
1,265.5 |
|
Fed Funds Purch/Secs
Sold under Repurch Agrmnt |
191.4 |
143.3 |
108.6 |
118.7 |
112.5 |
|
Total Short Term Borrowings |
191.4 |
143.3 |
108.6 |
118.7 |
112.5 |
|
Long Term Debt |
231.2 |
280.2 |
258.2 |
270.1 |
274.6 |
|
Total Long Term Debt |
231.2 |
280.2 |
258.2 |
270.1 |
274.6 |
|
Total Debt |
422.6 |
423.5 |
366.8 |
388.9 |
387.2 |
|
|
|
|
|
|
|
|
Other Liabilities |
38.5 |
34.4 |
27.9 |
30.5 |
28.4 |
|
Other Liabilities, Total |
38.5 |
34.4 |
27.9 |
30.5 |
28.4 |
|
Total Liabilities |
2,906.2 |
2,582.6 |
2,296.7 |
2,121.3 |
1,681.1 |
|
|
|
|
|
|
|
|
Common Stock |
5.6 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Common Stock |
5.6 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Additional Paid-In Capital |
11.9 |
11.6 |
11.5 |
11.4 |
11.5 |
|
Retained Earnings (Accumulated Deficit) |
162.9 |
146.0 |
131.5 |
120.1 |
112.1 |
|
Unrealized Gain (Loss) |
12.3 |
8.3 |
3.6 |
4.1 |
-0.3 |
|
Minimum Pension Liability Adjustment |
-12.7 |
-10.8 |
-7.2 |
-8.4 |
-8.4 |
|
Other Equity, Total |
-12.7 |
-10.8 |
-7.2 |
-8.4 |
-8.4 |
|
Total Equity |
180.0 |
160.6 |
145.0 |
132.7 |
120.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
3,086.2 |
2,743.2 |
2,441.7 |
2,254.0 |
1,801.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
3.6 |
3.5 |
3.5 |
3.5 |
3.5 |
|
Shares Outstanding - Common Stock Issue 2 |
2.0 |
2.0 |
2.0 |
2.0 |
2.0 |
|
Total Common Shares Outstanding |
5.6 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Treasury Shares - Common Stock Primary Issue |
- |
- |
- |
- |
0.0 |
|
Treasury Shares - Common Issue 2 |
- |
- |
- |
- |
0.0 |
|
Employees |
336 |
317 |
299 |
291 |
297 |
|
Number of Common Shareholders |
1,179 |
1,393 |
1,514 |
1,150 |
1,250 |
|
Total Risk-Weighted Capital |
0.1 |
1.3 |
1.2 |
1.1 |
0.9 |
|
Tier 1 Capital % |
12.90% |
14.73% |
14.86% |
14.45% |
15.30% |
|
Total Capital % |
14.15% |
15.98% |
16.03% |
15.53% |
16.38% |
|
Total Long Term Debt, Supplemental |
36.1 |
36.1 |
36.1 |
36.1 |
36.1 |
|
Long Term Debt Maturing within 1 Year |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 3 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 4 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in Year 5 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in 2-3 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Maturing in 4-5 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
36.1 |
36.1 |
36.1 |
36.1 |
36.1 |
|
Total Operating Leases, Supplemental |
12.3 |
9.8 |
8.6 |
5.6 |
5.6 |
|
Operating Lease Payments Due in Year 1 |
1.9 |
1.9 |
1.9 |
1.5 |
1.4 |
|
Operating Lease Payments Due in Year 2 |
2.0 |
1.6 |
1.4 |
1.2 |
1.2 |
|
Operating Lease Payments Due in Year 3 |
1.7 |
1.4 |
1.1 |
0.6 |
0.9 |
|
Operating Lease Payments Due in Year 4 |
1.5 |
1.1 |
1.0 |
0.5 |
0.3 |
|
Operating Lease Payments Due in Year 5 |
1.2 |
1.0 |
0.8 |
0.4 |
0.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
3.6 |
3.0 |
2.5 |
1.8 |
2.1 |
|
Operating Lease Pymts. Due in 4-5 Years |
2.6 |
2.1 |
1.8 |
0.9 |
0.6 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
4.2 |
2.8 |
2.4 |
1.4 |
1.5 |
|
Pension Obligation - Domestic |
31.9 |
28.8 |
25.8 |
24.2 |
21.4 |
|
Post-Retirement Obligation |
25.8 |
21.1 |
16.9 |
16.9 |
15.8 |
|
Plan Assets - Domestic |
24.0 |
20.5 |
19.9 |
17.1 |
14.1 |
|
Funded Status - Domestic |
-7.9 |
-8.3 |
-5.9 |
-7.2 |
-7.4 |
|
Funded Status - Post-Retirement |
-25.8 |
-21.1 |
-16.9 |
-16.9 |
-15.8 |
|
Accumulated Obligation - Domestic |
31.8 |
28.2 |
23.5 |
21.9 |
19.5 |
|
Accumulated Obligation - Post-Retirement |
22.2 |
18.6 |
15.6 |
15.0 |
15.8 |
|
Total Funded Status |
-33.8 |
-29.4 |
-22.7 |
-24.1 |
-23.1 |
|
Discount Rate - Domestic |
4.00% |
4.50% |
5.50% |
5.50% |
5.75% |
|
Discount Rate - Post-Retirement |
4.00% |
4.50% |
5.50% |
5.50% |
5.75% |
|
Compensation Rate - Domestic |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Compensation Rate - Post-Retirement |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Accrued Liabilities - Domestic |
-7.9 |
-8.3 |
-5.9 |
-7.2 |
-7.4 |
|
Accrued Liabilities - Post-Retirement |
-25.8 |
-21.1 |
-16.9 |
-16.9 |
-15.8 |
|
Other Assets, Net - Domestic |
-21.1 |
18.0 |
12.0 |
14.1 |
14.0 |
|
Net Assets Recognized on Balance Sheet |
-54.9 |
-11.3 |
-10.7 |
-10.0 |
-9.2 |
|
Equity % - Domestic |
47.50% |
48.90% |
53.90% |
48.00% |
45.00% |
|
Debt Securities % - Domestic |
52.50% |
51.10% |
46.10% |
32.00% |
35.00% |
|
Total Plan Obligations |
57.7 |
49.9 |
42.6 |
41.2 |
37.2 |
|
Total Plan Assets |
24.0 |
20.5 |
19.9 |
17.1 |
14.1 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
Depreciation |
6.4 |
5.6 |
5.0 |
6.0 |
3.2 |
|
Depreciation/Depletion |
6.4 |
5.6 |
5.0 |
6.0 |
3.2 |
|
Deferred Taxes |
-2.1 |
-1.0 |
-1.5 |
-2.3 |
-1.1 |
|
Unusual Items |
0.0 |
0.1 |
0.0 |
-0.1 |
0.2 |
|
Non-Cash Items |
0.0 |
0.1 |
0.0 |
-0.1 |
0.2 |
|
Loan Loss Provision |
4.2 |
4.6 |
5.6 |
6.6 |
4.4 |
|
Other Assets |
-1.3 |
-2.1 |
0.4 |
-11.7 |
-1.5 |
|
Other Liabilities |
1.1 |
0.5 |
-0.8 |
2.0 |
0.7 |
|
Investment Securities, Gains/Losses |
-1.8 |
-1.9 |
-1.9 |
-2.7 |
-0.2 |
|
Other Real Estate Owned |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Loans Origination - Operating |
-20.1 |
-22.7 |
0.0 |
-0.4 |
-0.5 |
|
Sale of Loans |
14.2 |
19.0 |
0.0 |
0.4 |
0.5 |
|
Changes in Working Capital |
-4.0 |
-2.6 |
3.2 |
-5.8 |
3.4 |
|
Cash from Operating Activities |
19.4 |
18.8 |
20.1 |
8.1 |
14.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-4.3 |
-2.7 |
-2.3 |
-1.3 |
-3.0 |
|
Capital Expenditures |
-4.3 |
-2.7 |
-2.3 |
-1.3 |
-3.0 |
|
Sale of Fixed Assets |
1.6 |
0.8 |
0.6 |
0.1 |
0.7 |
|
Sale/Maturity of Investment |
954.6 |
1,038.4 |
938.4 |
737.5 |
581.4 |
|
Purchase of Investments |
-1,221.7 |
-1,234.6 |
-1,309.5 |
-891.4 |
-732.9 |
|
Loans |
-123.2 |
-82.8 |
-33.3 |
-46.4 |
-109.0 |
|
Loans Origination - Investing |
0.0 |
4.0 |
0.0 |
0.0 |
-4.1 |
|
Other Investing Cash Flow |
0.4 |
0.0 |
0.0 |
- |
- |
|
Other Investing Cash Flow Items, Total |
-388.3 |
-274.1 |
-403.9 |
-200.2 |
-263.9 |
|
Cash from Investing Activities |
-392.6 |
-276.8 |
-406.1 |
-201.5 |
-266.9 |
|
|
|
|
|
|
|
|
Deposits |
320.5 |
222.6 |
200.0 |
436.5 |
135.5 |
|
Fed. Funds/REPOs |
48.1 |
34.8 |
-10.2 |
6.2 |
26.5 |
|
Financing Cash Flow Items |
368.6 |
257.3 |
189.8 |
442.7 |
162.0 |
|
Cash Dividends Paid - Common |
-2.2 |
-2.2 |
-2.2 |
-2.2 |
-2.2 |
|
Total Cash Dividends Paid |
-2.2 |
-2.2 |
-2.2 |
-2.2 |
-2.2 |
|
Sale/Issuance of
Common |
0.3 |
0.1 |
0.2 |
0.0 |
0.0 |
|
Repurchase/Retirement
of Common |
- |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Common Stock, Net |
0.3 |
0.1 |
0.2 |
-0.1 |
-0.1 |
|
Issuance (Retirement) of Stock, Net |
0.3 |
0.1 |
0.2 |
-0.1 |
-0.1 |
|
Short Term Debt, Net |
-49.0 |
22.0 |
-11.9 |
-4.5 |
-51.3 |
|
Issuance (Retirement) of Debt, Net |
-49.0 |
22.0 |
-11.9 |
-4.5 |
-51.3 |
|
Cash from Financing Activities |
317.7 |
277.2 |
175.9 |
435.9 |
108.4 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-55.5 |
19.2 |
-210.1 |
242.5 |
-143.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
207.8 |
188.6 |
398.6 |
156.2 |
299.9 |
|
Net Cash - Ending Balance |
152.3 |
207.8 |
188.6 |
398.6 |
156.2 |
|
Cash Taxes Paid |
3.3 |
3.1 |
3.6 |
2.9 |
2.8 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Federal Home Loan Bank of Boston dividen |
0.1 |
0.0 |
0.0 |
0.0 |
0.5 |
|
Securities available-for-sale, non-taxab |
0.3 |
0.2 |
0.4 |
0.7 |
2.1 |
|
Securities available-for-sale, taxable |
22.3 |
22.8 |
19.0 |
20.4 |
17.7 |
|
Loans, non-taxable |
16.4 |
11.3 |
8.3 |
5.1 |
1.8 |
|
Loans, taxable |
35.0 |
36.8 |
40.2 |
43.1 |
47.5 |
|
Securities Held to Maturity |
6.7 |
5.8 |
7.2 |
8.1 |
8.3 |
|
Federal Funds Sold |
0.6 |
1.1 |
1.6 |
2.2 |
2.8 |
|
Total Revenue |
81.5 |
78.1 |
76.6 |
79.6 |
80.7 |
|
|
|
|
|
|
|
|
Savings & NOW Deposits |
2.3 |
2.5 |
4.1 |
5.3 |
6.0 |
|
Money Market Accounts |
2.4 |
2.7 |
3.9 |
6.1 |
7.3 |
|
Time Deposits |
6.3 |
9.4 |
7.9 |
9.4 |
9.7 |
|
Securities Sold Under Repo
Agreements |
0.4 |
0.4 |
0.6 |
0.6 |
1.4 |
|
FHLB Borrowings |
8.3 |
7.8 |
8.3 |
10.4 |
11.5 |
|
Provision for Loan Losses |
4.2 |
4.6 |
5.6 |
6.6 |
4.4 |
|
Total Operating Expense |
23.7 |
27.3 |
30.4 |
38.3 |
40.3 |
|
|
|
|
|
|
|
|
Service Charges on Deposit Accounts |
7.9 |
7.9 |
7.9 |
8.0 |
8.2 |
|
Lock Box Fees |
2.9 |
2.8 |
2.9 |
2.8 |
3.0 |
|
Brokerage Commissions |
0.4 |
0.4 |
0.2 |
0.1 |
0.2 |
|
Writedown of certain
investments to fair |
- |
- |
0.0 |
- |
-0.1 |
|
Net (losses) Gains on Sales of Securitie |
1.8 |
1.9 |
1.9 |
2.7 |
0.2 |
|
Other income |
2.8 |
3.2 |
3.1 |
2.8 |
2.5 |
|
Net gains on sales of fixed assets |
- |
- |
- |
- |
0.0 |
|
Salaries |
-32.9 |
-29.6 |
-28.4 |
-26.9 |
-25.6 |
|
Occupancy |
-4.7 |
-4.4 |
-4.0 |
-4.1 |
-4.2 |
|
FDIC Assessment |
-2.3 |
-2.2 |
-3.0 |
-2.4 |
-0.6 |
|
Equipment |
-1.7 |
-2.0 |
-2.1 |
-3.3 |
-2.9 |
|
Core deposit intangible amortization |
-0.1 |
-0.4 |
-0.4 |
-0.4 |
- |
|
Directors fees |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
- |
|
Other |
-11.2 |
-9.7 |
-9.2 |
-9.0 |
-9.7 |
|
Total Non-Interest Revenue |
15.9 |
16.2 |
16.0 |
16.5 |
14.0 |
|
|
|
|
|
|
|
|
Total Non-Interest Expense |
-53.2 |
-48.7 |
-47.4 |
-46.4 |
-43.0 |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
20.4 |
18.2 |
14.8 |
11.3 |
11.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1.4 |
1.6 |
1.2 |
1.2 |
2.3 |
|
Net Income After Taxes |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
Net Income |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
3.43 |
3.01 |
2.45 |
1.84 |
1.63 |
|
Basic EPS Including ExtraOrdinary Items |
3.43 |
3.01 |
2.45 |
1.84 |
1.63 |
|
Diluted Net Income |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
Diluted Weighted Average Shares |
5.5 |
5.5 |
5.5 |
5.5 |
5.5 |
|
Diluted EPS Excluding ExtraOrd Items |
3.43 |
3.01 |
2.45 |
1.84 |
1.63 |
|
Diluted EPS Including ExtraOrd Items |
3.43 |
3.01 |
2.45 |
1.84 |
1.63 |
|
DPS-Ordinary Shares Class A |
0.48 |
0.48 |
0.48 |
0.48 |
0.48 |
|
DPS-Ordinary Shares Class B |
0.24 |
0.24 |
0.24 |
0.24 |
0.24 |
|
Gross Dividends - Common Stock |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
|
Normalized Income Before Taxes |
20.4 |
18.2 |
14.8 |
11.3 |
11.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1.4 |
1.6 |
1.2 |
1.2 |
2.3 |
|
Normalized Income After Taxes |
19.0 |
16.7 |
13.6 |
10.2 |
9.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
19.0 |
16.7 |
13.6 |
10.2 |
9.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.43 |
3.01 |
2.45 |
1.84 |
1.64 |
|
Diluted Normalized EPS |
3.43 |
3.01 |
2.45 |
1.84 |
1.64 |
|
Depreciation |
6.3 |
5.2 |
4.6 |
5.6 |
2.8 |
|
Amortization of Intangible |
0.1 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Rental Expense |
- |
2.0 |
1.7 |
1.7 |
1.5 |
|
Federal |
3.2 |
2.2 |
2.3 |
3.1 |
3.1 |
|
State |
0.3 |
0.3 |
0.5 |
0.4 |
0.2 |
|
Current Tax - Total |
3.5 |
2.5 |
2.8 |
3.5 |
3.3 |
|
Federal |
-1.8 |
-1.0 |
-1.2 |
-1.8 |
-1.0 |
|
State |
-0.3 |
0.0 |
-0.3 |
-0.5 |
-0.1 |
|
Deferred Tax - Total |
-2.1 |
-1.0 |
-1.5 |
-2.3 |
-1.1 |
|
Income Tax - Total |
1.4 |
1.6 |
1.2 |
1.2 |
2.3 |
|
Service Cost - Pension |
1.1 |
0.8 |
0.9 |
0.8 |
0.8 |
|
Interest Cost - Pension |
1.3 |
1.4 |
1.3 |
1.2 |
1.1 |
|
Return on Plan Assets - Pension |
-1.6 |
-1.6 |
-1.4 |
-1.1 |
-1.3 |
|
Amort. of Prior Service Cost - Pension |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Recognized Net Gains/Loss - Pension |
0.7 |
0.5 |
0.6 |
0.7 |
0.2 |
|
Domestic Pension Plan Expense |
1.4 |
1.1 |
1.3 |
1.5 |
0.7 |
|
Service Cost - Post-Ret |
1.4 |
0.7 |
0.6 |
0.5 |
0.3 |
|
Interest Cost - Post-Ret |
0.9 |
0.9 |
0.9 |
0.9 |
0.8 |
|
Amort. of Prior Service Cost - Post-Ret |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Recognized Net Gains/Loss - Post-Ret |
0.3 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Post-Retirement Plan Expense |
2.8 |
1.9 |
1.7 |
1.7 |
1.3 |
|
401K Contribution plan |
0.3 |
0.3 |
0.2 |
0.3 |
0.3 |
|
Total Pension Expense |
4.5 |
3.2 |
3.3 |
3.4 |
2.3 |
|
Discount Rate - Pension |
4.50% |
5.50% |
5.50% |
5.75% |
6.00% |
|
Expected Rate of Return - Pension |
8.00% |
8.00% |
8.00% |
8.00% |
8.00% |
|
Compensation Rate - Penison |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Discount Rate - Post-Ret |
4.50% |
5.50% |
5.50% |
5.75% |
6.00% |
|
Compensation Rate - Post-Ret |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Due from Banks |
53.6 |
50.2 |
37.2 |
42.6 |
61.2 |
|
Federal Funds Sold |
98.6 |
157.6 |
151.3 |
356.0 |
95.0 |
|
Short term investments |
17.4 |
18.4 |
113.9 |
18.5 |
43.8 |
|
Investments Held for Sale |
275.5 |
179.4 |
230.1 |
217.6 |
184.0 |
|
Construction Loans |
38.6 |
56.8 |
53.6 |
60.3 |
59.5 |
|
Commercial Loans |
88.5 |
82.4 |
90.7 |
141.1 |
141.4 |
|
Commercial Real Estate |
576.5 |
487.5 |
433.3 |
361.8 |
332.3 |
|
Residential Real Estate |
281.9 |
239.3 |
207.8 |
188.1 |
194.6 |
|
Consumer and Other |
6.8 |
6.2 |
6.0 |
7.1 |
8.2 |
|
Home Equity |
118.9 |
110.8 |
114.2 |
118.1 |
99.0 |
|
Overdrafts |
0.6 |
1.5 |
0.6 |
0.6 |
1.0 |
|
Allowance for Loan Losses |
-19.2 |
-16.6 |
-14.1 |
-12.4 |
-11.1 |
|
Land |
3.5 |
3.5 |
3.5 |
3.5 |
3.5 |
|
Bank premises |
18.4 |
18.3 |
18.3 |
17.9 |
17.8 |
|
Furniture and equipment |
31.3 |
28.9 |
27.5 |
26.2 |
25.4 |
|
Leasehold improvements |
9.9 |
8.1 |
6.9 |
6.3 |
6.6 |
|
Accumulated depreciation and amortizatio |
-39.2 |
-37.0 |
-34.9 |
-32.9 |
-31.2 |
|
Prepaid FDIC assessments |
2.8 |
4.3 |
6.1 |
8.8 |
- |
|
Accrued Interest Receivable |
5.8 |
6.0 |
6.6 |
5.8 |
6.7 |
|
Securities Available For Sale (AFS) |
1,434.8 |
1,258.7 |
909.4 |
647.8 |
495.6 |
|
Federal Home Loan Bank of Boston stock |
15.1 |
15.5 |
15.5 |
15.5 |
15.5 |
|
Goodwill |
2.7 |
2.7 |
2.7 |
2.7 |
2.7 |
|
Core Deposit Intangible |
0.0 |
0.1 |
0.5 |
0.9 |
1.3 |
|
Deferred income tax asset, net |
14.6 |
13.7 |
13.5 |
- |
- |
|
Other Assets |
48.8 |
47.0 |
41.4 |
52.0 |
48.7 |
|
Total Assets |
3,086.2 |
2,743.2 |
2,441.7 |
2,254.0 |
1,801.6 |
|
|
|
|
|
|
|
|
Demand Deposits |
438.4 |
365.9 |
322.0 |
279.9 |
277.2 |
|
Savings and NOW Deposits |
933.3 |
709.0 |
649.4 |
575.6 |
353.3 |
|
Money Market |
653.3 |
616.2 |
513.4 |
553.9 |
308.2 |
|
Time Deposits |
420.0 |
433.5 |
417.3 |
292.6 |
326.9 |
|
Securities sold Under Repo's |
191.4 |
143.3 |
108.6 |
118.7 |
112.5 |
|
Other |
38.5 |
34.4 |
27.9 |
30.5 |
28.4 |
|
Long Term Borrowings |
36.1 |
36.1 |
36.1 |
36.1 |
36.1 |
|
Borrowed Funds |
195.1 |
244.1 |
222.1 |
234.0 |
238.6 |
|
Total Long Term Debt |
231.2 |
280.2 |
258.2 |
270.1 |
274.6 |
|
|
|
|
|
|
|
|
Total Liabilities |
2,906.2 |
2,582.6 |
2,296.7 |
2,121.3 |
1,681.1 |
|
|
|
|
|
|
|
|
Common stock, Class A, $1.00 par value p |
3.6 |
3.5 |
3.5 |
3.5 |
3.5 |
|
Common stock, Class B, $1.00 par value p |
2.0 |
2.0 |
2.0 |
2.0 |
2.0 |
|
Additional paid-in capital |
11.9 |
11.6 |
11.5 |
11.4 |
11.5 |
|
Retained Earnings |
162.9 |
146.0 |
131.5 |
120.1 |
112.1 |
|
Unrealized gains (losses) on securities |
12.3 |
8.3 |
3.6 |
4.1 |
-0.3 |
|
Pension liability, net of taxes |
-12.7 |
-10.8 |
-7.2 |
-8.4 |
-8.4 |
|
Total Equity |
180.0 |
160.6 |
145.0 |
132.7 |
120.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,086.2 |
2,743.2 |
2,441.7 |
2,254.0 |
1,801.6 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares Class A |
3.6 |
3.5 |
3.5 |
3.5 |
3.5 |
|
S/O-Ordinary Shares Class B |
2.0 |
2.0 |
2.0 |
2.0 |
2.0 |
|
Total Common Shares Outstanding |
5.6 |
5.5 |
5.5 |
5.5 |
5.5 |
|
T/S-Ordinary Shares Class A |
- |
- |
- |
- |
0.0 |
|
T/S-Ordinary Shares Class B |
- |
- |
- |
- |
0.0 |
|
Tier 1 |
12.90% |
14.73% |
14.86% |
14.45% |
15.30% |
|
Total capital |
14.15% |
15.98% |
16.03% |
15.53% |
16.38% |
|
Total Risk Weighted Assets |
116.7 |
1,306.9 |
1,199.9 |
1,144.6 |
914.1 |
|
Full-Time Employees |
336 |
317 |
299 |
291 |
297 |
|
Number of Common Shareholders |
1,179 |
1,393 |
1,514 |
1,150 |
1,250 |
|
Long Term Debt Due Within 1 Year |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Due Within 3 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Due Within 5 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Long Term Debt Due After 5 Years |
36.1 |
36.1 |
36.1 |
36.1 |
36.1 |
|
Total Long Term Debt, Supplemental |
36.1 |
36.1 |
36.1 |
36.1 |
36.1 |
|
Operating Leases due within 1 Year |
1.9 |
1.9 |
1.9 |
1.5 |
1.4 |
|
Operating Leases due within 2 Years |
2.0 |
1.6 |
1.4 |
1.2 |
1.2 |
|
Operating Leases due within 3 Years |
1.7 |
1.4 |
1.1 |
0.6 |
0.9 |
|
Operating Leases due within 4 Years |
1.5 |
1.1 |
1.0 |
0.5 |
0.3 |
|
Operating Leases due within 5 Years |
1.2 |
1.0 |
0.8 |
0.4 |
0.3 |
|
Thereafter |
4.2 |
2.8 |
2.4 |
1.4 |
1.5 |
|
Total Operating Leases, Supplemental |
12.3 |
9.8 |
8.6 |
5.6 |
5.6 |
|
Projected benefit obligation - Pension |
31.9 |
28.8 |
25.8 |
24.2 |
21.4 |
|
Plan assets at fair value - Pension |
24.0 |
20.5 |
19.9 |
17.1 |
14.1 |
|
Funded status - Pension |
-7.9 |
-8.3 |
-5.9 |
-7.2 |
-7.4 |
|
Accumulated benefit obligation - Pension |
31.8 |
28.2 |
23.5 |
21.9 |
19.5 |
|
Projected benefit obligation - Post-Ret. |
25.8 |
21.1 |
16.9 |
16.9 |
15.8 |
|
Funded status - Post-Ret |
-25.8 |
-21.1 |
-16.9 |
-16.9 |
-15.8 |
|
Accumulated benefit obligation - Post-Re |
22.2 |
18.6 |
15.6 |
15.0 |
15.8 |
|
Total Funded Status |
-33.8 |
-29.4 |
-22.7 |
-24.1 |
-23.1 |
|
Discount Rate - Domestic |
4.00% |
4.50% |
5.50% |
5.50% |
5.75% |
|
Compensation Rate - Domestic |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Discount Rate - Post-Ret |
4.00% |
4.50% |
5.50% |
5.50% |
5.75% |
|
Compensation Rate - Post-Ret |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Accrued pension cost - Pension |
-7.9 |
-8.3 |
-5.9 |
-7.2 |
-7.4 |
|
Accrued pension cost - Post-Ret. |
-25.8 |
-21.1 |
-16.9 |
-16.9 |
-15.8 |
|
AOCI - Prior Service Cost - Pension |
-0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
|
AOCI - Net Actuarial Loss - Pension |
-20.6 |
17.5 |
11.5 |
13.6 |
13.5 |
|
Net Assets Recognized on Balance Sheet |
-54.9 |
-11.3 |
-10.7 |
-10.0 |
-9.2 |
|
Debt securities - Pension |
52.50% |
51.10% |
46.10% |
32.00% |
35.00% |
|
Equity securities - Pension |
47.50% |
48.90% |
53.90% |
48.00% |
45.00% |
|
International equity - Pension |
- |
- |
- |
12.00% |
12.00% |
|
Other - Pension |
- |
- |
- |
8.00% |
8.00% |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
19.0 |
16.7 |
13.6 |
10.2 |
9.0 |
|
Depreciation |
6.4 |
5.6 |
5.0 |
6.0 |
3.2 |
|
Loan Loss Provision |
4.2 |
4.6 |
5.6 |
6.6 |
4.4 |
|
Deferred Taxes |
-2.1 |
-1.0 |
-1.5 |
-2.3 |
-1.1 |
|
Increase in prepaid FDIC assessments |
1.6 |
1.8 |
2.6 |
-8.8 |
0.0 |
|
Accrued Interest Receivable |
0.2 |
0.6 |
-0.8 |
0.9 |
-0.1 |
|
Other Assets |
-3.1 |
-4.5 |
-1.4 |
-3.8 |
-1.4 |
|
Gain on sale of loans |
0.0 |
-0.2 |
0.0 |
0.0 |
- |
|
Mortgage loans originated for sale |
-20.1 |
-22.7 |
0.0 |
-0.4 |
-0.5 |
|
Proceeds from mortgage loans sold |
14.5 |
19.7 |
0.0 |
0.4 |
0.5 |
|
Gain on sales of mortgage loans held for |
-0.3 |
-0.4 |
0.0 |
0.0 |
0.0 |
|
Loss on sales of other real estate owned |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Writedown of other
real estate owned |
0.0 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Other Liabilities |
1.1 |
0.5 |
-0.8 |
2.0 |
0.7 |
|
Writedown of certain
investments to fair |
- |
- |
0.0 |
0.0 |
0.1 |
|
Gain on sales of securities available fo |
-1.8 |
-1.9 |
-1.9 |
-2.7 |
-0.2 |
|
Gain on sale of building |
- |
- |
- |
0.0 |
0.0 |
|
Gain on sale of fixed assets |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Cash from Operating Activities |
19.4 |
18.8 |
20.1 |
8.1 |
14.7 |
|
|
|
|
|
|
|
|
Proceeds from Sales of Securities Avail. |
294.9 |
75.6 |
41.3 |
94.1 |
238.9 |
|
Maturity of Security for Sale |
532.7 |
722.4 |
611.0 |
327.6 |
282.7 |
|
Purchase of Security for Sale |
-999.0 |
-1,140.2 |
-914.9 |
-566.7 |
-594.0 |
|
Maturity of Security Held |
88.6 |
119.3 |
154.4 |
94.1 |
56.1 |
|
Loan acquired net of discount |
- |
- |
0.0 |
0.0 |
-4.1 |
|
Proceeds from sales of loans |
0.0 |
4.0 |
0.0 |
0.0 |
- |
|
Purchase of Security Held |
-185.3 |
-68.9 |
-167.4 |
-128.4 |
-91.4 |
|
Proceeds from sale of building |
- |
- |
- |
0.0 |
0.0 |
|
Proceeds from sales of other real estate |
1.6 |
0.8 |
0.6 |
0.0 |
0.7 |
|
Loans Sold |
-123.2 |
-82.8 |
-33.3 |
-46.4 |
-109.0 |
|
Capital Expenditures |
-4.3 |
-2.7 |
-2.3 |
-1.3 |
-3.0 |
|
Proceeds from sales of fixed assets |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Proceeds from maturities of short term i |
38.4 |
121.1 |
131.8 |
221.6 |
3.7 |
|
Proceeds from redemption of Federal Home |
0.4 |
0.0 |
0.0 |
- |
- |
|
Purchase of short term investments |
-37.4 |
-25.5 |
-227.2 |
-196.3 |
-47.5 |
|
Cash from Investing Activities |
-392.6 |
-276.8 |
-406.1 |
-201.5 |
-266.9 |
|
|
|
|
|
|
|
|
Time Deposit Accounts |
-13.5 |
16.2 |
124.6 |
-34.2 |
31.3 |
|
Net payments for the repurchase of stock |
- |
0.0 |
0.0 |
-0.1 |
-0.1 |
|
Other Deposit Accounts |
334.0 |
206.3 |
75.4 |
470.7 |
104.2 |
|
Common Stock |
0.3 |
0.1 |
0.2 |
0.0 |
0.0 |
|
Dividends |
-2.2 |
-2.2 |
-2.2 |
-2.2 |
-2.2 |
|
Securities Sold |
48.1 |
34.8 |
-10.2 |
6.2 |
26.5 |
|
Other Borrowed Funds |
-49.0 |
22.0 |
-11.9 |
-4.5 |
-51.3 |
|
Cash from Financing Activities |
317.7 |
277.2 |
175.9 |
435.9 |
108.4 |
|
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|
|
|
|
|
Net Change in Cash |
-55.5 |
19.2 |
-210.1 |
242.5 |
-143.7 |
|
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|
|
|
|
|
|
Net Cash - Beginning Balance |
207.8 |
188.6 |
398.6 |
156.2 |
299.9 |
|
Net Cash - Ending Balance |
152.3 |
207.8 |
188.6 |
398.6 |
156.2 |
|
Cash Taxes Paid |
3.3 |
3.1 |
3.6 |
2.9 |
2.8 |
|
Financials in: USD (mil) |
|
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Except for share items (millions) and per
share items (actual units) |
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.66 |
|
|
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.87.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.