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Pilgrim Co-operative Bank

Cohasset, MA · Cert 26590

FDIC · 10 branches

Q2 2024

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, banks $1B-$10B in assets in the Boston-Cambridge-Newton, MA-NH area3

Basis

Quarter: Q2 2024, the quarter ended June 30, 2024, on both parts.

Income statement: year to date as filed, annualized, on both parts.

Balance sheet: as filed at quarter end.

Peer group

Banks $1B-$10B in assets in the Boston-Cambridge-Newton, MA-NH area (n=29). Each measure ranks only the institutions that reported it, so n varies by measure.

Peer groups below the disclosure floor are suppressed.

Peer standing

Capital

73

Q2 2024Q2 2024peer median (50)

Asset Quality

29

Q2 2024Q2 2024peer median (50)

Profitability

62

Q2 2024Q2 2024peer median (50)

Liquidity

62

Q2 2024Q2 2024peer median

Efficiency

86

Q2 2024Q2 2024peer median (50)

Growth

No peer data yet

Capital, Asset Quality, Profitability, Efficiency: higher is always a stronger peer standing (▲ better, ▼ worse). Liquidity, Growth: the score reflects closeness to the peer median -- 100 is sitting exactly at the median, falling the same way whether the bank runs above or below it.

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas.

CallReports · callreports.ai · Board PackageGenerated 2026-10-11

Pilgrim Co-operative Bank

Cohasset, MA · Cert 26590

FDIC · 10 branches

Q2 2024

$1.3BAssets
$1.1BLoans
$969.8MDeposits
$237.0MEquity
Loan mix
95%RE $811.8M5%C&I $43.8M0%Consumer $1.4MQ2 2023Q2 2024
Deposit mix
82%Interest-bearing $797.5M18%Noninterest $172.4MQ2 2023Q2 2024

NIM

3.16%Q2 ’224.49%Q2 ’234.75%Q2 ’24+15%-12%

Non-interest income vs. expense

2.42%Q2 ’222.01%Q2 ’232.02%Q2 ’24-16%-3%

Market Position · Boston-Cambridge-Newton, MA-NH · 2024 SOD (annual) · 0.2% share · #37 of 108 inst. · $1.0B of $496.2B

2.1% Norfolk
1.3% Plymouth

Executive Summary

  • Earnings: ROA of 0.80%, down 18 bps year over year; NIM at 3.07%.
  • Asset quality: problem loans at 0.89% of loans (+47 bps YoY), with net charge-offs at 0.01%.
  • Capital: tier 1 leverage ratio of 11.02%, up 109 bps from a year ago.
  • Funding: loans stand at 111.58% of deposits as of Q2 2024.

Financial Results

Return on Assets (YTD, annualized)

0.80%-18 bps YoY

Net Interest Margin (YTD, annualized)

3.07%-43 bps YoY

Efficiency Ratio (YTD, annualized)

58.78%+577 bps YoY

Tier 1 Leverage Ratio

11.02%+109 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024YoY ΔTrend
Earnings
Return on Assets0.98%0.94%0.91%0.73%0.80%-18 bps
Return on Equity5.97%5.74%5.51%4.35%4.68%-129 bps
Net Interest Margin3.50%3.39%3.29%2.99%3.07%-43 bps
Efficiency Ratio53.01%53.27%53.77%59.98%58.78%+577 bps
Non-Interest Burden1.77%1.72%1.69%1.71%1.71%-6 bps
Growth
Asset Growth (YoY)126.57%126.48%2.74%1.39%-0.33%-12,690 bps
Loan Growth (YoY)139.88%131.63%0.27%-2.15%-1.22%-14,110 bps
Deposit Growth (YoY)99.43%106.87%-5.46%-0.59%2.22%-9,721 bps
Asset Quality
Nonperforming Loans / Loans0.42%0.47%0.72%0.89%0.89%+47 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.01%+1 bps
Allowance / Loans0.50%0.43%0.49%0.51%0.51%0 bps
Allowance Coverage of NPLs1.2x0.9x0.7x0.6x0.6x-0.6x
Capital
Tier 1 Leverage Ratio9.93%10.37%10.39%10.62%11.02%+109 bps
Total Risk-Based Capital13.34%13.72%14.54%14.53%15.66%+232 bps
Equity / Assets16.67%16.62%16.66%16.86%17.59%+92 bps
Liquidity & Funding
Loans / Deposits115.46%113.33%110.42%108.21%111.58%-389 bps
Liquid Assets / Assets0.54%1.75%3.28%4.35%1.62%+108 bps
CRE / Total Capitaln/an/an/an/an/an/an/a

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas. Income-statement figures are year-to-date as filed, annualized (the UBPR convention). Each quarter includes the ones before it.

CallReports · callreports.ai· Performance TrendsGenerated 2026-10-11

Pilgrim Co-operative Bank

Cohasset, MA · Cert 26590 · Peer group: banks $1B-$10B in assets in the Boston-Cambridge-Newton, MA-NH area (n=29)

FDIC · 10 branches

Q2 2024

$1.3BAssets
$1.1BLoans
$969.8MDeposits
$237.0MEquity

Executive Summary

  • Strongest standing: equity / assets outperforms 90% of banks $1B-$10B in assets in the Boston-Cambridge-Newton, MA-NH area (rank 3 of 29).
  • Widest gap: nonperforming loans / loans trails 83% of banks $1B-$10B in assets in the Boston-Cambridge-Newton, MA-NH area (rank 25 of 29).
  • Overall: at or above the peer median on 6 of 9 directional measures.

Return on Assets

0.81%

Rank 7 of 29

Net Interest Margin

3.07%

Rank 8 of 29

Efficiency Ratio

64.20%

Rank 5 of 29

Equity / Assets

17.59%

Rank 3 of 29

Non-interest income vs. expense

$4.2M$27.6MINCOMEEXPENSE
Unfavorable gap of $23.3M · efficiency ratio beats 86% of banks $1B-$10B in assets in the Boston-Cambridge-Newton, MA-NH area
MetricYour BankPeer 25thPeer MedianPeer 75thStandingRankPeer Position
Earnings
Return on Assets0.81%0.34%0.49%0.67%Beats 76%7 / 29
Return on Equity4.63%3.75%5.07%5.84%Beats 38%18 / 29
Net Interest Margin3.07%2.01%2.27%3.07%Beats 72%8 / 29
Efficiency Ratio64.20%66.93%77.14%87.02%Beats 86%5 / 29
Asset Quality
Nonperforming Loans / Loans0.89%0.11%0.21%0.53%Beats 17%25 / 29
Net Charge-Offs / Loans0.01%0.00%0.00%0.02%Beats 41%18 / 29
Capital
Tier 1 Capital Ratio15.07%12.64%13.66%15.85%Beats 66%10 / 29
Total Risk-Based Capital Ratio15.66%13.58%14.88%16.94%Beats 62%11 / 29
Equity / Assets17.59%9.10%9.80%11.67%Beats 90%3 / 29
Liquidity & Funding
Loans / Deposits111.58%94.85%104.75%108.73%79th pctl6 / 29
Loans / Assets80.32%78.61%80.41%84.31%45th pctl16 / 29
Brokered Deposits / Depositsn/aNot reported for this institution