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Merrimac Savings Bank

Merrimac, MA · Cert 90240

FDIC · 2 branches

Q3 2015

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, not published for this institution and quartern/a

Basis

Quarter: Q3 2015, the quarter ended September 30, 2015, on both parts.

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

Balance sheet: as filed at quarter end.

Peer group

No peer standings are published for this institution and quarter.

Peer groups below the disclosure floor are suppressed.

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

Merrimac Savings Bank

Merrimac, MA · Cert 90240

FDIC · 2 branches

Q3 2015

$75.2MAssets
$38.1MLoans
$70.0MDeposits
$5.1MEquity
Loan mix
90%RE $34.3M4%C&I $1.7M5%Consumer $2.0MQ3 2014Q3 2015
Deposit mix
79%Interest-bearing $55.1M21%Noninterest $14.9MQ3 2014Q3 2015

NIM

3.49%Q3 ’133.30%Q3 ’142.91%Q3 ’15-4%-13%

Non-interest income vs. expense

3.59%Q3 ’133.56%Q3 ’143.37%Q3 ’15-1%-6%

Market Position · Boston-Cambridge-Newton, MA-NH · 2015 SOD (annual) · 0.0% share · #111 of 139 inst. · $0.1B of $328.8B

0.2% Essex
0.4% Rockingham

Executive Summary

  • Earnings: ROA of 0.36%, up 2 bps year over year; NIM at 2.53%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.05%.
  • Capital: tier 1 leverage ratio of 6.59%.
  • Funding: loans stand at 54.41% of deposits as of Q3 2015.

Financial Results

Return on Assets (YTD, annualized)

0.36%1+2 bps YoY

Net Interest Margin (YTD, annualized)

2.53%-39 bps YoY

Efficiency Ratio (YTD, annualized)

103.59%+646 bps YoY

Tier 1 Leverage Ratio

6.59%

Year to date, annualized, through each quarter.

MetricQ3 2014Q4 2014Q1 2015Q2 2015Q3 2015YoY ΔTrend
Earnings
Return on Assets0.34%0.32%0.38%10.51%10.36%1+2 bps
Return on Equity5.84%5.34%5.59%7.54%5.36%-48 bps
Net Interest Margin2.92%2.93%2.85%2.78%2.53%-39 bps
Efficiency Ratio97.13%97.87%101.71%99.69%103.59%+646 bps
Non-Interest Burden2.81%2.85%2.90%2.76%2.64%-17 bps
Growth
Asset Growth (YoY)7.78%5.70%-0.18%2.72%0.41%-737 bps
Loan Growth (YoY)-2.67%-2.43%-3.36%-7.37%-6.21%-353 bps
Deposit Growth (YoY)4.78%7.50%1.37%4.67%4.26%-52 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.04%0.01%0.11%0.07%0.05%+9 bps
Allowance / Loans1.09%1.02%0.99%1.02%0.83%-25 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/a6.94%6.89%6.59%n/a
Total Risk-Based Capital14.51%14.35%16.11%17.60%18.20%+369 bps
Equity / Assets6.40%6.74%6.97%6.61%6.77%+38 bps
Liquidity & Funding
Loans / Deposits60.48%58.21%58.67%55.35%54.41%-607 bps
Liquid Assets / Assets3.47%3.17%2.23%19.63%26.65%+2,318 bps
CRE / Total Capitaln/an/an/an/an/an/an/a