Massachusetts - First Quarter 2008
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ECONOMIC INDICATORS
(Change from year ago, unless noted)
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|
Employment Growth Rates
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Q1-08
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Q4-07
|
Q1-07
|
2007
|
2006
|
|
Total Nonfarm (share of trailing four quarter employment in parentheses)
|
0.8%
|
0.7%
|
1.1%
|
1.0%
|
1.1%
|
|
Manufacturing (9%)
|
-1.5%
|
-1.7%
|
-1.2%
|
-1.4%
|
-1.9%
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|
Other (non-manufacturing) Goods-Producing (4%)
|
-0.6%
|
-1.7%
|
-3.6%
|
-2.8%
|
1.0%
|
|
Private Service-Producing (74%)
|
1.1%
|
1.1%
|
1.8%
|
1.5%
|
1.5%
|
|
Government (13%)
|
1.1%
|
0.8%
|
1.0%
|
0.9%
|
0.9%
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Unemployment Rate (% of labor force)
|
4.4%
|
4.3%
|
4.7%
|
4.5%
|
4.8%
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Other Indicators
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Q1-08
|
Q4-07
|
Q1-07
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2007
|
2006
|
|
Single-Family Home Permits
|
-38.1%
|
-14.5%
|
-41.0%
|
-23.6%
|
-19.4%
|
|
Multifamily Building Permits
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-59.2%
|
-59.5%
|
7.8%
|
-35.5%
|
-2.7%
|
|
Home Price Index
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-1.8%
|
-2.2%
|
-1.3%
|
-1.8%
|
1.6%
|
|
Nonbusiness Bankruptcy Filings per 1000 people (quarterly annualized level)
|
2.41
|
2.03
|
1.89
|
2.08
|
1.27
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BANKING TRENDS
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|
General Information
|
Q1-08
|
Q4-07
|
Q1-07
|
2007
|
2006
|
|
Institutions (#)
|
180
|
181
|
190
|
181
|
194
|
|
Total Assets (in millions)
|
254,300
|
238,038
|
244,693
|
238,038
|
244,693
|
|
New Institutions (# < 3 years)
|
2
|
2
|
2
|
2
|
2
|
|
Subchapter S Institutions
|
4
|
4
|
2
|
4
|
2
|
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|
|
|
|
|
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Asset Quality
|
Q1-08
|
Q4-07
|
Q1-07
|
2007
|
2006
|
|
Past-Due and Nonaccrual Loans / Total Loans (median %)
|
1.26
|
1.22
|
0.95
|
1.22
|
0.88
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|
ALLL/Total Loans (median %)
|
0.86
|
0.85
|
0.88
|
0.85
|
0.88
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|
ALLL/Noncurrent Loans (median multiple)
|
1.76
|
2.35
|
2.83
|
2.35
|
3.33
|
|
Net Loan Losses / Total Loans (median %)
|
0.01
|
0.01
|
0.00
|
0.02
|
0.01
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|
|
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Capital / Earnings
|
Q1-08
|
Q4-07
|
Q1-07
|
2007
|
2006
|
|
Tier 1 Leverage (median %)
|
9.79
|
9.79
|
9.72
|
9.79
|
9.59
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Return on Assets (median %)
|
0.43
|
0.42
|
0.42
|
0.40
|
0.51
|
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Pretax Return on Assets (median %)
|
0.57
|
0.55
|
0.58
|
0.57
|
0.73
|
|
Net Interest Margin (median %)
|
2.98
|
2.98
|
2.98
|
3.01
|
3.20
|
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Yield on Earning Assets (median %)
|
5.88
|
6.14
|
5.98
|
6.08
|
5.83
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|
Cost of Funding Earning Assets (median %)
|
2.92
|
3.13
|
2.99
|
3.08
|
2.66
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Provisions to Avg. Assets (median %)
|
0.04
|
0.03
|
0.02
|
0.04
|
0.04
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Noninterest Income to Avg. Assets (median %)
|
0.45
|
0.46
|
0.40
|
0.46
|
0.39
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Overhead to Avg. Assets (median %)
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2.65
|
2.71
|
2.68
|
2.68
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2.66
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Liquidity / Sensitivity
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Q1-08
|
Q4-07
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Q1-07
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2007
|
2006
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Loans to Assets (median %)
|
69.0
|
70.6
|
69.6
|
70.6
|
69.9
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Noncore Funding to Assets (median %)
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29.4
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27.8
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26.5
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27.8
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27.3
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Long-term Assets to Assets (median %, call filers)
|
36.0
|
35.3
|
34.1
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35.3
|
33.5
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Brokered Deposits (number of institutions)
|
45
|
46
|
50
|
46
|
54
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Brokered Deposits to Assets (median % for those above)
|
2.0
|
1.9
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2.8
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1.9
|
2.9
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Loan Concentrations (median % of Tier 1 Capital)
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Q1-08
|
Q4-07
|
Q1-07
|
2007
|
2006
|
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Commercial and Industrial
|
26.6
|
24.2
|
24.3
|
24.2
|
22.3
|
|
Commercial Real Estate
|
175.2
|
173.7
|
161.4
|
173.7
|
164.5
|
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Construction & Development
|
40.1
|
38.6
|
35.4
|
38.6
|
37.5
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Multifamily Residential Real Estate
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14.7
|
14.7
|
12.7
|
14.7
|
12.7
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Nonresidential Real Estate
|
106.1
|
105.2
|
96.0
|
105.2
|
98.0
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Residential Real Estate
|
417.9
|
415.0
|
417.5
|
415.0
|
410.7
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Consumer
|
5.5
|
5.9
|
6.1
|
5.9
|
6.3
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Agriculture
|
0.0
|
0.0
|
0.0
|
0.0
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0.0
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BANKING PROFILE
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