Beverly Bank

Headquarters

254 Cabot Street
Beverly, MA 01915
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 0.95% →
1-Year CD N.A. 1.01% →
2-Year CD N.A. 0.95% →
5-Year CD N.A. 1.30% →
30-Year Mortgage N.A. 2.80% →
15-Year Mortgage N.A. 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Beverly Bank is an FDIC insured institution located in Beverly, MA. It was founded in 1888 and has approximately $0.5 billion in assets. Customers can open an account at one of its 6 branches.

FDIC Insured Yes
FDIC Certificate # 26601
Date Established 1888
Assets $ 507.94 million
Loans $ 438.63 million
Deposits $ 434.44 million
Capital $ 43.45 million
 

For a more detailed analysis of Beverly Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - October 24, 2020

Your Current Location: Virginia, VA 20146


Loan Rates - October 24, 2020

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for Beverly Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Virginia 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Rocket Mortgage
NMLS ID: 3030
3.746% 3.625% 1.00 $3,750 $1,141 Learn More
AimLoan.com
NMLS ID: 2890
License#: MC-3098
2.575% 2.500% 1.00 $2,470 $988 Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.240 %
$0 Learn More
More Info

Note to Beverly Bank
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Branches

Beverly Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Ashburn,Virginia


Beverly Bank Locations


Financial Details

Beverly Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Beverly Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Beverly Bank U.S. Bank Average
2.13% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2020, Beverly Bank had $1,017,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $43,453,000 in equity and $4,384,000 in loans loss reserves. That gives it a Texas Ratio of 2.13%.

Return on Equity
Beverly Bank U.S. Bank Average
6.18% 7.80%

Beverly Bank has a Return on Equity of 6.18% versus the BestCashCow average of 7.80%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Beverly Bank U.S. Bank Average
8.55% 12.68%

Beverly Bank has a Capitalization of 8.55% versus the BestCashCow average of 12.68. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Beverly Bank Balance Sheet Analysis

As of September 30, 2019, Beverly Bank had assets of $502,198,000, loans of $438,627,000, and deposits of $434,440,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2020
ASSETS
Cash & Balances due from depository institutions $ 10.32 million
Interest-bearing balances $ 4.40 million
Total securities $ 31.71 million
Federal funds sold and reverse repurchase $ 0.13 million
Net loans and leases $ 438.63 million
Loan loss allowance $ 4.38 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 0.08 million
All other assets $ 13.12 million
     Total Assets $ 458.75 million
LIABILITIES
Total deposits $ 434.44 million
      Interest-bearing deposits $ 342.92 million
      Deposits held in domestic offices $ 434.44 million
      % insured (estimated) 77.88%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 22.15 million
Subordinated debt N.A.
All other liabilities $ 2.15 million
      Total Liabilities $ 458.75 million
      Shareholders’ Equity $ 49.19 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 15.52 million
Total Interest Expense $ 4.19 million
Net interest income $ 11.33 million
Provision for loan and lease losses $ 0.18 million
Total non interest income $ 1.11 million
Total non interest expense $ 10.73 million
Pre-tax Net Operating Income $ 1.54 million

Bank Loan Profile?

The top three loan types in Beverly Bank’s loan portfolio are 1-4 Family Residential Loans, Multifamily Mortgages, and Commercial Real Estate.

Compared to other banks in Massachusetts, Beverly Bank has a significantly higher percent of Multifamily Mortgages on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 47.23
Multifamily
Mortgages
21.35
Credit Card Loans 0.00
Consumer Auto Loans 0.01
Small Business Loans 0.00
Construction and Development Loans 9.54
Commercial Real Estate 15.80
Commercial and Industrial Loans 6.88
Farm Loans 0.00

Frequently Asked Questions About Beverly Bank

Branches and Savings

Is Beverly Bank FDIC insured?

Yes. It is covered under FDIC Certificate #26601.

Why does Beverly Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Beverly Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Beverly Bank a commercial bank?

Yes

Where are Beverly Bank locations?

See branch locations nearby.

Is Beverly Bank open on Saturdays?

Is Beverly Bank open on Sundays?

What time does Beverly Bank open?

What time does Beverly Bank close?

Are Beverly Bank ATMs Open 24/7?

Do Beverly Bank ATMs accept cash deposits?

Can Beverly Bank customers use other ATMs?

Do Beverly Bank branches have notaries?

Will Beverly Bank notarize my document?

What address for Beverly Bank should I put for incoming ACH transfers?

Will the Beverly Bank branch print checks?

Do Beverly Bank checks expire?

Does Beverly Bank require US citizenship to open account?

Can Beverly Bank close my account?

Does Beverly Bank Report to credit bureaus?

Does Beverly Bank Use Equifax?

What is Beverly Bank's ACH Routing Number?

What is Beverly Bank's SWIFT code?

Products

Does Beverly Bank offer mortgages?

Compare mortgage rates here.

Does Beverly Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Beverly Bank offer personal loans?

Compare personal loan rates here.

Does Beverly Bank offer student loans?

Will Beverly Bank cash a check?

Will Beverly Bank redeem a savings bond?

Does Beverly Bank cash savings bonds?

Will Beverly Bank cash money orders?

Can Beverly Bank issue a money order?

Does Beverly Bank do currency exchange?

Background on The Bank

Who owns Beverly Bank?

How long has Beverly Bank been around?

Can Beverly Bank transfer to other banks?

Does Beverly Bank have quick pay?

Does Beverly Bank accept rolled coins?

Will Beverly Bank accept loose change?

Where is Beverly Bank headquarters?

Customer Reviews for Beverly Bank


  • February 01, 2018

    CDs 60 Month Rates

    I live in Concord, ma. and when I went to the Beverly Bank I was told that I could not open an account because I did not live in Beverly!

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