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Overview / Commentary
800-660-7800
1530 Main Street
South Weymouth, MA 02190

South Shore Bank is headquartered in South Weymouth and is the 35th largest bank in the state of Massachusetts. It is also the 664th largest bank in the nation. It was established in 1833 and as of December of 2013, it had grown to 180 employees at 13 locations. South Shore Bank's savings rates are 2X the national average, and it has a B health rating.

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Health

Data for Q4 2013

Institution Health

B

Texas Ratio

GRADE:
B

The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 South Shore Bank had $18.78 million in non-current loans and owned real-estate with $110.98 million in equity and loan loss allowances on hand to cover it. This gives South Shore Bank a Texas Ratio of 16.92% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B

The Texas Ratio for South Shore Bank decreased slightly from 18.83% as of December 31, 2012 to 16.92% as of December 31, 2013, resulting in a positive change of 10.17%.This indicates that the balance sheet and financial strength for South Shore Bank has improved slightly in recent periods.

Deposit Growth

GRADE:
C

In the past year, South Shore Bank has decreased its total deposits by -$13.17 million, resulting in -1.93% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth South Shore Bank has shown is average.

Capitalization

GRADE:
A

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. South Shore Bank has $1 billion in assets with $110.98 million in equity, resulting in a capitalization level of 11.08%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #90303
Year Established1833
Employees180
Primary RegulatorFED
Assets and Liabilities
Assets$1.00 billion
Loans$707.50 million
Deposits$669.59 million
Equity Capital$104.43 million
Loan Loss Allowance$6.55 million
Unbacked Noncurrent Loans$14.75 million
Real Estate Owned$4.02 million
Historic Data - December 2012
Assets$978.77 million
Equity Capital$104.61 million
Loan Loss Allowance$6.36 million
Unbacked Noncurrent Loans$14.75 million
Real Estate Owned$4.50 million
Profit Margin - Quarterly
Net Interest Margin2.99%
Return on Assets0.49%
Return on Equity4.72%
Interest Income$35.43 million
Rates

Always verify rates and promotions with the bank or credit union. We are not South Shore Bank, we are a rate comparison website and can not provide official rates or promotions.

South Shore Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
1.25%-$50kRewards Savings
0.20%$25k-Premium Savings
0.05%--Regular Savings (Passbook/Statement)
0.05%$2k-Business Savings
0.05%-$50kRewards Savings

South Shore Bank Money Market Rates

DetailsAPYMINMAXPRODUCT
0.20%$100k-High Yield Money Market
0.20%$100k-Business Money Market
0.20%$100k-Business Platinum Money Market

South Shore Bank Checking Account Rates

DetailsAPYMINMAXPRODUCT
1.75%-$25kRewards Checking
0.05%--Rewards Checking
0.05%--Relationship Checking

South Shore Bank CD Rates

DetailsAPYMINMAXPRODUCT
1.50%$1k-37 Month CD
1.10%$1k-60 Month CD
1.00%$1k-48 Month CD
1.00%$1k-19 Month CD
0.75%$1k-36 Month CD
0.70%$1k-24 Month CD
0.60%$1k-18 Month CD
0.50%$1k-15 Month CD
0.40%$1k-12 Month CD
0.25%$1k-6 Month CD
0.25%$1k-9 Month CD
0.20%$1k-3 Month CD

South Shore Bank IRA Rates

DetailsAPYMINMAXPRODUCT
1.50%$1k-37 Month IRA (Traditional,Roth)
1.10%$1k-60 Month IRA (Traditional,Roth)
1.00%$1k-48 Month IRA (Traditional,Roth)
1.00%$1k-19 Month IRA (Traditional,Roth)
0.75%$1k-36 Month IRA (Traditional,Roth)
0.70%$1k-24 Month IRA (Traditional,Roth)
0.60%$1k-18 Month IRA (Traditional,Roth)
0.50%$1k-15 Month IRA (Traditional,Roth)
0.40%$1k-12 Month IRA (Traditional,Roth)
0.25%$1k-6 Month IRA (Traditional,Roth)
0.25%$1k-9 Month IRA (Traditional,Roth)
0.20%$1k-3 Month IRA (Traditional,Roth)
Locations

South Shore Bank has 13 locations. Click to view all South Shore Bank locations.