Shoreham Bank

Headquarters

1 Shoreham Way
Warwick, RI 02886
See all branch locations →

Notable Rates	APY	Vs.Others
Savings	4.50%	5.50% →
1-Year CD	N.A.	4.80% →
2-Year CD	N.A.	4.25% →
5-Year CD	N.A.	4.05% →
30-Year Mortgage	N.A.	4.91% →
15-Year Mortgage	N.A.	4.39% →
HELOC	N.A.	0.99% →

Overview
Deposit Rates
Loan Rates
Branches
Climate
Financial Details
FAQs
Reviews

2024 Overview

General Bank Information

Shoreham Bank is an FDIC insured institution located in Warwick, RI. It was founded in 1979 and has approximately $0.47 billion in assets. Customers can open an account at one of its 3 branches.


FDIC Insured	Yes
FDIC Certificate	# 27417
Date Established	1979
Assets	$ 469.07 million
Loans	$ 398.70 million
Deposits	$ 413.26 million
Capital	$ 52.49 million

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

Deposit Rates - December 4, 2024

Your Current Location: Ohio, OH 43085

Savings and Money Market Rates	APY	MIN	MAX
Soaring Savings	4.50%	$25,000	-	Learn More Reviews

Loan Rates - December 4, 2024

Your Current Location: Ohio, OH 43085

There are currently no loan rates available for Shoreham Bank

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

Featured - Ohio 30 Year Fixed Mortgage Rates 2024

Lender	APR	Rate (%)	Monthly Payment	Learn More
NMLS ID: 66247	6.436%	6.375% 0.63 points $2,058 fees	$1,997	Learn More
NMLS ID: 2890 License#: MBMB.850089.000	6.497%	6.375% 1.00 points $4,115 fees	$1,997	Learn More
NMLS ID: 1025894	6.592%	6.490% 0.88 points $3,388 fees	$2,021	Learn More
NMLS ID: 401822	7.034%	6.875% 1.00 points $5,195 fees	$2,103	Learn More

See More Mortgage Rates →

Featured - Ohio Home Equity Line Of Credit Rates 2024

Lender	APR (%)^?	Monthly Payment^?	Learn More
Third Federal Savings and Loan See Table	Intro APR 7.240 % After Intro: 7.240 %	$0	Learn More More Info
Conditions… Variable APR of Prime minus 1.01% in all states. Min loan amount $10,000. Max loan amount $200,000. 30-year term. Annual fee waived for the first year. See conditions for guarantee at thirdfederal.com. Third Federal rate are typically 20% lower than other leaders Guaranteed Lowest Rate No closing costs, prepayment penalties, or minimum draw requirements 10 year draw period
Rate See Table	Intro APR 8.100 % After Intro: 8.100 %	$25,000	Learn More More Info
A Guaranteed Rate HELOC is secured with your home as collateral, whereas personal loans and credit cards are not. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing. Guaranteed Rate Home Equity Line is an open-end product where the full loan amount (minus lender, broker, third party, and governement fees, as applicable) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw. Apply in 5 minutes, get your money in as fast as 5 days. Digital application experience. Funds directly to your bank account. No in-person appraisal needed.
Achieve Loans See Table	Intro APR 10.625 % After Intro: 10.625 %	$0	Learn More More Info
All terms are estimates until underwriting is complete. Offer shown includes a .50% discount for automatic payment enrollment (autopay enrollment is not a condition of loan approval). 10, 15, 20, and 30-year terms available (20 and 30 year terms only available for cash out requests). All terms have a 5-year draw period with the remaining term being a no draw period. Payments are fully amortized during each period and determined on the outstanding principal balance each month. Closing fees range from $750 to $6,685, depending on line amount and state law requirements and typically include origination (2.5% of line amount) and underwriting ($725) fees if allowed by law. Property must be owner-occupied and combined loan-to-value ratio may not exceed 80%, including the new loan request. Property insurance is required and flood insurance may be required if the subject property is located in a flood zone. You must pledge your home as collateral. Offers are only valid in states where Achieve is licensed. Loans are not available to residents of all states and available loan terms and fees may vary by state where offered. Contact Achieve Loans for further details. Competitive rates, Pre-qualify in minutes Mortgage Advisors standing by to help find the best solution Flexible terms with fast funding Minimum credit score: 640

See More Home Equity Rates →

Note to Shoreham Bank
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Branches

Shoreham 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:
Columbus,Ohio

Shoreham Bank Locations around zip code 43085

Branch	Distance	Map	View Lobby Hours
Warwick Branch	626.37	A	View Lobby Hours
Providence Office	627.36	B	View Lobby Hours
Home Loan Investment Bank, F.S.b.	627.93	C	View Lobby Hours

View Branches Nationwide →

Climate Policy and Initiatives

Shoreham Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.

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Financial Details

Shoreham Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Shoreham 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

Shoreham Bank	U.S. Bank Average
7.06%	4.48%

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 June 30, 2024, Shoreham Bank had $4,153,000 in non-current loans and $128,000 in owned real estate. To cover these potential losses it had $52,492,000 in equity and $8,140,000 in loans loss reserves. That gives it a Texas Ratio of 7.06%.

Return on Equity

Shoreham Bank	U.S. Bank Average
7.75%	10.46%

Shoreham Bank has a Return on Equity of 7.75% versus the BestCashCow average of 10.46%. 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

Shoreham Bank	U.S. Bank Average
11.19%	10.84%

Shoreham Bank has a Capitalization of 11.19% versus the BestCashCow average of 10.84. 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.

Shoreham Bank Balance Sheet Analysis

As of June 30, 2024, Shoreham Bank had assets of $469,065,000, loans of $398,701,000, and deposits of $413,262,000. 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

June 30, 2024

ASSETS
Cash & Balances due from depository institutions	$ 39.30 million
Interest-bearing balances	$ 38.20 million
Total securities	$ 14.26 million
Federal funds sold and reverse repurchase	N.A.
Net loans and leases	$ 398.70 million
Loan loss allowance	$ 8.14 million
Trading account assets	N.A.
Bank premises and fixed assets	N.A.
Other real estate owned	$ 0.13 million
Goodwill and other intangibles	$ 4.85 million
All other assets	$ 5.08 million
Total Assets	$ 416.57 million

LIABILITIES
Total deposits	$ 413.26 million
Interest-bearing deposits	$ 406.22 million
Deposits held in domestic offices	$ 413.26 million
% insured (estimated)	89.89%
Federal funds purchased and repurchase agreements	N.A.
Trading liabilities	N.A.
Other borrowed funds	$ 8.00 million
Subordinated debt	N.A.
All other liabilities	$ 3.83 million
Total Liabilities	$ 416.57 million
Shareholders’ Equity	$ 52.49 million

Summary Income Statement

June 30, 2024

INCOME AND EXPENSES
Total Interest Income	$ 18.21 million
Total Interest Expense	$ 7.31 million
Net interest income	$ 10.90 million
Provision for loan and lease losses	$ 2.19 million
Total non interest income	$ 4.13 million
Total non interest expense	$ 10.83 million
Pre-tax Net Operating Income	$ 5.08 million

Bank Loan Profile^?

The top three loan types in Shoreham Bank’s loan portfolio are Small Business Loans, 1-4 Family Residential Loans, and Commercial Real Estate.

Compared to other banks in Rhode Island, Shoreham Bank has a significantly higher percent of Consumer Auto Loans, Small Business Loans, Farm Loans 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	28.05		✓
Multifamily Mortgages	0.04	✓
Credit Card Loans	0.00	✓
Consumer Auto Loans	12.96			✓
Small Business Loans	29.86			✓
Construction and Development Loans	0.00	✓
Commercial Real Estate	23.28		✓
Commercial and Industrial Loans	0.00		✓
Farm Loans	0.09			✓

Customer Reviews for Shoreham Bank

opal@8

December 13, 2019 |

Online CDs 30 Month Rates

yes good

Is this review helpful? Yes:2 / No: 2
Rita Hughes

October 21, 2019

Online CDs 60 Month Rates

Don't have an experience but would like to have one.

Is this review helpful? Yes:3 / No: 1
Chuck

May 30, 2019 |

https://www.ripoffreport.com/report/home-loan-investment-bank-fsb/warwick-ri-rhode-isls-largest-1479077

Is this review helpful? Yes:5 / No: 0
Chuck

May 30, 2019 |

https://www.ripoffreport.com/report/home-loan-investment-bank-fsb/warwick-ri-rhode-isls-largest-1479077

Is this review helpful? Yes:3 / No: 1

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