Needham Bank


Needham Bank is an FDIC insured institution headquartered at 1063 Great Plain Ave, Needham, MA 02492.
It was founded in 1892 and has approximately $4 billion in assets. Customers can open an account at one of its 10 branches.

Deposit Rates - February 26, 2024

SAVINGS RATES APY MIN
CD RATES APY MIN
MM RATES APY MIN
Money Market
0.25% $2,500 Compare
Money Market
0.25% $10,000 Compare
Money Market
0.30% $25,000 Compare
INT CHECKING RATES APY MIN
Int Ckg
0.10% $2,500

Loan Rates - February 26, 2024

MORTGAGE PURCHASE APR(%) MONTHLY PAYMENT
5 Year Adjustable Jumbo
7.12% $2,021.57
7 Year Adjustable Jumbo
7.46% $2,094.27
10 Year Fixed Jumbo
6.73% $3,527.96
20 Year Fixed Jumbo
6.75% $2,315.72
MORTGAGE REFINANCE APR(%) MONTHLY PAYMENT
5 Year Adjustable Jumbo
7.12% $2,021.57
7 Year Adjustable Jumbo
7.46% $2,094.27
10 Year Fixed Jumbo
6.73% $3,527.96
20 Year Fixed Jumbo
6.75% $2,315.72

Overview 2024

General Bank Information

FDIC Insured Yes
FDIC Certificate # 26483
Date Established 1892
Assets $ 4.23 billion
Loans $ 3.68 billion
Deposits $ 3.44 billion
Capital $ 365.62 million

Summary Balance Sheet as of June 30, 2023

ASSETS
Cash & Balances due from depository institutions $ 111.50 million
Interest-bearing balances $ 69.01 million
Total securities $ 185.94 million
Federal funds sold and reverse repurchase $ 31.38 million
Net loans and leases $ 3.68 billion
Loan loss allowance $ 31.89 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 3.38 million
All other assets $ 124.00 million
     Total Assets $ 3.87 billion

LIABILITIES
Total deposits $ 3.44 billion
      Interest-bearing deposits $ 2.87 billion
      Deposits held in domestic offices $ 3.44 billion
      % insured (estimated) 70.48%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 0.43 million
Subordinated debt N.A.
All other liabilities $ 43.43 millionn
      Total Liabilities $ 3.87 billion
      Shareholders’ Equity $ 365.62 million

Summary Income Statement as of June 30, 2023

INCOME AND EXPENSES
Total Interest Income $ 157.87 million
Total Interest Expense $ 61.42 million
Net interest income $ 96.45 million
Provision for loan and lease losses $ 8.08 million
Total non interest income $ 11.32 million
Total non interest expense $ 67.68 million
Pre-tax Net Operating Income $ 14.59 million

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Branches

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Needham Bank Locations

Savings Comparison

This analysis is for demonstrative purposes only. Savings rates may go up or down, and CD rates may not be renewable for the length of the term of the analysis.

PRODUCT
BANK
BANK TYPE
STATE
AMOUNT
TERM
APY
VS.NATL'L AV.
MIN
MILES

Tax Rate: 30%

All calculations are for demonstration purposes only.

  • 1
    LOCAL CD
    Bank
    MASSACHUSETTS
    $50,000
    6 Month
    0.50%
    1.29x (National Avg. - 0.39%)
    $10,000
    -
    SCENARIO
    Year Rate
    0.50%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 250 175
    2 50,250 251 176
    3 50,501 253 177
    4 50,754 254 178
    5 51,008 255 179
    6 51,263 256 179
    7 51,519 258 180
    8 51,776 259 181
    9 52,035 260 182
    10 52,296 261 183
    11 52,557 263 184
    12 52,820 264 185
    13 53,084 265 186
    14 53,349 267 187
    15 53,616 268 188
    16 53,884 269 189
    17 54,154 271 190
    18 54,424 272 190
    19 54,696 273 191
    20 54,970 275 192
    TOTAL $5,245 $3,671
  • 2
    LOCAL CD
    Online Bank
    -
    $50,000
    6 Month
    5.35%
    13.75x (National Avg. - 0.39%)
    $1,000
    -
    SCENARIO
    Year Rate
    5.35%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 2,675 1,873
    2 52,675 2,818 1,973
    3 55,493 2,969 2,078
    4 58,462 3,128 2,189
    5 61,590 3,295 2,307
    6 64,885 3,471 2,430
    7 68,356 3,657 2,560
    8 72,013 3,853 2,697
    9 75,866 4,059 2,841
    10 79,925 4,276 2,993
    11 84,201 4,505 3,153
    12 88,705 4,746 3,322
    13 93,451 5,000 3,500
    14 98,451 5,267 3,687
    15 103,718 5,549 3,884
    16 109,267 5,846 4,092
    17 115,113 6,159 4,311
    18 121,271 6,488 4,542
    19 127,759 6,835 4,785
    20 134,594 7,201 5,041
    TOTAL $91,795 $64,256
  • 3
    LOCAL CD
    Online Bank
    -
    $50,000
    12 Month
    5.40%
    9.89x (National Avg. - 0.55%)
    $1,000
    -
    SCENARIO
    Year Rate
    5.40%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 2,700 1,890
    2 52,700 2,846 1,992
    3 55,546 2,999 2,100
    4 58,545 3,161 2,213
    5 61,707 3,332 2,333
    6 65,039 3,512 2,458
    7 68,551 3,702 2,591
    8 72,253 3,902 2,731
    9 76,154 4,112 2,879
    10 80,267 4,334 3,034
    11 84,601 4,568 3,198
    12 89,170 4,815 3,371
    13 93,985 5,075 3,553
    14 99,060 5,349 3,744
    15 104,409 5,638 3,947
    16 110,047 5,943 4,160
    17 115,990 6,263 4,384
    18 122,253 6,602 4,621
    19 128,855 6,958 4,871
    20 135,813 7,334 5,134
    TOTAL $93,147 $65,203
  • 4
    LOCAL CD
    Bank
    -
    $50,000
    12 Month
    5.30%
    9.71x (National Avg. - 0.55%)
    $1,000
    -
    SCENARIO
    Year Rate
    5.30%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 2,650 1,855
    2 52,650 2,790 1,953
    3 55,440 2,938 2,057
    4 58,379 3,094 2,166
    5 61,473 3,258 2,281
    6 64,731 3,431 2,402
    7 68,162 3,613 2,529
    8 71,774 3,804 2,663
    9 75,578 4,006 2,804
    10 79,584 4,218 2,953
    11 83,802 4,441 3,109
    12 88,243 4,677 3,274
    13 92,920 4,925 3,447
    14 97,845 5,186 3,630
    15 103,031 5,461 3,822
    16 108,491 5,750 4,025
    17 114,242 6,055 4,238
    18 120,296 6,376 4,463
    19 126,672 6,714 4,700
    20 133,386 7,069 4,949
    TOTAL $90,455 $63,319