Ridgewood Savings Bank


Ridgewood Savings Bank is an FDIC insured institution headquartered at 7102 Forest Ave, Ridgewood, NY 11385.
It was founded in 1921 and has approximately $7 billion in assets. Customers can open an account at one of its 39 branches.

Deposit Rates - March 19, 2024

SAVINGS RATES APY MIN
MM RATES APY MIN
Money Market
4.75% $10,000 Compare

Overview 2024

General Bank Information

FDIC Insured Yes
FDIC Certificate # 16026
Date Established 1921
Assets $ 6.87 billion
Loans $ 4.44 billion
Deposits $ 5.49 billion
Capital $ 769.12 million

Summary Balance Sheet as of June 30, 2023

ASSETS
Cash & Balances due from depository institutions $ 175.07 million
Interest-bearing balances $ 155.02 million
Total securities $ 1,740.96 million
Federal funds sold and reverse repurchase $ 64.37 million
Net loans and leases $ 4.44 billion
Loan loss allowance $ 31.84 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.04 million
Goodwill and other intangibles $ 80.21 million
All other assets $ 274.88 million
     Total Assets $ 6.10 billion

LIABILITIES
Total deposits $ 5.49 billion
      Interest-bearing deposits $ 4.97 billion
      Deposits held in domestic offices $ 5.49 billion
      % insured (estimated) 88.23%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 402.86 million
Subordinated debt N.A.
All other liabilities $ 114.65 millionn
      Total Liabilities $ 6.10 billion
      Shareholders’ Equity $ 769.12 million

Summary Income Statement as of June 30, 2023

INCOME AND EXPENSES
Total Interest Income $ 171.44 million
Total Interest Expense $ 75.04 million
Net interest income $ 96.40 million
Provision for loan and lease losses $ 1.01 million
Total non interest income $ 10.37 million
Total non interest expense $ 79.33 million
Pre-tax Net Operating Income $ 31.79 million

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Ridgewood Savings 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
    ONLINE SAVINGS
    Bank
    -
    $50,000
    N.A.
    3.50%
    16.75x (National Avg. - 0.21%)
    $0
    -
    SCENARIO
    Year Rate
    3.50%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 1,750 1,225
    2 51,750 1,811 1,268
    3 53,561 1,875 1,312
    4 55,436 1,940 1,358
    5 57,376 2,008 1,406
    6 59,384 2,078 1,455
    7 61,463 2,151 1,506
    8 63,614 2,226 1,559
    9 65,840 2,304 1,613
    10 68,145 2,385 1,670
    11 70,530 2,469 1,728
    12 72,998 2,555 1,788
    13 75,553 2,644 1,851
    14 78,198 2,737 1,916
    15 80,935 2,833 1,983
    16 83,767 2,932 2,052
    17 86,699 3,034 2,124
    18 89,734 3,141 2,198
    19 92,874 3,251 2,275
    20 96,125 3,364 2,355
    TOTAL $49,489 $34,643
  • 2
    LOCAL SAVINGS
    Online Bank
    -
    $50,000
    N.A.
    5.10%
    24.40x (National Avg. - 0.21%)
    $0
    -
    SCENARIO
    Year Rate
    5.10%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 2,550 1,785
    2 52,550 2,680 1,876
    3 55,230 2,817 1,972
    4 58,047 2,960 2,072
    5 61,007 3,111 2,178
    6 64,119 3,270 2,289
    7 67,389 3,437 2,406
    8 70,825 3,612 2,528
    9 74,437 3,796 2,657
    10 78,234 3,990 2,793
    11 82,224 4,193 2,935
    12 86,417 4,407 3,085
    13 90,824 4,632 3,242
    14 95,456 4,868 3,408
    15 100,325 5,117 3,582
    16 105,441 5,378 3,764
    17 110,819 5,652 3,956
    18 116,471 5,940 4,158
    19 122,411 6,243 4,370
    20 128,654 6,561 4,593
    TOTAL $85,215 $59,650
  • 3
    ONLINE SAVINGS
    Online Bank
    -
    $50,000
    N.A.
    4.60%
    22.01x (National Avg. - 0.21%)
    $0
    -
    SCENARIO
    Year Rate
    4.60%
    Annual
    Interest
    Annual Interest
    (After Tax)
    1 50,000 2,300 1,610
    2 52,300 2,406 1,684
    3 54,706 2,516 1,762
    4 57,222 2,632 1,843
    5 59,854 2,753 1,927
    6 62,608 2,880 2,016
    7 65,488 3,012 2,109
    8 68,500 3,151 2,206
    9 71,651 3,296 2,307
    10 74,947 3,448 2,413
    11 78,395 3,606 2,524
    12 82,001 3,772 2,640
    13 85,773 3,946 2,762
    14 89,718 4,127 2,889
    15 93,846 4,317 3,022
    16 98,162 4,515 3,161
    17 102,678 4,723 3,306
    18 107,401 4,940 3,458
    19 112,342 5,168 3,617
    20 117,509 5,405 3,784
    TOTAL $72,915 $51,040