NEWBURYPORT – For the fourth consecutive year the Institution for Savings reached all-time highs in total assets, total loans, total deposits and total capital, announced President and Chief Executive Officer Michael J. Jones.
The results were reported at the bank’s 194th Annual Meeting held March 10 at the Black Swan County Club in Georgetown and attended by 250 bank corporators and employees.
The bank’s net income of $25.6 million, an increase of $8.4 million or 49 percent over prior year earnings, was the highest in the bank’s 193-year history. Total assets increased $285 million, or 20 percent, reaching approximately $1.7 billion. The majority of the growth was in the bank’s lending portfolio which increased $212 million or 24 percent.
Overall the bank reached historic highs in total assets, total loans, total deposits and total capital. Total deposits increased $256 million or 22 percent and now exceed $1.4 billion. This increase was due to the highly competitive interest rates the bank offers on its deposit accounts, said Jones. The bank’s newest office in downtown Topsfield ended the year with $57 million in deposits in just 8 months of operation.
Most importantly, capital increased $35 million or 19 percent reaching a milestone of $219 million. The Institution for Savings ended the year with a Tier 1 leverage capital ratio of 12.39 percent.
In his remarks to the Corporators and Employees, Jones cited a number of accomplishments from 2013:
The bank’s net income of $25.6 million represented a return on assets of 1.72 percent which will again place the Institution for Savings amongst the top performing banks in Massachusetts.
In January the bank opened its fourth educational school banking office at Masconomet Regional High School in Topsfield.
For the second time in three years the bank was named the Top Employer by The Boston Globe. This was the sixth consecutive time the bank has been named to the ranking: in 2011 it was named the Top Small Employer and in 2013 the Top Medium Sized Employer (the number of employees grew in 2013 due to expansion and growth).