Port bank announces record earnings for 2022

NEWBURYPORT — More than 250 people attended the annual meeting of the IFS 1820 Bancorp, Mutual Holding Company of Institution Savings, was held Monday evening at the Black Swan Country Club in Georgetown.

During the event, bank president and chief executive officer Michael J. Jones reported that the bank set record net operating earnings of $40.7 million in 2022, an increase of $5.1 million or 14% over 2021. Total assets in 2022 reached $4.869 billion, an increase of $334 million or 7 percent. Total loans reached $3.7 billion, representing record growth of $491 million or 15 percent. Total deposits increased $126 million or 4 percent reaching $3.6 billion. Total capital ended the year at $528 million and remains strong at 11 percent, providing opportunities for future growth and expansion.

During the business meeting, Jones addressed recent national headlines regarding bank failures, and reiterated that the Institution for Savings is strong, stable and well-positioned due to its robust capital position, prudent loan underwriting and responsible business model. Customer deposits are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC); funds that exceed FDIC limits are insured by the Depositors Insurance Fund (DIF). The bank has posted a letter on its website with a similar message to its customers.

Jones also reported on a number of milestones achieved in 2022:

Ranked 17th nationally by American Banker in its annual ranking of banks with assets $2 to $10 billion (based on Dec. 31, 2021 results)

Named to the Boston Globe Top Places to Work for the 15th consecutive year

Named to Boston Business Journal’s Best Places to Work for the seventh consecutive year and one of Massachusetts’ largest corporate charitable contributors

Named Best Bank by The Newburyport Daily News for the 14th consecutive year

Named Best Bank by The Salem News for the fourth consecutive year

Completed the rear wing renovations at its Newburyport Main office

Through its Institution for savings Charitable Foundation donated more than $2.3 million to local non-profit organizations.

During the meeting, the corporation elected one new trustee to join the board: Kerri S. Perry. The Newbury resident is currently president and chief executive officer of Community Action, Inc. a multi-service non-profit organization serving low-income individuals and families in eleven cities and towns in the Merrimack Valley and seacoast regions.

Three new corporators were also elected during the meeting. They include Robyn Burns, executive director of the Salem Food Pantry and a Salem resident; Angelo Perrina, a Middleton resident and co-founder of Nutre Meal Plans LLC; and Sarah Player, a physical therapist and vice chairperson of the Ipswich Board of Selectmen.

Also, during the meeting, Jones recognized two long-time Institution for Savings officers who are retiring in the coming months: Senior Vice President of Residential Lending Larry Hunter who retires this week; and Senior Lender/Senior Vice President of Commercial Lending David Boudreau who will retire July 1.

Before concluding the meeting, Jones announced the recipient of this year’s President’s Award, given annually to an employee who consistently goes above and beyond his or her duties to serve the bank and its customers. This year’s award was given to Information Technology Help Desk Technician Richard Denaro who, according to Jones, was nominated by several individuals for his caring, friendly attitude as well as consistently making the extra effort to help colleagues.

In addition to the bank’s 68-page annual report, all guests received gourmet chocolates from m cacao of Amesbury, with a special video about the bank embedded into the box. Chocolate video boxes made by m cacao were also the featured gift at the 65th annual Grammy Awards gift lounge earlier this year.