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Everett Bank saw its total assets increase nearly 60 percent to more than $1 billion last year, its first year as a stock bank.
After ending 2021 with $666.5 million in total assets, Everett Bank saw assets increase by $398 million in 2022 to $1.06 billion. The bank annual in its annual report filed last week with the Securities and Exchange Commission attributed the growth in part to increases in loans.
Loans increased $368.5 million, or 71.3 percent, to $885.7 million on Dec. 31, up from $517.1 million at the end of 2021. Loans at the end of the third quarter were $735.3 million.
Everett Bank said the loan portfolio saw its largest increases in multi-family real estate loans, one- to four-family residential real estate loans, commercial real estate loans and construction loans.
“The increase in these loan portfolios reflects our strategy to grow the balance sheet by continuing to diversify into higher-yielding commercial real estate and multi-family real estate loans to improve net margins and manage interest rate risk,” the bank said in the report.
Everett Bank’s holding company, ECB Bancorp Inc., had 2022 net income of $2.7 million, or $0.32 per diluted share, compared to net income of $4.04 million in 2021, before the bank’s stock conversion.
The bank completed its stock conversion and had an initial public offering on July 27, 2022, selling approximately 8.9 million shares of common stock at $10 per share.
The bank’s 2022 earnings were affected by charitable contributions made as part of the initial public offering. Everett bank donated $3.2 million, representing 260,000 shares of common stock, to the Everett Co-operative Bank Charitable Foundation. The bank also donated $600,000 in cash to the foundation.
Everett Bank’s deposits totaled $718.15 million at the end of 2022, up from $652.7 million at the end of the third quarter and $571.75 million at the end of 2021. The bank said core deposits represented 55.5 percent of the total.
Deposits exceeding the $250,000 FDIC limit totaled $330.5 million in 2022, up from $172.2 million in 2021. Everett Bank is a member of the Depositors Insurance Fund, which provides insurance to for Massachusetts member banks on deposits exceeding the FDIC limit, so all of the bank’s deposits are insured.
