The Institution for Savings in Newburyport posted double-digit gains in loans and deposits and closed its acquisition of Rockport National Bank last year.
President and CEO Michael J. Jones announced those highlights at the bank’s 195th annual meeting earlier this week.
Net income increased 10 percent, or $2.5 million, to $28.1 million in 2014, which represents a 1.52 percent return on assets. Total assets increased $343 million, or 20 percent, to more than $2 billion. The bank said in a statement announcing the results that the majority of that growth happened in its lending portfolio, which increased $295 million, or 27 percent, over 2013.
The Institution for Savings also booked a $326 million, or 23 percent, increase in deposits, which is attributed to its acquisition of Rockport National Bank, as well as competitive interest rates on retail deposit products. Net operating income last year totaled $13.1 million, the highest in the bank’s history.
Capital also increased $21 million, or 10 percent, to $219 million.
The bank’s acquisition of Rockport National Bank, which closed in August last year, added four locations in Rockport, Beverly and Gloucester, plus a school banking office at Beverly High School. The bank will also open a new location on Main Street in Middleton, which is slated to open in late May.
At the annual meeting, the bank elected two new trustees from Cape Ann and six new corporators. John J. Meany of Rockport, recently retired executive director of YMCA of the North Shore, was elected to a three-year term as a trustee, and Stuart E. Winfrey of Essex, founder and owner of Winfrey’s Fudge and Chocolates, was elected for a one-year term.
Meany, along with Ruth C. George, Alex D. Gramling, Gerald B. MacKillop Jr., Kevin Puopolo and Marcy Pregent, were elected as corporators.
The bank also elected and promoted a number of officers at the meeting: David E. Boudreau and Stephen P. Cote as senior vice presidents; Pamela J. Bishop, Bruce Macdonald and Lori Rostkowski as vice presidents; Paula J. Bratt, Marcia Budrow, Almiris Contreras, Sandra A. Corrao, Marianne Dean, Susan Ellis, Debbie Sewards, Amy Smith, Hanson Wilson and Isaac Raymond Webster as assistant vice presidents; and Kathleen M. Ferreira as assistant clerk of the corporation.
Finally, Jones awarded Isaac "Ray" Webster III the bank’s 2014 President’s Award, which is given annually to an outstanding employee.
