The Institution for Savings recorded a year-over-year increase of 49 percent, or $8.4 million, in net income last year, driven largely by a 24 percent increase in the bank’s lending portfolio.

"The bank’s long term strategic focus is to increase profitability, grow our existing banking offices, and expand into other local communities," President and CEO Michael J. Jones said at the bank’s recent annual meeting. "We are committed to remaining a ‘mutually owned’ regional savings bank serving the North Shore and Cape Ann."

Total assets at the Newburyport-headquartered bank increased $285 million, or 20 percent, to $1.7 billion last year. Total deposits increased $256 million, or 22 percent, to over $1.4 billion, partly due to the bank’s new location in downtown Topsfield, which brought in $57 million in deposits over eight months of operation.

The bank increased its capital $35 million, or 19 percent, to $219 million, ending the year with a Tier 1 leverage capital ratio of 12.39 percent.

At the meeting, the bank also elected three new officers and five new corporators. The officers elected were Karl R. Wilson, senior vice president of commercial lending; Katrina P. Cutts, vice president of commercial lending; and John A. LeBlanc, vice president of loan operations.

The new corporators elected were: Dr. Ann-Marie Clancy of Newburyport, partner at Newburyport Dental Associates; Zachary T. Field of Amesbury, owner of Zach Field Drum & Musical Suite; Judy E. Proctor of Topsfield, lawyer and minister; Charles E. Wear, III of Amesbury, vice president of Meridian Associates; and Stuart E. Winfrey of Essex, owner of Winfrey’s Fudge and Chocolate.