The Institution for Savings benefitted last year from its 2014 acquisition of Rockport National Bank, as well as its new Middleton location, capping off 2015 with record growth in loans and deposits.

This was the sixth consecutive year of seeing all-time highs in total loans, total deposits and total capital, President and CEO Michael J. Jones said at the bank’s recent annual meeting. Net income totaled $23.5 million, the bank said in a statement.

Total loans grew $454 million, or 33 percent, with commercial loans increasing $88 million, or 30 percent, and residential loans increasing $367 million, or 33 percent. This boosted the bank’s loan portfolio above $1.8 billion and was the main driver of the Institution for Savings’ net operating income of $14 million.

Total deposits grew $340 million, or 20 percent, to about $2.67 billion. The bank’s equity capital totaled $252 million.

The Institution for Savings also elected 10 new corporators at its annual meeting: Rainer C. Bandereck, Owner, Topsfield Bakery; Alfred P. Farese III, attorney, Middleton; Katherine Kelly, Kelly Taylor Rental, Newbury; Muntaser A. Khatib, owner, M.K. Benatti Jewelers, Newburyport; Jane A. Merrill, owner, Boxford Community Store & Eatery; Dr. John A. Pavlo, orthodontist, Danvers; Wilhelmina Sheedy, attorney, Rockport; Dr. Hugh Taylor, physician, Family Medicine, Ipswich; Brian Zampell, COO, Zampell Cos., Newburyport; and Sheree Zizik, Cruiseport Gloucester.

The bank also promoted several employees. Christine N. Allen was promoted to vice president of information technology; Nancy J. Taylor was promoted to vice president of residential lending; Kathleen M. Ferreira was promoted to assistant vice president of human resources; and Stephanie C. Manuel was promoted to assistant clerk of the corporation.