Bank Reports Strong Earnings and Growth
Newburyport – With another year of strong profits and the highest operating earnings in the Bank’s 196 year history the future of the Institution for Savings is promising, reported President and Chief Executive Officer Michael J. Jones at the Bank’s 197th Annual Meeting. The meeting was held March 13th at the Black Swan Country Club in Georgetown. There were approximately 350 corporators and employees in attendance.
The main catalyst for the Bank’s strong numbers continues to be loan growth. Total loans increased $266 million or 14 percent, reaching a milestone of $2.1 billion. Commercial loans increased approximately $77 million or 20 percent and now exceed $460 million, the majority of which are high quality commercial real estate loans. Residential loans increased $181 million or 13 percent.
Total deposits increased $175 million, or 8 percent, reaching approximately $2.4 billion due to the Bank’s highly competitive interest rates on checking, savings, money market and term deposit accounts. The Bank’s net income of $26.3 million represents an increase of $2.8 million or 12 percent over the previous year. This marked the fourth consecutive year that the Bank’s net income exceeded $23 million. Most importantly, net operating income of $17.5 million increased $3.4 million or 24 percent, and was the highest in the Bank’s 196 year history. Total capital increased $33 million or 13 percent and remains strong at $285 million, continuing to provide opportunities for continued expansion and growth.
“Our acquisition of Rockport National Bank in 2014 has been a success as we strive to be the community bank on Cape Ann and in Beverly,” said Mr. Jones. “Since the acquisition the combined deposits in these offices increased from $185 million to $315 million in just over two years. In addition, we continue to have great success with our three new offices in the Masconomet region as total deposits now exceed $343 million.”
- Mr. Jones also cited a number of other milestones in 2016:
- Total contributions from the Bank’s earnings to the charitable foundations were $1.5 million; in turn, the Bank’s three charitable foundations contributed over $2.1 million to various local not-for-profit organizations
- The completion of the expansion and renovation of its King Street Rockport office
- The commencement of construction of new office in Hamilton (scheduled to open late summer 2017)
- Recognized as #1 oldest bank in the country with Best of Bauer status
- The 12th most profitable real estate lender in the country according to Bank Director magazine
- Chosen for the ninth consecutive year as a Boston Globe Top Place to Work
- Chosen for the first time as a Boston Business Journal Top 100 Charitable Giver (#17) and Best Place to Work (#13).
During the Annual Meeting, seven new corporators were elected to the Corporation. They include Elena R. Bachrach – Executive Director, Newburyport Art Association, R. Jeffrey Bailly – CEO, UFP Technologies, Abbie G. Batchelder – Owner, Joppa Fine Foods, John P. McCarthy – Owner, Rowley Realty, Miranda H. Russell – Owner, Russell Orchards, Constantine (Gus) Scrivanos – Owner of multiple Dunkin Donuts franchises, and John W. Wolfe – Owner of multiple restaurants including The Poynt and Brick & Ash.
Mr. Jones, along with the corporators and employees, paid tribute to retiring long-time trustee Donald M. Greenough, a 30-year member of the Board. A successful Ipswich attorney, he has been active in the community, volunteering for the North Shore YMCA, Ipswich Public Schools, affordable housing and countless other not-for-profit organizations. According to Mr. Jones, Mr. Greenough has been instrumental in every major strategic initiative the Bank has achieved in recent years, including the merger with the Ipswich Co-operative Bank and the acquisition of Rockport National Bank, expansion into the Masconomet region and the numerous charitable gifts to the public schools, Essex County Greenbelt, the North Shore YMCA and others.
Before concluding the meeting Mr. Jones announced the 2016 recipient of the President’s Award which annually is given 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 Assistant Clerk of the Corporation Stephanie Manuel.
Bank Helps VFW Launch Training Program
Letter: Thanks to Bank for Standing Desks
October 27, 2016
NEWBURYPORT, MA – After months of working closely with the Town of Hamilton, the Institution for Savings recently received final approval from the Zoning Board of Appeals to open a new full-service banking office at 545 Bay Road in Hamilton.
The 3000 square-foot full service office, the site of the former Hamilton Gardens, will have a drive-up banking lane and 24-hour walk-up ATM. In keeping with the Bank’s other locations, it will also feature onsite parking, and a warm and welcoming lobby complete with a wood-burning stone fireplace.
FOR IMMEDIATE RELEASE
October 11, 2016
NEWBURYPORT - Ten years ago Kelley Tuthill was an award-winning journalist at Boston’s WCVB Channel 5. Just 36 years old, at the peak of her career and having recently given birth to her second child, Kelley received a devastating diagnosis in December of 2006: stage 3 breast cancer. While many choose understandably to keep their battles private, Kelley shared her struggle through diagnosis, treatment and recovery with the world through “Kelley’s Story,” a ten-part series documenting her struggle that was featured on “Good Morning America” and CNN and is to this day an inspiration to so many going through cancer.
Triton Community Celebrates Grand Opening of Triton Memorial Field at Institution for Savings Stadium
FOR IMMEDIATE RELEASE
October 5, 2016
The Triton Regional School District is pleased to announce the Grand Opening of Triton Memorial Field at Institution for Savings Stadium at the Middle and High School campus. The opening ceremony will take place prior to the home opener football game on October 14th, 2016 at 6:45pm, with the kickoff scheduled for 7pm. On the agenda are welcoming remarks by Institution for Savings President, Michael Jones, Athletic Director Sean McInnis, and student athlete Erin Savage.
Institution for Savings Leader Takes on Statewide Fight Against Workplace Stigma
Michael J. Jones is a CEO Against Stigma
FOR IMMEDIATE RELEASE
July 7, 2016
Newburyport, MA – For 196 years, the Institution for Savings has prided itself on “building stronger communities together.” Michael J. Jones, the President and CEO, understands that a vision like that for the communities the Bank serves takes a strong employee commitment. So, he is making sure his staff knows that they are his priority as well. Jones has joined the growing list of business, state, and municipal leaders across the Commonwealth vowing to establish stigma-free places of work for their employees. He has signed a pledge to become a CEO Against Stigma, the workplace initiative created by the state chapter of the National Alliance on Mental Illness (NAMI Mass).
WORK BEGINS ON NEW TURF FIELD AT IPSWICH HIGH
Originally published in The Salem News by Amanda Ostuni (Staff Writer)
IPSWICH — Years of planning and fundraising culminated on Friday in a groundbreaking ceremony for a new turf field at Ipswich High School.
The project is being funded by various public and private sources. A key contributor, the Institution for Savings, through its 2 Depot Square Charitable Foundation, pledged $600,000 toward construction costs. In honor of the donation, the School Committee voted unanimously last October to name the school’s athletic facilities — the overall area encompassing the track, tennis courts and the Jack Welch Stadium — the Institution for Savings Athletic Complex.
INSTITUTION FOR SAVINGS REPORTS STRONG EARNINGS AND GROWTH, ELECTS NEW CORPORATORS AND OFFICERS AT 2015 ANNUAL MEETING
Newburyport – 2015 was the sixth consecutive year that the Institution for Savings reached all-time highs in total loans, total deposits and total capital, reported President and Chief Executive Officer Michael J. Jones at the Bank’s 196th Annual Meeting. The meeting was held recently at the Black Swan Country Club in Georgetown. There were approximately 350 people in attendance.
INSTITUTION FOR SAVINGS MIDDLETON OFFICE EXCEEDS $100 MILLION IN ITS FIRST NINE MONTHS
Middleton, MA – After opening its doors just a little more than nine months ago, the Institution for Savings’ Middleton office has exceeded $100 million in deposits, announced President and Chief Executive Officer Michael J. Jones recently. This milestone is particularly impressive given the growing national trend for banks to close offices rather than open new ones.
Port Bank Donates Land for Affordable Housing
BY ANGELJEAN CHIARAMIDA, STAFF WRITER
Reprinted from The Daily News of Newburyport,
Thursday, February 4, 2016
A local bank’s teaming with Habitat for Humanity could bring at least four affordable homes to Salisbury in the coming years. The Institution for Savings donated a 1.8 acre of buildable land on County Road to Merrimack Valley Habitat for Humanity, according to MVHH executive director Randy Larson.