Bristol County Savings Bank Reports Strong Growth At 2015 Annual Meeting
RISBJ Staff | Apr 16, 2015
TAUNTON, MA- Dennis M. Cody, Chairman of the Board of Bristol County Savings Bank, announced at the Annual Meeting of Beacon Bancorp last month that as of fiscal year end 10/31/14 the Bank’s total assets stood at $1.6 billion, an increase of $110.1 million over the previous year.
“The Bank’s increase in total assets is a significant achievement, especially when you consider the economic challenges of the region along with the low interest rate environment,” said Cody.
As a result of the management’s continued focus on smart growth and diversity of revenues, the Bank ended the year with net income of $11.3 million, an increase of $1.5 million over the prior year. Additionally, the Bank’s total capital increased $11.7 million to $235.9 million, resulting in a capital ratio of 14.6%, and exceeding the regulatory minimum to be considered well capitalized. Cody noted that from a capital perspective, this position places Bristol County Savings Bank among the strongest banks, not only in the region, but in the country.
With strong growth in both loans and core deposits, the Bank’s net interest margin increased to $2.4 million, which more than offset the lower loan yields. Additionally, non-interest income rose by $2.4 million over the prior year as a direct result of the Bank’s strategic emphasis on diversifying revenue streams through FBinsure, a subsidiary of Bristol County Savings Bank and the Bank’s Financial Advisory Services group. Continued strong performance in the equity markets also allowed the Bank to realize an additional $1.5 million in capital gains.
Cody added that the Bank was recognized as one of the Boston Globe’s Top Places to Work for 2014. This award was determined by a survey of those who know best, the Bank’s employees. Also, during the past year the bank promoted 21 employees, including seven new officers, and hired 24 new employees.
Leonard W. Sullivan, First Executive Vice President & Senior Loan Officer, reported that net loans outstanding increased by $125 million in net loan growth. The Bank ended the year with $1.2 billion in total loans outstanding.
Sullivan also noted the Bank is now the third largest depository in Bristol County, Massachusetts. The Bank increased deposits by a record $129 million, or 12% year-over-year, resulting in $1.2 billion in total deposits at year-end. This growth was realized across all business lines: business and cash management services, consumer deposits, and government financing that services municipalities throughout Bristol County and beyond.
Paul Lenahan, Executive Vice President of the Bank’s Financial Advisory Services division, reported that in FY 2014, pretax income grew $247,000 to $436,000, representing a substantial increase of 129%. Lenahan noted that total revenue grew by $253,000 to nearly $2 million. With $17 million in new assets booked, assets under management rose to $269 million at year-end.
Russ Martorana, President of FBinsure, reported that the Agency was recognized by the Boston Business Journal in its Book of Lists’ Largest Broker category, ranking 15th largest by premium volume and 9th largest by employee count. Additionally, FBinsure is the 6th largest personal lines agency in Massachusetts. In November 2014, the Agency completed its acquisitions of Gramlich Insurance Agency in New Bedford, followed in January 2015 by the acquisition of Henry L. Newbury Insurance Agency in North Attleboro and Taunton. Growth, both organizational and through acquisitions, remains a key focus of FBinsure’s strategic plan. These acquisitions, along with the Agency’s long-term strategy of developing and delivering services beyond the traditional insurance agency model, resulted in total revenues just shy of $10 million at year-end.
Patrick J. Murray, Jr., President and CEO, noted in his report that “it was another good year for the Bank driven by our constant efforts to meet and exceed customer expectations across our many and diverse product lines.”
Murray also announced that for the 4th consecutive year the Bristol County Savings Charitable Foundation (BCSCF) contributed more than $1.4 million to non-profits within the areas the Bank serves.
Bristol County Savings Bank Background Information:
Bristol County Savings Bank, founded in 1846, is a full-service financial institution offering commercial lending, personal and business banking, and mortgage services. The Bank’s Financial Advisory Services division has successfully assisted businesses, individuals and non-profits with the management of their assets since 1989. In addition, the Bank also offers quality property and casualty insurance options for its customers through its majority-owned insurance partner, FBinsure.
The Bank’s steady growth and expansion has resulted in $1.6 billion in assets and over 400 employees in southeastern Massachusetts and Rhode Island. The key words at Bristol County Savings Bank are: “Commitment, Stability, and Community,” values that are combined with state-of-the-art technology to meet the needs of its customers. A dedicated local community bank for over 168 years, Bristol County Savings Bank is actively involved in giving back to all the communities it serves both through financial support and the volunteerism of its people.
The Main Office and Corporate Headquarters of Bristol County Savings Bank are located on Broadway in Taunton, MA. For additional information, please call 508-824-6626 or visit www.bristolcountysavings.com.
Leave a comment
