The Savings Bank’s Annual Meeting was held in April

(Wakefield, MA) - At The Savings Bank’s Annual Meeting in April, Bank Executive Vice President and Chief Operating Officer Bob DiBella reported that the Bank had many successes and accomplishments in 2013. Total assets grew to $461.4 million, deposit balances at year end totaled $384.3 million, and total capital grew to $62.4 million, an increase of $3.2 million, or 5.4%.  Of particular note was the growth in the Bank’s net loans which increased to $328.0 million.  This represents an increase of $38.2 million over year end 2012.

            The Bank’s income statement was similarly positive in several regards. Despite continued low interest rates, net interest income was stable at $14 million, a reflection of lower deposit costs coupled with a shift in asset mix where funds were reallocated from cash and bonds to both residential and commercial loans.  Non-interest income increased slightly to $6.1 million.  Non-interest expenses increased in total by $834,000, reflecting increases in automation expenses as a result of adding several new products to its menu.  As a result, the Bank’s net income increased from $2.1 million in 2012 to $2.2 million in 2013 – a return on average total assets of 48 basis points.  At year-end 2013, the Bank’s total Tier 1 capital to average assets ratio was 11.9% and total capital to risk-weighted assets ratio was 20.6%; both of these ratios far in excess of the levels to be considered “well capitalized” (5% and 10%, respectively).

            Following Mr. DiBella’s remarks President Brian McCoubrey spoke briefly on the Bank’s continued support of civic, social, and nonprofit organizations through donations and awards made by the Bank, The Savings Bank Charitable Foundation, and the Donald E. Garrant Foundation - a tradition that dates back nearly 145 years.