Bangor Saving closes FY 2018 in position of strength
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Bob Montgomery-Rice, president and CEO of Bangor Savings Bank, announced the bank earned a net income of $23.9 million for the 2018 fiscal year that ended March 31.
Investments in infrastructure and growth in core accounts helped Bangor Savings Bank earn a net income of $23.9 million for the 2018 fiscal year that ended March 31. The bank finished the fiscal year with $3.8 billion in assets and more than 200,000 customers and nearly 850 employees across Maine and New Hampshire.
The 2018 earnings are down slightly from the record net income of nearly $25 million for the 2017 fiscal year that ended March 31, 2017, but represents the 17th consecutive year of earnings growth for the bank.
“It was a busy, productive and rewarding year for our employees, our customers and the communities we support,” President and CEO Bob Montgomery-Rice said in a news release reporting on the bank’s annual meeting. “We are humbled that business owners and home buyers continue to put their trust in us, and we look forward to providing the same quality products and services to new customers in New Hampshire.”
Other highlights from the annual meeting:
Customer accounts: The bank opened more than 32,000 new core deposit accounts in the last fiscal year, including more than 3,800 business accounts. Bangor Savings’ wealth management division now oversees more than $2.87 billion in trust, fiduciary and investment assets.
Lending: Bangor Savings was the No. 1 mortgage lender in Maine last year, providing $337.6 million in home loans, and was named the top lender for first-time homebuyers by the Maine State Housing Authority for the 10th consecutive year. Montgomery-Rice also reported that Bangor Savings commercial and small business loans grew by $142.7 million or 11.5% in the past year. Over the last five years, the bank has originated $3.9 billion in cumulative total loan production.
Supporting local businesses with advanced technology: The bank rolled out major enhancements to the Buoy Local program it purchased in September 2016. The Buoy Local mobile app has features for both merchants and card holders who can earn and redeem points when shopping locally. Bangor Savings customers can link their debit Mastercard to Buoy Local as a funding source, elevating what was once a gift card to an innovative rewards program. Finally, the bank grew the Buoy Local coalition of local businesses from 150 to over 400 with 2,500 active app users. The Bank has plans to take the program statewide throughout Maine in the near future, followed by a later release in New Hampshire.
Commitment to employees: The bank raised its minimum wage to $15 an hour for all positions. It was the third wage increase in just over two years, as part of the company’s ongoing effort to pay all employees a living wage and acknowledge the important role each employee plays in the success of the bank. The Bangor Savings minimum wage is now $5 more than the state of Maine’s minimum wage, and more than double the state of New Hampshire’s minimum wage of $7.25 per hour.
New Hampshire expansion: Bangor Savings grew its footprint outside of Maine for the first time by opening a loan production office in Portsmouth and getting approval for a full-service branch in the city. The bank also gained approval from regulators and shareholders to acquire Granite Bank in New Hampshire, bringing the Bangor Savings brand to Colebrook, Concord, Amherst, and Portsmouth.
New Bangor campus: The bank broke ground on a new, five-story building and parking garage at 11 Hamlin Way along the Bangor waterfront. Combined with renovated offices at 24 Hamlin way, the new campus will be home to more than 400 Bangor area non-branch employees.
Community support: Bangor Savings Bank and the Bangor Savings Bank Foundation collectively gave $2.2 million to nonprofits in sponsorships and grants in the past fiscal year. The total includes a record $117,000 from the annual Community Matters More program, which involves community members voting to determine the top causes to receive grant support from the bank’s foundation. The bank also collected nearly 12,000 jars of peanut butter and jelly in their drive for local food pantries and other hunger prevention organizations.
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