NEWBURYPORT — More than 270 corporators and employees attended the 205th annual meeting of the IFS 1820 Bancorp, Mutual Holding Company of Institution for Savings on March 10, at the Black Swan Country Club in Georgetown.
President and Chief Executive Officer Michael J. Jones welcomed attendees and summarized 2024 financials, noting that despite the recent challenges of the interest rate environment and its adverse impact on operating profits, the Bank continued to lend and contribute charitable funds to the communities it serves. The bank reported strong net income of $38 million, representing a return on assets of .75 percent. The loan portfolio increased by $94 million reaching a milestone of $4 billion, with growth primarily in commercial real estate loans.
Total assets increased 6 percent topping $5.3 billion. This led to an increase in total interest income of $22 million or 13 percent.
Capital increased $37 million totaling $607 million and remains strong at 11.67 percent. Jones told corporators that the bank’s solid capital position will provide opportunities for future anticipated growth in the loan and investment portfolios. Jones also noted that the bank led its peer group and local competitors in multiple categories, particularly those relating to the bank’s low operating cost structure due to the efficiency of the Bank’s employees.
“I am so fortunate to be the leader of such a dedicated and conscientious group of employees who I consider family,” Jones said. “Our employees, together with our committed board of trustees, are the bank’s best asset and they are the engine that drives our success.”
Milestones achieved in 2024 include: The Boston Globe’s Top Places to Work for the 17th consecutive year; Boston Business Journal’s Best Places to Work for the ninth consecutive year; named as one of the largest corporate charitable contributors in Massachusetts by Boston Business Journal; total loans reached $4 billion; total capital increased $37 million topping $600 million; and the bank’s charitable foundation donated and pledged $2.3 million to local non-profit organizations.
During the meeting, Jones recognized retiring trustee Cindy Johnson of Newburyport who has served on the bank’s board since 2007. During her board tenure, Johnson served on the Executive/Board of Investment committee and Asset Liability Management committee. Jones also announced the bank would be making a $10,000 donation to the Newburyport Education Foundation’s campaign to build a video production studio at Newburyport High School to be named for Johnson.
Another highlight of the evening was the unveiling of a 22-minute video that focused on the bank’s community impact through its support of affordable housing, food insecurity, public education and charitable giving. The video showcased many of the bank’s non-profit partners including Our Neighbors’ Table, The Open Door, YMCA of the North Shore, Harborlight Homes, The Salem Pantry, Wellspring House, local school districts and more.
Two new corporators were also elected during the meeting. They included Jeffrey S. Gray, a client services manager with Newton Investment Management Group and resident of Newburyport; and Thomas A. Barnes, a realtor with RE-MAX/Bentley’s and resident of Amesbury.
Before concluding the meeting, Jones announced the recipient of this year’s President’s Award, given annually 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 associate vice president and main office manager Alex Champion. According to Mr. Jones, Champion’s peers described her as professional, courteous, reliable, a great trainer and mentor and always willing to share her knowledge and provide guidance.