Bangor Savings Bank reports earnings growth

BANGOR – Bangor Savings Bank reported an increase in deposits and net income during the fiscal year ending March 31.

The bank’s annual report was released to corporators at an annual meeting Monday night.

Net income was up almost 280 percent, to $7.3 million, over the previous fiscal year, while total assets were $1.344 billion, up 1.9 percent.

Outstanding loans totaled $1.108 billion, up 3.2 percent, and total deposits were $1.037 billion, a 4.8 percent increase over the previous year.

Retained earnings were $126.2 million, up 5.7 percent.

“These earnings were achieved by growing our solid base of loans and deposits, proactively managing our net interest income in the face of a historically low interest rate environment, as well as exceeding our non-interest income and non-interest expense goals,” said President P. James Dowe Jr.

During the last year, Bangor Savings Bank celebrated its 150th anniversary and became the largest Maine-based bank that serves only Maine customers. It changed the name of its securities subsidiary to Bangor Securities, and entered into an agreement to acquire Advanced Payroll Plus Inc., a payroll processing and employment compensation services firm.