Monson Bank's profitability, charitable giving increased in 2011
Date: 4/3/2012April 2, 2012
GREATER SPRINGFIELD At its annual meeting last month, Monson Savings Bank President Steve Lowell announced the bank's 2011 results, which surpassed national and statewide benchmarks for growth and profitability, while at the same time included a record year for giving back to the community.
Speaking to the bank's Board of Trustees and Corporators, Lowell highlighted these accomplishments and comparisons:
- In 2011 Monson Savings Bank grew deposits, predominantly in "core" deposits, by 11 percent. This is in stark contrast to small banks across the country, which the Federal Deposit Insurance Corporation (FDIC) recently reported (with June 2011 data) as having an average of 2.8 percent reduction in deposits. Interestingly, and of great concern to community banks across the country, the same data indicates that large banks increased deposits by an average of 11.5 percent. Monson Savings' deposit growth also compares favorably to banks in Massachusetts, with the state average being 5.29 percent growth for all banks and 3.02 percent for "peer" banks (less than $250 million in assets).
- In terms of profitability, Monson Savings achieved a return on assets of 0.66 percent, which ranked first among peer banks throughout Massachusetts. Lowell also reported net interest income as a percentage of average earning assets as 3.26 percent.
- The bank also announced outstanding results for its Financial Advisory Services division and compared these results to the 172 other banks who partner with Infinex Financial Group throughout the East Coast. Specifically, Monson Savings ranked second of the 50 peer banks (in this case measured as less than $300 million in assets) and 24th out of all Infinex partners.
- Lastly, Lowell reported that the bank was also able to give back a record $142,000 to the community in charitable donations.
"What I am most proud of is that we were able to give back so much to our community last year, while at the same time keeping our institution growing and financially healthy," Lowell said. "We had an outstanding year, and I can't thank our customers, staff, board and corporators enough for their contributions."