Bangor Savings posts record earnings
Bangor Savings Bank reported record earnings for its fiscal year that ended March 31.
Bangor Savings, Maine's largest independently owned bank, posted $16.5 million in net income for its 2009 fiscal year, compared to $16 million in its 2008 fiscal year, according to its consolidated financial statement. Jim Conlon, the bank's president and CEO, told the Bangor Daily News that the bank has done well because it maintained a conservative approach to lending, while other banks took more risks. "We took the high road on credit quality and passed on some deals that got done elsewhere," Conlon told the paper. "We don't do things we don't understand."
The bank added $300 million in new business loans during the year. It also posted $235 million in residential mortgage loans, up from $181 million the previous year. Only 50 out of the bank's 7,421 mortgage loans, or 0.67%, were more than two months past due as of March 31, according to its statement.
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