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June 22, 2021

Bangor Savings reports 27% growth in assets for fiscal year, earnings up 13%

File Photo / Jason Paige Smith Bob Montgomery-Rice, president and CEO of Bangor Savings Bank

Bangor Savings Bank’s parent company on Monday announced that assets grew 27.1% during its 2021 fiscal year, from $4.86 billion to $6.18 billion, among other financial results released at the bank’s annual meeting.

Net income during the year ended March 31 increased 12.9% from $35.47 million to $40.03 million, Bangor Bancorp MHC reported.

Ranked as the largest Maine-based bank by assets in the 2021 Mainebiz Book of Lists, Bangor Savings also reported that it:

  • Produced $2.94 billion in loans during the fiscal year, bringing five-year loan production to $7 billion, with net loans growing to $3.91 billion, a 19.7% increase
  • Originated $1.71 billion in residential mortgage loans during the 2021 fiscal year
  • Provided nearly 8,000 Paycheck Protection Program loans worth nearly $600 million and helping retain nearly 57,800 jobs
  • Processed 3.6 million paychecks and 9.3 million merchant card transactions. 
  • Opened 32,000 new core deposit accounts, including nearly 7,000 new business accounts
  • Donated $3.4 million in sponsorships, investments and partnerships, including $1.2 million in pandemic aid and initiatives to enhance diversity, equity and inclusion.

“The strength of our culture and the resilience of our employees gave us the ability to grow through the challenges of the last fiscal year,” Bangor Savings Bank President and CEO Bob Montgomery-Rice said in a news release Monday.

“The culmination of our efforts over the past year place us in a strong position for the future as we preserve and strengthen our presence throughout the region.”

Among other highlights of the year, the bank's annual report noted the $35 million acquisition of Damariscotta Bank & Trust Co., which was announced in 2019 and completed in late 2020 following regulatory approval. Bangor Savings also opened two New Hampshire branches, in Manchester and Concord, as well as a Maine branch in Windham.

Bangor Savings offers retail banking to consumers as well as commercial, corporate, payroll administration, merchant services, and small business banking services to businesses. The bank was founded in 1852 and operates over 60 branches in Maine and New Hampshire.

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