Bangor Savings Bank posted earnings growth for the fourth-quarter and the fiscal year that ended March 31, marking its 11th consecutive year of growth.
For the quarter ended March 31, net income rose to $4.18 million from $4.10 million in the year-ago quarter. For the full year, net income rose to $18.46 million, up from $17.68 million a year ago.
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The company announced its fiscal-year results at Monday’s annual meeting.
Assets totaled $2.58 billion as of March 31, up from $2.48 billion a year earlier.
“The bank is very well-capitalized with the strength to support continued growth and generate substantial new lending,” the company said in a statement.
For the year that ended March 31, the bank generated nearly $700 million in new in-state loan commitments.
Looking forward, Bangor Savings Bank said it expects to open a new branch in Augusta and make continued investments in online and mobile-banking capabilities.
The bank, founded in 1852, has 56 branches and employs nearly 700 workers.
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