Bristol County Savings Bank shows profit, asset growth in FY2014

BRISTOL COUNTY SAVINGS BANK reported a 15.3 percent increase in net income for its 2014 fiscal year, as well as a 7.4 percent gain in total assets.
BRISTOL COUNTY SAVINGS BANK reported a 15.3 percent increase in net income for its 2014 fiscal year, as well as a 7.4 percent gain in total assets.

TAUNTON – Touting strong loan and deposit growth, Bristol County Savings Bank on Monday announced net income increased 15.3 percent to $11.3 million and total assets rose 7.4 percent to $1.6 billion in fiscal 2014, which ended October 31.
“The bank’s increase in total assets is a significant achievement, especially when you consider the economic challenges of the region along with the low interest rate environment,” said Dennis M. Cody, chairman of the bank’s board, in a statement.
Deposits rose 11.6 percent to $1.2 billion, according to the bank. Total capital increased $11.7 million to $235.9 million, resulting in a capital ratio of 14.6 percent.
Loans outstanding increased $125 million in net loan growth, ending the year with $1.2 billion in total loans outstanding, according to the bank.
There was growth realized across business and cash management services, consumer deposits and government financing that services municipalities throughout Bristol County, according to the bank.
Bristol County Savings Bank is the third largest depository in Bristol County, Mass., and its president and CEO Patrick J. Murray Jr. in a statement said the report showed “another good year for the bank driven by our constant efforts to meet and exceed customer expectations across our many and diverse product lines.”
A complete copy of the bank’s balance sheet was not immediately available.

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