TAUNTON – Beacon Bancorp, the parent of Bristol County Savings Bank, last week reported that its consolidated total assets stood at $3.1 billion on Oct. 31, 2022. The total assets represented an increase of $52 million, or approximately 2%, over the prior year.
An announcement issued on May 24 stated the bank had achieved “strong results” in fiscal year 2022 with total loans (net of allowance for loan losses) that reached $2.2 billion. That reflected an increase of $164 million, or 8% more, over the previous year.
The bank’s loans-to-total-assets ratio reached 72%, a benchmark close to pre-pandemic levels. Its total equity capital was $371.6 million as of October 31, 2022, exceeding 12% of total assets, which placed Bristol County Savings Bank “well in excess” of all minimum regulatory capital ratios for well-capitalized institutions, according to the bank’s announcement.
Bank CEO and President Patrick J. Murray Jr. also announced that the bank’s charitable foundation had contributed a record $2.3 million to nearly 200 nonprofit groups in fiscal year 2022.
