TAUNTON – Bristol County Savings Bank reported 2016 profit grew 6.4 percent to $14.6 million, while assets increased 8 percent to $1.9 billion, according to a recent announcement.
The Taunton-based bank released select financial results during its annual meeting held this month.
“The bank was able to realize a common equity tier one capital-to-risk ratio of 13.3 percent, which is more than twice the regulatory minimum to be considered well-capitalized,” said Dennis Kelly, board chairman of BCSB. “In fact, our capital ratio places us in the top 10 percent of our peers in the state.”
The bank’s loan portfolio grew 9.5 percent to $1.5 billion for fiscal 2016. Deposits grew 10.5 percent to $1.5 billion.
“We are certainly proud of our financial success, but what is most rewarding is that we continue to achieve it while building a full-service institution that continues to place an emphasis on mutuality, people and the communities we serve,” said Patrick J. Murray Jr., president and CEO.
