James Wallace is executive vice president and chief operating officer at BayCoast Bank. He was recently appointed to the position after working at the Swansea-based bank since 1990. He talks with Providence Business News about his new position and where the bank is heading.
PBN: What does it mean to you to be named EVP, COO?
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WALLACE: I am excited about my promotion to executive vice president and chief operating officer. I have been fortunate to work for BayCoast Bank for the past 28 years. The bank has afforded me the opportunity to grow professionally and personally and it is great to be recognized for my commitment and success.
PBN: What new responsibilities are you assuming?
WALLACE: As chief operating officer, I will continue to oversee the bank’s Merchant Program, loan operations, human resources, training and facilities. I will oversee the bank’s ongoing operations to effectively grow its four operating subsidiaries. Those subsidiaries include Plimoth Investment Advisors, which provides investment management and trust services, and Partners Insurance, which provides insurance products to consumers and businesses. BayCoast Mortgage Co. originates and sells conforming and jumbo residential mortgages in 11 different states, and Priority Funding originates and sells loans secured by manufactured homes in 11 different states.
PBN: What goals have you set for yourself and the bank?
WALLACE: To effectively grow the bank’s subsidiaries, improving their operating results and operational efficiencies.
PBN: How would you describe the bank’s current financial health?
WALLACE: BayCoast Bank is well capitalized with a Tier 1 leverage ratio of 9.48 percent. The bank has exceptional asset quality with a delinquency ratio of 0.21 percent. We had tremendous asset growth during 2017. Asset growth was in excess of $197 million, or 15.6 percent, with loan growth of approximately $191 million, or 20 percent, with strong loan demand in residential and commercial lending. Operating results were also impressive with net income of $10.8 million, or a return on asset ratio of 80 basis points.
PBN: Any particular lines of business performing well or struggling?
WALLACE: Each of the bank’s operating subsidiaries has seen success during 2017. Plimoth Investment Advisors successfully completed the acquisition of the trust department from the Savings Institute Bank and Trust Co. and opened an office in Stonington, Conn. Partners Insurance increased commission income by 7.5 percent. BayCoast Mortgage had another strong year, originating in excess of $300 million for the second year in a row, and received approval from HUD [Department of Housing and Urban Development] to originate FHA [Federal Housing Administration] loans. BayCoast Bank acquired Priority Funding in September 2017 as another operating subsidiary to expand its product offering and increase noninterest income. BayCoast Bank and its subsidiaries are positioned for another strong year in 2018.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
