2018 Annual Report and Statement of Condition
Issued: March 2019
Member FDIC NMLS :ID 472275
Colleagues, customers and friends: It’s an inspiring time at Northern Bank. The past year was one of new partnerships, continued growth and meaningful community involvement. We’re pleased to outline some of those successes in our 2018 Annual Report. As you’ll see, your confidence and loyalty have enabled great things. On behalf of everyone at Northern Bank, I’d like to thank you for your unwavering support—and express my excitement for what’s to come in 2019. Stay True,
James J. Mawn, President & CEO
In life and in business, everyone has a true north. A passion, a driving force. It makes us who we are. But day-to-day responsibilities, especially finances, can cause people to lose sight of their goals. We opened our doors nearly 60 years ago to help handle our customers’ financial needs and ensure they focus on what matters most to them.
Since then, we’ve remained privately owned and have maintained an eye for opportunity. We make decisions quickly but take the time to truly understand our customers. With our insight, they’re able to better stay on course—their course—and, always, Stay True.
1031 Exchange Business Loans
2018 Banky™ Award awarded to the top 1% of community banks in America
Cash Management Merchant Services
How we help
Mobile Banking Online Banking
What started as a bank for entrepreneurs has grown into a full-service partner. We’ve honed our business and personal banking suites to guide our customers at every stage of their financial journeys.
2018 Readers’ Choice Award for Community Bank
Deposit Accounts Home Loans Mobile Banking Online Banking
5-Star Bauer Rating 06
Cash Management We get that no one starts a business to focus on the banking and finances. So, to help business owners simplify their back offices, we expanded our cash management team in 2018. Our services include:
Stay on top of your business’s account activity and balances with our online banking solution. View historical and same-day account information. Export balance and transaction information in a variety of formats. Then, import this information into your accounting system or create the reports needed to help manage your business.
Protect your accounts against fraud with online solutions that put the power of approval in your hands. With our Positive Pay product, you can view and detect potentially fraudulent check and electronic payments. You can also require approval for all wire or electronic payments with our business online banking solution.
Faster Incoming and Outgoing Payments
No matter how you get paid—cash, check or card—you’ll be covered by services like mobile check deposit, remote deposit capture, merchant services, lockbox and same-day ACH (Automated Clearing House). You’ll also be able to save time making payments with ACH payments, bill pay or wire transfers.
Through changing markets and regulations, we can provide insight and solutions based on your portfolio objectives.
2018 Statement of Condition December 31, 2018
ASSETS Cash and Balances Due From Depository Institutions: Noninterest-Bearing Balances and Currency and Coin Interest-Bearing Balances Securities: Available-for-Sale Securities Equities With Readily Determinable Fair Values Not Held For Trading Loans Held for Sale Loans and Leases, Net of Unearned Income Less: Allowance for Loan and Lease Losses Loans and Leases, Net of Unearned Income and Allowance Premises and Fixed Assets Other Assets
In thousands $ 5,885 121,847
49,760 1,195 3,804
1,885,647 29,890 64,281 $2,162,309
$ 1,792,253 $ 316,532 1,475,721
118,465 25,289 1,936,007
TOTAL EQUITY CAPITAL TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY
600 41,495 186,904 (2,697) 226,302 $ 2,162,309
EQUITY CAPITAL Common Stock Surplus Undivided Profits and Capital Reserves Accumulated Other Comprehensive Income
Northern Bank Total Asssets
$ 1,909,814 24,167
TOTAL ASSETS LIABILITIES Deposits in Domestic Offices Noninterest-Bearing Interest-Bearing Other Borrowings Other Liabilities
Outstanding Standby Letters of Credit Pledged Securities
______________________________ James J. Mawn, President & CEO Securities are recorded at market value and the difference between market value and book value, $49,760,000 and $50,342,000 respectively, is shown net of taxes as a decrease of $440,000 to stockholders’ equity. This statement has not been reviewed, or confirmed for accuracy or relevance, by the Federal Deposit Insurance Corporation.
The Northern Bank Charitable Foundation is a huge part of who we are. Through it, we support non-profits and community organizations in Middlesex County. Our efforts focus on hunger relief, housing, education and expanded youth and social services to assist some of our most vulnerable neighbors.
McGarry. It provides $5,000 to a local, college-bound student whose parent or guardian is a police officer or firefighter.
The Foundation also funds a scholarship in the name of long-time employee Jim
The following figures represent our major donations for the year.
In 2018, the Foundation provided over $200,000 in contributions, ranging in size from $1,000 to $50,000, to more than 30 organizations.
Heading Home: We teamed up with New England running back Sony Michel and 98.5 The Sports Hub to launch “Taking it to the House.” For every New England touchdown scored during the 2018-2019 season, we donated $1,000 to Heading Home and their fight to end homelessness. The final donation—capped off by Sony’s championship-clinching goalline plunge—totaled an amazing $62,000.
James L. McKeown Boys & Girls Club of Woburn: As part of a five-year, $250,000 pledge, we helped with the completion of their new Clubhouse, a program that offers sports, arts and crafts and other activities that foster fun and growth.
$37,000 Heading Home: For three families living in shelters, we sponsored their moves into
National Brain Tumor Society: Our donation helped to fund research, education and patient support programs.
apartments, finished with new furniture.
$25,000 Area Food Banks: We worked with multiple food banks in our communities to help feed the hungry.
Habitat for Humanity of Greater Lowell: We helped with the renovation of an affordable
home in Billerica for a lowto-moderate income family.
Nashoba Learning Group: Our support helped fund the schoolâ&#x20AC;&#x2122;s programs for kids and adults with autism.
Organizations supported in 2018
Youth and Social Services
Acton Community Supper and Food Pantry | Bread of Life | Cor Unum Meal Center | Council of Social Concern | Loaves & Fishes | People Helping People Reading Food Pantry | Sudbury Community Food Pantry | Sunshine Gals | Westford Food Pantry Melrose Farmers Market
Boys & Girls Club of Greater Billerica | Hope Sudbury James L. McKeown Boys & Girls Club of Woburn Nashoba Learning Group | Waltham YMCA | YMCA of Metro North | YMCA of Reading
Education and Financial Literacy
abitat for Humanity of Greater Lowell | Heading H Home Inc. | Mission of Deeds | Merrimack Valley Housing Partnership Inc.
Budget Buddies | Goodnow Library | James McGarry Scholarship | Junior Achievment | Minuteman Senior Services | Mystic Valley Elders | Town of Chelmsford Scholarship | Cristo Rey High School
Our Team These are the faces of some pretty exceptional people. From their passion for service to their entrepreneurial mindset, our leadership team embodies what Northern Bank stands for. Everything we do starts with them.
James Mawn, Esq. President & CEO
Donald Queenin Executive Vice President
Francis Kenney Executive Vice President & CFO
Raymond Clark Executive Vice President
Joseph Bellino Board Member
Danielle Black Board Member
James Brown, III Board Member
Brandon Kelly Board Member
John Martini Board Member
Russell Mawn Board Member
Mary Elizabeth Mawn-Ferullo, Esq. Board Member
Alicia MawnMahau, Esq. Board Member
Robert McCrensky Board Member
M. Catherine Riley, Esq. Board Member
Fred Salvucci Board Member
John Sullivan Board Member
Headquarters 275 Mishawum Road Woburn, MA 01801 800-273-6908
Our Locations Our footprint spans Middlesex County. If you live here, then thereâ&#x20AC;&#x2122;s a good chance we arenâ&#x20AC;&#x2122;t far away. Plus, Northern Bank Direct, our online division for certificates of deposit and money market accounts, is available nationwide at NorthernBankDirect.com.
414 Massachusetts Ave Acton, MA 01720
265 Great Road Littleton, MA 01460
45 Main Street Westford, MA 01886
482 Boston Road Billerica, MA 01821
514-516 Franklin Street Melrose, MA 02176
303 Main Street Woburn, MA 01801
Woburn Main Office
600 Main Street Reading, MA 01867
275 Mishawum Road Woburn, MA 01801
430 Boston Post Road Sudbury, MA 01776
215 Lexington Street Woburn, MA 01801
13 Center Street Burlington, MA 01803
14 Littleton Road Chelmsford, MA 01824 978-256-1552
Member FDIC NMLS ID: 472275