STRIVING
IS A BANK THAT NEVER STOPS
GROWING
A BANK THAT SEES THINGS
DIFFERENTLY,
IS A BANK THAT DOES THINGS DIFFERENTLY.
Dear Clients, Colleagues and Friends,
From the very beginning, Northern Bank has been committed to doing things differently.
Founded by entrepreneurs, our business has always been focused on helping businesses in our communities thrive and grow. We listen to our clients, so we can understand their challenges. We work with them to help them achieve their goals. We make quick decisions, and we find a way to get the deals done. It’s what sets us apart and it’s an approach that has served the bank, our communities, and our clients exceedingly well for over 60 years.
While other banks look for a way out of challenging times through mergers and acquisitions, Northern Bank forges its own path prioritizing the needs and interests of our clients, building trust, and delivering on our promises, putting up industry leading results, and aggressively investing in the future.
Our 2024 financial results are a testament to the team’s hard work. We closed the year with an exceptionally strong Return On Average Assets (ROAA), Return on Average Equity (ROAE), Net Interest Margin (NIM), and Efficiency Ratio. Our strong financial performance was realized on top of significant investments in our operational capabilities. A highlight of our investment in our future was the opening of the state of the art “Northern Innovate” Center.
As always, we continue to give back to the communities we serve, providing meaningful financial assistance to those in need. Through the Northern Bank Charitable Foundation, corporate sponsorship, and employee volunteerism, we are able to provide assistance structured to ensure maximum impact. We learn from past endeavors, we build upon past accomplishments, and we constantly strive to do more, push further and work harder. 2025 will be no different. Our quest to be the best commercial bank continues.
Very truly yours,
JAMES J. MAWN
President & CEO
Northern Bank, 275 Mishawum Road, Woburn, MA 01801
A BANK THAT GETS TO WORK, IS A BANK THAT GETS AHEAD.
At Northern Bank, we have always had a commonsense approach to doing business. We don’t start a conversation with “no.” We start with, “tell us more.” We consider and analyze every opportunity and we often see possibilities where others don’t. With ten years of consistent growth that we can point to, it’s clearly a strategy that continues to set us apart.
From a bank that was started in 1960 by two brothers who wanted to build a different kind of bank, to a bank that now serves individuals and businesses, not only in our local communities, but all over the country, we still feel like this is only the beginning.
2024 STATEMENT OF CONDITION
ASSETS
Cash and Balances Due from Depository Institutions
Noninterest Bearing Balances
Interest-Bearing Balances
Securities
Available-For-Sale Securities at market Equities
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
Total Assets Liabilities Non-interest Bearing Deposits
Interest Bearing Deposits
Profits and Capital Reserves Accumulated Other Comprehensive Income
Equity Capital Total Liabilities and Stockholder’s Equity Outstanding Standby Letters of Credit
Pledged Securities Market Value – Securities
Book Value – Securities Net Impact on Stockholder’s Equity $6,909 177,566 83,853 1,205 125 2,737,817 (50,671) 2,687,146 44,020 113,779 $3,114,603 $549,968 2,003,502 76,543 48,690 $2,678,703 $600 168,495 272,958 (6,153) $435,900 $3,114,603 $6,211 18,774 83,853 89,680 ($4,387) 2023 (in thousands) 2024 (in thousands) $5,406 121,433 142,662 1,240 –2,833,146 (53,267) 2,779,879 54,586 121,571 $3,226,777 $485,515 2,203,106 36,495 43,369 $2,768,485
A BANK THAT SUPPORTS SMALL BUSINESS, IS A BANK THAT SUPPORTS ITS COMMUNITY.
There’s nothing more important to our communities than the small businesses that provide the vital products and services we depend on every day. At Northern Bank, we know the time and determination it takes to start and build a small business and we’re committed to doing everything we can to help our small business clients thrive.
Since day one, our founders wanted to create a bank where small business owners could come to realize their goals and dreams. Today, we are still a family-owned bank and we continue to provide the small business expertise and one-toone support our small business clients deserve.
Our deep appreciation for the trust our clients place in us every day was the impetus behind our first Greetings & Gratitude event held in November of 2024. We invited approximately 50 business owners from all of our branch communities to join us at Smith & Wollensky to enjoy a bite and meet and chat with representatives from our Community and Retail Banking, Cash Management, and Senior Leadership teams.
A BANK THAT REALLY CARES, IS A BANK THAT REALLY DELIVERS.
Business owners and individuals from all walks of life and in all industries come to Northern Bank mainly for the same reason, our service.
We do things a lot of other banks don’t or won’t.
We’re eager to listen to our entrepreneurial clients’ ideas, happy to share our expertise, and excited about helping our clients succeed and grow. It’s genuine and heartfelt, and our clients recognize and appreciate that. So much, so,
that they are more than willing to share their personal success stories with us.
In 2024, we continued to add to our series of client success stories. Through these stories, our clients share with us what their business challenges were, how Northern Bank helped solve them, and why doing business with Northern Bank is different.
“I have a direct line to the branch manager and to other staff. They’re happy to help. I trust them to guide me.”
JON ERICKSON
Owner, J. Erickson Plumbing and Heating LLC Northern
“Everyone is so nice. When you go into the branch, they say, ‘hello’. They know your name. They follow up with you. That’s hard to find in a bank.”
AMANDA KANE Owner, Kane International Realty Northern Bank Client
“No one else took the time to sit down at a table and hear what we had to say. Northern Bank was different. They made us feel like family.”
CARMENELLY ABREU Owner, Chilacates Restaurants Northern Bank Client
Bank Client
SMALL BUSINESS SOLUTIONS
A BANK THAT UNDERSTANDS THE CHALLENGES, IS A BANK THAT FINDS THE BEST SOLUTIONS.
At Northern Bank, we know the challenges that small business owners face every day. They need to secure the right loan to get their business started. They need to find ways to work smarter and manage their business more efficiently, and they need the right tools to help them expand and grow. At Northern Bank, we’re here to provide the best solutions to meet all the small business owners’ needs, today and as they grow.
We offer a wide variety of lending options designed to help business owners with everything from inventory purchasing and payroll expenses to remodeling and expansion. Northern Bank partners with the SBA to offer loans with more flexible terms and lower equity requirements that support small business expansion. Through our partnership, business owners can utilize the
7(a) and 504 Loan programs to help fund their business growth. We also offer Small Business Term Loans at a fixed-rate for terms up to 5 years and Lines of Credit up to $50,000.
In 2024, small business customers were able to take advantage of Northern Bank’s upgraded mobile and online banking platforms, as well as a full suite of business solutions to help them run their businesses more efficiently and cost-effectively. Products and services included remote deposit capture to save them time, merchant services to facilitate credit card payments, cash management services to streamline back-office operations, deposit protection and fraud prevention services to safeguard their revenue stream, and other time and cost-saving solutions.
“I
WORKING TOGETHER, WE’RE HELPING COMMUNITIES
THRIVE.
Through charitable grants, community sponsorships and corporate giving in 2024 the Northern Bank Charitable Foundation awarded:
$893,975 donated ACROSS
VOLUNTEERISM
100 organizations
Over the course of 2024, Northern Bank employees volunteered for a number of events and activities.
SPONSORSHIP
1,173 hours logged
135 employees
508 activities
44 organizations
A portion of the volunteer hours were driven by 58 Northern Bank hosted events that include:
Financial Literacy through Junior Achievement and the FDIC Money Smart Program
FDIC Money Smart Program for Older Adults at local Senior Centers
The fight against homelessness with Heading Home through two “Up & Out Moves,”
She4She, and Heading4Home campaign which brought together 10 Massachusetts
Banks to raise awareness and $292,750 in fundraising
Boys & Girls Club “After the Bell” Program
Northern Bank was the 2024 Diamond Soiree Presenting Sponsor for the 60th Anniversary of the McKeown Boys & Girls Club of Woburn. Donald Queenin, of Northern Bank, was honored as 2024 Champion of Youth. Northern Bank launched the $60k Corporate Match challenge. With over $120,000 of funds raised, they will be able to:
Add food service at the Clubhouse 5 evenings per week
Provide 26,250 nutritious meals to youth and teens
Hire a full-time food coordinator during the school year
Hire two teens to work as support staff in the kitchen
GIVING HIGHLIGHTS
HEADING HOME HOUSEWARMING FUNDRAISER
For over 50 years, Heading Home has been at the center of the housing crisis in Massachusetts and has worked tirelessly to provide support to those facing housing insecurity. Private donations are critical to Heading Home’s success, so they can respond in realtime to the evolving needs of their clients and community. During their 2024 Housewarming Fundraising Campaign, Northern Bank contributed its generous support to help Heading Home tackle the unprecedented family shelter crisis in the Commonwealth.
As a result, Heading Home was able to double their impact in 2024 and expand their programs to include homeless prevention, diversion, and emergency overflow.
8,400
PEOPLE RECEIVED SUPPORT
HEADING4HOME CAMPAIGN
56%
GROWTH RATE IN AFFORDABLE HOUSING PORTFOLIO
Over the past few years, Northern Bank has spearheaded bringing together Massachusetts Banks to support Heading Home in their fight against homelessness. In April 2023, the Heading4Home campaign launched with eight banks participating at various levels. In 2024, by adding some new players to the team, ten banks participated and presented Heading Home with a check donation in the amount of $292,750.
“Working with Heading Home is one of the best experiences that I’ve been a part of because the impact is so meaningful. It is something that you can see the difference that you’re making as soon as you take the action.”
JAMES J. MAWN President & CEO | Northern Bank
The Northern Bank Charitable Foundation awarded $60,000 to James L. McKeown Boys & Girls Club of Woburn. Northern Bank believes in helping its communities grow and has been a longtime supporter and partner of the Boys & Girls Club.
On October 17, 2024, the James L. McKeown Boys & Girls Club of Woburn celebrated its 60th Anniversary, with a Diamond Soiree sponsored by Northern Bank. The event honored Northern Bank’s, Donald Queenin, as the organization’s first Champion of Youth. (Donald is a long-time advocate and volunteer for the McKeown Boys & Girls Club.)
It also served as the kickoff to the $60,000 for 60 Years Fundraising Campaign, with Northern Bank matching each dollar donated through December 31, 2024, up to $60,000. Throughout the campaign period, the Club raised $128,850 in critical funds that will allow them to continue their mission of inspiring youth to find their greatness. Northern Bank’s sponsorship made the campaign accessible to donors of all levels, as the gift sizes ranged from $10 to $30,000.
The Northern Bank Charitable Foundation annually administers the James E. McGarry Jr. Scholarship Fund. The $5,000 college scholarship, established in 2014, honors the late “Jim” McGarry of Woburn for his 50 years of service to Northern Bank. It also pays tribute to his lifelong affinity for local fire and police departments.
Madeleine P. Smack, of Concord-Carlisle High School was the 2024 scholarship recipient. Madeleine, whose father, Kent, is a firefighter in Carlisle, demonstrated remarkable dedication to her community through various leadership and advisory roles. She has served as a Teen Board Member, Committee Member, Group Facilitator, and Tutor. Her academic achievements are equally impressive, boasting over 10 academic awards, excellent test scores, and a high GPA.
“Madeleine’s commitment to excellence and her accomplishments in academics, community service, and leadership are commendable,” said Michelle Arnold, a member of the Northern Bank Charitable Foundation Committee. “We are continually inspired by the outstanding scholarship applications we receive and look forward to awarding another deserving candidate next year.”
MATCHING DONATION TO JAMES L. MCKEOWN BOYS & GIRLS CLUB
JAMES E. MCGARRY JR. SCHOLARSHIP AWARDED
In October of 2024, we launched a new giving initiative, featuring a custom oversized Piggy bank in the Bank’s Sudbury location. Through this program, we invited the community to stop in and vote for one of the participating local nonprofit organizations. When the votes were tallied,
the Sudbury Community Food Pantry emerged as the top choice, receiving a $10,000 grant. HopeSudbury earned a $5,000 grant for second place and Save A Dog received $2,500 for third. Checks were presented to all recipients on Giving Tuesday.
SUDBURY BRANCH PIGGY BANK TO SUPPORT LOCAL NONPROFITS
2024 NORTHERN BANK CHARITABLE FOUNDATION GRANTS AND NORTHERN BANK DONATIONS
NORTHERN BANK CHARITABLE FOUNDATION GRANTS
Acton Community Supper and Food Pantry Inc.
Acton Boxborough Community Education
Boston Impact Initiative Fund
Boys & Girls Clubs of Greater Billerica
Boys & Girls Clubs of MetroWest
Boys & Girls Clubs of Woburn
Breakthrough Greater Boston
Chesterbrook Community Foundation
City Kids Inc.
Community Cooks
Community Teamwork Inc.
Council of Social Concern
Dunkin’ Joy in Childhood Foundation Inc.
Golden Days Social Circle and HealthCare Services LLC
Greater Boston Food Bank, Inc.
Heading Home, Inc.
Heading Home, Inc.
HOPEsudbury
Household Goods, Inc.
Junior Achievement of Greater Boston (aka JA of Northern NE)
Just A Start
Massachusetts Fallen Heroes
Melrose Farmer’s MarketThe Snap Program
$2,500
$2,500
$5,000
$10,000
$2,500
$60,000
$2,500
$5,000
$2,500
$5,000
$10,000
$2,500
$40,000
$10,000
$5,000
$250,000
$150,000
$5,000
$5,000
$20,000 $10,000 $10,000
Metropolitan Boston Housing Partnership, Inc. (DBA Metro Housing | Boston)
Minuteman Senior Services
$5,000 $10,000 $10,000 $5,000 $40,000 $25,000 $5,000 $5,000 $3,000 $10,000 $12,500 $2,500 $2,500 $5,000 $10,000 $15,000 $2,500 $5,000 $6,250 $5,000 $5,000 $5,000 $15,000 $831,750 TOTAL
Mission of Deeds, Inc.
Mystic Valley Elder Services
Nashoba Learning Group
National Brain Tumor Society
NuPath Inc.
Operation ABLE of Greater Boston, Inc.
Raising A Reader Massachusetts (RAR-MA)
Rise Above Foundation
Ron Burton Training Village
Save A Dog
Smile Mass, Inc.
South Middlesex Opportunity Council
Sudbury Community Food Pantry
The Concord Education Fund
The Elizabeth Peabody House
The Food Drive
The James E. McGarry Jr. Scholarship Fund
Town of Chelmsford Scholarship Fund Inc.
Woburn Host Lions Charities Inc.
Women’s Money Matter, Inc.
YMCA - Woburn - North Suburban Family Branch / Greater Boston
Billerica Girls Softball Association
Brains and Brawns, DBA Acton Children’s Business Fair
Bridging Independent Living Together, Inc.
Camp Casco
Chelmsford Chinese Language School, Inc.
Danny’s Place
Drake Academy of Excellence
English At Large
Frances Drake PTO (for Sponsorships)
Friends of Belmont Wrestling (Belmont High School)
Friends of Burlington Football
Friends of Reading Basketball
Friends of Stoneham Scouting
Friends of the J. V. Fletcher Library
Friends of the Stoneham
300th Anniversary Committee
Friends of Woburn Hockey
Fuller House of Stoneham
Girl Scouts Stoneham Service Unit
Goodnow Library Foundation
Greater Boston Stage Company
Habitat for Humanity of Greater Lowell
Habitat for Humanity of Greater Lowell
Kaylash
Lincoln-Sudbury Regional High School
Lincoln-Sudbury Youth Baseball, Inc. (includes Little League)
Lincoln-Sudbury Youth Baseball, Inc. (includes Little League)
Lions Club International - Woburn Breakfast
Lions Club International - Woburn Middlesex
Lions Club International - Woburn Middlesex
Melrose Alliance Against Violence
Melrose Public Schools
Visual and Performing Arts
Minuteman Senior Services
Northeast Youth Ballet Inc.
NuPath, Inc.
Reading Scholarship Foundation, Inc.
Rotary Club of Westford
Rotary Club of Woburn
See A New Sun Foundation
South School Elementary PTO
St. Charles School
St. Charles School
Stoneham Business & Community
Educational Foundation
Stoneham Central Middle School PTO
Stoneham Coalition for a Safe and Healthy Community
Stoneham Community Development Corporation
Stoneham Historical Society & Museum
Stoneham Sabers Baseball
Stoneham Veterans Committee / Veterans Day Memorial Run
Stoneham Youth Lacrosse
Stoneham Youth Softball Association
Sudbury Education Resource Fund (SERF)
The Five Star Theatre Company
The Food Drive
The Silver Unicorn Bookstore
Women’s League of Reading $500
VNA Hospice & Palliative Care
Westford Historical Society and Museum
Woburn Host Lions Charities Inc.
Woburn Memorial High School
$500 $750 $1,000 $2,500 $1,000 $500 $1,500 $500 $250 $1,000 $0.00 $500 $1,000 $500 $500 $1,000 $250 $1,000 $1,000 $500 $1,000 $1,000 $1,000 $2,500 $2,000 $500 $1,500 $350 $500
$62,225 TOTAL
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