REAL DEDICATION REAL DEDICATION
THAT GOES BEYOND EXPECTATIONS
Dear Clients, Colleagues and Friends,
I’m often asked what sets Northern Bank apart from other banks. The simple answer is, we do things differently than other banks.
Everyone at Northern Bank truly cares about helping our clients and our communities grow and thrive. From our beginnings as a small community bank, to our expansion that now includes 12 branches and a nationwide client base, we have always been more than just a bank. We’ve been a real trusted partner, committed to helping our clients, communities and employees achieve their goals.
Fulfilling that commitment, means putting our absolute best foot forward every single day. It means, we have to keep innovating to provide our clients with the tools they need to manage and run their businesses more easily. We have to keep providing our employees with the training and opportunities they need to keep learning and growing. And we have to keep being active participants and collaborators in our communities, recognizing that when one of us succeeds, we all succeed.
Our strong 2025 financial results are a testament to what can be achieved when you keep reaching higher and are determined to make a real difference.
Very truly yours,
JAMES J. MAWN President & CEO
Northern Bank, 275 Mishawum Road, Woburn, MA 01801
December 2014 – December 2025
LEADS TO REAL OPPORTUNITIES REAL GROWTH REAL GROWTH
Consistent growth, such as we’ve experienced at Northern Bank over the last 10+ years, is achieved by listening, analyzing and supporting our customers dreams and goals, and by taking a practical, commonsense approach to getting deals done.
That’s what we’ve focused on at Northern Bank from the very beginning – collaborating with entrepreneurs
to help them realize their vision and grow their dream business. It’s how our own business started over 60 years ago, with a goal and an idea. And, it’s how we’ve grown to be the bank of choice for ambitious business and franchise owners and real estate developers and investors in our local communities and across the country.
2025 STATEMENT OF CONDITION
ASSETS
Cash and Balances Due from Depository Institutions
Noninterest Bearing Balances and Currency and Coin
Interest-Bearing Balances
Securities
AFS Securities
Equities
Loans
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
Deposits
Noninterest Bearing Deposits
Interest-Bearing Deposits
Borrowings
Other Liabilities
Total Liabilities
EQUITY
Common Stock & Surplus
Undivided Profits and Capital Reserves
Accumulated Other Comprehensive Income
Total Equity Capital
Total Liabilities and Stockholder’s Equity $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 $2,768,485 179,095 283,139 (3,942) $458,292 $3,226,777
160,328 1,317 –2,820,645 (64,310) 2,756,335 59,594 118,870 $3,167,025 $461,877 2,127,261 66,515 49,462 $2,705,115 214,095 249,065 (1,250) $461,910 $3,167,025
Northern Bank has never been limited by the constraints of traditional institutional banks. While the brand has a legacy of family ownership, it is far from stuck in the past. Our leadership is committed to leaning into the progressive innovation that enables us to provide our customers with more than what they ask for — everything they need to achieve their greatest success.
That’s why, in 2025, Northern Bank expanded by opening a second building for our professional service teams. The state-of-the-art, Northern INNOV8, does not include a branch, as we saw this as an opportunity to expand our brand. By dropping the word “bank,” we are able to step outside of that perceived value and guide our teams to a place where they are able to offer our customers “more and better” in every experience.
To us, this is what true innovation is all about, successfully implementing a new idea and creating value for our customers and stakeholders. It could be a plan for an improved product or service; it could be an updated method for running our operations or it could be a new
business model, but all innovation stems from looking beyond traditional boundaries and exploring new paths.
“Workplace Innovation” is defined by evidence-based organizational practices that enable employees at every level to use and develop their skills, knowledge, experience, and creativity to the fullest possible extent, simultaneously enhancing business performance, engagement and well-being.
Our design plan for INNOV8 was to create a working environment which opened new ways of working in the office. For example, the space that used to be the basketball gym has been reimagined into an arena with a stage, AV, and flex space. We use this for informal gatherings with a few people to hosting large scale events with 100+ people. As we grow in size, this allows us to host training sessions and events for our employees. We also open the space to our clients to host events, professional organizations to run seminars or non-profits in the community to conduct their Board meeting.
“Innovation is the hallmark of entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen. It is the means by which entrepreneurs either create new resources or endow existing resources to enhance potential.”
JAMES J. MAWN President & CEO | Northern Bank
BUSINESS BANKING
HERE TO HELP CLIENTS ACHIEVE THEIR GOALS REAL PEOPLE REAL PEOPLE
In 2025, we featured our clients sharing their own individual stories in radio commercials on WEEI. In these spots, clients reflected on what it is that makes their relationship with Northern Bank so unique and how Northern Bank has helped their business grow.
We also featured client stories in a TV commercial late last year. This commercial is a dynamic piece that leverages modern typography and static photography in
a bold way. The vibe is anything but that of your standard, conservative banks. It is uniquely Northern with an energy and a richness that can only be confidently presented by a bank that is as real as the relationships it keeps.
More industry-focused banking solutions roll out. In 2025, we continued to tailor our solutions to the industries we serve and add more products and services to their stable of tools and resources.
Nike John (left) with Trecia Farquharson (right), Cash Management Relationship Manager, VP, Northern Bank
MARIJUANA RELATED BUSINESS (MRB)
As a privately-owned bank, Northern Bank has the flexibility to build a program that best meets the unique needs of cannabis businesses.
Enhanced services for MarijuanaRelated Businesses:
Merchant Services
Offered by Vector Payments, Merchant Services allow our MRB clients to accept card payments.
Payroll and HCM Services
Offered by Solex, these services allow our MRB clients to focus on their own day-to-day operations by partnering with a service provider who can automate and facilitate these critical HR tasks.
“The person I spoke to at Northern Bank knew a ton about starting a specialty business and was really communicative. Other banks didn’t even bother getting back to me.”
NIKE JOHN Owner, The Heritage Club | Northern Bank Customer
RESTAURANTS
Northern Bank partners with restaurant businesses to provide the innovative banking tools and solutions they need to support restaurant operations and fuel their growth.
“From the very beginning it just felt right. Northern Bank’s approach, partnership and trust in our ability…they just got it.”
PATRICK & WANDERSON COELHO
EPAC Group/Owners, Oliver & Planck’s Tavern, Lambert’s Farm Northern Bank Customers
1031 EXCHANGE/QUALIFIED INTERMEDIARY BUSINESSES
Northern Bank understands the unique needs of Qualified Intermediaries and has developed a suite of products and services to help 1031 Exchange businesses run smoothly.
Enhanced solutions for 1031 Exchange Businesses:
XGEN
Business owners involved in a 1031 Exchange often get bogged down in exchange related tasks. Our new automated solution, centralizes all exchange data, automates workflows and increases efficiencies, reducing the time it takes to complete exchange-related tasks from hours a day to mere minutes.
FRANCHISES
For over 30 years, we’ve been providing banking solutions to help franchise owners manage and grow their networks as efficiently and effectively as possible.
Enhanced solutions for Franchise Businesses:
Northern Advisory Services
Franchise owners can take advantage of Northern Advisory Services, led by an expert advisor with 25 years of franchisebased transaction experience. Northern Advisory Services focuses on mergers and acquisitions, recapitalizations, valuation services, exit strategy planning and restructurings.
Recognizing our partners’ success:
Franchise Appreciation Day
Once again, in August 2025, we celebrated Franchise Appreciation Day to recognize the hard work and dedication it takes to manage and grow a franchise business. We sent appreciatory emails to all of our Franchise partners along with a special gift to celebrate their success.
“We truly couldn’t have done this without Northern Bank’s trust, support and investment in our growth. What started as a vision has turned into a flagship Dunkin’ experience that’s setting a new standard.”
KRUNAL RAO Chief Financial Officer, Rao Group | Northern Bank Customer
NON-PROFITS
Northern Bank has a longstanding history as the bank of choice for charities and nonprofits. This past year, we were proud to once again partner with client, Kathy Mercado at the Merrimack Housing Authority, who is actively working with developers to create more affordable housing in Lowell.
“One thing we discovered right away is Northern Bank is very much a community bank and that’s exactly what we wanted. When they came in to meet with us, the first thing they said was, ‘how can we work together and partner together?’”
CATHY MERCADO Executive Director, Merrimack Valley Housing Partnership | Northern Bank Customer
TO EVERYDAY EXCELLENCE REAL COMMITTMENT REAL COMMITTMENT CUSTOMER SERVICE
At Northern Bank, we are committed to achieving everyday excellence at every level of our organization, as it’s the only way to ensure that our clients always receive the level of service they need, expect and deserve.
To them, we are someone they can always turn to. We’re a financial partner who understands what it takes to start and run a business and can provide the solutions that help business owners achieve their goals. We’re here, not only to meet their needs today, but to help them realize their plans for tomorrow, as their businesses continue to expand and evolve.
Fraud Awareness and Prevention
Digital fraud is unfortunately becoming more prevalent in business banking. Last year, email compromise and payroll diversion fraud were on the rise. To help make sure our business clients were aware of current scams and the steps they can take to prevent fraud, we provided a series of awareness materials, including a complimentary webinar, brochure, and emails with links to helpful articles.
KNOW & GROW EDUCATION SERIES
Small business owners often work and make decisions on their own. At Northern Bank, we’ve made it a point to partner with those business clients to share the knowledge we’ve gained in over our 60 years in business. In 2025, we launched our comprehensive business education platform, “Know & Grow,” designed to empower business owners with expert insights and practical knowledge. This initiative reflects our longstanding commitment to serving as a true Partner for Growth for our clients at every stage of their business journey.
Expert-Led Education for Business Success
For decades, Northern Bank has been more than just a financial institution — we’ve been a trusted partner helping businesses navigate growth, manage uncertainty, and plan for the future. The Know & Grow education platform builds on this foundation by bringing our internal subject matter experts directly to our clients through a combination of convenient webinars and engaging in-person events.
Virtual and In-Person sessions throughout the year, addressed critical aspects of business management and growth. These included:
SBA Lending Programs: The Path to Growth
Explored various SBA lending options and how they can fuel your business expansion.
Fraud & Mitigating Risk
Focused on protecting your business with essential knowledge about fraud prevention and risk management strategies.
Scaling
Strategies
Businesses
Tax Strategies for Small Businesses
Provided effective tax planning strategies to optimize your business’s financial position.
Managing Cash Flow
Demonstrated how to master the fundamentals of cash flow management to ensure your business’s financial health.
GIVING HIGHLIGHTS
“...true fulfillment comes from practicing kindness and serving others.”
DEVON K. FEE | 2025 MCGARRY SCHOLARSHIP RECIPIENT
4Woburn Memorial High School 2025 Graduate 4Marist University, Communication Major, Fall 2025
JAMES E. MCGARRY JR. SCHOLARSHIP AWARDED
This $5,000 scholarship honors the late “Jim” McGarry of Woburn for his 50 years of dedicated service to Northern Bank and his lifelong support for local fire and police departments. The college scholarship is awarded annually to a student with a parent or guardian who is an active firefighter or police officer in Middlesex County, Massachusetts.
In her essay, Devon reflected on the values her firefighter father has instilled in her, sharing, “…the most lasting thing he’s given me is the quiet conviction that kindness isn’t a strategy, but a way of life.”
She emphasized that “true fulfillment comes from practicing kindness and serving others,” demonstrating how her father’s dedication to service has shaped her own commitment to helping others.
2025 NORTHERN BANK CHARITABLE FOUNDATION GRANTS
Acton Community Supper and Food Pantry
Ascension Career Training
Big Brothers Big Sisters of Central Mass & MetroWest
Birthday Wishes
Boston Impact Initiative Fund
Boys & Girls Clubs of Greater Billerica
Boys & Girls Clubs of Greater Lowell
Boys & Girls Clubs of Metro North
Boys & Girls Clubs of Woburn
Central Boston Elder Services
Centre Street Food Pantry
Chesterbrook Community Foundation
City Kids
Community Cooks
Community Teamwork
Council of Social Concern
Cradles to Crayons
Disabled & Limbless Veterans
Dunkin’ Joy in Childhood Foundation
Foundation To Be Named Later
Girls Inc. of Greater Lowell
Greater Framingham Community Church
Habitat for Humanity MetroWest/Greater Worcester
Habitat for Humanity North Central Massachusetts
Habitat for Humanity of Greater Lowell
Heading Home
Hope and Comfort
Junior Achievement of Greater Boston
Kids in Tech
Lawrence CommunityWorks
Local Initiatives Support Corporation
Lowell Transitional Living Center
Melrose Farmer’s Market - The Snap Program
Merrimack Valley Food Bank
Merrimack Valley Housing Partnership Inc. (MVHP)
Metro Housing|Boston
Minuteman Senior Services
Mission of Deeds
Mystic Valley Elder Services
Nashoba Learning Group
National Brain Tumor Society
Neighborhood of Affordable Housing (NOAH)
New England Center and Home for Veterans
Noah’s Way
NuPath
People Helping People - Burlington Food Pantry
Project Kompass
Raising a Reader Massachusetts
Rise Above Foundation
Ron Burton Training Village
Second Chances
Smile Mass
South Middlesex Opportunity Council
Student Financial Education Initiative (Credit for Life)
Sudbury Community Food Pantry
The Food Drive
The Salvation Army Massachusetts
Town of Chelmsford Scholarship Fund
Woburn Host Lions Charities
Woburn Public Library
Women’s Money Matters
YMCA of Greater Boston
YMCA of Metro North
