Board of TrusTees
Elected
Peter G. Kelly, Owner, Kelly’s True Value/Kelly’s Taylor Rental
donald M. Greenough, Owner, Law Office of Donald M. Greenough
Mary e. Larnard, Retired Principal, Newburyport High School
Michael J. Jones, Chairman, President & CEO, Institution for Savings
ellen Galanis nich, Certified Public Accountant
r. drew Marc-aurele, Owner, Marcorelle’s Fine Wines & Liquors
richard J. silverman, Owner, Physical erapist, e Ipswich Center
david a. Tibbetts, President, MVEDC/Of Counsel, Smith, Ruddock & Hayes
ellen Mackey rose, Owner, Ellen Rose, CPA, CFP
freeman J. condon, Owner, Beach Plum Farms/Beach Plum Too
cindy M. Johnson, Owner, Publishing Services
John f. Leary iii, Owner, JFL Financial Services, LLC
Jeremiah T. Lewis, Owner, Bernard M. Sullivan Insurance Agency
Kimberly a. rock, EVP & COO, Institution for Savings
James V. ellard, President & CEO, New England Biolabs
Kevin M. Gasiorowski, Owner, Appleton Eye Associates
saira naseer-Ghiasuddin, President, Medical Staff at Anna Jaques
Hospital and Medical Director at North Shore Internal Medicine
John J. Meany, CEO Emeritus, YMCA of the North Shore
stuart e. Winfrey, Co-founder/Co-owner, Winfrey’s Fudge & Chocolates
1978
1987
1995
2000
2001
2002
2002
2003
2005
2007
2007
2007
2008
2010
2012
2012
2012
2015
2015
Our other accomplishments include:
• Being selected as e Boston Globe’s Top Small Employer in 2011 and Top Medium Employer
in 2013 and 2014
• Reporting record earnings for 5 consecutive years
• Opening new full service banking offices in Ipswich, Topsfield and Middleton
• Completing the acquisition of Rockport National Bank; adding new offices in Rockport,
Gloucester and Beverly
future expansion
In the fall we will open our thirteenth full-service banking office. is new office will be located on Elm Street
in Boxford inside the Boxford Community Store in the heart of the Village. With nearly $200 million of total
deposits in our new offices in Topsfield and Middleton we believe Boxford will be equally successful and solidify
our commitment to community banking in the Masconomet region.
Melissa W. LeBel
John a. LeBlanc
Bruce P. Macdonald
caroline M. Meagher
Lori G. rostkowski
christopher r. sullivan
We also have plans to construct a full-service banking office on 545 Bay Road in Hamilton, pending Town and
regulatory approvals. Many residents of Hamilton and Wenham already have banking relationships with us and
this new office will make it more convenient for them, while providing other residents with an additional choice
for their banking needs. We believe this will be another very successful venture for the Institution for Savings.
assisTanT Vice PresidenTs
Our employees and trustees want to thank you, our customer, for your continued business and loyalty to the
Institution for Savings. You are truly the reason for our success!
eodore J. Garside
Kerry a. Hamel-Pope
rachel r. Lachance
Michelle M. Mahair
Maria i. Medina
deborah P. sewards
amy L. smith
Joshua W. Tuff
Hanson M. Webster
isaac raymond Webster iii
Jessica s. Yuhasz
978-462-3106 • institutionforsavings.com
Over the past five years we have transformed into a regional bank with the introduction of a new logo and a
rebranding campaign to better promote our products and services. We also added new articles to the Bank’s
bylaws which protect our mutual savings bank structure, our name and the location of our main office from
ever changing.
• Attaining all-time highs in loans, deposits and capital
Vice PresidenTs
christine n. allen
suzanne Bradford
Paula J. Bratt
Marcia J. Budrow
almiris M. contreras
sandra a. corrao
dian M. dastous
Marianne e. dean
susan J. ellis
Mary foote-Hill
JuNE 30, 2015
Dear Valued Customer:
It has been five years since I became the sixteenth President of the Institution for Savings and I am very proud
of the milestones and achievements our talented team of employees has accomplished during this time. More
importantly, we realize our success is truly attributed to you, our loyal customer, and we want to thank you for
your commitment to the Bank and your continued business.
• Increasing total assets over $1 billion reaching $2.2 billion
officers
Michael J. Jones, President & Chief Executive Officer
Kimberly a. rock, Executive Vice President & Chief Operating Officer
david e. Boudreau, Senior Vice President
stephen P. cote, Senior Vice President, Treasurer & Controller
Patricia a. ferguson, Senior Vice President & Administration
omas M. Hopp, Senior Vice President & Chief Information Officer
Lawrence r. Hunter, Senior Vice President
robert c. LeGallo, Senior Vice President & Chief Financial Officer
Karen a. Maccormack, Senior Vice President
anna L. Makos, Senior Vice President
Tammy a. roeger, Senior Vice President
Karl r. Wilson, Senior Vice President
Wesley r. Barry
Pamela J. Bishop
Mary anne clancy
rebecca L. collins
rebecca L. conary
Katrina P. cutts
SEMI-ANNuAL REPORT
Sincerely,
Michael J. Jones
President & CEO
Member FDIC
Member DIF
insTiTuTion for saVinGs
consolidated Balance sheet
June 30, 2015 and 2010 ($ in ousands)
asseTs
insTiTuTion for saVinGs
consolidated statement of income
six Months ended June 30, 2015 and 2010 ($ in ousands)
2015
Cash and due from banks
Federal funds sold
Investment securities, available-for-sale
Investment securities, held-to-maturity
Loans, less allowance for loan losses
Other real estate owned
Premises and fixed assets, net
Goodwill
Other assets
$
Total assets
$
2010
60,193
3,711
270,060
157,185
1,566,485
350
33,531
9,435
92,664
$
2,193,614
$
99,384
9,872
220,115
0
735,207
0
14,535
0
38,570
1,117,683
LiaBiLiTies and eQuiTY caPiTaL
Deposits
Borrowings
Other liabilities
$
Total liabilities
1,886,279
27,651
36,214
$
882,960
60,462
27,432
1,950,144
970,854
Retained earnings
Accumulated other comprehensive income
243,414
56
136,150
10,679
Total equity capital
243,470
146,829
Total liabilities and equity capital
Tier 1 leverage capital ratio
Total loans to total assets
$
2,193,614
11.07%
71.41%
$
1,117,683
12.58%
65.78%
2015
Interest income:
Interest and fees on loans
Interest and dividends on securities
Other interest
Total interest income
27,308
5,893
155
33,356
$
19,194
4,216
95
23,505
Interest expense:
Interest on deposits
Interest on borrowings and other liabilities
Total interest expense
10,391
619
11,010
6,704
1,401
8,105
Net interest income
22,346
15,400
212
1,868
2,080
144
843
987
8,924
2,530
5,633
557
600
18,244
5,268
976
2,046
466
600
9,356
6,182
7,031
(1,532)
13,305
(1,206)
1,252
17,955
7,077
3,846
2,063
Other income:
Service charges on deposit accounts
Other
Total other income
Operating expenses:
Salaries and employee benefits
Premises and fixed assets
Other
FDIC & DIF insurance
Provision for loan losses
Total operating expenses
Income from operations
Contribution to charitable foundation
Realized gains on securities
Income before taxes
Provision for income taxes
Net income
The financial statements of the bank are subject to examination by the FDIC, Office of the Commissioner of Banks and independent
certified public accountants whose examinations and audit dates may differ from the June 30th date as reported above.
$
2010
Income from Operations, net of tax
Return (net income) on average assets
Return (net income) on average equity
Net interest income on average assets
$
14,109
$6,365
1.36%
11.66%
2.15%
$
5,014
$4,773
0.94%
6.88%
2.90%
The financial statements of the bank are subject to examination by the FDIC, Office of the Commissioner of Banks and independent
certified public accountants whose examinations and audit dates may differ from the June 30th date as reported above.