ANNUAL REPORT
ABOVE &
BEYOND
MEMBER FDIC NORWAY BANCORP, MHC SINCE 1866
DEAR
FRIENDS
& NEIGHBORS,
They say strong customer service is key to the success of any
company. This may help explain why 2014 was such a good year
for Norway Savings. At a time when the world is more digital
and less human, customer service seems like a lost art. Not here,
I am proud to say. Our team works hard to provide personal
connections and to be available to each and every customer.
I believe this effort accounts for the fact that we continue to
perform in the upper tier of Maine-based banks.
We asked members of our team what defines great customer
service. You will see some of their answers sprinkled throughout
this report. And you will discover an overwhelming theme: great
customer service is going above and beyond what’s expected.
This is what our people do every day: They go above and
beyond for the customer, to make that connection, to find that
answer, to explain that product, to make that loan — to deliver
the best banking experience in Maine.
In addition to the personal relationships, we are making ourselves
more available to our customers with branches throughout
western and southern Maine. In July 2014, we opened our 23rd
branch on Forest Avenue in Portland. And in December, we
opened our 24th branch in Gray, on the road to the Gray-New
Gloucester Schools.
Part of great service is certainly great communication. We are
grateful to the marketing team for launching an email newsletter
in 2014. Now our customers receive email communications from
us on a regular basis that convey noteworthy information and
news about various initiatives.
Of course, in this day and age, you cannot provide great
service without great technology. In September, we launched
Mobile Deposit Solutions, allowing our customers the ability
to deposit checks right from their mobile phones.
These accomplishments helped make 2014 strong. The Asset
Management Group increased assets under management by
over 20% to exceed the $200 million milestone. Our retail
lending employees had a successful year increasing the home
equity portfolio by 3% and consumer installment portfolio by
11%. And the commercial team grew their loan portfolio by
11%, the largest increase in several years.
We are honored that our achievements in 2014 have been
recognized: DepositAccounts.com named us one of the top 200
Healthiest Banks in America. We also received 2014 Gold-Level
Work Healthy Awards from Healthy Androscoggin and Healthy
Oxford Hills for supporting worksite wellness programs.
If all of this hard work were not enough, our employees
continue to contribute to our communities in the form of donations,
sponsorships or volunteering. In 2014, Norway Savings Bank
employees volunteered 8,740 hours of their time to more than
175 different organizations in our communities. The spirit and
passion we find in each other inspires each of us to continue to give.
I am very grateful to every member of our team for their diligent
work, their thoughtful contributions to our communities, and their
dedication to our customers. And it goes without saying that
we couldn’t do it without the support from our customers. Your
enthusiasm continues to make us the most colorful bank in Maine!
—PATRICIA WEIGEL, PRESIDENT & CEO
2
OUR
PRODUCTS
& SERVICES
PERSONAL BANKING
BUSINESS BANKING
•Checking, Savings, CDs and IRAs
•GenGold® Savings Program
•Health Savings Accounts
•Debit / ATM Cards
•Home Mortgages
•Home Equity Lines of Credit
•Construction Loans
•Auto, Boat and Other Personal
Loans
•Checking and Savings Accounts
•Debit / ATM Cards
•Cash Management Services
•inBusiness Remote Deposit
•Commercial Loans
•Construction Loans
•Lines of Credit
•Equipment Loans
•Agency Guaranteed Loans
OTHER SERVICES
•Internet Banking
•Bill Pay
•e-Statements
•Mobile Banking
•Online Account Opening
•Telephone Banking
SM
•Maine Cash Access ATM Alliance
ASSET MANAGEMENT
GROUP
•Investment Management
•Estate Planning
•Trust Services
NOT FDIC INSURED
NO BANK GUARANTEE
MAY LOSE VALUE
3
EXCEPTIONAL
CUSTOMER SERVICE
WE KNOW THAT A COMPANY IS ONLY AS
EXTRAORDINARY AS ITS PEOPLE. When we
talk about our people at Norway Savings, we are not only
talking about our team members — we are talking about
our customers. We are very grateful to every one of our
customers, and serving them well is what drives us each
and every day. At Norway Savings, customer service is not
just “good practice,” it is the very heart of our company.
We asked members of the Norway Savings team to tell us
what great customer service means to them:
IVA CARROLL
BRIAN DESJARDINS
MARY METCALF
It means thinking
outside the box and
striving to exceed
the customer’s
expectations.
It means giving your
undivided attention to
each and every customer
— as if he or she were
your only customer.
It means
follow-up,
follow-up,
follow-up!
It means showing
your customers
there is nothing
more important
than their needs.
CARA HINGEY
It means
taking the time
to get it right
the first time.
It means
working as a team
to constantly strive to
do better and work
at a higher level.
DAN WALSH
LENNIE BURKE
It means listening
to your customers’
needs and servicing
those needs.
It means analyzing
client needs and
providing them
with bank services
that will benefit
them the most.
DANA TAIT
KURT GARASCIA
STATEMENT OF
CONDITION
AS OF DECEMBER 31, 2014
ASSETS
Cash on Hand and in Banks
US Government Bonds & Agencies*
Great customer service
means building trust.
The Norway team has
always gone the extra mile
for me. I know they’ve got
my back, and that is a
tremendous comfort.
12/31/14
12/31/13 (a)
$29,015,793
$33,378,153
$6,979,123
$3,778,571
Mortgage-Backed Securities*
$24,825,844
$28,700,598
Municipal Bonds*
$17,090,224
$19,885,181
Corporate Stock*
$39,165,963
$45,541,457
Residential Real Estate Loans
$412,320,731
$415,106,293
Commercial Real Estate Loans
$298,393,111
$263,194,631
$51,621,626
$51,708,080
Business Loans
Other Loans
$38,818,867
$35,075,777
Allowance for Loan Loss
($8,685,909)
($8,301,760)
DAVE COWENS
Federal Funds Sold
$503,689
$634,209
BASKETBALL LEGEND
Real Estate Owned
$32,340,473
$31,966,837
$5,754,463
$4,883,094
Furniture and Equipment
Investments in Unconsolidated Subsidiaries
$65,585
$1,118,869
$7,414,520
$7,319,958
$38,614,569
$39,056,199
$994,238,672
$973,046,147
Goodwill & Other Intangible Assets
Other Assets
Total Assets
*Listed at market value.
(a) 2013 Restated to include addition of Other Intangible Assets
LIABILITIES
Amount Due Depositors
Other Liabilities
Other Borrowings
Reserve Funds and Undivided Profits
Total Liabilities
This statement has not been
reviewed or confirmed for accuracy
or relevance by the FDIC.
6
12/31/14
12/31/13
$809,929,197
$796,408,458
$13,612,461
$11,721,442
$37,964,051
$37,728,783
$132,732,963
$127,187,464
$994,238,672
$973,046,147
STATEMENT OF
OPERATIONS
AS OF DECEMBER 31, 2014
GROSS OPERATING INCOME
Interest on Bonds
$1,295,073
Dividends on Stock
$1,234,795
Interest on Loans
Great customer service
means treating people
kindly. The folks at
Norway are just nice
people. I look forward
to going to the bank—
it’s like going to a
friend’s house.
$36,953,416
Other Interest Income
Total Interest Income
Interest Expense
$181,583
$39,664,867
$3,205,018
Net Interest Income
Other Income
$36,459,849
$7,911,557
Allowance for Loan Loss
$1,450,000
Operating Expense
$33,728,332
Core Earnings
$9,193,074
JOSH KENNISON
$2,650,061
CHAMPION PARA-ATHLETE
Security Gains (Loss)
Income Before Taxes
$11,843,135
Estimated Income Tax
$3,204,167
Income After Taxes
$8,638,968
TOTAL ASSETS
(IN MILLIONS)
INCOME AFTER TAXES
$1000
$9.0
$980
$8.5
$960
$8.0
$940
$7.5
$920
$7.0
$900
(IN MILLIONS)
$6.5
$880
$6.0
$860
$5.5
$840
$5.0
$820
‘10
‘11
‘12 ‘13 ‘14
‘10
‘11
‘12 ‘13
‘14
7
OFFICERS
EXECUTIVE
Patricia Weigel, President & CEO
Pam Veilleux, Assistant Vice President,
Executive Administration
BUSINESS BANKING
Daniel Walsh, Senior Vice President,
Senior Commercial Lender
Carolyn S. Thomas, Senior Vice President,
Commercial Credit Administration & Loan
Servicing
Melissa E. Babineau, Vice President,
Cash Management Manager
Pamela J. Bowerman, Vice President,
Commercial Lending
Jeffrey Cusack, Vice President,
Commercial Credit Department Manager
Jack Day, Vice President,
Commercial Lending
Janice de Lima, Assistant Vice President,
Commercial Portfolio Manager
Brian Desjardins, Vice President,
Commercial Lending
Dana Tait, Vice President,
Commercial Lending
PERSONAL BANKING
Darci Hamm, Senior Vice President,
Retail Banking
Jennifer Bell Corbett, Vice President,
Retail Loan Center Manager
Karen Hatch, Vice President,
Mortgage Market Manager
& Lending Support
Andrea Osgood, Regional Vice
President, Retail Banking
Louis Paquet, Assistant Vice President,
Retail Collections Manager
Terry Seavey, Regional Vice President,
Retail Banking
Peggy Tilton, Vice President,
Retail Regional Operations
Debora Ward, Vice President,
Retail Regional Operations
Maria Edwards, Assistant Vice President,
Yarmouth Branch Manager & Business
Development Officer
Jason P. Fitzgerald, Vice President
& Kennebunk Branch Manager
Kyle W. Hodgkins, Assistant Vice President
& Exchange Street, Portland Branch Manager
Karry R. Kane, Assistant Vice President
& Topsham Branch Manager
Kathryn A. Letourneau, Vice President,
Retail & Indirect Lending Officer
Sherrie L. Maietta, Assistant Vice President
& South Portland Branch Manager
Mary Metcalf, Vice President,
Personal & Small Business Development
William J. Onorato, Vice President
& Scarborough Branch Manager
Christine C. Peterson, Vice President
& Falmouth Branch Manager
Steven P. Flynn, Vice President,
Senior Commercial Credit Analyst
Peter H. Godsoe, Regional Vice President,
Commercial Lending
Lenora “Lennie” Burke, Vice President
& Market Manager, Maine Street & Cooks
Corner, Brunswick & Freeport
Brian J. Bernier, Vice President,
Investment Officer
Anthony C. Mellon, Vice President,
Commercial Lending
Irene E. Millett, Assistant Vice President,
Senior Commercial Credit Analyst
Ian Pullen, Assistant Vice President,
Commercial Lending
Janet Ross, Vice President,
Special Assets Officer
Holly M. Chase, Vice President
& Naples Branch Manager
Tina M. Croteau, Vice President,
Personal & Small Business Development
Mary Hewett, Vice President, Employee
Development & Training Manager
Amy Marshall, Assistant Vice President,
Senior Employee Development Specialist
MARKETING
Karen Hakala, Senior Vice President,
Marketing
Vicky Libby, Vice President,
Loan Servicing
ASSET MANAGEMENT GROUP
Robert C. Harville, Assistant Vice
President, Commercial Lending
Tricia L. Brooks, Assistant Vice President,
Human Resources
Steven Whitney, Executive Vice
President, Risk Management, Deposit
Operations & IT
Lisa M. Rideout, Executive Vice President,
Asset Management Group
Kristen Charette, Vice President
& Bridgton Branch Manager
HUMAN RESOURCES
Richelle Wallace, Senior Vice President,
Human Resources
William Wurts White III, Vice President,
Personal & Small Business Development
Laurie Allen, Vice President & Market
Manager, Bethel, Norway, South Paris
Anita Hamilton, Assistant Vice President,
Senior Commercial Credit Analyst
Michael Noble, Assistant Vice President,
Facilities & Purchasing
RISK MANAGEMENT
& OPERATIONS
BRANCHES &
CONSUMER LENDERS
Iva A. Carroll, Vice President, Retail Lender
& Windham Branch Manager
Sharon E. Breytenbach, Assistant Vice
President, Accounting
Kelly J. Sturmer, Assistant Vice President,
Gorham & Standish Branch Manager
Richard R. Flagg, Vice President,
Commercial Lending
Noel Graydon, Regional Vice President,
Commercial Lending
8
Tina Ruhland, Assistant Vice President,
Commercial Lending
Kurt Garascia, Vice President,
Investment Officer
Mary Leavitt, Vice President,
Senior Trust Officer
Brittany L. Robidoux, Assistant Vice
President, Trust Officer
Jennifer C. Schumacher, Vice President,
Senior Trust Officer
FINANCE & FACILITIES
Kaleigh Gerity Deering, Assistant Vice
President & Market Manager, Congress
Street & Forest Avenue, Portland
Brian Shibles, Executive Vice President
& Treasurer
Randy Easler, Vice President
& Saco Branch Manager
Charles Williams, Vice President,
Finance & Accounting
Gail McBride, Vice President,
Project Management & CRA Officer
Christine McMann, Assistant Vice
President, Senior Operational Support
Applications Analyst
Debra McPhail, Vice President,
Deposit Operations
Barry Towle, Vice President,
Security Officer
Tavia Wirths, Vice President,
Internal Audit Manager
INFORMATION TECHNOLOGY
Ann Brett, Senior Vice President,
Chief Technology Officer
Ray Charest, Vice President,
IT Network Manager & Administrator
Brenda Moore, Vice President,
IT Mainframe Manager
SENIOR
MANAGEMENT
PATRICIA WEIGEL
KAREN HAKALA
PRESIDENT & CHIEF EXECUTIVE OFFICER
SENIOR VICE PRES., MARKETING
Pat Weigel joined Norway Savings in 2001 and has worked in the banking
industry for more than 25 years. She is active in the com­munity and
serves on the boards of Norway Savings Bank and Western Maine
Health. Pat also serves as a board member of the Maine Winter Sports
Center and is a member of the Professional Development Council of
the American Bankers Association (ABA). Pat is also a member of the
Executive Committee of the Maine Bankers Association. She is a
graduate of Denison University.
Karen Hakala joined Norway Savings in 1997. She oversees the Bank’s
marketing functions and plays an integral role in the Bank’s strategic
initiatives, including product development, technology implementation,
brand development and the design and branding of new branches. Karen
has a Bachelor of Science degree in Leadership & Organizational Studies
from the University of Southern Maine. She is also a graduate of the
American Bankers Association’s School of Bank Marketing and holds a
Certified Financial Marketing Professional (CFMP) designation.
LISA RIDEOUT
DARCI HAMM
EXECUTIVE VICE PRES., ASSET MANAGEMENT GROUP
SENIOR VICE PRES., RETAIL BANKING
Lisa Rideout joined Norway Savings in 2003. With over 30 years of
experience in wealth management, Lisa leads her team with expertise
in investment management, trust services, estate and tax planning and
financial advice. Lisa is a graduate of Simmons College, where she served
as a corporator and as a member of the school’s investment committee.
She is a member of the investment committees at the Portland Museum
of Art and the Maine Women’s Fund.
Darci Hamm has worked in the banking industry for over 19 years and
began her career with Norway Savings Bank in 1999. As Senior Vice
President & Retail Banking Officer, Darci oversees all retail banking
functions, including branch administration, customer care, retail lending
and asset quality. Darci holds a Bachelor of Science degree in Business
Administration, graduating from the University of Maine and the New
England School of Banking.
BRIAN SHIBLES
CAROLYN THOMAS
EXECUTIVE VICE PRES. & TREASURER
SENIOR VICE PRES., COMMERCIAL CREDIT
ADMINISTRATION & LOAN SERVICING
Brian Shibles began his career with Norway Savings in 2002, was promoted
to Chief Financial Officer in 2006 and was elected Treasurer in 2013.
In addition to overseeing the Bank’s financial accounting, budget and
investments, he is involved in many of the Bank’s strategic initiatives,
including asset and liability management, new product development and
facilities-related initiatives. In 2008, Brian graduated from the National
School of Banking at Fairfield University as class valedictorian.
Carolyn Thomas has worked in the banking industry for 30 years.
She began her career with Norway Savings in 1999 and is responsible
for administering the Bank’s commercial loan policies and procedures,
commercial credit underwriting, commercial loan administration, commercial
compliance, special assets and the Bank’s Loan Operations department.
Carolyn has a Bachelor of Arts degree in Mathematics and Economics.
STEVEN WHITNEY
RICHELLE WALLACE
EXECUTIVE VICE PRES., RISK MANAGEMENT, DEPOSIT
OPERATIONS & INFORMATION TECHNOLOGY
SENIOR VICE PRES., HUMAN RESOURCES
Steven Whitney began his career with Norway Savings in 2006 and has
been instrumental in the Bank’s risk management process. He plays an
important role in many of the Bank’s strategic initiatives and recently
took on responsibility for the Deposit Operations and IT departments.
Steve earned both a Bachelor of Science with Honors in Management
and an MBA from Northeastern University. He is also a graduate of the
Executive Program at MIT and the Federal Reserve System Leadership
Institute at Northwestern University.
ANN BRETT
Richelle Wallace joined Norway Savings in 2005 and has over 29 years
of diversified human resources, business operations and management
experience. She aligns all employee­-related initiatives with the Bank’s
mission, vision and strategic direction. Richelle has a Master’s Degree
in Human Resources Development and a Bachelor’s Degree in Business
Administration. She is certified as a Senior Professional in Human
Resources (SPHR) and serves on the Maine Worker’s Compensation
Board. Richelle is a graduate of the New England School for Financial
Studies and a second-year student with the Graduate School of Banking
at Colorado.
SENIOR VICE PRES., CHIEF TECHNOLOGY OFFICER
DANIEL WALSH
Ann Brett joined Norway Savings in 1983 and has been a member
of the IT department since 1986. In 2005, she became the Network
Administrator and in 2012 was promoted to her current position,
where she is responsible for the overall management of Information
Technology and Information Security. Ann holds a Bachelor of Arts
degree in Business Administration, is a graduate of the New England
School for Financial Studies and graduated with honors from the
National School of Finance, ABA Stonier Program in 2012.
SENIOR VICE PRES. SENIOR COMMERCIAL LENDER
Dan Walsh has over 28 years of banking experience, joining Norway
Savings in 1997 as a Vice President & Commercial Lender. As Senior
Vice President & Senior Commercial Lender, Dan oversees all commercial
banking functions, including business development, asset quality and
portfolio management. Dan earned a Bachelor of Science in Finance from
Salem State University and an MBA from Southern New Hampshire
University. He also attended the American Bankers Association National
Graduate School of Banking, where he distinguished himself as valedictorian.
9
NORWAY BANCORP, MHC
CORPORATORS
Great customer service
means providing a personal
touch. The staff at my
branch has treated us like
family for more than 20
years. That’s what keeps
us coming back.
ANGELA BANCROFT
IRONMAN COMPETITOR
HONORARY
DIRECTORS
Allen Bancroft
Stuart Cummings
Richard Gaisford, CPA
Charles F. Gauger, DVM
Francis H. Shorey
Peter Montpelier (IN MEMORIAM)
10
R. Elizabeth Baird
Angela Bancroft
Mark Bancroft
Lance Bean, CPA
Eugene Benner
Rick Bennett
Brenda Birney
Robert Bizier
William Chalmers
Andrew Charles
Timothy Churchill
Peter Connell
David Cowens
C. Bradley Cummings
Edward Dilworth III, Esq.
David Dow, Esq.
Rev. John Ellis
Larry E. Farmer, O.D.
MaryEllen FitzGerald
Todd Gauger, DVM
William Goddard
Stuart W. Goodwin II
Deborah Hammond-Harlow
Gregory Hardy, MD
Suzanne Hardy
Robert A. Harmon, CPA
David E. Hoisington, CPA
Robert Holden
Shirley Huff
Debi Irons
William Johnson
Jacqueline Kim
Myung Kim, DMD
David Kumaki
David Longstaff
Peter McAlaney
Jill McGowan
Daniel Meyer
Michael Meyer
Ed Michaud
Nancy Michaud
Ted Morton
Tom Morton
Howard Munday
Katy Noonan
Peter W. Oberg
Jay Partridge
John Peters
John Pinto
Jamey Pittman
Gina Poland
Heath Poland
Lloyd Poland
David Preble
Michael Quinn
Donald W. Raye
Brian Shibles
Edward Simensky, CPA
Ronald S. Smith, Jr.
Jonathan Spak
William Stockwell
Robert Story, MD
Barbara Traficonte
Freda Truman
Donald E. Ware, MD
Patricia Weigel
Steve Wentworth
John Weston
Valerie Weston
Bill White
Nancy White
John Williams
Wendy Williams
David L. Wyman
Holly Young
BOARD OF
DIRECTORS
Eugene Benner
William Chalmers
David Dow, Esq.
MaryEllen FitzGerald
Robert A. Harmon, CPA, CHAIRMAN
David E. Hoisington, CPA , VICE CHAIRMAN
John Peters
Edward Simensky, CPA
Patricia Weigel, PRESIDENT & CEO
BRANCH
LOCATIONS
AUBURN
FRYEBURG
31 Court Street
Auburn, ME 04210
(207) 782.2700
557 Main Street
Fryeburg, ME 04037
(207) 935.2051
BETHEL
GORHAM
One Parkway, Suite 100
Bethel, ME 04217
(207) 824.4989
65 Main Street
Gorham, ME 04038
(207) 222.1502
BRIDGTON
GRAY
1 Harrison Road
Bridgton, ME 04009
(207) 647.3344
1 Libby Hill Road
Gray, ME 04039
(207) 791.2121
BRUNSWICK,
COOKS CORNER
14 Gurnet Road
Brunswick, ME 04011
(207) 725.4303
KENNEBUNK
68 Portland Road
Kennebunk, ME 04043
(207) 985.4001
NAPLES
BRUNSWICK,
MAINE STREET
83 Maine Street
Brunswick, ME 04011
(207) 725.5591|
FALMOUTH
266 US Route 1
Falmouth, ME 04105
(207) 781.7450
FREEPORT
8 Mallett Drive
Freeport, ME 04032
(207) 865.6141
621 Roosevelt Trail
Naples, ME 04055
(207) 693.6224
NORWAY,
MAIN OFFICE
261 Main Street
PO Box 347
Norway, ME 04268
(207) 743.7986
PORTLAND,
EXCHANGE STREET
120 Exchange Street
Portland, ME 04101
(207) 879.4307
PORTLAND,
FOREST AVENUE
446 Forest Avenue
Portland, ME 04101
(207) 772.0017
SACO
569 Main Street
Saco, ME 04072
(207) 282.6121
SCARBOROUGH
158 US Route 1
PO Box 1599
Scarborough, ME 04070
(207) 885.0742
Great customer service
means being available to
help in any way needed.
I know wherever I am in
the world, Norway is right
there beside me. That
makes all the difference.
SETH WESCOTT
WORLD CHAMPION SNOWBOARDER
SOUTH PARIS
7 High Street
South Paris, ME 04281
(207) 743.9771
TOPSHAM
47 Topsham Fair Mall Road
Topsham, ME 04086
(207) 725.5950
SOUTH PORTLAND
207 Waterman Drive
South Portland, ME 04106
(207) 741.9100
PORTLAND,
CONGRESS STREET
STANDISH
1200 Congress Street
PO Box 8550
Portland, ME 04102
(207) 774.5000
88 Ossipee Trail East
PO Box 489
Standish, ME 04084
(207) 642.1290
WINDHAM
10 Franklin Drive
Windham, ME 04062
(207) 892.3339
YARMOUTH
688 US Route 1
Yarmouth, ME 04096
(207) 846.8701
11
SHAWN MOODY MOODY’S COLLISION CENTERS
At Moody’s Collision Centers, our philosophy is simple: In
order to deliver excellent customer service, we go to great
lengths to provide excellent co-worker service. Norway
Savings does the same. They treat their team members with
respect and, in return, their team members go above and
beyond for the Bank’s customers. This teamwork is how
Norway Savings helps us achieve our dreams.
261 MAIN STREET, PO BOX 347, NORWAY, ME 04268 • WWW.NORWAYSAVINGSBANK.COM