Newburyport - The 206th annual meeting of the IFS 1820 Bancorp — Mutual Holding Company of Institution for Savings - was held on Monday at the Black Swan Country Club in Georgetown, attended by more than 275 corporators and bank employees.
President and CEO Michael J. Jones welcomed attendees and summarized the financials, noting that 2025 was one of the bank’s most successful years as it posted the third highest earnings in its 205-year history. The bank reported strong net income of $49 million, an increase of $10.2 million over prior year, and return on assets of 0.91 percent. Total assets increased by less than 1 percent with total loans increasing $97 million. The increase was primarily in the bank’s commercial loan portfolio, which marked the third consecutive year this division reported over $100 million of loan growth.
The most significant advance in 2025 was in total capital, which increased $61 million or 10 percent, reaching an all-time high of $668 million. Total capital is now over 12 percent of total assets, providing ample opportunity for future growth. Net operating earnings increased significantly, driven by a $10.5 million, or 22 percent, increase in net interest income resulting from new loan growth. The increase in net interest income combined with low operating expenses led to $14.4 million in net operating earnings representing an increase of $7.7 million or 118% over 2024, according to bank officials.
“It was a very successful year for the Institution for Savings,” Jones said. “Our patience and steadfast discipline helped us navigate the challenging interest rate cycle of the past three years and positioned us for strong financial results.”
Jones paid particular mention to the bank’s hallmark charitable giving, noting that the Bank’s financial strength allowed the charitable foundation to contribute over $2.3 million to local non-profit organizations.
“Over the past three years our charitable giving has exceeded $6.5 million, continuing our longstanding tradition to help those in need,” Jones said.
The bank’s leader also praised his board and staff.
“I am incredibly proud of our talented team for their hard work, commitment and dedication to the bank,” Jones said. “Our employees, together with our committed board of trustees, are the bank’s best asset and they are the engine that drives our success. I look forward to many prosperous years ahead.”
Mr. Jones also cited several additional milestones achieved in 2025:
- The Boston Globe’s Top Places to Work for the 18th consecutive year.
- Boston Business Journal’s Best Places to Work for the 10th consecutive year.
- Boston Business Journal’s Top Charitable Contributor for 13 consecutive years.
- Completion of the main office addition.
During the business meeting, the corporation elected Sarah Player as a new trustee. A resident of Ipswich, Player is a vocational disability examiner and physical therapist, and a member of the Ipswich Select Board. She has been a corporator of the bank since 2023.
Seven new corporators were also elected during the meeting: Olivia Achtmeyer Boger, executive director of Runway for Recovery and Newburyport resident; Nancy Batista Caswell, president of the Greater Newburyport Chamber of Commerce, managing director and owner of Caswell Restaurant Group and Newburyport resident; Neil Costa, founder and CEO of Hireclix and Gloucester resident; Allison Fisher, owner of Alewives Tap Room of Boston and Newburyport resident; Graham McKay, executive director of Lowell’s Boat Shop & Museum and Amesbury resident; Andrew McKenzie-DeFranza, executive director of Harborlight Homes and Beverly resident; and Mariana Ruiz Lynch, vice president of sales for CardConnect Port City Payments and Newburyport resident.
During the meeting, Jones recognized retiring trustee Richard Silverman who has served as a trustee for 23 years. Silverman joined the board of Ipswich Cooperative Bank in 2003. When the two banks merged in 2007, he became a trustee. According to Mr. Jones, he played a pivotal role in the bank’s Long-Range Strategic Planning Committee, helping to guide some of the most significant decisions in the bank’s history. Jones expressed his gratitude for Silverman’s lasting contributions and steadfast leadership.
Before concluding the meeting, Jones announced the recipient of this year’s President’s Award, given annually to an employee who consistently goes above and beyond his or her duties to serve the bank and its customers. This year’s award was given to customer service representative Jill Norton. Jones highlighted Norton’s strong customer service skills and commitment to volunteering, noting that she attended more than 30 community events on behalf of the bank in 2025.