Keeping Our Promise

2024 Annual Report

Our Promise

Bangor Savings Bank has been meeting the financial needs of New Englanders for over 170 years by living our promise: to remain true to the mission of our founders and deliver our You Matter More promise to help our employees, customers, and communities prosper. A promise is personal.

A promise binds us together and keeps us strong. 

By focusing on our fundamental promise to our customers, employees, and communities that You matter more, we were able to meet the many challenges this past year and keep doing all the things we do best: 

We kept helping people buy homes … 

We kept lending to businesses … 

We kept innovating to make banking better … 

We kept our industry-leading team motivated and engaged … 

We kept giving back to our communities! 

Keeping a promise is something to be proud of. Despite all the challenges of the last year, we are proud to say we kept our promises to those we serve, making us stronger and better positioned for continuing growth and success.

Learn More

Bangor Savings Bank Bangor, Maine Campus

Manchester Branch

Bob Montgomery-Rice and Gena Canning

President & CEO and Chair of the Board

"To our employees, customers, and to the community, it's the consistency of being there in good times and the uncertain times that matters."

Bob Montgomery-Rice

Dear Corporators, Customers, Employees, and Friends,

This past year, Bangor Savings Bank continued to uphold its legacy of resilience and commitment, drawing from its 172 years of navigating change. As a mutual bank, we have always believed that our strength lies in prioritizing our shared promise to our employees, customers, and communities—that’s why You Matter More.

Combined with our creative, collaborative culture, and passion for innovation through our financial offerings, our focus on keeping our promise allowed us to look beyond immediate gain to longer-term values like growth, experience, and inspiration. It allowed for the kinds of insights and adjustments that redefine what’s possible.

This steadfast approach has helped us to grow in all the ways that are truly valuable, adding and deepening relationships, strengthening our team, and doing the right thing for those we serve. In turn, we invested over $3.5 million to our communities last year, further demonstrating our commitment to giving back to help our communities thrive.

While our earnings may not reflect the kind of increases seen in recent years, the gains made in Fiscal Year 2024 have made our organization stronger today, enabled us to serve customers better during time of need, and positioned us for even greater success in the future. A heartfelt thanks to our exceptional employees, who keep delivering our promise to our customers and communities, year after year, positioning Bangor Savings Bank as the leading community bank in Northern New England.

Gena R. Canning, Chair of the Board & Robert S. Montgomery-Rice, President and Chief Executive Officer

Paul White Company

Paul White Company

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Paul White Company | Portland, Maine

Business Customers for # years

At a time when capital from traditional banks was tight, we kept lending to businesses, along with industry-leading solutions and service. Bangor Savings Bank has long been an advocate and partner with Northern New England businesses, from the mom-and-pop Main Street shops that are the backbone of our economy, to visionary entrepreneurs, and large commercial projects creating the opportunities of tomorrow.

After 13 consecutive years as the Small Business Administration’s top lender to small businesses in Maine, we continue to focus on developing and delivering the finest tools and services to keep local businesses flourishing.

#1 SBA Lender in Maine

Business Banking Solutions

Business and banking have never been more entwined than they are today. As a bank driven by innovation and collaboration, Bangor Savings Bank has long offered our business customers access to much more than just financing.

With modern systems for payments, payroll, HR and more, as well as expert insights and strategies based on each company’s unique banking needs, our promise to empower local business is stronger than ever.

Paul White Company employee

Handshake over a financial documentBusiness Financing

As one of Maine’s top Small Business Administration lenders, we have experience working with the SBA, Finance Authority of Maine (FAME), New Hampshire’s Business Finance Authority, Rural Development, and other agencies and guarantee programs.

gear with analytics

Corporate Banking

From maximizing cash flow and increasing automation to managing risk, Corporate Services offer a range of innovative tools to improve business efficiencies.

hand offering paymentPayroll & HR Solutions

Bangor Payroll® offers seamless, efficient, and secure payroll, timekeeping, and HR solutions, with tailored solutions for small startups to growing mid-size companies to larger businesses operating across multiple states.

depositing money into the bank

Business Deposit Accounts

As a member of the Promontory Interfinancial Network, we offer FDIC insurance on deposits up to several million dollars with our Certificate of Deposit Account Registry Services (CDARS) and Insured Cash Sweep (ICS) offerings.

credit card with a star

everblue® Business Rewards Plus Mastercard

Launched in June 2023, our business credit card empowers business owners, managers, and employees with streamlined card management processes delivered in an intuitive mobile and online experience.

business storefront

Buoy Local® 

With merchants throughout Maine and New Hampshire participate in the Buoy Local® rewards program, now integrated into the Bangor Savings Bank Debit Mastercard® through our innovative programmable payments technology allowing our customers to earn local rewards using their debit card.

customer tapping card at store terminal


From small to large businesses, our streamlined card payment processing ensures quick credit approvals and secure transactions.

time with money

Wealth Management

Our Wealth Management team provides tailored financial strategies for businesses, matching risk tolerance and liquidity needs.


Family Baking in Kitchen

Butterfield Family

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Homeowners | Newcastle, Maine
Bangor Savings Bank Customers for # years

In a year when many banks shuttered their mortgage departments, we kept helping people buy homes. Guided by our fundamental You Matter More promise to our customers, we continued to deliver the best personal banking products and services to a growing number of customers across Northern New England.

It’s that kind of consistency that has earned us Maine State Housing Authority’s top lender for the 16th consecutive year, the USDA Rural Development top lender of the year, and continues to win the trust of growing numbers of customers who know they can depend on us to keep our promise to be there for them, whenever and wherever they need us.

Personal Banking Solutions

Because we believe banking is a relationship, we’re in it with our customers every step of the way, with personal service focused on each person’s unique circumstances and vision, at every stage of their financial journey.

mother pushing daughter on a swing

financial document

Personal Borrowing 

In 2023, as we have throughout our 172-year history as a community bank, we continued helping individuals with their personal borrowing needs, including home ownership.

credit cards

everblue® Credit Cards 

Our everblue® Credit Card suite embodies our commitment to personalized financial solutions to meet customers where they are in their financial journey. With card options, including rewards, lower rate, business, and credit-building cards.

financial rewards

Local Rewards 

With the integration of the Buoy Local® program into the Bank’s debit card, customers can now earn local rewards while supporting their community by shopping at participating locally-owned businesses.

money growing

Retirement Planning 

With a focus on creating lasting prosperity, Bangor Wealth Management delivers expertise and personal care to build solid wealth and trust & estate planning strategies for individuals, families, businesses, municipalities, and non-profits.


mobile banking app

Online & Mobile Banking 

We continue to strengthen our You Matter More promise by continually innovating to make online and mobile banking as efficient and accessible as possible, with easy-to-use tools that put customers in control.


Deposit Accounts 

With a range of personal checking and savings accounts for consumers of all ages and financial situations, Bangor Savings Bank is dedicated to helping customers find solutions tailored to their life and needs.

Men at the Immigrant Welcome Center

Community Investment

Bangor Savings Bank reaffirmed its deep-rooted commitment to community stewardship in fiscal year 2024. With contributions exceeding $3.5 million, including sponsorships, donations, and grants, we continued to champion causes that matter most to the communities we serve in Northern New England. But our impact goes beyond dollars. Our employees devoted over 11,000 volunteer hours to various community initiatives, demonstrating our ongoing dedication to making a positive difference. We believe in not just being a bank for the community, but an active and engaged partner in its growth and success.

Immigrant Welcome Center

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Immigrant Welcome Center | Portland, Maine

FY24 Foundation Grants Awarded by Areas of Giving

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man holding a broom on a sidewalk

Neighborworks Southern New Hampshire

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Homeworks Southern New Hampshire | Manchester, New Hampshire

Community Matters

Community development has never been more critical to the health and vitality of our communities. Bangor Savings Bank remains committed to investing in its communities, with 57 new community development loans totaling more than $69 million dollars last year, $25 million of which went towards 14 affordable housing projects.

In the past year, Bangor Savings Bank also sponsored 10 Federal Home Loan Bank Affordable Housing Program applications, two of which received a total of $2 million to aid developers in navigating challenging market conditions. We also supported in a Low-Income Housing Tax Credit fund that benefitted three affordable housing projects in Maine and New Hampshire. By continuing to focus our efforts on local projects that will provide the greatest return for our communities, we will continue to make a meaningful impact in the years ahead.

Man putting leaves in a paper bag

Financial Performance & Growth

For the fiscal year ending March 31, 2024, the Company earned net income of $15.3 million, down significantly from the prior year. Substantially higher interest rates and a decrease in customer deposits pushed interest expense up more quickly than our assets could reprice at today’s higher yields. We expect this trend to reverse and earnings to begin climbing during the second half of the upcoming year. Fortunately, our core non-interest business lines delivered strong year over year results, while our branches were successful in opening over 33,000 new core deposit accounts, including nearly 6,000 new business accounts.

The Company’s assets decreased by 2.6% from the prior year to $7.2 billion, primarily driven by intentional runoff in the investment portfolio and more targeted loan production. Within Bangor Wealth Management, due to successful new business efforts and strong financial markets, client assets increased by over $300 million, or 13.0%, to $2.7 billion.

Total loan production during the year was $1.1 billion, bringing the cumulative loan production over the last five years to just over $9 billion. Net portfolio balances grew by 2.8% to $4.8 billion at fiscal year-end.

Due to significantly higher interest rates and low housing inventory, total residential mortgage loan production of $450 million was more than 40% lower than the prior year, however secondary market demand improved, as well as revenue from wealth management and payroll services, which were primary drivers for non-interest income increasing 3.2%, to $74.2 million.

The Company continued its focus on maintaining sound credit quality while working proactively with our noncurrent borrowers. By year-end, nonperforming loans represented just 0.09% of the loan portfolio while our national peer group reported 0.44%. Recoveries exceeded current year charge-offs by nearly $500 thousand for the fiscal year.

With the pandemic receding and fiscal stimulus ending, Customer deposits and repurchase agreements decreased $400 million, or 6.8%, bringing balances down to $5.5 billion at year-end. The reduction in deposits was offset by growth in more expensive brokered deposits and borrowings.

Capital levels continued to be strong, with total capital increasing by $24 million, or 6.0%, to $416 million and retained earnings growing by 2.3% to $626 million. The Company continues to be categorized as well capitalized by our regulators, with total capital (relative to risk-weighted assets) exceeding that threshold by $94 million at fiscal year-end.

The number of business clients using the Company’s payroll services grew to 4,700, and customers processed more than $1.3 billion in sales volume using the Company’s merchant services.

With a sound balance sheet, thoughtful loan production, and healthy core business operations, the Company remains well positioned for continued investments in customer experience that will drive sustained profitability and growth. Nonperforming loans references loans that are 90 days or more past due or are in nonaccrual status. The national peer ratios are based on the Uniform Bank Performance Report peer group, assigned by the FFIEC for comparability, which comprises 132 community banks with assets greater than $1 billion. Nonperforming loans reference loans that are 90 days or more past due or are in nonaccrual status. The national peer ratios are based on the Uniform Bank Performance Report peer group, assigned by the FFIEC for comparability, which comprises 132 community banks with assets greater than $1 billion.

Nonperforming loans reference loans that are 90 days or more past due or are in nonaccrual status. The national peer ratios are based on the Uniform Bank Performance Report peer group, assigned by the FFIEC for comparability, which comprises 132 community banks with assets greater than $1 billion.

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2024 Awards & Accolades

JD Power Award
Best Customer Satisfaction for Retail Banking in New England for the 7th Year in a Row1
2023 Best Places to Work in ME
2023 Best Places to Work in Maine
Forbes 2024 World's Best Banks Powered by Statista
Forbes 2024 World's Best Banks
2023 Best Companies to Work For Business NH
2023 Best Companies to Work For in New Hampshire