Northern Bank named Top Performing Community Bank among peers nationwide
Woburn-based Northern Bank & Trust Company tops the S&P Global Market Intelligence list of best-performing banks in the $1 billion to $10 billion asset category nationwide, according to an announcement today by Northern Bank President and CEO Jim Mawn. The new ranking elevates Northern Bank to the Number One position following six consecutive years on the industry list of top performers.
S&P Global Market Intelligence, formerly S&P Capital IQ and SNL Financial, is a leading provider of financial and industry data, research, news and analytics to investment professionals, government agencies, corporations, and universities worldwide.
To rank community banks, S&P Global Market Intelligence looked at commercial banks with 60 or fewer offices, and loan portfolios accounting for more than one-third of total assets. To be eligible for the ranking, a bank's loan portfolio had to consist of less than 50% credit card loans, and no more than half of its revenue could be from nontraditional banking activities. Banks also had to be well capitalized according to 2015 regulatory standards. Banks with a parent company with more than $1 billion in assets were excluded.
Northern Bank has more than doubled in size since 2010, ending 2016 with $1.8 billion in assets. Last year, the company's loan portfolio grew by 6.43%, and its fully taxable equivalent net interest margin was 4.21%, S&P reported in ranking Northern Bank highest among its community bank peers across the country.