K. Michael Robbins
President & CEO
In 2015, SpencerBANK retained solid earnings of over $2.2 million driven predominantly by higher loan volumes funded by deposit growth. Assets surpassed $511 million, up from $460 million in 2014, an increase of 11.20%. Our loan portfolio increased by 14.56%, or $52.9 million in 2015. Deposits improved by 16.5% or $60 million, at $426 million year-end 2015. Surplus broke $57 million in 2015, leading to an 11% surplus-to-asset ratio. Net operating income for 2015 totaled $3.4 million, a 7% increase over 2014. SpencerBANK continues to maintain the ratios to be considered a well-capitalized financial institution.
We have achieved and sustained growth in a highly competitive industry; we have done so by meeting the expectations of our customers, our employees and board members. This is a direct result of our focus on building customer relationships and diversified revenue streams. As much as we focus on our customers, we also fulfill our community bank role by providing crucial support via donations and sponsorships to many organizations in our area.
At SpencerBANK, we are proud to deliver quality financial services to our growing community. We offer a full range of traditional and innovative banking solutions to new and existing customers. Our investment in technology provides new channels for meeting some of these needs and are also aimed at safeguarding customer information and enhancing customer experience, while increasing our efficiency.
We remain a trusted long-term financial partner that provides extraordinary personalized service to professionals, individual customers and many local businesses, both large and small. All decisions are made locally by people who understand the unique financial needs of the business people and residents in the communities we serve. We know that quick decision making, flexibility and responsiveness are important to our customers.
Customer satisfaction and their success has been the cornerstone of our mission in the past and will continue in the future. On behalf of the Board of Directors, management and the staff, we thank you for being our valued customer. We look forward to establishing one-on-one relationships with each and every customer and serving you for many years to come.