GROTON — Chelsea Groton Bank has reported net income of nearly $11.3 million for 2018, an increase of 85 percent from 2017. Assets also increased, to $1.1 billion, a gain of 3.9 percent, according to the mutual bank's annual report. President and CEO Michael Rauh detailed the figures at the bank's annual meeting on Monday.
A significant portion of the bank's earnings gain derived from lower income taxes, which fell from $4,502,384 in 2017 to $2,553,772 in 2018, a decline of 43 percent. Banks overall were among the prime beneficiaries of the federal tax cuts that took effect in 2018. Also contributing to the bottom line was the bank's net interest income, which rose by more than $3 million, to $35.6 million, an increase of 9 percent.
The bank said its retail loans and mortgages totaled $139 million in the year ending Dec. 31, 2018. The amount included $11 million in Connecticut Housing Finance Authority loans to help low-to-moderate income homeowners. Chelsea Groton also said it funded $72 million in new commercial loans, increasing its commercial portfolio to $251 million.
At the annual meeting, held at the Mystic Marriott, bank officials announced the appointment of four new corporators: Maura M. Dunn, of Mystic, vice president of Electric Boat; Maryam Elahi of Old Saybrook, president and CEO of the Community Foundation of Eastern Connecticut; Dan Meiser of Stonington, owner of 85th Day Restaurant Group LLC; and Jason Vincent of Griswold, director of planning for the Town of Stonington.
Locally, the bank has branches in Pawcatuck, Mystic, and North Stonington.