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Woburn, Mass.-based Northern Bancorp Inc. took the top spot in S&P Global Market Intelligence's ranking of best-performing community banks between $1 billion and $10 billion in assets.
Founded in 1960 as Woburn Bank & Trust Co., Northern Bancorp unit Northern Bank & Trust Co. now has 13 brick-and-mortar branches in Massachusetts. Northern Bancorp has more than doubled in size since 2010, ending 2015 with $1.41 billion in assets. In 2015, the company's loan portfolio grew by 6.43%, and its fully taxable equivalent net interest margin was 4.21%.
Northern Bancorp's lending book has changed significantly over the last several years. Nonfarm, nonresidential real estate accounted for 39.49% of total loans at the end of 2015, down from 50.58% in 2010. Commercial and industrial loans now make up 33.03% of the portfolio compared to 21.39% in 2010 and construction and land development loans have grown to 11.40% of total loans compared to 7.31% in 2010.
In light of changes to the Federal Reserve Board's Small Bank Holding Company Policy Statement in 2015, S&P Global Market Intelligence changed the asset thresholds for the annual community bank...