Northern Bank is headquartered in Woburn and is the 19th largest bank in the state of Massachusetts. It is also the 405th largest bank in the nation. It was established in 1960 and as of June of 2022, it had grown to 239 employees at 15 locations. Northern Bank has an A health rating.
Moderate Interest Rates On MMDA
For most of us their account here will be the interest-bearing checkable savings account. The usual few checks/month. And printing the checks from the bank is EXPENSIVE--just had done for $1 per check and deposit slip. At this time, it pays about 1/3 the interest that can be received elsewhere from safe accounts. Still higher than your average credit union. Customer service is acceptable--sometimes with delay and just going through the motions and others nicely done. The usual phone verification extra step delays things.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 18266 |
| Year Established | 1960 |
| Employees | 239 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.43% |
| Return on Equity - YTD | 18.11% |
| Annual Interest Income | $69.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $2.79B$2.56B |
| Loans | Q2 2022vs Q2 2021 | $2.35B$2.20B |
| Deposits | Q2 2022vs Q2 2021 | $2.32B$2.17B |
| Equity Capital | Q2 2022vs Q2 2021 | $388.3MM$336.0MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $40.4MM$39.1MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $20.4MM$18.4MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |
