2017 Annual Report and Statement of Condition

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1 2017 Annual Report and Statement of Condition Issued: March 2018 NORTHERN BANK YOUR PARTNER FOR GROWTH NMLS ID:

2 Valued Customers and Colleagues, On behalf of Northern Bank and the Mawn family, I would like to thank you for your continued confidence and loyalty. We are pleased to present you with this 2017 Annual Report, reflecting a year of strong growth, shared success and community giving. We look forward to being your partner for growth for many years to come! Sincerely, James J. Mawn, President & CEO

3 OUR STORY An Entrepreneurs Mindset Since we opened for business in 1960, we ve been a different kind of bank. Privately-owned and founded by entrepreneurs, we have an eye for opportunity, we are able to make decisions quickly, and we take the time to partner with you. We leveraged an opportunity this year with the launch of our new online division, Northern Bank Direct (northernbankdirect.com). Through Northern Bank Direct we are able to offer CD and Money Market accounts to customers nationwide, with rates among the best in the nation. In turn, this expanded pool of deposit accounts will fund additional lending to local customers. Steady Growth Success Built One Partnership at a Time Northern Bank - Total Assets $2.06B 2017 After shopping banks extensively, we were surprised to find the best rates and superb service at the unassuming local bank right down the street. - John V. Melehov, CPA, Director of Finance Acton Medical Associates, PC Northern Bank for me was an easy choice. I have always chosen the local family-owned businesses because that is what I am! - Wally, Team Mechanical

4 FULL SERVICE Business Banking Deposit Accounts Business Loans Commercial Real Estate Loans Construction Loans Merchant Services 1031 Exchange Insurance Personal Banking Deposit Accounts Personal Loans Home Loans 2017 AWARDS & RECOGNITION S&P Global Market Intelligence #1 Performing Bank in New England (awarded in 2017 for total 2016 performance) 2017 Readers Choice Award for Community Bank Deposit Accounts In December 2017, this bank account comparison site recognized Northern Bank Direct s 24-month and 48-month CD rates as the best in New England compared to similar length-of-term CDs 2017 Woburn Business of the Year Award 2017 Banky Award awarded to the top 1% of community banks in America 2017 WebAward Winner for outstanding website design

5 NORTHERN BANK & TRUST COMPANY CONDENSED STATEMENT OF CONDITION December 31, 2017 (In Thousands) ASSETS Cash and Balances Due From Depository Institutions: Noninterest-Bearing Balances and Currency and Coin Interest-Bearing Balances Securities: Available-for-Sale Securities Loans Held for Sale Loans and Leases, Net of Unearned Income $ 1,829,719 Less: Allowance for Loan and Lease Losses 23,150 Loans and Leases, Net of Unearned Income and Allowance Premises and Fixed Assets Other Assets TOTAL ASSETS LIABILITIES Deposits in Domestic Offices Noninterest-Bearing Interest-Bearing Other Borrowings Other Liabilities $ 291,424 1,374,747 TOTAL LIABILITIES $ 4,222 99,779 59,634 3,228 1,806,569 29,492 65,677 $2,068,601 $ 1,672, ,681 26,220 1,866,072 Outstanding Standby Letters of Credit Pledged Securities James J. Mawn, President & CEO $6,894 55,996 Securities are recorded at market value and the difference between market value and book value, $59,634,000 and $60,080,000 respectively, is shown net of taxes as a decrease of $336,000 to stockholders equity. This statement has not been reviewed, or confirmed for accuracy or relevance, by the Federal Deposit Insurance Corporation. EQUITY CAPITAL Common Stock Surplus Undivided Profits and Capital Reserves Accumulated Other Comprehensive Income TOTAL EQUITY CAPITAL TOTAL LIABILITIES & STOCKHOLDERS EQUITY , ,786 (4,352) 202,529 $ 2,068,601

6 COMMUNITY INVESTMENT You, our customers, make the work of our Northern Bank Charitable Foundation possible. Since 2012, the Foundation has provided financial support to non-profits and other community organizations doing work to strengthen the cities and towns of Middlesex County. Our charitable focus is on assisting our most vulnerable citizens and encompasses hunger relief, housing, education, and expanded youth and social services. The foundation also funds a college scholarship in the memory of long-time employee James McGarry. In 2017 the Foundation provided contributions ranging from $1,000 to $250,000 to more than 30 organizations. Major Donations in 2017: $250,000 to the James L. McKeown Boys & Girls Club of Woburn to help complete construction of their new Clubhouse $51,000 to the Friends of Milano Center to purchase a van to assist Melrose senior citizens $30,000 total distributed to 11 area food banks during the 2017 holiday season $25,000 to the National Brain Tumor Society to fund research, education and patient support programs $10,000 donation to Heading Home, Inc including sponsorship of a mother and daughter s milestone move from a shelter to their own apartment

7 ORGANIZATIONS SUPPORTED IN 2017: Food Pantries Bread of Life Community Supper and Food Pantry Cor Unum Meal Center Council of Social Concern Loaves & Fishes Merrimack Valley Catholic Charities (Lowell Food Pantry) People Helping People Reading Food Pantry Sudbury Community Food Pantry Sunshine Gals The Elizabeth Peabody House Emergency Food Pantry Westford Food Pantry Housing Assistance Habitat for Humanity of Greater Lowell Heading Home Inc. Mission of Deeds Youth and Social Services Boys & Girls Club of Greater Billerica Friends of Milano Center Hope Sudbury James L. McKeown Boys & Girls Club of Woburn Nashoba Learning Group NuPath Smile Mass Waltham YMCA YMCA of Metro North Education and Financial Literacy Budget Buddies Goodnow Library James McGarry Scholarship Junior Achievement Minuteman Senior Services Mystic Valley Elders Oak Meadow School Town of Chelmsford Scholarship

8 OUR TEAM We couldn t do what we do without these exceptional people. They are experts in their fields, constantly striving to enhance their professional knowledge and to mentor and teach others. They treat our customers like family, and they give generously of their time to the community causes close to our hearts. Executive Team James J. Mawn, Esq. President & CEO Donald P. Queenin Executive Vice President Directors Francis Kenney EVP-CFO Raymond Clark Executive Vice President Joseph M. Bellino Danielle S. Black Brandon D. Kelly John C. Martini Russell A. Mawn Mary-Elizabeth Mawn-Ferullo, Esq. Alicia Mawn-Mahau, Esq. Robert L. McCrensky Robert G. Naughton M. Catherine Riley, Esq. Fred Salvucci John W. Sullivan

9 OUR LOCATIONS Headquarters 275 Mishawum Road Woburn, MA Acton 414 Massachusetts Ave Acton, MA Littleton 265 Great Road Littleton, MA Westford 45 Main Street Westford, MA Billerica 482 Boston Road Billerica, MA Melrose Franklin Street Melrose, MA Woburn Center 303 Main Street Woburn, MA Burlington 13 Center Street Burlington, MA Reading 600 Main Street Reading, MA Woburn Main Office 275 Mishawum Road Woburn, MA Chelmsford 14 Littleton Road Chelmsford, MA Sudbury 430 Boston Post Road Sudbury, MA Woburn West 215 Lexington Street Woburn, MA

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