Banking New England Nov-Dec 2017

NOV/DEC 2017

INSIDE: SERVING SMALL BUSINESSES AT INDEPENDENCE BANK

NEW ENGLAND

THE RESOURCE FOR NEW ENGLAND’S FINANCIAL LEADERS

WINNING WITH ROBOTICS Three Keys to Long-Term Success

PLUS: COVERAGE OF THE BIG EAST BANKING CONFERENCE TAKING CONTROL OF SOCIAL MEDIA IN YOUR COMPANY DATA ANALYTICS AVAILABLE FOR NEW HAMPSHIRE A PUB LICAT IO N O F TH E WA R RE N G R O U P

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A P U B L I C AT I O N O F T H E WAR R EN G R O U P

CONTENTS

NEW ENGLAND

THE RESOURCE FOR NEW ENGLAND’S FINANCIAL LEADERS

4

BANK PROFILE

Serving Small Businesses at Independence Bank

6

SHOW COVERAGE

8

NEW HAMPSHIRE MARKET ANALYTICS

10

RECESSION PREDICTION

12

SOCIAL MEDIA IN YOUR COMPANY

14

PRESSURE MOUNTS

18

PERSONNEL FILE

20

COMMUNITY GOOD WORKS

16

WINNING WITH ROBOTICS: THREE KEYS TO LONG-TERM SUCCESS

Big East Banking Conference

Like The Economic Recovery, C&I Lending Has Been Hard To Gauge

To Control or Not to Control – Or What to Control, Why and How?

Deposit Pressure Rising

TWG STAFF CEO & PUBLISHER Timothy M. Warren Jr. PRESIDENT David B. Lovins EDITORIAL EDITORIAL & MEDIA RELATIONS DIRECTOR Cassidy Murphy EDITOR Malea Ritz ASSOCIATE EDITOR Mike Flaim

22

INDUSTRY NEWS

www.thewarrengroup.com ©2017 The Warren Group Inc. All rights reserved. The Warren Group is a trademark of The Warren Group Inc. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: The Warren Group, 280 Summer Street, Boston, MA 02210

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SALES DIRECTOR OF BUSINESS MEDIA George Chateauneuf PUBLISHING GROUP SALES MANAGER Claire Merritt SENIOR ADVERTISING ACCOUNT MANAGER Michael Lydon ADVERTISING ACCOUNT MANAGERS Megan Kurtz & Jon Patsavos ADVERTISING & SALES COORDINATOR Sandy Liu CREATIVE/MARKETING DIRECTOR OF MARKETING & CREATIVE SERVICES John Bottini COMMUNICATIONS MANAGER Mike Breed SENIOR BRAND DESIGN MANAGER Scott Ellison GRAPHIC DESIGNERS Amanda Martocchio, Elizabeth Rennie & Tom Agostino

TEXT PROFILEVULNERABLE CLIENTS PROTECTING BANK

Serving Small Businesses at Independence Bank

BY LINDA GOODSPEED

T Robert A. Catanzaro

4

BANKING NEW ENGLAND

he smallest bank in the smallest state may have only one office, but its reach extends into all 50 states.

Independence Bank is a privately held, full service community bank located in East Greenwich, Rhode Island. The bank, with $50 million in total assets, specializes in small business lending through the U.S. Small Business Administration’s flagship 7(a) guaranteed loan program. Despite its small size, Independence is perennially one of the top SBA 7(a) lenders in Rhode Island, and underwrites loans around the country.

“All of our loans are between $25,000 and $125,000,” said Robert A. Catanzaro, the bank’s president. “The nice thing about our program is that it is very flexible. It’s a discretionary workingcapital term loan that is fully disbursed at closing into the small business’ operating account. The small business can use the funds for any business purpose, for example, to purchase inventory, pay down accounts payable, invest in marketing and advertising, social media. It can use the money to buy equipment. It’s very versatile.”

He said the loans are amortized over 10 years with no balloon payments.

Catanzaro founded Independence Bank in 2003 with his father, Robert S. Catanzaro. The bank grew out of a finance company the father/

son founded in 1995 called Enterprise Capital that also specialized in SBA loans. They converted the finance company to a full service, FDIC insured depository bank in 2003.

“We were growing and needed the liquidity that deposits provide,” explained the younger Catanzaro of the conversion.

The bank, which is closely held (Catanzaro’s son David is also in the business), did not have to raise any outside capital.

The 7(a) program is the SBA’s flagship loan guaranty program. The program helps creditworthy small businesses acquire financing when they cannot otherwise obtain credit because they do not have sufficient collateral or history. The SBA does not provide funds to the borrower – they come from the lending institution – but instead guarantees a portion of the loan. If the borrower defaults, the SBA pays off the guaranteed portion of the remaining loan balance. For loans under $150,000, Independence’s niche, the 7(a) program provides an 85 percent guarantee.

Catanzaro said Independence has about 1,100 loans on the books, including about 400 completed so far this year.

“For a bank with $50 million in assets, doing over 500 loans a year is pretty impressive,” he said.

Independence makes only SBA loans, with the average loan between $75,000 and $100,000.

“Our smallest loan is $25,000. There’s a lot of interest in it,” Catanzaro said. “It’s a micro loan for the smallest of small businesses, including startups, something other lending institutions are not doing.”

All of Independence’s business is done online – loan application, loan processing, even closing is done online through DocuSign, an electronic authenticated signature. From start to finish, Independence can approve and get funds to a borrower in about 10 days.

On the deposit side, Independence offers a full range of products and services from checking, savings, money market accounts, CDs, Internet banking, bill pay and remote deposit capture.

“A lot of our deposit business is Internet based, too,” Catanzaro said. “We send out e-statements to our depository customers. Our actual lobby traffic is kind of low. Of course, customers are always welcome to come in and have a cup of coffee. But that’s old banking.

You have to embrace the Internet to grow today.”

Catanzaro said the bank’s deposits – about $40 million – are all local.

“We’re located in a very good area of Rhode Island,” he noted.

“We have more than enough in deposits. Finding good lending opportunities is the challenge.”

He said the New England economy is doing “pretty well,” especially southern New Hampshire and greater Boston.

“Eighty percent of our loans go to businesses with less than $500,000 in assets and under five employees. We’re serving the smallest of small businesses. They need working capital.”

Although small itself, Independence must comply with all of the regulations that larger banks face, but Catanzaro said having a niche helps.

“Regulatory compliance is definitely a burden. We are fortunate to have a niche product with the SBA loan program. Our niche is loans between $25,000 and $125,000 where we can compete.

That market is underserved. We’re providing a great product to our customers so it’s a win-win. If you don’t have a niche product, regulation becomes burdensome. We can handle it.”

As for the future, Catanzaro said the bank wants to stay the course.

We want to keep doing what we’re doing, making small business loans to small businesses throughout the country. Obviously, there is a lot of political stuff going on, but the economy as a whole is doing pretty well. We’re pretty bullish, especially in our space – the smallest of small businesses. We want to keep serving them with a great product.” BNE

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5

SHOW COVERAGE

N

early 150 bankers and industry leaders met Nov. 15 for the inaugural Big East Banking Conference at the Verve Hotel in Natick, Massachusetts. It was an exciting day of thought-provoking education, exhibits and exchange of ideas.

The Big East Banking Conference was created through a strategic partnership between New England Automated Clearing House (NEACH) and The Warren Group, in an effort to provide insight into emerging opportunities and innovative solutions to bankers in the region, with a special focus on risk and compliance, payment strategies, operations and cybersecurity.

NEACH Excellence Award – Efficiency

David Thibault, first vice president of cash management at PeoplesBank, was recognized for putting the advancement of payments knowledge at the heart of PeoplesBank. Developing a formalized training program for bank associates preparing for the AAP exam, Thibault drew on alternative learning approaches, engaged with existing accredited professionals and introduced game-theory to create an effective way to ensure potential AAPs have the best possible chance at success. His commitment to developing associate’s payments knowledge and growing Accredited ACH Professionals supports not only the financial institution but the industry as a whole.

NEACH Excellence Award – Advancement

Avidia Bank was recognized for the development of AvidiaPay – Business Payment Solutions. Avidia is an innovative institution that continues to pursue non-traditional strategies while maintaining traditional core values and commitment to community. The AvidiaPay solution was developed when Avidia Bank partnered with Californiabased linked2pay which allowed the bank to remove the barriers

6

BANKING NEW ENGLAND

that slow every stage of the payments process. Offering multilevel, white-label options, along with everything needed to easily deliver and manage the card and ACH payment solutions for merchants, including real-time payments, this solution is available to every bank and credit union that does not have the capacity to build solutions in-house.

NEACH Excellence Award – Security

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7

DATA ANALYTICS

New Data Analytics Available for Readers of Banking New England

I

n addition to its publishing division, The Warren Group, publisher of Banking New England, also has a data product and analytics division. Presented here is part of its analysis of the New England marketplace, specifically New Hampshire; analysis from Maine, Massachusetts and Rhode Island will appear in subsequent issues of Banking New England.

Here are the top three loan originators for six of Massachusetts’ counties, along with the institution they represent and their ranking in the previous year. Here too are the top three

institutions for mortgage origination and their rankings at the same time last year.

Both data sets are for the third quarters of 2016 and 2017 and include all residential loans, both purchase and refinance, for all residential loan categories (single-families, condominiums and two- and three-families). HELOC and home equity loan products are not included in the rankings. Loan originator rankings are derived from The Warren Group’s Loan Originators Module; lenders are derived from the Mortgage Market Share Module.

Top Loan Originators Merrimack

Rockingham

Strafford

Grafton

Cheshire

Coos

Top Mortgage Originators

2017

2016

Name

Institution

2017

2016

Institution

1

2

Meghan Merrill

LendUSA LLC

1

2

LendUSA LLC

2

12

Brian Makris

Residential Mortgage Services Inc.

2

3

Residential Mortgage Services Inc.

3

3

Matthew Thomas

Merrimack County Savings Bank

1

4

Andrew J. Lane

LendUSA LLC

3

7

Quicken Loan Inc.

1

5

LendUSA LLC

2

6

Michael R. Comerford

United Shore Financial Services LLC

3

7

Robert P. Gagnon

Optima Bank & Trust

2

1

Residential Mortgage Services Inc.

1

2

Sarah Haberkorn

Envoy Mortgage LTD

3

3

Quicken Loan Inc.

1

4

LendUSA LLC

2

1

Sheila Walter

Holy Rosary Credit Union of N.H.

2

1

Envoy Mortgage LTD

3

11

James L. Collins

LendUSA LLC

3

2

FBC Mortgage LLC

1

2

Robert A. Messenger Jr.

Title Mortgage Solution LLC

1

2

Title Mortgage Solution LLC

2

1

Florence Courtemanche

Mascoma Savings Bank of New Hampshire

2

1

Mascoma Savings Bank of New

3

4

Teri Minelli

Bar Harbor Bank & Trust

3

N/A

Bar Harbor Bank & Trust

1

2

Gregory Curry

LendUSA LLC

1

2

LendUSA LLC

2

1

Michelle Hayward

Savings Bank of Walpole

2

1

Savings Bank of Walpole

3

3

Deborah L. Austin-Brown

Merrimack Mortgage Co. Inc.

3

3

Merrimack Mortgage Co. Inc.

1

50

Karen M. Covill

Northeast Home Loan

1

2

Quicken Loan Inc.

2

2

Kathleen Finnigan

Bank of New Hampshire, N.A.

2

4

Northway Bank

3

n/a

Lyn McCarthy

Northway Bank

3

6

Bank of New Hampshire N.A.

Figures are for loans originated in 3Q2017 and 3Q2016 Top Lenders ranked by volume of loans; Originators ranked by number of loans All rankings include purchase and nonpurchase loans for all residential categories HELOCs and home equity loans are excluded Source: The Warren Group’s Loan Originator and Mortgage Market Share modules

8

BANKING NEW ENGLAND

Merrimack

Rockingham

Strafford

Grafton

Hampshire

Cheshire

Coos

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RECESSION PROTECTINGPREDICTION VULNERABLE CLIENTS

CONTINUED FROM PAGE 6

Like The Economic Recovery, C&I Lending Has Been Hard To Gauge Market Continues To Show Mixed Results

BY BRAM BERKOWITZ

Bram Berkowitz is a staff writer for The Warren Group, publisher of Banking New England. He may be reached at bberkowitz@ thewarrengroup.com.

T

rying to pinpoint the next recession, or how much more the economy can grow, has left many economists and experts baffled, primarily because the recovery since the recession has been filled with many mysteries.

Perhaps nowhere is this confusion more evident than in the commercial and industrial loan market, which many believe to be an indicator of when a recession will begin.

In Massachusetts, C&I loan growth at the 10 largest community banks by assets, excluding State Street, has been mixed over the last few years. Some have seen a year of decline followed by a year of growth, and vice versa.

Others have seen very little growth, if any at all, and only a few community banks have shown solid growth.

“Like much in the recovery, a lot of things have been counterintuitive,” Christopher Geehern, executive vice president of marketing and communications at the Associated Industries of Massachusetts, told Banking New England. “Spending by businesses and business activity should continue to increase both toward the end of this year and into next year.”

Geehern points to AIM’s monthly business confidence index, which surveys companies across Massachusetts asking questions about current and prospective business conditions in the state and nation, as well as for respondents’ own operations.

On the index’s 100-point scale, a reading above 50 indicates that the state’s employer community is predominantly optimistic. In the month of October, the AIM BCI came in at 62.7, up slightly from the previous month and up 6.5 points from a year ago.

Still, the index has been above 50 since 2013, during which time C&I loan volumes have fluctuated.

A Mixed Bag The top 10 community banks in Massachusetts – Eastern Bank, Berkshire Bank, Rockland Trust, Boston Private, East Boston Savings Bank, Salem Five, Middlesex Savings 10 BANKING NEW ENGLAND

Bank, Century Bank and Brookline Bank – saw collective C&I loan volume growth of $769 million, according to earnings data and call reports compiled by Banking New England, between Sept. 30, 2015, and Sept. 30, 2016.

The pace of that loan growth slowed slightly in the year between Sept. 30, 2016, and Sept. 30, 2017; total C&I loan volume grew $749 million.

Some of these numbers might be skewed because some of these banks did mergers or made acquisitions during these years, which could have moved C&I numbers up without any organic growth.

Eastern Bank and Century Bank are the two banks in this group that have showed consistent, strong loan growth in both years.

“This is Century’s seventh record year of performance through the third quarter, and all of our lending businesses are doing well, with the C&I business right with it,” said Barry Sloane, president and CEO of the bank, adding that year-to-date C&I loan growth has outpaced total loan growth.

Century’s parent company in a recent regulatory filing said the increase in C&I lending over the past year is due to “an increase in larger loan originations to large institutions,” which Sloane says is a reference to the bank making more C&I loans to universities and health care businesses.

Other banks, such as Rockland Trust and Boston Private, have not fared as well in previous years, both experiencing overall declines between 2015 and 2017 in the C&I bucket.

Independent Bank Corp., the holding company of Rockland Trust, attributed recent declines in C&I lending “due to lower utilization rates.”

As the economy shows clear improvement even in more recent days, the C&I waters are still choppy. Between the second and third quarter of this year, three of the 10 largest community banks in Massachusetts saw declines in C&I loan volumes, while others in the top 10 had marginal growth.

C&I Loan Volume

9/30/15

9/30/16

9/30/17

Year-Over-Year Difference, 2015-2016

Year-Over-Year Difference, 2016-2017

Eastern Bank

$1.19 billion

$1.32 billion

$1.45 billion

$130 million

$130 million

Berkshire Bank

$1.065 billion

$1.01 billion

1.25 billion

-$55 million

$240 million

Rockland Trust

$862 million

$857 million

$858 million

-$5 million

$1 million

Boston Private

$1.04 billion

$1.07 billion

$994 million

$30 million

-$76 million

EBSB

$120 million

$501 million

$561 million

$381 million

$60 million

Salem Five

$371 million

$406 million

$481 million

$35 million

$75 million

Middlesex

$336 million

$340 million

$350 million

$4 million

$10 million

Century Bank

$378 million

$550 million

$702 million

$172 million

$152 million

Brookline Bank

$684 million

$764 million

$842 million

$80 million

$78 million Source: Earnings Reports and FFIEC Call Reports

Banks in the third quarter eased their standards and terms on C&I loans, yet experienced weaker demand for such loans, according to the Federal Reserve’s October Senior Loan Officer Opinion Survey on Bank Lending Practices.

Reasons for the weaker demand in the survey were somewhat scattered, but included competition from other bank and nonbank competitors, as well as decreases in customers’ needs to finance inventory, accounts receivable, investment in plant or equipment and mergers or acquisitions.

Outlook Remains Positive Despite the hard-to-predict nature of the C&I market, the economy is expected to improve, leading some to think the C&I market will follow suit.

Massachusetts’ real gross domestic product grew 5.9 percent in the third quarter of 2017, higher than the national rate, according to Mass Benchmarks, published by the UMass Donahue Institute in collaboration with the Federal Reserve Bank of Boston.

AIM’s manufacturing index has also increased this year, which is important from a capital spending perspective.

Geehern said positive sentiment about the economy can take time to translate into actual results.

Right now, he said, businesses may be waiting to see if lawmakers in Washington push forward with tax

reform and reduce the corporate tax rate, while also doing everything possible to maximize output and efficiency before they have to invest in in new equipment.

“The unknown factor is that before activity increases, employers try to get as

much as possible out of their labor force,” he said. “But with unemployment so low right now, they can’t find employees to fill their orders; that is when you will see them expand their plant or buy new equipment.” BNE

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11

PROTECTING SOCIAL MEDIAVULNERABLE IN YOUR COMPANY CLIENTS

To Control or Not to Control – Or What to Control, Why and How?

BY NEIL BERDIEV

Neil Berdiev is a commercial banker and co-founder of DNB Advisory LLC, a commercial credit advisory firm. He may be reached at neil@dnbadvisory.com.

I

magine your executive office gets a call from the Boston Globe for comment on a highly controversial social media post made by your employee. The reporter wants to know if this provocative view is representative of your organization and if it is consistent with how you do business. Soon after clients began calling, fuming over the comments. And finally a board member and a regulator call, looking for an explanation.

This is probably one of your corporate PR nightmares, besides perhaps the president firing up or firing back at your colleague’s social media post in his midnight tweets.

Like never before, it is critical to have a social media corporate policy. What’s even more critical is to have this policy develop into awareness and active thought process, a thoughtful part of your business culture that builds on your colleagues’ natural talents and interests while protecting your good name from tragic social media faux pas.

A recent controversial opinion post by a New England commercial bank’s executive vice president and chief risk officer on LinkedIn on a social phenomenon publicized by the current administration made me revisit issues I faced a few years ago due to my interests in business writing – the risks and opportunities my employers had to evaluate and decide on. Here are some of the questions they were asking themselves: • What part of social media is truly personal and what part is professional?

• How do we balance fostering visibility through our employees for our organization, as suggested in Wired.com and other resources, with risks of posting something we and our colleagues may live to regret?

• If our employees are involved in writing, posting, or the gig economy on their time, how do we balance allowing them to develop their talents to be fulfilled and engaged employees with managing risks to our organization?

• And my favorite and very blunt: What do we control, why and how, and how do we learn about a situation before it blows up on the front pages of Bloomberg or the Wall Street Journal?

As social media permeates everything, with that come opportunities, risks and numerous business,

12 BANKING NEW ENGLAND

ethical and legal implications. Suppose an employee of a commercial bank makes an honest comment about a particular investment service and creates good visibility for your bank. There’s one slight problem – one of your largest clients holds an equity stake in the service, and they are now livid about this, in their view, disparaging assessment labeling the service to be inferior to its competition. In another instance, an executive of a commercial bank makes comments in a public discussion forum that were well-received – until an activist group picks up the post and boycotts the bank for the views of the executive. Even wellintended social media activities can have unintended mishaps. The stronger and the more controversial are the issues discussed, the greater may be the reaction of some on social media.

The most fundamental questions for your executive team to answer are: • Do we have a social media policy?

• Do our employees know it and, more importantly, do they understand it?

• Even more important, do they agree and do you have their buy-in?

• Even much more important, are employees prepared to and do they actually follow your social media program?

One the side of social activity is an employee potentially doing something foolish, inappropriate and reckless that can get her or him disciplined or even fired. There are a number of examples of bankers being fired over the last few years for racist rants or otherwise inappropriate posts, possibly causing reputational damages for their employers (e.g. Bank of America, Regions Bank, Kennebunk Savings Bank, MTC Federal Credit Union and others).

There is also another side that stems from opinions that are strong and controversial that can entangle your business in a quagmire of controversy because they may be misconstrued as your corporate opinions, especially if the individual is a senior or executive manager. That is also a dangerous side because it can lead to deep damages to your company’s reputation. What’s especially harmful in these situations is that whatever your reaction, or lack of thereof, you may be setting a precedent if CONTINUED ON PAGE 15

ALAN DeTOMA

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PRESSURE MOUNTS PROTECTING VULNERABLE CLIENTS

CONTINUED FROM PAGE 6

Deposit Pressure Rising Money Market, Savings Accounts Seeing 150 To 200 Basis Point Promotions

BY BRAM BERKOWITZ

Bram Berkowitz is a staff writer for The Warren Group, publisher of Banking New England. He may be reached at bberkowitz@ thewarrengroup.com.

B

anks across New England appear to be experiencing more deposit pressure as customers seek higher returns in an economy currently on the upswing.

Many banks reported higher cost of funds and lower margins in the third quarter, leaving investors with questions about competition in certificate of deposit accounts, as well as money market and savings accounts.

While outflows and competition seemed to derive mostly from the municipal arena, banks also said they were facing pressure on commercial deposits, and even some on the consumer side.

“Banking in Massachusetts puts you on the leading edge of these deposit pricing pressures,” Jeff Reynolds, managing director of Newburyportbased Darling Consulting Group, told Banker & Tradesman. “The Boston area has seen strong loan demand. There are also a number of mutual banks that recently converted to stock and have been working diligently at deploying the new capital in the form of loans. They need the traditional deposit-based liquidity and have been working just about every avenue to find it.”

The national average on savings accounts returns was .09 percent, with the best rates at about 1.5 percent as of Nov. 1, according to Bankrate. The national average for money market accounts was .13 percent, with the best rates at 1.41 percent.

14 BANKING NEW ENGLAND

Eric Newall, executive vice president and CFO of United Bank, which has branches in Connecticut and Western Massachusetts, told a group of investors on an earnings call he was seeing promotional money market accounts offering 150 to 200 basis points.

“Regionals in our space are offering fairly aggressive rates, and smaller banks have a biased towards higher than 1.5 percent,” he said.

“It’s not widespread, but there is more pressure now than last quarter,” added Carl Carlson, the CFO of Brookline Bancorp, the parent company of Brookline Bank, on a call with investors.

“There are special deals people are not [publicly] advertising.”

Competition For Muni Deposits The main competition banks have faced this year has been with municipal deposits.

Rockland Trust CFO Robert Cozzone said on an earnings call the bank saw some outflows in this area and, as a result, had to raise the cost of those deposits by 10 basis points over the last few quarters.

“Municipalities are an extremely attractive source of deposits,” said Bob Mahoney, president and CEO of Belmont Savings Bank. Municipal deposits “come in large amounts, are very

PROTECTING SOCIAL MEDIAVULNERABLE IN YOUR COMPANY CLIENTS

CONTINUED CONTINUED FROM PAGE FROM 12

predictable and don’t require a lot of servicing.”

The most competition Mahoney is seeing is from the Massachusetts Municipal Depository Fund, which has salespeople pitching municipalities regularly, he said.

A subsidiary of Federated Investors, the fund allows Massachusetts public entities such as cities, towns, public retirement systems and regional school districts to pool their funds to receive professional investment management at a competitive cost. But unlike banks or other traditional financial institutions, the MMDT – and therefore the funds it manages – are not insured by any government agency.

According to MMDT annual reports, the MMDT cash portfolio had total assets over $10 billion as of June 30 of this year, a year-over-year increase of roughly $1.1 billion.

The fund’s website shows a daily gross yield on its cash portfolio upwards of 1.38 percent between Oct. 22 and Oct. 31. In comparison, Mahoney said Belmont Savings Bank is offering an overnight rate close to what the treasury offers between .75 and 1 percent.

The competition in recent quarters has begun to trickle down to commercial and consumer deposits.

Banks are now offering 1 percent on certificates of deposits, and Rockland Trust is offering similar promotional offers, said Ellen Molle, vice president of public relations and marketing.

you treat one employee differently from another. As one head of social media program noted, once you make an exception, others will use it against you. A 2011 social media survey by the Society of Corporate Compliance and Ethics revealed that 42 percent of respondents reported that their organizations had to discipline an employee for behavior on sites like Facebook, Twitter and LinkedIn. That’s up from 24 percent in 2008, and it is logical that those numbers are even higher now in 2017 and will continue to grow.

Outlook Depends On Fed

External Implications

How the Federal Reserve proceeds with rate hikes will impact the future level of competition.

The Fed is projected for one more rate hike this year, and another three in 2018. But if the hike projected for December does not materialize, Molle said Rockland Trust expects to see competitive offers abate next year.

Loan demand in the area is also another important factor.

“The Massachusetts economy [right now] is firing on eight cylinders,” said Mahoney. “Deposits fuel loan growth, particularly on the residential side.”

And at this point, said Reynolds, the banks offering better rates have likely already used funding mechanisms such as brokered deposits and borrowings from the Federal Home Loan Bank “to the top of their comfort range.”

Going forward, he said, banks need to focus on adequate pricing.

“The trick is knowing when to move and how to be disciplined in how the organization goes about doing this so you keep your high value customers and grow that base,” he said. “The right strategy finds that optimal intersection of retention of high value relationships, growing that base and minimizing the recycling of other deposits to higher costs needlessly.”

Lastly, bankers need to remember that net interest margin is a “two lane street,” Reynolds said.

“Most banks have been lucky to see much of any lift on fixed commercial real estate pricing over the past year,” he said. “If the deposit side heats up that much more, it is going to be tough to digest without a new-found religion on loan pricing. BNE

The realm of clients, prospects, business partners, referral sources, regulators and other parties is even broader and more complicated to manage. They may have a negative personal or corporate reaction to your employees’ social activity, which can spill over into the business and how individuals think about your organization. Senior managers and executives must be held to the highest standard; they are your torchbearers, setting examples for employees and external parties. Some marketing and PR teams want all social media comments by senior managers to go through them, as the “big egos that can come with high level jobs” is a risk they can’t afford.

As reminded by our corporate counsel and employment matters expert, generally speaking there is no First Amendment when it comes to social media and your place of employment. The First Amendment is for the matters of freedoms of speech and the state and matters of public concerns, not when it comes to saying what you want and when you want online, if it goes against your employer’s policies (contact your attorney on specific questions though, including on the protected activity under the NLRA).

We live in the age of opinion activism with free access to the national audience microphone, 140-character comments, soundbites rather than dialogue and rash and sometimes well-intended but ill-executed posts. Time and resources invested now will pay off handsomely by preventing costly situations in the future. A complete ban on social media does not make sense and likely won’t work. What your employees need is a well-defined written program, guiding principles and awareness, expectations, do’s and don’ts, rights and responsibilities, and resources to ask questions and get supportive guidance. Be fair to your employees and to your business! BNE

Internal Implications Suppose a senior manager posts views that are not agreed with by all in your organization, and the statements were not formally approved by your company. What if some team members, possibly direct reports, think differently and disagree? If colleagues speak out against these views and get into trouble, you’ve potentially created an HR situation.

What if this online post gets out of control by non-employees with offensive or threatening content? Your employee was the one who started the thread and that person’s and your bank’s names are now passed around with highly damaging content. What if other, perhaps more junior, employees post something similar but now your senior management does not like it and squashes it? Now you’ve permitted something for a senior manager but went after a lower ranking employee under similar circumstances.

BANKING NEW ENGLAND

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PAGE 1

BANKING AND ROBOTICS

WINNING WITH ROBOTICS Three Keys to Long-Term Success

16 BANKING NEW ENGLAND

By Chris Harris

R

obotics and intelligent automation continue to be hot topics inside financial institutions, primarily due to the promise of quick cost efficiencies. While there are certainly rapid topline benefits to be gained, the real opportunity for organizations to drive value is through a holistic approach.

Unlocking the full potential of automation lies in transforming how work is done, which encompasses both the many emerging technologies as well as the human workforce to drive efficiency and extend competitive advantage. While many institutions across the industry are realizing near-term gains today as a result of robotics deployment, others are experiencing disappointment because their programs have failed to yield the scale of benefits possible or because they have struggled to extract the full value in each opportunity.

To avoid such setbacks, banks need to approach robotics and intelligent automation in a strategic way that will maximize longterm, sustainable benefits. Fortunately, there is a clear way forward.

There are a number of leading practices that banks can leverage based on successful implementations. Here are three critical insights that institutions should consider as they draft their blueprints for transformation and determine how robotics and intelligent automation fit into their future.

Automation is a tool for process change, not the change itself. Embarking on a holistic robotics program presents a golden opportunity to improve and enhance critical business processes. This starts with challenging how a process output is achieved, not just individual process steps. When automation accompanies a little old fashioned re-engineering, the resulting process is an efficient flow of work optimized for a human workforce alongside a digital one.

Consider whether to: • Reorder process steps to consolidate or sequence automated steps together.

• Introduce enabling technologies such as OCR or data classification to improve the scope and structure of data in which the automation tools can operate.

• Redefine roles so the new human responsibilities are clearly defined and appropriately staffed.

Banks should look for early automation opportunities that fit the profile of being simple but impactful to demonstrate the program’s value and establish early momentum. Simplicity in early days helps to both streamline the automation design as well as test the supporting systems environment. Examples of low-hanging fruit may include quality assurance and quality control functions (such as verifying data on loan applications), reconciliations and reporting.

For example, one regional bank started its program by automating debit card fraud claims and chargebacks, a process that is both manually intensive and relatively high volume. Automation (and process change) not only made this process more efficient, it offered the added benefit of lowering the break-even point for fraud investigations because automation decreased the transaction cost of the process. With the ability to conduct more fraud investigations, the bank can now recover additional hard dollars that otherwise would have been written off.

Change management is essential to instill the fundamental workforce change that automation brings. It’s also critical in making sure business-line managers embrace and support this new way of working alongside robots. The long-term success of investments in robotics and intelligent automation relies as much on the people as it does on the machines. Management teams need to help their human workforces understand the value automation brings and the role it will play in their work.

Automation brings changes to all work activities – and job descriptions – that it affects, which can drive confusion and worry.

Proper communication and planning can help leaders avoid this “automation anxiety” and keep their teams engaged and focused.

Equally important to keep in mind is that transformation through robotics and intelligent automation is a journey. Organizations need to create a culture and methodology of ongoing change management that is sustainable over time as technology, business processes, roles and the competitive environment change.

Managing for scale helps to prevent early hurdles that can stall the entire program. Robotic implementations cannot be managed successfully as just another tool working at the business/ function or end-user level.

At scale, it takes a village to manage and sustain robotic implementations. A clear and active governance structure will help all stakeholders to be coordinated and do their part, from business owners to HR, risk and IT. Some organizations are finding success with a federated model in which an enterprise group runs some robotics functions centrally, e.g., vendor management, while individual lines of business control process identification, deployment and business cases.

In addition, a standardized set of control functions help to monitor and measure what the robots are doing at all times. This provides valuable transparency necessary to fix problems, monitor performance and make improvements over time.

Another consideration is the careful planning required for the infrastructure to house and maintain the robots over time.

While not urgent at a small scale, centralized maintenance and support become critical as automation assumes responsibility for large parts of business processes across dozens or hundreds of robotic licenses.

Robotics and intelligent automation represent powerful and evolving technologies that are already changing the way we work and live. The vast majority of their potential still lies ahead.

While there is justified exuberance over the simplicity and ease of automations, organizations should take a long view of these new technologies as they begin the journey. The power of robotics and intelligent automation is substantial when managed well.

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. BNE Christopher Harris, principal at EY, is the leader of the business and operations improvement practice. He can be reached at christopher.harris@ey.com.

BANKING NEW ENGLAND

17

PROTECTINGFILE VULNERABLE CLIENTS PERSONNEL

Career achievers in banks across New England are constantly on the move, with their professional journeys reflecting a combination of mobility and longstanding service. In this space, we acknowledge them, and welcome readers to submit news of their own banks’ efforts and endeavors to Editor Malea Ritz at mritz@thewarrengroup.com

Featured Banks • BankNewport • Claremont Savings Bank • Franklin Savings Bank • Maine Financial Group • Meredith Village Savings Bank • New Hampshire Mutual Bancorp • SIS Bank • Webster Bank

18 BANKING NEW ENGLAND

Appointments and Elections BankNewport Rhode Island-based BankNewport has appointed Brian D. Esten vice president, credit and loan review manager.

Esten began his career at BankNewport in 2003 Brian Esten and has held various positions, most recently working as vice president and portfolio manager.

He is responsible for overseeing commercial loan underwriting, commercial appraisal administration, reporting Ryan P. Galitskie and analytics, allowance for loan and lease losses, loan review and retail/ commercial collections.

Ryan P. Galitskie was also appointed to vice president and regional sales manager. Galitskie joined Colleen Skeffington BankNewport in 2015 most recently working as vice president and branch sales manager at the bank’s Narragansett, Rhode Island office at 90 Point Judith Road. Galitskie will be responsible for coaching Ron Bouchard and development of the retail sales team, new customer acquisition and cross-sell strategies. The bank also appointed Colleen M. Skeffington to vice president and information technology manager. She is responsible for all aspects of the bank’s information technology, including project coordination, computer system upgrades, applications and networks.

Skeffington comes to BankNewport from Washington Trust in Westerly, Rhode Island, where she was vice president and director of infrastructure services. Additionally, Ron Bouchard was appointed as vice president and cash management sales manager. He is responsible for developing and promoting a broad suite of cash management and treasury services designed to assist

businesses with maximizing cash flow and process efficiencies while minimizing operational risk exposure. Bouchard comes to BankNewport from Citizens Bank in Providence, Rhode Island, where he was vice president and relationship manager in the business banking group.

Meredith Village Savings Bank Bob Sargeant, executive vice president and senior commercial lending officer for Meredith Village Savings Bank, is set to retire on Dec. 1 after more than 17 years with the organization. John Bob Sergeant Swedberg, senior vice president and commercial loan officer, has been selected to take over Sargeant’s responsibilities.

Sargeant joined the bank as vice president and commercial loan officer John Swedberg with more than 26 years of commercial banking experience. Swedberg will lead MVSB’s commercial lending department upon Sargeant’s retirement.

SIS Bank Blaine Boudreau, president of Sanford, Maine-based SIS Bank, has been named to the Independent Community Bankers of America (ICBA) Federal Delegate Board for Blaine Boudreau the term beginning March 17, 2018. This will be his fourth time serving on the board. In addition to helping shape and advocate ICBA’s national policy positions and programs, Boudreau’s duties include being a liaison between independent community bankers in Maine and ICBA staff and leadership in Washington, D.C. He will also continue working to recruit new members to the ICBA and attend six nationwide meetings between March 2018 and term-end in 2021.

Awards and Accolades New Hampshire Mutual Bancorp

Mark Chalifour, vice president of residential mortgage sales at New Hampshire Mutual Bancorp, was inducted to the New England Mortgage Bankers Hall of Fame. Hall of fame induction is the highest honor for New England mortgage banking professionals, and is bestowed peer-to-peer. It is designed to highlight the outstanding contributions Mark Chalifour inductees have made to the New England mortgage banking industry, as well as the communities they serve.

Each New England state selects two inductees to the hall who have made an outstanding impact in the mortgage industry. Chalifour is one of two industry professionals chosen to represent New Hampshire.

SIS Bank

Three SIS Bank employees recently celebrated 30 years at the bank. Cheryl Patstone of the human resources department, Ellen Shaw of deposit operations and Laura Toth received awards to commemorate their service.

Cheryl Patstone, Laura Toth, Ellen Shaw Patstone began her career at SIS as a teller and now works as assistant vice president, benefits coordinator and HR generalist. Shaw also started at SIS as a teller and now holds the title of assistant vice president and deposit

operations manager and officer. Also starting off as a teller, Toth has been in accounting for 15 years and was in loan servicing for 12 years before that.

New Arrivals Meredith Village Savings Bank

Julie Clement has joined Meredith Village Savings Bank (MVSB) as the assistant vice president of cash management and small business lending officer for the Seacoast region.

She will be based out of the Bank’s newest office on Lafayette Road in Portsmouth, New Hampshire. Clement will lead MVSB’s efforts in small business lending and development for Julie Clement the greater Portsmouth area. She brings 15 years of banking experience to her role. Clement is active in the Portsmouth, Hampton and Exeter Chambers of Commerce, and is also a member of the Leadership Seacoast class of 2011.

Webster Bank

Albert J. Wang has been named chief accounting officer of Webster Financial Corp.

Wang has more than 20 years of accounting, tax and audit experience. He previously worked as executive vice president and chief accounting officer of Banc of California. Prior to that, he held positions of increasing responsibility at Santander Bank, N.A., most recently as senior vice president and chief accounting officer, and at PricewaterhouseCoopers LLP. As chief accounting officer, Wang will oversee corporate accounting functions including corporate tax, regulatory reporting, and accounting policy.

Promotions BankNewport

Theresa Wosencroft

Theresa M. Wosencroft was promoted to assistant vice president and branch sales manager of the BankNewport’s North Kingstown, Rhode Island office. She will be responsible for branch operations, business development and staff development. Wosencroft joined BankNewport in 1998, most recently working as branch operations manager.

Claremont Savings Bank

Claremont Savings Bank, a mutual savings bank headquartered in Claremont, New Hampshire, has promoted Lynn H. Smith to CFO. Smith came to Claremont Savings Bank in 2008. She previously worked for Arthur Anderson and Mesa international. Smith began at Claremont Savings Bank as the accounting manager soon being promoted to vice president, controller and, most recently, senior vice president of finance.

Franklin Savings Bank

Nicole Rea has been promoted to branch manager of Franklin Savings Bank’s Franklin, New Hampshire office located on Central Street. In her new role, Rea will focus on coaching and supporting

sales, service and operational initiatives for her staff. She joined FSB in January 2015 as a personal banker and was promoted to assistant branch manager a year later. She has over 11 years of experience in retail banking, of which nine years were spent with another local community bank Nicole Rea

Maine Financial Group

Maine Financial Group recently promoted both Jim Amabile and Sue McCarthy to vice president at Maine Financial Group.

Amabile joined Maine Financial Group in 1998 as loan officer, most recently Jim Amabile Sue McCarthy worked as assistant vice president. McCarthy joined Maine Financial Group in 1993 as an administrative assistant, and most recently worked as assistant vice president in 2014. BNE BANKING NEW ENGLAND

19

PROTECTING GOOD VULNERABLE COMMUNITY WORKS CLIENTS

Financial institutions large and small have been making a difference in their communities for years. In this space, we acknowledge them, and welcome readers to submit news of their own banks’ efforts and endeavors to Editor Malea Ritz at mritz@thewarrengroup.com

BayCoast Bank

Featured Banks • BayCoast Bank • Bar Harbor Bankshares • Eastern Bank • First County Bank • Franklin Savings Bank

BayCoast Bank donated $10,000 to Catholic Memorial Home in Fall River, Massachusetts, a gift that will be used toward the purchase of a new handicap accessible door at the ambulance entrance of the skilled nursing facility. The bank’s donation will cover the material and labor associated with modifying the entrance; the capital improvement will also include a donor plaque.

Bar Harbor Bankshares

Eastern Bank

• Katahdin Trust • North Brookfield Savings Bank • Northfield Savings Bank • Norway Savings Bank • SIS Bank • Reading Cooperative Bank • The Cooperative Bank of Cape Cod

Employees of Bar Harbor Bankshares in Maine, Vermont and New Hampshire dressed “Casual for a Cause” to support hurricane relief efforts. Employees were invited to dress casual that day by making a contribution of $5. The bank matched the funds donated by employees, and sent a total donation of $5,578 to the American Red Cross to support those impacted by the recent hurricanes.

First County Bank

First County Bank Foundation recently awarded six New Canaan, Connecticut-based nonprofit groups a total of $21,000 in grants to support these organizations with their mission to provide needed services in local communities.

20 BANKING NEW ENGLAND

Eastern Bank Charitable Foundation distributed a $10,000 grant to Catholic Charities New Hampshire in support of its immigration and refugee services, which provide assistance to immigrants seeking asylum. The grant is part of Eastern’s Targeted Grant focus of supporting immigrants in its communities.

Franklin Savings Bank

Franklin Savings Bank presented a $15,000 grant to the New Hampshire Veterans Cemetery Association to assist with completing a new Veterans Heritage Learning Center at the New Hampshire State Veterans Cemetery in Boscawen.

Katahdin Trust

Houlton, Maine-based Katahdin Trust donated $769 to the Autism Society of Maine.

The funds were raised through the company’s Casual Because We Care Days, in which the employees donate a minimum of $1 in exchange for the privilege to dress casually and wear jeans.

North Brookfield Savings Bank

Massachusetts-based North Brookfield Savings Bank donated $3,500 to local food pantry organizations to support those in need and to help fund the pantries’ operations.

Northfield Savings Bank

Vermont-based Northfield Savings Bank presented Norwich University with a $150,000 gift to the “Forging the Future” campaign.

Norway Savings Bank

Maine-based Norway Savings Bank supported the Cystic Fibrosis Foundation’s 6th Annual Take a Breath Social at the Ocean Gateway in November. The bank pledged $1,000 at the event.

Reading Cooperative Bank

Massachusetts-based Reading Cooperative Bank both volunteered at and participated in the 4th Annual “Take Action” Walkathon, hosted by the Lawrence Boys and Girls Club. The walkathon attracted over 200 people and raised over $35,000 to support its educational opportunity programs.

SIS Bank

SIS Bank donated $626 to the Animal Welfare Society to aid in its efforts to bring pets north that were displaced by recent hurricanes. Funds were raised by selling stuffed animals with the likeness of the company’s new “blog dog” mascot, Cache the Husky.

The Cooperative Bank of Cape Cod

The Cooperative Bank of Cape Cod held a special Charity Jeans Day to raise money for Hurricane Harvey relief efforts. After raising almost $1,300, the bank matched employee donations and cut a check for $2,568 to the American Red Cross of the Cape, Islands and Southeast Massachusetts.

BANKING NEW ENGLAND

21

PROTECTING INDUSTRY NEWS VULNERABLE CLIENTS

Proposal Would Allow MA State Banks To Convert Or Merge Into Credit Union

By Bram Berkowitz

State chartered credit unions in Massachusetts have for a while been allowed to convert into a bank or merge into a bank. But those acts could not technically be reciprocated.

A bill proposed in the state’s legislature earlier this year, “An act relative to mergers of credit unions and banks, and charter conversions of insured depository institutions,” would change this and allow state chartered banks to convert or merge into a credit union.

There is also a similar provision in the credit union modernization bill, which is in its second year of hearings.

The conversion of a credit union to a bank or vice versa is complex.

Credit unions do not pay federal or state income taxes, which could serve as a significant draw for some banks.

According to Jon Skarin, who deals with compliance issues at the Massachusetts Bankers Association, there have been purchase and assumption deals between banks and credit unions – not technically considered mergers – where the credit union was the surviving entity.

But that may only happen once every few decades, he said.

One of the more recent transactions between a credit union and bank was when Brockton-based HarborOne Credit Union converted into a cooperative bank in 2013. The bank went on to do a partial stock offering in 2016.

In other states such as Wisconsin and Michigan, credit unions have purchased banks.

The state’s Committee on Joint Financial Services will make recommendations in February on most of the bills under their jurisdiction, and whether or not they support them or if they believe they require further study.

Capital One Exits Mortgage Loans Business, Cuts 1,100 Jobs Capital One Financial will stop issuing mortgage and home equity loans and cut some 1,100 jobs amid rising interest rates that have pushed away borrowers and slowed loan growth at many U.S. regional banks.

The McLean, Virginia-based lender said yesterday it would continue to service its existing home loans portfolio, as it evaluates options for its home loans servicing business.

22 BANKING NEW ENGLAND

Several regional lenders in the U.S. have struggled to boost loan growth as interest rates come off historic lows and increase the cost of borrowing for consumers. The U.S. Federal Reserve has raised rates three times since the second quarter of 2016, with the latest hike coming this June.

Cleveland-based KeyCorp, for instance, trimmed its 2017 expectations for total loans last month, after reporting a lower-thanexpected profit for the third quarter.

Capital One’s job cuts will affect about 950 employees in Texas, and 155 workers in Minnesota and New York. The company had about 50,400 employees at the end of September.

JPMorgan Reaches Beyond Its Branches With New Mobile Account App In its first offering of online bank accounts, JPMorgan Chase & Co. launched a new smartphone app that it hopes will attract new depositors, many of whom are young and may live far from any of its branch offices.

The app, named Finn by Chase, allows people to use a phone to open a bank account, make deposits, issue checks, track spending and set up savings plans, bank officials told Reuters last week. Finn debit cards will come by mail for access to cash from 29,000 ATMs. The bank is starting with an initial test of the app account for Apple phone users with ZIP codes in St. Louis, where Chase has no branches, which might influence the trial.

The bank, the biggest in the United States, with $2.56 trillion in assets, plans to market Finn in other U.S. cities and for Android phones next year. Later this year it will offer mobile enrollment nationwide for its standard checking and savings accounts.

Bankers across the industry want to court Millennials as their next generation of customers.

Catering to them is seen as way to keep from losing business to big Internet and computer companies and financial rivals, such as Facebook Inc., Apple Inc. and PayPal Holdings Inc. At JPMorgan, the app could also show CEO Jamie Dimon how he can take the bank’s consumer deposit business well beyond the 23 states where it has branches. BNE

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