Groton — Chelsea Groton Bank reported Monday a 30 percent before-taxes profit increase in 2018 compared with the previous year.

But Chelsea Groton President and Chief Executive Michael Rauh said in an interview at bank headquarters before the company's annual meeting later that day at Mystic Marriott that this year's before-tax profits of $13.8 million were only part of the picture. For instance, total assets rose 18 percent to $1.1 billion, and the bank's foundation gave out more than a half-million dollars to local charities.

When foundation and bank charitable giving is combined, he said Chelsea Groton donations totaled nearly $650,000, including large gifts to the National Coast Guard Museum and the Norwich Global City initiative to boost investments in downtown. In addition, the bank served 164 first-time homebuyers, was voted Best Bank and Best Financial Adviser by readers of The Day, won Top Workplace designation by The Hartford Courant and launched its Chelsea University educational programming series.

"It was a great year by a lot of measures," Rauh said.

Financially, the bank finished with after-tax profits of $11.3 million, compared with $6.1 million the previous year, when taxes were higher and securities gains fell.

Profits were based on loans totaling $829 million, deposits hitting $881 million and a big reduction in non-performing assets. New commercial loans totaled $72 million, bringing the total portfolio to $251 million.

Rauh said the rising interest rates last year helped the bank realize a bigger spread between loan rates charged and interest paid on deposits. A 2.4 percent increase in deposit growth helped as well, as Chelsea Groton made inroads in its local market share of 17.4 percent, tops among local banks.

Rauh added that the makeover of its Center Groton branch as a place to learn about everything from homebuying to retirement planning has begun to pay dividends in terms of more referrals for small business loans and investment management.

"It's taken a while, but I think it's finally hitting its stride," he said.

He added that three more Chelsea Groton branches will at least start the conversion process to the new format this year.

At the meeting, four new corporators of the bank were named: Maura M. Dunn of Mystic, vice president of organizational and facility development at Electric Boat; Maryam Elahi of Old Saybrook, president and CEO of the Community Foundation of Eastern Connecticut; Dan Meiser of Stonington, owner of local restaurants Oyster Club and Engine Room, and Jason Vincent of Griswold, director of planning for the Town of Stonington.

l.howard@theday.com