Biddeford Savings posted a 40 percent increase in earnings last year despite the end of the housing boom, the bank said Tuesday.

At Biddeford Savings' annual meeting, president and chief executive officer Wayne Sherman said the bank has weathered problems in the housing and credit markets fairly well.

He said the percentage of non-performing loans to assets remained low and Biddeford Savings ended 2007 with reserves of more than 10 percent.

Sherman said earnings in 2007 were $961,000, up from $679,000 in 2006.

The housing boom "has come to an abrupt stop,” he said, but Biddeford Savings “has fared pretty well through all of this turmoil.”

Biddeford Savings is a mutual savings bank with branches in Waterboro, Scarborough and Biddeford and a main office in Biddeford.