Annual Report

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Annual Report

Letter from the President

Larry Barker

2016 was an exciting year for Machias Savings Bank. We increased both our presence across Maine and our impact on the local communities we serve.  Growing assets by $115 million and ending the year with over $1.2 billion in total assets, we had a significant impact on Maine's economy.  Our growth was made possible by community members that share our values and entrust us with their resources-families purchasing their dream homes, small businesses expanding, and new entrepreneurs entering the marketplace.

We expanded our physical presence in two markets, building a new branch for the community of Presque Isle and opening a second location on Middle Street in Portland to extend our current operations and business center. 

Our presence was made known on a national stage as Machias Savings Bank ranked among the top 10 banks to work for in the nation by American Banker Magazine.  The American Banker Magazine rating is based to a great extent on a survey completed by our employees. One of the questions on that survey was I am proud to work for this organization. 93% of our employees took the survey and 100% answered yes to this question!

Beyond market expansion, or even awards, our presence is felt in our day to day interactions with customers.  Providing an exceptional customer experience has been a big part of our culture for many years. We want to provide a refreshingly different experience. When you walk into one of our branches you will receive a warm, friendly greeting. When you call Machias Savings bank a REAL person will answer the phone. When you have a need, we respond very quickly! We continue to work hard to build strong relationships.

In 2016, one goal ranked at the top of our priority list. Making our presence known through our impact on local communities was at the heart of everything we accomplished.  We surpassed many milestones on this front.  Our employees volunteered more than 10,000 hours for many great causes in our communities and we contributed $578,000. Giving away money is not where it ends for us! We do more than that! We ask how we can help, how we can partner with the most impactful organizations in our communities. That's what we do at Machias Savings Bank!

In 2017, our mission remains the same.   We will work hard to provide an exceptional customer experience, create an employee experience that's second to none across the nation, and have an impact on our communities that's a game changer.  We have no intention of being just another average bank!  

Larry Barker

Larry Barker Signature
President & CEO

Financials

Statement of Conditions

Assets20162015
Cash and Deposits Due from Banks 102,376,000 65,232,000
Federal Funds Sold 0 0
U. S. Government and Agency Securities 15,246,000 13,027,000
Other Bonds, Notes and Debentures 2,074,000 4,356,000
Corporate Stock and Other Marketable Securities 12,765,000 14,889,000
Real Estate Loans 801,856,000 761,064,000
Other Loans 287,452,000 255,769,000
Allowance for Loan and Lease Losses (20,639,000) (20,911,000)
Bank Premises and Fixed Assets 25,534,000 24,322,000
Other Assets 43,147,000 41,085,000
Total Assets 1,269,811,000 1,158,833,000
Liabilities and Reserves  
Savings Deposits 289,098,000 291,056,000
Time Deposits 288,597,000 283,418,000
Non-Interest Bearing Demand Deposits 156,156,000 139,174,000
Interest Bearing Demand Deposits 323,164,000 240,832,000
Total Deposits 1,057,015,000 954,480,000
Borrowed Funds 40,000,000 45,000,000
Other Liabilities 14,207,000 12,984,000
Surplus and Undivided Profits 156,260,000 145,891,000
Net Unrealized (Losses)/Gains on Marketable Securities 2,329,000 478,000
Total Liabilities and Reserves 1,269,811,000 1,158,833,000
Letters of Credit outstanding (not included in the above figures) 7,545,000 9,015,000

Statement of Earnings

Interest Income  
Interest and Fee Income on Loans 52,988,000 50,393,000
Interest and Dividend Income on Securities 1,048,000 1,061,000
Total Interest Income 54,036,000 51,454,000
Interest Expense  
Interest and Dividend on Deposits 4,703,000 4,969,000
Interest Paid on Borrowed Funds 147,000 156,000
Total Interest Expense 4,850,000 5,125,000
Net Interest Income 49,186,000 46,329,000
Other Operating Income 10,297,000 9,673,000
Other Operating Expense 42,797,000 40,016,000
Provision for Loan Losses 1,297,000 426,000
Income Before Taxes and Security Transactions 15,389,000 15,560,00
Realized (Losses)/Gains on Securities  (97,000) (1,973,000)
Income Before Income Taxes 15,292,000 13,587,000
Income Taxes 4,924,000 4,438,000
Net Income 10,368,000 9,149,000

To learn more about our accomplishments in 2016, please download a digital copy of Annual Report.

 Annual Report

OUR FOCUS

As a customer of Machias Savings Bank, the focus is on you. We will enhance your banking relationship by working with you to discover your banking needs. We will be there when you need us.

© Machias Savings Bank. All rights reserved.

Member FDIC. Equal Housing Lender logo Equal Housing Lender.
Routing Number: 211274531
NMLS Number: 469539

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