Annual Report
Letter from the President
2021 was a year of extraordinary impact for Machias Savings Bank. Our employees worked relentlessly to make a difference, with the sole purpose of building relationships that move Maine forward by saying YES to our employees, customers, and communities.
We led with YES at every turn. We advanced home ownership in Maine as The Great Resignation and remote work led to record-setting mortgage lending volumes totaling $140 million. We generated over $500 million in business loan originations to grow the backbone of Maine’s economy. We also helped business owners with a second round of PPP lending, bringing our two-year total to 3,670 PPP loans. We rolled out digital budgeting and credit score tools within our online banking platform to give customers more financial empowerment in the palm of their hands. And, for the second year in a row, we donated over $1 million to community nonprofits, with 80% of our employees backing that commitment through volunteering.
2021 was also a remarkable year for financial performance with Machias Savings generating record setting revenue. We earned $30.8 million in net income on revenue of $91.8 million. We grew market share across our business and continued to invest in products, employees, and technology, all while maintaining prudent credit discipline and a strong balance sheet. It is precisely this kind of growth that allows us to continue saying YES to our employees, our customers, and our communities.
Leading with YES would not have been possible without the dedication of our nearly 300 employees. Pushed to new limits, their commitment and energy did not waver. I’m especially proud of their perseverance as they managed record volumes, across all our lines of business. It makes our awards especially sweet as we once again earned top spots as #8 Best Banks to Work For In The Nation and #2 Best Large Company To Work For In Maine.
Looking ahead, we will continue to focus intently on our organic growth strategy, growing the bank and maximizing our impact across Maine one talented employee, one customer relationship, and one thriving community at a time. Relationship banking is our niche. Our new regional leadership structure supports this, providing significantly increased local decision-making authority. This successful transition has built a strong foundation to continue scaling our culture and setting the standard for impact across Maine.
We remain grateful for your continued trust in Machias Savings Bank and your commitment to help us lead with YES.
Larry Barker
President & CEO
To learn more about our accomplishments in 2021, please download a digital copy of the Annual Report.
Equal Housing Lender.