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!
President & CEO
Statement of Conditions
|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|
|Allowance for Loan and Lease Losses||(20,639,000)||(20,911,000)|
|Bank Premises and Fixed Assets||25,534,000||24,322,000|
|Liabilities and Reserves|
|Non-Interest Bearing Demand Deposits||156,156,000||139,174,000|
|Interest Bearing Demand Deposits||323,164,000||240,832,000|
|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 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 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|
To learn more about our accomplishments in 2016, please download a digital copy of Annual Report.