Our Annual Report - Banking in Maine | Machias Savings Bank

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Annual Report

Letter from the President

Larry Barker

If I were to sum up 2018 in a single word, it would be “Purpose”.

We began the year from a position of strength, powered by an exceptional 2017 which was by many measures, our best year ever. And yet 2018 gave us pause, and a collective opportunity to take a focused and genuine look inward. “What gets us out of bed in the morning?” “Why do we do what we do?” “Who are we to our employees, our customers, and our communities, and what responsibilities do we have to them?”

In short, what is our purpose?

Not coincidentally, this year we celebrate a rare milestone, 150 years in business. And as we revisit our storied roots and pioneering heritage, we realize how little has changed. We were created quite simply to make a difference in our community; a difference that would help our community grow and prosper. That purpose remains unchanged.

2018 saw many achievements, including an 11% increase in total bank assets to $1.5 billion and customer deposit growth of $130 million, far surpassing our expectations. For the third year in a row we placed in the top three large employers in the Best Places To Work In Maine and were named the #1 Best Bank To Work For in New England by American Banker Magazine. For the third consecutive time, we have received the FDIC’s top rating of “Outstanding” under the Community Reinvestment Act, a mark achieved by less than 5% of the banks in New England and 8% of banks nationwide. In support of our statewide growth, we announced the exciting expansion of our headquarters in Machias. And once again, our commitment to our communities across the state increased over the previous year, with over $750,000 in giving and over 11,500 hours of volunteer service to over 500 organizations.

From the first deposit of two dollars and fifty cents 150 years ago, to over $1.1 billion in customer deposits today, our customers across the state continue to place their trust in Machias Savings Bank to be their financial partner of choice.

While strategies, tactics, and even goals change, our purpose has not. And while increasingly difficult to imagine 150 years from now, we have set our sights squarely on the future, continuing our unwavering mission established a century and a half ago, to markedly improve our state’s financial health and prosperity, one person, one business, and one community at a time.

Finally, thank you to our exceptional employees for your hard work and commitment to making a difference in our communities! You are not just the face, but truly the heart and soul of Machias Savings Bank.


Larry Barker

Larry Barker Signature
President & CEO


Statement of Conditions

Cash and Deposits Due from Banks 191,563,000 53,848,000
Federal Funds Sold 0 0
U. S. Government and Agency Securities 59,027,000 63,808,000
Other Bonds, Notes and Debentures 7,120,000 5,879,000
Corporate Stock and Other Marketable Securities 10,878,000 13,177,000
Real Estate Loans 858,448,000 839,483,000
Other Loans 324,877,000 329,484,000
Allowance for Loan and Lease Losses (17,106,000) (20,891,000)
Bank Premises and Fixed Assets 24,431,000 25,000,000
Other Assets 39,423,000 38,475,000
Total Assets 1,498,661,000 1,348,263,000
Liabilities and Reserves  
Savings Deposits 418,201,000 353,040,000
Time Deposits 253,552,000 269,983,000
Non-Interest Bearing Demand Deposits 191,394,000 172,657,000
Interest Bearing Demand Deposits 442,546,000 331,259,000
Total Deposits 1,305,693,000 1,126,939,000
Borrowed Funds 984,000 40,000,000
Other Liabilities 11,390,000 14,025,000
Surplus and Undivided Profits 179,619,000 165,196,000
Net Unrealized (Losses)/Gains on Marketable Securities 975,000 2,103,000
Total Liabilities and Reserves 1,498,661,000 1,348,263,000
Letters of Credit outstanding (not included in the above figures) 10,712,000 10,028,000

Statement of Earnings

Interest Income  
Interest and Fee Income on Loans 61,675,000 57,781,000
Interest and Dividend Income on Securities 3,563,000 1,578,000
Total Interest Income 65,238,000 59,359,000
Interest Expense  
Interest and Dividend on Deposits 9,099,000 5,802,000
Interest Paid on Borrowed Funds 239,000 406,000
Total Interest Expense 9,338,000 6,208,000
Net Interest Income 55,900,000 53,151,000
Other Operating Income 10,470,000 9,968,000
Other Operating Expense 45,511,000 45,287,000
Provision for Loan Losses 2,882,000 1,440,000
Income Before Taxes and Security Transactions 17,977,000 16,392,000
Realized (Losses)/Gains on Securities (72,000) 2,109,000
Income Before Income Taxes 17,905,000 18,501,000
Income Taxes 3,483,000 8,296,000
Net Income 14,422,000 10,205,000

To learn more about our accomplishments in 2018, please download a digital copy of Annual Report.

 Annual Report


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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