Our Annual Report - Banking in Maine | Machias Savings Bank

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Annual Report

Letter from the President

Larry Barker

We surpassed $1 billion in customer deposit balances for the first time ever. This tremendous growth was the result of shifting strategic direction and following through at every level of the organization. I can’t be more proud of our employees who worked tirelessly to make this ambitious goal a reality.

We also grew our statewide presence with the opening of our new branch on Middle Street in Portland. Located in the heart of the commercial district, this renovated facility heralds Portland’s past while pointing to a vibrant future for Machias Savings in the heart of Maine’s largest community.

With growth came profits. We gained efficiencies across the bank and kept a watchful eye on expenses. At the end of the day, our employees and communities benefitted tremendously from our record setting profitability.

And we don’t just write checks. We get involved and join forces with our community partners to make a significant difference. That difference amounted to over $700,000 in contributions and over 10,000 hours of community service. We maintained our position as the number 2 large employer in the Best Places to Work in Maine program and we were named the Lender at Work for Maine by the Finance Authority of Maine for the 3rd year in a row.

Over a decade ago, we began an unprecedented investment in cash management talent and technology. Today, we have the deepest and most talented team in Maine, helping businesses across the state best manage their cash efficiently and effectively, and build greater value in their companies and our communities.

As technology makes banking less personal, we’re focusing on how we can add value to both businesses and individuals, harnessing the power of technology while maintaining the culture of old fashioned relationship banking that’s been appreciated by our partners in ME for nearly 150 years.

We’re humbled and energized that our customers across Maine have put their trust in MSB. We are proud to be Machias Savings Bank, exceptional partners, beyond banking.


Larry Barker

Larry Barker Signature
President & CEO


Statement of Conditions

Cash and Deposits Due from Banks 53,848,000 102,376,000
Federal Funds Sold 0 0
U. S. Government and Agency Securities 63,808,000 15,246,000
Other Bonds, Notes and Debentures 5,879,000 2,074,000
Corporate Stock and Other Marketable Securities 13,177,000 12,765,000
Real Estate Loans 839,483,000 801,856,000
Other Loans 329,484,000 287,452,000
Allowance for Loan and Lease Losses (20,891,000) (20,639,000)
Bank Premises and Fixed Assets 25,000,000 25,534,000
Other Assets 38,475,000 43,147,000
Total Assets 1,348,263,000 1,269,811,000
Liabilities and Reserves  
Savings Deposits 353,040,000 289,098,000
Time Deposits 269,983,000 288,597,000
Non-Interest Bearing Demand Deposits 172,657,000 156,156,000
Interest Bearing Demand Deposits 331,259,000 323,164,000
Total Deposits 1,126,939,000 1,057,015,000
Borrowed Funds 40,000,000 40,000,000
Other Liabilities 14,025,000 14,207,000
Surplus and Undivided Profits 165,196,000 156,260,000
Net Unrealized (Losses)/Gains on Marketable Securities 2,103,000 2,329,000
Total Liabilities and Reserves 1,348,263,000 1,269,811,000
Letters of Credit outstanding (not included in the above figures) 10,028,000 7,545,000

Statement of Earnings

Interest Income  
Interest and Fee Income on Loans 57,781,000 52,988,000
Interest and Dividend Income on Securities 1,578,000 1,048,000
Total Interest Income 59,359,000 54,036,000
Interest Expense  
Interest and Dividend on Deposits 5,802,000 4,703,000
Interest Paid on Borrowed Funds 406,000 147,000
Total Interest Expense 6,208,000 4,850,000
Net Interest Income 53,151,000 49,186,000
Other Operating Income 9,968,000 10,297,000
Other Operating Expense 45,287,000 42,797,000
Provision for Loan Losses 1,440,000 1,297,000
Income Before Taxes and Security Transactions 16,392,000 15,389,000
Realized (Losses)/Gains on Securities  2,109,000  (97,000)
Income Before Income Taxes 18,501,000 15,292,000
Income Taxes 8,296,000 4,924,000
Net Income 10,205,000 10,368,000

To learn more about our accomplishments in 2017, 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.


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

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