Statement of Condition 2013

MACHIAS SAVINGS BANK
Statement of Condition 2014
At Machias Savings Bank,
we believe that life,
especially in Maine, is full
of great moments that
are truly exceptional.
And, it’s our belief that your
banking relationship should
be equally exceptional.
Exceptional Moments.
2014 was another Exceptional year for Machias Savings Bank.
We grew assets by $70 million and finished the year with $1.1 billion in
assets. We continued to expand our statewide presence and experienced
great results with our new locations in Northern and Southern Maine.
We ended the year with respectable profits and, in spite of one-time
acquisition and expansion expenses, expect to place in the top third of
all Maine Community Banks.
We were honored to be in the Top 10 Best Places To Work In Maine and,
for our peer group, we were the number one bank! Our management team
takes tremendous pride in providing an awesome place for our employees to
work. Employee engagement and satisfaction continue to be a top priority.
In 2014, we made a difference in our communities with
thousands of hours of volunteer service and contributions
to many worthy causes including: youth athletic programs,
animal shelters, YMCA programs, hospitals, homeless
shelters, Project Graduation, food pantries, after school
programs, Special Olympics, Cub Scouts, art museums,
education, United Way, Red Cross, Troop Greeters,
conservation, Ronald McDonald House, and many
economic development initiatives. We helped numerous
healthcare initiatives including: Cancer Care, Multiple
Sclerosis, Autism, Alzheimer’s, Diabetes, Parkinson’s,
Veterans’ Homes, dental programs, American Heart
Association, and Hospice. We also worked hard to help our
students learn the financial literacy skills needed to make
successful financial decisions. Whether reading Bunny
Money, teaching coin recognition, or how to balance a
checkbook, it is our commitment to our communities that
we continue to improve the level of financial literacy.
A MESSAGE FROM OUR PRESIDENT
In 2015, we will continue to focus on enhancing and
promoting the unique and thriving culture that has made us
successful for many years. We will look through the lens of
the customer in our daily effort to provide the best customer
service in the business. We will provide a challenging,
engaging, and rewarding environment for our employees
with ample opportunities for growth, development, and
advancement. Finally, we will continue to focus on making
a difference in our communities.
If you are not a customer, I encourage you to experience
the Machias Savings Bank difference. Come visit one of
our locations and experience a warm greeting or call our
exceptional Customer Service Center at 1-866-416-9302
and experience a real person answering the phone! Contact
a business banker, Cash Management expert, or mortgage
loan originator and experience their ability to respond quickly.
I’d like to say thank you to our employees for their hard
work and commitment to providing the most exceptional
banking experience in Maine!
I would also like to thank our valued customers for choosing
Machias Savings Bank. We appreciate your business!
Larry Barker
President and CEO of Machias Savings Bank
Exceptional Determination.
OUR MISSION:
We will be
Exceptional
in every relationship,
in every product developed,
in every service rendered and
in every promise made.
OUR VISION:
To provide the most
exceptional banking
experience in the
State of Maine.
Exceptional Service
from Exceptional People.
In 2014, thanks to our valued customers and the hard work of our
associates, Machias Savings Bank was honored to be able to make
contributions to various organizations in excess of
344,000
$
Our employees also selflessly gave of their time by volunteering
7,077 HOURS OF LABOR by participating in many worthy causes
from coaching youth sports to serving on non-profit boards.
In addition to serving around the community, our employees also
volunteered 390 HOURS TO FINANCIAL LITERACY.
Manager of the Year
Employee of the Year - Support
Employee of the Year - Sales
Matthew Horton
Shauna MacDonald
Cindy Thibeau
Machias Saving Bank
Assistant Vice President
Branch Manager, Bar Harbor
Human Resources Specialist
Assistant Vice President
Mortgage Specialist, Presque Isle
For Facebook Activity
1 in MAINE
#
For the Seventh Year in a Row!
Currently Over 8,100 Likes!
Machias Saving Bank
17 in the U.S.
#
For Social Media
Independent Community
Bankers Association
Exceptional Beauty.
Statement of Condition
ASSETS
Cash and Deposits Due from Banks
Federal Funds Sold
U. S. Government and Agency Securities
Other Bonds, Notes and Debentures
2013
12/31/14
12/31/13
70,779,000
49,956,000
0
0
10,123,000
9,604,000
3,970,000
4,943,000
18,466,000
14,343,000
Real Estate Loans
742,477,000
704,447,000
Other Loans
226,200,000
218,739,000
Allowance for Loan and Lease Losses
Corporate Stock and Other Marketable Securities
(21,064,000)
(21,391,000)
Bank Premises and Fixed Assets
23,361,000
23,371,000
Other Assets
38,422,000
39,412,000
Total Assets
1,112,734,000
1,043,424,000
Savings Deposits
272,627,000
268,044,000
Time Deposits
308,221,000
310,969,000
Non-Interest Bearing Demand Deposits
121,929,000
104,640,000
Interest Bearing Demand Deposits
205,488,000
194,810,000
908,265,000
878,463,000
55,000,000
25,000,000
LIABILITIES + RESERVES
Total Deposits
Borrowed Funds
Other Liabilities
S TAT E M E N T O F C O N D I T I O N 2 0 1 4
Surplus and Undivided Profits
Net Unrealized (Losses)/Gains on Marketable Securities
Total Liabilities and Reserves
Letters of Credit outstanding (not included in the above figures)
11,948,000
10,954,000
136,741,000
127,889,000
780,000
1,118,000
1,112,734,000
1,043,424,000
6,104,000
5,925,000
Exceptional Experiences.
Statement of Earnings
INTEREST INCOME
2013
12/31/14
12/31/13
49,288,000
47,176,000
1,147,000
1,086,000
50,435,000
48,262,000
6,520,000
6,914,000
365,000
356,000
6,885,000
7,270,000
43,550,000
40,992,000
9,579,000
9,640,000
Other Operating Expense
37,474,000
33,464,000
Provision for Loan Losses
2,656,000
3,522,000
12,999,000
13,646,000
(31,000)
457,000
12,968,000
14,103,000
Income Taxes
4,116,000
4,717,000
NET INCOME
8,852,000
9,386,000
Interest and Fee Income on Loans
Interest and Dividend Income on Securities
Total Interest Income
INTEREST EXPENSE
Interest and Dividend on Deposits
Interest Paid on Borrowed Funds
Total Interest Expense
NET INTEREST INCOME
Other Operating Income
Income Before Taxes and Security Transactions
Realized (Losses) / Gains on Securities
Income Before Income Taxes
S TAT E M E N T O F E A R N I N G S 2 0 1 4
Exceptional Uniqueness.
Directors, Officers and Corporators
As of December 31, 2014.
2014 Directors
Edward L. Hennessey, Jr.
Robert W. Foster Lawrence L. Barker
Gregory R. Coffin
Donald A. Foster
Brent K. Hartley
Thomas A. Michaud, Sr.
Donald E. Reynolds
Chairman
Vice Chairman
2014 Officers
Edward L. Hennessey, Jr.
Lawrence L. Barker
Donald E. Reynolds
J. Scott Whitney
Chairman of the Board + Clerk
President + CEO
Executive Vice President
Senior Vice President
2014 Corporators
M A C H I A S B A N C O R P, M H C
Telford Allen III
LuAnn C. Ballesteros
Lawrence L. Barker
Albert C. Carver
John A. Cashman
Peter D. Chase
Gregory R. Coffin
Frederick G. Crowe
Gregory P. Dorr
Brenda B. Ellsmore
Donald A. Foster
Robert W. Foster
Chad R. Francis
Timothy C. Francis
Jeffrey R. Gammelin
Mary Jane Good
Roger G. Grant
Stephen W. Hanington
Donald L. Hanscom
Brent K. Hartley
Edward L. Hennessey, Jr.
Michael E. Hennessey
Jeffrey R. Irving
Rebecca A. Irving
Betty A. Jordan
Michael R. Leonard
John D. Linnehan, Jr.
William L. Mallar
Philip E. McPhail II
Thomas A. Michaud, Sr.
Thomas A. Michaud, Jr.
Robert L. Norman
Hans Peterson
Steven M. Pineo
David W. Pinkham
Darren J. Prout
Mary J. Purslow
John D. Raymond, Jr.
Donald E. Reynolds
Sidney N. Reynolds
Stephen L. Spencer
Denis St. Peter
Robert E. Sutcliffe
Kevin B. Tilton
Cony L. Upton
Nicholas S. Vachon
Rick L. Varney
Timothy W. Varney
Steven I. Weisberger
Susan L. West
David M. Whitney
J. Scott Whitney
Susan M. Woodman
Mark W. Wright
Wayne W. Wright
Thad Zmistowski
Exceptional Adventure.
Directors and Officers
As of December 31, 2014.
2014 Directors
Edward L. Hennessey, Jr.
Robert W. Foster Lawrence L. Barker
Gregory R. Coffin
Chairman
Vice Chairman
Donald A. Foster
Brent K. Hartley
Thomas A. Michaud, Sr.
Donald E. Reynolds
2014 Officers
Chairman of the Board & Clerk
Edward L. Hennessey, Jr.
President & CEO
Lawrence L. Barker
Executive Vice Presidents
Donald E. Reynolds
James O. Donnelly Business Banking
Senior Vice Presidents
Danielle S. Caricofe Human Resources
Chris A. Fitzpatrick Regional
Christian A. Lyford
Operations
Paul W. Rudd
Risk Management
Traci L. Sanborn
Retail Banking & Marketing
Retail Lending
J. Scott Whitney
MACHIAS SAVINGS BANK
Vice Presidents
Tara M. Bartko
Catherine B. Betz
Todd S. Christiansen
Dean T. Clark
Rainya E. Davis
Jeffrey C. Dalrymple
Charity H. Dennison
Thad R. Dolley
Andrew C. Dorr
Kelli R. Emery
Gregory J. Fuller
Ronald J. Gardiner
James E. Gehrke
John F. Gibbons, Jr.
Elizabeth A. Hayward
Jacqueline M. Jones
Michael H. Kelley
Benjamin M. Ketchen
Lisa Mallock
Melissa G. Moffett
Vice Presidents (continued)
Scott R. Peasley
Lisa A. Phillips
Kari A. Reynolds
Wendy L. Schors
Bobbi-Jo Thornton
Kenneth E. White
Robert E. Wood, Jr.
Assistant Vice Presidents
Jason W. Appleby
Judith L. Brogden
Stacey L. Connolly
Jack K. Farmer, Jr.
Catherine T. Farren
Leslie H. Gardner
Susan E. Hart
Matthew R. Horton
Elsa B. McGary
Daniele V. Potts
Angela M. Rackliff
Suellen D. Speed
Patricia L Theriault
Cindy L. Thibeau
Karen A. Thibodeau
Joseph S. Tuell
Other Officers
Lucille J. Bragg
Jessica L. Cloukey
Tristine M. Currie
Sean R. Daye
Jody B. Dennison
Patricia Fish
Bradley N. N. Galley
Vicki L. Garnett
Jill A. Golding
John W. Larkin
Marguerite M. Lawler
Other Officers (continued)
Kimberly J. Lee
Catherine Leeman
Cindy L. Leighton
Cheryl C. Locke
Jeanine M. Mallar-Heald
Gary D. Martell
Maya McCarthy
Kenneth H. Page
Barbara A. Pettit
Steven K. Richardson
Robert A. Simpson
Kenneth J. Stewart
Robert A. Tracy
Matthew D. Veith
Exceptional Gratitude.
4 Center Street
PO Box 318
Machias, ME 04654-0318
Member FDIC
Equal Housing Lender