2012 Annual Report - Biddeford Savings Bank

2012 Annual Report
giving back
"Being a local bank means more
than simply writing a check for
a worthy cause; it's sharing a
love of people and community,
demonstrating active
stewardship and reflecting the
values of leadership and
integrity that help everyone
prosper and grow."
The Faces of Our Communities
It's easy to claim that we're a local bank. But
we feel it's more important to let our actions
do the talking. At Biddeford Savings, we've
had a longtime tradition of service to our
communities, yet we're often the last ones to
tell you about it.
Being a local bank means more than simply
writing a check for a worthy cause; it's
sharing a love of people and community,
demonstrating active stewardship and
reflecting the values of leadership and
integrity that help everyone prosper and grow.
In order to play an integral role in our
communities and continue to invest in new
technologies (such as mobile banking) that
improve the customer experience, we need
to ensure that the bank prospers and grows.
I am pleased to report that for the fiscal year
ended December 31, 2012 Biddeford Savings
earned a profit after taxes of $1,113,000. The
2012 profit after taxes was up 49% over 2011
as securities gains and mortgage fees drove
our non-interest income higher.
As we transition to 2013 Biddeford Savings
remains a very strong institution, with good
earnings and a solid capital position.
We will also continue to listen to our
customers, whether via the formal survey
each fall or our new comment cards located
in each branch. Our staff strives to make each
customer’s day and customer feedback tells us
how we are doing and how we can improve.
I again invite you to share your feedback
directly with me. Call me at 571-5655 or send
me an email at [email protected].
I value your feedback.
Thank you for your continued support.
Charles M. Petersen, President & CEO
For 13 weeks, Jill worked exclusively for
the United Way of York County as a loaned
executive from Biddeford Savings. Her
fundraising efforts there played a role in the
United Way's successful 2012 campaign. In
her spare time, Jill also volunteers for Junior
Achievement, teaching financial literacy to
elementary school children teaching the
next generation how to budget and save
for their dreams.
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Jill Archambault
Business Banking Analyst
Charles M. Petersen, President & CEO
Lori, a native of Biddeford, has adopted
Scarborough as her own, supporting
a variety of activities that benefit the
community, including:
• Scarborough Marsh field trips for elementary
school students
• Teaching money skills to the consumers
of the Morrison Center Seedlings Program
that grows plants for sales that benefit the
center’s activities. The Morrison Center
specializes in the support and development
of children and adults with and without
disabilities.
• Project Grace – supporting families in need
in the Scarborough area with food, clothing
and gifts
• Scarborough High School’s Project
Graduation
• Scarborough Education Foundation
• Scarborough Library
• Scarborough Historical Society
• United Way Day of Caring
“I think it’s important to give back to
the community through financial support
and volunteerism to make a ‘richer’
community,” says Lori, who has worked for
30 years in banking. “Donating money is
one thing but donating your time is more
important; it doesn’t cost you anything but
means so much to others.”
Lori Boucouvalas
Vice President/Branch Manager
& Loan Officer, Scarborough
Sue, who has worked at the Waterboro
branch since its opening in 1995, is
involved in many community efforts:
• Waterboro Lions Club, which organizes
a variety of fundraising efforts to
support community programs such as
senior lunches
• Waterboro Association of Businesses,
which organizes events such as WAB
for Warmth which raises money for the
town's fuel assistance fund
• Waterboro’s village planning process
• Waterboro Community Garden, a
citizen initiative to provide a safe
and friendly environment for the
community to grow food
• Contributions to the construction
of the town’s dog park
“We feel that our bank is an integral
part of the Waterboro community,
not only financially but as a good
neighbor,” notes Sue, who has worked
at Biddeford Savings for 26 years.
"It’s great when our efforts make a
difference in the health of our town.”
Sue Rocray
Assistant Vice President
Branch Manager, Waterboro
Dan is well known in the Biddeford Saco
community (and beyond) for his award-winning
efforts to benefit so many area non-profit
organizations. From receiving the Jack Gesemyer
Award as Rotarian of the Year in 2006-2007, to
receipt of a Distinguished Service Award for his
work on behalf of the Biddeford-Saco Chamber of
Commerce, Dan has dedicated many of his spare
hours to worthy organizations throughout York
County. From service as a Scoutmaster for the York
District of the Pine Tree Council of the Boy Scouts
to fundraising for Big Brothers Big Sisters, Dan
shows his deep affection for the communities he
calls home by his actions beyond regular
bank hours.
“I’m a people guy,” notes
Dan, a banking fixture in
Biddeford for more than
two decades. “I love to be
involved. I get joy out of
helping other people.”
Daniel Colby
Vice President
Senior Banking Officer
When Rhonda heard that the Middle School
of the Kennebunks was planning to cancel
its Annual Senior Citizen Thanksgiving Dinner
due to a lack of funds, she and the Biddeford
Savings team happily stepped in to support
this longtime Kennebunk tradition. Many
in the community were not surprised. From
service as a board member of the Education
Foundation of the Kennebunks and
Arundel to work with Kennebunk's May Day
Celebration, Rhonda and Biddeford Savings
have played a key role in supporting many
deserving organizations in the Kennebunks.
“People are my passion.
Community service keeps me
connected as well as grounded.
Ultimately…you get what
you give.”
Rhonda Hebert
Assistant Vice President
Branch Manager, Loan Officer, Kennebunk
A volunteer for the Southern Maine
Agency on Aging for seven years,
Lynn works with elderly or disabled
clients to help them manage
their finances, from balancing a
checkbook to maintaining a budget.
“For me and my client at SMAA, it’s
a special relationship,” notes Lynn,
who has been at Biddeford Savings
since 1989. “My client always has a
cup of tea waiting for me. It’s more
than volunteering; it’s a friendship.”
Lynn Chase
Vice President, Controller
STATEMENT OF CONDITION
Assets
Cash and cash equivalents
Investment securities
FHLB stock
20122011
$13,426,000
$8,235,00
46,956,000 55,839,000
3,825,000 3,968,300
Loans
Reserve for loan losses
Net loans
263,533,000 248,461,000
(1,965,000)(1,922,000)
261,568,000 246,539,000
financials
Premises and equipment
9,037,000 8,274,000
Accrued interest receivable
860,000 914,000
Investment in P&C Insurance
4,051,000 4,047,000
Other assets
4,259,000 4,058,000
$343,982,000 $331,874,000
Liabilities and Capital
Non-interest bearing deposits $21,465,000 $12,895,000
Interest bearing deposits
228,362,000 221,862,000
Total deposits
249,827,000 234,757,000
Customer repurchase agreements
FHLB borrowings
Other liabilities
TOTAL LIABILITIES
Undivided profits
Accumulated other comprehensive loss
TOTAL CAPITAL
2,795,000 54,089,000 3,415,000 310,126,000 2,384,000
58,484,000
3,475,000
299,100,000
34,171,000 33,058,000
(315,000)
(284,000)
33,856,000
32,774,000
$343,982,000 $331,874,000
INCOME STATEMENT
For the period ending December 31,
20122011
Interest and dividend income $14,041,000 $14,065,000
Interest expense
4,252,000 4,575,000
Net interest income
9,789,000 9,490,000
Provision for loan losses
1,957,000 1,195,000
Net income after provision for loan losses
7,832,000 8,296,000
Operating income
2,482,000 1,094,000
Securities gains 1,075,000 316,000
Operating expenses
9,971,000 8,821,000
Income before income taxes
1,418,000 885,000
Income taxes
305,000 139,000
NET INCOME
$1,113,000 $746,000
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OFFICERS
Charles M. Petersen
President & CEO
Elizabeth D. Boudreau
Marketing Officer
Dale E. Huot
Executive Vice President &
Clerk
Lynn J. Chase
Controller &
Assistant Treasurer
Senior Vice Presidents
Carri L. Brown, CPA
Chief Financial Officer &
Treasurer
Ann T. Coffin
Deposit Services Manager
Jay D. St. John
Head of Residential &
Consumer Lending
Peter C. Sylvestre
Senior Loan Officer
Vice Presidents
Christopher J. Bailey
Risk Manager
Lorina J. Boucouvalas
Branch Manager/Loan
Officer
Daniel F. Colby
Senior Business Banking
Officer
Cynthia E. Convery
Business Banking Officer
Christopher M. Doiron
Business Banking Officer
Barbara D. Jacques
BSA & Security Officer
Susan F. Lessard
Residential Loan Officer II
Rebecca A. Moulin
Bank Operations Manager
Bank Officers
Lisa M. Caldwell
Assistant Branch Manager/
Loan Officer
Gail L. Nason
Branch Manager/Loan
Officer
Christine L. Gonneville
Assistant Branch Manager/
Loan Officer
Mark S. Sutton
Senior Residential Loan
Officer
Rebecca A. Guerin
Network Manager/
Information Security Officer
Laurie L. Warchol
Business Development
Officer
Jackie T.M. Gagne
Loan Operations Supervisor
Assistant Vice Presidents
Nicole M. Dube
Branch Manager/Loan
Officer
DIRECTORS
Thomas E. Wells,
Chairperson
Sandra G. Dolby
Carl A. Goodwin
Joyce D. Haley
Keith R. Jacques, Esq.
Wayne A. Sherman
Jeffrey S. Worthing, CPA
HONORARY DIRECTORS
William J. Denyer
Ronald P. Donovan
Reynald J. Gonneville
Rene D. Roy
Stacey H. Ford
Underwriter
Rhonda J. Hebert
Branch Manager/Loan
Officer
Susan E. Rocray
Branch Manager/Loan
Officer
officers & directors
CORPORATORS
Todd J. Abbott
Eric C. Aube
Ralph W. Austin
Mark Bernstein
Marcel Bertrand
Marc R. Bolduc
Elizabeth D. Boudreau
Carri L. Brown, CPA
Lynn J. Chase
Daniel F. Colby
Joan C. Cook, Esq.
Thomas F. Cummings
Michael Dickinson
Sandra G. Dolby
Shawn Douston
Denise F. Doyon
Donald M. Dube
Gervais Dube
Bruce R. Dunphey
Pamela Duranceau
Prudence B. Duross
Michael R. Eon
Dennis J. Flaherty
Douglas C. Foglio, Jr.
Douglas C. Foglio, Sr.
Judith E. Fox
Gerard Gelinas
James Godbout
Carl A. Goodwin
Earl A. Goodwin
Joyce Haley
Dixie A. Harris
Douglas Hooper
Richard A. Hull III, Esq.
Dale E. Huot
Barbara D. Jacques
Keith R. Jacques, Esq.
Dana E. Lane, CPA
Susan F. Lessard
Dr. Marc G. Malon
Jerry Mansfield
Edward J. McGeachey
Harry J. Nielson
Renee O’Neil
Brenda J. Paquette
Frank G. Paul
Charles M. Petersen
Joline Pothier
Michael S. Reilly
Dr. Danielle Ripich
William Risbara
Dr. Eleanor Rolnick
Deborah R. Roy
Joseph Ryan
Jay D. St. John
James Sandler
Mark Sandler
David Saunders
Dana Sevigny
Harold D. Shaw
Wayne A. Sherman
Peter C. Sylvestre
Paulette R. Taschereau
Dr. Craig R. Wallingford
Thomas E. Wells
Dr. Janet Whelan
Dean P. Wolfahrt
Dr. Sarah Wormwood
Jeffrey S. Worthing, CPA
Victor Wright
Biddeford | Kennebunk | S
carborough | Waterboro
HONORARY
CORPORATORS
Priscilla D. Baillargeon
Caroline V. T. Bean
Margaret G. Beavis
Francis R. Carroll
Norman R. Faucher
Frederick R. Fay
Constance C. Laflamme
John L. Moore
Robert J. Quinn
Bruce Ruben
General Wallace Nutting
LOCATIONS
Biddeford 254 Main Street
284-5906
473 Alfred Street, Suite 106
282-8991
Kennebunk 65 Portland Road, U.S. Route 1
985-4696
Scarborough
360 US Route 1 #102
883-3004
Waterboro 846 Main Street
247-3031
Business Banking Center
234 Main Street, Biddeford
284-5906
biddefordsavings.com