| Cash and Due From Other Banks |
$19,806,000 |
$31,730,000 |
| Investments: |
|
|
| Short Term Investments |
$106,809,000 |
$89,452,000 |
| Government & Agency Bonds |
$74,644,000 |
$71,231,000 |
| Stocks |
$9,176,000 |
$2,471,000 |
| Unrealized Mkt. Value - Invsts |
$1,004,000 |
$314,000 |
| Total Investments |
$191,633,000 |
$163,468,000 |
| Loans: |
|
|
| Real Estate |
$95,573,000 |
$162,542,000 |
| Commercial |
$384,787,000 |
$450,279,000 |
| Consumer |
$84,335,000 |
$109,149,000 |
| Provision For Loan Loss |
($13,458,000) |
($16,305,000) |
| Deferred Origination Fees |
($673,000) |
($551,000) |
| Net Loans |
$550,564,000 |
$705,114,000 |
| |
|
|
| Fixed Assets |
$15,324,000 |
$19,269,000 |
| Other Assets |
$16,658,000 |
$18,666,000 |
| Total Assets |
$793,985,000 |
$938,247,000 |
| |
|
|
| Checking Accounts |
$128,290,000 |
$33,412,000 |
| Savings Accounts |
$274,961,000 |
$469,014,000 |
| Certificates of Deposit |
$225,428,000 |
$277,663,000 |
| Repurchase Agreements |
$60,941,000 |
$59,979,000 |
| Borrowed Funds |
$9,680,000 |
$4,949,000 |
| Other Liabilities |
$11,780,000 |
$14,094,000 |
| Total Liabilities |
$711,080,000 |
$859,111,000 |
| |
|
|
| Unrestricted Retained Earnings |
$82,994,000 |
$78,103,000 |
| After Tax Unrlzd. Mkt. Value - Invsts |
($89,000) |
$1,033,000 |
| Total Capital |
$82,905,000 |
$79,136,000 |
| |
|
|
| Total Liabilities and Capital |
$793,985,000 |
$938,247,000 |
| |
|
|
| Loans Sold But Closed and Serviced at Savings Bank of Maine |
$372,521,000 |
$368,378,000 |
| |
|
|
| Interest on Loans |
$44,125,000 |
$55,018,000 |
| Interest on Investments |
$7,039,000 |
$9,906,000 |
| Interest Expense |
($26,673,000) |
($33,651,000) |
| Net Interest Margin |
$24,491,000 |
$31,273,000 |
| Non Interest Income |
$6,588,000 |
$6,926,000 |
| Operating Expense |
($21,207,000) |
($26,811,000) |
| Net Operating Income |
$9,872,000 |
$11,388,000 |
| Net Investment Activity |
($453,000) |
$370,000 |
| Income before One Time Items |
$9,419,000 |
$11,758,000 |
| Economic Development Credit |
|
($11,758,000) |
| 2007 M&A Expense, Captial & Total |
|
|
| Amortization of Acquisition Premium |
|
($3,769,000) |
| Income Taxes |
($3,287,000) |
$0 |
| Net Increase to Capital |
$6,132,000 |
($3,769,000) |
This statement has been prepared in accordance with the statutory requirements of the Office of Thrift Supervision (OTS). Core and Total Capital are the elements of regulatory capital determined under such reporting requirements. Regulatory capital is a basis by which the OTS determines whether a savings association is operating in a safe and sound manner. The following shows required capital versus Savings Bank of Maine capital in dollars and percentage for December 31, 2007 (000's omitted).
| Core Capital |
$37,540 |
$78,717 |
| Total (risk based) capital |
$57,861 |
$87,753 |
| Core Capital |
4.0% |
8.4% |
| Total (risk based) capital |
8.0% |
12.1% |
I, Arthur C. Markos, President of Savings Bank of Maine, declare that this Statement of Condition has been prepared in conformance with the instructions issued by the OTS and is true to the best of my knowledge and belief. A copy of our annual audited Statement will be mailed to anyone, for a fee, upon written request. A copy of our annual audited statement may be reviewed at the bank at no charge.
Arthur C. Markos
The DIF, an agency of the U.S. Government, insures all depositor’s savings in accordance with the rules and regulation of the F.D.I.C.
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