Waterville - Downtown
Waterville Downtown Branch

What's New
We now offer Investments & Insurance Services.


Financial Statement

Statement of Condition

Assets  Dec. 31, 2007  Dec. 31, 2008 
Cash and Due From Other Banks  $31,597,915  $20,644,361 
Investments:     
Short Term Investments  $89,452,135  $104,177 
Government & Agency Bonds  $71,654,956  $70,821,803 
Stocks  $2,331,100  $3,827,351 
Total Investments  $163,438,191  $74,753,331 
Loans:     
Loans held for sale  $559,950  $617,090 
Loans receivable  $720,965,030  $852,389,779 
Accrued interest receivable  $4,302,871  $2,732,179 
Provision for Loan Loss  ($16,459,565)  ($42,618,524) 
Net Loans  $709,368,286  $813,120,524 
Fixed Assets  $19,268,853  $25,824,415 
Core deposit intangibles  $3,930,857  $6,302,607 
Goodwill  $6,446,074  $16,215,954 
Other Assets  $13,412,127  $17,775,911 
Total Assets  $947,462,303  $974,637,103 
Liabilities     
Deposits  $779,904,331  $702,564,111 
Repurchase Agreements  $59,978,652  $52,440,753 
Advances  $3,900,000  $108,485,000 
Mortgagors' escrow accounts  $72,198  $88,260 
Accrued exp & Other Liabilities  $14,084,427  $12,109,447 
Treasury tax and loan account  $1,049,321  $2,521,507 
Total Liabilities  $858,988,929  $878,208,078 
Capital  $88,266,185  $95,181,477 
After Tax Unrlzd. Mkt. Value - Invsts  $207,189  $1,247,548 
Total Capital  $88,473,374  $96,429,025 
Total Liabilities and Capital  $947,462,303  $974,637,103 
     
OFF BALANCE SHEET ASSET     
Loans Sold But Closed and Serviced at Savings Bank of Maine  $368,378,000  $374,873,000 
     
STATEMENT OF EARNINGS & CAPITAL     
Interest on Loans  $55,421,087  $46,192,351 
Interest on Investments  $10,062,674  $2,556,763 
Interest Expense  ($33,650,699)  ($15,028,886) 
Net Interest Margin  $31,833,062  $33,720,228 
Non Interest Income  $7,166,910  $8,369,352 
Noninterest Expense  ($27,065,506)  ($29,133,662) 
Core Earnings before loan loss     
provision and one-time items  $11,934,466  $12,955,918 
Economic Development Credit  ($11,758,000)  $0 
Provision for loan losses  ($2,367,400)  ($27,343,900) 
Other comp income (loss), net of tax     
Unrlzd holding gains, net of tax  ($460,444)  $1,040,359 
Capital Borrowings  $0  $16,100,000 
Income tax  $550,000  $4,845,320 
Total comprehensive income (loss)  ($2,101,378)  $7,597,697 


Regulatory Capital

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 in dollars and percentage for December 31,2008 (000's omitted).

Regulatory Requirement Savings Bank of Maine
Core Capital $38,820 $72,263
Total (risk based) capital $66,570 $83,047
Core Capital 4.0% 7.61%
Total (risk based) capital 8.0% 9.95%

I, Arthur C. Markos, President of Savings Bank of Maine, declare that this Statement of Condition 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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