| 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 |
| 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 |
| |
|
|
| Loans Sold But Closed and Serviced at Savings Bank of Maine |
$368,378,000 |
$374,873,000 |
| |
|
|
| 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 |
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).
| 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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