2008 Annual Report

[2008 Executive Summary] [2008 Statement of Income] [2008 Statement of Condition] [2008 Six Month Letter] [2008 Six Month Statement]

COMPARATIVE STATEMENT OF INCOME

Bath Savings Institution & Subsidiary

For The Years Ended December 31, 2008 and 2007
2008
2007

Interest & Dividend Income

Interest & Fees on Loans

$22,165,018

$21,754,292

Interest & Dividends on Investments

4,807,408

4,736,536

Interest on Federal Funds Sold

78,699

167,176
Total Interest & Dividend Income

$27,051,125

$26,658,004

Interest Expense

10,633,074

12,717,680
Net Interest Margin

16,418,051

13,940,324

Other Income

3,256,791

3,373,235

Operating Expenses

Compensation & Employee Benefits

7,845,514

7,481,137

Expense of Premises & Fixed Assets

2,620,974

2,537,209

Provision for Loan Losses

749,690

384,000

FDIC and Other Insurance

338,825

115,053

Other Operating Expenses

3,069,246

2,901,276
Total Operating Expenses

$14,624,249

$13,418,675

Income Before Taxes, Net Gain (Loss) on Sale of Assets

5,050,593

3,894,884

Provisions for Taxes

1,581,262

1,302,771

Net Gain (Loss) on Sale of Assets

451,855

330,500
Net Income

$3,921,186

$2,922,613