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 INCOMEBath Savings Institution & SubsidiaryFor The Years Ended December 31, 2008 and 2007 |
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2008 |
2007 |
|
Interest & Dividend Income |
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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 |
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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 |

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