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Financial Reports

2016 Executive Summary

To Our Corporators, Customers, Staff and Other Friends,

We know that our employees are our most valuable asset because we understand it is our employees who are responsible for delivering on our mission of providing Exceptional Service Without Exception. Our employees care about our customers, the Bank, and each other. They are willing to go the extra mile and to do the thousand little things that allow Bath Savings to deliver that special level of service that sets us apart. They help create and maintain an environment where exceptional service can grow and flourish while providing an unparalleled customer experience. It is this exceptional customer experience that keeps customers coming back and referring friends and family to Bath Savings. This growing group of loyal customers propels the Bank’s financial performance, providing success today and in the future.

2016 was another record-breaking year for Bath Savings Institution. In 2016, Bath Savings posted record earnings for the ninth consecutive year. At $8,048,225, our 2016 earnings were 15.6% higher than last year’s record. As a mutual organization all of our earnings are retained as Capital Reserves and Undivided Profits. In 2016 our capital reached a record level of $99.9 million, nearly 12% of total assets. This ratio is a measure of a bank’s strength and safety. At the end of December our capital ratio was again more than twice the amount the FDIC would require to be designated as well capitalized.

Bath Savings continues to strengthen our local economies by providing loans to consumers, businesses and municipalities across our market. In 2016 the Bank originated nearly 1,400 new loans, totaling $283 million and increasing our loan balances to a record $564 million. The Bank’s total assets also ended the year at a record $844 million, topping $800 million for the first time in our long history.

We believe checking accounts are the foundation of a quality customer relationship. Customers continued to seek the exceptional service our employees provide in 2016, opening over 2,200 new accounts and pushing our total deposits to a record $681 million.

At Bath Savings Trust Company clients continue to receive an unmatched level of care, respect and individual attention. Our clients value the personal service and proven investment strategies individually designed for performance and protection. This exceptional service has helped fuel the continued growth of the Trust Company. By the end of 2016 client assets, which are managed by Bath Savings Trust Company, had grown to a record $820 million.

We believe it is important to support our local communities. In 2016 the Bank contributed $534 thousand to hundreds of non-profit groups in our region. In addition, our officers and employees supported their communities by volunteering over 4,700 hours to non-profit and charitable organizations, both during and after business hours.

Senior Vice President John Marsh retired from Bath Savings last summer after 40 years of service. We thank John for his many contributions to the success of Bath Savings Institution. Fortunately John was elected as a corporator and will continue to support the Bank in that role.

In 2016 we were named as one of the Best Places to Work in Maine once again by the Best Company Group, an independent workplace research firm. We are pleased to be recognized as an organization that creates an environment where people love to work and a culture where employees are engaged.

Again I would like to recognize and thank our most valuable assets, our employees. It is their ongoing commitment to delivering exceptional service without exception to all of our customers that is the foundation of our success.

Sincerely,

Glenn L. Hutchinson signature
Glenn L. Hutchinson, President & CEO