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Financial Reports

2018 Executive Summary

To our Corporators, Customers, Staff and Other Friends

At Bath Savings Institution we know customers are drawn to and stay with us because our employees are knowledgeable professionals who believe in and deliver courteous, personalized exceptional service. We know that providing Exceptional Service Without Exception is the key to building and maintaining strong and loyal relationships with our customers. We build those relationships individually, one customer at a time. Employees at the bank strive to make a positive difference for everyone they encounter. This level of service provides our customers with trust and confidence and builds loyal relationships that connect the customer, the bank, our employees and our community. Building quality customer relationships is, after all, our most important objective because the quality of our customer relationships drives the quality and success of the bank. In 2018 that exceptional service produced another year of exceptional results!

Customers continue to turn to Bath Savings for the service we offer and the strength, safety and stability we provide. Customer deposits grew to $751 million, an increase of 6%. Our checking account products increased by 10% as customers continue to seek the value of our fair and consistent products. Bath Savings continues to strengthen our local economies by providing loans to consumers, businesses and municipalities across our market. In 2018 the bank originated over 1,350 new loans totaling $240 million, increasing our loan balances to a record $618 million. The bank’s total assets also ended the year at a record $920 million, topping $900 million for the first time in our long history.

In 2018 the bank posted earnings of $10,395,106, providing a return on assets of 1.13%. As a mutual organization, all of our earnings are retained as Capital Reserves and Undivided Profits. The strength and safety of a bank is reflected in its capital. In 2018, our capital grew to a record level of $123 million, a very healthy 13.4% of total assets. As a comparison, the FDIC deems a bank to be well capitalized with a capital ratio of just 5%.

This year Bath Savings Trust Company will celebrate its 30th anniversary. In 2018 our clients celebrated early with another year of outstanding investment performance in spite of the fourth quarter market correction. Those results plus the unparalleled level of care, respect and individual attention that we provide each client, provided the momentum to increase our managed assets to $938 million.

All of this growth has produced a need for more space for our employees. In 2018 we completed our renovation of the old Bank of America building at 83 Front Street. Our Branch Administration and Deposit Operations departments moved into the newly renovated building in June. We feel fortunate to be able to keep all of our operations personnel in downtown Bath, making it easy to communicate quickly and efficiently amongst departments.

At Bath Savings we believe it is important to be a good neighbor and support our local communities. Last year the bank contributed $635,000 to hundreds of nonprofit groups in our region. Our Neighbor to Neighbor Program also provided an additional $20,000 to our communities. This program allows each new checking account customer to designate a $25 bank-funded gift to one of our local nonprofit customers; truly Neighbors helping Neighbors. Our employees were once again recognized by the United Way as the best employee campaign in the Finance division as 95% of our employees generously contributed over $47,000! Additionally, our employees supported their communities by providing over 4,000 volunteer hours to nonprofit and charitable organizations, both during and after business hours.

We were honored to again be named as one of the Best Places to Work in Maine by the Best Company Group, an independent workplace research firm. We are pleased to be recognized as an organization with a culture that creates an environment not only where customers love to bank but an organization where people love to work.

Providing Exceptional Service Without Exception means we can never stand still, but rather must work to maintain our values, principles and mission while adapting to the ever-changing world in which we operate. I would like to thank our customers who realize that a Bath Savings relationship is truly different and much more than a commodity — it’s a valuable, individual, personal relationship between them and the bank. I would like to thank our employees for always delivering that exceptional service which sets us apart!


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