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Financial Reports

2019 Comparative Statement of Income

Bath Savings Institution & Subsidiary | For The Years Ended December 31, 2019 and 2018
2019 2018
Interest & Dividend Income
Interest & Fees on Loans $29,597,571 $27,485,597
Interest & Dividends on Investments 6,492,363 5,866,842
Interest on Federal Funds Sold 261,099 185,247
Total Interest & Dividend Income $36,351,033 $33,537,686
Interest Expense 7,149,017 5,719,204
Net Interest Margin 29,202,016 27,818,482
Other Income 9,331,231 8,244,380
Operating Expenses
Compensation & Employee Benefits 13,661,710 13,181,491
Expense of Premises & Fixed Assets 5,210,864 4,850,060
Provision for Loan Losses 365,298 371,862
FDIC & Other Insurance 211,593 345,196
Other Operating Expenses 5,707,270 5,228,154
Total Operating Expenses $25,156,735 $23,976,763
Income Before Taxes, Net Gain (Loss) on Sale of Assets 13,376,512 12,086,099
Provisions for Taxes 2,273,358 1,998,674
Net Gain (Loss) on Sale of Assets 4,443 307,681
Net Income from Operating Activities $11,107,597 $10,395,106
Changes in Market Value of Certain Assets
Market Value Changes on Equity Securities 6,445,664 — —
Tax Cost related to Market Value Changes 1,406,364 — —
Market Value Change Net of Taxes 5,039,300 — —
Net Income $16,146,897 $10,395,106