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Financial Reports

2020 Comparative Statement of Income

Bath Savings Institution & Subsidiary | For The Years Ended December 31, 2020 and 2019
2020 2019
Interest & Dividend Income
Interest & Fees on Loans $28,733,707 $29,597,571
Interest & Dividends on Investments 6,209,908 6,492,363
Interest on Federal Funds Sold 58,635 261,099
Total Interest & Dividend Income $35,002,250 $36,351,033
Interest Expense 3,618,314 7,149,017
Net Interest Margin 31,383,936 29,202,016
Other Income 11,650,083 9,331,232
Operating Expenses
Compensation & Employee Benefits 13,799,670 13,661,710
Expense of Premises & Fixed Assets 5,486,871 5,210,864
Provision for Loan Losses 1,333,488 365,298
FDIC & Other Insurance 260,114 211,593
Other Operating Expenses 5,859,869 5,707,271
Total Operating Expenses $26,740,012 $25,156,736
Income Before Taxes, Net Gain (Loss) on Sale of Assets 16,294,007 13,376,512
Provisions for Taxes (3,009,483) (2,273,358)
Net Gain on Sale of Assets 31 4,443
Net Income from Operating Activities $13,284,555 $11,107,597
Changes in Market Value of Certain Assets
Market Value Changes on Equity Securities 6,108,966 6,445,664
Tax Cost related to Market Value Changes (1,225,550) (1,406,364)
Market Value Change Net of Taxes 4,883,416 5,039,300
Net Income $18,167,971 $16,146,897