A Community Bank Serving Coastal Maine Since 1852 - Bath Savings Institution
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Financial Reports

2011 Executive Summary

To Our Corporators, Customers, Staff and Other Friends,

Customer satisfaction is not enough at Bath Savings Institution. Our employees provide a level of service that turns a satisfied customer into a loyal, lifelong customer. These customers look to us to satisfy all their financial needs and are happy to recommend our services to their families, friends, and neighbors. They are drawn to Bath Savings because our employees are knowledgeable professionals who truly believe in delivering courteous, personalized, exceptional service. It is because of our employees and our loyal customers that Bath Savings posted its fourth consecutive year of record financial results in 2011.

Net income for 2011 totaled $5,960,887, nearly $386 thousand more than our 2010 record year. Since we are a mutual organization, these earnings are retained as capital. Capital is the measure of safety at a bank; and at the end of 2011 our total capital, or reserves and undivided profits, totaled $68 million, 10.7% of total assets. Our capital position continues to be approximately twice what federal regulators consider to be well-capitalized.

Total assets grew by 8%, ending the year at a record $636 million. Deposits grew nearly 10% to $493 million in 2011. Our checking accounts increased by 13% as customers continued to seek the value of our fair and consistent products. Bath Savings customers can expect the same level of service whether they bank in person, online or by mobile phone.

We continue to invest in our communities, lending over $108 million to individuals to finance their homes, vehicles and children’s educations, and $99 million to businesses and municipalities in our region. Our local lending activity helps to keep our hometowns strong.

Our Bath Savings Trust Company clients again saw outstanding investment performance. It is our steady commitment to exceptional personal service, coupled with sound investment strategies, that have created these exceptional results. This trusted professional care and attention led to nearly 150 new relationships and propelled our total assets under management to a record $464 million.

In 2011 we were busy planning and building our newest office located in the Mill Creek area of South Portland. We will launch this 9th full-service office in early March 2012. We are excited to bring our exceptional service philosophy and neighbor-to-neighbor banking to our new neighbors in South Portland and Cape Elizabeth. View the progress of our newest office here, and please stop by when you are in the area.

Ronald E. Pendleton retired from our Board of Trustees in August 2011. Ron served as a Trustee for over 23 years and was our Vice Chairman for the last 10 years. We thank Ron for his years of service and many contributions to the success of Bath Savings Institution.

In September Esther Pappas was elected Vice Chair of our Board, and in November Kevin T. Burns of Falmouth was elected Trustee. Kevin owns and operates a successful business in Yarmouth, and we are proud to have him serve on our Board of Trustees.

2012 marks the bank’s 160th year of providing exceptional service without exception to our loyal customers. I am proud and honored to lead this institution as we celebrate our anniversary, and I am even more proud to work alongside an exceptional team of talented and caring professionals who always seek to exceed the expectations of our customers. It is through their efforts that our financial performance is as exceptional as the service we deliver.


Glenn L. Hutchinson, President & CEO