MAINE COMMUNITY BANCORP 2017 ANNUAL REPORT
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1 MAINE COMMUNITY BANCORP 2017 ANNUAL REPORT
2 OUR VISION To be the bank of choice that deepens relationships with our customers, employees and communities.
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4 LETTER FROM OUR CHAIRMEN 2017 was the first full year of operating our two banks under the umbrella of Maine Community Bancorp (MCB). We are pleased to report that both banks, Biddeford Savings Bank and Mechanics Savings Bank, performed well in Staff remained focused on our most important job, serving our customers and communities well. Good work was also done to ensure we continue to attract and retain excellent employees. We were all stretched and grew during the year as we learned new ways of doing things. Finally, our financial results were strong and we remain financially responsible and sound. From a customer perspective, very little changed in And that is a good thing, according to our customers. In our Annual Customer Survey, we again garnered high marks for the quality of the service and the breadth of products we provide. That is why we were able to grant over $100 million of residential loans and over $170 million of business loans in 2017! For the year, MCB experienced 6.9% loan growth and 4.6% deposit growth. To serve our customers well, we need staff committed to service and able to meet our customer s needs. We are blessed to have great employees and we do our best to make sure they are properly trained and compensated. In 2017, we conducted an Employee Survey and were gratified to learn that an over-whelming majority of staff would recommend MCB as a great place to work. We also want to recognize and thank our fellow Directors of MCB, who spend many hours monthly serving our communities and shaping the future of Maine Community Bancorp. We continue to serve our communities well, going beyond providing needed banking services through our donations and staff volunteer time. In 2017, we provided over $368,000 of direct financial support to agencies dedicated to making our communities stronger. Perhaps as important, our 150 employees did 6,370 hours of volunteer service that is roughly 40 hours each! We also demonstrated initiative in the continuing progress made on bringing the two banks together. As we noted last year, this is a huge project as we combine two sets of policies, procedures and practices into one. While we have made great strides, much work remains to be done to complete this project. We expect it will be several more years before this important work is finished. MCB reported Net Income for 2017 of $5.868 million, essentially equal to last year s $5.955 million. The strong operating performance can be attributed to continued deposit and loan growth along with careful control of expenses. Capital levels remain exceptionally strong, as Equity Capital grew 8.6% in It has become clear that in order to finish the project of bringing our two banks together, we need to have a single leader. Rick and Charles have done great work to get us to where we are and now it is time to bring in a new leader to finish the work. That is why a CEO search was initiated earlier this year and we expect our new leader to be on board this fall. In closing, we wish to extend our deep appreciation to Rick and Charles for their vision and leadership over the years. With gratitude we wish them well in retirement. Thomas E. Wells Chairman of the Board Jon S. Oxman, Esq. Vice Chairman of the Board
5 OUR MISSION We are mutually-owned, full service community banks, committed to creating and maintaining long-term mutually beneficial relationships with our customers. We will: Be a trusted advisor providing high quality, personalized service and up to date banking products, services and delivery systems; Offer a challenging and fulfilling work environment that provides all employees with opportunities for professional growth and development; Be a responsible corporate citizen, contributing to the quality of life in our communities; Operate responsibly, efficiently, profitably and in compliance with applicable regulations and laws.
6 CUSTOMER PROMISE We treat our customers like owners and pride ourselves on going above and beyond to deliver exceptional service. We will honor the trust placed in us by operating prudently and responsibly while holding ourselves to the highest ethical standards.
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9 EMPLOYER OF CHOICE We provide a challenging and respectful work environment that supports personal growth, encourages healthy lifestyles, promotes teamwork, creates a culture of accountability and rewards performance excellence.
10 CITIZENSHIP We believe our success depends upon the health of the communities we serve. We will contribute to the quality of life through volunteerism and charitable giving as well as by providing financial services that help businesses and individuals prosper.
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13 INITIATIVE We are a bank that never stops improving itself and our operations for the benefit of our customers and employees.
14 FINANCIAL STRENGTH, STABILITY AND GROWTH We will aspire to consistently achieve reasonable growth and profitability, while managing the bank in a manner which promotes sound financial principles.
15 STATEMENT OF CONDITION Assets Cash and cash equivalents Investment securities $7,666,000 $38,898,000 $5,822,000 $40,907,000 Adjustments $0 $2,000 $13,488,000 $79,807,000 Loans Reserve for loan losses Net Loans $420,087,000 $(1,886,000) $418,201,000 $340,248,000 $(3,333,000) $336,915,000 (886,000) $1,386,000 $500,000 $759,449,000 $(3,833,000) $755,616,000 Premises and equipment Bank Owned Life Insurance Other assets TOTAL ASSETS $9,163,000 $2,424,000 $4,255,000 $480,607,000 $8,937,000 $0 $3,629,000 $396,210,000 $(1,626,000) $0 $2,243,000 $1,119,000 $16,474,000 $2,424,000 $10,127,000 $877,936,000 Liabilities and Capital Non-interest bearing deposits Interest bearing deposits Total deposits $37,968,000 $317,202,000 $355,170,000 $44,314,000 $237,430,000 $281,744,000 $(381,000) $7,000 $(374,000) $81,901,000 $554,639,000 $636,540,000 Customer repurchase agreements FHLB borrowings Other liabilities TOTAL LIABILITIES $0 $73,279,000 $4,841,000 $433,290,000 $7,360,000 $56,569,000 $2,743,000 $348,416,000 $0 $(14,000) $297,000 $(91,000) $7,360,000 $129,834,000 $7,881,000 $781,615,000 Undivided profits Accumulated other comprehensive loss TOTAL CAPITAL $46,857,000 $460,000 $47,317,000 $480,607,000 $49,243,000 $(1,449,000) $47,794,000 $396,210,000 $(417,000) $1,627,000 $1,210,000 $1,119,000 $95,683,000 $638,000 $96,321,000 $877,936,000 INCOME STATEMENT Interest and dividend income Interest expense $18,630,000 $3,086,000 $16,625,000 $2,668,000 $448,000 $(269,000) $35,703,000 $5,485,000 Net interest income Provision for loan losses $15,544,000 $287,000 $13,957,000 $(23,000) $717,000 $0 $30,218,000 $264,000 Net interest income after provision for loan losses Operating income Operating expenses $15,257,000 $1,506,000 $11,736,000 $13,980,000 $931,000 $10,911,000 $717,000 $(14,000) $1,224,000 $29,954,000 $2,423,000 $23,871,000 Income before income taxes Income taxes $5,027,000 $1,313,000 $4,000,000 $1,525,000 $(521,000) $(200,000) $8,506,000 $2,638,000 NET INCOME $3,714,000 $2,475,000 $(321,000) $5,868,000
16 BRANCH LOCATIONS MECHANICS SAVINGS: Main Office 100 Minot Avenue Auburn, Maine Brunswick 16 Station Avenue, Suite 103 Brunswick, Maine Lewiston 664 Main Street Lewiston, Maine Windham 3 Drive In Lane Windham, Maine BIDDEFORD SAVINGS: Main Office 254 Main Street Biddeford, Maine Alfred Street 473 Alfred Street, Suite 106 Biddeford, Maine Waterboro 846 Main Street Waterboro, Maine Scarborough 206 US Route 1 Scarborough, Maine Kennebunk 65 Portland Road Kennebunk, Maine Business Banking Center 234 Main Street Biddeford, Maine
17 DIRECTORS & EXECUTIVES CHAIRMAN OF THE BOARD Thomas E. Wells VICE CHAIRMAN OF THE BOARD Jon S. Oxman, Esq. DIRECTORS Stephen G. Bryant, CPA Peter B. Chapman Sandra G. Dolby Carl A. Goodwin Alan R. Hahnel Joyce D. Haley Keith R. Jacques, Esq. Charles M. Petersen Wayne A. Sherman Edward Snook Richard J. Vail Jeffrey S. Worthing, CPA CO-PRESIDENTS & CO-CEOS Charles M. Petersen Richard J. Vail EXECUTIVE MANAGEMENT Carri L. Brown, CPA Dale E. Huot Thomas A. MacDonald Jay D. St. John
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