BATH — Bath Savings Institution President and CEO Glenn Hutchinson recently released the 2012 annual report announcing five straight years of growth since 2008. Bath Savings Institution’s net income of $6,224,092 exceeds $6 million for the first time in the institution’s 160-year history.
“As a mutual organization, our earnings are all retained as capital or reserves and undivided profits,” said Hutchinson. “The strength and safety of a bank is reflected in its capital, and in 2012, Bath Savings Institution’s capital ended the year at a record $75 million.”
2012 Bath Savings Institution’s annual report highlights include:
— Total assets ended 2012 at nearly $691 million, an increase of 8.6 percent over 2011 totals.
— Customer deposits increased by 10 percent, reaching a record of nearly $543 million.
— Checking accounts grew by more than 23 percent.
— Loan portfolio grew by 10.8 percent to $434 million.
— Bath Savings Trust Company manages customer investments, reporting a record $530 million.
Hutchinson credits customer loyalty, employee dedication, technology upgrades and the newly opened South Portland branch as reasons for this year’s growth.
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