             |
Click
to jump to: Statement of Condition | Income
Statement
Mascoma Savings Bank - 2008 Annual Report
Consolidated
Statement of Condition
Mascoma Mutual Financial Services Corp.
| ASSETS |
December 31 , 2008 |
October 31, 2009
|
|
|
|
| Cash
and Cash Equivalents |
$12,434,999 |
$11,696,437 |
| U.S.
Government Securities and Obligations |
126,287,587 |
176,596,251 |
| Other
Investments |
10,319,757 |
17,606,590 |
| Real
Estate Mortgage Loans |
530,982,019 |
543,399,052 |
| Consumer
and Other Loans |
104,271,575 |
113,242,325 |
| |
|
|
| Total
Loans |
635,253,594 |
656,641,377 |
| Less:
Allowance for Loan Losses |
(8,117,973) |
(8,875,552) |
| |
|
|
| Net
Loans |
627,135,621 |
647,765,825 |
| Bank
Building and Equipment |
19,779,475 |
19,879,539 |
| Other
Assets |
24.296.955 |
27,059,509 |
| |
|
|
| TOTAL
ASSETS |
$820,254,395 |
$900,604,152 |
|
|
|
| LIABILITIES |
|
|
|
|
|
| Demand
and NOW Deposits |
$171,229,583 |
$200,823,474 |
| Savings,
Time and Other Deposits |
402,343,057 |
438,512,675 |
| |
|
|
| TOTAL
DEPOSITS |
573,572,641 |
639,336,149 |
|
|
|
| Sweep
Accounts |
80,244,722 |
76,549,042 |
| FHLB Borrowings |
77,231,086 |
86,,132,330 |
| |
|
|
| TOTAL
BORROWINGS |
157,475,808 |
162,681,372 |
|
|
|
| Other
Liabilities |
7,526,986 |
10,295,958 |
| |
|
|
| TOTAL
LIABILITIES |
738,575,435 |
812,313,479 |
|
|
|
| CAPITAL |
|
|
|
|
|
| Retained
Earnings/Surplus |
83,362,363 |
87,727,256 |
Unrealized
Gain/(Loss)
on Investments, Net |
(1,683,403) |
563,417 |
| |
|
|
| TOTAL
CAPITAL |
81,678,960 |
88,290,673 |
TOTAL
LIABILITIES
AND CAPITAL FUNDS |
$820,254,395 |
$900,604,152 |
Mascoma
Mutual Financial Services Corp.
Consolidated Income Statement
| |
12 months ending
December 31, 2008 |
10 months ending
October 31, 2009 |
| |
|
|
| Interest
Income |
$42,969,885 |
$35,573,917 |
| Interest
Expense |
16,316,685 |
11,213,367 |
| |
|
|
| Net
Interest Income |
26,653,199 |
24,360,550 |
| Provision
for Loan Losses |
1,150,000 |
1,500,000 |
| |
|
|
| Net
Income After Provision for Loan Losses |
25,503,199 |
22,860,550 |
| Other
Income |
6,083,873 |
6,565,912 |
| Gains
/ (Losses) on Sales of Securities |
(10,941) |
89,042 |
| Other
Expenses |
24,702,384 |
23,245,547 |
| |
|
|
| Income
Before Income Taxes |
6,873,748 |
6,269,957 |
| Applicable
Income Taxes |
1,726,971 |
1,607,403 |
| |
|
|
| NET
INCOME |
$5,146,777 |
$4,662,553 |
| |
