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President's Letter



By Peter L. Judkins
President & Chief Executive Officer

(From the 2013 Annual Report)

I am pleased to say that Franklin Savings Bank continues to stand out as a leader in the Maine banking industry. Once again we have been selected as the strongest bank in Maine by the Weiss rating agency. Even with this strong rating, the Bank’s earnings have been negatively impacted by this unprecedented low rate environment and historically low loan demand. However, it feels like we are slowly turning the corner with an improving economy. The Federal Open Market Committee’s recent decision to start tapering back on their purchase of mortgage-backed securities and longer-term Treasury securities is an indication that the Committee sees improvement in economic activity and labor market conditions. We certainly hope that is the case.
2013 was another very busy year for all of us at the bank. We made it through two regulatory exams, one evaluating the safety and soundness of our bank and the other looking at how we perform against the many banking regulations that we are required to comply with in our daily operations. I am proud to report that we performed very well on both exams and received an Outstanding rating for our Community Reinvestment Act activities. Additionally, Franklin Savings Bank was selected as the Large Business of the Year in Franklin County, and one of the Best Places to Work in Maine. We also renovated and expanded our branch in Skowhegan and opened a beautiful new office in the new Mt. Blue High School Learning Campus.
I am pleased to report that Franklin Savings Bank continues to be well positioned to lend money to qualified borrowers as conditions improve; we have built a strong foundation for our business going forward. The Bank is extremely well capitalized, with a large amount of liquidity and a dedicated workforce ready to assist our customers as we all return to more prosperous times.
We are exploring new opportunities to serve our customers in the future. We hope to add mobile banking and other features that will expand and improve our banking services in 2014. We have been receiving very positive feedback from our friends on Facebook as we reach out to our communities and our “Bank with Frank” slogan seems to be catching on with people in our communities. It is great to hear people say, “That is why I bank with Frank!"
In supporting our communities, Franklin Savings Bank and our Community Development Foundation contributed $196,000 to various non-profit, economic development and educational efforts in 2013. And our employees continue to be very active participants in many community activities and organizations.

Financial Highlights

The bank ended the year with total assets of $331.8 million and net income of $2.8 million.  We closed 389 consumer mortgages and home equity loans for a total of $42.9 million. We also closed 451 commercial loans, totaling $31.4 million and 1,006 non-mortgage consumer loans totaling $7.4 million.  Deposits totaled $241 million at year end.
Many thanks to our Board of Directors, our Corporators, our customers and our dedicated and very capable staff who help make Franklin Savings Bank an integral part of our communities.

See the financials