Annual ReportDecember 31, 2019

Community Involvement

La Kermesse Parade

United Way’s Day of Caring

Scarborough Winterfest

Habitat for Humanity

Scarborough Concerts in the Park

Shredding - Old Orchard Beach

Branch

sbsavings.bank

Robert C. Quentin President & CEO

At Saco & Biddeford Savings, we take our mission as a mutual community bank very seriously. It is about so much more than simply our financial results. Through living up to this strong sense of mutual benefit, we are able to balance the obligations we have to our customers, our communities and our employees, while maintaining the safe and sound position of the Bank. The phrase “In It Together” is part of everything we do. We hold our fees at low levels, while offering competitive interest rates. More importantly, we aim for solutions that give our customers the best result. Our mutual charter gives us the freedom to do this in a manner that takes a long-term view, free from the need to satisfy shareholder desires. We strive to be a responsible corporate citizen and a desired employer.

This takes form in many ways. Our deposit rates are consistently in the top tier of our market, without a lot of gimmickry that can leave you with less interest than you expected. We are very successful in providing loans to homeowners and local businesses. Our insurance agency, Paquin and Carroll¹ Insurance, follows that same approach as an independent agent by searching for the best coverage solution for the customer without constantly weighing what that means to our bottom line. S&B Financial Services² continues to grow in its 10th year, providing personal financial guidance to over 800 clients.

We are proud of our philanthropy. The Bank, Paquin and Carroll and the Saco & Biddeford Savings Charitable Foundation combined to donate more than $500,000 to nearly 300 organizations in 2019. Meanwhile, our employees gave countless hours of their time to many of these organizations, an effort that we strongly support.

A couple of benchmarks were met in 2019. Total assets surpassed the $1 billion level and, for the first time, our net income rose to above $7 million. A soaring stock market contributed greatly to that, as accounting rules now dictate that our reported earnings include the change in the market value of the stocks that we own. On the other hand, the flat (and at times inverted) yield curve presented many challenges. Despite that, our core earnings exceeded expectations. Our strong earnings increased our capital ratio to 11.52%, quite a lofty height compared to the 8.18% level of ten years ago.

Looking ahead to 2020, we see similar challenges with the yield curve, as well as the uncertainty of the stock market. As noted above, our structure affords us the opportunity to remain patient. This, in turn, helps to ensure our long-term success.

We benefit from the loyalty and confidence of our customers, the dedicated and consistent performance of our employees and the sound direction provided by our corporators and board of directors. We look forward to the privilege of continuing to serve you.

Robert F. Wade Chairman of the Board

Biddeford

Operations Center

Saco

South Portland

Old Orchard Old Orchard BeachBeach

Portland

Scarborough

Westbrook

Of f icersLesley E. Andersen • Information Technology SpecialistFrancine A. Anton • VP, Loan OfficerStephanie J. Bailey • Assistant Branch ManagerBrian T. Ballute • SVP, Chief Financial Officer & TreasurerLynne M. Belanger • VP, Branch ManagerMelissa M. Boilard • VP, Human Resources GeneralistChad A. Boucher • AVP, Financial Operations ManagerKenda R. Bouffard • AVP, Retail Loan Processing SupervisorLisa L. Bowdler • AVP, Business Loans Project AdministratorKari B. Brawn • Customer Relationship OfficerDavis P. Bruttomesso • Customer Relationship OfficerCara A. Chase • Customer Relationship OfficerBryan J. Christoforo • VP, Business Loan OfficerTheresa M. Cloutier • Teller SupervisorJean P. Cosgrove • Floating Customer Care OfficerBrett M. Cragg • Senior Information Technology SpecialistJulie A. Cyr • AVP, Information Services SpecialistMatthew A. Cyr • SVP, Senior Financial Advisor/Program ManagerDennis M. Dalton • AVP, Loan OfficerPatrick S. DeCourcey • VP, Loan OfficerKatrina M. Desjardins • AVP, Branch ManagerEric G. Doyon • VP, Manager of Business Loans and ServicesLynn M. Duranceau-Tilley • VP, Retail Loan Underwriting ManagerDiane M. Dutremble • Credit Collection OfficerMichael R. Gauthier • Senior Information Technology SpecialistSandra S. Golash • AVP, Training Procedures SpecialistSarah A. Gonneville • AVP, Assistant Branch ManagerAndrew M. Goyet • Customer Relationship OfficerDavid A. Goyet • SVP, Collection Manager/Business Development OfficerAllison L. Graham • VP, Branch Administration OfficerTimothy E. Grant • Branch SupervisorAndrew P. Grantham • AVP, Core Operations SpecialistGinger D. Grantham • VP, Loan Systems Administrator/Business AnalystMatthew A. Grenier • AVP, Assistant Branch ManagerKevin P. Gwinn • Deposit Support ManagerMark R. Hodgdon • VP, Digital Banking ManagerLisa M. Hughes • VP, Business Credit ManagerJudith A. Hurrell • VP, Loan Review OfficerMichael L. Jean • VP, Business Loan OfficerWayne P. Johnson • Loan OfficerMark H. Jones • SVP, Director of LendingAndrew S. Kany • Loan OfficerWilliam S. Kany • SVP, Director of Legal & Governmental AffairsDiane M. Labrie • SVP, Director of Human ResourcesKaryn M. Labrie • AVP, Compliance SpecialistDawn M. Lambert • VP, Branch Manager Customer CareMarc A. Lamontagne • AVP, Loan OfficerCarolyn L. Lamontagne • VP, Branch ManagerAnthony M. LeBlanc • VP, Compliance ManagerMelanie J. Lee • VP, Branch ManagerDeAnn E. Lewis • VP, Information Security OfficerRonald E. Lincoln • Senior Information Technology SpecialistJulie A. LoPresti • AVP, Payment Operations ManagerLouis J. McAuliffe • VP, Facilities/Security ManagerJennifer L. McCallum • Retail Loan Processing OfficerDenise A. McIntyre • VP, Loan OfficerBonnie B. Miller • AVP, Wire Operations ManagerJudith A. Milliard • VP, Information Services/Bank Operations Project AdministratorJohn P. Mondor • AVP, Marketing ManagerAndrea Moore • Customer Relationship OfficerAlex M. Neill • Information Technology SpecialistStephanie M. Paquet • VP, Audit ManagerJennifer L. Plourde • VP, Employee Development ManagerMichelle L. Prejean • Collection OfficerRobert C. Quentin • President & Chief Executive OfficerMichael W. Rague • Customer Relationship OfficerJoe G. Reardon • VP, Branch ManagerAmy M. Richards • Customer Relationship OfficerJeffrey W. Roberts • SVP, Director of Information TechnologyTodd J. Rodriguez • VP, Core Operations ManagerMary Jane Sawyer • Assistant Branch ManagerDouglas M. Sinclair • AVP, AuditorJeffrey R. St.Laurent • VP, Retail Lending ManagerJay S. Tilley • SVP, Director of OperationsTammy R. Tracy • AVP, Business Banking Office ManagerGary B. Trempe • AVP, Financial AdvisorTravis J. Vacchiano • Business Banking OfficerJeffrey M. Vachon • SVP, Director of Bank AdministrationJoseph Valente • Information Technology SpecialistKathleen A. Verrill • SVP, Director of Risk ManagementJulie M. Villemaire • VP, Branch ManagerRebecca C. Waitley • Customer Relationship OfficerJena M. Walton • AVP, Retail Loan Servicing SupervisorShawn C. Walton • AVP, Assistant Branch ManagerJames M. Whelan • VP, Business Loan OfficerKathy C. Whitten • VP, Manager of Retail Loan AdministrationKathleen L. Williamson • Customer Relationship OfficerJennifer L. Winston • Benefits Specialist

Saco & Biddeford Savings Institution and SubsidiariesConsolidated Report of Condition (Unaudited)

Consolidated Report of Income (Unaudited)

Assets 12/31/19 12/31/18Cash and Due from Banks $22,464,856 $11,971,405

US Government and Agency Securities 94,469,188 79,013,395

Other Securities 34,679,815 32,723,381

Federal Funds Sold 2,076,000 3,040,000

Total Loans, Net of Allowance for Loan Losses 842,503,373 825,196,197

Bank Premises and Fixed Assets 15,516,809 15,844,153

Other Assets 19,924,349 21,260,768

TOTAL ASSETS $1,031,634,390 $989,049,299

Year ending December 31 2019 2018Interest on Loans $37,503,985 $35,233,342

Dividends and Interest on Securities and Federal Funds 4,138,731 3,795,979

TOTAL INTEREST INCOME 41,642,716 39,029,321

Interest on Deposits 9,879,208 6,910,754

Interest on Federal Home Loan Bank Borrowings 4,867,652 4,354,881

TOTAL INTEREST EXPENSE 14,746,860 11,265,635

NET INTEREST INCOME $26,895,856 $27,763,686

Liabilities and Surplus 12/31/19 12/31/18Total Deposits $709,932,910 $658,317,023

Federal Home Loan Bank Borrowings 192,920,064 212,872,790

Other Liabilities 9,984,535 6,960,711

Total Liabilities 912,837,509 878,150,524

Total Capital 118,796,881 110,898,775

TOTAL LIABILITIES AND SURPLUS $1,031,634,390 $989,049,299

Provision for Loan Losses 65,000 30,000

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 26,830,856 27,733,686

Other Operating Income 7,579,242 7,407,985

Other Operating Expense 28,402,028 27,502,884

NET INCOME BEFORE NET SECURITIES GAINS AND INCOME TAXES

6,008,070 7,638,787

Net Securities Gains 2,605,746 788,532

Income Taxes Expense 1,580,000 1,575,000

NET INCOME $7,033,816 $6,852,319

Front, L to R: Robert C. Quentin, Joan R. Fink, Susan B. Hadiaris, Mark L. PetersonBack, L to R: Roland M. Eon, Kevin P. Savage, Robert E. Wade (Chair), Morris L. Fisher,Eric A. Purvis

Board of Directors

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Don Camire, Gene Lacroix, Shelley Small, Bryan MacDonald, Robert Roberge, and Norm Camire of Rapid Ray’s

Maddie & Olivia at Dickinson’s Candy

Gingerbread House

Mitchell Blow and Tammy Ahearn of Abellona Inn &

Suites

Donna Snow honoring her late husband, Charlie Snow at The Volk Packaging Heroes Wall

Most Popular Posts of 2019

1Insurance products and services offered by Paquin & Carroll Insurance are:

2Securities and insurance products are offered through Cetera Investment Services LLC, member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with Saco & Biddeford Savings Institution where investment services are offered. Investments are:

Not FDIC Insured No Bank Guarantee May Lose Value

Not FDIC Insured No Bank Guarantee May Lose Value

Daniel D. Cote • VP, Employee BenefitsJoshua D. Fearon • PresidentAndrea K. Todd • VP, Commercial LinesLynn M. Vigneault • VP, Personal LinesDouglas A. Willett • VP, Commercial Lines

Frederick J. Ahearn, IIIGerald F. ApplebeeDaniel E. BlaneyPhilip B. CurtisMary E. Donovan

David S. AbramsonDonald J. BalluteKimberly D. BoisvertLorraine P. BouchardLeo E. BourgeaultDonald CampbellLucien A. ChantignyKerry T. Connell, O.D.Stacey J. CoteNancy E. CrowellMatthew A. CyrRobert E. DanielsonBarbara J. DresserRoland M. EonJoshua D. Fearon

Roger S. Elliott

Roger S. ElliottShirley D. HondelJohn C. HoytWilliam JohnsonGary L. Marston

Philip D. FearonJoan R. FinkMorris L. FisherJames M. GodboutDavid A. GoyetJoshua D. HadiarisSusan B. HadiarisJames E. HarmonElizabeth HewesLinwood M. HigginsDavid H. HoweKristine L. HoytDiana L. HuotLeonard C. HurrellBryce W. Ingraham

David H. Howe

Virginia B. MoodyWinslow S. PillsburySarah-Jane PoliEdward D. Radley, Jr.Donald W. Sharland

Pierre J. Janelle Everett F. Johnson, Jr.Mark H. JonesWilliam S. KanyDiane M. LabrieCarolyn L. LamontagneValerie R. LandryKaren B. LovellRene M. MenardPamela J. MohlinTimothy S. MurphyMichael A. MyrickJames T. PateMark L. PetersonEric A. Purvis

Robert C. QuentinJeffrey M. QuirkWilliam D. Sanford Kevin P. SavageJay S. TilleyJeffrey M. VachonLynn M. VigneaultRobert F. WadeDaniel R. WarrenJessica M. YeatonMark L. Yellis

Honorary Directors

Paquin & Carroll Insurance Of f icers

Honorary Corporators

Corporators

Brand RefreshWe pride ourselves on our mutuality… doing the right thing for our clients, our communities, and our employees. That means all of the products that we offer are selected with shared success in mind. Each line of business, each product, and each service we provide is here to make your financial life a little bit easier.

This includes all of our banking products, investment and advisory services, and insurance offerings. We provide a unified set of financial solutions to allow you to access everything you need all under one roof.

To show this harmony, we have freshened the image of our business lines to help reflect the fact that we are In It Together:

Veronica M. SheehanGene C. ThompsonErwin C. WarrenLeroy I. Waycott