The Directors and staff would like to thank you and 11,650 others for being customers of Mechanics Savings Bank. Every employee strives to provide you with the best in customer service. The rush by homeowners to refinance their mortgages due to historically low interest rates put extreme pressure on the bank\'s employees. We were able to accomplish this task successfully and in a profitable manner. 2003 was a record-breaking year for the bank. The bank\'s net income increased 24% to $3,065,000. These profits were accomplished through revenue growth in three areas. The net interest income increased 8% to $8,206,000 through a reduction in the bank\'s cost of funds. The bank had a 55% increase to $349,000 on gains from the sale of equity securities.