Annual Report

An annual audit by our accounting firm, Wolf & Company, P.C., is overseen by the Supervisory Committee.  Download our Annual Report. You will need Adobe’s free Acrobat Reader Software to view the file.

–Gregory G. Scown Chair, Supervisory Committee

Statement Of Condition

At December 31, 2022

Cash and Due from Banks $12,285,461
Short-Term Investments and Investment Securities 338,867,348
Residential Real Estate Loans 1,049,142,824
Consumer, Second Mortgages and Equity Lines of Credit 944,661,321
Commercial Loans 232,775,089
Total Loans 2,226,579,234
Less: Allowance for Loan Losses (9,888,883)
Loans, Net 2,216,690,351
Buildings and Equipment, Net 28,653,928
NCUA Deposit Insurance Fund 19,335,135
Accrued Interest and Other Assets 38,585,226
Total Assets $2,654,417,449
Liabilities & Surplus
Shares, Savings, and Time Deposits $2,113,214,545
Accrued Expenses and Other Liabilities 284,075,644
Total Liabilities 2,397,290,189
Surplus 257,127,260
Total Liabilities And Surplus $2,654,417,449

Statement of Income

For the twelve months ended December 31, 2022

Interest Income
Interest Income on Loans $78,707,445
Interest Income on Investments 4,117,094
Total Interest Income 82,824,539
Interest Expense
Dividend and Interest Expense 21,130,655
Other Interest 4,632,492
Total Interest Expense 25,763,147
Net Interest Income 57,061,392
Less: Provision for Loan Losses 4,093,821
Net Interest Income after Provision for Loan Losses 52,967,571
Other Income 7,590,889
Income before Operating Expenses 60,558,460
Operating Expenses 41,943,905
Net Income before Gains 18,614,555
Gains on Sales of Loans/Investments 1,628,388
Net Income $20,242,943

Respectfully Submitted, John B. Richer, Jr., Treasurer