Annual Report
An annual audit was conducted by our accounting firm, Wolf & Company, P.C., and overseen by the Supervisory Committee.
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–Gregory G. Scown Chair, Supervisory Committee
Statement Of Condition
At December 31, 2022
Assets |
|
| Cash and Due from Banks | $14,760,471 |
| Short-Term Investments and Investment Securities | 306,289,955 |
| Residential Real Estate Loans | 1,356,115,188 |
| Consumer, Second Mortgages and Equity Lines of Credit | 1,180,999,326 |
| Commercial Loans | 210,986,504 |
| Total Loans | 2,748,101,018 |
| Less: Allowance for Loan Losses | (11,060,648) |
| Loans, Net | 2,737,040,370 |
| Buildings and Equipment, Net | 28,722,704 |
| NCUA Deposit Insurance Fund | 22,213,460 |
| Accrued Interest and Other Assets | 23,652,874 |
| Total Assets | $3,132,679,834 |
Liabilities & Surplus |
|
| Shares, Savings, and Time Deposits | $2,380,550,811 |
| Accrued Expenses and Other Liabilities | 445,459,695 |
| Total Liabilities | 2,826,010,506 |
| Surplus | 306,669,328 |
| Total Liabilities And Surplus | $3,132,679,834 |
Statement of Income
For the twelve months ended December 31, 2022
Interest Income |
|
| Interest Income on Loans | $88,021,324 |
| Income on Investments | 5,078,874 |
| Total Interest Income | $93,100,198 |
Interest Expense |
|
| Dividend and Interest Expense | 13,837,717 |
| Other Interest | 5,663,940 |
| Total Interest Expense | $19,501,657 |
| Net Interest Income | 73,598,541 |
| Less: Provision for Loan Losses | (2,804,985) |
| Net Interest Income after Provision for Loan Losses | 70,793,556 |
| Other Income | 12,406,678 |
| Income Before Operating Expenses | 83,200,234 |
| Operating Expenses | 51,611,641 |
| Net Income Before Gains | 31,588,593 |
| Gains on Sales of Loans/Investments | 133,551 |
| Net Income | $31,722,144 |
Respectfully Submitted, John B. Richer, Jr., Treasurer