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
Assets |
|
| 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