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, 2023

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, 2023

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