Annual Report

An annual audit by our accounting firm, Wolf & Company, P.C., is overseen by the Supervisory Committee. The audit of the financial results of 2020 is expected to be completed by May 2021. The statements presented here are unaudited. 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, 2020 (unaudited)

Cash and Due from Banks $12,285,461
Short-Term Investments and Investment Securities 338,977,348
Residential Real Estate Loans 1,049,142,824
Consumer, Second Mortgages and Equity Lines of Credit 965,979,673
Commercial Loans 232,775,089
Total Loans 2,247,897,586
Less: Allowance for Loan Losses (9,888,883)
Loans, Net 2,238,008,703
Buildings and Equipment, Net 28,653,928
NCUA Deposit Insurance Fund 19,335,135
Accrued Interest and Other Assets 17,149,054
Total Assets $2,654,409,629
Liabilities & Surplus
Shares, Savings, and Time Deposits $2,112,008,195
Accrued Expenses and Other Liabilities 285,274,174
Total Liabilities 2,397,282,369
Surplus 257,127,260
Total Liabilities And Surplus $2,654,409,629

Statement of Income

For the twelve months ended December 31, 2020 (unaudited)

Interest Income
Interest Income on Loans $78,249,242
Interest Income on Investments 4,117,094
Total Interest Income 82,366,336
Interest Expense
Dividend and Interest Expense 21,130,655
Other Interest 4,632,492
Total Interest Expense 25,763,147
Net Interest Income 56,603,189
Less: Provision for Loan Losses 4,093,821
Net Interest Income after Provision for Loan Losses 52,509,368
Other Income 8,075,592
Income before Operating Expenses 60,584,960
Operating Expenses 41,970,405
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