Page 2 - Winter Hill Bank Annual Report 2022
P. 2

To the Members of the Winter Hill Bank, FSB:                                 in interest rates, Management approved in excess of $109 million
            It is with great pleasure to share with you again the Winter Hill            of these types of loans throughout the communities we serve.
            Bank’s “Annual Statement of Condition” which outlines our                    Our Construction, Residential, and Commercial Real Estate Team
            accomplishments for 2022 and our outlook for 2023.  A Bank that              achieved extraordinary levels of productivity and excellence
            you know and one that has maintained a long-standing commitment              during a period where the real estate market experienced an
            with sound banking practices with a personalized approach to                 overall contraction due to rates.  During this time, the Bank’s asset
            customer service.  A community bank that started in 1906, our focus          quality remained at a superior level with no serious delinquencies
            has always been on the relationships with our customers and being a          or foreclosures during the year.
            financial resource that can be depended upon at any time by our
            customers and the communities we serve.  The Bank’s Board of                 Technology
            Directors is comprised of local business people and our sta  is local.       2022 was another year of progress and enhancement for the
            It is this combination that has led to the success of the bank.              Bank in the area of Technology.  This area has become a
                                                                                         constantly evolving phenomenon and its impact on the financial
            Looking Back at the Financial Highlights of 2022                             industry is creating new and exciting opportunities for both the
            During much of the past year, the economy grew in fits and starts             Bank and its customers.  However, along with those opportunities,
            and the coming year’s economic forecast is predicting a probability          there are also threats and we will continue to explore the ways to
            of a recession in the second half of the year.  Inflation, uncertainty in     protect customer information as we implement, update and
            interest rates lie ahead; however, WHB is positioned to weather this         utilize the latest security technologies.
            uncertainty and the following are the indicators that demonstrate
            that we will continue to be a “well capitalized bank” and can manage         Looking Towards the Future of 2023
            the unpredictability that may lie ahead.                                     The vision for the Bank is exceedingly bright. We will continue to
                                                                                         promote the Winter Hill brand, highlighting the di erences and
            Our results for 2022 were very strong particularly given the                 advantages we o er in a changing competitive landscape.  We
            uncertainty in the economy, the real estate markets and the                  will stay the course of our newly adopted strategic plan that has
            increasing interest rates.  In 2022, Total Assets grew by                    proven to be on target with the goals and objectives of the Bank
            approximately 15%, Investment Securities by 58% and Mortgage                 and the needs of the community.  We will preserve the Bank’s
            Backed Securities by 44%, and Net Loans increased by 16%.   As of            commitment to providing financial services of the highest quality
            December 31, 2022, the bank reports Equity of $39.6 Million and our          and value to our depositors and borrowers as we maintain our
            capital ratio of 9.47% exceeded the regulatory requirement and               role as the Community Bank of the areas we serve.
            qualifies WHB as a “well capitalized” bank.  The excess in capital and
            other loan loss reserves will continue to provide the necessary              Our dedicated sta , management team and the Board of
            protection that may occur in the year to come.                               Directors have combined forces to continue to stay a financially
                                                                                         sound Bank.  In closing, I want to express my sincerest
            I am also pleased to announce that during the past year Winter Hill          appreciation for the support of the Board of Directors and a
            Bank’s deposits, which include Checking, Savings, Money Market,              thank-you to the O cers and Employees for their dedication and
            Certificates and Other Deposits, approximated $339 million, an                hard work.  To our many customers, friends and future customers,
            increase of $29.4 million or a 9.48% increase from the previous              we look forward to building a banking relationship with you and
            year-end.  This increase was attributable to attractive pricing, special     serving you in all of your banking needs.
            product features and the safety and security of Winter Hill Bank as a
            depository institution with Exceptional Customer Service…..Without           Respectfully submitted,
                                                                                         Sandr  L. McGoldric
            Winter Hill Bank was also the bank of choice for borrowings as we
            provided loans to purchase and refinance 1-4 families, HELOC’s,               President/CEO
            commercial, multi-family and construction loans.  Despite the spike
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