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,
Exception.
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