Page 3 - Winter Hill Bank Annual Report 2023

Winter Hill Bank, FSB

January 17, 2024 Consolidated Statement of Condition
maintain the highest quality of loan assets in the loan (Unaudited)
To the Members of the portfolio, prudent underwriting practices will remain in place. Somerville, MA
Winter Hill Bank, FSB:
Since 1906 Winter Hill Bank and the Retail and Commercial Savings- We will stand behind its DECEMBER 31, 2023 AND 2022 (cents omitted)
basic core principles by meeting the emerging needs of the
communities we serve flourished through the communities and our customer base which it serves by
good times and, successfully, withstood the o ering the highest quality, a ordable products and savings
tough times. The year 2023 was marked by options that will suit everyone’s needs. 2023 2022
significant events globally and in the banking ASSETS
industry. It will go down in history as three Technology- We will continue to invest in technology that Cash and Due $14,677,922 $16,216,392
U.S. Regional Banks failed during the 1st quarter of the year and will provide an enhanced customer experience as we all from Banks
consumer confidence was shaken in the banking industry. move forward to more digitalization of the bank’s products. Investment Securities 47,023,226 47,356,566
Additionally, rising interest rates, inflation, and a tight labor The course has been set for 2024 by executing and
market occurred and it was a year filled with challenges; implementing our Strategic Plan. This plan addresses Mortgage Backed 54,096,158 56,152,446
Securities
however, at Winter Hill Bank we confronted, on all fronts, any specific goals and objectives that will chart the course for
uncertainty and challenges while remaining true to our vision the bank in 2024. In part, the plan calls for several Loans (net) 321,301,691 290,157,120
and our purpose of being a financially strong, mutual commitments including responsible Growth of the Bank, Properties and 6,316,529 4,990,818
“Community Bank”. Continued Profitability, and Enhanced Digital Products and Equipment, net
Services. In closing, on behalf of all of our dedicated banking Other Assets 3,411,020 3,244,771
Looking Back at the Financial Highlights of 2023 professionals at WHB, I would like to personally thank you for
As we approach our 118th year in operation, it is now time to the confidence you've shown in us by making Winter Hill Total Assets $ 446,826,546 $ 418,118,113
report that 2023 was a year of solid growth. That growth was Bank your Community Bank of choice. As a true community
experienced in the following categories: Total Assets increased bank, we will remain focused on delivering Exceptional LIABILITIES &
by approximately 7%; Real Estate Loans (net) increased by an Service…Without Exception and provide you with banking EQUITY
approximate 11%; As of December 31, 2023 the bank reports services and quality products that you expect in order for Liabilities
Equity of $40.5 Million and our capital ratio was 9.07% which you to reach your financial goals. We are committed to Deposits $353,128,319 $338,910,456
exceeds regulatory requirements and qualifies WHB as a “well exceeding your expectations and when you call us, we
capitalized bank”. I am also pleased to announce that during answer the phone, and when you visit us, we know your FHLB advances 47,000,000 35,000,000
the past year Winter Hill Bank’s deposits approximated $353 name. This traditional approach combined with modern Other Liabilities 6,167,942 4,601,472
Million an increase of $14.2 Million or a 4.20% increase from the technology is the foundation for Winter Hill Bank and will be Total Liabilities $406,296,261 $378,511,928
previous year end. Equity 40,530,285 39,606,185
for the years to come.
Looking Towards 2024 and Beyond Total Liabilities $ 446,826,546 $418,118,113
& Equity
Lending- We will continue to utilize sound banking practices Respectfully submitted,
and will leverage the lending expertise of the bank’s
management team and focus on continued growth in the areas Sandr L. McGoldric
of Residential and Commercial Real Estate Lending. In order to President/CEO