Page 4 - Winter Hill Bank Annual Report 2023
P. 4

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
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