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Click
here to Print our Statement of Condition for:
December
31, 2012
September
30, 2012
March
31, 2012
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Windsor
Federal Savings,
MHC and Subsidiaries
Consolidated
Balance Sheets December 31, 2012 and March 31, 2012
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ASSETS
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December
2012
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March
2012
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| Cash
and Due From Banks |
$5,648,146 |
$4,886,559 |
| Federal
Home Loan Bank Overnight Deposits |
156,872 |
156,850 |
| Interest
Bearing Demand Deposits with Other Banks |
24,870,362 |
20,822,110 |
| Money
Market Mutual Funds |
36,238 |
49,280 |
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Cash
and Cash Equivalent
|
30,711,618 |
25,914,799 |
| Interest-Bearing
Time Deposits |
735,000 |
739,673 |
| Investments
in Available-For-Sale Securities (at fair value) |
104,689,390 |
127,983,572 |
| Investments
in Held-To-Maturity Securities (fair values of
$1,112,093 as of December 31, 2012 and $1,157,952 as of March 31, 2012
) |
1,100,859 |
1,144,721 |
| Federal
Home Loan Bank Stock, at Cost |
1,645,500 |
1,645,500 |
| Loans
Held-For-Sale |
1,002,965 |
684,693 |
| Loans,
Net |
231,470,248 |
222,692,340 |
| Bank
Owned Life Insurance |
8,809,358 |
6,142,978 |
| Premises
and Equipment |
5,551,826 |
4,904,800 |
| Core
Deposit Intangible and Goodwill |
1,084,984 |
1,233,596 |
| Accrued
Interest Receivable |
1,176,343 |
1,274,185 |
| Deferred
Income Tax Assets, Net |
580,368 |
741,287 |
| Other
Real Estate Owned |
238,167 |
317,917 |
| Other
Assets |
2,455,554 |
2,356,677 |
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TOTAL
ASSETS
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$391,252,180 |
$397,776,738 |
| LIABILITIES
AND EQUITY |
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| DEPOSITS: |
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| Non
Interest-Bearing |
$
51,658,463 |
$
53,380,914 |
| Interest-Bearing |
260,666,615 |
260,741,814 |
| Total
Deposits |
312,325,078 |
314,122,728 |
| Customer
Repurchase Agreements |
24,360,393 |
31,376,136 |
| Federal
Home Loan Bank Advances |
5,843,807 |
5,812,057 |
| Other
Liabilities |
3,003,915 |
3,136,480 |
| Total
Liabilities |
345,533,193 |
354,447,401 |
| EQUITY: |
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| Retained
Earnings |
44,187,487 |
42,050,060 |
| Accumulated
Other Comprehensive Income |
1,531,500 |
1,279,277 |
| Total
Equity |
45,718,987 |
43,329,337 |
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TOTAL
LIABILITIES AND EQUITY
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$391,252,180 |
$397,776,738 |
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Annual
Report to the Members 2012
Dear
Members,
As
the new President and CEO of Windsor Federal Savings
and Windsor Federal, MHC, it is my pleasure to be
able to provide you with this 2012 Annual Report.
But first, I would like to thank my
predecessor, Mark Griffin, for his steady leadership
that not only benefited Windsor Federal as an
organization, but also our Members, and our
communities. Mark
worked for Windsor Federal for 38 years, a rarity in
this day and age, and was President and CEO for 24
of those years.
Although he has retired, his positive
influence and experience will remain with the
institution as a member of our Board of Directors.
I
am pleased to have been given the honor of
succeeding Mark, one of the most respected community
bankers in the state.
I intend to build upon our strong foundation
through our commitment to personalized service, to
being a good neighbor, and to remaining a strong
force in the economic success of our communities.
Windsor
Federal’s good performance continued in 2011,
despite the fact that our economic recovery is
slower than expected.
Our local economy has fared better than other
areas of the country but it too, still remains
fragile. While
other recent recoveries have been consumer led, the
manufacturing sector is leading this recovery. Our
Board of Directors, management, and employees are
proud of what we were able to accomplish financially
and within our communities.
During
the past year our assets grew 5.2% to $397.8 million
while deposits increased 4.7% to $314.1 million.
Our organization had record earnings of $3.4
million; as a mutual institution our earnings stay
in our institution allowing us to increase our
capital to better serve our communities.
I am happy to report that Windsor Federal
Savings continues to remain “well capitalized”
as defined by our regulator, the OCC. At
the close of our fiscal year, our capital ratios
remained strong with our capital to asset ratio of
10.3% and a risk-based capital ratio of 19.2%.
This
past year, due to a collaborative effort between
Windsor Federal, the Administration, Faculty,
Parents, and Students of Windsor High School, a
limited service branch was opened in the high
school. This
work and school partnership between Windsor Federal
and Windsor High School provides “real world”
job training and financial education for the
students.
Recently
we broke ground for our new Bloomfield office.
This 3,400 square foot facility, located on
the same property as our current office, is slated
to open early next year.
We are excited about the new opportunities
that we are going to be able to provide our
customers in this new location.
We
continued to be “Neighbors Helping Neighbors”,
donating to more than 200 different organizations in
our communities over the past year. Most
notable and important is that more than two-thirds
of our employees volunteered more than 4,000 hours
to different community organizations and activities.
On
a personal note, I would like to thank everyone in
the community that has made me feel welcome.
George
W. Hermann, President & CEO
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Windsor
Federal Savings,
MHC and Subsidiaries
Consolidated
Balance Sheets September 30, 2012 and March 31, 2012
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ASSETS
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September
2012
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March
2012
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| Cash
and Due From Banks |
$4,382,685 |
$4,886,559 |
| Federal
Home Loan Bank Overnight Deposits |
156,863 |
156,850 |
| Interest
Bearing Demand Deposits with Other Banks |
17,059,903 |
20,822,110 |
| Money
Market Mutual Funds |
36,236 |
49,280 |
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Cash
and Cash Equivalent
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21,635,687 |
25,914,799 |
| Interest-Bearing
Time Deposits |
735,000 |
739,673 |
| Investments
in Available-For-Sale Securities (at fair value) |
116,993,386 |
127,983,572 |
| Investments
in Held-To-Maturity Securities (fair values of
$1,141,542 as of September 30, 2012 and $1,157,952 as of March 31, 2012
) |
1,128,902 |
1,144,721 |
| Federal
Home Loan Bank Stock, at Cost |
1,645,500 |
1,645,500 |
| Loans
Held-For-Sale |
911,240 |
684,693 |
| Loans,
Net |
227,250,949 |
222,692,340 |
| Bank
Owned Life Insurance |
6,247,172 |
6,142,978 |
| Premises
and Equipment |
4,901,139 |
4,904,800 |
| Core
Deposit Intangible and Goodwill |
1,134,521 |
1,233,596 |
| Accrued
Interest Receivable |
1,196,534 |
1,274,185 |
| Deferred
Income Tax Assets, Net |
484,250 |
741,287 |
| Other
Real Estate Owned |
277,417 |
317,917 |
| Other
Assets |
2,124,962 |
2,356,677 |
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TOTAL
ASSETS
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$386,666,659 |
$397,776,738 |
| LIABILITIES
AND EQUITY |
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| DEPOSITS: |
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| Non
Interest-Bearing |
$
50,084,256 |
$
53,380,914 |
| Interest-Bearing |
255,903,024 |
260,741,814 |
| Total
Deposits |
305,987,280 |
314,122,728 |
| Customer
Repurchase Agreements |
26,847,203 |
31,376,136 |
| Federal
Home Loan Bank Advances |
5,833,223 |
5,812,057 |
| Other
Liabilities |
2,937,729 |
3,136,480 |
| Total
Liabilities |
341,605,435 |
354,447,401 |
| EQUITY: |
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| Retained
Earnings |
43,379,069 |
42,050,060 |
| Accumulated
Other Comprehensive Income |
1,682,155 |
1,279,277 |
| Total
Equity |
45,061,224 |
43,329,337 |
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TOTAL
LIABILITIES AND EQUITY
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$386,666,659 |
$397,776,738 |
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Windsor
Federal Savings,
MHC and Subsidiaries
Consolidated
Balance Sheets March 31, 2012 and 2011
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ASSETS
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2012
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2011
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| Cash
and Due From Banks |
$4,886,559 |
$5,206,858 |
| Federal
Home Loan Bank Overnight Deposits |
156,850 |
156,827 |
| Interest
Bearing Demand Deposits with Other Banks |
20,822,110 |
23,835,560 |
| Money
Market Mutual Funds |
49,280 |
49,270 |
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Cash
and Cash Equivalent
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25,914,799 |
29,248,515 |
| Interest-Bearing
Time Deposits |
739,673 |
1,661,997 |
| Investments
in Available-For-Sale Securities (at fair value) |
127,983,572 |
113,124,643 |
| Investments
in Held-To-Maturity Securities (fair values of
$1,157,952 as of March 31, 2012 and $1,187,273 as of
March 31, 2011) |
1,144,721 |
1,178,316 |
| Federal
Home Loan Bank Stock, at Cost |
1,645,500 |
1,777,200 |
| Loans
Held-For-Sale |
684,693 |
- |
| Loans,
Net |
222,692,340 |
214,895,715 |
| Bank
Owned Life Insurance |
6,142,978 |
5,931,642 |
| Premises
and Equipment |
4,904,800 |
4,708,103 |
| Core
Deposit Intangible and Goodwill |
1,233,596 |
1,431,746 |
| Accrued
Interest Receivable |
1,274,185 |
1,226,100 |
| Deferred
Income Tax Assets, Net |
741,287 |
938,918 |
| Other
Real Estate Owned |
317,917 |
46,500 |
| Other
Assets |
2,356,677 |
2,080,287 |
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TOTAL
ASSETS
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$397,776,738 |
$378,249,682 |
| LIABILITIES
AND EQUITY |
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| DEPOSITS: |
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| Non
Interest-Bearing |
$
53,380,914 |
$
45,107,753 |
| Interest-Bearing |
260,741,814 |
255,058,986 |
| Total
Deposits |
314,122,728 |
300,166,739 |
| Customer
Repurchase Agreements |
31,376,136 |
27,195,243 |
| Federal
Home Loan Bank Advances |
5,812,057 |
8,769,726 |
| Other
Liabilities |
3,136,480 |
2,769,524 |
| Total
Liabilities |
354,447,401 |
338,901,232 |
| EQUITY: |
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| Retained
Earnings |
42,050,060 |
38,659,292 |
| Accumulated
Other Comprehensive Income |
1,279,277 |
689,158 |
| Total
Equity |
43,329,337 |
39,348,450 |
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TOTAL
LIABILITIES AND EQUITY
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$397,776,738 |
$378,249,682 |
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Equal
Housing Lender