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December 31, 2013
September 30, 2013
June 30, 2013
March 31, 2013
December 31, 2012

September 30, 2012

March 31, 2012


Annual Report to the Members March 2013

Dear Members,

I am extremely pleased to report that the year 2012 was a successful one for Windsor Federal Savings.  With record low interest rates, we originated more than $54 million of residential mortgage loans.  Our Bank continued with its strong earnings performance, earning $2.7 million. As a mutual institution our earnings remain within our organization allowing us to increase our capital to better serve our communities.  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 increased from last year with our capital to asset ratio of 11.2% and a risk-based capital ratio of 20.2%.

After more than twenty five years of service with our Board of Directors, Chairman William Chiodo retired in July. In addition to his responsibilities as a Board Member, Bill served the Windsor community in a number of volunteer positions. All of us at Windsor Federal wish him a happy and healthy retirement. Robert Verrengia was elected as our new Chairman.  Bob is a retired insurance executive and former First Selectman for the Town of Granby. With more than twenty-seven years of service as a Member of our Board of Directors, Bob’s solid foundation in community banking will help us to continue our move forward.

In March, we opened our new Bloomfield Office.  This “state of the art” facility, without the traditional teller line, provides a more customer centric, personalized banking experience.  If you have not been able to visit our new branch, I encourage you to do so. I am excited to announce that we will be opening our sixth full service banking office in a new community location for us, East Windsor, this September.

The banking business is a retail business. We recognize our responsibility to be available to our customers 24/7 when they need to transact their business. Over the past year we have strived to make ourselves one of - if not the most - accessible institution within our market area by extending hours at all of our offices and introducing mobile banking.

“Neighbors Helping Neighbors” is more than just a slogan for us; it is the guiding principle that we use to conduct our business. All of us are proud of what we give back to our communities.  Once again this year, we donated to more than 200 different organizations within our communities.  Most notable and important is that our employees volunteered more than 4,000 hours to many diverse community organizations and activities.

An organization like Windsor Federal is only as good as its employees - and we have some of the best.  A number of our employees were recognized with well-deserved promotions this year. A complete listing of our Officers is on the reverse side of this Statement. I wish we had more room to list the name of each and every employee who is pleased to play an important part within our organization to provide you with the service you have come to know and depend upon.

In closing, we would not be successful without the support of all of our customers; thank you for your continued business and placing your confidence in Windsor Federal Savings.

George W. Hermann, President & CEO


Windsor Federal Savings, MHC and Subsidiaries
Consolidated Balance Sheets December 31, 2013 and March 31, 2013


December 2013

March 2013

Cash and Due From Banks $4,631,550 $3,146,235
Federal Home Loan Bank Overnight Deposits 150,012 156,876
Interest Bearing Demand Deposits with Other Banks 13,718,350 34,393,005
Money Market Mutual Funds 36,241 36,239

Cash and Cash Equivalent

18,536,153 37,732,355
Interest-Bearing Time Deposits 490,000 735,000
Investments in Available-For-Sale Securities (at fair value) 95,608,070 101,676,665
Investments in Held-To-Maturity Securities (fair values of $867,939 as of December 31, 2013 and $1,031,810 as of March 31, 2013 ) 862,511 1,022,410
Federal Home Loan Bank Stock, at Cost 1,517,000 1,517,000
Loans Held-For-Sale  93,200  - 
Loans, Net 260,410,277 229,145,954
Bank Owned Life Insurance 9,105,131 8,883,108
Premises and Equipment 6,219,864 6,013,918
Core Deposit Intangible and Goodwill 886,834 1,035,446
Accrued Interest Receivable 1,145,726 1,126,966
Deferred Income Tax Assets, Net 1,548,918 552,951
Other Real Estate Owned 332,767 280,017
Other Assets 2,073,031 2,301,381


$398,829,482 $392,023,171
Non Interest-Bearing $  59,417,079 $  51,301,573
Interest-Bearing 259,547,292 262,432,084
Total Deposits 318,964,371 313,733,657
Customer Repurchase Agreements 26,980,845 23,208,608
Federal Home Loan Bank Advances 3,886,138 5,854,389
Other Liabilities 2,960,134 3,099,614
Total Liabilities 352,791,488 345,896,268
Retained Earnings 46,213,156 44,740,992
Accumulated Other Comprehensive (Expense) Income (175,162) 1,385,911
Total Equity 46,037,994 46,126,903


$398,829,482 $392,023,171



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