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Annual Report 2019

Dear Members,
I am pleased to report that 2018 was a record year for Windsor Federal Savings, having reached a milestone of $500 million in assets and earnings of more than $3.7 million. We remain “well capitalized” as defined by our regulator, the Office of the Comptroller of Currency (OCC). We closed this record year with a total capital ratio of 15.81% and a tier 1 leverage capital ratio of 11.61%. Our experienced commercial team continued its success by originating over $65 million in new commercial loans, and our loan portfolio grew 9.2% for the year. These results keep us well-positioned among our peers.

Windsor Federal Savings remains committed to putting its motto, “Neighbors Helping Neighbors,” into action. We are proud to have provided financial support to over 200 various organizations and even prouder of our employees, who gave more than 4,200 hours to worthwhile causes in our   local communities. We strive to fulfill the same mission within our organization and provide our employees with benefits that meet their real needs. We were one of the first companies in the state to launch a student loan repayment program to help relieve what can be a burdensome debt for our team members.    

 During the past year, Windsor Federal joined the world of social media to create an awareness of who we are as an organization, highlight our products and services, and  engage with a broader multi-generation audience.  Social media enables us to extend our reach in helping to cultivate and nurture relationships with, and serve, the organizations and people in our communities. In light of the recent bank consolidations happening all around us, Windsor Federal remains ever committed to its foundation as a mutual institution. In fact, we are one of only 483 mutual    institutions in the country. As a mutual institution, we have no shareholders. We are owned mutually by you, our depositors. Because we don’t have to worry about satisfying stockholders and maximizing shareholder value, we are able to focus on our top priority - understanding the needs of our  communities and serving them. Most importantly, it means that we cannot be sold. We were founded in 1936 with a mission to provide a safe method for people to save and invest money, and to    finance homeownership. We continue this tradition today.

Thank you for the support and trust you put in us. We have grown from humble beginnings where we operated out of a second-floor office with 111 depositors and a net worth of $14,446.33 and today, our foundation is as strong as ever. As we continue to grow, we invite you to grow with us and in turn, help us to grow our   communities. 

George W. Hermann, President & CEO

March 31, 2019 - Statement of Condition




Windsor Federal Savings, MHC and Subsidiaries Consolidated Balance Sheets March 31, 2019 and March 31, 2018

ASSETS March 2019 March  2018
Cash and Due From Banks $ 6,418,126 $ 7,375,196
Federal Home Loan Bank Overnight Deposits 200,526 200,370
Interest Bearing Demand Deposits with Other Banks 244,328 535,080
Money Market Mutual Funds 37,424 36,711
Cash and Cash Equivalent 6,900,404 8,147,357
Interest-Bearing Time Deposits with other Banks 494,000 249,000
Investments in Available-For-Sale Securities (at fair value) 94,240,074 88,180,064

Investments in Held-To-Maturity Securities (fair values of $208,077 as of 
             March 31, 2019 and $284,438 as of March 31, 2018 )

207,267 281,667
Federal Home Loan Bank Stock, at Cost 1,530,000 949,300
Loans, Net 391,357,931 358,202,846
Bank Owned Life Insurance 14,285,641 13,926,113
Premises and Equipment 4,813,638 5,100,012
Core Deposit Intangible and Goodwill 738,616 738,616
Accrued Interest Receivable 1,540,655 1,335,503
Deferred Income Tax Assets, Net 843,740 1,036,774
Other Assets 1,547,164 1,665,642
TOTAL ASSETS $518,499,130 $479,812,894
March  2018
Non Interest-Bearing $ 103,172,943 $ 105,922,738
Interest-Bearing 315,448,524 281,389,321
Total Deposits 418,621,467 387,312,059
Customer Repurchase Agreements 7,133,465 34,146,920
Federal Home Loan Bank Advances 29,650,000 400,000
Other Liabilities 3,311,268 2,945,714
Total Liabilities 458,716,200 424,804,693
Retained Earnings 60,789,560 57,084,029
Accumulated Other Comprehensive Loss (1,006,630) (2,075,828)
Total Equity 59,782,930 55,008,201
TOTAL LIABILITIES AND EQUITY $518,499,130 $479,812,894