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Annual Report 2015

Dear Members,

I am pleased to report that 2014 was another good year for Windsor Federal Savings as we are starting to see the local economy recover. Windsor Federal earned $2.4 million for the year which was an increase of almost 22% over the previous year. Our assets grew to $409.5 million. Commercial lending again led the way with record originations and consumer lending has picked up as consumer confidence in our local economy is improving. At the end of the fiscal year, our capital was $50.0 million, a record number. We remain “well capitalized” as defined by our regulator, the Office of the Comptroller of Currency (“OCC”). At the close of our fiscal year, our risk-based capital ratio was 18.6% and our capital to asset ratio increased to 12.0%.

In June, we introduced our new “state of the art” online banking program that was quickly followed by our mobile banking upgrade in November. The customer reviews have been excellent. If you have not yet had an opportunity to try these services, I invite you to check them out at either or download our mobile app at the App Store or Google Play.

Windsor Federal is committed to serving the banking needs of all of our communities. We recently opened a limited service office at Seabury in Bloomfield. We are thrilled to be part of this vibrant retirement community. We are equally excited to also be opening an office in the Duncaster community this May.

This March two of our long time Directors Brian Quagan and Mark Griffin retired. Mark and Brian combined had been associated with our institution for more than 60 years. On behalf of the entire membership of our Association, I want to thank them for their service.

I want to thank all of our members for the support that they have shown Windsor Federal. We remain committed to our communities and as a mutual institution, we pay our dividends directly back to our communities in the form of employee volunteerism and charitable financial support. We look forward to our continued mutual success.

George W. Hermann, President & CEO



Windsor Federal Savings, MHC and Subsidiaries Consolidated Balance Sheets March 31, 2015 and March 31, 2014

ASSETS March 2015 March 2014
Cash and Due From Banks $ 3,991,881 $ 5,459,217
Federal Home Loan Bank Overnight Deposits 150,019 150,016
Interest Bearing Demand Deposits with Other Banks 11,337,040 22,494,539
Money Market Mutual Funds 36,246 36,242
Cash and Cash Equivalent 15,515,186 28,140,014
Interest-Bearing Time Deposits 1,490,000 490,000
Investments in Available-For-Sale Securities (at fair value) 100,750,213 96,447,828
Investments in Held-To-Maturity Securities (fair values of $652,444 as of March 31, 2015 and $824,003 as of March 31, 2014 ) 643,158 812,726
Federal Home Loan Bank Stock, at Cost 1,517,000 1,517,000
Loans Held-For-Sale - 70,000
Loans, Net 267,678,899 258,132,750
Bank Owned Life Insurance 11,457,819 9,174,071
Premises and Equipment 5,753,267 6,093,976
Core Deposit Intangible and Goodwill 738,616 837,296
Accrued Interest Receivable 1,143,423 1,111,820
Deferred Income Tax Assets, Net 514,365 1,150,948
Other Real Estate Owned 480,329 330,517
Other Assets 1,781,939 2,311,104
TOTAL ASSETS $409,464,214 $406,620,050
LIABILITIES AND EQUITY March 2015 March 2014
Non Interest-Bearing $ 67,236,827 $ 60,783,267
Interest-Bearing 254,668,767 264,259,028
Total Deposits 321,905,594 325,042,295
Customer Repurchase Agreements 30,628,570 27,985,136
Federal Home Loan Bank Advances 3,939,053 3,896,721
Other Liabilities 2,985,997 3,008,522
Total Liabilities 359,459,214 359,932,674
Retained Earnings 49,031,134 46,675,862
Accumulated Other Comprehensive Income 973,866 11,514
Total Equity 50,005,000 46,687,376
TOTAL LIABILITIES AND EQUITY $409,464,214 $406,620,050