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Annual Report 2017

Dear Members,

I am pleased to report that 2016 was a good year for Windsor Federal Savings. We earned $2.7 million for the year, an increase of almost $100 thousand over the prior year.   Our assets grew to $465 million with capital to $53.7 million. 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 total capital ratio was 17 %; our tier 1 leverage capital ratio was 11.73%.  These results keep us well positioned among our peers.

“Here we grow again!” Our seventh full service banking office was opened in May on Mountain Road, Suffield.  Our new Suffield Branch is a state-of-the art banking office that incorporates modern technology with our     customer friendly, “neighbors helping neighbors”, service. Since Windsor Federal’s beginning in 1936, our customers have grown to appreciate and to depend upon the personalized service that they receive from our staff.  For those of you who have not yet had the opportunity to visit our new Suffield office, I would like to personally invite you to stop in to say hello to our staff and to enjoy a cup of coffee or tea with us.  Due to the rapid  success of this new Branch, we leased office space and established a Loan Center right next door to our new Suffield Office!  Several members of our growing  commercial lending staff have already moved in and are pleased with the warm reception that they continue to receive from the business community.

During this past year, Raymond Halsted, our lending team leader, consummate commercial banker, and respected member of the Windsor community, made a difficult decision to transition away from his managerial responsibilities. Luke Kettles, a Suffield resident and highly respected banker and lender in the North Central Connecticut and the Pioneer Valley  Massachusetts areas, joined our Association in October as Chief Loan Officer.  Luke rapidly assumed the managerial oversight responsibilities within the lending areas. With Luke on-board, Ray was able to share his expertise with our lenders, work with our customers, consult on special projects, spend time with his family, and whip his golf game in shape!

Our institution continues to be very active in our communities. We provide volunteer manpower as well as financial support to the many varied and deserving organizations within our neighborhoods.   This past year we also supported our communities through education. We visited preschools to high schools and adapted the financial literacy program, “Teach Children to Save” to the varied grade levels.  The purpose of “Teach Children to Save” is to start our young people thinking about saving at an early point in their lives. Additionally, we developed Financial Fraud and Financial Elder Abuse programs.  These educational programs were presented to relevant adult groups and organizations in our communities to help prevent our older citizens from becoming uninformed victims. Please let us know if you would like us to present one of these worthwhile programs to your organization or if you would like to attend a program session and become an informed program participant.

On a personal note, I have had the honor and privilege of being elected Treasurer of our national trade organization, the American Bankers Association.   I wish to thank everyone for the support that has been given to us at Windsor Federal Savings.  We are look forward to continuing in our mission of “neighbors helping neighbors” throughout the years to come.

George W. Hermann, President & CEO



Windsor Federal Savings, MHC and Subsidiaries Consolidated Balance Sheets March 31, 2017 and March 31, 2016

ASSETS March 2017 March 2016
Cash and Due From Banks $ 5,467,111 $ 4,683,037
Federal Home Loan Bank Overnight Deposits 200,061 200,033
Interest Bearing Demand Deposits with Other Banks 19,742,159 7,112,965
Money Market Mutual Funds 36,373 36,266
Cash and Cash Equivalent 25,445,704 12,032,301
Interest-Bearing Time Deposits 249,000 1,245,000
Investments in Available-For-Sale Securities (at fair value) 94,281,029 84,491,003
Investments in Held-To-Maturity Securities (fair values of $364,615 as of March 31, 2017 and $468,839 as of March 31, 2016 ) 360,553 463,325
Federal Home Loan Bank Stock, at Cost 959,300 1,200,500
Loans Held-For-Sale 464,250 -
Loans, Net 320,187,638 297,671,750
Bank Owned Life Insurance 12,104,012 11,780,308
Premises and Equipment 5,503,216 5,611,478
Core Deposit Intangible and Goodwill 738,616 738,616
Accrued Interest Receivable 1,247,995 1,180,692
Deferred Income Tax Assets, Net 1,122,892 579,095
Other Real Estate Owned 283,142 77,341
Other Assets 1,724,132 1,674,113
TOTAL ASSETS $464,671,479 $418,745,522
LIABILITIES AND EQUITY March 2017 March 2016
Non Interest-Bearing $ 98,565,110 $ 80,551,774
Interest-Bearing 280,256,627 258,498,690
Total Deposits 378,821,737 339,050,464
Customer Repurchase Agreements 29,690,842 22,712,288
Federal Home Loan Bank Advances - 1,980,721
Other Liabilities 2,481,128 2,746,758
Total Liabilities 410,993,707 366,490,231
Retained Earnings 54,342,909 51,638,729
Accumulated Other Comprehensive (loss) Income (647,137) 616,562
Total Equity 53,677,772 52,255,291
TOTAL LIABILITIES AND EQUITY $464,671,479 $418,745,522

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