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 www.WindsorFederal.com 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