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December 31, 2014
September 30, 2014

June 30, 2014

March 31, 2014

December 31, 2013


Annual Report to the Members 2014

Dear Members,

I am pleased to report that 2013 was another successful year for Windsor Federal Savings in spite of what continues to be a challenging economy!  Our experienced commercial lending team, led by Raymond Halsted, had a record year originating commercial loans and establishing us as the premier community based lender within our market area.  Earning $1.94 million, Windsor Federal Savings continued its strong earnings performance and remains “well capitalized” as defined by our regulator, the Office of the Controller of Currency (“OCC”).   At the close of our fiscal year, our risk-based capital ratio was 19.4% and our capital to asset ratio increased to 11.3%.

In May, Frank W. Carmon IV was elected to the Board of Directors of Windsor Federal Savings.  Mr. Carmon is the controlling shareholder of Carmon Community Funeral Homes, which operates nine Funeral Homes in the Hartford area. His business expertise and civic involvement in our communities are valuable additions to our institution.

The first Windsor Federal Savings branch office “east of the river” opened in September in East Windsor.  We are building strong partnerships with residents and businesses alike and appreciate the warm welcome the East Windsor community has extended to our sixth full service branch office and its staff.

In November, a limited service branch was opened in Bloomfield High School.  This work and school partnership between Windsor Federal Savings and Bloomfield High School provides all students at the high school an opportunity to participate in an onsite business while gaining financial literacy, an important life skill for all.

For your convenience, Windsor Federal Savings has partnered with Rite Aid Pharmacy. Rite Aid locations in Bloomfield, East Windsor and Enfield have ATM cash dispensing machines that are branded with the Windsor Federal Savings name. These machines, along with any other ATM machines in a Rite Aid Pharmacy in Connecticut, are free of charge for Windsor Federal Savings customers.

We are excited about the upgrades to our online banking and bill pay services that you will be able to experience early this summer.  We are confident that you will not only enjoy our bright, fresh, new look, but you will also appreciate the new enhancements we are implementing to improve your online banking experience.

Stock institutions pay cash dividends to their shareholders.  Windsor Federal Savings as a mutual institution pays dividends to our communities in the form of financial contributions, employee volunteering, school banking programs and community events like our twice annual Shred Days.   Our motto of “Neighbors Helping Neighbors” is not just a slogan but it is the philosophy by which we conduct our business. In closing, I would like to thank you for the support that we continue to receive from all of our customers and the communities that we call home.

George W. Hermann, President & CEO


Windsor Federal Savings, MHC and Subsidiaries
Consolidated Balance Sheets March 31, 2014 and March 31, 2013


March 2014

March 2013

Cash and Due From Banks $5,459,217 $3,146,235
Federal Home Loan Bank Overnight Deposits 150,016 156,876
Interest Bearing Demand Deposits with Other Banks 22,494,539 34,393,005
Money Market Mutual Funds 36,242 36,239

Cash and Cash Equivalent

28,140,014 37,732,355
Interest-Bearing Time Deposits 490,000 735,000
Investments in Available-For-Sale Securities (at fair value) 96,447,828 101,676,665
Investments in Held-To-Maturity Securities (fair values of $824,003 as of March 31, 2014 and $1,031,810 as of March 31, 2013 ) 812,726 1,022,410
Federal Home Loan Bank Stock, at Cost 1,517,000 1,517,000
Loans Held-For-Sale  70,000  - 
Loans, Net 258,132,750 229,145,954
Bank Owned Life Insurance 9,174,071 8,883,108
Premises and Equipment 6,093,976 6,013,918
Core Deposit Intangible and Goodwill 837,296 1,035,446
Accrued Interest Receivable 1,111,820 1,126,966
Deferred Income Tax Assets, Net 1,150,948 552,951
Other Real Estate Owned 330,517 280,017
Other Assets 2,311,104 2,301,381


$406,620,050 $392,023,171
Non Interest-Bearing $  60,783,267 $  51,301,573
Interest-Bearing 264,259,028 262,432,084
Total Deposits 325,042,295 313,733,657
Customer Repurchase Agreements 27,985,136 23,208,608
Federal Home Loan Bank Advances 3,896,721 5,854,389
Other Liabilities 3,008,522 3,099,614
Total Liabilities 359,932,674 345,896,268
Retained Earnings 46,675,862 44,740,992
Accumulated Other Comprehensive Income 11,514 1,385,911
Total Equity 46,687,376 46,126,903


$406,620,050 $392,023,171



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