2024-11-04T08:19:28-06:00 2023-12-31 390758449 WIPFLI LLP 30 LONG CREEK DRIVE SOUTH PORTLAND ME 041062437 990 2023-01-01 020187390 ST MARY'S BANK CREDIT UNION STMA 6036694600 PO BOX 990 MANCHESTER NH 03105 LINDA GIRARD CONTROLLER/ASST. TREASURER VP 6036694600 2024-10-07 1 1 JULIA HOWLAND CPA P01711658 2077745701 2024-10-07 2023 2024-10-15 13:58:12Z KENNETH SENUS PO BOX 990 MANCHESTER NH 03105 110786265 0 X WWW.STMARYSBANK.COM X 1908 NH PROVIDE MEMBERS WITH DEPOSITS, LOANS, AND OTHER RELATED FINANCIAL SERVICES. 10 10 353 11 958286 0 0 0 57250549 72356903 4275766 6165024 307095 0 61833410 78521927 1186252 461247 3679591 12285900 27189558 27913424 0 0 0 17659899 21610691 49715300 62271262 12118110 16250665 1463740396 1496355192 1350944492 1367606454 112795904 128748738 X ST. MARY'S BANK'S MISSION IS TO HELP MEMBERS ACHIEVE THEIR FINANCIAL GOALS BY PROVIDING BEST-IN-MARKET SERVICE AND TRUSTED FINANCIAL ADVICE. 0 0 THE CREDIT UNION HAS 93,108 MEMBERS AS OF DECEMBER 31, 2023, MEMBERS HAVE ACCESS TO A WIDE VARIETY OF LOW-COST, HIGH-QUALITY SERVICES. ST. MARY'S BANK GIVES BACK TO THE COMMUNITY BY SUPPORTING, PROMOTING AND FURTHERING CHARITABLE, AND EDUCATIONAL PURPOSES, ACTIVITIES AND CAUSES IN NEW HAMPSHIRE, PRIMARILY IN THE CREDIT UNION'S PRIMARY SERVICE AREA. IN 2023, THE CREDIT UNION PROVIDED SUPPORTED NUMEROUS COMMUNITY ORGANIZATIONS AND ALSO CONTRIBUTED $250,000 TO THE ST. MARY'S BANK CHARITABLE FOUNDATION.ST. MARY'S BANK'S CHARITABLE GIVING THEME, CHILDREN, FAMILIES, AND INDIVIDUALS IN NEED, IS OUR WAY OF FOCUSING AVAILABLE RESOURCES ON ACTIVITIES MOST RELEVANT TO OUR MISSION OF SERVICE TO CREDIT UNION MEMBERS AND THE COMMUNITY. IN 2023, OVER 190 ORGANIZATIONS WERE SUPPORTED THROUGH DONATIONS AND EVENT SPONSORSHIPS, TOTALING $213,920. CAUSES INCLUDE, BUT ARE NOT LIMITED TO, CHILDREN AND FAMILY, CULTURAL, FINANCIAL LITERACY, FINANCIAL INDEPENDENCE, AND HEALTH AND WELLNESS.ST. MARY'S BANK EMPLOYEES VOLUNTEERED 3,932 HOURS OF TIME, DURING WORKTIME AND ON THEIR OWN TIME IN 2023 TO A RANGE OF NON-PROFIT ORGANIZATIONS. ST. MARY'S BANK PARTICIPATES WITH LENDER ORGANIZATIONS OFFERING HOMEOWNERSHIP PROGRAMS AND COUNSELING THAT ASSISTS THE UNDER-SERVED INCLUDING; NH HOUSING FINANCE AUTHORITY, FLEX-FHA PREFERRED PROGRAMS INCLUDING CASH ASSISTANCE PROGRAMS, AND FNMA, HOME READY. ST. MARY'S BANK ALSO OFFERS PORTFOLIO FINANCING OPTIONS AND CONTINUES ITS "WELCOME HOME FIRST-TIME HOMEBUYER PROGRAM AND LOW TO NO DOWN PAYMENT OPTIONS.ADDITIONALLY ST. MARY'S WELCOME HOME PROGRAM IS DESIGNED TO ASSIST FIRST TIME HOME BUYERS WITH THE FOLLOWING FEATURES: -REDUCED INTERIM RATE CAP -ACCESS TO A FULL-RANGE OF ONLINE RESEARCH TOOLS-ACCESS TO FREE HOMEBUYER EDUCATIONIN ADDITION TO IDENTIFYING LENDING OPPORTUNITIES FOR FIRST-TIME HOMEBUYERS, WE WILL ALSO CONTINUE TO FOCUS ON LENDING TO INCOME-ELIGIBLE FAMILIES. MORE SPECIFICALLY, LENDING TO FAMILIES WHOSE HOUSEHOLD INCOME IS AT OR BELOW 115% OF THE AREA MEDIAN FAMILY INCOME (DEFINED AND PUBLISHED BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT). 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 23622 0 1 353 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 NH X LINDA GIRARD 6036694600 200 MCGREGOR ST MANCHESTER NH 03101 STEPHEN J GRZYWACZ CHAIRMAN 3.00 X X 3500 0 0 ELIZABETH HITCHCOCK VICE CHAIRMAN 3.00 X X 5050 0 0 GINA M BALKUS DIRECTOR 3.00 X 3250 0 0 DAVID H BELLMAN DIRECTOR 3.00 X 5900 0 0 GUY D CHAPDELAINE DIRECTOR 3.00 X 3900 0 0 CRAIG S DONAIS DIRECTOR 3.00 X 5700 0 0 DIANE P FITZPATRICK DIRECTOR 3.00 X 3970 0 0 DANIEL J HEALY DIRECTOR 3.00 X 1200 0 0 DONNALEE LOZEAU DIRECTOR 3.00 X 4400 0 0 WILLIAM E STEVENS DIRECTOR 3.00 X 4650 0 0 KENNETH SENUS CHIEF EXECUTIVE OFFICER 50.00 X 588266 0 55647 KEVIN NIHILL CFO & TREASURER 50.00 X 361525 0 2275 PAMELA ROY CHIEF PEOPLE OFFICER 50.00 X 250112 0 50671 KYLE A SCHNECK CHIEF LENDING OFFICER 50.00 X 281571 0 52764 JANET RAYMOND FORMER CHIEF LENDING OFFICER 50.00 X 305920 0 35775 TYLER WHITE CHIEF INFORMATION OFFICER 50.00 X 223189 0 42565 LEO SIMARD CHIEF RETAIL BANKING OFFICER 50.00 X 246903 0 45980 RANDY SIVIGNY DIRECTOR OF COMMERCIAL LENDING 50.00 X 223453 0 35369 RONALD COVEY JR FORMER PRESIDENT/CEO 50.00 X 304180 0 3198 LISA VIAU DIRECTOR OF OPERATIONS 50.00 X 230611 0 30664 ELIZABETH STODOLSKI DIRECTOR OF MARKETING 50.00 X 228380 0 52485 STEVEN MACEK DIRECTOR OF CONSUMER LENDING 50.00 X 218858 0 37488 KAREN MARYAND DIRECTOR OF RESIDENTIAL LENDING 50.00 X 237970 0 21925 3742458 0 466806 62 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 657080000 VARIOUS CORE PLATFORM SERVIVES 1406876 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 029200000 ATM NETWORK 1178882 NORTHPOINT CONSTRUCTION MANAGEMENT LLC 22 HAMPSHIRE DR HUDSON NH 03051 BRANCH RENOVATION 973369 ALKAMI ACH ALERT INC DEPT 2223 PO BOX 122223 DALLAS TX 75024 ONLINE BANKING PLATFORM AND ACH ALERT SE 726362 SYNERGENT PO BOX 1236 PORTLAND ME 04104 STATEMENT SERVICES AND POSTAGE 549968 34 LOAN INCOME FROM MEMBERS 522100 58049267 58049267 SERVICE CHARGES 522100 10553095 9594809 958286 OTHER OPERATING INCOME 522100 3754541 3754541 72356903 5703124 5703124 32726238 32227646 36692 498592 -36692 461900 461900 78521927 71398617 958286 6165024 461247 12285900 2843504 19506774 1517713 2536159 1509274 73972 579219 645632 890244 1088494 103623 1904961 217891 131189 16 3042314 206671 OTHER EQUIPMENT 5090718 PROVISION FOR LOAN LOSS 2517467 DEBIT CARD EXPENSE 1657526 CREDIT CARD EXPENSE 955208 2505546 62271262 6609725 5976075 92709119 86989753 3659558 4550156 2421781 2421781 1243499778 1282881047 1824423 1916816 47405833 24485279 22736494 22920554 25046602 22567617 5595397 6083487 59637519 60047906 1463740396 1496355192 323963 659589 658932 437125 250000 250000 1349711597 1366259740 1350944492 1367606454 X 0 0 0 0 112795904 128748738 112795904 128748738 1463740396 1496355192 X 16250665 146415 -444246 X 0 1 X 1 0 0 1 X 1000101 1000101 29149934 10777598 18372336 17044441 13707681 3336760 211357 211357 22920554 MEMBERS' SHARES 1347945514 OTHER LIABILITIES 18314226 1366259740 X 77876081 146415 146415 77729666 792261 792261 78521927 61479001 0 61479001 792261 792261 62271262 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW FOR ITS MORTGAGE LOANS TO PAY TAXES AND INSURANCE ON BEHALF OF THE MEMBER. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). THERE WAS NO SIGNIFICANT UBIT EXPENSE FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022; HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UBIT AS FURTHER DISCUSSED IN NOTE 1. FASB HAS GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION FILES FORM 990 AND FORM 990-T IN THE U.S. FEDERAL JURISDICTION. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS) FOR YEARS BEFORE 2020. PART XI, LINE 4B - OTHER ADJUSTMENTS: OMSR EXPENSES 738,099. ORIGINATION FEES 54,162. PART XII, LINE 4B - OTHER ADJUSTMENTS: ORIGINATION FEES 54,162. OMSR EXPENSES 738,099. 1 ST MARY'S BANK CHARITABLE FOUNDATION 200 MCGREGOR STREET MANCHESTER NH 13012 843254128 501(C)(3) 250000 0 CHARITABLE SUPPORT PALACE THEATRE 80 HANOVER ST MANCHESTER NH 31010 237356019 501(C)(3) 32000 0 CHARITABLE SUPPORT GRANITE UNITED WAY 22 CONCORD ST FL 2 MANCHESTER NH 31010 026006033 501(C)(3) 19500 0 CHARITABLE SUPPORT SERVICE CREDIT UNION IMPACT FOUNDATION 3003 LAFAYETTE RD PORTSMOUTH NH 38010 843223773 501(C)(3) 7500 0 CHARITABLE SUPPORT BOYS & GIRL CLUB OF MANCHESTER 555 UNION ST MANCHESTER NH 03104 020226033 501(C)(3) 6718 0 CHARITABLE SUPPORT 5 0 PART I, LINE 2: THE ORGANIZATION ENSURES THAT THE RECIPIENT ORGANIZATION IS A QUALIFIED SECTION 501(C)(3) PUBLIC CHARITY AND NO GRANT MONITORING IS DEEMED NECESSARY. X X X X 0 1 0 KENNETH SENUS CHIEF EXECUTIVE OFFICER 409956 0 102913 0 75397 0 9893 0 45754 0 643913 0 0 0 KEVIN NIHILL CFO & TREASURER 267657 0 73515 0 20353 0 0 0 2275 0 363800 0 0 0 JANET RAYMOND FORMER CHIEF LENDING OFFICER 184271 0 70800 0 50849 0 9357 0 26418 0 341695 0 0 0 KYLE A SCHNECK CHIEF LENDING OFFICER 210600 0 46003 0 24968 0 8718 0 44046 0 334335 0 0 0 RONALD COVEY JR FORMER PRESIDENT/CEO 17676 0 181579 0 104925 0 346 0 2852 0 307378 0 0 0 PAMELA ROY CHIEF PEOPLE OFFICER 190263 0 33031 0 26818 0 6784 0 43887 0 300783 0 0 0 LEO SIMARD CHIEF RETAIL BANKING OFFICER 207121 0 31869 0 7913 0 7666 0 38314 0 292883 0 0 0 ELIZABETH STODOLSKI DIRECTOR OF MARKETING 162330 0 32490 0 33560 0 7152 0 45333 0 280865 0 0 0 TYLER WHITE CHIEF INFORMATION OFFICER 222874 0 0 0 315 0 6915 0 35650 0 265754 0 0 0 LISA VIAU DIRECTOR OF OPERATIONS 171721 0 31931 0 26959 0 3064 0 27600 0 261275 0 0 0 KAREN MARYAND DIRECTOR OF RESIDENTIAL LENDING 170893 0 32811 0 34266 0 7219 0 14706 0 259895 0 0 0 RANDY SIVIGNY DIRECTOR OF COMMERCIAL LENDING 169612 0 34757 0 19084 0 6909 0 28460 0 258822 0 0 0 STEVEN MACEK DIRECTOR OF CONSUMER LENDING 171834 0 33747 0 13277 0 6822 0 30666 0 256346 0 0 0 PART I, LINE 4B KENNETH SENUS PARTICIPATED IN A 457(F) PLAN AND RECEIVED $0 DURING 2023. KENNETH SENUS CEO SPLIT DOLLAR INSURANCE AGREEMENT LOAN X 2421781 2421781 0 1 1 2421781 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. DIVIDENDS ON MEMBERS' SHARES ARE BASED ON AVAILABLE EARNINGS AT THE END OF A DIVIDEND PERIOD AND ARE NOT GUARANTEED BY THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION B, LINE 11B THE CFO/TREASURER WILL REVIEW FORM 990 FOR ACCURACY AND REASONABLENESS. THE SUPERVISORY COMMITTEE WILL REVIEW AND APPROVE THE FORM 990 AND THEN PROVIDE A COPY TO THE BOARD OF DIRECTORS FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C NEW EMPLOYEES ARE REQUIRED TO ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THIS POLICY. ANNUALLY, OR AS UPDATES TO THE POLICY OCCUR, ALL SMB EMPLOYEES ARE REQUIRED TO ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE POLICY AS APPLICABLE. FORM 990, PART VI, SECTION B, LINE 15 SMB USES A THIRD-PARTY VENDOR APPROVED BY THE BOARD OF DIRECTORS TO SET MARKET-BASED SALARY RANGES FOR EACH POSITION IN THE CREDIT UNION. THE VENDOR ALSO MAKES RECOMMENDATIONS REGARDING ANNUAL MARKET INCREASES EACH YEAR. SMB'S BOARD OF DIRECTORS APPROVES SALARY RANGES FOR EACH YEAR. THE BOARD ALSO APPROVES THE BUDGET WHICH CONTAINS MERIT INCREASES FOR EACH YEAR. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS FOR ST. MARY'S BANK CREDIT UNION ARE DISTRIBUTED TO ALL MEMBERS WHO ATTEND THE ANNUAL MEETING AND ALSO MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. THE GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. ALL REQUESTS FOR THE CONFLICT OF INTEREST POLICY ARE REFERRED TO THE MARKETING DEPARTMENT TO ASSESS ANY POTENTIAL PUBLIC RELATIONS ISSUES. FORM 990, PART XI, LINE 9: NET DEFINED BENEFIT PENSION COSTS ADJUSTMENT 1,392,816. ACCUMULATED OTHER COMPREHENSIVE INCOME ADJUSTMENT 827,098. ONE TIME CECL ADOPTION -2,664,160. ST MARY'S BANK CHARITABLE FOUNDATION 200 MCGREGOR STREET MANCHESTER NH 03102 843254128 CHARITABLE GIVING NH 501(C)(3) PF N/A 0 RIVERSIDE FINANCIAL SERVICES INC 200 MCGREGOR STREET MANCHESTER NH 03102 020419388 INACTIVE NH ST MARY'S BANK CREDIT UNION C 1349 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ST MARY'S BANK CHARITABLE FOUNDATION B 250000 CASH