2022-11-15T07:49:23-06:00 2021-12-31 390758449 WIPFLI LLP 30 LONG CREEK DRIVE SOUTH PORTLAND ME 041062437 990 2021-01-01 020187390 ST MARY'S BANK CREDIT UNION STMA 6036694600 PO BOX 990 MANCHESTER NH 03105 KEVIN NIHILL CFO & TREASURER 6036694600 2022-11-11 1 KEVIN NIHILL 999009999 JULIA HOWLAND CPA P01711658 2077745701 2022-11-11 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z RONALD COVEY JR PO BOX 990 MANCHESTER NH 03105 252540312 0 X WWW.STMARYSBANK.COM X 1908 NH PROVIDE MEMBERS WITH DEPOSITS, LOANS, AND OTHER RELATED FINANCIAL SERVICES. 9 9 353 11 1260589 0 0 0 49579061 51793360 7965601 7423768 0 0 57544662 59217128 1152990 1686962 5482671 3545377 21296498 23582217 0 0 0 20577949 19680536 48510108 48495092 9034554 10722036 1264358476 1405116910 1171261567 1297267666 93096909 107849244 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 115,303 MEMBERS AS OF DECEMBER 31, 2021, 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 2021, THE CREDIT UNION PROVIDED SUPPORTED NUMEROUS COMMUNITY ORGANIZATIONS AND ALSO CONTRIBUTED $1.5 MILLION 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 2021, OVER 100 ORGANIZATIONS WERE SUPPORTED THROUGH DONATIONS AND EVENT SPONSORSHIPS, TOTALING $175,962. CAUSES INCLUDE, BUT ARE NOT LIMITED TO, CHILDREN AND FAMILY, CULTURAL, FINANCIAL LITERACY, FINANCIAL INDEPENDENCE, AND HEALTH AND WELLNESS. IN 2021, WE AWARDED $11,000 IN SCHOLARSHIPS TO 11 OUTSTANDING APPLICANTS PURSUING DEGREES AT NEW HAMPSHIRE INSTITUTIONS AND BEYOND.ST. MARY'S BANK EMPLOYEES VOLUNTEERED 3,155 HOURS OF TIME, DURING WORKTIME AND ON THEIR OWN TIME IN 2021 TO A RANGE OF NON-PROFIT ORGANIZATIONS. ST. MARY'S BANK PARTICIPATES WITH A NUMBER OF LENDER ORGANIZATIONS OFFERING HOMEOWNERSHIP PROGRAMS THAT ASSISTS THE UNDER-SERVED INCLUDING; NEW HAMPSHIRE HOUSING- FLEX AND PREFERRED PROGRAMS ALONG WITH FHA, USDA-RD, 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.ST. MARY'S WELCOME HOME PROGRAM IS DESIGNED TO HELP BORROWERS BETTER UNDERSTAND THEIR OVERALL CREDIT, DETERMINE HOW MUCH HOUSE THEY CAN AFFORD, CHOOSE THE RIGHT MORTGAGE AND AVOID POTENTIAL PITFALLS. AS IMPORTANT, THE PROGRAM OFFERS REAL MONETARY BENEFITS INCLUDING:-REDUCED INTERIM RATE CAP -MORTGAGE INSURANCE PREMIUM REDUCTION-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 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 25279 0 1 353 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 NH X KEVIN NIHILL 6036694600 200 MCGREGOR ST MANCHESTER NH 03101 GUY D CHAPDELAINE CHAIRMAN 3.00 X X 3250 0 0 STEPHEN J GRZYWACZ VICE CHAIRMAN 3.00 X X 5900 0 0 GINA M BALKUS DIRECTOR 3.00 X 3500 0 0 DAVID H BELLMAN DIRECTOR 3.00 X 5250 0 0 CRAIG S DONAIS DIRECTOR 3.00 X 3900 0 0 JOSEPH G FREMEAU DIRECTOR 3.00 X 0 0 0 DANIEL J HEALY DIRECTOR 3.00 X 3700 0 0 ELIZABETH HITCHCOCK DIRECTOR 3.00 X 5700 0 0 DIANE P FITZPATRICK DIRECTOR 3.00 X 5400 0 0 RONALD COVEY JR CEO 50.00 X 1604111 0 33550 ROBERT DESMEULES CFO & TREASURER (THRU JULY) 50.00 X 222676 0 12949 KEVIN NIHILL CFO & TREASURER 50.00 X 124930 0 4454 JANET RAYMOND CHIEF LENDING OFFICER 50.00 X 295999 0 33527 KENNETH SENUS CHIEF OPERATING OFFICER 50.00 X 368980 0 45724 PAMELA ROY DIRECTOR OF HUMAN RESOURCES 50.00 X 174913 0 40500 JUDY LECLERC SR. RESIDENTIAL LOAN OFFICER 50.00 X 306950 0 30277 RICHARD HANEY SR. RESIDENTIAL LOAN OFFICER 50.00 X 310991 0 44555 HOWIE KING RESIDENTIAL LOAN OFFICER 50.00 X 237193 0 44896 SUNSHINE VOISINE RESIDENTIAL LOAN OFFICER 50.00 X 244156 0 9866 JOHN CLEARY DIRECTOR OF IT 50.00 X 238594 0 29589 4166093 0 329887 17 0 1 0 HARVEY CONSTRUCTION CORP 10 HARVEY RD BEDFORD NH 031106805 NEW CONSTRUCTION/RENOVATIONS 1388957 JACK HENRY & ASSOCIATES INC 663 W HWY 60 PO BOX 807 MONETT MO 657080000 VARIOUS CORE PLATFORM SERVIVES 1149018 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 029200000 ATM NETWORK 1022725 ALKAMI ACH ALERT INC 5601 GRANITE PKWY STE 120 PLANO TX 75024 ON-LINE BANKING PLATFORM AND ACH ALERT S 667835 SYNERGENT PO BOX 1236 PORTLAND ME 04104 STATEMENT SERVICES AND POSTAGE 501348 30 LOAN INCOME FROM MEMBERS 522100 38723296 38723296 SERVICE CHARGES 522100 9820999 8857611 963388 OTHER OPERATING INCOME 522100 3249065 3249065 51793360 1070617 297201 773416 198245597 1430738 191821561 1501623 6424036 -70885 6353151 6353151 59217128 50829972 1260589 7126567 1675962 11000 3545377 2998913 15935577 1136245 2164220 1347262 83283 559911 763709 803350 1145864 100726 1756907 85751 48268 320419 3741223 173081 OTHER EQUIPMENT 4115494 DEBIT CARD EXPENSES 1300082 ORIGINATION FEES 994609 CREDIT BUREAU/UNDERWRIT 549904 3137955 48495092 7049680 6795488 152265198 208980618 2627597 2579821 2353597 2421781 1010723419 1084608196 1485924 1319166 43983484 19938058 22068436 24045426 13137660 6226372 2188900 6259890 50458065 61880152 1264358476 1405116910 196176 114782 817142 699074 27750000 250000 1142498249 1296203810 1171261567 1297267666 X 0 0 0 0 93096909 107849244 93096909 107849244 1264358476 1405116910 X 10722036 198697 3831602 X 0 1 X 1 0 0 1 X 1000101 1000101 27643424 8435218 19208206 15285872 11502840 3783032 54087 54087 24045426 MEMBERS' SHARES 1279212806 OTHER LIABILITIES 16991004 1296203810 X 57023331 198697 198697 56824634 2392494 2392494 59217128 46102598 0 46102598 2392494 2392494 48495092 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 UBIT NET INCOME FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020; HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UBIT AS FURTHER DISCUSSED IN NOTE 9. 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 990T 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 2018. PART XI, LINE 4B - OTHER ADJUSTMENTS: ORIGINATION FEES 994,609. OMSR EXPENSES 1,397,885. PART XII, LINE 4B - OTHER ADJUSTMENTS: ORIGINATION FEES 994,609. OMSR EXPENSES 1,397,885. 1 ST MARY'S BANK CHARITABLE FOUNDATION 200 MCGREGOR STREET MANCHESTER NH 03102 843254128 501(C)(3) 1500000 0 CHARITABLE SUPPORT GRANITE UNITED WAY 22 CONCORD STREET FLOOR 2 MANCHESTER NH 03101 026006033 501(C)(3) 18000 0 CHARITABLE SUPPORT 2 0 SCHOLARSHIPS 11 11000 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 RONALD COVEY JR CEO 433296 0 187330 0 983485 0 8700 0 24850 0 1637661 0 0 0 KENNETH SENUS CHIEF OPERATING OFFICER 273268 0 87665 0 8047 0 8700 0 37024 0 414704 0 0 0 RICHARD HANEY SR. RESIDENTIAL LOAN OFFICER 50618 0 260224 0 149 0 8700 0 35855 0 355546 0 0 0 JUDY LECLERC SR. RESIDENTIAL LOAN OFFICER 89972 0 214605 0 2373 0 8700 0 21577 0 337227 0 0 0 JANET RAYMOND CHIEF LENDING OFFICER 233843 0 57203 0 4953 0 8700 0 24827 0 329526 0 0 0 HOWIE KING RESIDENTIAL LOAN OFFICER 56830 0 180214 0 149 0 7441 0 37455 0 282089 0 0 0 JOHN CLEARY DIRECTOR OF IT 200654 0 37940 0 0 0 7330 0 22259 0 268183 0 0 0 SUNSHINE VOISINE RESIDENTIAL LOAN OFFICER 50489 0 193570 0 97 0 7394 0 2472 0 254022 0 0 0 ROBERT DESMEULES CFO & TREASURER (THRU JULY) 116433 0 53275 0 52968 0 6734 0 6215 0 235625 0 0 0 PAMELA ROY DIRECTOR OF HUMAN RESOURCES 145442 0 28767 0 704 0 5404 0 35096 0 215413 0 0 0 PART I, LINE 4B RONALD COVEY, JR. AND KENNETH SENUS PARTICIPATED IN A 457 (F) PLAN, UNDER WHICH RONALD COVEY, JR. RECEIVED $945,661 AND KEN SENUS RECEIVED $0. KENNETH SENUS COO 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 4,020,209. ACCUMULATED OTHER COMPREHENSIVE INCOME ADJUSTMENT -188,607. 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 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0