2020-09-23T13:50:52-05:00 2019-12-31 390758449 WIPFLI LLP 30 LONG CREEK DRIVE SOUTH PORTLAND ME 041062437 990 2019-01-01 020187390 ST MARY'S BANK CREDIT UNION STMA 6036694600 PO BOX 990 MANCHESTER NH 03105 ROBERT A DESMEULES CFO & TREASURER 6036694600 2020-09-21 1 ALISON HERRICK CPA P01268903 2077745701 2020-09-21 66.186.191.122 2020-09-21 09:42:23 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A16C7969538686D5757E1724D31F9D526CF55CB3 2019 2022-02-16 14:24:37Z RONALD COVEY PO BOX 990 MANCHESTER NH 03105 184889530 0 X WWW.STMARYSBANK.COM X 1908 NH PROVIDE MEMBERS WITH SAVINGS AND LOAN SERVICES. 8 8 294 0 1023280 0 0 0 44537902 47235544 3825445 5906123 0 0 48363347 53141667 223529 1176151 4951893 6518505 17671518 20194888 0 0 0 17504688 17652329 40351628 45541873 8011719 7599794 1003010759 1045764638 927708905 962926228 75301854 82838410 X PROVIDE MEMBERS WITH SAVINGS AND LOAN SERVICES TO EFFECTIVELY SERVE OUR MEMBERS BY PROVIDING TRUSTED ETHICAL ADVICE THAT HELPS MEMBERS ACHIEVE THEIR FINANCIAL GOALS, A FULL ARRAY OF FINANCIAL SERVICES THAT OFFER REAL ECONOMIC VALUE, AND BEST IN THE MARKET SERVICE THAT RESULTS IN LONG-TERM LOYALTY. 0 0 THE CREDIT UNION HAS 112,714 MEMBERS AS OF DECEMBER 31, 2019. 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.ST. MARY'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 2019, OVER 150 ORGANIZATIONS WERE SUPPORTED THROUGH DONATIONS AND EVENT SPONSORSHIPS, TOTALING $160,579. CAUSES INCLUDE, BUT ARE NOT LIMITED TO, CHILDREN AND FAMILY, FINANCIAL LITERACY, FINANCIAL INDEPENDENCE, AND FIGHTING HUNGER. ST. MARY'S BANK EMPLOYEES VOLUNTEERED OVER 4,500 HOURS OF TIME, DURING WORKTIME AND ON THEIR OWN TIME IN 2019 TO A RANGE OF NONPROFIT ORGANIZATIONS. ADDITIONALLY, THE CREDIT UNION HOSTED 45 FINANCIAL EDUCATION SESSIONS DURING THE YEAR AND REACHED OVER 1600 CHILDREN AND TEENS. TWELVE $1,000 SCHOLARSHIPS WERE AWARDED IN 2019 TO MEMBERS.WE ESTABLISHED THE ST. MARY'S BANK CHARITABLE FOUNDATION TO HELP US FUND AND COORDINATE FUTURE DONATIONS. WE MADE AN INITIAL CONTRIBUTION OF $1 MILLION TO THE FOUNDATION AND WILL CONTINUE TO BUILD THAT BALANCE OVER TIME. PLANS ARE TO TRANSITION CHARITABLE GIVING TO THE NEW FOUNDATION IN 2021, WHEN FUND BALANCES WILL BE ABLE TO SUPPORT OUR GIVING LEVELS. ST. MARY'S BANK PARTICIPATES WITH A NUMBER OF LENDER ORGANIZATIONS OFFERING HOMEOWNERSHIP PROGRAMS THAT ASSISTS THE UNDER-SERVED INCLUDING; FHA, VA, USDA-RD, NHHFA, FNMA-MY COMMUNITY, FNMA-ROC, AND FNMA-HARP. ST. MARY'S BANK ALSO OFFERS PORTFOLIO FINANCING OPTIONS AND IN 2018 CONTINUED ITS "WELCOME HOME FIRST-TIME HOMEBUYER PROGRAM" PROGRAM.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 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 24014 0 1 294 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 NH X ROBERT DESMEULES 6036694600 200 MCGREGOR ST MANCHESTER NH 03101 GUY D CHAPDELAINE CHAIRMAN 3.00 X X 3980 0 0 DANIEL J HEALY DIRECTOR 3.00 X 3500 0 0 DAVID H BELLMAN DIRECTOR 3.00 X 3950 0 0 GINA M BALKUS DIRECTOR 3.00 X 3250 0 0 JOSEPH G FREMEAU DIRECTOR 3.00 X 6150 0 0 STEPHEN J GRZYWACZ VICE CHAIRMAN 3.00 X X 6150 0 0 ELIZABETH HITCHCOCK DIRECTOR 3.00 X 5500 0 0 DIANE P FITZPATRICK DIRECTOR 3.00 X 5180 0 0 RONALD COVEY JR CEO 50.00 X 958061 0 29094 ROBERT DESMEULES CFO & TREASURER 50.00 X 254106 0 16476 JUDY LECLERC SR. RESIDENTIAL LOAN OFFICER 50.00 X 237159 0 26295 JANET RAYMOND CHIEF LENDING OFFICER 50.00 X 199849 0 26574 KENNETH SENUS CHIEF OPERATING OFFICER 50.00 X 353133 0 38434 STEVEN MACEK DIRECTOR OF CONSUMER LENDING 50.00 X 165145 0 23147 JOHN CLEARY DIRECTOR OF IT 50.00 X 206873 0 23882 2411986 0 183902 30 0 1 0 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 02920 ATM NETWORK 996691 SYNERGENT PO BOX 1236 PORTLAND ME 04104 STATEMENT SERVICES AND POSTAGE 498747 ARKATECHTURE 433 US RTE ONE STE 206 YORK ME 03909 DATA WAREHOUSE REPORTING 343389 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 15106 ATM REPAIR AND SERVICE 256558 GAUTHIER & MAC MARTIN PLLC 123 ELM ST MILFORD NH 03055 COLLECTION LEGAL EXPENSE 177252 12 LOAN INCOME FROM MEMBERS 522100 34660572 34660572 SERVICE CHARGES 522100 9455345 8584498 870847 OTHER OPERATING INCOME 522100 3119627 3119627 47235544 2810211 152433 2657778 132886669 1957106 129884182 1863681 3002487 93425 3095912 3095912 53141667 46364697 1023280 5753690 1176151 6518505 1295395 13968388 1756292 2003189 1171624 68144 496222 646802 824039 716043 1533567 209965 78351 399781 3108963 153830 OTHER EQUIPMENT 3393596 PROVISION FOR LOAN LOSS 1617122 DEBIT CARD EXPENSE 1154278 CREDIT BUREAU/UNDERWRIT 427827 2823799 45541873 3728336 3812334 67795544 55379855 2425349 2567855 1647518 2353597 854244888 902666172 1218159 1338200 38318953 16327002 21594578 21991951 16968242 17664217 2205700 1687400 31182445 36303057 1003010759 1045764638 207391 246792 602526 430043 18300000 15800000 908598988 946449393 927708905 962926228 X 0 0 0 0 75301854 82838410 75301854 82838410 1003010759 1045764638 X 7599794 78103 -141341 X 0 1 X 1 0 0 1 X 563756 563756 23452058 6880037 16572021 14195698 9427147 4768551 107441 19818 87623 21991951 MEMBERS' SHARES 933332531 OTHER LIABILITIES 13116862 946449393 X 51877817 0 51877817 1263850 1263850 53141667 44278031 0 44278031 1263842 1263842 45541873 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 EXPENSE FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018; 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 2015. PART XI, LINE 4B - OTHER ADJUSTMENTS: OMSR EXPENSES 847,049. ORIGINATION FEES 416,801. PART XII, LINE 4B - OTHER ADJUSTMENTS: OMSR EXPENSES 847,041. ORIGINATION FEES 416,801. 1 AMERICA'S CREDIT UNION MUSEUM 420 NOTRE DAME AVE MANCHESTER NH 03102 020472576 501(C)(3) 5000 CHARITABLE SUPPORT CATHOLIC MEDICAL CENTER 100 MCGREGOR STREET MANCHESTER NH 031023770 020315693 501(C)(3) 6500 CHARITABLE SUPPORT GRANITE UNITED WAY 22 CONCORD STREET FLOOR 2 MANCHESTER NH 03101 026006033 501(C)(3) 23000 CHARITABLE SUPPORT THE PALACE THEATRE 61 ATLANTIC STREET STAMFORD CT 06901 061048684 501(C)(3) 8000 CHARITABLE SUPPORT MANCHESTER COMMUNITY THEATER PLAYERS 698 BEECH STREET MANCHESTER NH 03104 593795139 501(C)(3) 5000 CHARITABLE SUPPORT NASHUA POLICE ATHLETIC LEAGUE 52 ASH STREET NASHUA NH 03060 020427526 501(C)(3) 10000 CHARITABLE SUPPORT SMB FOUNDATION 200 MCGREGOR STREET MANCHESTER NH 03102 843254128 501(C)(3) 1000000 CHARITABLE SUPPORT THE MOORE CENTER 195 MCGREGOR STREET400 MANCHESTER NH 03102 020261136 501(C)(3) 5000 CHARITABLE SUPPORT 8 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 0 0 RONALD COVEY JR CEO 413641 0 201651 0 342769 0 8400 0 20694 0 987155 0 0 0 ROBERT DESMEULES CFO & TREASURER 193557 0 57975 0 2574 0 7694 0 8782 0 270582 0 0 0 JUDY LECLERC SR. RESIDENTIAL LOAN OFFICER 88148 0 147548 0 1463 0 7301 0 18994 0 263454 0 0 0 JANET RAYMOND CHIEF LENDING OFFICER 197275 0 0 0 2574 0 6226 0 20348 0 226423 0 0 0 KENNETH SENUS CHIEF OPERATING OFFICER 252787 0 92299 0 8047 0 8103 0 30331 0 391567 0 0 0 STEVEN MACEK DIRECTOR OF CONSUMER LENDING 141622 0 21610 0 1913 0 5153 0 17994 0 188292 0 0 0 JOHN CLEARY DIRECTOR OF IT 184964 0 19350 0 2559 0 6362 0 17520 0 230755 0 0 0 RONALD COVEY JR CEO SPLIT DOLLAR INSURANCE AGREEMENT LOAN X 2353597 2353597 0 1 1 2353597 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, PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C NEW EMPLOYEES ARE REQUIRED TO ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THIS POLICY. AS UPDATES TO THE POLICY OCCUR, ALL SMB EMPLOYEES ARE REQUIRED TO ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE REVISED POLICY AS APPLICABLE. IN ADDITION, THE DIRECTOR OF HR SENDS OUT AN ANNUAL "ALL EMPLOYEE" COMMUNICATION REMINDING EMPLOYEES TO USE THE REVIEW PROCESS FOR ANY SITUATIONS THAT MIGHT BE PERCEIVED AS QUESTIONABLE. 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 -141,341. ST MARYS 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