March 2023

Dear Friends,

In 2022, we achieved solid operating results while continuing to meet our many commitments as a mutual institution. This was the first full year since 2019 that was not defined by pandemic effects, though some remained. Rising inflation and interest rates, partly attributable to government relief efforts, created new challenges. Overall, our team performed well executing our strategic initiatives, meeting a standard of care for our customers and communities that earned us “Best Bank Statewide” in the annual Vermont Business Magazine “Best of Business” readership survey.

2022 Financial Summary

The company finished the year at $1.414 billion in assets, a modest rise over prior year. Growth would have been more robust without the impact of reduced market valuation of the Bank’s investment portfolio as interest rates continued an upward track. Net loans grew 6.1% to $963.2 million. Deposits and other local funding grew 2.3% to $1.276 billion. Earnings again exceeded budget for the year, coming in just above $10.0 million. With the current market value of the investment portfolio taken into account, equity capital declined $26.0 million year-over-year to $114.0 million. Our ability and intent to hold these high-grade investments to maturity means our regulatory capital remained unaffected, rising to $151.4 million and keeping our capital ratios strong.

2022 Financial Overview

Committed to Community

As part of Northfield Savings Bank’s continued commitment to the communities we serve, in 2022, the NSB Foundation announced five community partnerships and financial support of $445,000 to be utilized over the next two years. The Boys & Girls Club of Burlington, Lund Family Center, Mercy Connections, Spectrum Youth & Family Services, and the Center for Financial Literacy at Champlain College each received a contribution to meet the growing needs of our community.
 

“The NSB Foundation is excited to launch these partnerships and support the ongoing work of the five organizations. Individually, each is an important resource for our friends and neighbors; collectively, they form an important ecosystem for Vermonters moving through their personal and professional journey.”

— Nicole Carignan, NSB Foundation Board Chair

LEARN MORE ABOUT THE NSB FOUNDATION»

Dedicated to making a difference, together

Throughout our 156-year history, we have encouraged a culture of community involvement by supporting our employees’ volunteer efforts. In 2022, Northfield Savings Bank employees volunteered over 2,500 hours in the community.

Among the many Vermont organizations our employees choose to donate their time is Camp Ta-Kum-Ta located in South Hero, Vermont. Camp Ta-Kum-Ta provides extraordinary experiences for children who have or have had cancer and their families, at no cost to their families and is a non-profit organization with limited resources. Consequently, they rely upon volunteers such as ours to help maintain their facilities so they can focus their energy on the campers. NSB has been volunteering at Camp Ta-Kum-Ta for over 10 years and we always have an eager group of about 15-20 employees who can’t wait to sign up for the volunteer day. The work completed often ranges from general maintenance of the grounds to moving furniture to painting cabins and so much more.
 

“The work we do is completed rain or shine and no matter what the weather, we volunteers benefit just as much as the campers. I can confidently say at the end of each work day, every member of our team is smiling and saying ‘I can’t wait to do this next year’.”

— Rosemarie White, Senior VP Commercial Banking

Support, where it matters

In 2022, Northfield Savings Bank was proud to continue supporting several initiatives at Opportunities Credit Union (OCU) in Burlington. Serving individuals across the state, OCU offers affordable deposit and credit products to consumers and businesses who are underserved by the traditional banking system.

Throughout the year, OCU was able to leverage NSB’s support to fund $370,470 Drive Down Loans for 14 borrowers. Overall, 81% of OCU consumer loans were for low-income Vermonters and 43% for credit-challenged borrowers. NSB’s Drive Down grant was responsible for over 3.5% of OCU’s total consumer loans, which according to OCU President/CEO Kate Laud, “REALLY helped!”

OCU also used funding from NSB in 2022 to employ counselor Grace Ross, for their Money Sense program who counseled a total of 1,420 Vermonters, 96 through 1:1 counseling and 1,324 through group workshops. Grace is pictured below (left) with Money Sense Program Manager Katy Bensen (right), in front of OCU’s Black Lives Matter mural.
 

“The Drive Down product allows us to help the borrower who really needs a Fresh Start. It helps people with the lowest credit ratings. The magic comes when that borrower shows up with high levels of collection balances. We can lend them more than the value of the used vehicle and then can use the extra to pay off high credit card balances. It's nice to be able to offer someone a fresh start! We’ve had great success with these borrowers paying on time, too!”

— Kate Laud, President/CEO, Opportunities Credit Union

NSB’s support of OCU will continue as we expand the partnership to have a similar impact on businesses by making the cost of credit more affordable for micro-business loans.

A legacy of giving back

As a mutual institution, we are committed to our customers and the communities where we live and work. Our major donations to local non-profits exemplify this commitment in action, supporting the Vermont communities we serve, year after year. In 2022, Northfield Savings Bank contributed $500,000 to more than 100 community organizations in Vermont.

Leadership

Northfield Mutual Holding Company

Directors

John T. Burke
Nicole M. Carignan
Kyle Dodson
Brian Eagan
Jon Jamieson
Thomas S. Leavitt
John Lyon - Vice Chair
Mary Alice McKenzie - Chair
Thomas Robbins
Mark Saba
Kerin Stackpole

Officers

Thomas S. Leavitt
President
Cory B. Richardson
Treasurer
Amy Turosak
Corporate Secretary

Corporators

Indra J. Acharya
Belan Antensaye
Perry Armstrong
Kim Bolduc
John T. Burke
Brian Button (Emeritus)
Lilli Cain
Nicole M. Carignan
H. Wright Caswell
Stephanie T. Clarke
Edward Corrigan
Jon P. Cunningham
Richard Darby
Sarah DeFelice
Michael C. Diender
Kyle Dodson
Dr. Nadia A. DuBose
Brian Eagan
Ted Elzey
Jennifer Emens-Butler
Dolly Fleming
Yael Friedman
Karen Gillespie Korrow
John Grenier
John J. Handy
Jeffrey Harkness
Brian Harwood
Wanda Heading-Grant
Robert J. Holden
Jon Jamieson
Scott Johnstone
Fletcher Brian Joslin
Lisa L. Keysar
Travis J. Kingsbury
Susan M. Klein
Robert Korrow
Jeff LaBonte
Michael Lajeunesse
Jeffrey Larkin
Sean Lawson
Thomas S. Leavitt
Kevin Lord
Steven Loyer
John Lyon
Owiso Makuku
Mary Alice McKenzie
Walter Milliken
Sue Minter
Eva M. Morse
Allyson Myers
Bob Nelson
Robin C. Nicholson
Jeffrey Nick
Chris Noyes
W. Dan Noyes
Adam Osha
Nancy Owens
Marissa Parisi
Keith Paxman
Deborah A. Phillips
Roberto J. Pierre
Dave Pocius
Nancy Pope
Kesha Ram Hinsdale
Sarah Richards
Thomas Robbins
Sandy Rousse
Mark Saba
Leslie Sanborn
Liz Schlegel
RADM Rich Schneider USCGR (Ret)
Matt Schrag
Steven Shea
Heather F. Shouldice
Kerin Stackpole
Frances Stoddard
Philip Susmann
B. Thomas Sweet
Wallace W. Tapia
David J. Whaley
James H. Wick
Lauren D. Wobby
Karen Galfetti Zecchinelli
Nancy F. Zorn

Northfield Savings Bank

Officers