March 2025
Dear Friends,
Northfield Savings Bank answered the call again in 2024. We met commitments to customers, communities, and colleagues. Our service levels again earned high marks in an annual independent survey of customer satisfaction. We continued to invest in our communities, supporting programs that educate, advance opportunity, and create a more vibrant Vermont. Our team members applied their talents to building relationships, making products and services of value, and doing what it takes to deliver our bank day-in and day-out to the businesses, government entities, non-profits, homeowners, and consumers that rely on us.
The interest rate environment that has challenged financial institutions and their customers for three years settled into a range during 2024. NSB has adapted to narrower margins while maintaining support of our ongoing development of facilities, systems, people, and programs that come together to keep NSB on the vanguard of banks in the Green Mountain State. Our mutual charter has fostered independence and ensured steadfast evolution over 158 years. We have methodically built financial strength and sound risk management without sacrificing market responsiveness and customer care.
2024 Financial Summary
The company finished the year at $1.558 billion in assets, a 3.6% rise over the prior year. Net loans advanced 5.9% to $1.092 billion. Deposits and other local funding grew 1.5%, finishing at $1.287 billion. With net interest margin stabilizing and non-interest expense contained, earnings finished at $4.654 million. Equity capital rose 5.5% to $133.4 million. Tangible and regulatory equity ratios remain strong. Asset quality, supported by low delinquency among borrowers, remained a key strength.
BUILDERS – MAKERS – DOERS 27
We successfully concluded one strategic plan in 2024 and developed a successor plan to bring us into the New Year. Enterprise24 culminated in strong contributions from our emerging Enterprise & Government Banking business line. E24 also saw us advancing our Information Technology strategic initiatives, leading to successful upgrades of multiple assets, investment in network resiliency, and migration to cloud services. Further, we completed the buildout of our Enterprise Risk Management Framework and vital Human Resources commitments to bolster organizational capacity and nourish pillars of equity.
Builders – Makers – Doers 27 is our strategic roadmap for bringing business lines and support functions together in creating customer value and operational efficiency. Community Banking, Mortgage Banking, Commercial Banking, Enterprise & Government Banking, and Northfield Investment Services offered through Osaic Institutions, each have identified tactical initiatives to pursue defined objectives. Each business line is led by one or more experienced officers embodying a player-coach model that drives teamwork toward market development. BMD27 further leverages our ERM Framework, IT Strategic Plan, and HR investments to fortify the company’s backbone and scale. Over three predecessor plans, NSB has forged capabilities to serve the full range of banking needs among our state’s leading enterprises while ensuring we honor our deep roots as the bank of choice for generations in the heart of our state. We are anchored in bedrock.
SUCCESSION
It is no accident that Northfield Savings Bank has had the same name for eight generations. It is no accident that our company has remained independent, with all of our growth coming from organic development of our customer base and community ties. Simply put, NSB has never shaved a corner to try to jump ahead or please forces beyond those we serve. That sensibility has been applied to our stewardship among Trustees and senior leaders of the company. As we have carefully tended to the composition and rotation of devoted Vermonters on our Board, we have done likewise in choosing those entrusted with making policy and carrying out our customer, operational, and regulatory commitments.
Those of us born between 1946 and 1964 are characterized as the baby boom generation. In 2024, NSB bade farewell to some outstanding banking professionals that moved into retirement. Among them are: SVP – Commercial Banking Wright Preston; EVP – Chief Human Resources Officer Donna Austin-Hawley; VP – Community Banking Debra Kerin; and EVP – Chief Lending Officer Al Flory. Collectively these four represented a century and a half of banking experience. In each case, they got out in front and helped prepare successors that are already thriving in their expanded responsibilities.
As announced February 18, 2025, I will be joining cherished former colleagues and some active generational peers in the months to come in pursuing life after career. The Board has our well-planned process underway. I look forward to being among those welcoming our 15th president to NSB later in the year. It has been a true honor and joy to have had the privilege of representing one of Vermont’s most admired organizations and knowing so many of you.
Conclusion
NSB Board Chair John Lyon succeeded Mary Alice McKenzie at our Annual Meeting in April 2024. John has carried on the fine tradition of principled governance while putting his own indelible mark on our company. Our Trustees are involved leaders, chairing committees, participating in company events, and supporting management while also exercising independent oversight. I have the utmost confidence that they will continue to lock elbows with a remarkable team of bankers and steer NSB toward the 175-year mark now within sight.
Sincerely,
Thomas S. Leavitt
President & CEO
2024 Financial Overview
Balance Sheet
As of December 31 (Dollars in thousands)
ASSETS
Cash and Cash Equivalents
Investment Securities
Federal Home Loan Bank Stock
Residential Loans
Commercial Loans
Consumer Loans
Allowance for Credit Losses
Bank Premises and Equipment
Other Assets
Total Assets
$15,262
354,704
4,604
489,691
558,737
52,144
(8,628)
19,047
72,732
$1,558,293
LIABILITIES & CAPITAL
Deposits
Customer Repurchase Agreements
Borrowings
Other Liabilities
Equity Capital
Total Liabilities & Capital
$1,233,989
52,925
118,936
19,077
133,366
$1,558,293
Statement of Earnings
For Year Ended December 31 (Dollars in thousands)
Interest on Loans
Interest on Investments
Total Interest Income
Interest on Deposits
Interest on Borrowings
Total Interest Expense
Net Interest Income
Provision for Credit Losses
Other Operating Income
Operating Expenses
Earnings before Income Taxes
Income Taxes
Net Income
$49,937
8,277
58,214
18,924
5,233
24,157
$34,057
$500
6,491
(36,036)
5,012
358
$4,654
Committed to Community
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 2024, Northfield Savings Bank contributed over $300,000 to more than 100 community organizations in Vermont.
Age Well
Aldrich Public Library
American Heart Association
ANEW Place
Barre Congregational Church
Barre Opera House
Barre Scout Troop #1
Boys & Girls Club of Burlington
Burlington Business Association
Burlington Dismas House
Camp Ta-Kum-Ta
Cathedral Square
Central Vermont Adult Education
Central Vermont Humane Society
Central Vermont Toys For Tots
Central Vermont Habitat for Humanity
Central Vermont Home Health & Hospice
Champlain Housing Trust
Champlain Valley Office Of Economic Opportunity
City Of Burlington
Clyde Whittemore Little League
Committee On Temporary Shelter
Common Ground Center
Common Roots
Community Emergency Relief Volunteers
Community Harvest Of Central Vermont
Freezing Fun For Families
CSB Youth Hockey
Downstreet Housing and Community Development
Dragonheart Vermont
Education Justice Coalition of Vermont
Essex Junction Little League
FAST of Vermont
For the Love of Dogs Vermont
Franklin County Animal Rescue
Friends of the Fletcher Free Library
Georgia Food Shelf
Gifford Medical Center
Good Beginnings Of Central Vermont
Good Samaritan Haven
Governor's Institute of Vermont
Greater Burlington YMCA
Green Mountain Habitat for Humanity
Green Mountain United Way
Green Up Vermont
Hannah Dorfman Performing Arts Scholarship
Harwood Union High School
HomeShare Vermont
Howard Center
Howard Street Outreach Team
Jenna's Promise
Joint Urban Ministry Program
Kids Safe Vermont
King Street Center
Lamoille Area Cancer Network
Louvenia Bright Portrait Fund
Lund
Mad River Valley Ambulance Service
Mad River Valley Chamber of Commerce
Mad River Valley Community Fund
Mad River Valley Senior Citizens
Martha's Community Kitchen
Mater Christi School
Mayo Healthcare
Med47 Foundation
MENTOR Vermont
Mercy Connections
Merrymac Farm Sanctuary
Northfield Senior Center
Our Community Cares Camp
Outright Vermont
Potter's Angels Rescue
Preservation Trust of Vermont
Prevent Child Abuse Vermont
Recovery Partners of Vermont
Richmond Historical Society
Ronald McDonald House
Rotary Club Charities
Rotary Club of Waterbury
Silver Towers Camp
South Burlington Rotary Charities
Special Olympics Vermont
Spectrum Youth and Family Services
Starbase Vermont
Stern Center for Language and Learning
Stockbridge Meeting House
Stowe Theatre Guild
The Sable Project
United Way of Northwestern Vermont
UVM Foundation
UVM Medical Center
Vermont Association for the Blind and Visually Impaired
Vermont Basketball Coaches Association
Vermont Foodbank
Vermont Historical Society
Vermont Jump$tart Coalition
Vermont Land Trust
Vermont Network Against Domestic & Sexual Violence
Vermont Works for Women
Vermont Dog Rescue
Waterbury Ambulance Service
Waterbury Rotary Club
Leadership
Northfield Mutual Holding Company
Directors
John T. Burke
Nicole M. Carignan - Vice Chair
Kyle Dodson
Brian Eagan
Jon Jamieson
Thomas S. Leavitt
John Lyon - Chair
Mary Alice McKenzie
Thomas Robbins
Mark Saba
Kerin Stackpole
Officers
Thomas S. Leavitt
President
Cory B. Richardson
Treasurer
Amy Turosak
Corporate Secretary
Corporators
Indra J. Acharya
Ali Al-Bataineh
Belan Antensaye
Donna Austin-Hawley
Kim Bolduc
John T. Burke
Lilli Cain
Nicole M. Carignan
Laura Carlsmith
H. Wright Caswell
Callie Chapman
Stephanie T. Clarke
Edward Corrigan
Michael C. Diender
Kyle Dodson
Dr. Nadia A. DuBose
John W Durkee
Brian Eagan
Ted Elzey
Jennifer Emens-Butler
Jenneth Fleckenstein
Dolly Fleming
Yael Friedman
Karen Galfetti Zecchinelli
John Grenier
John J. Handy
Jeffrey Harkness
Brian Harwood
Katie Hawley
Dr. Wanda Heading-Grant
Jon Jamieson
F. Brian Joslin
Lisa L. Keysar
Travis J. Kingsbury
Susan M. Klein
Rob Korrow
Jeff LaBonte
Molly K. Langan
Jeffrey Larkin
Sean Lawson
Thomas S. Leavitt
Kevin Lord
Steven Loyer
John Lyon
Owiso Makuku
Mary Alice McKenzie
Sue Minter
Allyson Myers
Bob Nelson
Jeff Nick
Chris Noyes
W. Dan Noyes
Manon L. O'Connor
Adam Osha
Nancy Owens
Marissa Parisi
Keith Paxman
Deborah A. Phillips
Roberto J. Pierre
Dave Pocius
Nancy Pope
Sarah Richards
Thaddeus Richardson
Tom Robbins
Sandy Rousse
Mark Saba
David Saladino
Chiuho Sampson
Leslie Sanborn
Liz Schlegel
RADM Richard Schneider USCGR (Ret)
Matt Schrag
Steven Shea
Heather F. Shouldice
Kerin Stackpole
Frances Stoddard
Philip T. Susmann
Wallace W. Tapia
Jason Webster
David J. Whaley
James H. Wick
Lauren D. Wobby
Nancy F. Zorn
Northfield Savings Bank
Officers
Charles H. Abare
Consumer Credit Processing Manager
Samantha E. Abare
Mortgage Banking Officer
M. Kelly Andrews
RVP Community Banking
Christine T. Auriemma
RVP Community Banking
Chad A. Bell
VP Investment Consultant Manager
Clay E. Bell
VP Investment Consultant
Daniel K. Boylan
Risk Management Officer
Colin Branon
VP Commercial Banking
Lori A. Bussiere
Deposit Operations Manager
Casey L. Caforia
Mortgage Banking Officer
Timothy K. Carpenter
VP Commercial Banking
Stephen T. Chupack
Network Administrator
Megan L. Cicio
SVP Enterprise & Government Banking
Michele D. Crochiere
Community Banking Officer
James V. Dattilio
Community Banking Officer
Tracy L. Davis
Senior Community Banking Officer
Bradford S. Doane
VP Project Manager
Sherry L. Doane
VP Operations
Dijana Downing
VP Commercial Banking
Michael D. Entrott
Solutions Architect
Alfred J. Flory
EVP & Chief Lending Officer
Benjamin T. George
VP Commercial Banking
David A. George
IT Core Operations Manager
Donna M. Gerdes
Collections Manager
Mary E. Gleason
Senior Community Banking Officer
Christopher Jarvis
VP Commercial Banking
Mark J. Kalloz
Community Banking Officer
Timothy P. Kane
VP Compliance Officer
Wendy C. Kellett
Senior Community Banking Officer
Kerry Keown
Community Banking Officer
Kathleen M. LaCross
VP Enterprise & Government Banking
Cheryl A. LaFrance
EVP & Chief Operating Officer
Jason A. Lagrow
Information Security Officer
Maryellen LaPerle
VP Mortgage Banking
Krystal L. LaRose
Mortgage Banking Officer
Kellie J. Laurendeau
Loan Operations Manager
Thomas S. Leavitt
President & CEO
Keith A. Letourneau
Community Banking Officer
Stephanie E. MacAskill
VP Direct Banking & Deposit Operations
Christine E. Martin
Bank Secrecy Act Officer
Alyson C. Mehuron
Marketing & Communications Manager
Del’Rae LM Merrill
Senior Community Banking Officer
Melissa A. Neun
SVP Risk Management
Kristin L. O’Connor
VP Human Resources
Robert F. O’Neill
Security Officer
Heather M. Parizo
Senior Community Banking Officer
Jason J. Pidgeon
VP Mortgage Banking & Consumer Credit
Roger P. Pinan
Mortgage Banking Officer
John P. Ravaschiere
VP Commercial Banking
Wendy S. Rea
RVP Community Banking
Cory B. Richardson
EVP & Chief Financial Officer & Chief Credit Officer
Gina R. Sargent
Consumer Credit Manager
Timothy D. Sargent
SVP Information Technology
David W. Seaver
SVP Commercial Banking
Edward T. Sulva
SVP Controller
Julie L. Therrien
Financial Operations Officer
Amy M. Turosak
Corporate Secretary
Robert B. Wheeler
SVP Commercial Credit
Rosemarie A. White
SVP Commercial Banking
Kate Whitney
VP Government Banking
Marsha D. Wimble
VP Commercial Banking
Andrea L. Wolak
VP Enterprise & Government Banking Services
Mitchell B. Yacavoni
Commercial Banking Officer