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Nonprofiteer
← ST MARY'S BANK CREDIT UNION

Form 990 for tax year 2023

Filed by ST MARY'S BANK CREDIT UNION.

Totals

Total revenue
$78,521,927
Total expenses
$62,271,262
Contributions and grants received
$0
Grants paid
$461,247
Program service revenue
$72,356,903
Investment income
$6,165,024
Other revenue
$0
Total assets, end of year
$1,496,355,192
Total liabilities, end of year
$1,367,606,454
Net assets or fund balances, end of year
$128,748,738
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INCOME FROM MEMBERS

    total $58,049,267 · related or exempt $58,049,267

  • 2b · Program service revenue: SERVICE CHARGES

    total $10,553,095 · related or exempt $9,594,809 · unrelated business $958,286

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $3,754,541 · related or exempt $3,754,541

  • 3 · Investment income

    total $5,703,124 · excluded $5,703,124

  • 7a · Gross sales of assets other than inventory

    securities $32,726,238

  • 7b · Less cost or other basis and sales expenses

    securities $32,227,646 · other assets $36,692

  • 7c · Gain or loss

    securities $498,592 · other assets -$36,692

  • 7d · Net gain or loss

    total $461,900 · excluded $461,900

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $461,247

  • 4 · Benefits paid to or for members

    total $12,285,900

  • 5 · Compensation of officers, directors and key employees

    total $2,843,504

  • 7 · Other salaries and wages

    total $19,506,774

  • 8 · Pension plan contributions

    total $1,517,713

  • 9 · Other employee benefits

    total $2,536,159

  • 10 · Payroll taxes

    total $1,509,274

  • 11b · Fees: legal

    total $73,972

  • 11c · Fees: accounting

    total $579,219

  • 11g · Fees: other

    total $645,632

  • 12 · Advertising and promotion

    total $890,244

  • 13 · Office expenses

    total $1,088,494

  • 14 · Information technology

    total $103,623

  • 16 · Occupancy

    total $1,904,961

  • 17 · Travel

    total $217,891

  • 19 · Conferences, conventions and meetings

    total $131,189

  • 20 · Interest

    total $16

  • 22 · Depreciation, depletion and amortization

    total $3,042,314

  • 23 · Insurance

    total $206,671

  • 24a · Other expenses: OTHER EQUIPMENT

    total $5,090,718

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $2,517,467

  • 24c · Other expenses: DEBIT CARD EXPENSE

    total $1,657,526

  • 24d · Other expenses: CREDIT CARD EXPENSE

    total $955,208

  • 24e · All other expenses

    total $2,505,546

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,609,725 · end of year $5,976,075

  • 2 · Savings and temporary cash investments

    beginning of year $92,709,119 · end of year $86,989,753

  • 4 · Accounts receivable

    beginning of year $3,659,558 · end of year $4,550,156

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,421,781 · end of year $2,421,781

  • 7 · Other notes and loans receivable

    beginning of year $1,243,499,778 · end of year $1,282,881,047

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,824,423 · end of year $1,916,816

  • 10a · Land, buildings and equipment: cost or other basis

    $47,405,833

  • 10b · Land, buildings and equipment: accumulated depreciation

    $24,485,279

  • 10c · Land, buildings and equipment, net

    beginning of year $22,736,494 · end of year $22,920,554

  • 11 · Investments: publicly traded securities

    beginning of year $25,046,602 · end of year $22,567,617

  • 12 · Investments: other securities

    beginning of year $5,595,397 · end of year $6,083,487

  • 15 · Other assets

    beginning of year $59,637,519 · end of year $60,047,906

  • 17 · Accounts payable and accrued expenses

    beginning of year $323,963 · end of year $659,589

  • 21 · Escrow or custodial account liability

    beginning of year $658,932 · end of year $437,125

  • 23 · Secured mortgages and notes payable

    beginning of year $250,000 · end of year $250,000

  • 25 · Other liabilities

    beginning of year $1,349,711,597 · end of year $1,366,259,740

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $112,795,904 · end of year $128,748,738

Mission and programs · 2023

Mission

ST. MARY'S BANK'S MISSION IS TO HELP MEMBERS ACHIEVE THEIR FINANCIAL GOALS BY PROVIDING BEST-IN-MARKET SERVICE AND TRUSTED FINANCIAL ADVICE.

Activities or mission (Part I)

PROVIDE MEMBERS WITH DEPOSITS, LOANS, AND OTHER RELATED FINANCIAL SERVICES.

  • 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).

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Stephen J Grzywacz

    CHAIRMAN

    Total calculated
    $3,500
    From this org
    $3,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Elizabeth Hitchcock

    VICE CHAIRMAN

    Total calculated
    $5,050
    From this org
    $5,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Gina M Balkus

    DIRECTOR

    Total calculated
    $3,250
    From this org
    $3,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • David H Bellman

    DIRECTOR

    Total calculated
    $5,900
    From this org
    $5,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Guy D Chapdelaine

    DIRECTOR

    Total calculated
    $3,900
    From this org
    $3,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Craig S Donais

    DIRECTOR

    Total calculated
    $5,700
    From this org
    $5,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Diane P Fitzpatrick

    DIRECTOR

    Total calculated
    $3,970
    From this org
    $3,970
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Daniel J Healy

    DIRECTOR

    Total calculated
    $1,200
    From this org
    $1,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Donnalee Lozeau

    DIRECTOR

    Total calculated
    $4,400
    From this org
    $4,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • William E Stevens

    DIRECTOR

    Total calculated
    $4,650
    From this org
    $4,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kenneth Senus

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $643,913
    From this org
    $588,266
    From related orgs
    $0
    Other
    $55,647
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $409,956
    Bonus
    $102,913
    Other
    $75,397
    Deferred
    $9,893
    Nontaxable benefits
    $45,754
    Filer's total
    $643,913

  • Kevin Nihill

    CFO & TREASURER

    Total calculated
    $363,800
    From this org
    $361,525
    From related orgs
    $0
    Other
    $2,275
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $267,657
    Bonus
    $73,515
    Other
    $20,353
    Deferred
    $0
    Nontaxable benefits
    $2,275
    Filer's total
    $363,800

  • Pamela Roy

    CHIEF PEOPLE OFFICER

    Total calculated
    $300,783
    From this org
    $250,112
    From related orgs
    $0
    Other
    $50,671
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $190,263
    Bonus
    $33,031
    Other
    $26,818
    Deferred
    $6,784
    Nontaxable benefits
    $43,887
    Filer's total
    $300,783

  • Kyle A Schneck

    CHIEF LENDING OFFICER

    Total calculated
    $334,335
    From this org
    $281,571
    From related orgs
    $0
    Other
    $52,764
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $210,600
    Bonus
    $46,003
    Other
    $24,968
    Deferred
    $8,718
    Nontaxable benefits
    $44,046
    Filer's total
    $334,335

  • Janet Raymond

    FORMER CHIEF LENDING OFFICER

    Total calculated
    $341,695
    From this org
    $305,920
    From related orgs
    $0
    Other
    $35,775
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $184,271
    Bonus
    $70,800
    Other
    $50,849
    Deferred
    $9,357
    Nontaxable benefits
    $26,418
    Filer's total
    $341,695

  • Tyler White

    CHIEF INFORMATION OFFICER

    Total calculated
    $265,754
    From this org
    $223,189
    From related orgs
    $0
    Other
    $42,565
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $222,874
    Bonus
    $0
    Other
    $315
    Deferred
    $6,915
    Nontaxable benefits
    $35,650
    Filer's total
    $265,754

  • Leo Simard

    CHIEF RETAIL BANKING OFFICER

    Total calculated
    $292,883
    From this org
    $246,903
    From related orgs
    $0
    Other
    $45,980
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $207,121
    Bonus
    $31,869
    Other
    $7,913
    Deferred
    $7,666
    Nontaxable benefits
    $38,314
    Filer's total
    $292,883

  • Randy Sivigny

    DIRECTOR OF COMMERCIAL LENDING

    Total calculated
    $258,822
    From this org
    $223,453
    From related orgs
    $0
    Other
    $35,369
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $169,612
    Bonus
    $34,757
    Other
    $19,084
    Deferred
    $6,909
    Nontaxable benefits
    $28,460
    Filer's total
    $258,822

  • Ronald Covey Jr

    FORMER PRESIDENT/CEO

    Total calculated
    $307,378
    From this org
    $304,180
    From related orgs
    $0
    Other
    $3,198
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $17,676
    Bonus
    $181,579
    Other
    $104,925
    Deferred
    $346
    Nontaxable benefits
    $2,852
    Filer's total
    $307,378

  • Lisa Viau

    DIRECTOR OF OPERATIONS

    Total calculated
    $261,275
    From this org
    $230,611
    From related orgs
    $0
    Other
    $30,664
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $171,721
    Bonus
    $31,931
    Other
    $26,959
    Deferred
    $3,064
    Nontaxable benefits
    $27,600
    Filer's total
    $261,275

  • Elizabeth Stodolski

    DIRECTOR OF MARKETING

    Total calculated
    $280,865
    From this org
    $228,380
    From related orgs
    $0
    Other
    $52,485
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $162,330
    Bonus
    $32,490
    Other
    $33,560
    Deferred
    $7,152
    Nontaxable benefits
    $45,333
    Filer's total
    $280,865

  • Steven Macek

    DIRECTOR OF CONSUMER LENDING

    Total calculated
    $256,346
    From this org
    $218,858
    From related orgs
    $0
    Other
    $37,488
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $171,834
    Bonus
    $33,747
    Other
    $13,277
    Deferred
    $6,822
    Nontaxable benefits
    $30,666
    Filer's total
    $256,346

  • Karen Maryand

    DIRECTOR OF RESIDENTIAL LENDING

    Total calculated
    $259,895
    From this org
    $237,970
    From related orgs
    $0
    Other
    $21,925
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $170,893
    Bonus
    $32,811
    Other
    $34,266
    Deferred
    $7,219
    Nontaxable benefits
    $14,706
    Filer's total
    $259,895

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
KENNETH SENUS PARTICIPATED IN A 457(F) PLAN AND RECEIVED $0 DURING 2023.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • RIVERSIDE FINANCIAL SERVICES INC

    C · INACTIVE · NH · 100% owned · share of assets $1,349 · controlled entity

    Directly controlled by ST MARY'S BANK CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
7 October 2024
IRS schema version
2023v5.1
Source object
202423099349300917

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