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Nonprofiteer
← ST MARY'S BANK CREDIT UNION

Form 990 for tax year 2024

Filed by ST MARY'S BANK CREDIT UNION.

Totals

Total revenue
$93,196,174
Total expenses
$75,862,803
Contributions and grants received
$0
Grants paid
$729,193
Program service revenue
$86,552,124
Investment income
$6,644,050
Other revenue
$0
Total assets, end of year
$1,616,505,298
Total liabilities, end of year
$1,466,466,055
Net assets or fund balances, end of year
$150,039,243
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 $71,180,442 · related or exempt $71,180,442

  • 2b · Program service revenue: SERVICE CHARGES

    total $11,683,099 · related or exempt $9,981,030 · unrelated business $1,702,069

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $3,688,583 · related or exempt $3,688,583

  • 3 · Investment income

    total $5,345,867 · excluded $5,345,867

  • 7a · Gross sales of assets other than inventory

    securities $69,664,699 · other assets $963,550

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

    securities $68,324,806 · other assets $1,005,260

  • 7c · Gain or loss

    securities $1,339,893 · other assets -$41,710

  • 7d · Net gain or loss

    total $1,298,183 · excluded $1,298,183

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $729,193

  • 4 · Benefits paid to or for members

    total $21,680,613

  • 5 · Compensation of officers, directors and key employees

    total $2,812,979

  • 7 · Other salaries and wages

    total $21,244,092

  • 8 · Pension plan contributions

    total $753,672

  • 9 · Other employee benefits

    total $3,336,959

  • 10 · Payroll taxes

    total $1,588,856

  • 11b · Fees: legal

    total $125,339

  • 11c · Fees: accounting

    total $651,648

  • 11g · Fees: other

    total $669,634

  • 12 · Advertising and promotion

    total $719,546

  • 13 · Office expenses

    total $1,181,208

  • 14 · Information technology

    total $114,761

  • 16 · Occupancy

    total $1,974,809

  • 17 · Travel

    total $280,601

  • 19 · Conferences, conventions and meetings

    total $105,940

  • 22 · Depreciation, depletion and amortization

    total $3,312,580

  • 23 · Insurance

    total $215,950

  • 24a · Other expenses: OTHER EQUIPMENT

    total $5,590,364

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $3,182,491

  • 24c · Other expenses: DEBIT CARD EXPENSE

    total $1,634,805

  • 24d · Other expenses: CREDIT BUREAU/UNDERWRIT

    total $819,357

  • 24e · All other expenses

    total $3,137,406

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,976,075 · end of year $8,424,198

  • 2 · Savings and temporary cash investments

    beginning of year $86,989,753 · end of year $117,761,394

  • 4 · Accounts receivable

    beginning of year $4,550,156 · end of year $5,213,882

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,421,781 · end of year $2,550,655

  • 7 · Other notes and loans receivable

    beginning of year $1,282,881,047 · end of year $1,365,008,516

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,916,816 · end of year $1,775,661

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

    $50,547,403

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

    $26,058,542

  • 10c · Land, buildings and equipment, net

    beginning of year $22,920,554 · end of year $24,488,861

  • 11 · Investments: publicly traded securities

    beginning of year $22,567,617 · end of year $19,760,665

  • 12 · Investments: other securities

    beginning of year $6,083,487 · end of year $6,420,181

  • 15 · Other assets

    beginning of year $60,047,906 · end of year $65,101,285

  • 17 · Accounts payable and accrued expenses

    beginning of year $659,589 · end of year $988,917

  • 21 · Escrow or custodial account liability

    beginning of year $437,125 · end of year -$23,974

  • 23 · Secured mortgages and notes payable

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

  • 25 · Other liabilities

    beginning of year $1,366,259,740 · end of year $1,465,251,112

  • 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 $128,748,738 · end of year $150,039,243

Mission and programs · 2024

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 95,625 MEMBERS AS OF DECEMBER 31, 2024, 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 2024, THE CREDIT UNION PROVIDED SUPPORTED NUMEROUS COMMUNITY ORGANIZATIONS AND ALSO CONTRIBUTED $500,000 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 2024, OVER 140 ORGANIZATIONS WERE SUPPORTED THROUGH DONATIONS AND EVENT SPONSORSHIPS, TOTALING $210.013. 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 4,710 HOURS OF TIME, DURING WORKTIME AND ON THEIR OWN TIME IN 2024 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.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 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Stephen J Grzywacz

    CHAIRMAN

    Total calculated
    $3,750
    From this org
    $3,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Elizabeth Hitchcock

    VICE CHAIRMAN

    Total calculated
    $5,550
    From this org
    $5,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Stephen A Baines

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Gina M Balkus

    DIRECTOR

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

  • David H Bellman

    DIRECTOR

    Total calculated
    $5,950
    From this org
    $5,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Guy D Chapdelaine

    DIRECTOR

    Total calculated
    $4,550
    From this org
    $4,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Craig S Donais

    DIRECTOR

    Total calculated
    $5,750
    From this org
    $5,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Diane P Fitzpatrick

    DIRECTOR

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

  • Donnalee Lozeau

    DIRECTOR

    Total calculated
    $5,410
    From this org
    $5,410
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • William E Stevens

    DIRECTOR

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

  • Kenneth Senus

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $760,693
    From this org
    $701,986
    From related orgs
    $0
    Other
    $58,707
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $510,181
    Bonus
    $178,063
    Other
    $13,742
    Deferred
    $10,380
    Nontaxable benefits
    $48,327
    Filer's total
    $760,693

  • Kevin Nihill

    CFO & TREASURER (TERMED 7/24)

    Total calculated
    $291,872
    From this org
    $285,592
    From related orgs
    $0
    Other
    $6,280
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $190,937
    Bonus
    $94,314
    Other
    $341
    Deferred
    $5,794
    Nontaxable benefits
    $486
    Filer's total
    $291,872

  • Hoang Nguyen

    CFO & TREASURER

    Total calculated
    $16,596
    From this org
    $12,799
    From related orgs
    $0
    Other
    $3,797
    Hours/week
    50

  • Kyle A Schneck

    CHIEF LENDING OFFICER

    Total calculated
    $402,962
    From this org
    $345,320
    From related orgs
    $0
    Other
    $57,642
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $259,565
    Bonus
    $77,432
    Other
    $8,323
    Deferred
    $10,643
    Nontaxable benefits
    $46,999
    Filer's total
    $402,962

  • Pamela Roy

    CHIEF PEOPLE OFFICER

    Total calculated
    $289,593
    From this org
    $273,422
    From related orgs
    $0
    Other
    $16,171
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $215,526
    Bonus
    $56,155
    Other
    $1,741
    Deferred
    $6,781
    Nontaxable benefits
    $9,390
    Filer's total
    $289,593

  • Leo Simard

    CHIEF RETAIL BANKING OFFICER

    Total calculated
    $314,819
    From this org
    $296,275
    From related orgs
    $0
    Other
    $18,544
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $236,923
    Bonus
    $57,611
    Other
    $1,741
    Deferred
    $9,156
    Nontaxable benefits
    $9,388
    Filer's total
    $314,819

  • Tyler White

    CHIEF STRATEGY OFFICER

    Total calculated
    $432,542
    From this org
    $375,867
    From related orgs
    $0
    Other
    $56,675
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $294,416
    Bonus
    $81,046
    Other
    $405
    Deferred
    $9,878
    Nontaxable benefits
    $46,797
    Filer's total
    $432,542

  • Randy Sivigny

    DIRECTOR OF COMMERCIAL LENDING

    Total calculated
    $258,240
    From this org
    $221,048
    From related orgs
    $0
    Other
    $37,192
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $183,111
    Bonus
    $37,351
    Other
    $586
    Deferred
    $6,852
    Nontaxable benefits
    $30,340
    Filer's total
    $258,240

  • Kriti Modi

    DIRECTOR OF DIGITAL ENGAGEMENT & MEMBER EXPERIENC

    Total calculated
    $258,453
    From this org
    $249,216
    From related orgs
    $0
    Other
    $9,237
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $207,447
    Bonus
    $41,162
    Other
    $607
    Deferred
    $7,491
    Nontaxable benefits
    $1,746
    Filer's total
    $258,453

  • Ronald MacDonald

    DIRECTOR OF RESIDENTIAL LENDING

    Total calculated
    $264,128
    From this org
    $228,647
    From related orgs
    $0
    Other
    $35,481
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $214,223
    Bonus
    $11,751
    Other
    $2,673
    Deferred
    $5,756
    Nontaxable benefits
    $29,725
    Filer's total
    $264,128

  • Shirley Bhutto

    DIRECTOR OF ENTERPRISE RISK MANAGMENT & COMMERCIAL

    Total calculated
    $256,640
    From this org
    $221,013
    From related orgs
    $0
    Other
    $35,627
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $183,179
    Bonus
    $36,175
    Other
    $1,659
    Deferred
    $6,790
    Nontaxable benefits
    $28,837
    Filer's total
    $256,640

  • Karen Mayrand

    DIRECTOR OF RESIDENTIAL LENDING

    Total calculated
    $250,064
    From this org
    $228,696
    From related orgs
    $0
    Other
    $21,368
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $180,545
    Bonus
    $37,102
    Other
    $11,049
    Deferred
    $6,938
    Nontaxable benefits
    $14,430
    Filer's total
    $250,064

  • Steven Macek

    DIRECTOR OF CONSUMER LENDING

    Total calculated
    $265,633
    From this org
    $226,854
    From related orgs
    $0
    Other
    $38,779
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $183,542
    Bonus
    $38,572
    Other
    $4,740
    Deferred
    $7,059
    Nontaxable benefits
    $31,720
    Filer's total
    $265,633

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 · Compensation committee
  • 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 2024.

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 $1,344 · controlled entity

    Directly controlled by ST MARY'S BANK CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
7 August 2025
IRS schema version
2024v5.2
Source object
202522249349300247

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