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Nonprofiteer
← ST MARY'S BANK CREDIT UNION

Form 990 for tax year 2022

Filed by ST MARY'S BANK CREDIT UNION.

Totals

Total revenue
$61,833,410
Total expenses
$49,715,300
Contributions and grants received
$0
Grants paid
$1,186,252
Program service revenue
$57,250,549
Investment income
$4,275,766
Other revenue
$307,095
Total assets, end of year
$1,463,740,396
Total liabilities, end of year
$1,350,944,492
Net assets or fund balances, end of year
$112,795,904
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 $43,601,256 · related or exempt $43,601,256

  • 2b · Program service revenue: SERVICE CHARGES

    total $10,328,272 · related or exempt $9,457,531 · unrelated business $870,741

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $3,321,021 · related or exempt $3,321,021

  • 3 · Investment income

    total $3,586,238 · unrelated business $164,403 · excluded $3,421,835

  • 7a · Gross sales of assets other than inventory

    securities $26,893,914

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

    securities $26,168,001 · other assets $36,385

  • 7c · Gain or loss

    securities $725,913 · other assets -$36,385

  • 7d · Net gain or loss

    total $689,528 · excluded $689,528

  • 11a · Other revenue: RECOVERY OF LOAN LOSSES

    total $307,095 · excluded $307,095

  • 11e · Other revenue, total

    $307,095

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,186,252

  • 4 · Benefits paid to or for members

    total $3,679,591

  • 5 · Compensation of officers, directors and key employees

    total $2,119,630

  • 7 · Other salaries and wages

    total $18,750,339

  • 8 · Pension plan contributions

    total $2,287,416

  • 9 · Other employee benefits

    total $2,608,790

  • 10 · Payroll taxes

    total $1,423,383

  • 11b · Fees: legal

    total $26,497

  • 11c · Fees: accounting

    total $535,663

  • 11g · Fees: other

    total $658,084

  • 12 · Advertising and promotion

    total $936,974

  • 13 · Office expenses

    total $1,185,977

  • 14 · Information technology

    total $131,071

  • 16 · Occupancy

    total $1,696,936

  • 17 · Travel

    total $225,953

  • 19 · Conferences, conventions and meetings

    total $79,335

  • 22 · Depreciation, depletion and amortization

    total $3,037,991

  • 23 · Insurance

    total $140,184

  • 24a · Other expenses: OTHER EQUIPMENT

    total $4,350,084

  • 24b · Other expenses: DEBIT CARD EXPENSES

    total $1,513,952

  • 24c · Other expenses: CREDIT CARD EXPENSE

    total $768,093

  • 24d · Other expenses: CREDIT BUREAU/UNDERWRIT

    total $563,944

  • 24e · All other expenses

    total $1,809,161

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,795,488 · end of year $6,609,725

  • 2 · Savings and temporary cash investments

    beginning of year $208,980,618 · end of year $92,709,119

  • 4 · Accounts receivable

    beginning of year $2,579,821 · end of year $3,659,558

  • 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 $1,084,608,196 · end of year $1,243,499,778

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,319,166 · end of year $1,824,423

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

    $44,917,559

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

    $22,181,065

  • 10c · Land, buildings and equipment, net

    beginning of year $24,045,426 · end of year $22,736,494

  • 11 · Investments: publicly traded securities

    beginning of year $6,226,372 · end of year $25,046,602

  • 12 · Investments: other securities

    beginning of year $6,259,890 · end of year $5,595,397

  • 15 · Other assets

    beginning of year $61,880,152 · end of year $59,637,519

  • 17 · Accounts payable and accrued expenses

    beginning of year $114,782 · end of year $323,963

  • 21 · Escrow or custodial account liability

    beginning of year $699,074 · end of year $658,932

  • 23 · Secured mortgages and notes payable

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

  • 25 · Other liabilities

    beginning of year $1,296,203,810 · end of year $1,349,711,597

  • 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 $107,849,244 · end of year $112,795,904

Mission and programs · 2022

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 95,813 MEMBERS AS OF DECEMBER 31, 2022, 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 2022, THE CREDIT UNION PROVIDED SUPPORTED NUMEROUS COMMUNITY ORGANIZATIONS AND ALSO CONTRIBUTED $990,000 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 2022, OVER 130 ORGANIZATIONS WERE SUPPORTED THROUGH DONATIONS AND EVENT SPONSORSHIPS, TOTALING $196,220. 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 3,153 HOURS OF TIME, DURING WORKTIME AND ON THEIR OWN TIME IN 2022 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.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 -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 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Stephen J Grzywacz

    CHAIRMAN

    Total calculated
    $4,300
    From this org
    $4,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Elizabeth Hitchcock

    VICE CHAIRMAN

    Total calculated
    $5,450
    From this org
    $5,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Gina M Balkus

    DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    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
    $3,500
    From this org
    $3,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Craig S Donais

    DIRECTOR

    Total calculated
    $5,300
    From this org
    $5,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • William E Stevens

    DIRECTOR

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

  • Daniel J Healy

    DIRECTOR

    Total calculated
    $3,450
    From this org
    $3,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Diane P Fitzpatrick

    DIRECTOR

    Total calculated
    $5,650
    From this org
    $5,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Ronald Covey Jr

    CEO (THRU DEC. 2022)

    Total calculated
    $708,774
    From this org
    $676,913
    From related orgs
    $0
    Other
    $31,861
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $452,487
    Bonus
    $193,377
    Other
    $31,049
    Deferred
    $9,856
    Nontaxable benefits
    $22,005
    Filer's total
    $708,774

  • Kevin Nihill

    CFO & TREASURER

    Total calculated
    $326,230
    From this org
    $318,984
    From related orgs
    $0
    Other
    $7,246
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $250,479
    Bonus
    $67,920
    Other
    $585
    Deferred
    $7,246
    Nontaxable benefits
    $0
    Filer's total
    $326,230

  • Janet Raymond

    SALES MANAGER

    Total calculated
    $361,196
    From this org
    $331,631
    From related orgs
    $0
    Other
    $29,565
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $247,167
    Bonus
    $69,893
    Other
    $14,571
    Deferred
    $6,270
    Nontaxable benefits
    $23,295
    Filer's total
    $361,196

  • Kenneth Senus

    CHIEF OPERATING OFFICER

    Total calculated
    $454,157
    From this org
    $412,785
    From related orgs
    $0
    Other
    $41,372
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $303,635
    Bonus
    $101,103
    Other
    $8,047
    Deferred
    $5,367
    Nontaxable benefits
    $36,005
    Filer's total
    $454,157

  • Pamela Roy

    DIRECTOR OF HUMAN RESOURCES

    Total calculated
    $232,223
    From this org
    $191,217
    From related orgs
    $0
    Other
    $41,006
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $157,672
    Bonus
    $32,763
    Other
    $782
    Deferred
    $5,064
    Nontaxable benefits
    $35,942
    Filer's total
    $232,223

  • Judy Leclerc

    SR. RESIDENTIAL LOAN OFFICER

    Total calculated
    $264,892
    From this org
    $237,834
    From related orgs
    $0
    Other
    $27,058
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $80,864
    Bonus
    $154,597
    Other
    $2,373
    Deferred
    $6,613
    Nontaxable benefits
    $20,445
    Filer's total
    $264,892

  • Richard Haney

    SR. RESIDENTIAL LOAN OFFICER

    Total calculated
    $263,133
    From this org
    $222,045
    From related orgs
    $0
    Other
    $41,088
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $47,397
    Bonus
    $174,499
    Other
    $149
    Deferred
    $6,581
    Nontaxable benefits
    $34,507
    Filer's total
    $263,133

  • Kyle Schneck

    DIRECTOR OF COMMERCIAL BANKING

    Total calculated
    $332,757
    From this org
    $290,165
    From related orgs
    $0
    Other
    $42,592
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $191,118
    Bonus
    $98,660
    Other
    $387
    Deferred
    $7,847
    Nontaxable benefits
    $34,745
    Filer's total
    $332,757

  • Rich Sciaudone

    SALES MANAGER

    Total calculated
    $273,894
    From this org
    $247,999
    From related orgs
    $0
    Other
    $25,895
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $120,000
    Bonus
    $127,019
    Other
    $980
    Deferred
    $2,728
    Nontaxable benefits
    $23,167
    Filer's total
    $273,894

  • John Cleary

    DIRECTOR OF IT

    Total calculated
    $278,056
    From this org
    $252,884
    From related orgs
    $0
    Other
    $25,172
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $209,088
    Bonus
    $43,796
    Other
    $0
    Deferred
    $4,227
    Nontaxable benefits
    $20,945
    Filer's total
    $278,056

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 2022.

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 · controlled entity

    Directly controlled by ST MARY'S BANK CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
10 November 2023
IRS schema version
2022v5.0
Source object
202333179349305383

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