Dear Members,
I am pleased to report that 2018 was a record year for Windsor Federal Savings, having reached a milestone of $500 million in assets and earnings of more than $3.7 million. We remain “well capitalized” as defined by our regulator, the Office of the Comptroller of Currency (OCC). We closed this record year with a total capital ratio of 15.81% and a tier 1 leverage capital ratio of 11.61%. Our experienced commercial team continued its success by originating over $65 million in new commercial loans, and our loan portfolio grew 9.2% for the year. These results keep us well-positioned among our peers.
Windsor Federal Savings remains committed to putting its motto, “Neighbors Helping Neighbors,” into action. We are proud to have provided financial support to over 200 various organizations and even prouder of our employees, who gave more than 4,200 hours to worthwhile causes in our local communities. We strive to fulfill the same mission within our organization and provide our employees with benefits that meet their real needs. We were one of the first companies in the state to launch a student loan repayment program to help relieve what can be a burdensome debt for our team members.
During the past year, Windsor Federal joined the world of social media to create an awareness of who we are as an organization, highlight our products and services, and engage with a broader multi-generation audience. Social media enables us to extend our reach in helping to cultivate and nurture relationships with, and serve, the organizations and people in our communities. In light of the recent bank consolidations happening all around us, Windsor Federal remains ever committed to its foundation as a mutual institution. In fact, we are one of only 483 mutual institutions in the country. As a mutual institution, we have no shareholders. We are owned mutually by you, our depositors. Because we don’t have to worry about satisfying stockholders and maximizing shareholder value, we are able to focus on our top priority - understanding the needs of our communities and serving them. Most importantly, it means that we cannot be sold. We were founded in 1936 with a mission to provide a safe method for people to save and invest money, and to finance homeownership. We continue this tradition today.
Thank you for the support and trust you put in us. We have grown from humble beginnings where we operated out of a second-floor office with 111 depositors and a net worth of $14,446.33 and today, our foundation is as strong as ever. As we continue to grow, we invite you to grow with us and in turn, help us to grow our communities.
George W. Hermann, President & CEO