MANCHESTER, N.H. — St. Mary’s Bank hosted its Annual Shareholders’ Meeting to review 2021, a year highlighted by strong financial performance.
In 2021, St. Mary’s Bank generated a record-setting $373 million in residential mortgage loans, $70 million in Payroll Protection Program and commercial loans, and $281 million in new consumer loans. St. Mary’s Bank also concluded 2021 with $10.920 million in net income, it said.
“Strong net income like this is key to our continued growth,” said President and CEO Ron Covey. “As a not-for-profit financial cooperative, retained earnings is our only source of capital.”
According to St. Mary’s Bank, financial performance in 2021 reflected longer-term positive trends in several key categories. In the past years, deposits have increased more than 51%, assets have climbed more than 46%, and membership has increased nearly 12%.
Covey credited St. Mary’s Bank’s employees as instrumental to this continued growth, especially over the course of the pandemic. “They have stepped up to help our members in so many new ways,” he said. “Their flexibility and resilience allowed us to keep our doors open and fulfill our duties as an essential business.”
2021 also marked a renewed commitment to philanthropy at St. Mary’s Bank, as the board approved a contribution of $1.5 million to the St. Mary’s Bank Charitable Foundation.
“This contribution significantly shores up the Foundation’s ability to support future giving objectives,” noted Guy Chapdelaine, chairman of the board of St. Mary’s Bank.
In 2022, the Foundation will fund St. Mary’s Bank’s scholarship program and 1908 Fund in addition to fulfilling multi-year commitments to Catholic Medical Center’s Pregnancy Care Center and sponsorship of The Palace Theatre’s Performing Arts Series.