2011-08-09T14:20:00-05:00 2010-12-31 Berry Dunn McNeil & Parker LLC 1000 Elm Street 15th Floor Manchester NH 03101 990 2010-01-01 020187390 St Mary's Bank Credit Union STMA 6036694600 PO Box 990 Manchester NH 03105 Robert A Desmeules 6036694600 2011-08-04 1 Rachel Williamson CPA 6036697337 2011-08-04 2010 2016-02-24 21:20:13Z Ronald Covey PO Box 990 Manchester NH 03105 158633000 0 X www.stmarysbank.com X 1908 NH Provide members with savings and loan services to effectively serve our members by providing trusted ethical advice that helps members achieve their financial goals, a full array of financial services that offer real economic value, and best in the market service that results in long-term loyalty. 11 11 226 0 398248 -197286 0 0 32890000 32513161 6192000 5141839 3062000 0 42144000 37655000 0 0 9498477 7090654 11507669 12167603 0 0 0 20813854 17790743 41820000 37049000 324000 606000 698618000 703186915 644195000 650348198 54423000 52838717 X Provide members with savings and loan services to effectively serve our members by providing trusted ethical advice that helps members achieve their financial goals, a full array of financial services that offer real economic value, and best in the market service that results in long-term loyalty. 0 0 The credit union has 78,670 members as of December 31, 2010. Members have access to a wide variety of low-cost, high-quality services. St. Mary's Bank's Charitable Giving Theme is Children, Families and Individuals in Need. St. Mary's Bank proactively supports the communities it serves through a number of programs and initiatives with the commitment of monetary and non-monetary resources. St. Mary's supports many non-profit and social service agencies through donations and sponsorships. In addition, our employees collectively donate more than 3,000 hours annually by serving on Boards of non-profits and volunteering for various community related events. St. Mary's also donates Manchester Monarchs and Fisher Cats tickets as well as other items to non-profit organizations to use in their fund raising activities. In 2010, St. Mary's Bank supported over 100 organizations through donations and sponsorships for a total of about $200,000.St. Mary's also has a formal Community Outreach Program that is delivered through partnerships with non-profit and social services agencies. Programs include a number of specific programs to assist the underserved including Family Emergency Loans (FEL), Individual Development Accounts (IDAs) and Grants for non-profit, 501 (c)(3) organizations. In 2010, St. Mary's contributed $22,000 in Grants, $9,500 in FEL's and $500 in IDA's.In 2005, St. Mary's established the St. Mary's Bank Medallion scholarship which is administered by the NH Charitable Foundation. This scholarship program assists members enrolling in accredited vocational or technical programs. In 2010, five scholarships for a total of $7,300 were awarded. St. Mary's Bank's HLPR (Home Loan Payment Relief) mortgage program launched in the spring of 2008 assists low-to-moderate income home buyers. The program is modeled on CUNA's (Credit Union National Association's) program which includes a below market interest rate, low down payment requirement and no PMI. In 2010, St. Mary's closed over $2.5 million in HLPR loans. 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 20688 0 1 226 1 1 1 0 0 0 0 0 X 11 11 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X Robert Desmeules 6036694600 200 Bedford St Manchester NH 03101 Ronald J Rioux 1.00 X X 3750 0 0 Joseph G Fremeau 1.00 X X 6550 0 0 Daniel J Healy 1.00 X 6350 0 0 Ovide M Lamontagne 1.00 X X 0 0 0 Suzanne I Vachon 1.00 X 6350 0 0 Guy D Chapdelaine 1.00 X 5420 0 0 Gina M Balkus 1.00 X 3750 0 0 David H Bellman 1.00 X 4150 0 0 Stephen J Grzywacz 1.00 X 2750 0 0 Stephen Duffley 1.00 X 2400 0 0 Robert Duval 1.00 X 2400 0 0 Ronald Covey 40.00 X 356358 0 62458 Daryl Cady 40.00 X 235355 0 42664 Donald Stevens 40.00 X 230635 0 37392 Donald St Germain 40.00 X 146268 0 28308 Steven Macek 40.00 X 123806 0 26953 Judy LeClerc 40.00 X 118924 0 13942 Christopher Freiberger 40.00 X 113864 0 24231 Elizabeth Stodolski 40.00 X 107253 0 33935 1476333 0 269883 12 0 1 0 Lavallee Brensinger Architects 155 Dow St Suite 400 Manchester NH 03101 Architects 299343 ICLA Consulting 282 Water St Newburyport MA 01950 Operations Efficiency Consultant 171000 Gauthier & MacMartin 321 Nashua St Milford NH 03055 Attorneys 164432 NH Mailing Services 30 Terrill Park Dr Concord NH 03301 Mailing & Postage 143141 4 Loan Income From Membe 522100 26362468 26362468 Service Charges 522100 4960000 4561752 398248 Other Operating Income 522100 1190693 1190693 32513161 4755839 4755839 9000 9000 0 0 121355000 120969000 386000 386000 386000 37655000 32114913 398248 5141839 7090654 1008732 8872631 1023889 610191 652160 78997 424610 307211 916493 829872 1408448 117720 31276 1933923 983665 149427 Provision for Loan Loss 4152699 NCUSIF Impairment Fee 1462682 Other Equipment 1189077 Debit Card Expense 765135 Credit Bureau/Underwrit 333840 2705668 37049000 57210000 78047540 2766000 2317582 464418000 479287654 616000 742587 17070163 9558846 6169632 7511317 136229000 118668282 23684000 4882050 7525368 11729903 698618000 703186915 2382421 380800 243579 454294 55000000 50000000 586569000 599513104 644195000 650348198 X 0 0 0 0 54423000 52838717 54423000 52838717 698618000 703186915 X 606000 -2190283 X X 0 1 1 X 1 1 0 1 612760 612760 10286370 4433996 5852374 6148580 5115495 1033085 22453 9355 13098 7511317 Members' Shares 589696189 Other Liabilities 9816915 599513104 37655000 37049000 606000 -773283 -1417000 -2190283 -1584283 37655000 0 37655000 0 37655000 37049000 0 37049000 0 37049000 Part IV, Line 2b: The credit union holds funds in escrow for its mortgage loans to pay taxes and insurance on behalf of the member. Description of Uncertain Tax Positions Under FIN 48: Part X: Part X: The Internal Revenue Service (IRS) is currently revisiting what, if any, products and services provided by the Credit Union are subject to UBIT. There is currently very little guidance in the IRC on what activities should be subject to UBIT. The IRS has indicated that they are studying the issue and may issue additional guidance. As a result, at this time there is uncertainty regarding whether the Credit Union should pay income tax on certain types of net taxable income from activities that may be considered by taxing authorities as unrelated to the purpose for which the Credit Union was granted nontaxable status. The Credit Union has filed tax returns in the past for certain potential taxable activities. The taxing authorities have the ability to assess taxes, penalties and interest for any years for which no tax return was filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities deemed to be unrelated to the Credit Union's nontaxable status is not expected to have a material effect on the Credit Union's consolidated financial position or results of operations. Part XI, Line 8 - Other Adjustments: Net defined benefit pension costs adjustments -1,417,000. 0 X St. Mary's Bank Medallion Scholarship 5 7300 X 1 0 X X X X 0 0 0 Ronald Covey 277708 0 78650 0 0 0 3675 0 58783 0 418816 0 0 0 Daryl Cady 198280 0 37075 0 0 0 3552 0 39112 0 278019 0 0 0 Donald Stevens 193212 0 37423 0 0 0 3538 0 33854 0 268027 0 0 0 Donald St Germain 134020 0 12248 0 0 0 2273 0 26035 0 174576 0 0 0 Steven Macek 114068 0 9738 0 0 0 1931 0 25022 0 150759 0 0 0 Part I, Line 1a Travel for companions of the Board and senior officers is permitted at times for special conferences. Form 990, Part VI, Section A, line 6 The Credit Union's members have rights to elect the members of the governing body. Dividends on members' shares are based on available earnings at the end of a dividend period and are not guaranteed by the Credit Union. Form 990, Part VI, Section A, line 7a Members of the Credit Union have the right to elect one or more members of the organization's governing body, whether periodically, or as vacancies arise, or otherwise. Form 990, Part VI, Section B, line 11 The Director of Finance will review Form 990 for accuracy and reasonableness. Then the Board of Directors will review. Form 990, Part VI, Section B, line 12c New employees are required to acknowledge that they have read and understand this policy. As updates to the policy occur, all SMB employees are required to acknowledge that they have read and understand the revised policy as applicable. In addition, the CAO sends out an annual "All Employee" communication reminding employees to use the review process for any situations that might be perceived as questionable. Form 990, Part VI, Section B, line 15 SMB uses a third party vendor approved by the Board of Directors to set market based salary ranges for each position in the credit union. The vendor also makes recommendations regarding annual market increases each year. SMB's Board of Directors approves salary ranges for each year. The Board also approves the budget which contains merit increases for each year. Form 990, Part VI, Section C, line 19 The financial statements for St. Mary's Bank Credit Union are distributed to all members who attend the annual meeting and also made available to the public upon written request. The governing documents are available upon request. All requests for the conflict of interest policy are referred to the marketing department to assess any potential public relations issues. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized losses on investments: -773,283. Net defined benefit pension costs adjustments -1,417,000. Total to Form 990, Part XI, Line 5: -2,190,283. Form 990, Part XII, Line 2c St. Mary's Bank developed a request for proposal process, management requested and received proposals from several CPA firms and presented those they determined most qualified to the Supervisory Committee. As a result, a new auditing firm was chosen for the current fiscal year. Riverside Financial Inc PO Box 990 Manchester NH 031050990 020419388 Financial and Tax Planning Services NH St Mary's Bank Credit Union C 90877 260914 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0