2022 Annual Report

2022 Annual Report | Northfield Mutual Holding Company and Northfield Savings Bank
Tom Leavitt

March 2023

Dear Friends,

In 2022, we achieved solid operating results while continuing to meet our many commitments as a mutual institution. This was the first full year since 2019 that was not defined by pandemic effects, though some remained. Rising inflation and interest rates, partly attributable to government relief efforts, created new challenges. Overall, our team performed well executing our strategic initiatives, meeting a standard of care for our customers and communities that earned us “Best Bank Statewide” in the annual Vermont Business Magazine “Best of Business” readership survey.

Gold Arrow

2022 Financial Summary

The company finished the year at $1.414 billion in assets, a modest rise over prior year. Growth would have been more robust without the impact of reduced market valuation of the Bank’s investment portfolio as interest rates continued an upward track. Net loans grew 6.1% to $963.2 million. Deposits and other local funding grew 2.3% to $1.276 billion. Earnings again exceeded budget for the year, coming in just above $10.0 million. With the current market value of the investment portfolio taken into account, equity capital declined $26.0 million year-over-year to $114.0 million. Our ability and intent to hold these high-grade investments to maturity means our regulatory capital remained unaffected, rising to $151.4 million and keeping our capital ratios strong.



Our 2021 report featured the foundation of our current Enterprise24 strategic plan, including NSB Core Principles, Vision, Value Proposition, and Strategic Themes. We made progress with all six of the themes in 2022. In Enterprise Market Development, we attracted and onboarded new relationships with active outreach by all business lines and our leadership team. We broke down our Builders, Makers, Doers® commitment featuring each element of our value proposition in successive communications to Vermont enterprises that are continuing into 2023. In Enterprise Efficiency & Productivity, we continued to build upon the successful core processing system conversion of 2021 with new tools to fully leverage our operating environment. In Enterprise Human Resources & Equity Framework, we made additional investments in our organization while also supporting community partners doing critical work lifting their served populations. In Enterprise Risk Management, we formalized a new Enterprise Risk Management (ERM) Framework and put in place vital components that included a reinforced business continuity management program. In Enterprise Information Technology, we advanced customer access, network capacity, information security, and the company’s ongoing migration to cloud computing solutions. In Enterprise Mission, we sustained our financial support of programs to make credit more accessible for historically underserved local communities in partnership with Opportunities Credit Union.

Anchoring Vermont Downtowns

As part of a multi-year series of capital projects over successive strategic plans, we have been further securing our vital places at the heart of our served communities. From Bethel to Randolph to Northfield to Barre to Berlin to Montpelier to Waitsfield to Waterbury to Richmond to Williston to Essex Junction to South Burlington to Burlington, we have significantly upgraded our physical presence. During 2022 and into 2023, we have been making a new round of investments in Richmond and on Burlington’s Church Street Marketplace. These new banking centers will offer a full range of NSB services in bright facilities that will bring economic and social vitality. As we have continued to deliver a robust set of digital tools to our customers where they work, live, and strive, we have never forgotten how important a sense of rootedness can be to one’s financial security. That combination is one our mutual charter, now 156 years strong, celebrates while making us the largest bank headquartered in the Green Mountain State.


Bringing a substantive 21st century banking capability to market day-in and day-out requires an enterprise of many moving parts to run well all the time. Buildings, systems, products, services, and programs are some of the essential pieces. At Northfield Savings Bank we are fortunate to have strength in the most indispensable factor of all—our people. Our mix of multi-decade veterans and emerging professionals of varying backgrounds gives NSB a dynamic that blends experience with a youthful outlook. We are constantly educating each other as we share our gifts with our customers and communities. It makes for a stimulating environment in which to grow and serve.

We come into our April 4 annual meeting having navigated the events that have unfolded in the wake of the Silicon Valley Bank and Signature Bank actions by regulators. We are a robust community bank that has always met its commitments and is well positioned to do so well into the future as generations place their trust in us. Our Board, our management team, and our staff are again rising to the moment.

On behalf of all of us here, I thank all of you with a stake in making NSB a truly distinctive Vermont institution.




Thomas S. Leavitt
President & CEO


2022 Financial Overview

Balance Sheet

As of December 31 (Dollars in thousands)



Cash and Cash Equivalents
Investment Securities
Federal Home Loan Bank Stock
Residential Loans
Commercial Loans
Consumer Loans
Allowance for Loan Losses
Bank Premises and Equipment
Other Assets

Total Assets






Customer Repurchase Agreements
Federal Home Loan Bank Borrowings
Other Liabilities
Equity Capital

Total Liabilities & Capital




Statement of Earnings

For Year Ended December 31 (Dollars in thousands)


Interest on Loans
Interest on Investments

Total Interest Income

Interest on Deposits
Interest on Borrowings

Total Interest Expense

Net Interest Income

Provision for Loan Losses
Other Operating Income
Security Gains
Operating Expenses


Earnings before Income Taxes
Income Taxes

Net Income






$ —






Committed to Community

As part of Northfield Savings Bank’s continued commitment to the communities we serve, in 2022, the NSB Foundation announced five community partnerships and financial support of $445,000 to be utilized over the next two years. The Boys & Girls Club of Burlington, Lund Family Center, Mercy Connections, Spectrum Youth & Family Services, and the Center for Financial Literacy at Champlain College each received a contribution to meet the growing needs of our community.

NSB FoundationNSB Foundation

“The NSB Foundation is excited to launch these partnerships and support the ongoing work of the five organizations. Individually, each is an important resource for our friends and neighbors; collectively, they form an important ecosystem for Vermonters moving through their personal and professional journey.”

 Nicole Carignan, NSB Foundation Board Chair


Dedicated to making a difference, together

Throughout our 156-year history, we have encouraged a culture of community involvement by supporting our employees’ volunteer efforts. In 2022, Northfield Savings Bank employees volunteered over 2,500 hours in the community.

Among the many Vermont organizations our employees choose to donate their time is Camp Ta-Kum-Ta located in South Hero, Vermont. Camp Ta-Kum-Ta provides extraordinary experiences for children who have or have had cancer and their families, at no cost to their families and is a non-profit organization with limited resources. Consequently, they rely upon volunteers such as ours to help maintain their facilities so they can focus their energy on the campers. NSB has been volunteering at Camp Ta-Kum-Ta for over 10 years and we always have an eager group of about 15-20 employees who can’t wait to sign up for the volunteer day. The work completed often ranges from general maintenance of the grounds to moving furniture to painting cabins and so much more.

NSB VolunteerismNSB VolunteerismRosemarie White

“The work we do is completed rain or shine and no matter what the weather, we volunteers benefit just as much as the campers. I can confidently say at the end of each work day, every member of our team is smiling and saying ‘I can’t wait to do this next year’.”

 Rosemarie White, Senior VP Commercial Banking

Support, where it matters

In 2022, Northfield Savings Bank was proud to continue supporting several initiatives at Opportunities Credit Union (OCU) in Burlington. Serving individuals across the state, OCU offers affordable deposit and credit products to consumers and businesses who are underserved by the traditional banking system.

Throughout the year, OCU was able to leverage NSB’s support to fund $370,470 Drive Down Loans for 14 borrowers. Overall, 81% of OCU consumer loans were for low-income Vermonters and 43% for credit-challenged borrowers. NSB’s Drive Down grant was responsible for over 3.5% of OCU’s total consumer loans, which according to OCU President/CEO Kate Laud, “REALLY helped!”

OCU also used funding from NSB in 2022 to employ counselor Grace Ross, for their Money Sense program who counseled a total of 1,420 Vermonters, 96 through 1:1 counseling and 1,324 through group workshops. Grace is pictured below (left) with Money Sense Program Manager Katy Bensen (right), in front of OCU’s Black Lives Matter mural.

Opportunities Credit UnionOpportunities Credit Union

“The Drive Down product allows us to help the borrower who really needs a Fresh Start. It helps people with the lowest credit ratings. The magic comes when that borrower shows up with high levels of collection balances. We can lend them more than the value of the used vehicle and then can use the extra to pay off high credit card balances. It's nice to be able to offer someone a fresh start! We’ve had great success with these borrowers paying on time, too!”

— Kate Laud, President/CEO, Opportunities Credit Union

NSB’s support of OCU will continue as we expand the partnership to have a similar impact on businesses by making the cost of credit more affordable for micro-business loans.

A legacy of giving back

As a mutual institution, we are committed to our customers and the communities where we live and work. Our major donations to local non-profits exemplify this commitment in action, supporting the Vermont communities we serve, year after year. In 2022, Northfield Savings Bank contributed $500,000 to more than 100 community organizations in Vermont.

Grey Arrow

Age Well

Aldrich Public Library

Alzheimer's Association of Vermont

American Cancer Society

American Heart Association

A New Place

Barre Elks Lodge

Barre Opera House

Barre Rotary Foundation

Bethel Food Shelf

Big Heavy World

Boy Scout Troop 894

Boys & Girls Club of Burlington

Burlington Dismas House

BYSA Hockey Scholarship Fund

Camp Ta-Kum-Ta

Cancer Patient Support Program

Capital City Band

Capital City Concerts

Central VT Career Center

Central VT Council on Aging

Central VT Humane Society

Central VT Adult Basic Education

Central VT Home Health & Hospice

Charlotte Public Library

Circle VT

Cochran's Ski Area

Committee on Temporary Shelter (COTS)

Community Energy Relief Volunteers

Community Harvest of Central VT

Country Club of Barre

Downstreet Housing and Community Development

Dragonheart Vermont

Dream Program

Echo-Leahy Center for Lake Champlain

Elley Long Music Center

Family Center of Washington County

Far Post Soccer Club

Farr's Hill Inc

Fletcher Free Library

Freezing Fun for Families

Gifford Last Mile Ride

Gifford Medical Center

Good Beginnings of Central Vermont

Good Samaritan Haven

Governor's Institute of Vermont

Greater Burlington YMCA

Green Mountain Book Festival

Green Mountain Pug Rescue

Habitat for Humanity

HomeShare Vermont

Hope Works

Humane Society of Chittenden County

Hunger Mountain Co-op

Inclusive Arts Vermont

Joint Urban Ministry Program

Jumpstart Coalition for Personal Financial Literacy

Just Basics Inc

Kellogg-Hubbard Library

Kelly Brush Foundation

Kid Safe Vermont

King Street Center, Inc

Kingdom County Productions

Lake Champlain Chamber

Lake Champlain Community Sailing Center

Lake Champlain Opportunity Fund

Lewis Creek Association

Living Tree Alliance

Local Motion

Mad River Ridge Runners

Mad River Valley Chamber of Commerce

Mad River Valley Senior Citizens, Inc

Make-A-Wish Foundation of Vermont

Meals on Wheels, Central Vermont

Mentor Vermont

Mercy Connections

Montpelier Alive

Montpelier/Roxbury Public Schools

Northfield Country Club

Northfield Observances Inc

Norwich University

Opportunities Credit Union

Our Community Cares Camp

Outright Vermont

Pan Mass Challenge Cancer Ride

Pittsfield Fire Department

Potter's Angels Rescue

Prevent Child Abuse Vermont

Rebuild Together Greater Burlington

Renewable Energy Vermont

Renita Marshall Helping Hands Foundation, Inc

Richmond Farmer's Market

Richmond Land Trust Inc

Ronald McDonald House

Sail Beyond Cancer Vermont

Shelburne Little League

Shidaa Projects Inc

Silver Towers Camp

South Burlington Rotary Club

Special Olympics Vermont

Spectrum Youth and Family Services

Spring Hill School

Stern Center for Language

Studio Place Arts

Technology for Tomorrow

The Schoolhouse

The University of Vermont Cancer Center

University of Vermont Children's Hospital

University of Vermont Foundation

University of Vermont Lane Series

University of Vermont Medical Center

University of Vermont Health Network Home, Health & Hospice

Vermont Basketball Coaches Association

Vermont be True

Vermont Chamber of Commerce

Vermont Children's Trust Foundation

Vermont Coalition to End Homelessness

Vermont Council on Rural Development

Vermont Foodbank

Vermont Historical Society

Vermont International Film Festival

Vermont Leagues of Cities and Towns

Vermont Mountain Bike Association

Vermont Mountaineers

Vermont National Guard

Vermont Philharmonic

Vermont Public

Vermont Stage Company

Vermont Women's Fund

Vermont Works for Women

Waitsfield Farmer's Market

Washington County Mental Health

Waterbury Ambulance Service



Northfield Mutual Holding Company



John T. Burke
Nicole M. Carignan
Kyle Dodson
Brian Eagan
Jon Jamieson
Thomas S. Leavitt
John Lyon - Vice Chair
Mary Alice McKenzie - Chair
Thomas Robbins
Mark Saba
Kerin Stackpole



Thomas S. Leavitt
Cory B. Richardson
Amy Turosak
Corporate Secretary



Indra J. Acharya
Belan Antensaye
Perry Armstrong
Kim Bolduc
John T. Burke
Brian Button (Emeritus)
Lilli Cain
Nicole M. Carignan
H. Wright Caswell
Stephanie T. Clarke
Edward Corrigan
Jon P. Cunningham
Richard Darby
Sarah DeFelice
Michael C. Diender
Kyle Dodson
Dr. Nadia A. DuBose
Brian Eagan
Ted Elzey
Jennifer Emens-Butler
Dolly Fleming
Yael Friedman
Karen Gillespie Korrow
John Grenier
John J. Handy
Jeffrey Harkness
Brian Harwood
Wanda Heading-Grant
Robert J. Holden
Jon Jamieson
Scott Johnstone
Fletcher Brian Joslin
Lisa L. Keysar
Travis J. Kingsbury
Susan M. Klein
Robert Korrow
Jeff LaBonte
Michael Lajeunesse
Jeffrey Larkin
Sean Lawson
Thomas S. Leavitt
Kevin Lord
Steven Loyer
John Lyon
Owiso Makuku
Mary Alice McKenzie
Walter Milliken
Sue Minter
Eva M. Morse
Allyson Myers
Bob Nelson
Robin C. Nicholson
Jeffrey Nick
Chris Noyes
W. Dan Noyes
Adam Osha
Nancy Owens
Marissa Parisi
Keith Paxman
Deborah A. Phillips
Roberto J. Pierre
Dave Pocius
Nancy Pope
Kesha Ram Hinsdale
Sarah Richards
Thomas Robbins
Sandy Rousse
Mark Saba
Leslie Sanborn
Liz Schlegel
RADM Rich Schneider USCGR (Ret)
Matt Schrag
Steven Shea
Heather F. Shouldice
Kerin Stackpole
Frances Stoddard
Philip Susmann
B. Thomas Sweet
Wallace W. Tapia
David J. Whaley
James H. Wick
Lauren D. Wobby
Karen Galfetti Zecchinelli
Nancy F. Zorn

Northfield Savings Bank



Charles H. Abare
Consumer Credit Processing Manager

Samantha E. Abare
Mortgage Banking Officer

Madeline K. Andrews
Senior Community Banking Officer

Ian T. Arnold
VP Consumer Credit

Donna A. Austin-Hawley
EVP & Chief Human Resources Officer

Chad A. Bell
VP Investment Consultant Manager

Clay E. Bell
VP Investment Consultant

Daniel K. Boylan
Risk Management Officer

Lori A. Bussiere
Deposit Operations Manager

Alyson K. Campbell
Marketing & Communications Manager

Timothy K. Carpenter
VP Commercial Banking

Megan L. Cicio
SVP Enterprise Banking

James V. Dattilio
Community Banking Officer

Tracy L. Davis
Senior Community Banking Officer

Bradford S. Doane
VP Project Manager

Sherry L. Doane
VP Operations

Douglas P. Emery
Community Banking Officer

Alfred J. Flory
EVP & Chief Lending Officer

David A. George
IT Core Operations Manager

Donna M. Gerdes
Collections Manager

Eric A. Gerdes
Community Banking Officer

Mary E. Gleason
Senior Community Banking Officer

Chad T. Hutchins
VP Commercial Banking

Christopher Jarvis
VP Commercial Banking

Timothy P. Kane
VP Compliance Officer

Wendy C. Kellett
Senior Community Banking Officer

Kerry K. Keown
Community Banking Officer

Debra L. Kerin
VP Community Banking

Kathleen M. LaCross
VP Enterprise Banking Officer

Cheryl A. LaFrance
EVP & Chief Operating Officer

Maryellen LaPerle
VP Mortgage Banking

Krystal L. LaRose
Mortgage Banking Officer

Thomas S. Leavitt
President & CEO

Stephanie E. MacAskill
VP Direct Banking & Deposit Operations

Christine E. Martin
Bank Secrecy Act Officer

Mark Mast
VP Commercial Banking

Anthony J. Matz
Senior Community Banking Officer

Del’Rae LM. Merrill
Community Banking Officer

Richard B. Nelson
SVP Information Security

Melissa A. Neun
SVP Risk Management

Kristin L. O’Connor
VP Human Resources

Robert F. O’Neill
Security Officer

Lauren N. Paige
Community Banking Officer

Jason J. Pidgeon
VP Mortgage Banking & Consumer Credit

Roger P. Pinan
Mortgage Banking Officer

Wright C. Preston
SVP Commercial Banking

John P. Ravaschiere
VP Commercial Banking

Wendy S. Rea
Senior Process Improvement Analyst

Darlene A. Remlin
Community Banking Officer

Cory B. Richardson
EVP & Chief Financial Officer & Chief Credit Officer

Gina R. Sargent
Consumer Credit Manager

Timothy D. Sargent
SVP Information Technology

David W. Seaver
VP Commercial Banking

Kellie J. Stefaniak
Loan Operations Manager

J. Billy St. Louis
Enterprise Banking Officer

Edward T. Sulva
VP Controller

Julie L. Therrien
Financial Operations Officer

Amy M. Turosak
Corporate Secretary

Michael R. Tuttle
Senior Policy Officer

Ellen M. Weigel
Community Banking Officer

Robert B. Wheeler
VP Commercial Credit

Ava I. Whitcomb
Mortgage Banking Officer

Rosemarie A. White
SVP Commercial Banking

Marsha D. Wimble
VP Enterprise Banking Officer