2023 Annual Report

2023 Annual Report | Northfield Mutual Holding Company and Northfield Savings Bank
Tom Leavitt

March 2024

Dear Friends,

In 2023, we again stepped up to challenge and finished the year in solid condition.  Instability on the national banking scene – dramatized by the failures and regulatory takeovers of Silicon Valley Bank, Signature Bank, and First Republic Bank during the first half of the year – had ripple effects throughout the sector.  Northfield Savings Bank responded by assuring customers of our strengths and by being proactive in providing multiple options for depositors to ensure balances were federally insured.  In its efforts to contain and reduce inflation, the Federal Reserve continued to raise interest rates, with four additional hikes through July.  The rapid escalation beginning in March 2022 resulted in a rise of 5.25% over a 16-month period.  Rates at the shorter end of the yield curve exceeded those at the longer end, making it more expensive for households and enterprises to borrow money and for financial institutions of all sizes to fund their asset commitments with deposits and other sources.  The effect was a drop in our net interest margin, the primary driver of net interest income and overall earnings.  Despite these headwinds, NSB executed our strategic initiatives and fully met expectations of our customers and communities, highlighted by us earning for a second year running “Best Bank Statewide” in the annual Vermont Business Magazine “Best of Business” readership survey.

Gold Arrow

2023 Financial Summary

The company finished the year at $1.505 billion in assets, a 6.5% rise over the prior year.  Net loans grew 7.1% to $1.031 billion.  Deposits and other local funding declined less than 1% year-over-year, finishing at $1.268 billion.  With a 0.46% year-over-year decline in net interest margin, earnings fell to $3.2 million.  During the final quarter of the year, we were successful in exiting the defined benefit pension program by transitioning commitments to a reputable third party at a one-time plan withdrawal cost of $1.2 million. Equity capital rose 10.9% to $126.4 million.  Tangible and regulatory equity ratios remain strong, as does overall asset quality.


Untamed Waters

Montpelier Clean Up Crew

Federal monetary policy was not the only force of consequence in 2023.  Hydraulics kicked in July 10, devastating Montpelier, Barre, and other river towns in Vermont.  We lost our State Street office in Montpelier (NSB’s largest) to flooding and were closed at our Barre Main Street office for a week.  Our team and customers remained resilient as we got to work installing a temporary branch in the Capitol Plaza parking lot, opening in late August.  In keeping with our commitment to downtowns throughout our service area, we have been under construction in our State Street space, building in some future remediation.  We will move back in early spring.

Celebrating 20 Years in Chittenden County

Marketplace Office

In 2002, NSB opened a mortgage origination office in Williston. In September 2003, NSB’s first full-service branch office in Chittenden County was opened on Pearl Street in Essex Junction. It was soon followed by a new office on Shelburne Road in South Burlington. Then came Taft Corners Williston in 2004, College Street Burlington in 2005, and Williston Road South Burlington in 2006. In 2020, we added our commercial banking office at 210 College Street. In 2021, we expanded into Richmond to succeed TD Bank as the only bank in town. In June 2023, we completed our move into a permanent new home in the community on the corner of Pleasant Street and Bridge Street in the heart of the Village.  In July 2023 we opened our beautiful new Marketplace Office on Church Street in Burlington, completing our move from the former branch on College Street. We had a lot to celebrate as we marked 20 years of bringing the best of community banking to Vermont’s largest county.


Enterprise Market Development Mailings

Since our move beyond pandemic mode in mid-2021, we have been guided by our Enterprise24 strategic plan.  All initiatives in four of the six themes noted in last year’s report were completed within the original 30-month plan window concluding December 31, 2023.  Two themes – Enterprise Market Development and Information Technology Strategic Plan – were deemed by our Board worthy of extending 12 months through 2024 to allow several promising projects to be fully executed.  We are methodically asserting ourselves as Vermont’s preeminent bank for enterprise.  Our fortified value proposition is gaining new relationships as more and more businesses, firms, practices, non-profits, local governments, and institutions determine that Northfield Savings Bank delivers.  On the technology front, we have been building a 21st century backbone for a decade, beginning with the opening of our state-of-art Operations Center in 2015.  The work we will be completing in 2024 will realize the scale and efficiency that gives us parity with larger players.  These two themes are vital to our return to the financial trajectory we had been enjoying prior to 2023 and the advancement of our 157-year-old independent mutual bank stature.


Norwich University president Edward Bourns, along with other leading citizens of the day, founded Northfield Savings Bank in 1867.  The name has been embedded in granite ever since.  An abiding commitment has been to providing Vermonters with a safe, reliable, and financially sensible partner for their banking needs.  That commitment remains on display today.  Another virtue of the institution throughout our history has been steady and prudent governance by talented and devoted Trustees. These past three years have brought tests and trials.  Each one was faced with resolve and overcome.  At the helm, demonstrating patience, skill, and a deep reservoir of experience making Vermont a better place, has been Board Chair Mary Alice McKenzie.  Mary Alice will be handing Chair duties to incumbent Vice Chair John Lyon this spring.  Trustee Nicole Carignan will be stepping up to Vice Chair.  NSB is blessed to have leaders of such caliber and dedication to our company, customers, colleagues, and communities.

Our team members are outstanding professionals.  We take nothing for granted.  We all know we must show up each day to serve and to honor our core principles.  Mattering to our stakeholders such that you wish to sustain your bonds with us motivates all that we build, make and do.  Thank you for making it a privilege and joy.



Thomas S. Leavitt
President & CEO


2023 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 Credit Losses
Bank Premises and Equipment
Other Assets

Total Assets






Customer Repurchase Agreements
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 Credit Losses
Other Operating Income
Operating Expenses


Earnings before Income Taxes
Income Taxes

Net Income











Committed to Community

Montpelier Recovery Check Presentation

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 2023, Northfield Savings Bank contributed $350,000 to more than 100 community organizations in Vermont.

Grey Arrow

ABA Foundation

Age Well

Aldrich Public Library

All Brains Belong VT

ALS Association

Alzheimer's Association

American Foundation for Suicide Prevention

American Heart Association

ANEW Place

Barre Community Flood Relief

Barre Opera House

Barre Rotary Foundation

Boys & Girls Club of Burlington

Brookfield Community Partnership

Burlington Business Association

Camp Ta-Kum-Ta

Camp Thorpe

Central VT Adult Basic Education

Central VT Council on Aging

Central Vermont Habitat for Humanity

Central VT Home Health & Hospice

Central VT Humane Society

Champlain Valley Office of Economic Opportunity

Charlotte Public Library

Committee on Temporary Shelter (COTS)

Common Roots

Community & Economic Development Office

Community Emergency Relief Volunteers (CERV)

Community Harvest of Central VT

Community Senior Center of Richmond

CSB Youth Hockey

Downstreet Housing and Community Development

Dragonheart Vermont

Eric Hutchins Memorial Scholarship

Family Center of Washington County

Feeding Chittenden

Freezing Fun for Families

Gifford Medical Center

Good Samaritan Haven

Governor's Institute of Vermont

Greater Burlington Multicultural Resource Center

Greater Burlington YMCA

Green Mountain Book Festival

Green Mountain Habitat for Humanity

Green Mountain Hounds

Green Mountain Mobile Therapy

Green Mountain Pug Rescue

Green Mountain United Way

Green Mountain Youth Symphony

Green Up Vermont

HomeShare Vermont

Howard Center

Humane Society of Chittenden County

Hunger Mountain Children's Center

Inclusive Arts Vermont

Intervale Center Inc

Jenna's Promise

Jewish Community of Greater Stowe

Joint Urban Ministry Program

Kellogg-Hubbard Library

KidSafe Vermont

King Street Center

Kingdom County Productions

Kitty Korner Cafe

Lake Dunmore Fern Lake Association

Lamoille Area Cancer Center


Mad River Valley Chamber of Commerce

Mad River Valley Rotary Club

Mayo Healthcare

McClure Miller Respite House

Med47 Foundation

Mentor Vermont

Mercy Connections

Middlesex Bandstand

Montpelier Alive

Montpelier Area Mountain Bike Association

Montpelier Strong Recovery Fund

Mosaic Vermont Inc

Music Composition Mentoring Program 

Northfield Observances Inc

Northfield Senior Center

Norwich University

Opportunities Credit Union

Our Community Cares Camp

Outright Vermont

Pan Mass Challenge Cancer Ride

Partnership for Literacy

Pittsfield Fire Department

Potter's Angels Rescue

Randolph Rotary Club

Randolph Singers

Rebuilding Together Greater Burlington

Recovery Partners of Vermont

Revitalizing Waterbury

Richmond Historical Society

Richmond Land Trust

Rotary Club of Waterbury

Sail Beyond Cancer Vermont

SCORE Vermont

Shelburne Little League

Shidaa Projects Inc

Silver Towers Camp

South Burlington Library Foundation

South Burlington Rotary Club

Special Olympics Vermont

Spectrum Youth and Family Services

Starbase Vermont Inc

Steps To End Domestic Violence

Stern Center for Language

Stowe Theater Guild

Studio Place Arts

Susan G Komen

Take Me Back Inc

Technology for Tomorrow

The Curtis Fund

The Growing Peace Project of Milestone Adventures

The People's Farmstand

Town of Warren

Turning Point Center of Chittenden County

Twin Valley Senior Center

Vermont Afterschool Inc

Vermont Association for the Blind and Visually Impaired

Vermont Chamber Foundation / Vermont Futures Project

Vermont Children's Trust Foundation

Vermont Council on Rural Development

Vermont Family Network

Vermont Foodbank

Vermont Historical Society

Vermont Italian Cultural Association

Vermont Jump$tart Coalition

Vermont Kidney Association

Vermont Land Trust

Vermont Racial Justice Alliance

Vermont Sports Hall of Fame

Vermont Women's Fund

Vermont Works for Women

Waterbury Ambulance Service

Waterbury Fire Department

Wood4Good LTD


Youth First Mentoring



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
Kim Bolduc
John T. Burke
Lilli Cain
Nicole M. Carignan
Laura Carlsmith
H. Wright Caswell
Stephanie T. Clarke
Edward Corrigan
Michael C. Diender
Kyle Dodson
Dr. Nadia A. DuBose
Brian Eagan
Ted Elzey
Jennifer Emens-Butler
Dolly Fleming
Yael Friedman
Karen Galfetti Zecchinelli
John Grenier
John J. Handy
Jeffrey Harkness
Brian Harwood
Katie Hawley
Wanda Heading-Grant
Jon Jamieson
Scott Johnstone
Fletcher Brian Joslin
Lisa L. Keysar
Travis J. Kingsbury
Susan M. Klein
Rob Korrow
Jeff LaBonte
Mike Lajeunesse
Jeffrey Larkin
Sean Lawson
Thomas S. Leavitt
Kevin Lord
Steven Loyer
John Lyon
Owiso Makuku
Mary Alice McKenzie
Sue Minter
Eva M. Morse
Allyson Myers
Bob Nelson
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
Sarah Richards
Thomas Robbins
Sandy Rousse
Mark Saba
Leslie Sanborn
Liz Schlegel
RADM Richard Schneider USCGR (Ret)
Matt Schrag
Steven Shea
Heather F. Shouldice
Kerin Stackpole
Frances Stoddard
Philip T. Sussman
Wallace W. Tapia
David J. Whaley
James H. Wick
Lauren D. Wobby
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

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 & Government Banking

Michele D. Crochiere
Community Banking Officer

James V. Dattilio
Community Banking Officer

Tracy L. Davis
Senior Community Banking Officer

Bradford S. Doane
VP Project Manager

Sherry L. Doane
VP Operations

Alfred J. Flory
EVP & Chief Lending Officer

Benjamin T. George
VP Commercial Banking

David A. George
IT Core Operations Manager

Donna M. Gerdes
Collections Manager

Mary E. Gleason
Senior Community Banking Officer

Christopher Jarvis
VP Commercial Banking

Mark J. Kalloz
Community Banking Officer

Timothy P. Kane
VP Compliance Officer

Wendy C. Kellett
Senior Community Banking Officer

Kerry Keown
Community Banking Officer

Debra L. Kerin
VP Community Banking

Kathleen M. LaCross
VP Enterprise & Government Banking

Cheryl A. LaFrance
EVP & Chief Operating Officer

Maryellen LaPerle
VP Mortgage Banking

Krystal L. LaRose
Mortgage Banking Officer

Thomas S. Leavitt
President & CEO

Keith A. Letourneau
Community Banking Officer

Stephanie E. MacAskill
VP Direct Banking & Deposit Operations

Christine E. Martin
Bank Secrecy Act Officer

Del’Rae LM Merrill
Community Banking Officer

Melissa A. Neun
SVP Risk Management

Kristin L. O’Connor
VP Human Resources

Robert F. O’Neill
Security Officer

Heather M. Parizo
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 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
Commercial Banking Officer

Edward T. Sulva
SVP Controller

Julie L. Therrien
Financial Operations Officer

Amy M. Turosak
Corporate Secretary

Robert B. Wheeler
SVP Commercial Credit

Rosemarie A. White
SVP Commercial Banking

Marsha D. Wimble
VP Commercial Banking

Andrea L. Wolak
VP Enterprise & Government Banking Services