ST MARY'S BANK CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1908

Legal Domicile

Principal Officer

KENNETH SENUS

Phone

6036694600

Tax Period

2024-01-01 to 2024-12-31

ST MARY'S BANK CREDIT UNION, founded in 1908, is a mid-sized nonprofit that reported $93.2M in total revenue in fiscal year 2024. Revenue grew 19% year-over-year, indicating healthy expansion. The organization ran a surplus of $17.3M, a strong 19% operating margin.

Mission

ST. MARY'S BANK'S MISSION IS TO HELP MEMBERS ACHIEVE THEIR FINANCIAL GOALS BY PROVIDING BEST-IN-MARKET SERVICE AND TRUSTED FINANCIAL ADVICE.

Program Service Accomplishments

Program 1

THE CREDIT UNION HAS 95,625 MEMBERS AS OF DECEMBER 31, 2024, MEMBERS HAVE ACCESS TO A WIDE VARIETY OF LOW-COST, HIGH-QUALITY SERVICES.

Program 2

ST. MARY'S BANK GIVES BACK TO THE COMMUNITY BY SUPPORTING, PROMOTING AND FURTHERING CHARITABLE, AND EDUCATIONAL PURPOSES, ACTIVITIES AND CAUSES IN NEW HAMPSHIRE, PRIMARILY IN THE CREDIT UNION'S...

ST. MARY'S BANK GIVES BACK TO THE COMMUNITY BY SUPPORTING, PROMOTING AND FURTHERING CHARITABLE, AND EDUCATIONAL PURPOSES, ACTIVITIES AND CAUSES IN NEW HAMPSHIRE, PRIMARILY IN THE CREDIT UNION'S PRIMARY SERVICE AREA. IN 2024, THE CREDIT UNION PROVIDED SUPPORTED NUMEROUS COMMUNITY ORGANIZATIONS AND ALSO CONTRIBUTED $500,000 TO THE ST. MARY'S BANK CHARITABLE FOUNDATION.ST. MARY'S BANK'S CHARITABLE GIVING THEME, CHILDREN, FAMILIES, AND INDIVIDUALS IN NEED, IS OUR WAY OF FOCUSING AVAILABLE RESOURCES ON ACTIVITIES MOST RELEVANT TO OUR MISSION OF SERVICE TO CREDIT UNION MEMBERS AND THE COMMUNITY. IN 2024, OVER 140 ORGANIZATIONS WERE SUPPORTED THROUGH DONATIONS AND EVENT SPONSORSHIPS, TOTALING $210.013. CAUSES INCLUDE, BUT ARE NOT LIMITED TO, CHILDREN AND FAMILY, CULTURAL, FINANCIAL LITERACY, FINANCIAL INDEPENDENCE, AND HEALTH AND WELLNESS.ST. MARY'S BANK EMPLOYEES VOLUNTEERED 4,710 HOURS OF TIME, DURING WORKTIME AND ON THEIR OWN TIME IN 2024 TO A RANGE OF NON-PROFIT ORGANIZATIONS.

Program 3

ST. MARY'S BANK PARTICIPATES WITH A NUMBER OF LENDER ORGANIZATIONS OFFERING HOMEOWNERSHIP PROGRAMS THAT ASSISTS THE UNDER-SERVED INCLUDING; NEW HAMPSHIRE HOUSING- FLEX AND PREFERRED PROGRAMS ALONG...

ST. MARY'S BANK PARTICIPATES WITH A NUMBER OF LENDER ORGANIZATIONS OFFERING HOMEOWNERSHIP PROGRAMS THAT ASSISTS THE UNDER-SERVED INCLUDING; NEW HAMPSHIRE HOUSING- FLEX AND PREFERRED PROGRAMS ALONG WITH FHA, USDA-RD, INCLUDING CASH ASSISTANCE PROGRAMS, AND FNMA, HOME READY. ST. MARY'S BANK ALSO OFFERS PORTFOLIO FINANCING OPTIONS AND CONTINUES ITS "WELCOME HOME FIRST-TIME HOMEBUYER PROGRAM AND LOW TO NO DOWN PAYMENT OPTIONS.ADDITIONALLY ST. MARY'S WELCOME HOME PROGRAM IS DESIGNED TO ASSIST FIRST TIME HOME BUYERS WITH THE FOLLOWING FEATURES:-REDUCED INTERIM RATE CAP -ACCESS TO A FULL-RANGE OF ONLINE RESEARCH TOOLS-ACCESS TO FREE HOMEBUYER EDUCATIONIN ADDITION TO IDENTIFYING LENDING OPPORTUNITIES FOR FIRST-TIME HOMEBUYERS, WE WILL ALSO CONTINUE TO FOCUS ON LENDING TO INCOME-ELIGIBLE FAMILIES. MORE SPECIFICALLY, LENDING TO FAMILIES WHOSE HOUSEHOLD INCOME IS AT OR BELOW 115% OF THE AREA MEDIAN FAMILY INCOME (DEFINED AND PUBLISHED BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT).

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $86,552,124

Investment Income $6,644,050

Other Revenue $0

TOTAL REVENUE $93,196,174

Expense Breakdown

Grants Paid $729,193

Salaries & Benefits $29,736,558

Fundraising Expenses $0

Other Expenses $23,716,439

TOTAL EXPENSES $75,862,803

Year-over-Year Comparison

	2024	2023	Change
Revenue	$93,196,174	$78,521,927	+0.2%
Expenses	$75,862,803	$62,271,262	+0.2%
Net Income	$17,333,371	$16,250,665	+0.1%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

362

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,078,461

Total Directors

$45,660

Key Employees

$1,698,156

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEPHEN J GRZYWACZ	CHAIRMAN	3.00	Officer Director	$3,750	$0	$3,750
ELIZABETH HITCHCOCK	VICE CHAIRMAN	3.00	Officer Director	$5,550	$0	$5,550
STEPHEN A BAINES	DIRECTOR	3.00	Director	$2,000	$0	$2,000
GINA M BALKUS	DIRECTOR	3.00	Director	$3,500	$0	$3,500
DAVID H BELLMAN	DIRECTOR	3.00	Director	$5,950	$0	$5,950
GUY D CHAPDELAINE	DIRECTOR	3.00	Director	$4,550	$0	$4,550
CRAIG S DONAIS	DIRECTOR	3.00	Director	$5,750	$0	$5,750
DIANE P FITZPATRICK	DIRECTOR	3.00	Director	$3,500	$0	$3,500
DONNALEE LOZEAU	DIRECTOR	3.00	Director	$5,410	$0	$5,410
WILLIAM E STEVENS	DIRECTOR	3.00	Director	$5,700	$0	$5,700
KENNETH SENUS	CHIEF EXECUTIVE OFFICER	50.00	Officer	$701,986	$58,707	$760,693
KEVIN NIHILL	CFO & TREASURER (TERMED 7/24)	50.00	Officer	$285,592	$6,280	$291,872
HOANG NGUYEN	CFO & TREASURER	50.00	Officer	$12,799	$3,797	$16,596
KYLE A SCHNECK	CHIEF LENDING OFFICER	50.00	Key Emp	$345,320	$57,642	$402,962
PAMELA ROY	CHIEF PEOPLE OFFICER	50.00	Key Emp	$273,422	$16,171	$289,593
LEO SIMARD	CHIEF RETAIL BANKING OFFICER	50.00	Key Emp	$296,275	$18,544	$314,819
TYLER WHITE	CHIEF STRATEGY OFFICER	50.00	Key Emp	$375,867	$56,675	$432,542
RANDY SIVIGNY	DIRECTOR OF COMMERCIAL LENDING	50.00	Key Emp	$221,048	$37,192	$258,240
KRITI MODI	DIRECTOR OF DIGITAL ENGAGEMENT & MEMBER EXPERIENC	50.00	Highest	$249,216	$9,237	$258,453
RONALD MACDONALD	DIRECTOR OF RESIDENTIAL LENDING	50.00	Highest	$228,647	$35,481	$264,128
SHIRLEY BHUTTO	DIRECTOR OF ENTERPRISE RISK MANAGMENT & COMMERCIAL	50.00	Highest	$221,013	$35,627	$256,640
KAREN MAYRAND	DIRECTOR OF RESIDENTIAL LENDING	50.00	Highest	$228,696	$21,368	$250,064
STEVEN MACEK	DIRECTOR OF CONSUMER LENDING	50.00	Highest	$226,854	$38,779	$265,633

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	$93,196,174	$75,862,803	$1,616,505,298	$17,333,371
2023	$78,521,927	$62,271,262	$1,496,355,192	$16,250,665
2022	$61,833,410	$49,715,300	$1,463,740,396	$12,118,110
2021	$59,217,128	$48,495,092	$1,405,116,910	$10,722,036
2020	$57,544,662	$48,510,108	$1,264,358,476	$9,034,554
2019	$53,141,667	$45,541,873	$1,045,764,638	$7,599,794
2018	$48,363,347	$40,351,628	$1,003,010,759	$8,011,719