2023 Annual Report
Values That Drive Us
Members First
Our values revolve around prioritizing our members and crafting unparalleled experiences. Beyond merely offering a suite of financial services, we dedicate ourselves to understanding your unique needs and aspirations. Our commitment lies in not just providing services, but in empowering you with the necessary tools to consistently reach your objectives. With Liberty Bay, your financial journey is not just a transaction; it's a partnership built on trust and support, ensuring your success time and time again.
Community First
We take pride in our mission to foster a culture of giving, ignite a spirit of volunteerism, and equip our employees with the resources to unite for meaningful causes. Through these initiatives, we aim to create lasting positive change and contribute to the growth and vitality of our communities. At Liberty Bay Credit Union, community empowerment isn't just a slogan; it's a core principle that guides everything we do.
Digital First
We understand that life doesn't adhere to traditional banking hours. That's why we're dedicated to providing seamless access to our services whenever and wherever you need them. Whether you're at home, in the office, or on the go, our digital banking services ensure that managing your finances is convenient and efficient. With our 24/7 digital availability, you have the freedom to choose how and when you interact with us. From online banking to mobile apps, we offer a range of digital tools designed to make managing your finances a breeze.
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| 2023 ANNUAL REPORT LIBERTY BAY CREDIT UNION
2023 Year in Review
New Members
894
new members welcomed in 2023
Business Loans $36,615,802 65 loans totaling
$37,049,890 82 loans totaling Home Loans
Home Equity Loans 266 loans totaling $37,314,351
$32,897,436 1391 loans totaling Personal Loans
2023 ANNUAL REPORT | LIBERTY BAY CREDIT UNION 2
A MESSAGE FROM the Chairman of the Board & the President & CEO The Board of Directors and the management team of Liberty Bay Credit Union are delighted to share the credit union’s financial achievements in 2023. Our unwavering commitment to refining our operations, which involved improving efficiency, focused asset and liability management, and intelligent capital allocation, has yielded great results. We achieved lending growth of $57 million, representing a commendable 10% increase in our loan portfolio without increasing credit risk. Furthermore, our total assets grew by $42 million, rising from $744 million at the end of 2022 to $786 million by the close of 2023, a 5% annualized growth. Our net worth ratio impressively stood at 14.7%, placing us among the industry leaders nationwide. The year concluded with net income of $3.4 million and a return on average assets of 0.46%, demonstrating our ability to sustain strong earnings despite challenging economic conditions. Our financial performance underscores our resilience. This year's progress was driven by heightened loan originations and prudent expense management, paired with a forward-thinking, digital-first strategy. We consistently demonstrate our value to our members by maintaining competitive rates on deposits and loans, minimizing fees, and broadening credit access to new and existing members, especially targeting the underserved. Our continued investment in the credit union, focusing on technology and digital services, meets the modern expectations of consumers needing financial services. At Liberty Bay's core, the principles of service, trust, and stability guide our mission. Our solid capital structure is a testament to our commitment to the credit union's safety and dependability, securing our members' confidence. Liberty Bay is a well-managed institution with a robust balance sheet and significant financial reserves, adept at navigating market fluctuations where trust in financial institutions might be tested. Our growth is enhanced by learning from and engaging with individuals at leading organizations, particularly in the financial services and technology sectors, with a focus on data science and artificial intelligence. This learning enriches our strategic and operational approaches and assists with innovation and corporate entrepreneurship efforts. . This year, we dedicated ourselves to documenting standard procedures across all business and operational areas, a testament to our belief that progress cannot be made without clear standards. Our aim to improve efficiency goes beyond short-term cost savings, focusing instead on our operations' continuous and systematic enhancement for gradual, sustained benefits. A deep understanding of our processes and their rationales enables us to improve our member services, refine our strategic objectives, and embrace technology that aids our efficiency and service improvement efforts. We are careful stewards of the Credit Union's capital—your capital. Our team is dedicated to providing outstanding service through all delivery channels at every interaction. We are deeply thankful to our devoted members and are committed to supporting our community. In 2023, we substantially increased our contributions to charitable causes and individuals in need, increasing donations and those helped by 25% and 40%, respectively. The upcoming sections will highlight some of the organizations we supported this year, demonstrating our commitment to positively impacting our community.
“WE CONSISTENTLY DEMONSTRATE OUR VALUE TO OUR MEMBERS BY MAINTAINING
COMPETITIVE RATES ON DEPOSITS AND LOANS, MINIMIZING FEES, AND
BROADENING CREDIT ACCESS TO NEW AND EXISTING MEMBERS, ESPECIALLY TARGETING THE UNDERSERVED.”
“WE ARE DEEPLY THANKFUL TO
OUR DEVOTED MEMBERS AND
ARE COMMITTED TO
SUPPORTING OUR
COMMUNITY. IN 2023, WE
SUBSTANTIALLY INCREASED
OUR CONTRIBUTIONS TO
CHARITABLE CAUSES AND
INDIVIDUALS IN NEED,
INCREASING DONATIONS AND
THOSE HELPED BY 25% AND
40%, RESPECTIVELY.”
We are grateful for your trust in us to guide your credit union.
Sincerely,
Sincerely,
Peter Lincoln
John M. Parillo President & CEO
Chairman of the Board
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2023 ANNUAL REPORT | LIBERTY BAY CREDIT UNION
Liberty Bay in the Community
SOME OF THE ORGANIZATIONS WE SUPPORTED South Shore Food Bank
Marissa’s Mission
In 2023, Liberty Bay Credit Union demonstrated its commitment to the community by donating over $100,000 to 92 local groups. Moreover, the institution awarded 12 scholarships amounting to $13,000 to talented local students. These initiatives play a crucial role in building a stronger and more vibrant community. they live. We demonstrate this dedication by participating in volunteer projects, partnering with local non-profit organizations, developing financial literacy programs, and providing financial support to community-enriching projects.This holistic approach to community involvement helps build trust, strengthen relationships, and make a lasting difference in the lives of individuals and families within the local area. Our Community Matters team is dedicated to improving the well- being of our members and employees in the communities in which
Scituate Community Christmas
Weymouth Irish Heritage Day
Italian Home for Children
Marge Crispin Center
Old Colony Hospice
Road to Responsibility
South Shore Elder Services
NeighborWorks
Old Colony YMCA
Pan-Mass Challenge
Braintree Police Association
Joseph ‘Dodo” Nee Foundation
Cohasset Firefighters Safety Guide
Kyle’s Klassic
| 2023 ANNUAL REPORT LIBERTY BAY CREDIT UNION
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We believe that our employees are our greatest asset, and we take pride in celebrating their contributions and achievements. We recognize that their dedication and hard work are essential to our success as an organization and to the exceptional experiences we provide to our members. Celebrating Our Employees
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Liberty Bay’s 2024 Scholarship Winners MEET THE WINNERS Liberty Bay Credit Union offers congratulations and best wishes to our 2024 scholarship winners! We are proud to support these hardworking scholars as they pursue their education and dreams.
JANE B. CELLA COMMUNITY SERVICE AWARD Molly Sheehan
Matthew Coveno
WINIFRED BOLTER COMMUNITY SERVICE AWARD
Rebecca Brooks
THOMAS B. NORTON SCHOLARSHIP
Michelle Cullen
ARTHUR T. HOWELL SCHOLARSHIP
Abigail Hart
MICHAEL J. MCCARTHY SCHOLARSHIP
Thomas McCarthy
FRANCIS SYLVESTER SCHOLARSHIP
Alyson Mantville
RONAN JAMES MCCARTHY SCHOLARSHIP
Caitlan McCarthy
ARTHUR W. LEARY SCHOLARSHIP
Victoria Harte
LOUIS RAFFIO SCHOLARSHIP
Eva Pastore
JOHN C. GRONBERG SCHOLARSHIP
Christopher Raney
JOHN F. MONOHAN JR. SCHOLARSHIP
Jack Iannibelli
KEVIN F. MCCONE SCHOLARSHIP
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2023 ANNUAL REPORT
LIBERTY BAY CREDIT UNION
Financial Highlights
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LIBERTY BAY CREDIT UNION |
2023 ANNUAL REPORT
BOARD OF DIRECTORS
LEADERSHIP
Peter S. Lincoln Chairman of the Board
John M. Parillo President and CEO
Patrick J. Foley Vice Chairman
Joseph A. Bears Senior Vice President Chief Information Officer
Stephen J. Kelley, Sr. Second Vice Chairman
Mark W. Constable Senior Vice President Chief Compliance and CRA Officer
Robert B. Foley, Jr. Treasurer, Audit Committee Chair
Sean J. Cashman Clerk
Paul M. Gravellese Senior Vice President Chief Lending Officer
Gerard L. Burm Credit Committee Chair
Thomas J. Flynn Investment Committee Chair
Brenda M. McGillicudy Senior Vice President People Operations
Edward R. Foley Director Eugene T. Leahy Director
Katherine J. Peila Senior Vice President, Chief Administrative Officer
Robert J. Mitchell Director William T. Murphy Director Michael F. McCarthy Director Edward J. McColgan Director
Frederick C. Williams, Jr. Senior Vice President, Chief Financial Officer
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LIBERTY BAY CREDIT UNION |
2023 ANNUAL REPORT
Braintree 300 Granite Street Braintree, MA 02184 Scituate 9 Brook Street Scituate, MA 02066 Hingham 10 Downer Avenue Hingham, MA 02043
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