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Richard C. Aquadro Engineering Scholarship

Financial Statement

Northampton Cooperative Bank provides a safe, secure banking option to those who work or live in Hampshire County, Massachusetts. Conservative growth and prudent lending have allowed us to remain stable and strong through challenging economic times. We're happy to provide our current financial statement below for your review. If you have any questions, please feel free to stop in to any of our convenient locations in Northampton, Amherst or Florence, or call us at 413-584-4474.

Northampton Cooperative Bank Comparative Statement of Condition

Assets April 30, 2014 April 30, 2013 April 30, 2012
Cash and due from banks $6,180,704 $20,350,317 $17,145,351

Investments

US Government bonds & agencies 47,875,884 32,283,270 27,885,337
Municipals 390,810 703,268 973,119
Other investments 6,892,623 8,810,701 14,337,924
Loans receivable, net 87,077,357 86,143,164 84,307,083
Premises and equipment 4,584,997 4,727,016 4,860,087
Other assets 9,192,636 8,938,374 8,786,097
Total assets $162,195,011 $161,956,110 $158,294,998

Liabilities

Deposits 132,108,785 131,982,977 129,396,467
Mortgagors' tax reserve 123,847 134,195 142,244
Other Liabilities 6,556,294 6,470,526 6,269,050
Total liabilities 138,788,926 138,587,698 135,807,761
Reserves 23,406,085 23,368,412 22,4887,237
Total liabilities and reserves $162,195,011 $161,956,110 $158,294,998

Recognition of income and expense

The accounting and reporting policies of the bank confirm to federally accepted principles and to general practices within the bank industry.

Investment securities

Securities are stated at face value adjusted for premium amortization and accretion of discount.

Premises and equipment

Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed for financial reporting and tax purposes on the straight-line basis over the useful life of each asset. Charges for maintenance and repairs are expensed as incurred, whereas, significant renewals and betterments are capitalized. Assets acquired subsequent to January 1981 are being depreciated using the accelerated cost recovery method.

Retirement plan

The bank provides pension benefits to eligible employees through membership in the Cooperative Banks Employees Retirement Association. The bank practice is to fund accrued pension cost. There are no material amounts of unfunded past service cost under the plan.