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, 2012||April 30, 2011||April 30, 2010|
|Cash and due from banks||$17,145,351||$14,946,130||$11,685,651|
|US Government bonds & agencies||27,885,337||32,751,495||32,691,624|
|Loans receivable, net||84,307,083||78,320,179||82,054,426|
|Premises and equipment||4,860,087||5,047,353||5,150,322|
|Mortgagors' tax reserve||142,244||94,885||70,204|
|Total liabilities and reserves||$158,294,998||$151,885,338||$151,886,633|
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.
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.
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.