Board of Trustees
Officers of the Corporation
James R. Beard
Carol A. McInnis
President
and CEO
Josephine R. Culmone
David B. Rubin
Leo P. Carroll, Chairman Robert V. Macklin
Samuel S. Bergami Jr.
Louis J. D’Amato
Raymond A. Macaluso
Joseph Pelaccia
DeForest W. Smith
Corporators;
The Board of Trustees and…
Joseph M. Agro Jr.
Andrew Apicella
Matthew J. Arciuolo Jr.
Kenneth E. Brannin
Gerardo W. Burdo
George J. Canaveri
Armand J. Cantafio
Christopher B. Carveth
Max S. Case
Thomas J. Cody Jr.
James J. D’Amato
David J. Esposito
L. Kenneth Fellenbaum
Lloyd N. Friedman
Harry J. Garafalo
Bradford G. Gesler
John A. Harkins
Lisa A. Hazelton
Carrie A. Jayne
Gary M. Johnson
Bernard F. Joy Jr.
Ann L. Loesch
Thomas B. Lynch
Joseph J. Mager Jr.
William B. Maley Jr.
Richard C. Meisenheimer
Paul E. Moss
David C. Novicki
Ray S. Oliver
Gary L. Opin
Perry M. Opin
Susan L. Shields
John F. DaRin Ann Marie C. Lenart Jorge A. Santiago
Robert J. Cannon Jr. Senior Vice President and
Senior Commercial Loan Officer
Senior Vice President and
Branch Administrator
Nancy B. Fay Vice President and
Manager, Loan Origination
Clare B. Geoghegan Vice President and
Manager, Woodmont Office
Sharon R. MacKenzie Vice President and
Manager, Loan Servicing
Cathleen M. Russo Vice President
and Controller
Ronald S. Silverberg
Vice President,
Commercial Lending
Chief Operating Officer,
CFO and Treasurer
Senior Vice President – Human
Resources and Corporate Secretary
Vice President
and Credit Analyst
Patricia M. Gallagher Vice President and
Manager, Stratford Office
Lawrence R. Leete III Vice President,
Commercial Lending
Paul M. Portnoy Vice President,
Commercial Lending
Robert J. Russo Vice President and
Manager, Main Office
Craig W. Smith Vice President and Compliance/
Enterprise Risk Officer
Marta F. Stanton
Lynn A. Viesti Berube
David L. Reynolds
David A. Wall Mark R. Attanasio
Winthrop S. Smith Jr.
Ric T. Biroscak
John Kuehnle Celeste M. Lohrenz Nora D. Paige
Paul L. Otzel
Michael J. Paolini
Cyrus Settineri
James B. Stirling
Beverly K. Streit-Kefalas
Wendy S. Weir
Advisory Board Member
Barbara Lisman
Robert V. Macklin
Vice President and
Manager, Devon Office
Vice President, Information
Systems and Security Officer
Assistant Vice President and
Manager, Security and Facilities
Assistant Vice President and
Manager, Post Road West Office
Sindy K. Berkowitz Assistant Treasurer and
Manager, ShopRite Office
Vice President and Marketing/
Communications Specialist
Assistant Vice President and
Manager, Post Road East Office
Assistant Vice President and
Infinex Financial Advisor
Assistant Vice President and
Manager, Operations Department
Nancy E. Senk
Office Locations
ATM Locations
Main Office
33 Broad Street
Milford, CT 06460
Milford
Woodmont Office
259 Merwin Avenue
Milford, CT 06460
119 High Street
(Drive-Up)
33 Broad Street
300 Seaside Avenue
(Milford Hospital Lobby)
Devon Office
205 Bridgeport Avenue
Milford, CT 06460
259 Merwin Avenue
205 Bridgeport Avenue
Post Road East Office
1455 Boston Post Road
Milford, CT 06460
1455 Boston Post Road
(Drive-Up)
Post Road West Office
295 Boston Post Road
Milford, CT 06460
295 Boston Post Road
(Drive-Up)
Stratford
Stratford Office
2366 Main Street
Stratford, CT 06615
2366 Main Street
(Drive-Up)
ShopRite Office
(Inside ShopRite)
250 Barnum Ave Cutoff
Stratford, CT 06614
250 Barnum Ave Cutoff
(Inside ShopRite)
New Haven Office
(Loan Production Office)
142 Temple Street, Suite 208
New Haven, CT 06510
(203) 785-9148
milfordbank.com
(203) 783 - 5700
Assistant Corporate Secretary and
Executive Secretary to the President
Equal
Housing
Lender
Member
2013
Year End Report
A Message from the President
As expected, 2013 was a challenging year for The Milford Bank. We had to cope with the
slow recovery from the recent recession, historically low interest rates, and the long expected
slowing of the mortgage refinancing business. Despite these factors, the Bank ended the year
in solid condition.
Total assets crossed the $400 million threshold and ended the year at $406,233,275.
Deposits totaled $356,771,743 and gross loans $333,361,581 at 12/31/13. Capital stood
at $42,263,600 or 10.81% of average assets. The Milford Bank was again the number one
mortgage lender in Milford in 2013. We wrote $68,343,201 in residential mortgage loans,
compared to $94,443,988 in 2012, a 28% decrease year to year. In part as a result of that drop
in business written, the Bank reported a net profit of $891,138 for 2013. Along with the
continued recovery of the U.S. economy, we expect that the interest rate environment will
eventually return to a more normal range which should help the Bank’s profitability picture
going ahead.
In order to attract and retain customers in today’s environment, the Bank is working
constantly to make it easier for people to do their banking through The Milford Bank.
Beyond attractive, friendly offices, the Bank now offers many electronic options ranging
from Internet banking and online bill payments, to mobile banking through smart phones.
Early in 2014, we expect to offer mobile deposit capability — taking a picture of a check and
having it credited to your account with the push of a button. Also in 2014, all of our ATMs
will be upgraded to accept debit cards with electronic chips — a safer alternative that will be
available in the next year or two by the big card processors.
As always, the main focus of The Milford Bank is the communities that we serve. The
Bank contributed $189,790 to various organizations in Milford and Stratford in 2013. The
Bank also contributed $25,000 to The Milford Bank Foundation. A total of $12,800 was
distributed by the foundation to 18 community groups.
Always realize that as you do your banking with The Milford Bank, you are also contributing
to your community.
Bob Macklin
President & CEO
Statement of Condition (dollars in thousands)
Assets as of 12/31/13
as of 12/31/12
Cash and Due from Banks
32,934
Federal Funds Sold
0
Investment Securities
16,962
Loans – Held for Sale 0
Loans Receivable
333,362
Less: Allowance for Credit Losses
3,137
Net Loans
330,225
Bank Premises and Equipment
6,564
Cash Value of Bank-Owned Life Insurance
10,399
Accrued Income and Other Assets
9,149
Total Assets
406,233
Liabilities & Retained Income
Deposits
349,555
Mortgagors’ Escrow Accounts
7,217
Advances and Borrowings623
Reserve for Unfunded Credit Commitments231
Accrued Expenses and Other Liabilities
6,344
Total Liabilities
363,970
Retained Income
42,263
Total Liabilities and Retained Income 406,233
47,476
87
16,958
1,669
306,878
3,325
303,553
6,985
10,110
10,021
396,859
Statement of Income (dollars in thousands)
Income as of 12/31/13
Interest and Dividend Income
13,959
Interest Expense
1,240
Net Interest and Dividend Income
12,719
Provision for Credit Losses
(35)
Net Interest Income After
Provision for Credit Losses
12,754
Non-Interest Income
2,401
Non-Interest Expense
13,951
Income Before Income Taxes
1,204
Income Tax Provision
313
Net Income
891
341,485
6,925
567
234
6,977
356,188
40,671
396,859
as of 12/31/12
14,688
1,693
12,995
132
12,863
3,529
14,061
2,331
690
1,641