ANNUAL REPORTWAKEFIELD BANCORP, MHC

2017

Wakefield Bancorp, MHC and Subsidiary Consolidated Balance Sheets

December 31, 2017 and 2016

2017 2016

Cash and due from banks 2,410$ 2,220$Interest-bearing deposits 12,956 13,373 Total cash and cash equivalents 15,366 15,593

Securities available for sale, at fair value 60,479 66,244Restricted equity securities, at cost 3,079 3,235Loans, net 469,821 424,340Bank-owned life insurance 15,319 14,587Premises and equipment, net 8,783 8,673Accrued interest receivable 1,233 1,033Goodwill 3,014 3,014Net deferred tax asset 79 -Other assets 1,314 1,294

578,487$ 538,013$

Deposits 470,024$ 435,948$Federal Home Loan Bank advances 31,750 27,500Mortgagors' escrow accounts 1,794 1,526Net deferred tax liability - 626Accrued taxes and expenses 717 712Other liabilities 3,058 3,086 Total liabilities 507,343 469,398

Commitments and contingencies

Retained earnings 65,875 64,180Accumulated other comprehensive income 5,269 4,435 Total retained earnings 71,144 68,615

578,487$ 538,013$

Assets

Liabilities and Retained Earnings

(In Thousands)

Wakefield Bancorp, MHC and SubsidiaryConsolidated Statements of Net Income

Years Ended December 31, 2017 and 2016

2017 2016

Interest and dividend income: Interest and fees on loans 17,177$ 16,095$ Interest and dividends on securities 1,193 1,297 Other interest 91 58 Total interest and dividend income 18,461 17,450

Interest expense: Interest expense on deposits 1,880 1,708 Interest expense on borrowings 419 409 Total interest expense 2,299 2,117

Net interest income 16,162 15,333Provision (credit) for loan losses 482 (213)Net interest income, after provision (credit) for loan losses 15,680 15,546

Non-interest income: Service fees on deposit accounts 489 410 Income from fiduciary activities 3,112 2,967 Income from insurance activities - 136 Income from brokerage activities 30 85 Bank-owned life insurance income 357 320 Net gain on sales of securities available for sale 628 1,666 Net gain on sales of loans 63 302 Other 801 1,086 Total non-interest income 5,480 6,972

Non-interest expenses: Salaries and employee benefits 10,607 10,834 Occupancy and equipment 1,688 1,727 Depreciation and amortization of premises and equipment 756 742 Automation 1,650 1,613 Advertising and business development 484 521 FDIC insurance assessment 181 231 Professional fees 894 784 Telephone and telecommunications 356 337 Other general and administrative 1,390 1,236 Total non-interest expenses 18,006 18,025Income before income taxes 3,154 4,493

Income tax provision 583 1,419

Net income 2,571$ 3,074$

(In Thousands)