Profit before tax was £1.1m, and total assets increased to a record £417m.

Furthermore, the society also received mortgage applications totalling over £150m for the year.

Richard Newton, chief executive at The Tipton, said: “The board is immensely proud of and thankful to our staff for the way they have risen to the challenges of the pandemic.

“Our staff are the vital ingredient in our continuing success and our 2020 results are testament to this.

“The society has entered 2021 with a strong pipeline of new mortgage business all of which has been underwritten by our own qualified and experienced team.

“Customers benefit from our approach as we consider their individual circumstances from the outset rather than using automated credit scoring.”