The 2020 results also reported progress with a number of key initiatives including the launch of its new flagship branch in the town’s historic marketplace, and the introduction of its new online mortgage switching portal for existing borrowers coming to the end of their current deal.

The Society’s performance was helped by the adoption of home working early in the crisis, and the introduction of desktop valuations and video call appointments to enable it to keep trading safely throughout the year without having to rely on government subsidy through the furlough scheme.

Chief executive, Paul Wheeler, said that although 2020 didn’t turn out to be the 150th anniversary celebration that the Society had planned, he was immensely proud of the way the Society reacted to the crisis.

He said: “Whilst we couldn’t celebrate with our members in the way we had hoped, it has been both inspiring and humbling to see how colleagues have responded to the challenges we faced.

“At all times, the safety and welfare of our members, colleagues and their families has been our number one priority. In spite of their own personal concerns, our team has worked tirelessly to ensure that we have kept our doors open throughout to ensure our members have had access to their cash, and that borrowers impacted by the pandemic and the government’s lockdown measures have been able to access the help and support they need to get them through this difficult time.

“I’m equally pleased that we have not lost sight of our mutual heritage, and that because of our financial stability we have been able to play our part in supporting our community, particularly those most in need, who need a little extra help to see them through this unsettling period.”