The building society’s pre-tax profits were £0.73m last year, falling from £1.77m in 2019, which it attributed to closure of the housing market, the BoE base rate reductions, and additional funds being set aside to cover increased bad debt provisions.

Costs were also up as Darlington invested in additional staff, including eight apprentices, as well as technological advances.

The society also continued to support the community through its pledge to contribute 5% of its profits to local good causes; a total of £77,438 was donated to 16 community organisations, and the society extended its 5% pledge to 2025.

Andrew Craddock, chief executive of Darlington Building Society, said: “It’s been the hardest year I’ve ever known, and I couldn’t be prouder of the staff – it’s been humbling.

“In the context of the unprecedented challenges in the economy, it is an extremely robust set of results.

“We are a resilient organisation, with strong reserves, and it wouldn’t have been right to take advantage of taxpayers’ money.

“Thanks to a tremendous team effort, we’re in a really strong position, with ambitious plans to provide an even better service for members, look after our staff, and support our communities – and that makes me incredibly proud.”