Message from Our President

Rosemary Picard President and Chief Executive Officer of Savers Bank

It is hard to believe that another year has ended and a new year has begun. As I take some time to reflect on 2023, it gives me great pleasure to report on Savers Bank's strong year and share other exciting news about personnel developments, technical updates, and important community initiatives.
To begin with, we have some impressive stats about the strength of the bank, including: Our Total Assets grew 4.15% over last year, ending 2023 at $718 million.
Our Leverage Capital Ratio continues to be strong at 11.30%, which is well above regulatory minimums. Our Return on Assets of .63% was on target with budget expectations. Deposits are fully insured through FDIC and DIF and Savers Investment Services experienced its highest sales growth.

We currently have gross loan originations totaling over $100 million, which equates to net loan growth of $28 million for the year, even as 2023 proved to be one of the more challenging years in the mortgage industry. This was attributable to both higher interest rates and limited housing supply, resulting in the lack of inventory and fewer refinance opportunities.
We expect to manage the coming year by reacting to many factors outside of our control, like these real estate industry fluctuations. Other circumstances, such as compressing margins and economic and geopolitical uncertainty, may prove challenging to navigate, but our mutuality allows us to prioritize stability over profits. I am confident that the Savers Bank ethos and functionality are assets that will allow us to continue to thrive, no matter the environment.

2023 also found us continuing to invest in our communities, products, and services in a variety of ways. For example, the Board approved the renovation of our Charlton branch location, which demonstrates Savers long-term commitment to investing in our physical as well as technology footprints. Some of those tech improvements include Online Account Opening which we implemented last year. This allows new customers the ability to open consumer deposit accounts from the convenience of their own home. To compliment Apple Pay we also rolled out two additional Digital Wallets of Google Pay and Samsung Pay, which gives enhanced payment flexibility to our customers. Another neat addition to our customer amenity package are Custom Debit Cards. Customers are now able to proudly showcase what means most to them via their Savers Bank debit cards.

One of our most important new community investments is our launch of a formal Financial Literacy Program through Banzai. Our goal with this program is to increase the fiscal knowledge and confidence of our customers and community members and to partner with more local businesses and non-profits, expanding our reach and impact in the region. We also rolled out a free tuition rewards program called Sage Scholars, helping our customers fund one of the most important family investments: education.
Commitment to the community is not just a management effort at Savers Bank. Our teams were in full force during 2023 participating in many different community events throughout our six branch locations. Our employees gave over 500 hours of their time to volunteer efforts throughout the year, and I am incredibly proud of their activism and care. I am especially thrilled to report that 2023 held our highest United Way Employee and Board Match Campaign to date.

Last but certainly not least, I want to honor Paul Jalbert, who will be retiring in April 2024 from our Board of Directors after five decades of illustrious service with Savers Bank. Formerly our CEO, Paul was employed for 37 years, and then continued on our Board as Director for an additional 13 years. I know Paul was incredibly grateful for having the opportunity to serve our employees, customers and communities for all this time, and I want to thank him for his leadership, support and dedication to the Savers Bank mission of being Simply Better.