Message from Our President
President and Chief Executive Officer of Savers Bank
As I take time to reflect back on 2022, I am most struck by the impressive combination of resilience and resourcefulness that exists in the Savers Bank team. Last year presented us with another series of unexpected challenges that ranged from international conflicts to domestic economic turmoil, yet our over 110-year-old institution continued to display both stability and adaptability as the circumstances dictated.
From the Federal Reserve combating inflation by raising the Federal Funds Rate by 4.25%, to scarcity in the residential real estate market to retail and service industry staffing shortages, our customers have been facing many fiscal obstacles. But our longstanding position as a local bank dedicated to serving our communities has helped guide the way and provide financial solutions.
Our employees are part of the communities that we serve, and building and maintaining strong ties within our communities, among customers, and with one another is an important part of our company’s ethos. As the Covid 19 pandemic subsided, it has been especially enjoyable to expand our presence in various community events. One particularly impressive outreach project was the 2022 United Way campaign. The Savers Bank team exhibited extraordinary generosity and care for our community through record-high contributions.
Our core upgrade was completed last April under Keri Gonzalez’s leadership. We began this complex journey with me expressing that I had the utmost confidence that we would achieve all our milestones: open communication with no surprises; an on-time upgrade completion by April 11; an overall positive employee and customer experience; measurable best practices and process improvements and a unified team effort laying a foundation vital to the Bank’s continued success and longevity. I am happy to report that my confidence was well-founded, and all the hard work, energy, and imagination made this dream a reality. Since then, we’ve continued to implement new products, services, and efficiencies such as contactless debit cards, Apple Pay, digital money management tools, and Spanish language options in telephone and online banking. As we take advantage of our new core and relationship with COCC, our focus remains on enhancing the customer experience across all channels.
One of the largest nationwide concerns towards the end of 2022 and into 2023 has been bank stability. I’m proud to be able to report that Savers has a solid financial foundation made up of strong capital and earnings. Our Leverage Capital Ratio and Return on Assets remain incredibly strong at 11.37% and .76%, respectively. Total assets grew at a modest 2% ending 2022 at $689 million. Our loan portfolio grew by 11% to $509 million. A total of $148.9 million in loans to businesses and individuals were originated in 2022 (an increase from the $113.4 million that were originated in 2021), and deposit growth totaled $28.9 million, representing an increase of 5.4%.
As interest rates increased throughout the year, our experienced lenders continued to find solutions that met our customer’s needs. Our disciplined and prudent approach to lending continues to serve us well, as evidenced by our continued strong credit quality. Savers’ teams pride themselves in providing exceptional customer service and strive every day to make each banking interaction a positive one. We value each relationship and understand that long-term relationships are built with trust and confidence.
It’s been nearly two years since we launched our “Be Simply Better” initiative, and I see, every day, how that motto is incorporated and showcased at every one of our branches, at our headquarters, and through our social media and online customer interactions. Our positive and encouraging results from 2022 are a true reflection of how everyone at Savers Bank brings ‘Simply Better’ into every detail of our jobs and contact with our customers.
Savers prides itself on being a mutual institution. I envision our ongoing goal to be turning our mutuality into a “super-power” that will re-establish what it means to be a community bank, with reimagined product offerings and a further embrace of our community responsibilities. This may be a large undertaking, but I know Savers is more than up to the challenge of defining the true essence of being community-focused and Simply Better.