Message from Our President
President and Chief Executive Officer of Savers Bank
When I took the helm as CEO of Savers Bank in early 2020, it soon became evident that we were about to experience an unprecedented challenge for our company, our Commonwealth and our country. What I have seen and experienced as a part of the incredible team at Savers Bank since then has been both impressive and inspiring.
Our employees have been able to adapt, persevere, be resourceful and ultimately thrive, despite the economic and health challenges we all faced. Throughout 2020, in the midst of a hectic pace of change in both behaviors and expectations, we took the opportunity to reaffirm our customer relationships through technology and new cultural norms. I am proud of our pandemic response, which included installing UV air purification systems at all locations, as we kept everyone’s health and safety top of mind.
Being firmly rooted in our communities was evidenced through countless volunteer hours, our proactive response to the SBA Paycheck Protection Program, modifications of loan terms and many other customer-focused initiatives. We implemented a business partnership with Alloy Labs and our anticipated core upgrade will lay the framework for more technological advancements with customer needs in mind. Our recent branch transformation in Sturbridge lends itself to a more inviting and consultative approach to banking.
Our Capital Ratio remains incredibly strong at 10.55%. The Bank’s interest rate risk profile and liquidity are well positioned for continued growth and long-term success. I’m also happy to report that, despite a challenging interest rate environment that pressured net interest income, Savers Bank ended 2020 by exceeding Net Income budget expectations by $576 thousand. The Bank had exceptionally strong results in mortgage and commercial banking as gross originations for the year totaled $70.1 million in residential loans and $89.2 million in commercial loans. Balance sheet growth was supported with an increase in deposits totaling $60.4 million.
What we have now is a solid foundation of fiscal strength and employee resiliency and responsiveness that will serve us well as we launch into the next period of transition and growth. In 2020 we were all asked to adapt to support our customers and our community and I can confidently say that Savers Bank responded with commitment, energy and positivity. I could not be prouder of our team and our company.