“This is our commitment; to keep advancing our technologies to harness a more convenient and easy way for you to bank, to continue to give back to the communities that support us, and to bring you experience worth banking on since 1871.”
Although 2021 was better than the previous year in many ways, it still presented challenges. In the beginning of the year, we kept in-person transactions to a minimum for the safety of our staff and our customers. Slowly, we opened our branches while keeping safety a top priority. We strove to return to the level of banking that you have known for so many years from Sawyer Savings. Despite all the changes that were instituted and hurdles to clear, the staff at Sawyer Savings Bank never let us down. We successfully processed round two PPP loans for many of our customers, providing them critical funding to survive this pandemic. I am truly proud of the way our team always found ways to persevere and overcome the challenges 2021 presented.
We found ways to honor our accomplishments in 2021, and were especially proud to celebrate being a part of the Hudson Valley community for 150 years. To commemorate this milestone, we donated $150,000 to local nonprofits and philanthropic programs in appreciation for their hard work and dedication. Without the support of the community, Sawyer Savings would not be here today. We were honored to donate to organizations like Sparrows Nest, Boys and Girls Club, local first responders, historic preservation societies, animal rescues, and more. Additionally, to celebrate our anniversary, a family friendly Community Day was held at Cantine Field in Saugerties in September. We enjoyed interacting with our customers in a relaxed environment, seeing so many smiling faces, hearing children’s laughter as they enjoyed the event activities, and sharing the bank’s history with members of the community.
2021 was also a year of growth for Sawyer Savings Bank. In August 2021, Sawyer Savings expanded into the dynamic community of Woodland Pond in New Paltz as our fourth branch. Expanding our geographic footprint adds convenience for our current customers and helps us reach out to new customers. Sawyer Savings Bank also had a very successful year financially. While total assets grew almost 10% to $268M, net income grew over 60% to $1.3M creating a capital ratio of 10.3%. This places Sawyer Savings in an extremely strong position to continue growing in the coming years. I am grateful to our customers and staff for making that possible.
Although we have expanded and plan to strategically expand in the future, we are committed to maintain a positive customer experience with our financial offerings and within our branches. We remain committed along with the Board of Trustees to helping our community. With the success of our community giving in 2021, we are pleased to announce that Sawyer Savings Bank will be launching its own Charitable Foundation in 2022. We are in the beginning stages of this amazing initiative, and I look forward to providing more information as we finalize this exciting program.
Finally, we have our vision set on the future with new technologies to incorporate into our financial offerings. In 2022, Sawyer Savings will introduce a new HELOC product designed to help homeowners in the Hudson Valley make home improvements that take advantage of alternative energy sources or reduce energy usage in their homes. Additionally, to embrace electric vehicle technology, we are investigating electric vehicle charging stations at the Saugerties and Highland locations.
For 150 years Sawyer Savings has been a true hometown bank, starting as one of the first businesses in the village of Saugerties, NY. We have grown to four banking locations and offer both a personal and business mobile app so you can bank from virtually anywhere! This is our commitment; to keep advancing our technologies to harness a more convenient and easy way for you to bank, to continue to give back to the communities that support us, and to bring you experience worth banking on since 1871.
Respectfully submitted,
Douglas P. Sturges
C.E.O.