2021 Annual Report

From the President & CEO
Dear Neighbors,
2021 was certainly another year for the books! While COVID-19 remains at the forefront of all of our lives, I feel as though we have been able to return to some sense of normalcy, and am glad to be reporting on another strong year for Thomaston Savings Bank.
Our 2021 fiscal year has seen robust deposit growth, a flourishing commercial loan pipeline, and more record setting months from the residential lending department. We experienced great earnings this year, allowing us to donate $165,000 to the Thomaston Savings Bank Foundation, further solidifying our commitment to the communities we serve. We continue to review internal strategies to ensure the Bank remains well positioned to withstand the ongoing low-interest rate environment. The Bank remains well capitalized and we continue to plan for long-term prosperity.
Financials
For the Years Ended September 30, 2021 & 2020
At 9/30/21 | At 9/30/20 | Change | ||
---|---|---|---|---|
in thousands | $ | % | ||
Cash and due from banks | 13,751 | 13,785 | (34) | -0.2% |
Investment securities | 625,652 | 352,610 | 273,042 | 77.4% |
Loans | ||||
Residential mortgage loans | 268,863 | 297,573 | (28,710) | -9.6% |
Consumer loans | 78,143 | 80,239 | (2,096) | -2.6% |
Commercial loans | 539,597 | 543,808 | (4,211) | -0.8% |
Less: Loan loss reserves | (10,069) | (8,631) | (1,438) | 16.7% |
Total loans, net | 876,534 | 912,989 | (36,455) | -4.0% |
Premises & equipment, net | 23,685 | 24,353 | (668) | -2.7% |
Bank owned life insurance | 30,274 | 29,676 | 598 | 2.0% |
Other assets | 19,068 | 15,029 | 4,039 | 26.9% |
Total Assets | 1,588,964 | 1,348,442 | 240,522 | 17.8% |
At 9/30/21 | At 9/30/20 | Change | ||
---|---|---|---|---|
in thousands | $ | % | ||
Deposits | 1,428,965 | 1,201,630 | 227,335 | 18.9% |
Borrowed funds | 5,891 | 2,266 | 3,625 | 160.0% |
Other liabilities | 18,460 | 23,416 | (4,956) | -21.2% |
Capital accounts | 135,648 | 121,130 | 14,518 | 12.0% |
Total Liabilities & Capital | 1,588,964 | 1,348,442 | 240,522 | 17.8% |
At 9/30/21 | At 9/30/20 | Change | ||
---|---|---|---|---|
in thousands | $ | % | ||
Interest and dividend income | 47,431 | 42,616 | 4,815 | 11.3% |
Interest expense | 4,426 | 8,195 | (3,769) | -46.0% |
Net interest income | 43,005 | 34,421 | 8,584 | 24.9% |
Provision for loan losses | 1,586 | 1,811 | (225) | -12.4% |
Net interest income after provision | 41,419 | 32,610 | 8,809 | 27.0% |
Service fees and other income | 5,869 | 5,115 | 754 | 14.7% |
Net investment security gains | 489 | 972 | (483) | -49.7% |
Net gain on sale of loans | 4,407 | 2,948 | 1,459 | 49.5% |
Non-interest income | 10,765 | 9,035 | 1,730 | 19.1% |
Non-interest expense | 35,350 | 33,621 | 1,729 | 5.1% |
Income before income tax expense | 16,834 | 8,024 | 8,810 | 109.8% |
Income tax expense | 3,081 | 1,307 | 1,774 | 135.7% |
Net Income | 13,753 | 6,717 | 7,036 | 104.7% |
Coming Soon to Unionville
2 S Main St, Unionville, CT

Business Customer Connection
Commercial loan growth has remained strong this past year, which is a reflection of our commitment to support businesses in our local community. We’ve partnered with both new and existing businesses in their endeavors, assisting them as they grow and thrive, and in turn stimulated our local economy.
Since the Paycheck Protection Program was announced, we have worked tirelessly to help our business customers navigate the program and utilize their funds to maximize their forgiveness.
PPP Loans Closed
1,898
195,811,783
PPP Loans Forgiven as of 9/30/2021
1,475
145,508,974
Community

Community Kitchen Project
The Community Kitchen Project is a Bank initiative arranging food preparation and delivery through a selection of our foodservice customers to provide meals to organizations that focus on area crisis intervention and food security in the community. This Project provided business to an industry that was heavily impacted by COVID-19, while also helping to ensure that the selected non-profits were able to feed their guests.


Denim Days
Total $21,680
The Bank’s Denim Days allow employees to wear jeans on Fridays throughout the
month
for a small donation to a preselected local non-profit which provides vital
services
to the community. If employees donate a total of $1,000 or more throughout the
month, the Bank contributes an additional $1,000 to that month’s cause. Denim
Days
encourages employees to express themselves while also donating to a great cause.

iFi University
iFi University is a free financial literacy resource that offers a variety of personalized tools created to enhance users’ financial wellness.
Users have access to:
- Personalized lesson plans that provide new insight and tips you can use in your day to day life
- Quizzes to test your knowledge and awareness of various financial wellness topics
- News articles to offer relevant data and statistics for understanding topics
- Engaging courses to help set and achieve your financial goals
- Infographics to help you understand complex topics quickly and effectively



Employee Volunteerism
Thomaston Savings Bank employees are steadfast in their commitment to the local community. From serving on boards to donating their personal time, our employees are dedicated to ensuring the needs of the community are being met. This dedication promotes a positive impact on the wellbeing of the community that both our customers and employees live in.
Bank Employees that sit on boards
52
Number of organizations that our employees volunteer
150
Top Workplace
Thomaston Savings Bank takes pride in creating a workplace that is both effective and enjoyable for our employees. By creating and preserving an environment that fosters communication and partnership, we are able to translate these values in servicing our customers and the needs of the community.



Board of Directors (In photo order)
Board of Directors
President and Chief Executive Officer, Main Street Community Foundation
Vice Chairman
Partner, Law Firm of Secor, Cassidy & McPartland, P.C.
Chairman
Zackin Zimyeski Sullivan
Owner, Town & Country Real Estate
Retired, Former Executive Vice President and Chief Operating Officer, Thomaston Savings Bank
Retired, Former President and Chief Executive Officer, Thomaston Savings Bank
Partner, Seabourne & Malley Attorneys at Law
President and Chief Executive Officer, Thomaston Savings Bank
Owner and President, Gemco Manufacturing Company, Inc.
Co-Owner, Bushka Lumber & Millwork Co., LLC

Executive Management (In Photo Order)
Executive Management
Executive Vice President
Chief Operating Officer
Senior Vice President
Chief Risk Officer and BSA Officer
Senior Vice President
Chief Credit Officer
Senior Vice President
Senior Human Resources Officer
Senior Vice President
Chief Information Officer
Senior Vice President
Chief Financial Officer
Senior Vice President
Chief Digital Banking Officer
President
Chief Executive Officer
Senior Vice President
Senior Retail Banking & CRA Officer
Senior Vice President
Chief Loan Officer
