2022 Annual Report
From the President & CEO
Neighbors:
I am happy to report on another all-around strong year. As always, we continue to focus on the needs of our customers and community by enhancing our services as the world around us changes.
In the face of the ongoing news surrounding our Nation’s economy, I am happy to report that Thomaston Savings Bank remains in a strong financial position. Our 2022 fiscal year was met with consistent deposit growth, due in part to Connecticut’s banking environment remaining turbulent with several mergers, acquisitions and branch closures coming to fruition. We have welcomed many new customers impacted by these changes and look forward to growing our relationship with them. In spite of a rising rate environment, our commercial lending pipeline continues to grow. Mirroring that performance, our residential lending team saw several record months with both application and closed loan volume and we have had a record year for home equity lending. Keeping in line with our vision, we continue to help our customers and community increase their financial wellbeing and realize their goals with the addition of new products and services you will read about throughout this report. Thomaston Savings Bank remains well capitalized and is prepared to weather the economic downturn allowing us to continue looking forward and planning for long term prosperity.
This past April, we not only opened our Unionville Branch, but we also opened a 24/7 ATM located in Wolcott. In an effort to continue expanding our presence and building new relationships within our community, we are excited to announce the addition of our new limited-service branch at Thomaston High School. The branch opened at the beginning of the 2022 school year with students serving as tellers. We have reinforced our mission of providing financial education to our community by immersing the students in banking as both tellers and customers.
In addition to promoting financial wellness amongst students, we now offer a credit score tool, Credit Sense, which is available through Online Banking and the Thomaston Savings Bank Mobile App. This tool shows users their credit score and the factors that influence it, plus gives them tips on how to strengthen it. It also alerts the user when their score increases or decreases, constantly keeping them up to date on their financial wellbeing.
As we continue to recognize the increasing need for digital banking services in today’s world, we are pleased to announce that we now accept personal loans via online application. This new platform allows customers to apply for loans and go through the entire process online, from start to finish. As today’s interpersonal communication sways toward digital, we are taking steps to add additional accessibility to our products via online options.
We have also added a live chat feature to CASH, Thomaston Savings Bank’s chat bot, on our website and within Online and Mobile Banking, further streamlining the process of getting in touch with a Customer Service Representative. Users can request that CASH transfer them to a live agent during normal business hours. Our Contact Center team is then able to chat with users as well as validate customers to provide account specific information. Users chatting with our Contact Center team from within Online Banking and the Thomaston Savings Bank Mobile Banking App are automatically validated, streamlining the overall process.
As always, I would like to express my gratitude to our employees, Corporators and Board of Directors for their continued commitment to the Bank, our customers, and our community as a whole. We will continue to remain focused on offering our customers the best tools and services available, while adapting to the ever-changing world. We have always been, and always will be, here for you.
Sincerely,
Stephen L. Lewis
President & CEO, Thomaston Savings Bank
Financials
At 9/30/22 | At 9/30/21 | Change | ||
---|---|---|---|---|
in thousands | $ | % | ||
Cash and due from banks | 16,817 | 13,751 | 3,066 | 22.3% |
Investment securities | 534,247 | 625,652 | (91,405) | -14.6% |
Loans | ||||
Residential mortgage loans | 324,602 | 268,863 | 55,739 | 20.7% |
Consumer loans | 87,262 | 78,143 | 9,119 | 11.7% |
Commercial loans | 538,701 | 539,597 | (896) | -0.2% |
Less: Loan loss reserves | (10,374) | (10,069) | (305) | 3.0% |
Total loans, net | 940,191 | 876,534 | 63,657 | 7.3% |
Premises & equipment, net | 23,723 | 23,685 | 38 | 0.2% |
Bank owned life insurance | 35,059 | 30,274 | 4,785 | 15.8% |
Other assets | 30,699 | 18,544 | 12,155 | 65.5% |
Total Assets | 1,580,736 | 1,588,440 | (7,704) | -0.5% |
At 9/30/22 | At 9/30/21 | Change | ||
---|---|---|---|---|
in thousands | $ | % | ||
Deposits | 1,479,598 | 1,428,965 | 50,633 | 3.5% |
Borrowed funds | 2,266 | 5,891 | (3,625) | -61.5% |
Other liabilities | 7,525 | 17,936 | (10,411) | -58.0% |
Capital accounts | 91,347 | 135,648 | (44,301) | -32.7% |
Total Liabilities & Capital | 1,580,736 | 1,588,440 | (7,704) | -0.5% |
For the Years Ended September 30, | ||||
---|---|---|---|---|
2022 | 2021 | Change | ||
in thousands | $ | % | ||
Interest and dividend income | 46,951 | 47,431 | (480) | -1.0% |
Interest expense | 2,532 | 4,426 | (1,894) | -42.8% |
Net interest income | 44,419 | 43,005 | 1,414 | 3.3% |
Provision for loan losses | - | 1,586 | (1,586) | -100.0% |
Net interest income after provision | 44,419 | 41,419 | 3,000 | 7.2% |
Service fees and other income | 7,053 | 5,869 | 1,184 | 20.2% |
Net investment security gains | (4,464) | 489 | (4,953) | -1012.9% |
Net gain on sale of loans | 814 | 4,407 | (3,593) | -81.5% |
Non-interest income | 3,403 | 10,765 | (7,362) | -68.4% |
Non-interest expense | 37,633 | 35,350 | 2,283 | 6.5% |
Income before income tax expense | 10,189 | 16,834 | (6,645) | -39.5% |
Income tax expense | 1,634 | 3,081 | (1,447) | -47.0% |
Net Income | 8,555 | 13,753 | (5,198) | -37.8% |
New Locations Now Open
Powered By Thomaston Savings Bank
$200.5 million in commercial loan originations
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 and watched them grow and thrive, and in turn stimulating our local economy.
Community
Total Community Support: $879,908
Denim Days
Total $25,630
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.
Can Do Crew
27 projects in one Year
The Thomaston Savings Bank Can Do Crew volunteers to benefit a wide variety of non-profit organizations throughout our community. From donating time, money and resources our employees are dedicated to giving back for a good cause. Employees participated in 27 projects over the course of the year.

Thomaston Savings Bank Officers wore red pumps for the Susan B. Anthony Project’s Walk a Mile in Her Shoes event to raise awareness for domestic assault victims.
Watch The VideoEmployee 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.
Number of boards & committees our employees sit on:
101
Number of organizations that our employees volunteer with:
196
Total Volunteer Hours:
7,654
Environmental, Social, and Governance (ESG)
ESG Report Coming April 2023
Thomaston Savings Bank is built on integrity and reliability. We believe that creating meaningful environmental, social and governance programs will further our positive effect on the communities we serve and build upon our core mission of responding to the human and material needs of our community while improving the quality of life for our neighbors.
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
Owner, Town & Country Real Estate
Chairman
Zackin Zimyeski Sullivan
Vice Chairman
Partner, Law Firm of Secor, Cassidy & McPartland, P.C.
President and Chief Executive Officer, Main Street Community Foundation
Retired, Former Executive Vice President and Chief Operating 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
Executive Vice President
Chief Operating Officer
Senior Vice President
Chief Risk Officer
Senior Vice President
Chief Credit Officer
Senior Vice President
Chief 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 Officer
Senior Vice President
Chief Loan Officer
