Stephen L. Lewis
President,
Chief Executive Officer
2023 Annual Report
Message From The CEO
Dear Valued Clients,
I am delighted to present to you Thomaston Savings Bank’s Annual
Report, highlighting our journey as a Purpose Driven Bank committed to
serving you, our esteemed clients, and the communities we are proud to be a
part of.
Our unwavering commitment is to focus on higher goals—yours. As a mutual savings bank, we stand apart by being owned by you, our clients, and not by any investors. This unique structure aligns our interests, ensuring that everything we do is driven by your best interest. From pioneering technologies that elevate your banking experience to fortifying security measures, and crafting tailor-made solutions, our singular mission remains: to empower you for financial success.
Sincerely,
Stephen L. Lewis
President & CEO, Thomaston Savings Bank
Fiscal Year Highlights
This fiscal year was highlighted by solid balance sheet growth and continued strong earnings. Total assets increased by $166 million, or 10.5%, to $1.75 billion at September 30, 2023. Total deposits increased by $73 million, or 5.0%, to $1.55 billion. Total loans increased by $221 million, or 23.5%, to $1.16 billion. Total borrowings were $77 million higher than the start of the fiscal year, providing the liquidity to fund the significant loan growth this year. The Bank’s core net income, which excludes certain non-recurring items, was very strong at $12.1 million, comparable to last year.
Rebekah Stokes
Senior Vice President,
Chief Financial Officer
Financials
| At 9/30/23 | At 9/30/22 | Change | ||
|---|---|---|---|---|
| in thousands | $ | % | ||
| Cash and due from banks | 16,507 | 16,786 | (279) | -1.7% |
| Investment securities | 470,361 | 534,278 | (63,917) | -12.0% |
| Loans | ||||
| Residential mortgage loans | 430,210 | 324,602 | 105,608 | 32.5% |
| Consumer loans | 107,586 | 87,262 | 20,324 | 23.3% |
| Commercial loans | 634,971 | 538,701 | 96,270 | 17.9% |
| Less: Loan loss reserves | (11,926) | (10,374) | (1,552) | -15.0% |
| Total loans, net | 1,160,841 | 940,191 | 220,650 | 23.5% |
| Premises & equipment, net | 26,120 | 23,723 | 2,397 | 10.1% |
| Bank owned life insurance | 35,454 | 35,059 | 395 | 1.1% |
| Other assets | 37,734 | 30,984 | 6,750 | 21.8% |
| Total Assets | 1,747,017 | 1,581,021 | 165,996 | 10.5% |
| At 9/30/23 | At 9/30/22 | Change | ||
|---|---|---|---|---|
| in thousands | $ | % | ||
| Deposits | 1,552,947 | 1,479,598 | 73,349 | 5.0% |
| Borrowed funds | 79,078 | 2,266 | 76,812 | 3389.8% |
| Other liabilities | 7,208 | 7,810 | (602) | -7.7% |
| Capital accounts | 107,784 | 91,347 | 16,437 | 18.0% |
| Total Liabilities & Capital | 1,747,017 | 1,581,021 | 165,996 | 10.5% |
| For the Years Ended September 30, | ||||
|---|---|---|---|---|
| 2023 | 2022 | Change | ||
| in thousands | $ | % | ||
| Interest and dividend income | 62,538 | 46,951 | 15,587 | 33.2% |
| Interest expense | 12,594 | 2,532 | 10,062 | 397.4% |
| Net interest income | 49,944 | 44,419 | 5,525 | 12.4% |
| Provision for loan losses | 2,202 | - | 2,202 | 0.0% |
| Net interest income after provision | 47,742 | 44,419 | 3,323 | 7.5% |
| Service fees and other income | 7,806 | 7,053 | 753 | 10.7% |
| Net investment security gains | 5,695 | (4,464) | 10,159 | 227.6% |
| Net gain on sale of loans | 129 | 814 | (685) | -84.2% |
| Non-interest income | 13,630 | 3,403 | 10,227 | 300.5% |
| Non-interest expense | 40,862 | 37,633 | 3,229 | 8.6% |
| Income before income tax expense | 20,510 | 10,189 | 10,321 | 101.3% |
| Income tax expense | 3,899 | 1,634 | 2,265 | 138.6% |
| Net Income | 16,611 | 8,555 | 8,056 | 94.2% |
NOW OPEN
New Britain Branch
Discover Thomaston Savings Bank's newest location! We are thrilled to announce the opening of our 16th branch, nestled at 233 Main Street in New Britain. This vibrant addition to our network embodies our commitment to serving diverse communities.
At this location, we are excited to have several bilingual staff fluent in Spanish and Polish on our team. Our dedicated team is here to assist you on your financial journey, ensuring that every interaction is smooth and tailored to your needs.
With our roots deeply embedded in the communities we serve, our 233 Main Street
branch represents another step in our journey to provide accessible, client-centric
banking to even more individuals and businesses. Join us as we celebrate this new
milestone and look forward to continuing our tradition of excellence and innovation
in finance.
Huascar Beato
Branch Manager
Our Website is Getting A New Look
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Consumer Lending
Residential Lending
Thomaston Savings Bank is dedicated to making home ownership accessible for all. This is reflected not only in our inclusive products and lending practices but in the unwavering dedication of our staff. From application to closing, our team ensures the process moves swiftly, allowing applicants to experience the joy of homeownership sooner. Our exceptional origination numbers stand as a testament to our dedication to serving our clients with efficiency and care, making the journey toward their first, next or dream home a reality.
Top 5
Originator in
of the communities
we serve
75
%we serve
Number One
Originator in
of the communities
we serve
45
%we serve
-
Client Testimonial
“I just wanted to thank you so much for all of your help with this process. I know it wasn't easy and you really went above and beyond for us! We have dealt with several other people/mortgage companies with other homes we have purchased and this was SO much smoother and much more comfortable.”
– Mortgage Client
Personal Loans
Increase in loans closed
from last year
142
%from last year
Auto Loans
Increase in loans closed
from last year
582
%from last year
Personal Lending
We are dedicated to delivering accessible, efficient and tailored lending solutions that empower the individuals in our community to take control of their finances and empower their financial aspirations.
Our simple online personal and auto loan application has transformed how our community secures financing – and you can see it in our production.
-
Client Testimonial
“Out of all loans that I have applied for, I have never had a better or quicker or more efficient experience than with Thomaston Savings Bank. I had a deadline from the dealer of a 2-day turnaround and it was turned around the same day! My plate is overfull at my full-time job, plus I have a part-time job, and the lending team and staff at the Waterbury branch made it easy for me to pick up the check so I could get it to the dealer and pick up my new truck. Thank you, TSB, for restoring my faith in efficiency in the banking industry!”
– Auto Loan Client
Powered by Thomaston Savings Bank
$230,000,000 in Commercial Loan Origination
At Thomaston Savings Bank, we take immense pride in fueling the aspirations of businesses that define our communities.
Aria
Ascension Athletics
Commercial Lending
-
Jim Forker
$16,000,000
CRE construction loan for hotel expansion in
Bristol
-
Tony Mattioli
$4,300,000
CRE construction loan for condos in Southington
-
Tony Mattioli
$6,500,000
term loan for CVS in Waterbury
-
Charlie McCormick
$2,800,000
LOC’s for working capital and capex in Thomaston
-
Mark Graveline
$20,000,000
CE Construction loan in Naugatuck
-
Missy Erdtmann
$2,000,000
LOC for working capital in Watertown
-
Trish Tomlinson
$6,500,000
LOC for working capital in Berlin
-
Trish Tomlinson
$1,040,000
term loan for acquisition in West Hartford
-
Mark Crook
$10,435,000
LOC’s for working capital; Litchfield Non-Profit
Community
Powering Change Through Volunteerism
Our commitment to the community runs deep at Thomaston Savings Bank. Through the Can Do Crew, our employees come together as a force of good. Their passion and action fuel impactful change, as they volunteer time, donate resources, and offer their support to a diverse array of nonprofit organizations. From revitalizing local spaces to mentoring youth, our crew’s dedication resonates across our community, creating a brighter future for all.
Meanwhile, our commitment to volunteerism goes beyond designated projects. Our employees actively serve on boards, invest their personal time, and engage in activities that directly address the needs of our neighbors. This commitment extends our positive influence far and wide, nurturing the well-being of both our clients and employees in the places we all call home.
At Thomaston Savings Bank, volunteerism isn’t just an
initiative—it’s a driving force that amplifies the positive
impact we have on the communities we serve. Together, with our Can Do Crew
and shared dedication, we’re not only banking on dreams, but building
a better tomorrow for everyone
Number of boards and committees our employees sit on:
78
Number of organizations that our employees volunteer with:
253
Total Employee Volunteer Hours:
7515
Building Bridges, Empowering Communities
Thomaston Savings Bank proudly introduces AHEAD—the Alliance for Hispanic
Education Advancement and Development. With a team of 14 dedicated employees,
AHEAD is a powerful initiative designed to foster deeper connections and
understanding within the Hispanic community we are honored to serve.
Committed to effective outreach, AHEAD stands as a bridge between Thomaston Savings Bank and the diverse Hispanic population we proudly call our own. By tapping into the collective knowledge, experiences, and insights of our AHEAD members, we’re not just fostering communication, but also nurturing a true sense of belonging.
Through AHEAD, we’re forging a path towards meaningful engagement,
promoting financial literacy, and ensuring that the unique needs of the Hispanic
community are heard, understood, and met. At Thomaston Savings Bank, AHEAD
isn’t just a committee—it’s a testament to our commitment to
inclusion and our dedication to building a stronger, more united community
together.
"I feel a sense of fulfillment being part of this initiative that celebrates diversity and elevates inclusivity." - Tony Sanchez, AHEAD Chairman
Susan D. Sadecki
Thomas G. Parisot
Carrie A. Zimyeski
James S. Kaniewski
Michael S. Madow
Mark D. Malley
Stephen L. Lewis
Mark P. DiVenere
Richard F. Bushka
James R. Nichol
Board of Directors
Susan D. Sadecki, MBA
President and Chief Executive Officer, Main Street Community Foundation
Thomas G. Parisot
Vice Chairman
Vice Chairman
Partner, Law Firm of Secor, Cassidy & McPartland, P.C.
Carrie A. Zimyeski, CPA
Chairman
Chairman
Zackin Zimyeski Sullivan
James S. Kaniewski
Owner, Town & Country Real Estate
Michael S. Madow
President, Ramco Recovery, Inc.
Mark D. Malley
Partner, Seabourne & Malley Attorneys at Law
Stephen L. Lewis
President and Chief Executive Officer, Thomaston Savings Bank
Mark P. DiVenere
Owner and President, Gemco Manufacturing Company, Inc.
Richard F. Bushka
Co-Owner, Bushka Lumber & Millwork Co., LLC
James R. Nichol
Retired, Former Executive Vice President and Chief Operating Officer, Thomaston Savings Bank
Executive Management
Rosemary Briglia
Executive Vice President,
Chief Operating Officer
Rebekah Stokes
Senior Vice President,
Chief Financial Officer
James Murdick
Senior Vice President,
Chief Loan Officer
Rebecca M. Kayfus
Senior Vice President,
Chief Human Resources Officer
Jonathan Gilbode
Senior Vice President,
Chief Digital Banking Officer
Todd Burton
Senior Vice President,
Chief Consumer Banking & CRA Officer
Patrick Quinn
Senior Vice President,
Chief Information Officer
Francesca Kracht
Senior Vice President,
Chief Risk Officer
John Scarritt
Senior Vice President,
Chief Credit Officer
