Dear Valued Customers
February 2023
As I look back upon last year, 2022 surely represented another remarkable and historic year for Ridgewood Savings Bank. While it featured many changes in events and circumstances, my message will still echo the same themes as the year before, as Ridgewood Savings Bank remains true to its ongoing mission to be a premier community bank that delivers on each of the following core values:
- Relationships
- Giving Back
- Competitive Rates
- Strength & Stability
- Financial Solutions
- Convenience
Industry Recognition
In 2022, Bankrate once again recognized Ridgewood Savings Bank as a Top Regional Bank. We were also ranked as a top performing New York bank for the third consecutive year in an independent customer satisfaction survey conducted by Statista and Forbes. These continued, performance-based awards offer concrete recognition of our commitment to provide convenience, competitive product offerings that deepen relationships, and financial solutions to assist all phases of your financial journey.
A Dedicated Community Partner
Staying true to our core value of “Giving Back,” we remain fully dedicated to our mission to be a premier community bank.
In 2022, we finalized the construction of our newest de novo branch to be located in Yaphank (Suffolk County) New York. We expect this branch to open for business in 2023, offering full banking services to this growing community.
We also completed the successful branch office relocation into in a modern, state-of-the-art facility within the Willamsbridge/Olinville community of the Bronx, which, for numerous years has been designated as underbanked by both New York State and New York City.
Several of our branch offices celebrated anniversaries in 2022, most prominently our 50th consecutive year of service to the Garden City Park (Nassau County) community. In recognition of this historic anniversary, we held numerous events, all of which benefitted our dedicated customers.
The Bank continued to provide financial support and expertise throughout its communities. Bank employees conducted numerous virtual Homebuyers Workshops for various community groups and potential home buyers during the year. We also expanded our online financial education programs, entitled “Ridgewood Financial Academy,” and resumed the in-person financial literacy programs offered in partnership with local schools and senior service centers. In aggregate, these literacy programs serve hundreds of seniors and thousands of students annually.
Improving the Overall Experience of Our Customers and Employees
Our dedicated customers and employees remain the foundation for all of our successes. In fulfillment of our steadfast commitment to our customers, we completed several product launches and upgrades in 2022 that will benefit them for years to come.
During the first half of 2022, we launched both international wire and foreign currency exchange services bank-wide, both of which have been well received to date. Two new checking accounts were also launched in 2022, Ridgewood Green and Ridgewood BankOn, both with benefits for a younger audience in the early stages of their financial journey. As part of the Ridgewood Green checking launch, we funded the planting of over 1,800 trees that will help sustain our environment in the future. We also enacted some changes to the criteria for eligibility on our signature “Premier” checking account (with numerous valuable perks such as Free ID Protection Plus) to make it more accessible to our customers. Finally, with regard to checking accounts, we also launched a revamped Student Advantage account that provides youth/high school students from ages 14 to 17 access to the numerous benefits of our debit card.
For our business customers, we completed enhancements to our mobile business banking app in 2022, to more closely align its features with our highly rated consumer mobile banking app. We also launched our (SBA) Small Business Administration 7(a) loan program that can potentially offer funding to our local small businesses.
In 2022, we also completed a multi-year, bank-wide initiative that offers E-Signature verification and E-Delivery of pertinent account disclosures, documents and transaction receipts. Current and prospective customers can also now apply for a student loan from our website.
So that we can recruit and retain the talent needed to maintain service quality at a high level, we commenced several multi-year initiatives that are anticipated to provide our employees both a better overall work experience, as well as individually tailored benefits.
Historic Financial Performance
During the year ended December 31, 2022, the Bank achieved its highest levels of operating income, as well as year-end total assets, real estate loans, deposits, and regulatory capital since inception.
In 2022, the Bank originated over $1.1 billion of real estate mortgage loans. These mortgage originations were divided fairly evenly between residential home and commercial real estate (CRE), with the CRE predominantly composed of multifamily residential apartment buildings. All of these mortgage originations were secured by properties located throughout the New York metropolitan area.
We also extended the reach of our commercial real estate lending to sections of New Jersey located near our branch footprint, as well as the reach of our deposit gathering to cover the entire states of New Jersey and Connecticut.
Our Sincere Thanks and Commitment to Retain our Core Values
We are eternally grateful for the loyalty and dedication of both our customers and employees, and offer a sincere promise to remain faithful to the core values that have made Ridgewood Savings Bank successful for over 100 years. On behalf of our Board of Trustees, and all of our Management and Staff, we wish you good health, happiness and prosperity in 2023. May we continue this wonderful journey together for many years to come.
Leonard Stekol
Chairman, President & CEO