2023 Annual Report

Dear Corporators, As interest rates continued to make headlines in 2023, your Bank made strides that increased our assets by more than $41 million, or 7.1% over 2022. True to our promise as a Solutions Bank, we worked to find financing pathways for homeowners and commercial customers despite stubbornly high interest rates. Further, we unveiled new technology that provides more service options and Solutions for more people. The Bank reported record-high assets of $623.9 million. While loans and deposits ended the year at $405.9 million and $499.4 million, respectively were at 5-year highs. In an environment where every customer is cautious about high-interest loans, and where every financial institution is looking for more share of wallet, this is an impressive achievement. 2023 was challenging to many banks; we made a choice to use the year to grow and make meaningful improvements for our employees and for our customers. It’s a mutually beneficial cycle—satisfied, empowered employees provide the top level of service for customers; customers who receive great service appreciate the Bank and its employees, are a pleasure to serve, and want to further explore our products and services. Our customers saw our commitment to improving their experience manifest itself in a number of ways. The Bank expanded our ASB University initiative, graduating 12 new Solutions Specialists. We took another step forward, modernizing our Barre Branch to accommodate a full-service, universal banker model, and to exceed current expectations of modern banking. With the unveiling of AVA, our interactive automated virtual assistant at 388 Main Street in Athol, we enlivened the conversation about how we can use technology—somewhat counterintuitively—to make the customer experience even more convenient and personal. As always, your Bank stands ready to face the industry, economic and governance challenges like it has time and time again. Regards, Daniel J. Zona, President & CEO TO THE CORPORATORS OF ATHOL SAVINGS BANK: