DEAR SHAREHOLDERS:
Anytime you want to build something or add on to an existing structure it is imperative you set a great foundation. You have to put strong building blocks in place on which you can continue to add to as you continue to grow. That is exactly what NWSB accomplished in 2024. As the bank was able to continue our financial successes, we were also able to accomplish several other strategic initiatives that we believe will continue to help the Bank grow and achieve solid financial results into the future.
There were many financial achievements accomplished in 2024. NWSB was able to grow assets by $ 67 million ending the year just below $ 585 million in total assets. The Bank was able to help new and existing customers with new commercial projects, expansions of their existing business or achieve their personal goals by increasing our loans. Total loans increased by $ 27 million, ending the year just above $ 409 million. The deposit side of the Bank also experienced great growth in 2024. Total deposits grew 13 % ending the year just above $ 531 million. All of these successes on the balance sheet helped NWSB achieve a net income of $ 4.9 million for the year.
Early in 2024, NWSB launched a new suite of personal checking accounts. Previously, the Bank had accounts which had not been updated in many years. These new accounts allow our existing customers and new customers to pick an account that is appropriate for their personal goals. Whether it is an account that provides great value and comes with the ease of access or an account that allows the opportunity to get additional features that customers may be seeking, NWSB now has the perfect fit for each customer.
In the 4th quarter of last year, NWSB launched our new digital banking platform. This platform provided our online and mobile customers with a unified solution that comes with all the basic features expected but also with new additional functionality that allows customers to access new features to increase their knowledge of their own personal finances, monitor their credit and more.
These new initiatives, along with many others accomplished last year, are the building blocks NWSB was able to put in place to help us continue to grow. These pieces provide the Bank a strong foundation that will prove vital as NWSB continues to strive to be an important piece of this great community.
2024 NWSB Annual Report | 7