NWSB Annual Report 2024 | Page 9

DEAR SHAREHOLDERS:
It has been another profitable year for NWSB. Fortunately, this year has not presented the board and management with as many external challenges as the past few years. However, there remains significant headwinds working against bank performance. Whether it be stubborn inflation, slowing the reduction in interest rates and increasing cost of funds, international turmoil, or national upheaval associated with our new president, there is and will always be many factors the board and management must consider on behalf of you, our shareholders.
In spite of these and other challenges, I am proud to say that NWSB has continued to produce acceptable returns, pay respectable dividends, and grow in size and asset value. In addition, and as a testament to the public’ s view of management, the bank successfully completed a private placement capital raise for the purpose of fostering the continued growth of the bank.

Alan Applegate

Chairman of the Board
NWSB’ s view toward the future is also reflected in the addition of our newest board of director. I am proud to introduce you to Mr. Ryan Pennington, who was appointed to the board of directors at its March 2025 meeting. Mr. Pennington is a native of southern Indiana and a commercial real estate broker representing developers in and around our community, as well as other areas. His real estate experience and knowledge of local and surrounding market conditions will, among other things, increase the bank’ s understanding and management of one of its predominant areas of lending. Welcome aboard Ryan!
Just as we had to do last year, I must note the retirement of another director of the bank. Mr. Greg Sherrard will be leaving the board of directors by not seeking re-election at this year’ s annual meeting. Thank you Greg for all of your loyalty and commitment to our organization. Anyone who has conducted commercial business with NWSB over the last 20 years will recall Greg’ s calm demeanor, positive outlook and sage advice. Management and the board of directors will strive to continue to adhere to these qualities in the future.
2024 NWSB Annual Report | 5