August 4, 2011
In a recent weather related event, the city of Phoenix, Arizona, was covered by a wall of dust which impacted every segment of the population. As this silent wave of turbulence progressed, its power was experienced by all those who were caught in its path. Traffic came to a standstill, airports shut down and all efforts to minimize its impact were implemented; still, filters were clogged, breathing became difficult and massive cleanup was faced. This desert phenomenon is not that dissimilar to the financial turbulence we all have experienced during this long economic downturn. No singular event was its cause and no matter how diligent we were, its recessionary wave covered us all.
At First Savings Bank Northwest we are continuing to clean up the remaining remnants of the housing market disaster which left a covering of not only financial losses but took an exacting toll on the human element of the equation. It was distressing to see longstanding borrowing relationships unable to survive the depth and prolonged challenges of the recession. Some faced liquidation, others just simply walked away. While many expressed appreciation for our efforts to develop in partnership sustainable workout strategies, economic realities determined it was not to be. We empathize with those who lost so much and understand the frustration expressed by those for whom there was no viable solution. The only consolation in all of this is that, as in the aftermath of any storm, once the dust has settled recovery begins. What shape and form that recovery takes on is personal and determined by the opportunities reached out for and grasped by each individual.
In our everyday lives, as this financial turbulence reluctantly subsides, and the highlighted fears of governmental default and a sustained crisis diminish; be mindful of masked opportunities often times seeded with greed. During transitional times such as these, it is important to stay the course; maintaining financial relationships grounded in confidence, safety and integrity. For the many of you who have chosen us as your financial home, we greatly appreciate your commitment to our outstanding institution. For those who have not yet experienced the exceptional customer service we provide, we invite you to give us a try.
Although not yet reflected in our stock’s price performance, we are optimistic about our promising potential as evidenced by three consecutive quarters of positive earnings and a substantial decrease in our non-performing assets. With capital levels among the highest in our region, an improved management team, and having complied with all of the requirements contained in the regulatory Consent Order, we whole-heartedly believe we are on a sustainable path of solid performance, quality growth, and a bright future.
Once again, thank you for your confidence in us.
By First Savings Bank Northwest