February 3, 2012
Oh, the joys of winter! Snow falling and ice forming on roads caused those who ventured out to experience the racetrack to nowhere, as engines roared and tires spun but no traction was to be gained. It was with sheer determination that I approached the little hill that could keep me from home during the ice storm, but no matter how many times I tried to charge up its face, the results were the same – lots of spinning but no upward direction. Finally, as I eased off the gas pedal and took a slow but steady course, the obstacle became manageable and up the hill I went…well, halfway anyway and, as the car came to rest against the curb, I altered my plan and walked the rest of the way.
So has it been with our financial performance over the past couple of years. In 2010 we found ourselves slipping and sliding under the weight of non-performing loans but, with some management changes and the irritant of charge offs; as the year came to a close, we were able to gain some traction and turn a small profit in the fourth quarter. In 2011 we were able to slowly but surely build on that momentum and quarter after quarter profits were made as the hill of problem assets became manageable.
Entering 2012, our corporate profile continues to evolve, strengthened by change and nourished by history. Our Board of Directors has added three new members to provide additional governance insight from an unaffiliated perspective versed in other banking environments, shareholder viewpoints, and public policy. However, as we look to the future, we respect our history and as such, although now retired, we greatly embrace the mentoring provided by our Directors emeritus Harry Blencoe and Bob McLendon. It was Mr. Blencoe who, for over 50 years, guided the direction of this institution, creating a financial beacon for the community and a foundation of conservative principles upon which we will continue to build.
Together we will maintain the traction of financial success as a four-wheel drive enterprise driven by our Directors, Shareholders, Management and You, our loyal customers. Thank you for your continuing confidence in us and may I add a special “Thank you” to Mr. McLendon and Mr. Blencoe for their steadfast dedication to First Savings Bank Northwest.
As you travel the spillways of life, sometimes it takes an irritant to gain the traction of personal performance.
By First Savings Bank Northwest