Key Takeaways from PSB’s 2021 Impact Report
2021 was a year of considerable change and growth. We said goodbye to several long-tenured employees, including our beloved Bank president, Rick Wallis, who served our community for 39 years with unfailing dedication. Our staff adjusted admirably to the changes, and their development will continue to be a priority, as nothing ensures an exceptional experience for our customers more than the right person in the job.
Giving Back To The Seacoast Community
As a Certified B Corporation and as a mutual savings bank, Piscataqua Savings Bank is deeply committed to serving the growing needs of our community. 2021 brought new challenges to local nonprofits, and we met those challenges with great action, donating over $170,000 to 115 local organizations. Our team was also deeply committed to giving back, with 46 employees and board members logging over 1,700 hours (a 4.2% increase over 2020), serving on boards and volunteering with organizations including Gather, Chase Home for Children, Leadership Seacoast, the Kittery Historical & Naval Museum, Strawbery Banke, and the UNH Therapeutic Riding program.
In addition to individual volunteering efforts, our coordinated volunteer days included our Annual Beach Cleanup, in which 21 pounds of trash were cleaned off the shore of Peirce Island. Other volunteer activities included bringing in wish list items and cash donations for New Generation and My Friend’s Place, fulfilling 50 Salvation Army “Angel Wish” cards for children in need, and donating school supplies for the start of the 2021 school year to local students through the Portsmouth Welfare Department. In preparation for Thanksgiving, the Piscataqua Savings Bank team collected 577 holiday staples to benefit local families through the Salvation Army Thanksgiving Aid drive.
Housing & Home Equity Loans
2021 brought us historically low mortgage interest rates, primarily the result of the continuing pandemic. At one point, our 30-year fixed-rate mortgage was down to 2.75%. 2021 saw $63.5 million in loan originations, and $7 million in total Home Equity Lines Of Credit originations. As one of the Seacoast’s leading home mortgage lenders, we take pride in offering competitive rates for our fixed and adjustable rate mortgages as well as home equity loans. Although interest rates are rising, and the housing market inventory is challenging, we look forward to a robust 2022.
Looking Back, Looking Ahead
The impact of the turmoil in Europe on inflation, supply chain issues, and the uncertainty of the lasting effects of the pandemic will create challenges for 2022 and beyond. Yet, the bank is well positioned to react quickly where needed. Drawing inspiration from lessons learned in the Great Recession of 2009 and our current global pandemic, we know what it takes to rise to any challenge and will continue to do so in 2022 and beyond.