This time of year, there’s a lot of talk about all things new. New Year. New holiday presents. New resolutions. We emerge from a season of time-honored traditions and forge ahead to renew ourselves and try new things. In many ways, it’s the same here at Broadway Bank. Our commitment for 2012 is to continually respond to your needs by developing new services and new ways of making your banking experience easier than ever. But in some ways, that’s not new at all – that has been our commitment to you for over 70 years.

What you also won’t find new here at Broadway Bank is our strength and security. Our long-standing reliance on sound management and conservative operating philosophy has enabled us to continue to achieve strong financial performance and growth to this day. At Broadway Bank, we primarily raise our deposit funding from within our local communities and, even better, we make loans to redeploy those funds in the same communities as much as possible. When we raise more deposits than loans, we prudently invest the excess in high quality government securities.

There are some who are concerned about the national trend toward increased deposits and decreased demand for loans. While Broadway Bank’s deposits did rise $47 million in the third quarter, ending September at just over $2 billion, loans also increased by $21 million from June to September. A great deal of that demand was in business loans, helping to fuel local business growth right here on “Main Street” – which we see as a very good thing.

And that’s who we serve – both our local businesses on “Main Street” and our friends and neighbors right here at home. So from all of us here at Broadway Bank, Happy New Year – and if you need help with your New Year resolutions, from saving more to buying your first home and so much more, just know that you can always count on us. But then that’s nothing new, either.

Sincerely,
James D. Goudge
Chairman and CEO