President's Message
Spring 2024
To Our Valued Customers,
2024 started off much like 2023 ended: higher rates, inverted yield curve, and an operating environment that was difficult for banking. As we moved through 2024, we started to see some rate reductions that slowly and methodically continued through the year. It was advantageous that the short end of the curve moved a bit quicker than the long end, which provided a steepening of the yield curve and better net interest margin. Rate expectations have changed dramatically, and this challenging environment appears to be here for a while longer.
At the end of the day, 2024 proved to be a decent year. We exceeded budget, maintained very favorable delinquency and non-performing metrics, and continued to help our customers reach their financial goals through diverse product offerings.
As President and CEO of Wallkill Valley Federal Savings and Loan, I spend much of my time getting to know our customers and gaining a better understanding of the needs within the communities we serve. We take pride in being the local bank that is here to listen and work with our customers because our customers are the true owners of the bank. We are strictly committed to our customers, employees, and communities in ways that a stock bank, who is required to maximize shareholder value, could never be.
Sincerely,
