President's Message
Spring 2023
To Our Valued Customers,
The start to 2023 was pretty much what we expected. We knew that high interest rates would be a drag on earnings and that is exactly what we are seeing. The good part is we prepared for it and none of this comes as a surprise. We are doing well with interest income and controlling expenses outside of interest on deposit accounts. It is the nature of our business that when we have an inverted yield curve (short-term money earns more than long-term money), we see margin compression and a difficult operating environment.
With all of that said, the bank still performed well given all the challenges. We continued to maintain profitability while serving our customers and communities.
In closing, 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,
