GSB Core Magazine, Community Newsletter, Q4 2021

CELEBRATING THE GIFT OF COMMUNITY

Because we believe in the importance of focusing on the intangible gifts life offers, we are in the midst of distributing gratitude tree kits at our branch locations.

For my part, I believe the greatest gift to those we serve are the members of our team, and for them I am most grateful.

Another year is coming to a close, and one that – despite the obstacles we’ve faced along with the rest of the world – has been a success for GSB. Our devotion to our core values has allowed us to grow, to strengthen our services to meet customer needs, and to take agile and innovative approaches to product development.

TO THE COMMUNITY WE SERVE,

I’m proud to say that GSB is as strong as ever, and we maintain a forward focus on seizing and maximizing growth opportunities for the benefit of all our customers – individuals and businesses alike – and for our own team and the communities we serve so that the entire extended GSB family will thrive for years to come.

At GSB, we are filled with gratitude this season for the loyalty of those we serve. We are grateful for the team that provides unmatched service. We are grateful for the goals we’ve reached in this past year, and for the bright future we have ahead.

Facilitated both by the pandemic and the desires of our customers, we’ve aggressively evolved our digital capabilities in ways that will help us to continue to make personalized connections with the individuals and businesses we serve, even when not physically together.

I AM PROUD TO SHARE WITH YOU IN THE FOLLOWING PAGES STORIES OF HOW WE ARE ENGAGED IN THE GIVING SEASON AND THE SENSE OF GRATITUDE WE HAVE AT GSB – THE ONLY BANK YOU’LL EVER NEED.

At the same time, we know nothing can replace in-person interactions for many when it comes to their banking experience. We’re proud to have most recently opened our eighth branch location in Northford, connecting our existing presences in North Haven and along the central shoreline. We remain deeply invested in the communities we serve, both through volunteer efforts and impactful donations to

Timothy P. Geelan, President & CEO TGeelan@GSByourbank.com (203) 458-5456

With the season of gratitude upon us, I am filled with a sense of pride and appreciation for the GSB community, and the community-at-large that we serve.

A return to normalcy from the COVID-19 pandemic has been slow; as we know the impact of this time will be long lasting, and what we define as “normal” has changed. Still, I am uplifted by the growing opportunities we have to gather once again with family and friends. I remain impressed by and thankful for the tremendous efforts of our GSB team members to persevere in providing service of the highest quality, no matter the challenges.

several local community foundations and many other worthy organizations.

GSB FINANCIALS

As of September 30, 2021 (In Thousands)

CAPITAL

HISTORICAL GROWTH (2021 PRETAX INCOME REFLECTED ON AN ANNUALIZED BASIS)

CAPITAL

$120,000

$1,100,000

$120,000

$1,000,000

20%

20

$10,000

$100,000 $100,000

$900,000 $800,000

15%

$8,000

15

$80,000

$80,000

$700,000 $600,000

$6,000

$500,000

10%

$60,000

$60,000

$400,000

$4,000

$300,000

$40,000

$40,000

$200,000

$2,000

$100,000 $-

$2017 Total Assets

2018 Loans

2019

2020

5%

$20,000

$20,000

2021

Pretax Income - Excluding Investment Gains (Losses)

10

5%

$-

0% 2017

2018

2019

Tier 1 Capital

$2017

2018 Tier 1 Capital

2020

9/30/21 2021

Tier 1 Leverage Ratio

2019

2020

0% 9/30/21

Tier 1 Leverage Ratio

OUR GRATITUDE FOR BUSINESS IS ANYTHING BUT SMALL As we come to the close of another challenging year, it is more important than ever to support our community.

In our immediate neighborhoods and neighboring towns, we are fortunate to have an amazing number of local business owners that are so committed to the growth, strength and vibrancy our community. As a ‘Thank You’ for all that they do, we’ve asked our colleagues to share stories of their favorite local businesses, and why they are so devoted to them. We encourage everyone to help us say ‘Thank You’ this holiday season, and whenever you can, by shopping local!

IN MEMORIAM: We remember our colleague, Dawn DiGianni, who passed away on October 14.

Dawn was a dedicated and valued member of our team for 24 years. We are grateful to her many contributions here at GSB and in our community.

0%

%

%

Business: Jordie’s Toy Shoppe

Reviewer: Brendan Six and Stephanie Atsales In Photo (left to right): Brendan Six, Stephanie Atsales and business owner, Jonathan Wallace.

Reviewer: Christine Blue In Photo: Chet Blue

If you are looking for unique and healthy options for lunch, Cilantro Coffee Roasters on the Guilford Green has the best salads, the most mouth watering quiche, and the best chai lattes! Jon, Cindy, and the entire Cilantro crew are truly a gift in the Shoreline Community.

In loving memory of Dawn, our employees wore pink recently and made a combined donation of $2,480 to the Terri Brodeur Breast Cancer Foundation to support research for breast cancer therapies.

GSB FINANCIALS

Jordie’s is a hidden gem! Great selection for kids of all ages, and lots of displays that are eye-level for little ones to explore.

As of September 30, 2021 (In Thousands)

LOANS

TOTAL TOTAL DEPOSITS DEPOSITS

(EXCLUDES DEFERRED FEES)

0%

5%

Business: Cilantro Coffee Roasters

$800,000 $800,000

$700,000

(EXCLUDES (EXCLUDESESCROW ESCROWAND ANDBROKERED BROKEREDCDS) CDS) $98,799 $98,799

$700,000 $700,000

$600,000

$81,996 $81,996 $66,246 $66,246

$600,000 $600,000

$171,348 $171,348

$75,346 $75,346

$500,000

$500,000 $500,000

$400,000

$400,000 $400,000

$300,000

$300,000 $300,000

$200,000

$200,000 $200,000

$100,000

$100,000 $100,000

$2017 Total Loans

2018

2019

Residential Real Estate

2020

2021

Commercial Real Estate

$88,675 $88,675

$94,265 $94,265

$188,371 $188,371

$123,821 $123,821

$77,420 $77,420 $147,490 $147,490

$171,066 $171,066

$184,002 $184,002

$123,441 $123,441

$145,582 $145,582

$138,640 $138,640

$169,154 $169,154

$183,301 $183,301

$139,073 $139,073

$155,454 $155,454

$163,402 $163,402

$136,781 $136,781

$136,509 $136,509

2017 2017

2018 2018

$118,293 $118,293

$131,333 $131,333

$-$Retail RetailCD CD

MMDA MMDA

2019 2019 Savings Savings

2020 2020 Int. Int.Bearing BearingDDA DDA

2021 2021 DDA DDA

Business: Forte

Business: Mirsina’s Restaurant

Business: Meliton Bath Collection

Reviewer: Ian Evans In Photo (left to right): Ian Evans and business owner Ron Forte

Reviewer: Dawn Callahan In Photo: Daniel Callahan

Reviewer: Megan Call In Photo (left to right): Megan Call and store manager Beth

Forte’s in Guilford has some of the best sandwiches in town! My personal favorite is the Texas Hold’em!

Mrs. Filindarakis was Daniel’s preschool teacher and Laura Meuselbaeh was the administrative assistant at Goodwin School 20 years ago for Daniel. Daniel says… “Mrs. F. makes the BEST PANCAKES EVER!”

Business: Monro Auto Service (Guilford)

Business: Moon Rise Cafe

Business: The Breakfast Nook

Reviewer: Dawn Callahan In Photo (left to right): Dawn Callahan and store manager Pat Clini

Reviewer: Lori Masella In Photo (left to right): Moon Rise Cafe team member and Lori Masella

Reviewer: Breanna Rocco In Photo (left to right): business owner Charise Jandreau and Breanna Rocco

Pat and the guys are the BEST plus they love our GSB pens!

Best Local Coffee Shop in Town!

Service with a Smile!

I love having breakfast/lunch at the Breakfast Nook.

The homemade food, welcoming service, and cozy décor is like home away from home!

Meliton Bath Collection showcases beautiful custom bath products in their brand-new showroom. Deb, the store manager, is always so fun to chat with and showed me the best candles to buy for Christmas gifts!

GSB WEALTH MANAGEMENT FINANCIALS*

As of September 30, 2021 (In Thousands)

*Below: GSB Wealth Management, LLC is a separate subsidiary of The Guilford Savings Bank. GSB Wealth Management, LLC is a registered investment advisor and makes investment recommendations that involve products that are not Bank deposits, are not guaranteed by the Bank, not FDIC insured and involve investment risks, including the possible loss of principal.

GROSS FEE INCOME

ASSETS UNDER MANAGEMENT ASSETS UNDER MANAGEMENT

(2021 GROSS REVENUE REFLECTED ON AN ANNUALIZED BASIS) $3,500

$500,000 $500,000 $400,000 $400,000

$3,000

$300,000 $300,000

$2,500 $200,000 $200,000

$2,000

$100,000 $100,000 $$-

$1,500 2017 2017

2018 2018

2019 2019

2020 2020

2021 2021

2017

2018

2019

2020

2021

GIFTS THAT CAN’T BE WRAPPED!

Hustle and bustle, silver bells, and holly berries may be hallmarks of the holiday season, but we know the true spirit of this time of year is wrapped in the opportunity to give.

As the GSB family prepares for all things merry and bright, we think about the gift of community, and encourage our customers to do the same.

The communities we serve – rich with history and town pride – are home to numerous nonprofits that support diverse causes and improve lives.

GSB has long standing relationships with local community foundations and gives generously to these institutions to ensure donation dollars are put to the best use. One such organization is the Community Foundation of Middlesex County (CFMC), the mission of which is to improve the quality of life for the people of Middlesex County now and in the future by developing endowments, making impact grants, and assisting donors in meeting their philanthropic objectives.

CFMC President & CEO Cynthia Clegg said the Foundation is committed to going “beyond the grant” in its efforts.

“We strive very hard to present ‘other than financial’ resources to the nonprofits. For example, we established a Nonprofit Resource Center, which provides professional development courses and technical assistance to nonprofits,” Clegg said.

The Foundation also worked hard to help nonprofits throughout the COVID-19 pandemic. It established a Live Local Give Local Emergency Fund to support nonprofit missions endeavoring to stay the course in challenging times.

Small “Pop Up Grants” have become part of CFMC operations, and they have brought much delight to the communities. In partnership with the Peach Pit Foundation, CFMC gave every

public library in Middlesex County a surprise $1,000 grant to spread joy.

Inspired by the success realized in the libraries with these funds, another donor gave $1,000 grants to 22 Parks and Rec Departments and camps.

“You don’t have to be a billionaire to be a philanthropist and spread some joy,” Clegg said. “Every grant, no matter how large or small, does make a difference for our friends and neighbors.”

Jenny Simpson, Executive Director of The Madison Foundation (TMF) also feels strategically made grants can energize the community and donors alike.

“TMF effectively connects donors who care with the causes that matter to them most,” she explained. “Our goal is to make Madison a better place to live, help as many Madison citizens as we can, both now and in the future. We do that by grant making, encouraging people to give or establish Donor Advised Funds, and matching grant applications to match the interests of donors and grantees.”

TMF also has a Neighbor-to-Neighbor (N2N) fund under its umbrella that is specifically targeted at helping individuals in need.

This year, as part of its 25th anniversary year, The Madison Foundation will have a matching gift to its annual appeal up to $25,000, so gifts given to the campaign are effectively doubled.

Simpson encourages people to consider making annual gifts to The Madison Foundation, but also to consider an endowed fund to “create a legacy in perpetuity,” she said.

The Branford Community Foundation (BCF) is more than four decades old, but its impact on the town became dramatically evident in the days and months that followed the onset of the COVID-19 pandemic. BCF launched the COVID-19 Response Fund to help families pay their rent bills, feed their children, and obtain PPE to safely do their jobs. BCF made 33 grants totaling more than $205,735.

“The work of the BCF is rooted in not just the desire to see our town and the organizations that make it vibrant thrive, but in the common threads of humanity and compassion that connect all our neighbors,” explained BCF Executive Director Liza Janssen Petra.

“It was the generosity of our donors that helped all who we serve weather the worst of the pandemic.”

Petra also serves as the Executive Director of The Guilford Foundation (TGF), which similarly invests in the betterment of the town it serves. TGF’s COVID-19 Response Fund raised $133,000. A portion of that fund was used, in partnership with the Women and Family Life Center, to provide emergency financial support for almost 80 Guilford families. The remainder was used to help Guilford nonprofits that were struggling as a result of the pandemic.

“Both in times of crisis and prosperity, The Guilford Foundation is an entity that works to take the philanthropic desires of its donors and fill those strategically in ways that make the community better,” Petra explained.

“We help to facilitate creative, unique, and robust projects that impact the lives of Guilford residents and enhance the beauty of our town and all it has to offer.”

All the Foundation leaders stress the many ways even small gifts can make a big impact. Donors can set up endowments or add to existing funds dedicated to myriad areas such as arts, the environment, and education. Those interested in volunteering their time can research the many nonprofits and find one that aligns with their personal desire to give back.

“We also have a motto at CFMC that we think says it all: Philanthropy Matters. Philanthropy Works,” Clegg said.

“We believe that any gift, no matter the size, can and does make a difference.”

Bill O’Brien

Bill O’Brien

- IS FOR GRATITUDE

Upon the arrival of a holiday season that will find many loved ones united for the first time in two years, GSB is celebrating with the longstanding tradition of gratitude trees.

While supplies last, we are giving away hundreds of these familyfriendly gratitude tree kits with the hopes that during gatherings in

the weeks ahead, all generations will take a moment and fill these trees with leaves that mark all we have and all we have to be grateful for.

Tree kits are available at all branch locations. Stop-in/drive-up for your free box of joy. We invite you to share your tree-filling experience by tagging us with #GSBGratitude.