Bristol County Savings Bank 2022 Annual Report

EXECUTIVE MESSAGE

PROVIDING STRENGTH & STABILITY FOR 176 YEARS

People Helping People is the theme of this year’s annual report. However, it is more than a theme – it is Bristol County Savings Bank’s culture, which focuses on people - our customers, our communities and our team. This community banking culture and our corporate structure as a mutual bank differentiates us from other financial institutions that need to include stockholders in their definition of people. This allows us to take a longerterm approach of balancing our commitment to people with the financial strength of the Bank. This strategy has stood the test of time, as noted in last year’s annual report.

Don A. Backlund, Chairman of the Board of Directors and Patrick J. Murray, Jr., President & CEO.

As we look back on 2022, we are reminded of where we were just ten years ago. The Executive Message in the 2012 Annual Report noted that, “The banking industry has certainly had its challenges during the past five years. We have endured a banking crisis, the lowest interest rate environment in over 60 years, and a stock market that at one point had lost nearly forty percent of its value. Recovery has been slow and although the current economic environment has been described as not so bad, it is still not good. Despite these challenges Beacon Bancorp and its subsidiary Bristol County Savings Bank continued to provide positive results and a positive impact on the communities we serve.”

Substitute a pandemic for a banking crisis and in the immortal words of Yogi Berra – “it’s déjà vu all over again.” Our continued focus on community banking and on our culture of People Helping People, once again provided positive results and a positive impact on the communities we serve in 2022.

During the past year, we wrapped up the Bank’s 2018-2022 Strategic Plan that was developed by the management team, in conjunction with, and approved by the Board of Directors, in 2017. We are extremely proud to report that we successfully executed all of our strategic initiatives and met all of our projected key performance targets.

Despite the post-pandemic economic challenges we faced last year, Bristol County Savings Bank once again realized positive results during 2022. Higher short term interest rates initiated by the Federal Reserve to fight inflationary pressure has created an inverse yield curve squeezing our net interest margin and creating net unrealized losses in both our equity and bond investment portfolios, as the markets reacted to economic conditions. Although this pressure had an effect on our earnings during 2022, our capital and liquidity remains strong. Our regulatory capital requirements, administered by the federal banking agencies, continue to far exceed minimum requirements to be considered well capitalized, as documented in our audited financial statements as of the fiscal year ended October 31, 2022.

Net income for the fiscal year ended October 31, 2022 was $12 million, a decrease of $58.3 million or 82.9% from prior year results. The primary reason for this decrease is ASU 2016-1, a new accounting guidance that the Bank was required to adopt in 2020 requiring net changes in net unrealized gains or losses in equity investments to be reported through the income statement. As discussed in previous annual reports, this new requirement will play havoc with our bottom line earnings as evidenced by the continuous roller coaster ride from 2021 to 2022.

During 2021 the Bank recorded a $50.6 million unrealized gain through income under ASU 2016-1 resulting in the best bottom line, by far, in the history of the Bank. During 2022, the stock market performance was less than stellar, resulting in the Bank recognizing a $23.7 million net unrealized loss through the income statement. This $74.3 million swing as well as a $2.6 million decrease in realized gains from sales of equities securities in 2022, offset by the tax effect of such, accounts for most of the decrease in net income.

If we eliminated the effects of the equity portfolio roller coaster ride and extraordinary PPP income recognized in 2022 and 2021 of $1.9 million and $7.6 million, respectively, the Bank’s net operating income was $29.7 million in 2022 compared to $23.1 million in 2021. This is a much better barometer of the Bank’s core earnings performance.Turning our attention to the balance sheet, we were able to offset margin compression and inflationary pressure in 2022 by growing our assets by $51.2 million or 1.7%, ending the year with total assets of just under

$3.1 billion as of October 31, 2022. Most of this growth was in the lending area, with total loans, net of allowance for loan loss, ending the year at $2.2 billion. This is an increase of $164.7 million or 8%, an extraordinary accomplishment considering this growth was net of $54.6 million of PPP loans forgiven during the year. Asset quality continues to be strong, resulting in a provision for loan loss of only $1.1 million, recognizing growth in the portfolio.

As we leave the COVID pandemic in the rearview mirror, 2022 will also be remembered for the extraordinary effort, including our digital transformation that made the process very efficient, on behalf of our team in forgiving most of the $313.2 million of PPP loans originated during the pandemic. From a customer experience perspective, we worked to help our customers with forgiveness of their PPP obligations before they went into repayment, allowing them (and us) to realize significant stimulus income. As of October 31, 2022 only $415,000 of PPP loans remained on the books.

The growth in loans was funded by excess cash balances built up on the balance sheet from surge deposit growth during the pandemic as well as borrowed funds. The surge deposit growth subsided in 2022 as consumers, businesses and municipalities gained confidence and began spending and investing. Most government stimulus programs ended in 2022 as well. This resulted in a $46 million decrease in deposits and a related $125 million increase in borrowed funds.

Despite our strong loan growth and our consistent net operating income performance, total equity capital decreased by $25.4 million. The current interest rate environment and resulting volatility in the bond markets is the main reason for the decrease.

The largest component of our total equity is retained earnings, representing the accumulated net income of the Bank over the past 176 years. Accordingly, retained earnings increased by our net income of $12 million or 2.9% during 2022 to $422.6 million.

Accumulated Other Comprehensive Income (AOCI) and a 50% Non-Controlling Interest in our Bristol Wealth Group subsidiary are also components of total equity. Our non-controlling interest decreased slightly during the year due primarily to member distributions. AOCI includes the net unrealized loss in the Bank’s bond investment portfolio and funding differences in our defined pension plan, which is also affected by interest rates. AOCI decreased by $37.2 million to a negative $55.4 million as of year end primarily due to the net unrealized losses in both the Bank’s investment and pension plan bond portfolios caused by the Federal Reserve’s rate hikes.

Consolidated total equity as of October 31, 2022 amounted to $371.6 million or 12.1% of total assets. The Bank’s equity capital ratio as a percentage of total assets, compared to other mutual banks in Massachusetts as measured by the Depositor Insurance Fund (DIF) as of December 31, 2022, ranked first out of 10 mutual banks with assets greater than $1.75 billion. Despite the economic challenges we faced in 2022, Bristol County Savings Bank continues to be well capitalized with one of the strongest capital ratios in our industry.

As we move into 2023, we are also excited to report that the Board of Directors recently approved a new 2023-2025 Strategic Plan. The plan focuses on three strategic themes: The Growth Agenda, Digital Transformation and Organizational & Operational Effectiveness. It also prioritizes initiatives within our

Shared Services Group. The plan also sets specific KPI projections, including proforma financial statements, focusing management on the continued financial success of the Bank to ensure the success of our long-term People Helping People culture.

All of our strategic themes have a direct correlation to our customers, our community and our team. Smart growth is necessary to provide the means to invest in the products and services our customers demand. As they continue to adopt our digital transformation at a faster pace, the plan is focused on providing timelier state of the art delivery systems, whether in the exploding digital arena, the face-to-face traditional methods, or the more likely scenario of a hybrid. We also continue to focus on the changing needs of our employees. During the past year we instituted a 3/2 work from home hybrid model and a formal intern program. We are also formalizing a strategy focused on career development opportunities within the community banking industry.

We also welcomed Sarah Athanas, Shaunna O’Connell, Michele Roberts and John Silva as Corporators at our 2022 Annual Meeting of Beacon Bancorp. We would also like to thank Russell Baker, James Fagan, Anthony Sapienza and Richard Shafer, who retired as Corporators during the past year, for their help and support during their tenure with the Bank.

In closing, we would like to thank our Corporators, Board of Directors, management team and staff for another job well done during challenging times in 2022. As you read through the pages that follow, you will see many examples of how we use our time, talent and financial support to help our customers and our communities. It truly takes our entire team to successfully carry out our culture of People Helping People.

From a governance perspective, we are so pleased that Cheryl Haynes was elected to the Board of Directors in March of 2022. Cheryl is a Human Resources subject matter expert with experience working for and consulting with both large banks and community banks. During the past year she was instrumental in helping us design several HR related initiatives to support the members of our team, in addition to the overall banking knowledge she brings to the Board.

Don A. Backlund Chairman of the Board of Directors

Patrick J. Murray, Jr. President & CEO

BALANCE SHEET

INCOME STATEMENT

BRISTOL COUNTY SAVINGS BANK

HELPING TO MEET THE DIVERSE NEEDS OF OUR CUSTOMERS

For more than 175 years, the Bank’s success continues to be defined by building and maintaining strong relationships within our communities. Our dedicated team members believe that the concept of People Helping People is essential to both community and institutional growth. Since the beginning of the COVID-19 Pandemic, the value of this philosophy has been reinforced, as we have adapted to rapidly changing and uncertain times. We continue to overcome challenges related to the Pandemic, as well as the changing economy, by partnering with our customers and communities.

Pictured L-R: Hasan Ali, Senior Vice President/Commercial Lending; Heather Ruhsam, Executive Director of The Sailing Museum; and Damon Arpin, Vice President/Commercial Lending.

Helping New Commercial Customers with Flexible Financing Solutions

The National Sailing Hall of Fame, also known as The Sailing Museum, was founded in 2004 in Annapolis, Maryland. As a not-for-profit organization dedicated to preserving the history of sailing and its impact on American culture, it also honors those who have made outstanding contributions to the sport, inspiring and encouraging sailing development and participation. In March 2019, the organization relocated from Maryland to Rhode Island after purchasing the property at 365 Thames Street, in Newport, RI with the intent to establish The Sailing Museum. Hasan and Damon worked closely with The Sailing Museum to find the right lending solution. The Bank provided a construction/permanent mortgage to finance up to 70% of the project costs related to the real estate purchase. Providing the flexibility that was needed allowed the museum to successfully open its doors to the public in May of last year and gave new life to the historic former armory building.

Helping Multi-Generational Companies Meet Their Evolving Needs

The Darling family operates a 4th generation, family-owned company that values long-term partnerships as well as working with people who share their common goals. Roger, along with Vice President/Commercial Lender Bob Skurka before him, have assisted the Darling family with their evolving lending needs over the years, including the construction of their newest Hampton Inn hotel in Buzzard’s Bay. The Bank also helped them navigate the many challenges of the Pandemic and according to Mr. Darling, “we wouldn’t have wanted to go through COVID with any other bank.” When the opportunity to purchase Water Wizz became a possibility, Mr. Darling immediately reached out and the Bank was able to assist from start to finish to help make the deal work. The most successful relationships are mutually beneficial. The Bank values the relationship with the Darling family, and in turn, Mr. Darling feels “the Bank has been a great partner for our family of companies.”

By successfully administering the Paycheck Protection Program (PPP), and assisting our customers through uncertain and unpredictable times, we helped our customers and communities maintain stability throughout 2022. As we turned our focus back to sustained growth, the Bank succeeded in deepening its portfolio of core products, such as Commercial & Industrial lending, small business loans and residential construction mortgages, as well as financing new home purchases. Our team provided exceptional service to the Bank’s vast network of auto dealerships, and as a result, we experienced growth in this market.

LENDING

The Bank’s Lending team continued to provide significant support and service to the people who live and work in our communities. Our efforts resulted in yet another year of unprecedented growth across all loan portfolios in 2022. The Bank grew its total loan portfolio by $214.6 million year-over-year, including tax exempt bonds for commercial construction and excluding PPP loans.

Technology and the continuation of the Bank’s digital evolution are critical to meeting the ever-changing needs of our customers. We implemented new digital platforms in each of the lending areas in order to provide the organization with the necessary scale and efficiency to support its growth and maintain a superior customer experience. Although the Bank continues to integrate digital products and infrastructure, it also remains focused on striking the right balance between speed and convenience, with the care and detail that is expected from a strong community-banking partner.

Though 2022 proved to be a historic year for loan growth, the banking industry faced a challenging interest rate environment, with significant increases throughout the year. Driven by a 40-year high in US inflation and following a prolonged low interest rate period, the Federal Reserve increased the Fed funds rate on seven occasions in 2022, raising its benchmark rate by 4.25%, from 0.25%, to 4.50%. By the start of the fourth quarter, the resulting interest rate increases essentially eliminated the refinance market and reduced the volume of new loan originations across each of the core portfolios.

While the accelerated pace of rate increases proved to be difficult to manage, a significant decrease in loan payoffs represented a positive development that helped neutralize any portfolio runoff typically attributable to a reduction in new loan volume.

Pictured L-R: David Darling, CEO, The Darling Group; and Roger Cabral, Senior Vice President/Commercial Lending.

Commercial Lending

Commercial loans grew by 11.5% in 2022, which represented growth of $112.6 million. New commercial loan originations and loan advances totaled $421 million, a $46.6 million increase over the prior year.

Commercial Real Estate (CRE) lending continued to constitute the portfolio’s largest segment, as the Bank grew its CRE portfolio by

10.4%, or $87.3 million. A strong pipeline of construction mortgage advances provided significant tailwinds and supported another successful year of new CRE originations. The Commercial and Industrial (C&I) lending segment experienced substantial growth year-over-year, up 18.2%, or $24.9 million to $161.9 million and now represents 14.8% of the commercial portfolio. The Pandemic presented several headwinds which impacted our C&I growth, as excess market liquidity fueled by PPP loans and a low interest rate environment resulted in historically low line of credit usage,

Helping Companies Expand with Timely and Innovative Solutions

Ice Cube Cold Storage & Logistics of Fall River, MA, provides industry-leading, dependable and cost-effective handling and logistics to the frozen food industry. Working closely with the company on a variety of needs, Michael developed a strong relationship with Jason and Scott, helping them with financing needed to start up their greenfield operation. Michael also helped the Hutchens brothers identify and facilitate solutions to cover equity injection and monitored the selected solutions to counsel on the proper timing to exit and save fees in the process. In addition, Michael’s guidance through an interest rate SWAP program, now provides the company significant value in savings and cash outlay. Scott described the guidance he received as, “incredibly timely and on point,” adding that, “the biggest difference we have seen in our interactions with the Bank, as compared to other banking relationships, has been the people. Michael and everyone on the team are great partners, while handling our business and personal banking needs. It is very rare to have that level of lending and professional services available, while still maintaining the personal touch needed to make every transaction as smooth and positive as possible.”

Pictured L-R: Scott Hutchens, Vice President and Jason Hutchens, President, owners of Ice Cube Cold Storage & Logistics; and Michael Patacao, Senior Vice President/Commercial Lending.

Helping Family-owned Businesses with Personalized Guidance and Support

Understanding the specific business needs of Costa Brothers Masonry has allowed Will to provide the personalized guidance and support to help them effectively grow their business. Costa Brothers appreciates that Will took the time to familiarize himself with their business and is always just a direct phone call away if they need him, which has made “banking a breeze.” According to Lisa, she takes comfort in knowing that if any concerns come up, she has a team of people she can rely on for support - “whether it was setting up new accounts or suggesting new products to provide efficiency, Will and the team made themselves available so I could focus on running our business.”

large cash deposit balances and the sale of many longstanding business clients to private equity firms. While our Commercial Lending team originated a significant volume of C&I loans for many existing customers, they were also able to develop several new relationships with established businesses in our local communities.

Our team members remain dedicated to establishing and growing these relationships and we are grateful for their many contributions. Two of our long-tenured team members who have worked diligently over the years to foster these essential relationships within our communities, retired in 2022. Paul Camille, Senior Vice President and Commercial Lending Team Leader in Attleboro, and Richard Farmer, Vice President and Senior Commercial Loan Officer in Fall River, retired after successful careers with the Bank. Both of these individuals epitomized community banking through their unwavering support of customers and the service they provided to the local community. We thank them for their many contributions to the success of the Bank during their tenure.

This, however, provided an opportunity for us to recruit two new members for our Commercial Lending team. Tom Kelly, Vice President and Commercial Loan Officer in our Attleboro market and Brandon Cannata, Assistant Vice President and Commercial Loan Officer in our Taunton market. Both Tom and Brandon are longstanding community bankers who are deeply involved in their local communities. They support the Bank’s philosophy of putting people first and are welcome additions to the Commercial Lending team. The addition of these two new team members advances our succession planning,

Pictured L-R: Fernando (Freddy) DaCosta, Lisa DaCosta, President and Mike DaCosta, Vice President owners of Costa Brothers Masonry; and Will Mendonca, Vice President/Commercial Lending.

Pictured L-R: New commercial lenders Tom Kelly, Vice President and Brandon Cannata, Assistant Vice President.

an important part of ensuring the Bank’s longevity and our tradition of commitment to our customers.

Residential Lending

In a year that saw home financing rates climb to multi-decade highs, the refinance boom of years past ended and home purchase activity grew to represent just over 50% of total loan originations. Our

Helping a Family on the Verge of Foreclosure, through no Fault of Their Own

Maria Tavares, her husband and four children were victims of a fraudulent loan program issued by a national bank in the mid-2000s. In an effort to save her family’s home from foreclosure, she was working with Urban Edge Boston Housing Corporation and the Attorney General’s office. In addition, the home needed a significant amount of work and the family was trying to manage both of these critical situations to remain in their home and protect their investment. While attending a Homebuyer class, Maria was referred to Bristol County Savings Bank. Fadra met with Maria and informed her of the Bank’s Construction Rehab Portfolio program, which would provide considerable savings in closing costs and monthly payments over the estimate she had received, providing some financial relief. Fadra worked with Urban Edge and the general contractor on behalf of the Tavares family and closed their loan quickly so the needed repairs could be made. The family was thrilled with the level of service Fadra provided, as well as the outcome and continue to enjoy their renovated home!

Residential Lending team provided financial assistance to new homebuyers and existing homeowners with 384 loans, totaling more than $165 million. The Residential Lending portfolio experienced strong, sustainable growth, at over 6%, ending the year at $782.6 million. In addition to growth, overall portfolio yield improved as interest rates trended upward throughout the year. As housing inventory continues to remain low across the region, construction loan activity continued to grow. Over 17% of the origination activity came from borrowers who chose to build new homes.

Pictured Above: Maria Tavares and her family with Fadra Northrup, CRA Mortgage Consultant.

Helping People Recognize the Dream of Homeownership Through Innovative Programs

Not everyone is able to qualify for a conventional mortgage. In many cases, that should not prevent them from owning their own home. As part of our effort to help expand homeownership, the Bank developed a special program as part of another affordable housing development project with Pawtucket Central Falls Development (PCFD).

Working with Matt, the Mendoza-Amaya family was one of four families who benefited from this program in 2022. In order to qualify for this program, a borrower’s income must not exceed 80% of the median household income within the given area, requires 0% down, no private mortgage insurance and provides a discounted fee structure. This program helps individuals and families like the MendozaAmaya family own their own homes, in turn strengthening communities and directly improving people’s lives.

With interest rates and property values on the rise, many homeowners took advantage of the excess equity in their home, while leaving their first mortgage intact. Consequently, applications for Equity Lines and Loans saw increased activity, ending the year with $28.5 million, an increase of $4.4 million, or 15% year-over-year. During the year, we launched eSign and an online portal for borrowers to complete loan processes more quickly and easily than before. The Bank continued to improve the home equity application process as part of our efforts to streamline banking through emerging technologies.

The Bank also worked hard to assist first time homebuyers through our partnerships with community development organizations focused on providing affordable housing throughout the Rhode Island community. One of these long-term partnerships is with the Pawtucket Central Falls Development Corp (PCFD). The organization helps families budget while renting, to save for closing, reserves and related costs. The PCFD team also provides information on the home buying process, building credit and helping to expand homeownership.

By partnering with organizations such as PCFD, the Bank is able to establish deeper customer relationships, strengthen communities and help people live better lives within those communities. In conjunction with PCFD in 2022, the Bank had the opportunity to offer innovative financing options to assist four first time homebuyers purchase newly constructed, affordable two-family homes in Pawtucket, RI.

Indirect Lending

The Indirect Automobile Lending department had a very successful year, with over $195.3 million in automobile loans originated. The department grew its portfolio $46.9 million, or 16% to $337.7 million. Even with substantial interest rate increases in 2022, loan growth remained strong. While a number of factors contributed to the increase in automobile loan activity, such as a slight increase in vehicle inventory, as well as pent-up demand, recent growth in this area can be attributed mostly to the hard work of our dedicated staff. The Indirect Automobile Lending team remained focused on providing the

Pictured L-R: Linda Weisinger, Executive Director, PCFD, Dianny Melusky PCFD Homeownership Coordinator, the Mendoza-Amaya family; and Matt Estrela, Mortgage Consultant.

best possible customer experience, and on developing strong relationships with dealerships in our market area.

We continued to expand the use of e-Contracting technology, which allows dealerships to deliver loan documents to the Bank digitally. This saves time and reduces costs for our dealer partners.

As the Bank’s Indirect Lending team remains focused on fulfilling the Bank’s mission of relationship building and community support,

navigating the current interest rate environment presents several challenges. An inverted yield curve and a competitive deposit market continue to apply pressure on pricing and margin, while the prospect of an economic recession could jeopardize loan growth and credit quality.

In spite of the uncertainties that may lie ahead, the team remains thoroughly engaged in providing the expertise and dependability that those in our communities have come to rely on to successfully navigate challenges and meet the changing market needs.

Helping Our Auto Dealer Partners by Providing Value

Building mutually beneficial relationships with our auto dealer partners is the key to a successful indirect automobile lending program. A great example is the Bank’s expanding relationship with Viti Volvo and Viti Mercedes, in Tiverton, RI. Tim and the Indirect Automobile Lending team have worked closely with dealer partners Jason and Debra at Viti, enjoying shared success. Debra views the Bank as her “go to” bank. Our team “makes the process from credit approval to funding quick and seamless,” and this is reflected in the positive feedback she receives from customers. Debra feels that Tim is “the perfect liaison for Finance Manager and lender relationships to thrive.” Jason, who has worked with Tim since 2015, has come to rely on his insight and advice noting “it’s nice to have someone that really cares and helps makes things as easy as can be.” By providing support, competitive terms and responsive service, the indirect automobile lending team has helped Viti continue to successfully grow their business.

Pictured L-R: Deb Gleavey, Business Manager, Viti; with Tim Dailey, AVP, Indirect Lending Sales Officer; and Jason Smigel, Business Manager, Viti.

Helping Municipalities by Providing Service and Support When Needed

Timing can be everything. In the case of the City of Attleboro, the issuance of service fees by their primary financial institution prompted Laura to look for another bank to manage their affected accounts. According to Laura, Bristol County Savings Bank was at the top of the list due to an established banking relationship and a reputation for superior customer service by Stacie and the team. Moving the City’s accounts was an involved process, but Stacie, Phalline Svay and Apryl Robinson went above and beyond to ensure a smooth transition - setting up their various accounts and providing detailed training. This level of exemplary, personalized service provides our municipal customers with the support they need, when they need it.

We began 2022 with a positive outlook, having successfully navigated recent uncertainty related to fluctuating economic factors, supply chain disruptions and labor shortages. Global markets had begun to stabilize, central bank rates were the lowest in decades and excess liquidity was at historic highs for financial institutions. Expectations of improved labor markets and a turnaround in supply chain deficiencies were also on the horizon.

The landscape changed quickly, however, with higher demand on goods and services, which drastically increased consumer pricing across markets. The Federal Reserve increased interest rates several times throughout the year to abate looming inflation. Banks nationwide began to see diminishing deposits from the healthy surpluses that were realized in 2020 and 2021. Bristol County Savings Bank, like many of our peer banks, was also impacted in this regard. As competition became increasingly fierce within the rate environment, our teams worked diligently to maintain deposits. We had success throughout the year in preserving relationships with our customers, which helped to mitigate the impact of these challenges.

Due to Pandemic assistance and overall lack of spending during the height of the lockdowns, consumer savings were at record highs. Businesses had stockpiled deposits from the Paycheck Protection Program (PPP) assistance, enabling them to weather the Pandemic. The majority of businesses began to utilize those funds to pay down debt and restructure for future growth. Balances slowly diminished throughout 2022, due to pent-up demand, long-term investments and a return to economic normalcy. Total deposits ended the year at $2.5 billion, down $46 million, or 1.8% less than the previous year. While the business deposit portfolio was down $26.4 million or 3.0% to $858.2 million, the consumer portfolio was up by $891,000, or .08% to $1.1 billion as of fiscal year end.

Although municipal deposits ended the year at $503 million, down $20.5 million or 3.9%, the Government Banking division continued to be well-positioned to meet the needs of municipalities and governmental entities throughout the Commonwealth of Massachusetts. In fact, they onboarded three new municipal

Pictured L-R: Stacie Long, Vice President/Government Banking with Laura Gignac, City Treasurer, City of Attleboro.

customers totaling $13 million in new deposits, growing our total portfolio to 103 municipalities as of fiscal year end. This was a significant achievement given the highly competitive market environment in which we operate. While interest rate and economic volatility persisted throughout the year, our Government Banking team remains well-prepared to provide best in class cash management and related banking services, through the use of leading-edge technology and highly customized solutions.

The effect of the Pandemic was also felt in other ways. Significant labor shortages negatively impacted the banking industry, putting

Helping Municipalities by Becoming a Trusted Financial Partner and Valued Resource

Being active and knowledgeable in the Municipal Finance field allows Stacie and her Government Banking team to provide our cities and towns with the type of specialized solutions they need to manage their unique challenges. Products such as Positive Pay help Gary to ensure the validity of Town checks and create efficiency. Working with Stacie, John and the team has improved the Town’s understanding of what products can be the most beneficial. According to Gary though, it’s the dedicated level of service that continues to deepen the relationship between the town and the Bank and provides the Town of Dartmouth with just the right products – “never overselling, but letting both the team’s and the Bank’s reputation speak for itself.”

pressure on our existing Retail and Operations staff. We worked hard to meet all of our customers’ needs. In fact, our branches opened 5,550 new accounts, a 20% increase over 2022 and our customer service center realized a 20% increase in call volume, answering over 52,000 calls. In total, there were over one million transactions processed across our multi-channels, for a total of $11.3 billion. Despite many challenges, our staff rose to the occasion, working beyond their assigned responsibilities to find innovative ways to deliver the highest standard of customer care.

In an effort to alleviate staffing pressure, our Operations and Retail teams remain committed to sourcing and retaining new talent. To

Pictured L-R: Stacie Long, Vice President/Government Banking; with Gary Carreiro, Director of Budget and Finance/Treasurer, Town of Dartmouth.

Helping People with Their Specialized Financial Needs

Glenn Demanche visited our East Freetown branch to inquire about CD rates, as well as trust accounts. Kaitlyn reviewed CD products with Mr. Demanche and discussed what would be needed to establish a trust. Mr. Demanche had a recent negative experience with his primary financial institution in regard to a trust account that was subsequently closed after being told the bank couldn’t structure his trust account the way it was opened. After speaking with Mr. Demanche and reviewing the Trust Certification, Kaitlyn explained that we could open the account according to the structure Mr. Demanche requested. Based on this experience, Glenn and his wife Patricia moved their entire banking relationship to the Bank and Mr. Demanche has since become a regular customer of the East Freetown branch, visiting once or twice a week.

further strengthen our Retail Banking team, last year we welcomed Justin Jeffrey as the new Assistant Vice President/Branch Manager of our Dartmouth office and Amman Haidri as the Branch Manager of our Franklin office. The addition of these two experienced, customer-focused banking professionals to our retail management team will help us continue to provide an optimal customer experience in these markets.

Small Business Banking

Small businesses are an integral part of the communities we serve. They help create a level of stability and support that goes beyond the products and services they provide. We are committed to helping them achieve their goals by supporting both their immediate financial needs, as well as their long-term growth objectives.

Building deep, longstanding relationships is at the core of how we conduct our business. In 2021, we formally established the Small Business Lending Center, which provides an infrastructure to support our local businesses with their specific financing and banking needs. This, coupled with our Retail and Operational team efforts, provides the foundation for a seamless end-to-end servicing model. As a result, our team opened 650 new business accounts and closed 76 business loans, totaling over $11.6 million in 2022. Additionally, the Bank is proud

Pictured L-R: Amman Haidri, Franklin Branch Manager and Justin Jeffrey, Assistant Vice President/Branch Manager of the Dartmouth Office.

Pictured L-R: Standing, Kaitlyn Silva, Assistant Branch Manager and Angelebeth Faria, Branch Manager; and seated, Patricia and Glenn Demanche at the East Freetown office.

to have been named Top SBA Lender to the Retail Industry, by the SBA Massachusetts District Office at the 2022 Annual Meeting SBA & Lender Awards Ceremony.

To further meet our customers’ expectations, Small Business Relationship Managers were put in place in 2022. These banking professionals help ensure a more focused level of relationship building by providing specialized guidance and support. This approach helps to mitigate an industry-wide gap in servicing small businesses and promotes deeper interactions with our customers.

Taking the Time to Help People Understand and Navigate Digital Banking

Daniel and Rhonda Faria first came to our County Street office when they were dissatisfied with their digital platform and seeking a better banking experience. They opened a couple of accounts and asked if they could come back to have someone walk them through our digital banking platform and help them better understand how it works. Jeanne spent over an hour with the couple, prompting them to send an email expressing their satisfaction with the personalized service they received. The Farias were very appreciative and noted in their email that “Jeanne sat with us and helped us understand our finances, and the online banking platform. She knocked it out of the park. This is a true example of great customer service.”

Our Small Business Relationship Managers are both seasoned professionals, each with over 20 years of banking experience geared towards small businesses. George Mendros, VP Specialty Relationship Manager- Retail Banking, has been with the Bank since 1995 and has served the Taunton, Raynham, Attleboro and Franklin communities. His experience as a branch and regional manager has provided him the knowledge and expertise to deliver exceptional customer service. George has been involved in many community organizations over the years, and is passionate about building and maintaining strong relationships with his customers.

Pictured L-R: Rick Clark, AVP, Branch Manager, County Street Office; Rhonda and Daniel Faria, and Jeanne Verrier, Assistant Branch Manager at the County Street Office.

David Ferreira, VP Small Business Relationship Manager, joined the Bank in late 2022. He has a wealth of financial services experience and a proven track record of delivering high-quality customer solutions and service. David will focus on our Rhode Island and SouthCoast communities where he is involved in several community organizations and as a result, deeply engaged in those markets.

Enterprise Risk Management

As Bristol County Savings Bank continues to grow, it is imperative that the Bank maintains a strong internal control structure that enables dependable financial products and services to meet evolving business, consumer and regulatory expectations. With that in mind, the Bank is once again refreshing all of our Enterprise Risk Management (ERM) policies and procedures with the objective of maintaining our conservative nature, to ensure that we continue to operate in a

safe and sound manner, given how fast technology is changing the way people want to interact with their banks. Although the banking industry has never been stronger, part of this process will also benchmark the Bank’s performance against industry peers with similar risk profiles to make sure that we continue to focus on how people want to bank with us and make sure that the risk management/customer experience pendulum doesn’t swing too far one way or the other. This process is foundational as we commit to a well-coordinated ERM program to ensure the long term success of the Bank, our customers and the communities we serve.

Digital Transformation

Our customers continued to embrace our Digital channels in 2022, as the Bank moved forward with implementing its digital transformation initiatives. Usage of our automated payment system, introduced in 2019, increased 50%, with over 63,000 transactions processed online. Mobile banking transactions totaled 120,000, almost 10% higher from the prior year.

As part of our effort to remain on the leading-edge of Digital Banking, we continue to look for opportunities to partner with Fintech companies to find solutions to improve customer experience. During the year, we partnered with Alloy Labs, a digital banking technology consortium, comprised entirely of community banks. This alliance leverages the shared input and resources of its members to create unique solutions,

Pictured L-R: George Mendros, Vice President, Specialty Relationship Manager, Retail Banking with David Ferreira, Vice President/Small Business Relationship Manager.

establish best practices and help community banks compete with regional and national banks, through innovation. Through this partnership, we researched, vetted and launched a powerful digital tool known as Carefull, which helps to combat fraud. Carefull uses a powerful AI-technology to monitor credit, identity and financial information for any unusual behavior to detect fraud, scams or questionable activity within accounts. As you age, especially after 55 plus, there is a natural process of cognitive decline that can make

you more vulnerable to scams and fraud, as well as common mistakes such as accidental duplicate, or missed payments. Carefull catches the small issues before they become big ones. According to Carefull, older adults with dementia show financial symptoms up to 6 years before diagnosis. Tools such as Carefull may help detect these signs so that families can better plan for financial care. The Bank provided employees with access to this service in 2022, and we intend to offer Carefull at no cost to PRIME TIME customers within the coming year.

Helping To Meet the Unique Needs of Small Businesses

John is a great example of a relationship success story. He first came to the Bank after becoming dissatisfied with the level of service his business was receiving from his financial institution for what he felt was an easy and routine request. In search of alternatives, he came to the Bank’s Pawtucket office and they were able to help him with his request. Based on the service provided by Edgar Alves, he began his relationship with the Bank by opening a safe deposit box. Over the course of last year, Mr. Dooley was very pleased with the level of service he received and eventually moved all of his personal and business accounts to the Bank as well as further expanding his relationship to include an Express Business Loan. Edgar and the team enjoy working with Mr. Dooley and take pride in helping to meet his personal and business financial needs.

Pictured L-R: Edgar Alves, Assistant Branch Manager, Pawtucket Branch Office; John Dooley, owner of Central Sports Cards and Mobolaji Omisore, Assistant Vice President/Branch Manager of the Pawtucket Branch Office.

“What I love about working at Bristol County Savings Bank is that the organization understands the responsibility we have to each other, our customers and the communities in which we live and work. It is an honor to be in a position to serve through volunteerism, and by educating our customers to help them achieve their financial goals. Working for the Bank has allowed me to explore my passions related to diversity, equity and inclusion, financial literacy and community involvement. Through opportunities like our All Employee Volunteer Day, being a part of Leadership RI and recently joining the Women’s Business Council, I feel empowered with a better understanding of the value that I bring. I’m blessed and thankful to work alongside an amazing Branch team and many other helpful and knowledgeable colleagues, as well as a Senior Leadership Team that is always encouraging and supportive.”

Shaquita Wilson Cumberland Branch Manager

The Bank also implemented a marketing automation system that is designed to engage and guide our customers through complex financial decisions by providing purpose-built tools that fuse digital communications with human interactions. The marketing automation system creates dynamic, actionable customer data by continuously using relevant behavioral, demographic and financial data to deliver highly personalized content and product offers through automated journeys at precisely the right time. This results in our customers enjoying a wider range of products and services that will ultimately improve their experience with the Bank. The initial journeys were designed to onboard our newest customers and expose them to all the relevant products and services they may need, resulting in a deeper banking relationship.

Our Digital team also engaged our technology partners to ensure that we provide a user-friendly, industry-leading online experience for our customers. We continually work to improve our Digital Banking platforms to make transactions easier and more efficient. Simplified user experience, enhanced features and capabilities, along with increased speed and performance, remain high priorities for our team. Digital Banking allows our customers to manage their financial needs in real-time, from anywhere, and we remain focused on forward progress in our digital improvement journey.

Strengthening Our Team

At Bristol County Savings Bank, we believe our people are our most valuable asset. In fact, recruiting and retaining a team of experienced and dedicated individuals is the cornerstone of successfully delivering on our communitybanking philosophy of People Helping People.

Pictured L-R: Jim Ferrara, Executive Vice President, Chief Human Resources Officer and Andrew Ngure, Vice President, Network Infrastructure, Information Systems & Technology.

In March of last year, Jim Ferrara was promoted to Executive Vice President/Chief Human Resources Officer. In this capacity, Jim is responsible for identifying business requirements and translating them into human capital strategies, including workforce planning, recruitment initiatives, associate development, increasing technologies and engagement assessment. His thirty-plus years of human resources experience provides the Bank with additional insights that allow us to continue to grow and develop our staff.

During a very tight labor market in 2022, the Bank benefitted from the systems Jim has put into practice for attracting and onboarding new talent to help fulfill our evolving needs. As a result, Andrew Ngure

“After working twenty years at various other larger, regional banking institutions, my transition to the Bank has been such a rewarding experience for me on both a personal and professional level. Since coming to the Bank six years ago, I’ve had the opportunity to progress into a leadership position that is charged with developing the Bank’s customer base across the SouthCoast Region. To work for a Community Bank has been a real game changer for me. It’s truly been refreshing to work with a great team of bankers, who also live and work locally, have local decision-making authority and the ability to support many local organizations, through both volunteerism and the financial support of the Bank’s Charitable Foundation.”

Jeffrey Pagliuca SVP - Commercial Lending Team Leader

joined the Bank as Vice President of Network Infrastructure with over 15 years of experience. His role entails working as part of the Information Systems & Technology department to implement new technologies and maintain current systems. Ensuring that the Bank’s technical infrastructure is running efficiently and securely is essential, and this requires placing the right talent in this critical role.

The Bank will continue to attract, recruit and retain talented individuals in key roles through effective strategies and ongoing support, to promote our community banking culture. By strengthening our teams and continuing to improve customer experience, the Bank remains committed to its philosophy of People Helping People.

BRISTOL WEALTH GROUP

HELPING PEOPLE PLAN FOR THEIR FUTURES

2022 was a year of considerable challenges for the investment industry. The acceptance of risk in investment portfolios met the experience of risk in 2022, and investors everywhere were reminded that even the most detailed projections from the highest-profile prognosticators can be completely off the mark. When the year ended, the S&P 500 was down 19.4%, the NASDAQ was down 33.1% and the Barclays Aggregate Bond Index was down by 13.01%.

Depending on which study referenced, it was either the worst year in over fifty years, or the worst 12 months in over a century. However, it was an important year for Bristol Wealth Group (BWG) as it validated our strategy of active portfolio management.

True Diversity is a grassroots civic and social organization dedicated to providing preventative programming, advocating for diverse resources, and events and cultural exposure within our communities. Specifically, the Taunton T.O.G.E.T.H.E.R. Youth Program provides at-risk youth aged 5-14 with the skills required to be successful in their daily lives, by fostering development in three key areas: relationship-building, self-care and education. Last summer, Lou and Connor provided financial planning and investment management training to mentors from the T.O.G.E.T.H.E.R. Youth program. Through these types of ongoing partnerships, we believe we can empower young people by helping them develop the skills necessary to succeed both academically, and in their financial life.

Pictured Above: Student participants from True Diversity’s Taunton T.O.G.E.T.H.E.R. Youth Program received financial literacy training on investments from Lou Ricciardi, President & CEO, BWG and Connor Russ, Assistant Vice President, BWG. Joining them in the photo is Tanya Lobo, Founder, President & CEO of True Diversity.

Our performance for 2022 was a direct reflection of this approach, as it helped us navigate the many challenges faced by the industry.

Our 2022 assets under management (AUM) ended the year at $845.5 million, down 9%, year-over-year. Our gross revenues for 2022 were $4.8 million, down 2% from 2021’s $4.9 million. Highlights of the year included over $82 million in new assets, and BWG was selected as the #1 small-sized bank-affiliated wealth management firm* by Kehrer Bielan, which annually ranks and reviews such investment industry

As BWG approaches its fifth anniversary in February 2023, we are grateful to our outstanding team of innovative financial advisors and dedicated operations staff. It is their collective professionalism and work ethic that allows our continued success. Our team at BWG actively advised, supported and volunteered with numerous non-profit organizations throughout our region in 2022, building active, engaged partnerships to address our communities’ greatest needs.

Pictured L-R: Connor Russ, Assistant Vice President; Dean Larabee, Chief Operating Officer; Keith Fernandez, Operations Associate; Lou Ricciardi, President & CEO and Carl Begin, Chief Investment Officer.

We have practiced the philosophy of People Helping People, whether advising investors on their appropriate asset allocations, guiding our clients through turbulent times, donating in support of dynamic organizations and their programs, or mentoring our young people to raise their expectations of themselves. We are humbled to be stakeholders in the regions we call home, and excited for the future we are building together. The work we have done with our valued customers has strengthened and sustained our relationships with them, and with our communities.

At Bristol Wealth Group (BWG), we recognize the importance financial education can play in enabling young people to make more responsible decisions involving money. Lou Ricciardi and his team partner with various organizations to help educate young people on the stock market and investing, in a way they can fully understand. For several years, we have supported the SPARK Initiative, offered by Junior Achievement of Southern Massachusetts and designed for young women to teach a blend of entrepreneurship, career readiness, financial literacy and leadership development. Lou has provided his time and financial expertise as an instructor and mentor, developing a curriculum to help participants gain a practical understanding of the stock market, and improve their overall confidence relative to investing and money management. As the investors of tomorrow, financial literacy can help young people positively contribute to the financial ecosystem in an educated and meaningful way, while providing them the benefit of their investment choices

Pictured L-R: Patrick J. Murray, Jr., President & CEO, BCSB and President, BCSCF; Maureen Cody, BCSB and BCSCF Board Member; and Lou Ricciardi, President & CEO, BWG, BCSB and BCSCF Board Member.

Pictured back row L-R: Dr. Jeanean Davis-Street, Dean, Ricciardi College of Business, BSU, Jeffrey Pelletier Interim President & CEO, Junior Achievement, Dr. Margaria Baganha, Director, University Services, BSU; and, kneeling, Lou Ricciardi, President & CEO, BWG, with participants of Junior Achievement’s SPARK program.

COMMUNITY SUPPORT

A HELPING HAND FOR LOCAL COMMUNITIES

Throughout the year, the Bristol County Savings Charitable Foundation (BCSCF) continued its commitment of providing support to the communities that we serve, awarding a record $2.3 million to 193 different organizations. The Bank was once again recognized by the Boston Business Journal as a Top Charitable Contributor in Massachusetts for the sixth year in a row, ranking 35 out of 95 companies recognized. Since the Foundation’s inception in 1996, over $28.3 million was awarded to a variety of organizations. In addition to our financial support, we rely heavily on the efforts of our people who truly care about helping others throughout our community. We foster a culture of People Helping People, and this is evident in the actions of our employees who volunteered over 5,000 hours in 2022, benefiting more than 150 different organizations and civic groups. With our volunteer hours back to pre-pandemic levels, coupled with the financial support from the Bristol County Savings Charitable Foundation, the following section illustrates the dedication and leadership of our Board, management team and our employees and the role we played during the year to improve the economic and social well-being of our communities.

Boys & Girls Club of Pawtucket – During the Bank’s inaugural Employee Volunteer Day, several employees from the Bank rolled up their sleeves and volunteered at the Club’s Alfred Elson, Jr. Clubhouse with their spring clean-up and the beautification of their campus.

On June 15th, 2022, for the first time in its history, the Bank closed its offices at noon, giving Bank employees the opportunity to participate in BCSB CARES: Employee Volunteer Day. In this celebration of 175 years of community banking, more than 260 employees from the Bank and Bristol Wealth Group, along with members of the Bank’s Board of Directors, generously volunteered over 1,100 hours of service.

BCSB CARES: EMPLOYEE VOLUNTEER DAY

Working with eleven different non-profits, at thirteen project sites in ten different communities within the Bank’s service area, our volunteers put our philosophy of People Helping People into practice. “Since the Bank’s founding in 1846, we have always maintained an unwavering commitment to serving the needs of our customers and our local communities,” said Pat Murray. The Bank remains committed to improving our communities. In working together, along with local non-profit partners, we can maximize the positive impact that we make for the people within our communities.

Bank employees who volunteered gained a greater understanding of the work that our partners do throughout southeastern Massachusetts and Rhode Island. As part of a survey conducted among Bank employees after the event, respondents expressed a belief that their work truly made a difference. One employee who participated in the event remarked that, “At the core, the Bank is all about relationships. These events help to strengthen the relationships that we have with the organizations that we support, as well as the relationships that our employees have with each other.”

Bank employees also conveyed a strong desire to continue to volunteer with our partner organizations in the future. As a result of the success of Employee Volunteer Day, in addition to the overwhelmingly positive feedback received from employees and partner organizations, the Bank has decided to make this an annual event.

The following pages provide additional information on the organizations that the Bank partnered with on the first annual Employee Volunteer Day. Volunteer hours spent on this special day helps to advance the missions of these organizations, while strengthening the ties that Bank employees have with each other and with the communities that we serve.

Hockomock Area YMCA in North Attleboro

BCSB volunteers grabbed paint brushes and assisted the Hockomock YMCA with projects at their North Attleboro Branch to prepare for their busy camp season. Projects included the painting of sheds and picnic tables as well as landscaping.

Attleboro/Norton YMCA (Camp Finberg) in Norton

Employees helped prep the grounds for Summer Camp at the Y’s Camp Finberg in Norton. In addition to the landscaping, volunteers helped to create a beautifully painted mural and painted artwork on several of the camp’s picnic tables to welcome campers.

The Pawtucket Foundation

Partnering with our friends from the Pawtucket Foundation, our volunteers worked hard to clean up, weed, mulch and beautify public spaces and “gateways” of Pawtucket.

The Empowerment Factory in Pawtucket

Volunteers helped to write 1,000 messages for the organization’s Kindness Cards initiative. These kind words written by our volunteers on custom artwork by children were then delivered to the elderly at senior centers and nursing homes throughout Rhode Island.

Sharing the Harvest in Dartmouth

Helping to carry out the farm’s mission to alleviate hunger, promote volunteerism, and provide agricultural education, BCSB volunteers assisted with the planting and harvesting of early greens and roots.

Boys & Girls Club of Fall River (Camp Welsh) in Assonet

BCSB volunteers helped Camp Welsh staff prepare the grounds and facilities to welcome campers for the start of the summer camp season. Their tasks included light landscaping, cleaning, painting and setting up camp games.

Boys & Girls Clubs of Metro South in Taunton

Bank staff prepared several miles of wooded walking trails by leveling and spreading gravel, hand-painting and installing trail-markers to keep campers safe and on course at Camp Riverside. Volunteers also assembled and built a storage shed at the camp.

My Brother’s Keeper in Dartmouth & Easton

BCSB staff and Board Members assisted with the delivery of a week’s worth of groceries, valued at over $200, to families throughout Southeastern MA. Volunteers helped load the trucks for deliveries and carried the bags and boxes of food to the doorsteps of program recipients.

GiftsToGive in Acushnet

BCSB volunteers processed, sorted and inspected toy, clothing and book donations. Additionally, volunteers acted as personal shoppers and scoured the shelves for the best items available to fill 200 detailed gift-package requests provided by GiftsToGive’s distribution partners.

Old Colony YMCA Taunton Branch

Our team assisted the Old Colony Y by not only cleaning the grounds and planting flowers and shrubs, but they also helped to build a new Music Wall in their preschool playground.

HELPING OUR PARTNERS

“Bristol County Savings Bank made the first significant investment in GiftsToGive 12 years ago and they’ve supported us every single year since then. It only got better and deeper because they started sending employees and then employees started coming on their own, and then they would come with their families and their kids and their grandchildren.”

Jim Stevens CEO & Founder, GiftsToGive

“I can’t thank you enough for inviting My Brother’s Keeper to be part of Bristol County Savings Bank’s volunteer day. In our 34-year history, no other group has helped us deliver a week’s worth of groceries to 100 families in one afternoon. It was truly a monumental day for My Brother’s Keeper. Thank you very much for the dedication and hard work of your staff.”

Paul Key Chief Development Officer, My Brother’s Keeper

“Thank you ALL for a fabulous team effort yesterday - you got so much needed work accomplished!! Taft Street Garden looks beautiful again.”

Christine M. Sullivan Director of Development, The Pawtucket Foundation

“Today’s just a great example of what a partnership looks like. Staff from the Bank coming out and supporting our Y through physical labor, helping us get ready for our summer camp. It’s really important for organizations like ours to be able to have partners like the Bank to allow us to be able to do the activities that we do.”

Jim Downs CEO, Hockomock Area YMCA

Helping to Foster Safe and Inclusive Communities

We feel that an inclusive community is a strong community. The Bank is committed to supporting ongoing efforts to address the inequities that exist in our own backyards. In Massachusetts LGBTQ+ youth are 4X more likely to attempt suicide; 3.5X more likely to skip school because they don’t feel safe; 3.2X more likely to inflict self-harm; and more than twice as likely to have been threatened or injured at school. The older LBGTQ+ population is at a much higher risk for mental health issues, obesity, substance abuse and HIV/ AIDS. We feel our financial support is an investment in creating a safer environment to help reduce these statistics locally. It is our hope that the South Coast LGBTQ+ Community Center can help facilitate a comprehensive support network for the LGBTQ+ community and help ensure respect and equality for all our neighbors.

South Coast LGBTQ+ Network, Inc., based in New Bedford, MA was awarded a $125,000 grant in support of a capital campaign for their new South Coast LGBTQ+ Community Center. The Center, which is currently under development at 60 Eight Street in New Bedford, will be a contemporary, central hub dedicated to providing free, easily accessible programs, services, resources, training and education for everyone in the LGBTQ+ community.

Pictured L-R: Patrick Murray, President & CEO, BCSB and President, BCSCF; Cynthia Cummings, South Coast LGBTQ+ Network; Jeff Bradley, VP/Community Relations, BCSB; Andrew Pollock, President, South Coast LGBTQ+ Network; John Silva, EVP/Chief Lending Officer, BCSB; and Michele Roberts, EVP, BCSB and Clerk, BCSCF.

VETERANS TRANSITION HOUSE NEW BEDFORD

Helping to Improve Financial Health and Well-Being for our Veterans

For many veterans living in poverty or veteran’s transitional housing, access to financial education or training is not readily available or easily accessible. When the Veterans Transition House (VTH) in New Bedford reached out for assistance, Rick Clark, AVP/County Street Branch Manager, delivered a three-part Financial Literacy training series to a group of veterans at VTH using the FDIC’s Money Smart curriculum. Rick provided participants with practical knowledge, skill-building opportunities and resources to help the veterans make more informed and effective decisions regarding their finances. By sharing his time and knowledge, Rick helped these veterans develop the practical skills they could use to manage their finances more confidently and improve their financial health and well-being.

The BCSCF provided a grant in the amount of $10,000 to the Veterans Transition House to support their Meals Program and the new Alfiero Outreach Center. The funds helped the Center continue their delivery of housing and vital human services to vulnerable local veterans. In addition to providing more than 40 daily meals to homeless vets, the Outreach Center serves approximately 1,000 veterans annually, who are facing food insecurity or are at risk of becoming homeless.

Pictured Standing L-R: Rick Clark, AVP/Branch Manager, BCSB; James Reid, Executive Director, Veterans Transition House and several veteran participants.

OLD COLONY HABITAT FOR HUMANITY ATTLEBORO

Helping to Create Safe, Affordable Housing through Partnership

The sense of security that comes with homeownership should not be out of reach for so many individuals and families right in our own backyards. Stable housing can promote real improvements in health, safety, child development, economic opportunity and educational achievement. Like Old Colony Habitat for Hummanity (OCHFH) we believe that quality, safe, affordable housing plays a critical role in transforming lives and building stronger, more stable communities. For more than a decade, we have partnered with OCHFH on several projects. Last year, 14 Bank employees assisted on the Attleboro build including the Bank’s Vice President of Facilities, Paul Lacey, who provided his professional expertise as a licensed contractor to serve as a Project Lead for several build days. Over the course of more than 85 hours, Paul worked with volunteers from the Bank, to install flooring, doors, trim, stairs and more. The fruits of this labor will provide a local family with a home they can call their own.

Since its inception, one of the Foundation’s key priorities has been a focus on affordable housing initiatives. Last year, the Foundation and the Bank teamed up with Old Colony Habitat for Humanity as the lead sponsor on their Attleboro build, committing $50,000 to the project.

Pictured L-R: Dung Huynh, Senior Auditor, BCSB; Paul Lacey, VP/Facilities, BCSB; Chanthy Sreng, Staff Auditor, BCSB; James Ferrara, EVP/Chief Human Resources Officer, BCSB; Yvonne Pereira, Community Relations Coordinator, BCSB; Rich Farmer, volunteer Project Lead, Old Colony Habitat for Humanity & BCSB (retired); Bernadette Santos, AVP/Consumer Loans, BCSB; and Kim Thomas, CEO, Old Colony Habitat for Humanity.

MULCAHEY ELEMENTARY SCHOOL TAUNTON

Helping to Promote Healthy Money Management Skills at an Early Age

In 1993, the Bank was chosen as one of 13 banks throughout the state to pilot a new financial literacy program known as Saving Makes Cents at the Hopewell Elementary School in Taunton. This program teaches basic monetary concepts, the origin of money and basic budgeting skills. Each school year, participants receive a passbook savings account with an initial $5 deposit from the Bank. With the closing of Hopewell, the program moved to Mulcahey Elementary School in Taunton, and continues to thrive under the leadership of their Principal, Katie DeCouta. Each month Jackie and her staff host banking days at Mulcahey where students experience what it’s like to make deposits and learn about the importance of saving. We have expanded the program to include schools in Attleboro, North Attleboro and Rehoboth as well. Given the fact that children as young as 3 years old begin to understand the concept of saving and spending, we feel it is critically important we help to provide the foundation they will need to make effective and informed money management decisions throughout their lives.

One of our longest standing and most successful partnerships has been with Taunton Public Schools. This partnership has included both financial and volunteer support for numerous initiatives over the years. This past year, we awarded a $20,000 grant to Mulcahey Elementary School in support of their extracurricular enrichment and after school programs where students had the opportunity to join teacher-led clubs and receive tutoring in reading and math.

Pictured: Joining students from Mulcahey Elementary School standing L-R: Katie DeCouta, Principal, Mulcahey Elementary School; John Cabral, Superintendent, Taunton Public Schools and seated, Jackie Theis, AVP/Branch Manager, BCSB.

NARROWS CENTER FOR THE ARTS

FALL RIVER

Through a partnership with the City of Fall River, the Narrows Center for the Arts, Greater Fall River RE-CREATION and Viva Fall River, the Bank was proud to support the return and expansion of “Summer Evenings in the Park,” a free summer concert series that launched last year as a way to bring neighbors together. With the Bank’s $10,000 support, the concert series expanded this year to include 8 different parks throughout the city. In addition to free food at the concerts, every family who attended received a free bag of groceries.

Pictured at Griffin Park in Fall River from L-R: Grace Gerling, Executive Director, Greater Fall River RE-CREATION; Jeff Bradley, VP/Community Relations, BCSB; Christine Paredes, Fall River Branch Manager, BCSB; Mark Conrad, President, Corky Row Neighborhood Association; Fall River Mayor Paul Coogan; Patrick Murray, President & CEO, BCSB and President, BCSCF; Patti Rego, Executive Director, Viva Fall River; Patrick Norton, Executive Director, Narrows Center for the Arts; Michele Roberts, EVP/Chief Marketing & Community Relations Officer, BCSB and Clerk, BCSCF, Joan Medeiros, VP/ Head of Small Business Lending & Government Partnerships, BCSB; and Roger Cabral, SVP/Commercial Lending Team Leader, BCSB.

WOMEN & INFANTS HOSPITAL RHODE ISLAND

The BCSCF provided a $30,000 commitment to support Women & Infants Hospital over the next three years. These funds will be used in the development of a new Labor & Delivery Center that will serve over 8,000 RI and Southeastern New England families each year. This new Labor & Delivery Center will create a care environment that meets the standards of excellence and clinical quality that patients and newborns deserve. Since 2013, the Bank’s President & CEO Pat Murray has been involved in a leadership capacity with Care New England, serving on their Board of Trustees and as Chair of the Finance Committee.

Pictured L-R: Patrick Murray, President & CEO, BCSB and President, BCSCF; Michael Wagner, MD, President & CEO, Care New England; Shannon Sullivan, President & COO, Women & Infants Hospital; Methodius Tuuli, MD, Chief of Obstetrics & Gynecology, Women & Infants Hospital; Hasan Ali, SVP/Commercial Lending Team Leader, BCSB.

One SouthCoast Chamber of Commerce

Patrick Murray, John S. Brayton Community Service Award

Narragansett Council, Boy Scouts of America

Michele Roberts, Good Scout Award

Children’s Advocacy Center

Michele Roberts, Michelle Loranger Above & Beyond for Children Award

Prince Henry Society

Joan Medeiros, Portuguese American of the Year Award

Massachusetts Bankers Association

Joan Medeiros, Achievement Award

Bristol County Savings Bank

Terry Silvia-Thrasher, 2022 Volunteer Employee of the Year Award

Bristol County Savings Bank

Monica Furtado, 2022 Volunteer Officer of the Year Award

Providence Business News

Tim Chaves, 40 Under Forty Award

The Boston Business Journal 2022 Top Charitable Contributor in Massachusetts; Ranked 35 out of 95.

During the year, both the Bank and members of our team were recognized for the leadership provided to the communities we serve.

Pictured L-R: Monica Furtado, Branch Manager, Downtown New Bedford Branch; Terry Silvia-Thrasher, Teller, East Freetown Office; Patrick Murray, President & CEO; Michele Roberts, EVP/Chief Marketing & Community Relations Officer; Jeff Bradley, VP/Community Relations; Joan Medeiros, VP/Head of Small Business Lending and Government Partnership; and Tim Chaves, First SVP/Head of Commercial Banking.

BRISTOL COUNTY SAVINGS BANK OFFICERS & DIRECTORS

Chairman of the Board of Directors

Don A. Backlund

President & Chief Executive Officer

Patrick J. Murray, Jr.

Executive Vice Presidents

Robert J. DeMoura

James P. Ferrara

Dennis F. Leahy

Michele L. Roberts

John Silva

First Senior Vice President

Timothy A. Chaves

Senior Vice Presidents

Hasan S. Ali

Nelson J. Braga

Roger A. Cabral

Francine E. Ferguson

Kevin M. McCarthy

Donna M. Oliveira

Jeffrey P. Pagliuca

Michael Patacao

Linda A. Sternfelt

Board of Directors

Don A. Backlund

Linda A. Bodenmann

Joseph F. X. Casey

Charles W. Cederberg

Maureen F. Cody

Edward A. Dion, Jr.

Paul C. Downey

Cheryl S. Haynes

Patrick J. Murray, Jr.

Joseph J. Nauman

Eric M. Norberg

Louis M. Ricciardi

Leonard W. Sullivan Vice Presidents

Nancy L. Adams

Janice M. Alden

Damon Arpin

Mark A. Borkman

Nicole Bosworth

Jeffrey T. Bradley

Patricia A. Cochrane

Brittany Cohen

Michael Coppolino

Dawn H. Dow

John G. Duggan

David Ferreira

Alissa E. Hall

Teresa M. Janeiro

Thomas Kelly

Paul A. Kocak

Keri-Ann L. Kreyssig

Jessica A. Krywosa

Paul Lacy

Lisa A. Lassiter

An Le

Stacie A. Long

Patricia B. Martucci

David J. Medeiros

Joan M. Medeiros

Willitts S. Mendonca

George J. Mendros

Kathleen M. Mulhern

William Muto

Andrew Ngure

Mariano M. Pimentel, Jr.

Nancy F. Pimentel

Mark E. Pitts

Patrick Quinn

Stephen Sherman

Elizabeth M. Soares

Darrin P. Sprague

Andrew K. Springer

Laura Stack

Richard D. Terry

David C. Tipping

Renee Vallee

Jeffrey M. Viall

Dawn A. Young

Assistant Vice Presidents

Amy M. Briggs

Nancy P. Cabral

Brandon D. Cannata

Richard J. Clark

Timothy E. Dailey

Jacqueline Delmastro

Susan M. Farley

Michael A. Hey

Justin Jeffrey

Mobolaji O. Omisore

Peter L. Rivet

Bernadette S. Santos

Isaura J. Tavares

Jacqueline A. Theis

Sandra J. Vandette

Frank P. Wilhelm

Branch Managers

Tiffany Cahill

Angelebeth Faria

Monica A. Furtado

Amman Haidri

Marlene C. Lira

Christine Paredes

Shaquita Wilson

Assistant Credit Manager

Eldora Moore

Commercial Loan Officer

Andrew J. Omer

CRA Officer

Ann-Marie Lefebvre

Indirect Lending Officers

Melissa Beauregard

Aldina Rodrigues

Operations Officer

Kelli M. St. Laurent

Prime Time Manager

Sharon E. Patton

Secondary Market Officer

Mark A. Moreira

Senior Business Analyst

Tom Keogh

Special Assets Officer

Peter St. Jean

EXECUTIVE COMMITTEE

BOARD OF DIRECTORS

Don A. Backlund Chairman

Joseph J. Nauman

Leonard W. Sullivan

Joseph F. X. Casey

Charles W. Cederberg

Maureen F. Cody Edward A. Dion, Jr.

Paul C. Downey

Eric M. Norberg Louis M. Ricciardi

Patrick J. Murray, Jr.

Linda A. Bodenmann

Cheryl S. Haynes

BEACON BANCORP OFFICERS, TRUSTEES

&

CORPORATORS

Chairman of the Board of Trustees

Don. A. Backlund

President & Chief Executive Officer

Patrick J. Murray, Jr.

Vice President/ Treasurer

Dennis F. Leahy

Vice Presidents

Robert J. DeMoura

James P. Ferrara

Michele L. Roberts

John Silva

Board of Trustees

Don A. Backlund

Linda A. Bodenmann

Joseph F. X. Casey

Charles W. Cederberg

Maureen F. Cody

Edward A. Dion, Jr.

Paul C. Downey

Cheryl S. Haynes

Patrick J. Murray, Jr.

Joseph J. Nauman

Eric M. Norberg

Louis M. Ricciardi

Leonard W. Sullivan

Corporators

James Alves

Barry J. Amaral

Thomas Anderson

Sarah Athanas

Allen A. Auerr, Jr.

Don A. Backlund

Robert M. Barboza, Jr.

Harris S. Berger

Daniel T. Blake

David K. Bliss

Linda A. Bodenmann

Gary J. Bourne

Jan Brodie

Anne K. Broholm

Kathleen C. Carney

Patrick G. Carney, Jr.

Joseph F.X. Casey

James M. Castro

Charles W. Cederberg

Alexander W. Cekala

Walter Cekala

William D. Clemmey

Maureen F. Cody

Jane I. Coogan

Anthony F. Cordeiro

Joseph R. Crespi

Mark S. Cuddy

Jason M. DaPonte

Michael DeCataldo

Joseph C. Delgado

Terrence M. Dermody

Edward A. Dion, Jr.

Laura L. Douglas

Paul C. Downey

Donald J. Emond, Jr.

Charles F. Fellows, IV

Kirk J. Franklin

Maria G. Gooch-Smith

Cheryl A. Gouveia

Steve J. Grogan

Cheryl S. Haynes

Peter D. Humphrey

Edwin H. Hurley

Jamie M. Karam

John M. Kelly

Daria M. Kreher

Dennis F. Leahy

John W. Leddy

Paul M. Lenahan

Lianne Marshall

Russel F. Martorana

Richard A. Mastria, Jr.

Deborah A. McLaughlin

Gregory J. Meinertz

Leonard Mills, Jr.

Matthew A. Morrissey

Patrick J. Murray, Jr.

Susan E. Murray

Joseph J. Nauman

Richard Nelson

Eric M. Norberg

Shaunna L. O’Connell

Gregory S. Pilgrim

Robert P. Pompei

Richard W. Pomroy

Jeanne M. Quinn

Terrence C. Quinn

Gary R. Reis

Louis M. Ricciardi

Todd R. Richardson

Michele L. Roberts

John Roche

Maria A. Rosario

Koreen A. Santos

Victor P. Santos

Jean Saylor

Neil P. Shanley

John Silva

David A. Sluter

Matthew A. Sluter

David N. Slutz

David A. Strauss

Daniel J. Sullivan

John V. Sullivan

Leonard W. Sullivan

Michael A. Tamburro

Heidi Taylor

Marquis O. Taylor

Suzanne L. Teixeira

William J. Tranter

Luke P. Travis

Ann B. Trucchi Condon

John Vasconcellos

Paul J. Ventura

Paul L. Vigeant

Mark W. White

Peter W. Witherell