Total net income increased from $850,000 in 2018 to $1.1 million in 2019. Return on average assets improved from 0.46% in 2018 to 0.54% in 2019. Return on average equity also improved to 5.76% in 2019, up from 4.67% in 2018. The Bank’s efficiency ratio improved from 86.7% in 2018 to 76.9% in 2019.
Net interest margin retreated from 3.23% in 2018 to 3.17% in 2019. However, our non-interest expense to average total assets decreased from 2.87% in 2018 to 2.64% in 2019. Thus, earnings per share improved from $0.45 in 2018 to $0.60 in 2019.
Our Tier 1 Leverage ratio decreased slightly from 10.27% in 2018 to 10.10% in 2019, while total Risk-Based Capital decreased from 17.5% in 2018 to 16.32% in 2019 reflecting our asset growth. Seneca Savings remains classified as a well-capitalized savings bank
New Products and Branch Expansion:
In 2019, Seneca Savings continued to serve and expand on the financial offerings available to our consumer and business clients, by providing new online platforms and conveniences. We introduced new internet-based services including remote deposit capture, as well as online deposit account openings and mortgage applications. We also recently partnered with and launched the popular person-to-person digital payment program known as Zelle.
Going forward in 2020, Seneca Savings is working on launching business debit cards; Health Savings accounts; real-time mobile deposits; e-statements for our business customers; and a new customer alert platform called Notify.
In November 2019, Seneca Savings opened its newest branch location in the Hamlet of Bridgeport, New York. Bridgeport is located in our current geographic footprint. Seneca Savings partnered with the Town of Sullivan and the Town of Cicero and received approval as a new Banking Development District through the State of New York. As a result of that approval, New York State deposited a subsidized $10 million CD with Seneca Savings to assist with the new expenses and operating costs associated with the branch opening.
This expansion into Bridgeport is a reflection of Seneca Savings’ commitment to providing a convenient and customer-driven branch system and broad range of financial services. The new branch offers an experienced team of banking professionals, a full line of personal and commercial banking services, and features an ATM, Drive-up lane, Night Deposit, Coffee Bar and ample parking.
Commitment to Community:
In 2019, Seneca Savings remained committed to serving our community by increasing our level of sponsorship and participation in local community events, non-profit organizations and charitable causes. Additionally, we expanded our partnerships with local businesses, school districts and volunteer groups to raise awareness for causes, provide free educational opportunities and highlight important events.
Some of the highlights include:
Seneca Savings Financial Scholars Program – With the support of our partner EverFi, we assisted the Baldwinsville, Liverpool, Chittenango and Morrisville-Eaton Central School Districts to implement a curriculum which educated students about personal financial management resulting in the education of 127 students.
2nd Annual “Make a Mother’s Day Diaper Drive” – Seneca Savings sponsored, promoted and hosted our second annual diaper drive to benefit the CNY Diaper Bank. During the week of Mother’s Day our branch locations collected diapers and donations from employees, customers, local businesses and vendors which provided over 3,500 diapers for local families in need.
Back to School Backpack Drive – Seneca Savings sponsored and promoted a weeklong event which provided an opportunity for customers, employees and local businesses to donate backpacks and school supplies which were distributed to several local schools in need.
Push Ups for Veterans – Seneca Savings sponsored a push-up event held at KW Fitness in Fayetteville to benefit the organization “Clear Path for Veterans.” Employees, customers and local community members