A long Wisconsin winter has ended and we are already beginning the second quarter of 2014. I hope 2014 has started with success for each of you on both a personal and professional level.
Spring Bank performed well in 2013. We achieved pre-tax income in excess of $2.5 million, a new record for us. We continued to grow with Total Assets and Total Loans increasing by $23.1 million and $18.9 million respectively.
Financial results for the quarter ending March 31, 2014 show a continued growth in income, loan growth, and in the number of valued clients. We are on target to meet our goals of growing our assets and income by more than 10% over the prior year. Our success is strongly tied to the success of our clients and our delivery of individual attention and superior service to each prospect and client. The continued success of Spring Bank positions us to meet the increasing needs of our clients as we continue to focus on being a valued community bank that is committed to serving small and medium sized privately owned firms.
Client Research Results
Late in 2013 we commissioned market research firm Business Development Directives to interview a representative sampling of our clients and referring professionals. Our goal was to get independent verification of what our clients thought about Spring Bank, are they satisfied with us, why they chose Spring Bank, would they recommend Spring Bank to others, etc. We believe it is important to confirm whether we accurately understand the needs of our clients and whether we deliver on our Brand Promise.
I am pleased to say the results of the study exceeded our expectations. For example, 100 percent of those interviewed stated they are satisfied with Spring Bank with nearly two-thirds saying “very satisfied.” Additionally, 100 percent of our respondents said they would choose Spring Bank again and would refer Spring Bank to others.
One of the topics we asked about was communications – specifically would you like to hear more from me about the state of the bank and my point of view on related issues, and if so, how often. This letter is a result of your stated preferences so look for an update from me quarterly.
But numbers, whether from feedback surveys or balance sheets, don’t tell the whole Spring Bank story which is why we also asked a group of our clients and business executives to share their perspectives and experiences in a series of videos. We’ve posted the first four at our newly refreshed web site www.springbankwi.com under the Customer Experience tab. We’re grateful to Bruce Martin of AASAP Properties, Lori Zindl of OS Software, Jeff Treske of ICAFe and John Knappenberger of the ANSI-ASQ National Accreditation Board for sharing these conversations with you.
Recognizing Successful Clients and Businesses
Speaking of OS Software, I want to take a moment to congratulate Lori and her colleagues for being recognized by the Business Journal of Milwaukee Eureka Awards .These awards honor creativity, innovation and progress. Lori’s company was recognized for its proprietary software, efficientC, for medical billing. Another client receiving accolades recently was the Milwaukee Brewing Company which was named Brewery of the Year (Domestic) by Drink Me Magazine.
Because Spring Bank wants to help spotlight our other client successes and those of surrounding successful businesses, we’re proud to announce that we are the exclusive bank sponsor for the Business Journal’s 2014 and 2015 Fastest Growing Firms Awards. This program recognizes those fast-growing, mid-size companies that are outperforming the competition. We encourage you to nominate your company if you have been reporting annual revenues of at least $3 million since 2011 and have shown overall revenue growth from 2011 through 2013. You can learn more about the nomination criteria www.bizjournals.com/milwaukee/nomination/65061.
In closing, all of us at Spring Bank look forward to building on our success by assisting you in meeting your financial goals. We’re thrilled to be your Bank and are determined meet and exceed your expectations each day.
David L. Schuelke