President's Letter
To Our Shareholders, Customers, and Team,
As we reflect on 2024, it was a year that tested our resilience, strengthened our foundation, and set the course for Queensborough’s future. Through challenges and change, one thing remained constant - the unwavering commitment of our employees to our customers and communities. Early in the year, we took a significant step in preparing for the future by promoting a wave of veteran bankers into leadership roles. These individuals have dedicated their careers to serving our customers, and their experience and vision will serve the bank well for decades to come.
A major milestone this year was our core conversion - a massive undertaking that touched every aspect of our operations. After 42 years on our previous platform, we successfully transitioned to a modern system that positions us for long-term success. Thanks to meticulous planning and the dedication of our team, the transition was smooth, with minimal disruption to our customers.
Just weeks after the core conversion, our entire footprint was hit by Hurricane Helene, a storm of historic proportions. Many of our customers faced devastating losses. Though many areas were without power for weeks, the Queensborough team yet again stepped up, operating branches on generators to provide banking services to our customers when they needed it most.
I’m proud of our bank’s leaders and team members’ performance in 2024, a year that no doubt held challenges for many. At yearend, our total loans reached an impressive $1,185,585,453. Additionally, total assets surged for a second year, landing at $2,148,042,588.
Our net income for the year increased slightly over the previous year at $15,828,624, highlighting the persistence and hard work of our institution in today’s evolving market.
We remain committed to enhancing the value to our shareholders and are pleased to report a slight increase in our earnings per share to $12.18.
I want to express my deepest gratitude to our shareholders for their confidence, our customers for their trust, and to our employees for their steadfast dedication. The future is bright at Queensborough. I look forward to what we will accomplish in the year ahead.
Read more in the Annual Report