Stockholder Letter
As we take stock of Queensborough's financial journey throughout 2023, I am pleased to share our annual review with you. Despite encountering various challenges, I am both proud and grateful to report on our continued commitment to delivering exceptional service, fostering growth, and positively impacting the communities we serve.
In 2023, Queensborough maintained its legacy of excellence, achieving robust figures in key financial metrics. Our total loans reached an impressive $1,165,939,000, showcasing our dedication to supporting individuals and businesses in pursuit of their aspirations. Additionally, our total assets surged to $2,076,760,000, a testament to our prudent financial management and strategic initiatives.
While our net income for the year experienced a slight decline compared to the previous year, standing at $15,165,000, it highlights the resilience of our institution amidst evolving market dynamics and economic uncertainties.
Our commitment to enhancing shareholder value remains steadfast, as evidenced by our earnings per share of $11.37. Although this figure reflects a decrease from 2022's earnings per share of $14.64, we maintain confidence in our ability to navigate challenges and seize opportunities for long-term growth and profitability.
A notable achievement of 2023 was the opening of our 25th retail branch location in Hinesville, Georgia. This expansion not only underscores our dedication to serving the needs of our growing customer base but also reinforces our presence in the local communities we are privileged to be a part of.
Furthermore, Queensborough expanded its offerings in wealth management and insurance, empowering our clients to achieve financial security and peace of mind. Additionally, we launched an internal financial literacy accreditation program, certifying 96 of our employees to educate others on the importance of financial wellness—a testament to our commitment to empowering individuals and fostering economic prosperity.
As we look ahead, I want to express my sincere gratitude to our shareholders, clients, and dedicated employees for their unwavering support and commitment to Queensborough's mission. Together, we will continue to innovate, adapt, and thrive in an ever-changing landscape, ensuring a brighter future for all.
Thank you for your continued trust and confidence in Queensborough.
Read more in the Annual Report