2023
ANNUAL REPORT
TABLE OF Contents Executive Messages............................................................ 2 Financial Statement........................................................... 4 Commercial Banking.......................................................... 6 Commercial Real Estate.................................................... 8 Merchant Processing........................................................ 10 Executive Banking............................................................. 12 Personal Banking............................................................... 14 Mortgage Banking............................................................. 15 Our Community.................................................................. 16 Our Culture.......................................................................... 18 Our Leadership.................................................................. 20
2023 ANNUAL REPORT
CHAIRMAN & CEO’S Message
This past year challenged the entire banking industry as it faced a very dynamic economic environment brought on by rapidly rising interest rates and significant shifts in liquidity that exposed the weakest managed banks in the country. While no banks were immune from the negative shock to their income statement from these factors in 2023, our team was adept in managing these changes, leading to substantial loan growth and a renewed focus on core deposit strategies.
Thanks to a measured approach of maintaining a short-term focus on over half of our investment portfolio, we were able to continue our efforts to lend into the community in a thoughtful, prudent manner. This will, once again, lead to continued earnings growth for our company. Looking ahead, we’re filled with optimism and a strong sense of purpose. We are grateful for the opportunity to continue serving all our stakeholders with excellence and integrity.
Pat Corrigan Chairman & CEO
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PRESIDENT’S Message
2023 has been marked by prestigious recognitions reflecting our commitment to excellence. Achieving the title of “Best Bank to Work For,” along with our fifth Excellence Award from the Omaha Chamber of Commerce and 11th consecutive “Best Bank” accolade from B2B Magazine, underscores our dedication to client satisfaction and community engagement. These honors highlight both our achievements and enduring commitment to our clients and employees.
This year, we maintained clean audits and regulatory records once again, demonstrating our steadfast commitment to ethical practices and transparent governance. As we near the significant milestone of $1 billion in assets, our focus on adhering to additional regulatory requirements signifies our readiness for sustainable growth and responsible management. Our team’s collaborative efforts, with a focus on our clients, has been the backbone of the bank’s accomplishments. The synergy between our banking teams and operations groups has solidified our position as a leader in the banking industry. Looking forward, we remain committed to delivering exceptional banking experiences, fostering innovation and creating lasting value for our shareholders and clients.
Tom Corrigan President
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ACCESSBANK’S Financial Statement
BALANCE SHEET (AMOUNTS IN MILLIONS)
ASSETS
2023
2022
2021
Cash and Due From Banks
$ 34.6
$ 41.7 $ 236.0
Investment Securities
150.9
231.5
90.6
Total Loans and Leases
719.1
635.1
559.7
Less: Allowance for Loan Losses
(10.4)
(9.0)
(9.7)
Net Loans and Leases
708.7
626.1
550.0
Other Assets
50.6
46.4
39.1
Total Assets
$ 944.8
$ 945.7
$ 915.7
LIABILITIES & EQUITY
2023
2022
2021
Deposits
$ 758.7
$ 844.5
$ 808.5
Borrowed Funds
75.0
-
10.0
Other Liabilities
9.9
9.5
6.6
Total Liabilities
843.6
854.0
825.1
Total Shareholders’ Equity
101.2
91.7
90.6
Total Liabilities and Shareholders’ Equity
$ 944.8
$ 945.7
$ 915.7
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INCOME STATEMENT (AMOUNTS IN MILLIONS)
2023
2022
2021
Interest and Dividend Income
$ 44.6
$ 32.4
$ 25.0
Interest Expense
(16.0)
(2.7)
(1.6)
Net Interest Income
28.6
29.7
23.4
Provision for Loan Losses
(0.2)
(0.7)
(0.7)
Non-Interest Income
7.5
8.4
13.6
Non-Interest Expense
(23.5)
(23.1)
(22.8)
Income Before Taxes
12.4
14.3
13.5
Provision for Income Taxes
(2.7)
(3.1)
(2.9)
Net Income
$ 9.7
$ 11.2
$ 10.6
ACCESSBANK HISTORICAL RESULTS (AMOUNTS IN MILLIONS)
$719.1
$758.7
$12.4
10.22%
2023
2023
2023
2023
$844.5
$14.3
12.47%
$559.7 $635.1
2022
2022
2022
2022
$13.5
11.99%
$808.5
2021
2021
2021
2021
PRE-TAX EARNINGS
RETURN ON AVG. EQUITY (ROAE)
GROSS LOANS
TOTAL DEPOSITS
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COMMERCIAL BANKING Services
Our Commercial Banking team is committed to offering outstanding service to our clients. To uphold our promise, our comprehensive Lending, Portfolio Management and Treasury Management teams collaborate closely to provide tailored solutions and serve as reliable advisors for our clients. We upheld our dedication to the businesses we serve by providing competitive, tailored solutions to meet their needs, demonstrating our unwavering support and adaptability. As a result, our Commercial Banking team has been instrumental in achieving benchmarks in loan production. In support of this success, our Credit Administration team proficiently underwrote commercial loans facilitated by our modernized software, which has significantly enhanced our efficiency, streamlining the loan process. Additionally, our Treasury Management team conducted personalized banking reviews with business banking clients and successfully onboarded several new clients to our treasury suite of services. These developments in both our team and operational processes underscore our dedication to delivering comprehensive and customized banking solutions.
Underwrote 600+ commercial loans
Generated over $100 million in new loans
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We truly enjoy our relationship with ACCESSbank. From day one, the leadership team and everyone we interact with have encouraged and supported our strategic goals and financial needs. I especially appreciate knowing that I have a connection to the top leaders, as I consider them highly trusted partners, cheering us on and protecting our interests!
– Greg Key , CEO, Lueder Construction
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COMMERCIAL Real Estate
Our Commercial Real Estate team stands as a market leader, offering in-depth expertise and a forward-thinking approach to tailoring solutions for each client. In 2023, our portfolio continued to expand, furthering our presence throughout Omaha. This year, we’ve been involved in financing diverse projects, ranging from innovative developments to stylish urban rowhouses, with our “Financing Provided by ACCESSbank” signs becoming a familiar sight in the metro area. Our Commercial Real Estate team continues to demonstrate expertise in managing various projects, including new developments, rehabilitation projects and Tax Incremental Financing (TIF). Demonstrating our growing impact, we’ve successfully facilitated over $50 million in loan production, showcasing our team’s
versatility and commitment to the community’s growth.
“As a business owner, I have been very happy with ACCESSbank. My relationship began when I started my home construction business 12 years ago; I look forward to a continued relationship in the years to come.”
– Matthew Caniglia, Silverthorn Custom Homes
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MERCHANT PROCESSING Services
Our Merchant Processing group specializes in delivering credit card processing services and equipment to businesses and financial institutions across all 50 states. Catering to a wide array of clients from nearly every industry and profession, we pride ourselves on providing competitive rates and cutting-edge solutions. Standing out as a market leader, we are known for our excellence and innovation in payment processing solutions. In 2023, we achieved remarkable success in meeting and exceeding our operational goals, successfully converting clients to the Dual Pricing Program, enabling merchants to significantly increase their profit margins by retaining more earnings and reducing processing fees. This strategic move not only bolstered our clients’ bottom lines but also reinforced our commitment to providing value-driven solutions. Additionally, we improved the client onboarding process by introducing branded tools designed for efficiency and ease of use. This enhancement streamlined the setup process, allowing for a smoother transition for clients integrating our services. These initiatives collectively underscored our dedication to innovation, client satisfaction and operational excellence.
“We’ve been lucky enough to work with the team at ACCESSbank for our merchant processing for many years. Keeping this service local is incredibly beneficial and important to our offices. If problems arise, they’re addressed locally, not by calling an 800 number. They know your business, know you by name and really partner in watching your bottom line. We know there are many choices in merchant processing. We can’t imagine using anyone other than ACCESSbank.”
– Jennifer A. , Practice Administrator, The Dentists
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EXECUTIVE Banking
Executive Banking is designed to cater to the demanding schedules of professionals and executives in our community. Our clients enjoy top-tier service, personalized products and unique benefits. We focus on building strong relationships and taking the time to understand individual preferences and goals, which allow us to craft solutions specifically suited to our clients’ needs. The Executive Banking team delivered exceptional service, surpassing expectations by exceeding both loan and deposit goals, working tirelessly on behalf of our most exclusive client base. This high-level service, tailored to each client’s unique needs, has not only met but exceeded our goals. The team’s dedication to understanding and catering to the specific financial requirements of our clients has been a key factor in achieving these impressive results, solidifying our reputation as a leader in Executive Banking services.
PERSONALIZED SOLUTIONS DESIGNED FOR:
High Net Worth Households
Medical Professionals
Shareholders
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PERSONAL Banking
Our Personal Banking team is at the forefront of addressing all client banking needs. They assist businesses with cash deposits and help families in our community open new deposit, savings or loan accounts. Always ready to provide the warm, friendly service our clients have come to expect, they are the initial point of contact in our banking experience. We have invested significantly in enhancing our client service capabilities, implementing client-focused improvements that have notably bettered the client experience across digital, online and fraud prevention channels. In collaboration with a well-respected local market research firm, we have integrated artificial intelligence (AI) to gain deeper insights into our face- to-face client interactions. To bolster client safety, we’ve introduced new security measures, achieving a significant reduction in fraud loss. In addition to these advancements, our Personal Banking team has added a dedicated trainer to provide educational support to our employees. These initiatives reflect our unwavering commitment to continually raising the bar in service quality and ensuring the utmost protection for our clients.
Participated in a new Customer Experience workshop.
Added a dedicated trainer to the team.
“I have been a customer at ACCESSbank for over a decade, and I have been impressed with the team’s knowledge and promptness. They are always available to answer any inquiries I may have. I have recommended ACCESSbank to my friends and family solely because of the exceptional service provided. I highly recommend ACCESSbank to anyone looking for reliable and customer-focused banking.”
– Penny S.
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MORTGAGE BANKING
The ACCESSbank Mortgage team, known for its knowledge and expertise, is committed to guiding clients through various stages, including pre-qualifying, purchasing, refinancing, remodeling or engaging in new construction. Our experienced professionals collaborate closely with agents, brokers and builders, ensuring a smooth and seamless process from start to finish. Despite a challenging economy and a tumultuous real estate market, our Mortgage team has demonstrated remarkable success, concluding the year profitably. This achievement is a testament to their resilience and strategic approach to navigating market complexities. Additionally, they have been proactive in expanding their network, generating new contacts with key centers of influence and re-engaging with past clients, thereby fostering new and meaningful relationships. Their efforts have not only contributed to the sustainability of the mortgage area but have also made them a vital source of business development for the entire range of bank products and services. Their ability to adapt and thrive under challenging conditions underscores their integral role in the bank’s overall success and growth strategy.
Added 2 Mortgage Loan Originators to the team.
Ended the year profitably.
“I have banked at a lot of banking institutions in Omaha over the years. ACCESSbank stands heads above any other bank. Their customer service is top-notch. No matter which department I’m working with, I can always count on someone who can help and who knows the bank’s services and processes.”
– Sandie J.
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Giving Back. IT’S THE ACCESSWAY!
Last year, our team dedicated themselves to supporting the Greater Omaha community in diverse ways, generously sharing our time, expertise and resources. This commitment was underpinned by our corporate ethos of giving back through donations and sponsorships. In 2023, we launched the Be Kind program, which quickly became a cornerstone of support and unity for our friends and neighbors. This program saw remarkable engagement from our staff, with a high level of employee participation, collectively contributing $56,750 to 36 individuals and non-profit organizations in our community. We are also proud to be strong supporters and advocates of the United Way, recently earning recognition as a United Way Partner of the Year and for a Top 100 campaign. Our team, including 25 Bridgebuilders, has demonstrated a consistent commitment to community contribution over the last 15 years. Our employee-led group, the Community Crusaders, organized numerous bank- wide initiatives, such as Red Cross blood drives and volunteer efforts for local organizations, including The Food Bank for the Heartland, Avenue Scholars, Project Pink’d, Angels Among Us, the NCS Hope Foundation, Project Linus and others. We’ve been proactive in seeking opportunities for employee involvement, highlighting local organizations in need at company meetings and in our newsletter. Additionally, we encourage our bank officers to invest their time and skills in the communities we serve by participating in board service, with many of them actively serving on a local board or committee.
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OUR Culture
Our employees are our most valuable asset and the cornerstone of ACCESSbank’s strong organizational culture. We are deeply committed to nurturing both the personal and professional development of our team. This commitment is reflected in initiatives like our Ambassador Program, which allows employees to engage in one of four employee-led teams: Culture Crew, Wellness Warriors, Community Crusaders or Event Experts. With about a third of our workforce participating as Ambassadors, this program offers a unique platform for employees to make a positive impact on our company culture. For further development, we organized ACCESSprofessional workshops, focusing on enhancing professional skills in areas like LinkedIn presence, professional writing, business etiquette and professional presence. In 2023, we hosted a diverse panel of experts to discuss topics such as inclusivity in the workplace, fostering open conversations among all employees. We also continue to offer significant external development opportunities through collaborations with the Omaha Chamber, Banking Schools, Nebraska Bankers Association, Business Ethics Alliance and various professional associations. Our commitment to our employees is unwavering, and we consistently measure and monitor employee engagement and satisfaction. Our dedication was recognized when we were named a “Best Bank to Work For” by American Banker for the first time. Our internal recognition program, ACCESSrewards, is highly active, spotlighting employees who embody the ACCESSway every day and reinforcing our strong culture where employees are always a top priority.
4 employee-led teams: Culture Crew | Wellness Warriors Community Crusaders | Event Experts
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EXECUTIVE LEADERSHIP TEAM The leadership team at ACCESSbank demonstrates integrity, enthusiasm and sincerity. In the current business climate, this approach is refreshingly different.
BOARD OF DIRECTORS Our elected Board members represent our shareholders and help ensure ACCESSbank’s financial strength into the future.
Patrick J. Corrigan — Chairman of the Board
Tom Corrigan — ACCESSbank
Patrick J. Corrigan Chairman and CEO
Al Vermeer — People’s Bank
Chad Rutar — Renaissance Financial
Tom Corrigan President
Elizabeth Whited — Union Pacific
J. Brian Gill — Nebraska Spine + Pain Center
F. Jason Fowler Chief Financial Officer
Joseph Lempka — Kiewit Corporation
Katie Henry Consumer Banking Officer Mack La Rock Chief Banking Officer Scott McGregor Chief Operations Officer
Justin Lovegrove — The ARC Group
Rex Fisher — HDR, Inc.
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Midtown 8712 W. Dodge Rd. Omaha, NE 68114 Aksarben 6405 Center St. Omaha, NE 68106 Center Mall 1941 S. 42nd St. Omaha, NE 68105 Oakview 2710 S. 140th St. Omaha, NE 68144
Village Pointe 203 N. 180th St. Omaha, NE 68118 La Vista 7223 S. 84th St. La Vista, NE 68128 Shadow Lake 774 Olson Dr. Papillion, NE 68046
Equal Housing Lender | Member FDIC
ACCESSbank.com
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