b'Hello Marthas Vineyard Bank stakeholders, This years report is being published as the Bank celebrates its 115th anniversary. Our long history is a testament to the power of local connections to lift up lives, build businesses, and foster caring and sustainable communities. Im pleased to report Marthas Vineyard Bank and Marthas Vineyard Bank Charitable Foundation were able to navigate the uncertainties of 2023 from a position of strength and stability. With ongoing inflation continuing to hit working families hard, a $1 million grant from the Marthas Vineyard Bank Charitable Foundation is helping create a permanent headquarters for Island Grown Initiatives Island Food Center. This kind of impactful giving represents the Banks commitment to making a positive difference and being responsive Marthas Vineyard Bank to critical issues affecting our communities. Financial Strength 202120232023 saw Marthas Vineyard Bank strengthening and expanding our2021 2022 2023connections in ways our founders could never have imagined:Total Assets (Millions) $ 1,191 $ 1,296 $ 1,335We became the first bank in Massachusetts to become a Total Loans (Millions) $1,013 $1,148 $1,162Certified B Corporation, a testament to our core belief in banking as a force for good; Total Deposits (Millions) $ 1,034 $1,126 $ 1,056Net Income after Tax (Millions) $ 11.7 $ 12.9 $8.4 Marthas Vineyard Bank and our namesake Charitable Foundation invested a total of $2,298,081 into our community through grants, scholarships, sponsorships, and other gifts;KEY RATIOSWe successfully navigated a tricky financial year while continuingReturn on Average Assets 1.05% 1.04% 0.67% our ongoing technological transformation to ensure optimalEfficiency Ratio 58% 60% 70%strength and stability moving forward. Delinquency (Loans over 30 days) 0.16% 0.10% 0.10%At the heart of local banking are local connections. Id like to takeTier 1 Capital 10.66% 10.67% 10.86%this opportunity to thank our partners, customers, vendors, andWholesale Funding/Total Assets 4.03% 12.68% 14.59%stakeholders who ensure our success. Id especially like to acknowledge the work of our incredible staff, who never miss an opportunity to help make someones day better and who exemplify the spirit of neighborly service upon which Marthas Vineyard Bank was founded. My thanks to the businesses, employees, and customers featured in this years reportthey represent the human connection without whom the charts and data would not be possible.Sincerely, James M. Anthony President and CEOIndependent Community Bankers ofMarthas Vineyard Bank America #3 mortgage lender in Americareceived a Bauer five-star for banks with more than $1 billion inrating each quarter in 2023.consumer and mortgage lending.1'