Updates from Parkside
- We continued to invest in our team by adding top-tier talent. Twenty-seven employees were hired last year! A large focus was on support in both divisions—backfilling where we were stretched thin and bulking up for continued above-trend growth.
- In June, a dividend of $1.05 per share was paid to shareholders, marking the ninth consecutive year of increasing dividends.
- At the annual shareholder meeting in May, Parkside Financial, Inc. announced an offer to repurchase up to 20,000 shares of common stock at $37.00 per share. During the optional shareholder repurchase program, 13,886 shares were tendered.
- Throughout the year, over 60,000 Parkside shares changed hands, providing shareholder liquidity and additional investment opportunities.
End of Year Update
2022 was an excellent year, exceeding our most optimistic projections. Several themes come to mind when I think back on the year:
2. Vigorous growth.
3. Personnel investments in support, bankers, and TFO relationship managers.
While the Fed-driven tailwind helped on the banking side, it wasn’t as friendly to our TFO division. The rapid increase in rates drove stocks and bonds to their worst combined bear market in decades, offsetting what was one of the best new business development years we’ve experienced in our Trust & Family Office division. The good news—we continue to build a great client base, which will drive revenue when the markets rebound.
Much like our wealth management clients, the bank’s security portfolio lost market value, decreasing $14 million, over 10%. This decreased stockholder’s equity even though we earned $8 million. The change in market value of the securities portfolio is added back to equity for regulatory purposes, since it’s a temporary decrease in value, not a permanent change.
We are excited about our personnel additions to the team. See the “Our Growing Team” section below to learn more about our Q4 new hires.
Bank Division Update
The bank division experienced record commercial loan growth of $117 million, combined with $96 million in client deposit growth, which helped drive much of the $7.7 million year-over-year increase in net interest income. The rapid and large interest rate increases also contributed to a much better than expected increase in net interest income.
We began the year with four lenders in Denver, resulting in loans from the Denver office doubling to just under $100 million. This contributed to approximately 40% of our overall loan growth.
Trust & Family Office Division Update
In 2022, we renovated the Trust division and welcomed Justin Meyer as Chief Fiduciary Officer. With these fresh changes implemented, our Trust division can compete against local and national trust companies.
Under the leadership of Curtis Searcy, the Trust & Family Office team in St. Louis added ten employees to the team. This investment in people, combined with the market declines, resulted in a net loss in TFO for the year.
We are excited to announce the expansion of our Trust & Family Office division into our Denver team with the addition of Dawn Bitton - Senior Vice President, Family Office Rocky Mountain Market Leader. Continue reading below to learn more about Dawn. We look forward to providing our Rocky Mountain Region clients with the full suite of services offered in St. Louis.
Our Growing Team
Trust & Family Office Analyst
|We are excited to welcome Quin to our growing Trust & Family Office Analyst team. He comes to us as a recent graduate from Miami University of Ohio with a Bachelor of Science in Finance and a minor in Computer Science and Software Engineering. While in college, Quin played for Miami’s ACHA D2 Hockey Team and held several jobs, including some time at Fifth-Third Bank with their business core project team. We look forward to watching Quin grow and develop with our team.|
Customer Service Representative II
|Lauren joined us in November, after previously working at U.S. Bank for the last 7 years. While at U.S. Bank, she worked her way up to Personal Banker IV. She received her Bachelor of Science in Business Administration from Southern Illinois University at Edwardsville and held several customer services positions prior to finding a career path in banking. Lauren’s background and knowledge have been a welcome addition to our Customer Service team.|
Trust & Family Office Coordinator
|Maggie has worked in the education field for the last 15 years, most recently as the Principal Secretary and Registrar at Pond Elementary. She received her Bachelor’s degree in Elementary Education from the University of Missouri – St. Louis and has held positions both in the classroom and with administration. Ready for a change, Maggie looked to join Parkside to continue to expand her experience as an administrative professional, as well as challenge herself to learn about a new industry. She is a welcome addition to our Trust & Family Office Coordinator team.|
||Additionally, in Q1 2023, we were thrilled to welcome Dawn Bitton to our Denver team as Senior Vice President – Family Office Rocky Mountain Market Leader.|
Senior Vice President, Family Office Rocky Mountain Market Leader
|Dawn Bitton leads Parkside Denver’s Family Office division, developing client relationships throughout the Rocky Mountain region. She is a seasoned financial professional dedicated to helping clients manage their wealth and solve complex problems to meet their unique goals. Dawn has extensive experience across all areas of financial planning, which includes investment management, fiduciary and trust services, tax planning and private banking. She is a welcome addition to our Denver team.|