The Bank is committed to social responsibility, effective corporate governance, and building environmental sustainability. Our policies reflect our commitment to incorporating ESG into product and service development, delivery of the Bank's strategic goals, and to improving how business decisions and policies address opportunities for sustainability. The Bank is committed to operating in an environmentally responsible manner to reduce the impact on climate change, conserve natural resources and operate in compliance with environmental regulations.
ENVIRONMENTAL
In 2023 our environmental efforts included:
- Reducing the Bank's carbon footprint and impact on the environment.
- Reducing business travel and associated environmental impact by encouraging employees to use video and audio conferencing.
- Participating in the “Adopt a Trail” Program under the jurisdiction of the Morris County Park Commission, giving the Bank responsibility to maintain a historic landmark.
- Hosting events to raise awareness and decrease the Bank's environmental footprint—eight events were held in 2023.
- Developing environmentally conscious digital initiatives.
- Developing our cybersecurity infrastructure, migrating from an in-house data center to cloud computing.
- Migrating to a paperless environment and hardware recycling.
- Reducing plastic waste and the carbon created by bottled water delivery trucks by switching to filtered water at facilities.
Social
The Bank is committed to being a socially responsible employer by fostering an environment of diversity and inclusion across all business lines, operating ethically, and supporting clients and local communities. In 2023 our social initiatives included:
- Created in 2019, our Cultural Ambassador Committee, works to sustain and evolve our corporate culture through ongoing communication, awareness, engagement and advocacy of the Bank's core principles, diversity and inclusion, environmental awareness, volunteerism, wellness and employee engagement.
- We are committed to expanding our role as an employer that champions diversity, equity, and inclusion in the workplace. Our strategy focuses on achieving hiring levels that are representative and in line with the communities in which we serve, as well as improving diversity representation in our senior roles. We have dedicated actions internally and externally to drive a more diverse and inclusive workforce, focused on the areas of brand awareness and sourcing, recruiting, and hiring, and cultural awareness and appreciation.
- In 2023, the Bank supported approximately 250 charitable organizations with financial support; and over 480 employees contributed more than 2,000 hours of service through more than 40 different events.
- Our Home Mortgage Disclosure Act (HMDA) loans to low-and moderate-income borrowers inside the Bank's assessment area in 2023 represented approximately 36% of total residential loans originated.
- Our HMDA loans to majority-minority census tracts and low- and moderate-income census tracts in 2023 represented approximately 63% and 36% respectively.
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In 2023, the Bank hosted the following Financial Literacy Workshops:
- 19 workshops with a total of 833 participants
- 13 in Low-Income Tracts
- One in a Moderate-Income Tract
GOVERNANCE
The Bank is committed to building a culture dedicated to ethical business behavior and responsible corporate activity. Strong corporate governance is the foundation to delivering on the Bank's strategic plan and managing environmental, social and governance initiatives. 2023 Highlights:
- 93% of our Board of Directors, including the Chairman, are independent.
- 33% of senior officers are female.
- We were named a “Best Bank to Work For” by American Banker for the sixth year in a row.
- We were named an inaugural winner of the NJBiz Empowering Women Award.
- We utilize GAAP Accounting Methods and external audit firms.
- We have dedicated management committees focused on regulatory compliance and risk management.
