2 min read December 2021 — In an interview with Invest:, David Bohne, president and CEO of Broadway Bank, talked about the lessons the bank has learned while handling the pandemic and how it has adapted and changed to meet the needs of present clientele. He also discussed his outlook for 2022, successfully managing clients’ assets and the potential impacts of rising interest rates
How has Broadway Bank grown over the last year and how are you applying lessons learned to 2022?
I don’t think you can talk about coronavirus in the banking industry without including PPP loans. We were the largest originator of PPP loans among independent banks in our region and it gave us the opportunity to serve 3,800 local companies in their time of need through $550 million worth of loans.
As a local bank with national capabilities, we can do what bigger banks can do, but they can’t always do what we do, like meeting face-to-face with bankers and having local decision makers. We’ve always had the edge when it comes to great bankers and delivering personalized service. Broadway also has a legacy of innovation and overcoming adversity. Across the nation, we’re seeing a lot more growth in deposits and in our wealth management portfolios.
In terms of momentum, we’re focusing on meeting the needs of our customers by gearing and staffing our team to take care of them. Because of the investments we’ve made in digital banking and technology, we were able to pivot quickly to serve our customers. Things are advancing quickly, but so are our clients.
As far as our workforce is concerned, we continue to build on trust to strengthen our employee culture. During the height of the pandemic, we were asking our bankers to continuously adapt and innovate. We offered extended hours and enhanced services in the drive-thru. We made investments in our technology and products to build capabilities for our customers and meet their needs. Being a local, independent bank, we can make decisions on a daily basis because we know what’s going on around us and in the communities we serve.
We became a remote workforce overnight and continue to be nimble so we can adjust to changes in real time. We have become a more hybrid workplace, but we still value and enjoy the opportunities to bring people together when we can
We also learned communication is key. With so much change around us at the time, it was important to keep our employees updated on a regular, consistent basis. Our co-founder Colonel Charles E. Cheever once said, “If we take care of our customers and employees, the numbers will take care of themselves.” That wisdom continues to ring true today.
How has the labor shortage impacted your operations?
In terms of retention, having a culture built upon 80 years of trust and transparency is important. For instance, employees were given stipends at the beginning of the pandemic to set them up for their return to work. We are navigating decisions by listening to each other and prioritizing safety to develop a family atmosphere. New employees see this difference and make note of that as a deciding factor when coming here. Our company has been fortunate to be recognized by several publications throughout our market as one of the top places to work in the region. Our employees carry this with pride, and it helps with our ability to attract new talent, even during a labor shortage.
What do you believe will be the impact of interest rates rising?
From a customer perspective, they are enjoying the rates presently but they know it isn’t necessarily sustainable. I believe people are thinking about it but mostly people are taking advantage of the lower rates while they can.
How are you advising your clients to successfully manage their assets?
One of the best things we can give our customers is the ability to sleep at night. We have investors watching economic indicators to make sure we perform with the market and relative to our risk profile. We spend time understanding the risks clients are willing to take and what money they are using so we can plan with them on an individual basis. Even when it comes to cryptocurrency, a lot of it is education and curiosity.
What is unique about Broadway Bank?
Longevity is probably one of the most unique aspects of Broadway Bank. We’ve gone through a lot since starting in 1941. Our growth has been characterized as overcoming adversity and being adaptive. We’ve made big investments in technology to compete with larger banks but we’ve always had the edge when it comes to personal touch. We have 33 centers spread across San Antonio, Austin and surrounding regions that offer a hybrid experience to clients for whatever services they need.
What is your outlook for 2022?
We’re going to see growth. We’ve benefited from our locations and we’re seeing migration to Central Texas based on business development and opportunities. Texas broadly is growing and Broadway will follow alongside that. We are positioned well for the next three to five years and have a great foundation for talent when it comes to the labor force. Growth is the top outlook.
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