Climate Change Data

Environmental Metrics

ESG Focus Areas

• Diversity and Inclusion
• Community Development
• Corporate Governance
• Environmental Sustainability

Environmental Achievements

• Provided $126 million in financing for land-based wind projects (over 100 MW of nameplate power)
• Financed 2 MW of solar projects in Rhode Island and a 5.2 MW community solar project in upstate New York
• $20 million participation in a $100 million club deal financing an estimated 250 MW of solar projects
• Underwriting of a 1.4 MW plus 2 MWh solar plus storage project in Massachusetts (first operational solar plus storage project in Massachusetts)
• Closed on its first hydroelectric power project financing in the amount of $2.9 million
• Retrofitted a remediated industrial building for executive offices, incorporating energy-efficient design features (e.g., multi-pane windows, low-flow fixtures, UV filter lights on HVAC units)

Social Achievements

• Contributed nearly $400,000 to combat food insecurity during the pandemic
• Contributed an additional $250,000 to pandemic-related programs (PPE for hospitals, educational opportunities)
• Participated in over 230,000 loans with an aggregate value of more than $7.5 billion through the Paycheck Protection Program (PPP)
• Invested more than $2.6 million in 2020 through CRA investments, charitable donations, and community sponsorships
• Held a company-wide virtual “Family Meeting” to address employee concerns following the death of George Floyd
• Joined CEO Action for Diversity & Inclusion™
• Awarded 29 scholarships to dependents of team members ($1,700 each)
• Launched EDIFY Resource Center and Newsletter to promote diversity and inclusion
• Provided unconscious bias training to company leaders
• Maintained a low 9% voluntary turnover rate

Governance Achievements

• Nominating and Corporate Governance Committee oversees the company’s environmental, social, and governance strategy
• Adopted Corporate Governance Guidelines and Code of Ethics and Business Conduct
• Established a Whistleblower Hotline
• Implemented stock ownership requirements and prohibition on hedging for Directors and key executives
• Adopted a zero-tolerance policy regarding sexual harassment and behaviors that contribute to a hostile work environment

Climate Goals & Targets

Environmental Challenges

• Balancing short- and long-term business trade-offs to ensure stakeholder prosperity
• COVID-19 pandemic and its impact on communities and employees
• Addressing racial inequality and promoting diversity and inclusion

Mitigation Strategies

• Sustained Community Reinvestment Act investments and charitable contributions during the pandemic
• Made significant emergency contributions to combat food insecurity, loss of educational opportunity, and homelessness
• Provided emergency CARES Act funding to small businesses
• Held a company-wide virtual “Family Meeting” to address employee concerns
• Joined CEO Action for Diversity & Inclusion™
• Launched EDIFY Council and initiatives to promote diversity and inclusion
• Implemented various programs to support employees during the pandemic (e.g., interest-free loans)

Supply Chain Management

Responsible Procurement

• Ensuring that materials used are protective of human health and the environment; using EPA and hospital-approved cleaning products

Climate-Related Risks & Opportunities

Opportunities

• Financing renewable energy projects
• Assisting clients in transitioning to more sustainable operations

Awards & Recognition

• 2020 Best Example of Making an Impact on Business Award (Everbridge)
• Inclusion in Forbes list of America’s Best Banks

Environmental Metrics

ESG Focus Areas

• Diversity and Inclusion
• Community Development
• Corporate Governance
• Environmental Sustainability

Environmental Achievements

• Financed over $40 million of hydroelectric, solar, and low-emission domestic natural gas energy projects.

Social Achievements

• Contributed over $4.0 million in CRA-eligible donations, charitable donations, community sponsorships, and tax credit programs.
• Made $50.2 million of CRA-qualified investments to support affordable housing and economic development.
• Participated in over 350,000 Paycheck Protection Program (PPP) loans worth more than $10 billion, potentially saving 1 million jobs.
• Ranked #1 “medium sized” employer in the Philadelphia region based on its wellness program.

Governance Achievements

• Created an Environmental Social & Governance Committee.
• Established best-in-class corporate governance practices (detailed in the report).

Climate Goals & Targets

Environmental Challenges

• Balancing short- and long-term business trade-offs to ensure stakeholder prosperity.

Mitigation Strategies

• ESG considerations integrated across business units and incorporated into company policies and principles.

Supply Chain Management

Climate-Related Risks & Opportunities

Awards & Recognition

• Healthiest Employers in 2021 (Philadelphia Business Journal)
• America’s Best Banks of 2021 (Forbes)

Environmental Metrics

ESG Focus Areas

• Human rights
• Diversity, equity, and inclusion
• Environmental sustainability and actions to fight climate change
• Strong, proactive governance
• Accountability of Board and senior leaders for ESG metrics and outcomes
• Clear practices to accept input and grievances, with responsibility for follow-up and protection for whistleblowers

Environmental Achievements

• Over $96 million of solar, wind, hydroelectric, and low emission domestic natural gas energy projects in the energy portfolio.
• Funded a $26.6 million lease for an integrated zero-emission hydrogen-energy system

Social Achievements

• Contributed over $3.5 million in 2022 through CRA-eligible donations, charitable donations, community sponsorships, tax credit programs, United Way matches and donations, and team member scholarships.
• Made $18 million of CRA-qualified investments (mutual funds and small business investment companies) to support economic development and invested another $30 million to support affordable housing.
• Wellness program ranked #1 medium-sized employer in southeastern Pennsylvania for the second consecutive year.
• Partnered with Everfi to provide financial education to 984 unique students for over 2,151 hours.
• Provided rent-free space in Manhattan suite to Cents Ability, a non-profit organization teaching teens personal finance.

Governance Achievements

• Management Environmental Social & Governance Committee conducted a thorough review of ESG best practices and an evaluation of ESG reporting by peer banks.
• Adopted Sustainability Accounting Standards Board Sector Metrics for Commercial Banks for voluntary disclosure.
• Implemented enhanced 10-week Internship Program

Climate Goals & Targets

Environmental Challenges

• Balancing short- and long-term business trade-offs to ensure stakeholder and shareholder prosperity.
• Insufficient data to accurately disclose number of no-cost retail checking accounts provided to previously unbanked or under-banked customers.

Mitigation Strategies

• Continuous efforts to address challenges in balancing short- and long-term business trade-offs.
• Ongoing data collection and improvement efforts

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: SASB

Certifications: ISO/IEC 27001

Awards & Recognition

• Trailblazer Award for Corporate Social Responsibility from READ Alliance
• Alvernia University CollegeTowne Award
• Alvernia University Franciscan Award
• Infosec Institute Skills Development Award
• Cyber Defense Magazine Top Global CISOs

Environmental Metrics

ESG Focus Areas

• Corporate Governance
• Social Responsibility
• Community Engagement
• Sustainability
• Human Capital
• Cybersecurity
• Financial Inclusion
• Environmental Sustainability

Environmental Achievements

• Over $61 million of lending for sustainable energy (solar, hydro, wind, low-emission natural gas co-generation).
• Partnership with MycoWorks, a manufacturer of natural materials grown from mycelium, supporting their sustainable production.

Social Achievements

• Contributed over $3.9 million in 2023 to over 260 unique organizations.
• 48 team members logged 1,843 hours of community service.
• Partnered with Everfi to provide over 2,040 hours of financial education to 984 students.
• Supported various initiatives for affordable housing, totaling $58 million in LIHTC investment and $9.6 million in low-income mortgages.
• Funded $103 million in SBA loans to small businesses.
• Supported various educational programs through EITC donations, totaling $1,100,000.
• Supported veterans' programs, raising over $1 million.
• Donated $180,000 to food banks and food programs.
• Supported various community development projects and initiatives.

Governance Achievements

• Zero known breaches involving customer PII/NPI or restricted corporate data in 2023.
• Implemented a robust cybersecurity program aligned with NIST Cybersecurity Framework and FFIEC guidelines.
• Maintained strong corporate governance practices, including a majority of independent directors and a strong lead independent director.
• Implemented a formulaic approach to executive compensation that aligns pay with performance.

Climate Goals & Targets

Environmental Challenges

• Maintaining cybersecurity in a rapidly digitizing financial services environment.
• Attracting and retaining top talent in a competitive job market.

Mitigation Strategies

• Implementing a holistic approach to organizational security with 86 distinct metrics and 24/7 monitoring.
• Robust talent acquisition framework, including diverse recruitment strategies and an exceptional candidate experience.
• Continuous learning and professional development initiatives for team members.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Sustainability Accounting Standards Board (SASB), S&P Global Corporate Sustainability Survey

Certifications: ISO/IEC 27001 (for information security management system)