Letter to Our Shareholders
Dear Shareholders:
Our 2011 earnings continue to be strong with our net income at $980,046 as of 9/30/11. We are running ahead of our budget and last year’s actual results for the same period. The performance benchmarks were very solid: YTD Return on Average Equity (ROAE) was 13.21% and YTD Return on Average Assets (ROAA) was 1.45%.
USNY Bank has also continued to grow in both bank markets. Total Assets were $103,787,501 as of 9/30/11; a 21% increase compared to $85,683,378 as of 12/31/10.
Our bank team is focused on development of a mature bank with increased shareholder value for you. We have been able to generate loan growth and solid core earnings. As we grow, it will be even more important that we maintain a consistent credit culture.
Achieving our objectives will require a plan to continuously strengthen our bank team. I’m pleased to announce that Christine Amos recently joined us as a Vice President at Bank of Cooperstown. Chris is an experienced area banker who will provide business development and commercial lending support in the Cooperstown-Oneonta market.
I hope these letters help keep you up-to-date with progress at USNY Bank. We want you to consider us “Your Bank” and we’ll continue to keep you informed on a quarterly basis.
| BOARD OF DIRECTORS | BANK OFFICERS |
| Robert W. Ranger-Chairman | R. Michael Briggs |
| R. Michael Briggs | Jeffrey E. Franklin |
| H. Todd Bullard | Scott D. White |
| H. Taylor Fitch | James E. Willson |
| Jeffrey S. Gifford | Michael A. Fratto |
| Murray P. Heaton | Dawn E. Maltman |
| J. Michael Moffat | Peter J. Principato |
| Alexandra K. Nolan | Christine M. Amos |
| Robert F. O'Neill | Edward L. Clark |
