Letter To Our Shareholders

January 13, 2015

Dear Bank Shareholder:

I'm pleased to report that USNY Bank generated very solid financial performance again last year. Total Assets increased about 21% from $179,849,192 on 12/31/13 to $217,250,799 on 12/31/14. Our Net Income (unaudited) was $2,645,752 in 2014 as compared to $2,355,331 in 2013. Our estimated Return on Average Assets (ROAA) was 1.32% and Return on Average Equity (ROAE) was 14.41%. While these 2014 metrics were down from our 2013 record levels, they are very strong by industry standards and still place us among the highest performing banks in the state.

Shareholder equity has grown as a direct result of these retained earnings. Our audited financials won't be ready for several weeks, but the Book Value of our common stock should be about $10.79 per share as of 12/31/14, up from $9.30 per share on 12/31/13 and $8.27 on 12/31/12.

Last year's shareholder letter outlined the significant 2013 investments we made in the areas of technology and management depth. In 2014, we continued to make investments in these areas to prepare for anticipated future growth, including three new support positions. We made other long-term commitments as well. In early September, we opened a new full-service branch on Main Street in Oneonta under the Bank of Cooperstown name…Scott White, Rachel Jessup and their bank team are off to a very nice start. In December, we purchased a building in the Town of Geneva which will be renovated to become our new administrative office within the next 90 days. It will replace our current leased offices and provide needed space for expansion.

Every year brings new challenges and I believe your bank team is ready to meet them. While there are new challenges, one thing hasn't changed: generating local core deposits continues to be critical to our long-term success. These local deposits stay here as business loans, residential mortgages, consumer loans, bank investments, or contributions to local civic organizations. These important activities help our local communities grow…just another good reason for people to do their banking with us. The huge economic and social impact of doing business locally is reinforced by our new marketing tagline "What Starts Here, Stays Here".

Thank you for your investment and confidence in our bank team. Feel free to contact me anytime with questions or suggestions at #315-789-1500 or e-mail me at mike.briggs@usnybank.com.


R. Michael Briggs

President & CEO

USNY Bank-389 Hamilton Street-Geneva, NY 14456

Phone: 315-789-1500

Shareholder Relations: Nancy C. Murray

Transfer Agent: Computershare

Board of Directors

  • Robert W. Ranger - Chairman
  • R. Michael Briggs
  • H. Todd Bullard
  • H. Taylor Fitch
  • Jeffrey S. Gifford
  • Murray P. Heaton
  • J. Michael Moffat
  • Alexandra K. Nolan
  • Robert F. O'Neill

Bank Officers

  • R. Michael Briggs
  • Jeffrey E. Franklin
  • Scott D. White
  • James E. Willson
  • Rob Sollenne
  • Michael A. Fratto
  • Peter J. Principato
  • Christine M. Amos
  • Nancy C. Murray
  • Amy L. McNicholas
  • Heidi J. Westfall
  • Karen A. Luttrell