Letter To Our Shareholders

January 13, 2017

Dear Shareholders:

The New Year has already started and 2016 is now in the rearview mirror. It's hard to believe that USNY Bank will be 10 years old, but our 10th Anniversary is coming up in late July. It's been an interesting ride and your investment has helped make our success possible.

I'm pleased to report that our unaudited Net Income was $1,132,450 for the three-month period and $3,782,602 for the twelve-month period that ended on December 31, 2016. Both of these were record earnings. They also represent a 17.9% increase over the Net Income of $960,129 for the preceding quarter and a 15.1% increase over last year's Net Income of $3,287,166.

Our Return on Average Assets (ROAA) was 1.32% and Return on Average Equity (ROAE) was 13.03%. Earnings per Share (EPS) was approximately $.52 for the quarter and $1.75 for the year.

Total Assets rose 4.12% from $298,721,935 on September 30, 2016 to $311,015,934 on December 31, 2016. We continue to experience strong loan growth with Net Loans increasing 4.8% from $262,810,336 on September 30, 2016 to $275,407,541 on December 31, 2016.

You'll receive our 2016 Annual Report, with audited financial information, in mid-late March. Our Annual Shareholder Meeting will be held on April 20, 2017. More details will be forthcoming.

I want to thank all of our customers, shareholders, directors, community board members and employees for their contributions to our continued growth in 2016. We will continue to work hard in 2017 to provide our customers with high-quality personal service and we're also committed to supporting our local communities. That's why we say 'What Starts Here, Stays Here.' When you bank with us, you'll know your deposits will be used locally to help finance projects and benefit your community. It's been that way since we started the Bank in 2007.

Thanks for your continued support.


R. Michael Briggs

President & CEO

Board of Directors

Chairman: Jeffrey S. Gifford

Vice Chairwoman: Alexandra K. Nolan


R. Michael Briggs

H. Todd Bullard

H. Taylor Fitch

Jeffrey S. Gifford

Jeffrey K. Haggerty

Murray P. Heaton

J. Michael Moffat

Alexandra K. Nolan

Steven C. Smith

Bank Officers

  • Christine M. Amos
  • Jessica L. Baker
  • R.Michael Briggs
  • Jeffrey E. Franklin
  • Michael A. Fratto
  • Karen Luttrell
  • Rachel Lutz Jessup
  • Amy L. McNicholas
  • Nancy C. Murray
  • Peter J. Principato
  • Michael G. Scaglione
  • Robert W. Sollenne
  • Heidi J.Westfall
  • Scott D. White
  • James E. Willson