Letter To Our Shareholders

October 21, 2016


Dear Shareholders:

This is the first shareholder letter for our new holding company, which went into place as of July 1, 2016. As you know, we created it to be better positioned for future opportunities. There are no operations at the holding company, so I'll focus on activities at USNY Bank.

Believe it or not, we're already in the fourth quarter of the year. Our third quarter unaudited Net Income was $960,129 as compared to $932,487 for the same period last year. Our YTD unaudited Net Income was $2,650,152 as of September 30, 2016 compared to $2,471,781 last year.

YTD Return on Average Assets (ROAA) was 1.26% and YTD Return on Average Equity (ROAE) was 12.40%. These operating results keep us as one of the highest performing banks in the state.

Total Assets were $298,721,935 on 9/30/16, which is up 17.61% from $253,996,748 on 9/30/15, and up 1.33% from $294,790,881 on June 30, 2016. We continue to experience strong loan growth with Net Loans increasing 2.54% from $256,310,901 on June 30, 2016, to $298,721,935 on September 30, 2016.

Bank Capital increased to $29,839,672 as of September 30, 2016 with a Book Value of $13.81 per share. I'm pleased that we are considered to be "Well Capitalized" from a regulatory perspective.

The Oneonta branch celebrated its second anniversary in early September. Deposit growth has exceeded our expectations as they are currently approaching $40 million.

We held our first bank wide employee meeting at Geneva Country Club a few weeks ago. It was nice to bring everyone together for the day since our branches are so far apart and we don't have the opportunity for everyone to interact on a face to face basis.

I'd like to recognize all of our employees, directors, and community board members for their strong commitment. Our success has been built on three things: a dedicated bank team, loyal customers, and your investment. Thanks for your continued support and confidence in us!


Sincerely,



R. Michael Briggs

President & CEO







Board of Directors


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

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. Prinicipato
  • Michael G. Scaglione
  • Robert W. Sollenne
  • Heidi J.Westfall
  • Scott D. White
  • James E. Willson