Letter To Our Shareholders


July 8, 2014


Dear Bank Shareholder:


I hope you and your family had a wonderful Independence Day holiday.


We achieved two new milestones in the second quarter. We broke the $200 million mark in Total Assets, which increased from $190,782,469 on 3/31/14 to $200,854,168 on 6/30/14. Book Value for our common stock broke $10 per share and ended the quarter at $10.08 per share.


USNY Bank generated the highest Net Income in bank history during the second quarter too. Our Net Income (unaudited) was $737,742 for the three months ending 6/30/14. YTD Return on Average Assets (ROAA) was 1.34% and YTD Return on Average Equity (ROAE) was 14.53%.


USNY Bank continues to receive national recognition for our 2013 financial performance. The Independent Community Bankers Association (ICBA) recently listed us among the top 25 banks in our asset size in their recent "Best of the Best" annual report.


We had our Annual Shareholder Meeting in Geneva and also met with our Cooperstown-area shareholders at the Otesaga during the second quarter. I always enjoy the opportunity to meet with our shareholders and am grateful for your continued confidence in us.


We're pushing forward with our Oneonta branch and have added Rachel Lutz Jessup and Jennifer Dileo to our bank team. We've also created a new local Community Board to help us as we move forward in the Oneonta market. Eastman Associates has done excellent work on construction of the branch, which we expect to open shortly after Labor Day. We are excited that this will be our first branch with a "full function" ATM that will take deposits containing cash and checks.


No shareholder letter would be complete without a reminder about the importance of local core deposits. These core deposits remain in our local communities as business loans, residential mortgages, consumer loans, bank investments, or contributions to various civic organizations.


Feel free to contact me with questions or suggestions.


Sincerely,

R. Michael Briggs

President & CEO



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