Letter To Our Shareholders

July 17, 2017

Dear Shareholders:

Our trend of solid operating results continued in the second quarter. Net income (unaudited) was $1,188,512 for the three-month period that ended on 6/30/17, up 32.8% compared to the same period last year and up 18.2% from $1,005,516 for the first quarter. Our annualized Return on Average Assets (ROAA) was 1.37% and Return on Average Equity (ROAE) was 13.75%. Earnings per share (EPS) was approximately $.55 per share for the quarter, compared to $.41 for the same period last year and up from $.47 for the first quarter.

USNY Bank will celebrate its 10th anniversary on July 31st. We have grown significantly since inception. Total Assets were $17,170,937 on 12/31/07 and grew to $342,067,686 on 6/30/17. Shareholder Equity was $7,091,601 on 12/31/07 and grew to $33,355,301 on 6/30/17.

All of our existing branches continue to grow and exceed expectations. We finished renovating our Cooperstown branch in late May to help improve our customer experience This renovation included a new full-function ATM and a cash recycler. We also recently opened a new branch in Penn Yan on June 26th. It is our second under the Bank of the Finger Lakes name and it's located at 100 Main Street in the village of Penn Yan. Pam Donnells, a Penn Yan native, was hired as the branch supervisor. She has over 35 years of banking experience between Penn Yan and Geneva. The branch features a smaller footprint, a universal banking environment and some other banking innovations, including a full-function ATM and cash recycler.

We've also added new members to our bank team. Randy Phillips joined us as our Security and Facilities Specialist. Scarlett McGarity-Cox joined us as a personal banker at the Penn Yan branch and we have two others joining her this week. Mary McBride-Froh joined our team as a personal banker in our Oneonta office. Courtney Luskin started last week as an Agricultural/Commercial Lender in Geneva and Eric Heieck started work this week as a Bank Administration Specialist. We plan to add more depth to our bank team as we continue to grow.

Robert F. O'Neill was named as Director Emeritus at the Annual Organizational Meeting in April. This honorary position was in recognition of his important role in the founding of USNY Bank and his personal efforts to help grow the bank. His family had the original vision to create a new bank in the Cooperstown area more than ten years ago. I refer to Bobby as the "Godfather" of the bank and I'm so pleased that he'll remain part of the bank family.

There's lots going on at your bank and we'll keep you updated next quarter. Thank you for your continued support and confidence in the entire bank team. Your investment has provided the capital necessary for us to do the good things we do on a daily basis.

Until next time…

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