Letter To Our Shareholders

July 16, 2018


Dear Shareholders:


We generated record earnings in the second quarter. Unaudited Net Income was $1,473,081 for the three-month period that ended 6/30/18, up 23.9% compared to the same period last year. YTD Return on Average Assets (ROAA) was 1.48% and Return on Average Equity (ROAE) was 15.00%. Earnings per share (EPS) was approximately $.68 for the quarter as compared to $.55 per share for the same period last year and $.59 for the first quarter. Total Assets rose about 3.2% for the quarter, up from $378,208,096 on 3/31/18 to $390,333,139 on 6/30/18.


It's essential that we plan for the future by investing in our people, banking technology and facilities. That being said, we've had a few additions and promotions: Bonnie Principio was hired as a credit analyst to assist our growing commercial and agricultural portfolio. She has over 25 years of experience in the banking industry. Jenn Woznick has been promoted to BSA Compliance Assistant to join the bank compliance team. Melinda Jensen has been promoted to replace Jenn as branch supervisor in Geneva. Kyle Liner joined the Cooperstown branch and will be assisting the staff with business development and commercial lending. Credit Analyst Josh Burden has begun his transition to become a commercial lender at our Oneonta branch this fall.


Our newest branch in Penn Yan recently celebrated its one-year anniversary at the end of June. This branch has exceeded our expectations so far and we look for more growth in this market.


The development of new bank deposits continues to be a very high priority. We have several special deposit offers in place right now, so please stop in and see us!


We have some shareholders who will be selling stock in the next few months. Let me know at mike.briggs@usnybank.com or #315-789-7168 if you have interest in purchasing stock.


We also want to maintain accurate shareholder information. Please help us by completing the enclosed form and return it in the envelope provided. Thank you in advance.


As always, we appreciate your support and confidence. Our bank team works hard every day to provide high-quality service to our customers and generate solid returns for our shareholders.


Sincerely,



R. Michael Briggs

President & CEO











Board of Directors


Chairman: Jeffrey S. Gifford

Vice Chairwoman: Alexandra K. Nolan


Directors:

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
  • Pamela J. Donnells
  • Jeffrey E. Franklin
  • Michael A. Fratto
  • Karen A. Luttrell
  • Rachel Lutz Jessup
  • Amy L. McNicholas
  • Nancy C. Murray
  • Peter J. Principato
  • Michael G. Scaglione
  • Robert W. Sollenne
  • John R. Wadsworth
  • Heidi J.Westfall
  • Scott D. White
  • James E. Willson