Letter To Our Shareholders

April 24, 2017

Dear Shareholders:

We continued to generate solid operating results in the first quarter. Our unaudited Net Income was $1,005,516 for the three-month period that ended on 3/31/17, up 26.5% compared to the same period last year. Our annualized Return on Average Assets (ROAA) was 1.29% and Return on Average Equity (ROAE) was 12.95%. Earnings per Share (EPS) was approximately $.47 per share, compared to $.37 per share for the same period last year. Total Assets rose about 5.2% for the quarter, up from $311,015,934 on 12/31/16 to $327,250,896 on 3/31/17.

Our Annual Shareholder Meeting was held on 4/20/17 in Geneva. Eight previous directors and one new director (Jeff Haggerty) were elected for one-year terms. Jeff resides in Cooperstown and is the co-owner of Haggerty Ace Hardware, with locations in Cooperstown, Delhi and Walton. At the Annual Shareholder Meeting, Robert O'Neill was recognized for his many contributions to USNY Bank. He was an original founder of the Bank and just became Director Emeritus. We've also scheduled a presentation for our Cooperstown/Oneonta shareholders on 5/18/17 at 9:30am at the Otesaga in Cooperstown. We hope you can attend if you weren't able to join us in Geneva.

USNY Bank was recently ranked as one of the Top 100 Banks in the United States for 2016 by SNL Financial, a premier global provider of financial information. SNL based their rankings on various measures of operating and financial performance for all banks with assets under $1 billion. We ranked 60th out of the 4,585 eligible banks nationwide. We're very pleased to be ranked among the top 1-2% of banks in the country and we were the only upstate bank to make the Top 100.

We also recently announced the opening of a new branch in Penn Yan later this summer. The branch will be in leased space on the main four corners in the Village of Penn Yan. We already have bank customers in Yates County and we're excited about expanding our branch footprint. All three of our existing bank branches continue to grow and exceed expectations.

We'll have more to report at the end of the second quarter. 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