Shareholder Information
April 29, 2008
Steuben Trust Corporation experienced another strong quarter for the period ending 3/31/08. Net income for the first quarter totaled $872,000, which is $155,000 above the first quarter of last year. As a result, annualized earnings per share were $.53 compared to $.44 respectively.
This earnings performance was reflective of a continued strong net interest margin and growth of other operating income, which increased 11.2% over the first quarter of 2007. Provision for loan losses went up modestly to $81,000 for the quarter. While total deposits declined modestly by $6.4 million from March 31, 2007, an increase of $12.3 million was reflected in deposit growth year to date since December 31, 2007. Total assets rose to $330 million as of March 31, 2008.
We believe strongly that it is even more important than ever before to communicate how Steuben Trust Corporation differentiates our company from other financial service conglomerates that have appropriately received much negative media attention over the past few months.
Simply stated at Steuben Trust, “There’s a Difference”
The Board of Directors of Steuben Trust Corporation was pleased to declare a dividend of $.185 per common share payable May 1, 2008, to shareholders of record as of April 20, 2008.
The annual meeting of shareholders of the company was held on April 22. As always it was a pleasure to have an opportunity to speak with our owners and to share information about the company. Your solid confidence and support truly make the “difference” and enable our positive progress. Thank you.
Brenda L. Copeland
President & CEO
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