We are pleased to share with you the financial results of Steuben Trust Corporation at
the end of the third quarter, and that a dividend of $0.245 per common share was
declared by your Board of Directors on October 13, 2011 payable to shareholders of
record October 20, 2011. This will be distributed November 1st and brings the total
dividends year to date to $0.955 per share which is an increase of 6.1% over last year.
Some of the unaudited financial highlights as of 09/30/11 include:
• An increase in total assets to $382.7
million with continued strong asset quality
• Total loans grew 2.4% for the first nine months and 5.5% from one year ago to
almost $216 million. The provision for loan losses was $300,000 for the year.
Loan losses and non-performing loans were both modest at .07% and .81% of
loans respectively, down from .11% and .90% as of 9/30/10
• Deposits grew to $313 million
• Net income of $3.07 million for the first three quarters, up 3.5% from the same
period 2010
• Return on average assets was 1.11%
• Return on average equity was 11.56%
• Earnings per common share totaled $1.87 for the first nine months of 2011, an
increase of 3.3% over 9/30/10 results
The plans for the new Warsaw Office are progressing and, at this time, we are planning
on an early 2012 opening.
The economy, along with the regulatory and legislative environment, is certainly
challenging everywhere you look evoking many competing voices in Albany and
Washington. Our employees and directors make our voices heard often as we
advocate on behalf of community banking for our customers’ interests and our
shareholders’ value. We hope you will as well on the many issues that are arising. We
would be glad to answer any questions you may have or direct your comments to our
local and/or national trade associations.
Meanwhile, we remain focused on our mission, the significant opportunities that exist
for community banking and producing strong, consistent, quality results.
Best wishes and warmest regards for the approaching holiday season.
Sincerely,
Brenda L. Copeland
President & CEO
Equal Housing Lender
