Shareholder Letter - May 2014
May 1, 2014
Last week, we hosted our Annual Shareholder Meeting at the Toledo Museum of Art Glass Pavilion with over 200 shareholders and guests. We shared the following announcements and our first quarter financial highlights:
- We announced a 25% increase in the semi-annual cash dividend from $.40 per share to $.50 per share. The dividend payment will be sent on May 15, 2014 to all shareholders of record on May 1, 2014.
- We welcomed John Gorski to our Board of Directors. John is President and CEO of NAMSA, Inc. headquartered in Northwood, Ohio. John grew up in Perrysburg and currently resides in Bowling Green.
- Net Income for the first quarter totaled $1,273,000, a $115,000 decline from our first quarter last year due to compression in our net interest margin.
- Our Loan Portfolio grew by $10 million in the first quarter.
- Our loan quality remains strong evidenced by $58,000 of loan recoveries and no charge-offs in the first quarter.
We expect 2014 to be a challenging year due to the combination of low interest rates and a slow growing economy. However, we are optimistic about continuing to grow our bank and shareholder value. As always, thank you for your support. We look forward to serving your banking needs.
Richard J. Brunner David A. Reed
Chairmain & CEO President
May 2014 Financial Results