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Shareholder Letter - May 2014

May 1, 2014

Dear Shareholder:

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.

Best Regards,

Richard J. Brunner          David A. Reed
Chairmain & CEO            President

May 2014 Financial Results

Shareholder Letter - August 2014

August 22, 2014

Dear Shareholder:

We are pleased to report our year to date financial results and our updated stock valuation as of June 30, 2014. We continue to grow the Bank’s balance sheet and stock value as highlighted below:

  • Net Income totaled $2,848,000 for the first six months – which was similar to our earnings through the same period last year. Our net interest margin has seen some compression this year as we navigate the challenging interest rate environment.
  • Our loan portfolio has grown to $530.3 million at June 30, 2014 – an increase of $39.7 million or 8.1% over the past twelve months.
  • Loan quality continues to improve as non-performing assets (.17% of total loans) and net charge-offs (.01%) are at the lowest levels since 2007.
  • Austin Associates has valued our stock at $63.00 per share as of June 30, 2014. This is a $2.00 per share increase from the December 31, 2013 value.

Despite the net interest margin challenges, we are optimistic about finishing the year strong due to our current loan pipeline and liquidity position to fund the loan demand. We appreciate your loyal support and we look forward to serving your banking needs.

Best Regards,

Richard J. Brunner          David A. Reed
Chairmain & CEO            President

August 2014 Financial Results

 
 
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4607 W. Sylvania Ave. | Toledo, Ohio 43623 | (419) 841-7773
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