Dear Shareholders,
We did it! We had our first quarter of profitability, not to mention that December was our best month from an earnings standpoint. 2010 was an exciting year. As mentioned in previous month end emails, we had a lot of exciting accomplishments, in spite of all the economic uncertainty. We ended the year with over $120 million in assets, $83.8 million in loans, $105 million in deposits and a Net Interest Margin (NIM) of 3.93%. Now with 2010 behind us, we can move ahead to 2011, which will be even more exciting as we look forward to the completion of our “New Main Office” and the opportunities this will bring for our Green Bank. See below for more highlights from December:
Our NIM for the month is 3.97%, up 8 bps compared to last month and on target with budget for the month. As mentioned above, our NIM YTD is 3.93%, 14 bps ahead of budget. Our cost of funds has not changed at 1.19%, or 18 bps better than projected. Our investment yield is 2.94% for the month and 3.04% for the year. We ended with $4.2 million in loan growth this month, $6.1 million behind budget but still putting us on track for 2011. Deposits ended the month at $104.9 million, $7.5 million below budget. DDA’s are $7.1 million behind budget but only $900 thousand behind our revised EOY goal (15% DDA). Even though deposits are somewhat behind budget, the positive is that we are putting all of our money to work in funding loans or purchasing investments, not just allowing it to sit in fed funds earning very little, thus helping maintain an excellent margin. All this led to MTD pre-tax income of $66,854 or $52,119 ahead of budget. Our YTD pre-tax loss is ($303,121) or $179,539 favorable to budget.
Net Income (Loss) After Tax:
December actual: $38,000
December budget: $9,000
November actual: $17,000
Net Interest Margin:
December actual: 3.97%
December budget: 3.96%
November actual: 3.89%
The Board and Management of First Green Bank would like to thank you for your continued support. As we have stated in the past, you as our shareholders, friends, and customers have continued to back our vision of being the preeminent community bank in Central Florida, while simultaneously promoting environmental sustainability and our Mission which is:
To do the right thing for:
- The Environment,
- Our People,
- Our Community,
- Our Shareholders.
Sincerely,
Kenneth E. LaRoe
