As we reflect on 2009, we hope that all of you are enduring the “Great Recession.” As far as the banking industry goes, 2009 was by far the worst year since the Great Depression. There have been many bank failures and there are many more “problem” banks that will not survive.
Your First National Bank of Pasco (FNBP) is not among the “problem” banks. As a matter of fact, FNBP is ranked #1 out of 250 community banks in the state of Florida for overall performance. This list, compiled by Financial Management Consulting Group, ranks banks on, among other things, Return on Assets (#10 out of 250 at .73%) and Return on Equity (#8 out of 250 at 8.21%). These are outstanding results and are the envy of the other 249 community banks in the state.
Bauer Financial, which rates banks nationally, continues to rate FNBP with 5 stars, its highest rating, for the third year in a row. This ranking by Bauer demonstrates the financial soundness of FNBP.
FNBP continued to increase its capital position in 2009 with capital over $16MM. Our leverage capital is 8.96% and our Tier 1 ratio is 13.94% for a total of 14.85%. Asset quality remained very strong with FNBP having one of the lowest percentages of non-performing assets to total assets in the state (.68%). Earnings were strong at FNBP in 2009 with $1.2MM in net income after taxes, which increased our capital position to the aforementioned $16MM. This capital drives our $20 book value of our stock.
New developments and programs for FNBP in 2009 and into 2010 include:
· Becoming approved to be a direct issuer of FHA/VA securities.
· Becoming approved to do Small Business Administration loans.
· A new incentive program for our Customer Service Representatives and Tellers to drive increased low-cost interest-bearing deposits.
· A new and improved website (www.FNBPasco.com).
· Rated by Career Central as one of Pasco County’s Best Places to Work.
While the economy of 2010 is difficult to predict, FNBP’s Board of Directors and Officers have budgeted continued profitable growth and an increase in our capital, while continuing to be conservative in our credit quality and a strict adherence to our corporate mission statement.
We hope you have a safe and successful 2010!
Sincerely,
A.P. Gibbs
Chairman of the Board
Robert D. Sumner
President & CEO