As we begin the second half of 2013 I am pleased to report positive earnings of $335,600 as well as continuing positive trends for the period ending June 30, 2013.
While earnings, in large part, were captured from gains on securities sold, we would not have enjoyed those gains without the continued deposit support of our community. Average deposit balances (exclusive of higher cost Certificates of Deposit) continue to reflect a year over year improvement of over 12% for the period ending June 30, 2013!
We again thank each of you as shareholders for your support and continue to emphasize our need to deploy excess funds into quality loans. We welcome referral of friends and neighbors. In addition to our outstanding lending team, I personally stand ready to meet with any client you refer to Mother Lode Bank.
Local economic data for the period ending June 30, 2013 remains marginal, although important improvement in the real estate market is noted. Housing data, as reported by the Tuolumne County Association of Realtors, reports the average price of a single family home increased from $306,187 to $340,589 in just three months. This improvement is further evidence that the decline in housing values over the past 4+ years has finally demonstrated easing. Unfortunately, unemployment remains at unsatisfactory levels, increasing to 8.9% from 8.7% one month earlier.
Improving real estate conditions have also proven favorable at Mother Lode Bank as we reduced Sub-standard and Other Bank Owed Real Estate assets to an aggregate outstanding balance of $3.4 million as of June 30, 2013 from $5.0 million as of December 31, 2012, a thirty-two percent improvement.
Finally, we are extremely pleased to report that Jack Brittain has joined the Mother Lode Bank team as Chief Credit Officer, subject to regulatory approval. Mr. Brittain brings over thirty-five years of community banking experience that spans all aspects of underwriting and processing loans.
In closing, all of us at Mother Lode Bank thank you for your support and continue to assure you that our directors, management and staff remain committed to providing our community with a locally owned community bank focused on building strong and loyal customer relationships through a demonstrated mission that says "We are your community bank, and we are here to serve you"