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Shareholder News

The Prospector

May 4, 2012 

Dear Shareholder:

Our Directors, officers and staff are pleased to report that Mother Lode Bank posted an operating profit of $32.2 thousand for quarter ending March 31, 2012 as compared to a net loss of $7.0 thousand for prior year fiscal quarter ending 3/31/11.

As you recall from previous newsletters, we reported sluggish loan growth primarily due to declining real estate values in our foothills communities.  While marginal improvement is noted in recent weeks, we continue to look for stabilization of real estate values.

Deposit growth at Mother Lode Bank continues to reflect improvement as year over year core deposits increased $7.3 million or 19.2%. We are grateful to our shareholders, and thank our existing and many new customers for this important vote of confidence.

Your vote of confidence evidenced by our deposit growth needs to be leveraged by providing loans to you, your businesses, your professional colleagues and your friends; that is the way a true community bank grows and thrives, and rewards the investments of its shareholders. We ask that you contact me or any one of our loan officers and provide us with contact information for as many potential borrowers as possible.

Our loan portfolio continues to improve when compared to previous fiscal periods. Management’s decision to aggressively fund our loan loss allowance reserve has proven prudent and our reserve allowance compares favorably against similar banks of our size. We are pleased to report that we did not have any loan losses for the quarter ending 3/31/12.

Please make note of our Annual Shareholders Meeting scheduled for 5:30 p.m. on Monday, July 23, 2012. Once again, we will be gathering at the Sonora Opera Hall on Washington Street. Coffee and cookies will be served.
Watch your mail for our 2011 Annual Report and Proxy materials.

We thank you for your support and assure each of you that our Directors, management and staff are committed to cost control, loan growth and asset quality as we remain focused on providing continued profitability.

Sincerely, Charles W. Milazzo - President & CEO


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