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Shareholder News

The Prospector

May 27, 2015

Dear Shareholder:

As we closed the quarter ending March 31, 2015, and begin the second quarter, I am pleased to report positive earnings of $63,600.

Our total loans increased $10.3MM for period ending March 31, 2015, a 27% increase when compared to March 31, 2014. Additionally, our net interest margin of 3.70% continues to improve reflecting an increase of 35 basis points, a 10% improvement as compared to one year earlier.

Since the aforementioned first quarter earnings, in part, were captured from government guaranteed lending, we are appreciative of the effort put forth by our seasoned lending team. Our recent increase in loans to local business has clearly been enhanced by our entry into government guaranteed lending programs.

While total deposits increased 5.4% year over year, we are particularly pleased to report that our core deposits improved 6.5%. Mother Lode Bank’s net cost of funds of .04% for quarter ending March 31, 2015 ranks within the lowest in the nation for banks our size.

With our Shareholder’s continued support, we are confident we will continue to realize continued deposit and loan growth in the future.

Local economic data reflects improvement as housing data and employment trends strengthen. Housing data, as reported by the Tuolumne County Association of Realtors, indicate the median sales price (MSP) increased slightly at 4%. As a point of interest, the March 31, 2014 MSP reflected an increase of 33% over the March 31, 2013 MSP, comparatively a rather robust increase.

Unemployment at 7.60% reflects continued improvement for period ending March 2015 as compared to 10.4% a year earlier.

In closing, our directors, management and staff once again thank each of you for your support.


Sincerely, Charles W. Milazzo - President & CEO

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