1607 - BOFR - Summer Newsletter ONLINE

BOFR
Quarterly
July 2016 News & Updates
A Publication for Friends & Shareholders
Save the Date
for these upcoming events!
Thursday, September 29th 5:30pm-7:30pm
Oinktoberfest - Pardon the Pig!
Monday – Friday 9:00 AM until 5:00 PM
530.755.3700 | BankOfFeatherRiver.com
855 Harter Pkwy #100,
Yuba City, CA 95993
Dear Friends & Shareholders:
A Note from our President/CEO
Julie Morehead
July 6, 2016
President/CEO
Summer is upon us and we are experiencing a real “California summer”, where temperatures reach 100°+ during
the day and the evenings feel just as hot. Hopefully you
are reading this letter in the comfort of an air conditioned
building; although I know many of you spend your days
and nights working outside. For those of you who love to
get outside and work in your yard (like my mom does)
try and do it early, you don’t want to get overheated-remember to stay hydrated.
It’s hard to believe we have passed the half-way point of
2016, and as I type this letter empty fireworks stands still
linger throughout our city. I still enjoy the beautiful sights
of a fireworks show, I don’t think we ever outgrow that.
Hopefully you were able to support the fireworks sales,
especially since the profits typically help support the
needs of local organizations; for many it is their major
fundraising event.
Recently I had a customer stop in my office and congratulate us for our continued 5-Star performance, and
although much press is released about our success, one
thing the articles omit is that it is only because of our
customers and shareholder that we achieve this highest
form of recognition. We are proud and thankful that a
high percentage of our shareholders also Bank with us,
your dedication contributes to our efforts to grow our
Bank.
Speak of growing our Bank; we have recognized
phenomenal growth during the first half of this year.
During the second quarter ending June 30, 2016 the
Banks assets grew $7.2 million over the first quarter and
$12.1 million or 16.5% over one year ago. Loans have
been the driving force behind our growth, ending the
quarter at $73.1 million, a 24.9% or $14.6 million surge
over a year ago. We continue to see a nice flow of small
business owners expanding their businesses. The Bank
has recognized nice deposit growth as well for the first
half of the year, ending June 30, 2016 at $74.4 million
over $63.0 million a year ago, representing 18.1%
increase.
From an earnings standpoint our operating revenues
continue to rise with net interest income of $1,963 for the
first half of 2016 compared to $1,791 for the first half of
2015. After tax income was $481,153 during the first six
months of this year compared to $386,917 for the first
half of 2015. Annualized earnings per share as of June 30,
2016 was $0.80, an increase from 2015 annual earnings
per share of $0.64. The second quarter of 2016 marked
the 27th straight quarter of earnings since our inception in November 2007.
I am pleased with our performance for the first half of
this year and am confident the remainder of the year will
continue to be successful. We continue to look for ways
to improve our performance and services, and continue
to look for new products that will simplify our customer’s
lives and protect their information. In the next few
months watch for the release of our new secure “.bank”
website and enhancements to our mobile banking
features.
Regardless of where you are reading this letter, remember to stay hydrated during these hot summer days and
take time to check in on the elderly and those who may
not have the privilege of cool surroundings. The heat can
be very dangerous so be careful. And as always, if you
are near our Bank, stop in for a cold bottle of water.
If my staff or I can assist you with any of your financial
needs or if you know someone you would like to introduce to our Bank, feel free to call on us. We always
appreciate any business you send our way.
Thank you for your investment in our Bank and for
supporting our efforts.
Best wishes,
Julie Morehead
President/CEO
CONGRATS GRADS
Bank of Feather River Credit Analyst,
Yousaf Khan graduated from Chico
State University with a Bachelor of
Science degree in Business
Administration. Pictured from left:
Dad-Akram Khan, Yousaf Khan, and
Mom-Samina Khan.
Miranda Hamm graduated from
Marysville High School. Miranda
is the daughter of Jennifer Bechtel,
Bank of Feather River Operations
Manager. Pictured from left: Miranda
Hamm and Jennifer Bechtel.
Bank of Feather River Personal
Banker, Catrina Sheperd graduated
with a Bachelor of Science degree in
Business Administration from the
University of Phoenix.
Erin Rose Hastey graduated with a
Master of Arts from The University of
Chicago. Erin is the daughter of Brent
Hastey, Board Member. Pictured from
left: Rafael Villarreal, Erin Hastey,
Brent Hastey, Alisan Hastey, Beth
Hastey, Jared Hastey
& Desiree Hastey
BOFR Dream
Team Spotlight
California
Ceviche
This recommendation comes from
our Board Member, Dr. Tom
Iverson. He suggests serving it
with Champagne!
What could be better than a fresh
dish that is colorful, flavorful and
doesn’t require anything more
than slicing and dicing? Needless
to say, ceviche is our summer
go-to food. Served in small cups
on a pretty platter, it’s a party
food. Scooped into decorative
bowls, it’s the centerpiece of a
dinner party.
Directions:
Put the fish and shrimp in a large
bowl and add the lime and lemon
juices. Let sit for 30 minutes or
until the shrimp become opaque.
Stir in the green onions, parsley,
cilantro, garlic and olive oil. Stir to
mix well. Gently stir in the
avocado and refrigerate for at least
30 minutes before serving. Taste
and season with salt and pepper.
Serve in small cups for hors
d’oeuvres or spoon into butter
lettuce leaves placed on a salad
plate.
Serves 4
8 oz white fish, such as
snapper or halibut, cut into 1
inch pieces
8 oz small shrimp, peeled and
deveined
Juice of 1 lime
Juice of 1 lemon
1 bunch green onions, thinly
sliced on the diagonal
1/4 cup chopped fresh parsley
1/4 cup chopped fresh
cilantro
1 garlic clove
2 Tbsp extra-virgin olive oil
1 avocado, diced
Kosher salt
Freshly ground pepper
Butter lettuce leaves (optional)
Tell us about your background.
I grew up and have lived in Live Oak my entire life. My family farms peaches, prunes, walnuts and
rice. After graduating from Live Oak High School I went to Butte Community College and then
transferred to Chico State University. My first job was working as a host at IHOP. In June I was able to
walk with my graduating class at Chico State even though I will be taking just a few more classes this
fall to finish my degree in Business Administration.
What do you like best about our local community?
I like that our community has a laid-back vibe. I like the small town slower pace and that everyone
seems to know each other.
What are your hobbies and interests?
I like painting abstracts and photography. The staff here at Bank of Feather River affectionately call
me “Steve Jobs” because I’m an innovator.
Yousaf Khan
Credit Analyst
“The Innovator”
Your Hometown
Banking Team
Describe what you do here at Bank of Feather River?
My job title at Bank of Feather River is Credit Analyst. I work alongside the lending staff in
preparing loan presentations with spread sheets and tax analysis. I help out answering the phones
and on occasion help with the marketing.
One thing I would really like to do this year is…
Go cage diving in Monterey to see a Great White Shark.
Now that you have graduated what are your plans?
One of my favorite classes at Chico State was Entrepreneurial Marketing. My professor was Lance
Blanshei who is the owner of the Tea Bar in Chico. He was inspirational to me to also want to some
day start my own small business, possibly in the food service business serving healthy foods.
What Our Customers Have to Say
Shareholder News
with Mandy Jones
Kevin DeHoff, owner
The Country Florist
K. Roberts
When I arrived at The Country Florist, I
found the owner, Kevin DeHoff taking a
phone call from a happy bride who had
called to tell him how pleased she was with
the flowers he designed for her recent
wedding. Standing by was a lady and her
young son. She was dressed in her United
States Air Force uniform.
Kevin asked me if I could wait just a few
minutes while he put something together
for her. She was getting ready to be
transferred to her new assignment and
wanted to buy flowers for her son’s
pre-school teachers as a thank you. In what
seemed like an instant, Kevin arranged four
beautiful bouquets, gave her a military
discount, and thanked her for her service
before sitting down with me for an
interview. After a full day, Kevin will get a
few hours of sleep before rising at midnight
to head to the San Francisco flower market
to select the freshest flowers he will use for
the week, returning back in time to open
the store at eight the next morning. Such is
the life of “the country florist”.
The Country Florist opened on Hammonton-Smartsville Road in the fall of 1966 and
is celebrating its 50th Anniversary this year.
In 1974 there was a fire and in 1975 The
Country Florist moved into its current
location, formerly a gas station on North
Beale Road. Kevin purchased The Country
Florist from Al and Frassie Ludwig in 2007,
coincidentally the same year that Bank of
Feather River opened its doors.
Kevin got his start at an early age, winning
his first floral designing competition at
the Yuba-Sutter Fair in 1966 at the age of
eight years old. Pat Foss was head of the
Flower Building and every summer Kevin
would hang out with her learning all he
could about floral design. Bank of
Feather River President/CEO, Julie
Morehead grew up on the same Yuba
City street as Kevin. As Julie tells it, when
Kevin was as young as five years old he
would pull his little red wagon down the
street selling boughs of evergreens and
tile decorated matchboxes for the
holidays. Jim Matthews who is the Yuba
City Fire Marshal, and also grew up on
the same street, was Kevin’s young
business partner. Jim’s dad would bring
back the evergreens from his deer
hunting trips each fall for the boys to sell.
Julie Morehead expounded “There wasn’t
a single neighbor who didn’t purchase
Kevin’s arrangements and décor items; in
fact still today my mom, sisters, and I buy
our bouquets from Kevin”.
Running a small business can be
challenging and one of the obstacles that
face local florists is from large online
competition. Kevin recommends that
instead of purchasing from the national
chains you should actually call the local
florist directly. The chain will actually use
the local florist to fill the order but the
consumer will end up paying more due
to service fees, in turn the local florist will
be paid less. Consumers should keep in
mind that local florists and small
businesses are the ones who are donating
to local non-profits and volunteering their
talents for local fund-raisers and events.
Kevin is modest, but I happen to know
that he is very generous with his time,
talent and donations.
manipulate. But I love them all.”
I asked Kevin how much he is depended
upon to help our local gentlemen in picking
out something appropriate (a.k.a. – my
husband). Kevin embarrassingly said, “after
all these years I know just about everyone
here in town and what their favorites are. I
use that information to guide them in their
purchases.”
Last year Kevin opened his second full-time
business, K. Roberts Antiques, Home
Accessories and Fine Gifts in Yuba City.
The Country Florist is open Monday –
Friday from 8 a.m. – 5:30 p.m. and on
Saturdays from 8:30 a.m. – 12:30 p.m. at
1500 North Beale Road in Marysville. K.
Roberts Antiques, Home Accessories and
Fine Gifts is open Tuesday – Friday from
10:00 a.m. – 6:00 p.m. and Saturdays from
10:00 a.m. – 4:00 p.m. at 2920-B Colusa
Hwy/Hwy 20 in Yuba City. You can visit
www.mycountryflorist.com or call (530)
743-7387.
Step In and Step Up to Bank of Feather River!
0.75% APY*
Certificate of Deposit
and You Choose the Terms!
Tired of Rate Shopping? Bank of Feather River has the answer! Choose our Step CD
with a special rate of 0.75% APY*. $5,000 minimum opening deposit required.
Call or Step In today!
Step In. Make additional deposits during the Step CD initial term.
($1,000 minimum increments.)
Step Up.
Customer can request a rate increase one time during the
CD term if Bank of Feather River’s posted CD rates for that term increase
above 0.75% APY.
Little Steps or Big Steps. You choose the term.
9 month, 12 month, or 18 month CD terms.
Beth Hastey
Kevin markets his business by social
media, radio, bridal shows, and magazines but his best marketing has come by
the relationships he has formed over the
years in the business.
I asked Kevin what is his favorite flower,
he replied, "you should ask me what my
least favorite flower is." Okay, what is
your least favorite? “I’m not sure, why
don’t you ask me which one is the most
challenging.” Okay, which one is the most
challenging? “I’m not sure, I guess the
tropicals. Their stems are hard to
855 Harter Parkway, Suite 100 - Yuba City, CA 95993
530.755.3700
www.bankoffeatherriver.com
*Annual Percentage
Yield (APY) is effective
as of June 27, 2016
and is subject to
change without
notice. Penalty for
early withdrawal may
apply. At maturity
your CD will renew
into a regular CD with
no added deposits or
rate step-ups allowed.