Financial Information

To Our Shareholders, Customers, and Friends:

It is our pleasure to present the annual report for 2018.  As net income indicates, it was a very good year for the bank.  The following pages contain comparative data for the years 2017 and 2018, as prepared by our external auditor, Crowe LLP.

The bank benefitted greatly from the tax law signed by President Trump in December, 2017.  Net income for 2018 was $3,642,315.  This is an increase of $542,194 from 2017.

The dividend payout was raised $1.00 per share to $8.50.  Shareholder equity at year end was a record high of $52,131,179, even with the larger dividend payout to shareholders.  The book value of each bank share was $329.81 on December 31.

Since December of 2017, short term interest rates have gone up five times at the discretion of the Federal Reserve Bank.  This 1.25% increase in interest rates is a challenge for our bank in maintaining deposits and managing our net interest income.  Locally, the economy is strong.  Manufacturing jobs are available, and Champion Labs is still the major employer in Edwards County.  Lower commodity prices have affected our grain farmers, although the crop subsidies enacted by Congress have offset a portion of the losses.  It is our hope the trade wars, and specifically the trade war with China, will be resolved quickly so that a fair market price for commodities can be obtained.

At our annual meeting in April, we welcomed two individuals to our Board of Directors.  Dr. Lawrence Speir and Davis Messman were elected to their first term as members of the Board.  Both Dr. Speir and Mr. Messman are lifelong residents of Edwards County.  Their community involvement and business experience will be assets for the bank.  We thank all of our directors for their extra time in attending special meetings and their dedication to improving the bank.

Over the past year, we recognized the retirement of three employees.  Vice President Susan Roethe retired in October.  Susan had been with the bank since 1996.  Long-time employee and Assistant Vice President Eugenia Shaw retired in June after 47 years of service.  Assistant Vice President Martha Bruce retired in July with 25 years of employment at the bank.  We wish them well in the years ahead.

We continue to develop each of our locations to better meet the expectations of our customers.  We would not be able to do this without the hard work of our employees.  We thank them for their service to the bank.

Albion commemorated its 200th anniversary with a weekend celebration in October.  As a bank which has served the financial needs of Albion and the surrounding areas for nearly 80 years, we were proud to participate in the 200th anniversary events.

We look forward to the future and to remaining a significant presence in our local communities.  As 2019 begins, we thank you for your ongoing support.



Jan D. Ridgely
President & CEO

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