President's Message
April 1, 2011
Dear Shareholder,
For the year ending December 31, 2010, the Orbisonia Community Bancorp,
Inc. and its wholly owned subsidiary, the Community State Bank of
Orbisonia is please to report another record year of net profits and
strengthening of the overall financial condition of the Corporation.
Net income for the year ending December 31, 2010 was $2,237,188 compared
with $1,593,922 the previous year. On a per share basis, our Corporation
earned $2.89 in 2010 compared to $2.06 in 2009.
As of December 31, 2010 total Net Assets were $275,531,121 reflecting a
$25,580,246 growth over the twelve month period. Book value on a
per share basis rose from $27.06 to $30.00. A record cash dividend in
the amount of $611,243 was paid to the Shareholders in 2010. We are
certainly pleased with these financial results, but of even higher
satisfaction is the success we have achieved in enhancing shareholder
value.
Everyone in the community banking industry would agree that we just
closed out a year for the record books. In our collective banking
lifetimes we will never again see a year quite like 2010 in terms of the
impact that financial issues and legislation had on both community
bankers and everyday Americans. For the first time in over a generation,
financial and banking issues were kitchen table conversation across
America.
We have all lived through a three year historic period in the
financial life of this nation – culminating in 2010 with the passage of
the Wall Street Reform Act. We have witnessed events that none of us
would have ever wished to happen or believed could have happened –
taxpayer bailouts of huge, “To-Big-To-Fail” Wall Street firms,
both bank and non-banks seizures of the two largest government-sponsored
enterprises; new and troubling regulations; scores of community banks
closed while other banks were saved simply because of their size.
So, as we enter 2011 from a historic and turbulent 2010, what does
2011 hold for the Orbisonia Community Bancorp, Inc. and its wholly owned
subsidiary Community State Bank? It is our belief that your corporation
is positioned to remain independent and continue to compete
effectively-giving our customers and shareholders the best of all
options. We believe that many large organizations continue to ignore the
value to customers on having local ownership and decisions about their
financial security and their livelihood made by people who know them and
care about them. Our goal is to remain vigilant and stay on course, the
same course that we started and remained on 60 years ago: To enhance
long term value to our shareholders while providing exceptional quality
service to our customers and the communities we serve. We will achieve
our success as an “Independent Community Bank” with the support and
patronage of our shareholders, customers and employees.
I thank you for your interest and ownership in the Orbisonia Community
Bancorp, Inc. and its subsidiary the Community State Bank of Orbisonia.
I am grateful for the extraordinary effort put forth by our directors,
officers and employees, the wonderful loyalty of our customers, and the
confidence and support of our shareholders.
We have been truly blessed by God!!
Sincerely,
Paul H. Yohn,
Jr.
President and
CEO
