TIOGA STATE BANK EXECUTIVE OFFICERS
George J. Bowen
Robert M. Fisher
Anne E. McKenna
Christopher P. Powers
Lisa J. Welch Sharon L. Yaple
Senior Vice President, Chief Lending Officer
Chairman of the Board, President & Chief Executive Officer
Senior Vice President, Finance & Control
Senior Vice President, Human Resources
Senior Vice President, Chief Credit Officer
Senior Vice President, Retail Banking & Business Development
David R. Allen
Tioga State Investment Services
Jody Bensley
Internal Auditor
Jennifer M. Brockner Assistant Vice President, Finance Manager
Anne C. Catalano
Tioga State Investment Services Manager
Sandy J. Crawford
Commercial Services Officer
Kimberly M. Depew
Marketing Manager
Susan P. Hogben
Assistant Vice President, Loan Operations Manager
Lori A. Micha
Vice President, Compliance Officer
Michael S. Miller
Commercial Services Officer
Jennifer I. MoraczewskiAssistant Vice President, Deposit Operations Manager
Laura A. Ryan
Vice President & Chief Information Technology Officer
Jonathan P. Ward Commercial Services Officer
Richard S. Zur
Vice President, Commercial Services Officer
COMMUNITY OFFICE MANAGERS
Community Office Manager
Community Office Manager
Assistant Vice President, Community Office Manager
Community Office Manager
Community Office Manager
Community Office Manager
Assistant Vice President, Community Office Manager
Assistant Vice President, Community Office Manager
BROOME COUNTY
OWEGO
Brian Kradjian, Maureen Mangan, Esq.
Kent Pennell, William Starring, John Stevens
Shawn Fahey, Robert Layman, John Hornick,
David Radigan, John Schumacher, Dean Smith
David Woodburn
Ruth Bowen, Cindy Hoffman
Timothy Schwender, Bern Smith, Pete Clare
800-523-4TSB (4872)
OFFICE LOCATIONS
Binghamton
191 Conklin Avenue
Binghamton, NY 13903-2176 l (607) 779-6023
1430 Upper F­­­­­ront Street
Binghamton, NY 13901-1147 l (607) 722-3335
Candor
73 Main Street, PO Box 125
Candor, NY 13743-0125 l (607) 659-5125
Endwell
510 Hooper Road
Endwell, NY 13760-1980 l (607) 748-2281
Newfield
183 Main Street
Newfield, NY 14867-9458 l (607) 564-9947
Owego
923 State Route 17C
Owego, NY 13827-4819 l (607) 687-4646
1387 State Route 96
Owego, NY 13827-3204 l (607) 687-4647
BUSINESS DEVELOPMENT BOARD MEMBERS
CANDOR/NEWFIELD/SPENCER/VAN ETTEN
888-303-4TSB (4872)
Xpress Telephone Banking
MANAGERS & OFFICERS
Rose E. Blinn
Christopher M. Byrne
Brian R. DeBoyace
Mary Beth Gehring
Katherine E. Lilley
Susan B. Manzer
Kimberly K. Potter
James M. Savage
Customer Service
WAVERLY
Richard Blauvelt, Nancy Brittain, Patricia Brunk,
Kenneth Jacobson, Thomas King
OUR CORE VALUES
Customer Focused - Genuine personal concern for our customers. We strive to exceed customer expectations.
Community Citizenship Since 1864 - We reinvest personally and financially in our communities.
Honesty and Integrity - We keep our promises.
Mutual Trust and Respect at All Times
TIOGA STATE BANK MISSION STATEMENT
Continuous Professional Development
Safe, Sound and Profitable Performance
Tioga State Bank’s mission is to be a successful,
Balance Personal and Professional Life
customer-focused service and sales organization.
Positive Attitudes Producing Positive Results
Spencer
1 N. Main Street, PO Box 386
Spencer, NY 14883-0386 l (607) 589-7000
Van Etten
6 Main Street
Van Etten, NY 14889-0276 l (607) 589-7090
Vestal
1250 Vestal Parkway East
PO Box 1254
Vestal, NY 13851-1254 l (607) 785-3175
Waverly
436 Cayuta Avenue
Waverly, NY 14892-1507 l (607) 565-8166
www.tiogabank.com
Member FDIC l Equal Housing Lender
TSB
Services, Inc.
Consolidated
Statements of
Financial Condition
December 31, 2013
TSB Services, Inc.
A Message From The President
TSB Services, Inc. has achieved its sixth consecutive year of record earnings. We
ended 2013 slightly ahead of 2012 with Consolidated Net Income of $4,445,055
versus $4,413,319. We also finished the year with record equity of $46,128,699, up
from $43,985,258 in 2012. Our total assets grew from $391,251,121 to $396,470,494
in the same period. 2013 proved to be a more difficult year to achieve loan growth
however our total loan portfolio did increase about $5,000,000 between 2012 and
2013. We value quality over quantity when it comes to adding assets to our loan
portfolio. Overall, 2013 was another successful year for TSB Services Inc.
Our nation continues to recover from one of the deepest recessions in history and the
recovery has been the slowest on record. Despite all of this, Tioga State Bank received
the Bauer Financial Five Star rating for the 89th consecutive quarter, which is over
Robert M. Fisher,
22 years. This is the highest rating awarded. Our record puts the bank in elite
Chairman of the Board,
company with fewer than 6% of the nation’s banks. I attribute a great deal of our
President & CEO
financial strength to the fact that TSB has continued to focus on the basics of banking.
TSB is guided by the core values put in place by my predecessors. We follow a conservative business model of
lending to borrowers with solid cash flow who have a high probability of repaying their loans. Our loan
portfolio continues to compare favorably to our peers in all major key ratios. We continue to stress the
importance of being local. Community banking helps the economy of its area by taking local deposits and
reinvesting that money back into the community in the form of mortgage loans, business loans and even
municipal projects funded by loans or bonds. Money deposited stays in the community and helps invigorate
the area economy.
2014 marks Tioga State Bank’s 150th anniversary. In 1961, The Farmers and Merchants Bank of Spencer,
which was founded in 1884, merged with the First National Bank of Candor, founded in 1864. The bank has
grown from those first two offices in Spencer and Candor to roughly $400 Million in assets with 11 offices in
four counties. The Family Firm Institute says only 30% of family-owned businesses make it to the second
generation, 10% to the third generation and 3% to the fourth. We are very proud to be a fifth generation
family owned business. We have even had two members of the sixth generation work for us the past two
summers. As a community bank, we feel a strong commitment to the communities we serve. They are critical
to our success. To help kick off our celebration year, we made a $20,000 contribution to our local food pantries
to help them restock after the Holiday Season. The money was distributed to: The Spencer Food Cupboard,
Bread of Life Food Pantry in Candor, Tioga County Rural Ministries, Tioga Catholic Charities, Valley Food
Pantry, CHOW and the Newfield Good Neighbor Fund. Additionally, our employees volunteer many hours to
local community organizations and donate generously to the United Way and other local charities.
Technology continues to play a vital role in our future. In 2014, we will roll out additional products and
services which will enhance customer satisfaction and strengthen their banking relationship with us. iChat
will allow our on-line customers to communicate with our Customer Service Center. Deposit Automated
ATMs will provide the avenue for customers to deposit cash and checks to our ATMs. Remote Deposit
Anywhere will allow our customers to deposit checks via their smart phones. We will continue to pursue bank
processing efficiencies and enhanced customer satisfaction through the utilization of new technologies.
As you can see, 2014 will be very exciting for us on many fronts – celebrating our heritage, expanding
markets in the communities we serve and embracing technology to enhance customer satisfaction. We thank
you for your continued support.
Consolidated Statements of Condition
(thousands/unaudited)
ASSETS
TSB’s first president, M.D. Fisher
The Farmers and Merchants Bank which
would later become Tioga State Bank.
2013
2012
Cash and due from banks
6,301 7,794
Investments 113,273 107,495
Unrealized Gains/(Losses)
(636)
2,578
Net Loans 255,754 250,716
Fixed Assets
5,125 5,392
Other Assets
16,653 17,276
TOTAL ASSETS
$396,470
$391,251
LIABILITIES
DEPOSITS
Non-Interest Checking Deposits
63,563 63,373
Interest Checking Deposits
46,915 48,197
Savings Deposits
61,941 58,275
Money Market Deposits
39,926 46,709
Certificates of Deposit (CD)
85,623 90,476
TOTAL DEPOSITS
Repurchase Agreements
Other Borrowed Money
Other Liabilities
The Fisher family today: front left to
right, Marv & Jean Fisher. Back,
left to right: Josh Fisher,
Allison Fisher, Beth Fisher, Bob Fisher,
Kate Fisher
DECEMBER 31
$297,698
11,478 37,147
3,748 $307,030
12,416
21,962
5,858
TOTAL LIABILITIES
$350,341
$347,266
CAPITAL
Capital Stock
388 388
Less Treasury Stock (1,886)
(1,765)
Surplus 3,587 3,587
Undivided Profits
40,539 36,211
Operating Income
4,445 4,413
Unrealized Gains/Losses
(944) 1,151
TOTAL CAPITAL
$46,129
$43,985
TOTAL LIABILITIES AND CAPITAL
$396,470 ­­­$391,251