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Dear Reader,

In 2008, the banking industry experienced one of its most difficult years in history. Despite the severe economic conditions, First Bank Financial Centre successfully achieved the majority of our financial goals. Like most banks, our earnings did decline this past year. We felt it prudent to increase our reserve for loan losses as added protection during an economic downturn. However, we exceeded our growth targets for deposits, loans, and non-interest income.

We also leveraged our strengths and implemented the following strategies to prepare us for the challenges and opportunities anticipated in 2009.

  • Strengthened our financial position.  In addition to significantly increasing our allowance for loan losses as an abundance of caution, we expanded our capital base and remain well capitalized.
  • Increased core deposits.  Deposit growth was excellent this past year, fortifying our liquidity position and providing a stable base of local retail deposits to fund loan growth.
  • Introduced risk-based pricing.  Our pricing has been revised to enhance the bank’s net interest margin.
  • Improved efficiencies.  Technology and process improvements will allow us to operate even more efficiently and enhance customer service.

Most importantly, First Bank Financial Centre will continue our 150-year tradition as a safe and sound community bank. We take pride in being the cornerstone of our communities and in our role of keeping local economies vibrant and healthy. Our mission remains the same: First Bank Financial Centre believes in prudent lending, local deposit generation, and local lending, while providing each customer with the highest level of personal service. 

In challenging times, our success as a community bank is a result of the trust and loyalty shown to us by our customers and shareholders. On behalf of our Board of Directors and our employees, we thank you for your support and patronage; we look forward to meeting your financial needs for many years to come.

Mark W. Mohr
President