Cherokee Bank’s financial performance continues to improve. While incurring significant losses in each of the last four calendar years, Cherokee Bank essentially broke even in the first quarter of 2012 with a $3,000 profit. Our asset quality has improved dramatically. While there still may be rough sailing ahead, Cherokee Bank has prevailed in weathering this financial storm.
For those of you that follow the Texas Ratio of Cherokee Bank, we were at 84% at the end of the first quarter. While we still rank only #66 (with #1 being the worst ranking), that was a blip up from year end. Here’s an inside tip – our ratio will be significantly down at the end of the next quarter. That’s not wishful thinking but a projection based on results to date.