dart financial corporation th annual report
TRANSCRIPT
2020DART FINANCIAL CORPORATION
96th ANNUAL REPORT
Fast
& Reliable Relat
ionsh
ip B
anking
•DART FINANCIAL CORPORATION
Our Niche is to provide Fast & Reliable Relationship Banking.
Throughout Dart Bank’s ninety-six year history, the one thing that has never changed is our
promise to provide fast and reliable relationship banking. We kept that promise, even through the
challenging events of 2020. Our commercial team worked swiftly to provide 646 loans through the
Paycheck Protection Program, helping local businesses and their employees. In 2020, our mortgage
team assisted over 3,400 homeowners with the purchase of a new home and/or refinance.
Together, our Dart Bank family successfully delivered fast and reliable relationship banking.
Our investments in new
technology gave our
customers the ability to bank
anytime, anywhere.
When our communities
needed us most, our banking
lobbies stayed open, ready to
assist with banking needs.
Dart Bank proudly supports
the strong relationships we
continue to build within our
communities.
Fast Reliable Relationship Banking
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Our Niche . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Letter to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Five-Year Comparative Balance Sheets . . . . . . . . . . . . . . . . . . . . .
Five-Year Comparative Statements of Income . . . . . . . . . . . . . .
Dart Bankers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dart Bank Management Team . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Board of Directors / Our Values . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IFC
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Our primary purposes are to meet the financial needs of our banking communities, protect and increase the value of stockholders’ investments
and serve the community in financial and non-financial ways.
OUR MISSION
•
TABLE OF CONTENTS
96TH ANNUAL REPORT
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Last year was an eventful year for your bank as we made our way through a global pandemic. We led with the bank’s timeless values of Integrity, Engagement, Forward Thinking and Caring as our compass. These values made decision making straightforward and allowed the bank to care for our employees and customers, while delivering financial results for our shareholders. We accomplished a record year in every area of our bank while serving customers when they needed us the most. We did these things the way we have been doing them for over ninety-six years, by building mutually beneficial relationships. We are continuing to build your bank into something that is not only a great financial investment, but also something that you can have a pride of ownership in, knowing you are part of something that is making a difference in this world. We continually evaluate everything within the bank and are confident in our employees, management, systems, and financial strength of Dart Bank to be able to manage through prosperous, as well as difficult times.
Non-interest income increased 129.6% over last year and was largely responsible for the upsurge in net profit. Net profit for 2020 was $9,802,000, producing earnings per share of $8.54. This is reflective of the best year on a net income and earnings per share basis in the bank’s ninety-six year history. The largest source of these revenues derive from mortgage banking fees. The majority of these fees are from the selling and servicing of residential mortgage loans into the secondary market. In 2020, our mortgage bankers assisted over 3,400 homeowners with the purchase of a new home and/or refinance of their existing mortgage. With over 3,400 loans and over $700 million dollars in loan volume, 2020 was a record year for Dart Bank.
Loans in 2020 increased by almost $170 million and deposits increased by almost $124 million. Most of this loan growth was attributed to SBA Paycheck Protection Program Loans (PPP Loans) which the bank participated in to help businesses and their employees. The deposit growth is reflective of all areas of the bank, including individual, commercial and specialty banking customers. Overall, total assets grew roughly $132 million during 2020.
Additionally, in 2020 the bank experienced significant growth within the specialty banking division. This division was established in collaboration with our regulators, the FDIC and the State of Michigan to help serve our communities and the entire state of Michigan by banking select, legal and licensed marijuana-related businesses. This line of business requires an advanced level of compliance standards that have been developed and adopted in collaboration with our regulators.
The value of each of your shares, as determined by CAMELS Consulting Group, LLC, was $44.20 as of 2020 year-end. This represents a 9.4% increase over the prior year period. Dividends paid during the year were $1.25 per share and represented the highest level of dividends paid in Dart Bank’s history. In recent years, significant steps have been taken to increase the liquidity in the trading of shares of Dart stock. Examples include a stronger effort in marketing of the bank through our Investor Relations Representative, the Dividend Reinvestment Plan, the 2018 Share Repurchase Initiative, and funding the employee profit sharing plan with Dart shares. The Board of Directors continue to evaluate ways to enhance the liquidity of your holdings, and you can expect to hear more on this subject in 2021.
LETTER TO SHAREHOLDERS
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John GrettenbergerChairman of the Board
William HufnagelPresident/CEO
The cover of this year’s annual report features Dart Bank’s niche: Fast and Reliable Relationship Banking. With the bank’s investment in our people, technology and management operating systems, we had the opportunity to not only deliver on that niche, but also grow. When COVID hit in March, we swiftly executed a pandemic plan to keep our employees and customers safe, while also keeping our lobbies open to serve those that needed us. With the hard work and dedication of our staff, we quickly secured PPP loans for our customers in a timely manner. Through this process, we gained a number of new customers who were not being similarly supported by their banks and credit unions. In addition, Dart Bank opened a loan production office in Lake Orion, Michigan to serve within that community. Keeping with our new tradition, the Annual Meeting of Shareholders will be held at the Mason Headquarters, located at 368 S. Park Street, Mason, MI on Tuesday, April 27, 2021, beginning at 6:30 p.m. We will have a live stream option available in the event you cannot attend in person, or based on COVID restrictions. The Board of Directors and members of management look forward to meeting you and answering your questions. We thank you for all of your support and look forward to continuing to serve you at your bank.
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(as of December 31)FIVE - YEAR COMPARATIVE BALANCE SHEETS
(as of December 31)
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FIVE - YEAR COMPARATIVE STATEMENTS OF INCOME
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Jennifer Abend
Lisa Ackerly
Brennan Andrews
Emily Anomanni
Bill Armstrong Jr
Shannon Arnett
Rachel Bakken
Amanda Barber
Shadd Barnes
Jessica Barrett
Stefani Bertrand
Liberty Bleicher
Michael Bleicher
John Blossey
Kayla Bollis
Amber Boyce
Danielle Boyle
Carrie Breslin
Barbara Brevick
Colleen Briggs
Lauren Bromley
Karen Brook
Kyle Brooks
Jennifer Brunner
Danielle Bull
Jeri Calabrese
Michelle Carpenter
Faye Christoff
Ben Clark
Emma Clark
Aron Clark
Bryan Clark
Debbie Collins
Elizabeth Cooper-Rigg
Leia Cooper-Rigg
Scott Cornell
Doug Crips
Lori Crooks
Andrea Daniel
Jamie Davis
Megan Desrochers
Kaleb Dodson
Jill Dunn
(and their years of service)Luisa Ellena
David Farhat
Sam Fata
Nathan Feldpausch
Dana Ferguson
Paige Ferguson
Janice Floria
Dylan Fox
Sandy Giancotti
Nicole Girth
Adam Goss
Bella Hadley
Angie Harcus
Kim Harless
Hunter Hawes
Jena Hazlewood
Kathe Heaslip
Dawn Hendrickson
Brittany Hertz
Jeff Hicks
Mark Howe
Bill Hufnagel
Hollie Husted
Connie Ireland
Aj Jakus
Sara James
Renee Jerisk
Erica Johnson
Linda Jones
Michael Joseph
Joe Joseph
Marc Jurcisin
Maria Kane
Tammy Kennon
Devin Lavengood
Brittany Lawe
Marie Lazarus
Dawn Lindsey
Emily Lindstrom
Kathy Lorenz
Adam Lott
Kelcy Love
Lin Lupinski
Bobbie Maas
Debra Mack
Madison Maloney
Keagin Malott
Judy Mason
Amanda Mayes
Vicie McClung
Eric McLear
Tom McLinden
Kelly Merritt
Cathy Miller
Becky Moore
Delany Morris
John Morris
Jonathon Mykala
Spencer Mykala
Jon Mykala
Kate Nickels
Nana Ntiamoah
Cameron O Connor-Lowe
Ashley O Neil
Karen Oatley
Tara Owens
Sheila Pawlowski
Nicole Perry
Sandi Petherbridge
Luca Porco
Amy Powers
Denise Powers
Pamela Pudvan
Jill Raab
Sally Rae
Kassie Rhodes
Jessica Rieke
Ben Robbins
Kayla Robbins
Tammy Robinson
Will Robinson
Lindsey Rodriguez
Jennifer Ross
Lori Ross
Patty Ruedisueli
Michelle Rushford
Jennifer Salazar
Greg Salisbury
Lori Sallek
Emma Sambaer
Joe Sambaer
Jerry Sambaer
Tim Sambaer
Emily Seykora
Maureen Sheahon
Amy Sheppard
Jason Sheridan
Anna Shipman
Cassandra Short
Jessica Smith
Jessica Soldan
Alisha Sorensen
Abbie Speer
Amber Spencer
Karla Spoor
Ron Sprayman
Ken Stump
Crystal Styka
Jordan Thurston
Dom Todd
Mary Tressel
Ivy Truitt
Chris Trumble
Mike Unkovich
Terrell Wade
Tamica Walker
Lori Wallace
Heather Walters
Melissa Walton
Cameron Weaver
Tim Weaver
Ethan Webster
Susan Webster
Autumn Welk
Katie Wilkinson
Steve Willemin
Cody Witter
Jessica Wright
Dustyn Wynecoop
Jim Young
Taylor Zietlow
Susan Zivic
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23
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20
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DART BANKERS
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DART BANK MANAGEMENT TEAM
Brennan AndrewsMARKETING DIRECTOR
Stefani BertrandMORTGAGE LOAN MANAGER
John BlosseyVICE PRESIDENT/CHIEF CREDIT OFFICER
Colleen BriggsASSISTANT VICE PRESIDENT/CONSUMER LENDER/ COMMUNITY RELATIONS OFFICER/CRA
Danielle BullVICE PRESIDENT/CONTROLLER
Michelle CarpenterVICE PRESIDENT/BUSINESS SERVICES-INVESTOR RELATIONS OFFICER
Bryan ClarkSR. VICE PRESIDENT/MORTGAGE BANKING
Debbie CollinsEMPLOYEE AND PROCESS DEVELOPMENT MANAGER
Leia Cooper-RiggRECRUITING AND ENGAGEMENT
Scott CornellVICE PRESIDENT/IT OFFICER
Andrea DanielSECONDARY SYSTEMS MANAGER
Jamie DavisCREDIT OFFICER
Luisa EllenaCONTACT CENTER MANAGER
David FarhatQUALITY ASSURANCE MANAGER
Dana FergusonVICE PRESIDENT/DEPOSIT AND PAYMENTS STRATEGIST
Adam GossVICE PRESIDENT/COMMERCIAL RELATIONSHIP MANAGER
Kim HarlessVICE PRESIDENT/TREASURY MANAGEMENT OFFICER
Jeff HicksVICE PRESIDENT/COMMERCIAL RELATIONS OFFICER
Mark HoweVICE PRESIDENT/COMMERCIAL RELATIONSHIP MANAGER
William HufnagelPRESIDENT & CEO
Joe JosephSR. VICE PRESIDENT/MORTGAGE BANKER
Devin LavengoodVICE PRESIDENT/COMMERCIAL RELATIONSHIP MANAGER
Debra MackSR. VICE PRESIDENT/SPECIALTY BANKING MANAGER
Becky MooreDEPOSIT OPERATIONS MANAGER
John MorrisVICE PRESIDENT/COMMERCIAL RELATIONSHIP MANAGER
Karen OatleyOFFICE MANAGER
Tara OwensVICE PRESIDENT/RISK OFFICER
Nicole PerryASSISTANT VICE PRESIDENT/TREASURY MANAGEMENT OFFICER
Sandi PetherbridgeLOAN OPERATIONS ASSISTANT MANAGER
Jill RaabLOAN DOCUMENTATION MANAGER
Sally RaeEXECUTIVE VICE PRESIDENT/COMMUNITY BANK ADMINISTRATOR
Kassie RhodesVICE PRESIDENT/COMMERCIAL RELATIONSHIP MANAGER
Jerry SambaerVICE PRESIDENT/CHIEF FINANCIAL OFFICER
Tim SambaerCOO/MORTGAGE BANKING
Karla SpoorSR. VICE PRESIDENT/HUMAN RESOURCES DIRECTOR
Crystal StykaQUALITY CONTROL & POST CLOSE MANAGER
Mary TresselSPECIAL ASSETS OFFICER
Tamica WalkerMORTGAGE CLOSING MANAGER
Susan WebsterVICE PRESIDENT/LOAN OPERATIONS OFFICER
Autumn WelkTRAINING AND DEVELOPMENT SPECIALIST
Jessica WrightOFFICE MANAGER
Jim YoungOFFICE MANAGER
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DART BANK VALUES
INTEGRITY • ENGAGED • FORWARD THINKING • CARING
BOARD OF DIRECTORS
Peter A. Kubacki
Kira Carter-Robertson
Blake D. Mulder
John O. Grettenberger CHAIRMAN
Melanie S. Dart VICE CHAIRMAN
William J. Hufnagel PRESIDENT/CEO
Michelle Gallagher
Eric Brogan
Mark S. Henne
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Holt Community Food Bank
Holy Cross Services
Hospice of Lansing Stoneleigh Residence
Lansing Christian School
Lansing Parks & Recreating
Lansing Promise
Mason Area Chamber of Commerce
Mason Promise
Mason Public Schools Athletics
McLaren Greater Lansing Foundation
Mid-Michigan Recovery Service
Muscular Dystrophy Association
New World Flood
Oak Park YMCA
Old News Boys
South Lansing/Holt Rotary
Southside Community Kitchen
Sparrow Foundation
St. Thomas Aquinas
St. Vincent Catholic Charities
The City Rescue Mission of Lansing
The Davies Project
Tri County Office on Aging
Youth Haven
Alzheimer’s Association
American Cancer Society
American Red Cross
Boys and Girls Club of Lansing
Capital Area Community Services
Capital Area District Library
Capital Area Humane Society
Care Free Medical
CASA for Kids, Inc
Child and Family Charities
Chosen Vision
Dr. Martin Luther King Jr. Commission
Eaton Community Palliative Care
Eaton Rapids Medical Center
Ele’s Place
EVE
Grand Ledge Chamber of Commerce
Grand Ledge Stuff the Bus
Greater Lansing Business Monthly
Greater Lansing Food Bank
Habitat for Humanity
Haven House
Highfields
Historical Society of Michigan
We are proud to support the following organizations:
(Partial List)
2020 DONATIONS
Frandor HLC500 N. HomerLansing, MI 48912(517) 853-5100
Chelsea HLC134 W. Middle Street Suite HChelsea, MI 48118(734) 433-0922
Cascade HLC6504 28th St SE Suite S1Grand Rapids, MI 49506(616) 954-2932
Ann Arbor HLC1310 S. Main StreetAnn Arbor, MI 48104(734) 545-7701
Mason368 S. Park StreetMason, MI 48854(517) 676-3661
Holt/S. Lansing2469 N. Cedar StreetHolt, MI 48842(517) 694-5083
Grand Ledge1020 Charlevoix DriveGrand Ledge, MI 48837(517) 622-3278
Frandor500 N. HomerLansing, MI 48912(517) 679-5200
dartbank.com
Lake Orion HLC214 S. Broadway Suite #200Lake Orion, MI 48362(248) 287-8030