GRAYSON
BANKSHARES, INC.
 
March 19, 2012
 
Dear Fellow Shareholders,
 
Once again, we are reporting to you on the last quarter's developments at Grayson National Bank. We axe proud to be serving this community and grateful for the support we have enjoyed over the past 111 years.
 
The pace of economic recovery is frustratingly slow, and the Great Recession seems to have no clear-cut ending. And although we have recently seen several announcements concerning new jobs, unemployment levels remain high, local real estate values are continuing to decline, new loan demand is weak, and overall credit conditions remain very challenging.
 
Our results for the fourth quarter of 2011, and in the full year, reflect these difficult economic and credit conditions. We did have fewer credit-related losses in the fourth quarter than we did in the third quarter, but the most significant part of our GNB story for the fourth quarter, and for 2011, will be our efforts to manage through significant challenges in loan quality. An important first step in recovering from these challenges will be to have a quarter where non-performing assets stabilize or decrease from prior quarter levels. Past-due loan indicators did show improvement in the quarter, with loans past due for more than 30 days coming down from $7.4 million to $5.4 million.
 
We've made progress on a number of initiatives that will strengthen both our financial stability and earnings potential. To summarize:
 
·
Our credit quality issues are being addressed. We have completed a very thorough loan review and are working diligently with borrowers who have credit-related challenges. We are utiliArt a number of strategies to reduce the number of problem loans, and have deployed significant resources toward this effort.
 
·
We have begun construction on our new Wytheville branch. The official groundbreaking is slated for early spring, and we're looking forward to opening the branch in the fall.  During a period of very low loan demand in our home counties, we need the growth available to us in this new market.
 
·
We are continuing to look for ways to increase revenues and decrease expenses. Given an environment of low loan demand, we have identified several revenue enhancements for 2012, and a number of cost savings measures for 2012 as well.
 
·
Our strategic marketing plan is on track. You may have already noticed that we have embarked on a new effort to promote our services, including radio spots and print ads. We are also enhancing our online banking services and upgrading our website to communicate better with our existing customers and position ourselves to compete as members of the 21st-century banking community.
 
 
As stewards of your investment and as members of a dose-knit community we take our responsibilities very seriously. We consider our shareholder and customer community to be our family, and families stick together during challenging times.

While we are not expecting a complete turnaround in the immediate future, we are confident that we are taking the most responsible and effective actions now to ensure that. month by month, our fundamentals will continue to gain in strength..

As always, we appreciate the opportunity to serve you. We invite you to review the following financial report, which will fill in the details in our ongoing story. You will see that even in these challenging times, we remain a healthy, forward-looking institution.  We invite your questions, observations or cocerns.

Sincerely,

 
 /s/ Jacky K. Anderson     /s/ Thomas M. Jackson, Jr.  
       
 Jacky K. Anderson        Thomas M. Jackson, Jr.  
 President and CEO     Chairman of the Board  
       
                                                                                                                                                             
 
 

The following information was filed by Grayson Bankshares Inc (GSON) on Friday, March 23, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Grayson Bankshares Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Grayson Bankshares Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account