Dear Shareholder,

Coming off our best earnings year on record in 2022, this past year proved uncertain as we saw interest rates remain high for longer than most anticipated.  This began the process of slowing the economy in some sectors, which is likely to continue in 2024.

Despite the uncertainty, I’m happy to report that we continued to see positive earnings and equity growth in 2023 owing to our long-tenured team, great investment partners, and an investment philosophy that seeks to create long-term value.  We still believe our best days are in front of us.

The stock buyback plan continues to be in place for those who may want to sell.  If you have questions or a desire to sell, please feel free to give our office a call.

Thank you for your continued support and investment in us.

Sincerely,

Jesse T. Correll
Chairman