The following email was sent to All Employees from our CEO, Mike Barnett, on Monday 10/10:
I am so excited and proud to announce that in September, ALL seven of our entities posted a profit. This is truly fantastic news. It has been a GREAT quarter for the Benchmark companies as everyone made money. Combined we made $2,497,625 in the third quarter, and current year-to-date earnings are $4,125,510.
Benchmark Bank was our strongest entity again this quarter, with a net income of just over 1 million. Past dues were less than 1% of total assets, which is phenomenal. I am very proud of our loan officers and also attribute this to our excellent customer base. We dedicated our executive boardroom in Plano in memory of David Crockett on September 29th, and we enjoyed celebrating his memory will all of you who were able to attend. It was also fun to get to recognize our board members who have been with us over 40 years: Larry Green and McCain. We are very fortunate to have so many long-term and loyal employees at Benchmark.
Benchmark Title was profitable again this quarter, earning $26,573.28. They had a great month in September and we look forward to this trend continuing for the rest of the year. Benchmark Title has secured the lease on the 4th floor annex of the office building at 2000 McKinney in Uptown Dallas, and we are finishing out the space now. We are excited for our commercial title group to all move into this new space next month.
AMC Correspondent had a great quarter, earning $940,643.04. This makes them positive for the year, which is fabulous news after a rough start to 2011 due to tough economic conditions. In September, AMC Correspondent posted a profit of over 1 million – keep up the great work!
AMC Retail also had a great quarter. Combined the 4 locations earned $516,502 in Q3, with Houston leading the way. I am excited to announce that Todd Potter, formerly of AMC Correspondent, has joined AMC Retail as their National Sales Manager. Todd will be managing the LO’s and leading our retail mortgage expansion across the country.
Two exciting honors for Benchmark which I’d like to mention (both will be formally announced in November):
The Dallas Morning News has selected Benchmark Bank & Benchmark Title as one of the Top 100 Places to Work
For the second year in a row, Benchmark Bank has been ranked one of the fastest growing privately held companies in North Texas by the SMU Cox School of Business.
I am thrilled with this quarter and again want to reiterate that every entity made a profit in September.
Keep up the great work and thanks for what you do!