Letter from the President, Fall 2017

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Autumn is upon us, and as the days grow shorter and the air begins to chill, this is a time to connect and engage—with each other and with our communities. We’ve often referred to fall as “meeting season,” because we provide multiple opportunities to connect in person and hear from our you about the things that matter most. But aside from “meeting season,” BBNC offers other ways for us to keep in touch—this newsletter, our annual report, and social media, to name but a few.

By now, we hope you’ve seen our FY17 annual report. Every year, BBNC takes great pride in this report. We try to go beyond summarizing our financial health to tell a story about our promise and our people. We aim to paint a picture of what it’s like to be part of BBNC’s community—whether you’re a shareholder, an employee, a resident of Bristol Bay, or anyone who does business with us. It’s a powerful communications tool, one that allows us to help people understand the values that drive us and how those values translate into strategic business decisions. It’s a story grounded in a rich history of solid investments and experienced governance and management. The theme of this year’s report—Start Up—refers to the characteristics that thriving businesses require to succeed from the very start—vision, courage, clarity, resilience, generosity and, importantly, culture.  And today, even after 45 years, BBNC still considers itself a start-up business. We continue to learn, reach, and grow with our eyes wide open and our vision clear.

One of the most pressing responsibilities of our shareholders is to engage with your company. Attending informational meetings or the annual meeting offer you an opportunity to share your support or frustrations with board and staff. While our doors are always wide open via email, telephone, or in-person visits, we understand there are sometimes limitations to getting in touch with us. The meetings allow shareholders to speak their voice in a way that is simple and accessible for many shareholders. I’d also like to encourage your participation with BBNC by voting your proxy. Please take time to read through the proxy material and voice your opinion through your vote.

BBNC is about mid-way through our current fiscal year and so far, we’re tracking very close to our budget. As we look to grow BBNC and its annual earnings, implementing our long-term plans are instrumental. Earnings from our subsidiary operations and other investments are what help to pay increasing shareholder dividends. And we’re pleased to report that our earnings and cash flow are strong and we have a very exciting future ahead of us.

As summer winds down we’ll all turn our attention to fall activities, including shareholder meetings, hunting, and berry picking. Autumn is a wonderful time to be in our beautiful Bristol Bay. The views are stunning, the terrain majestic and our lands beckon us to enjoy them before the long winter sets in. As always, our primary goal is that you stay safe. Remember, there’s someone at home who needs every one of you to come back safe and healthy.

Finally, with shareholder meetings upon us, we look forward to visiting with many of you and hearing firsthand about the things you feel are most important. Please join us if you can. We always welcome the opportunity to connect in person.

Thanks as always for your support.

– Jason Metrokin