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Exhibit 99.1
News Release | CONTACT: |
B. Grant Yarber | |
President and Chief Executive Officer | |
Phone: (919) 645-3494 | |
FOR IMMEDIATE RELEASE | Email: gyarber@capitalbank-nc.com |
Capital Bank Corporation Announces Record Earnings
RALEIGH, N.C. - January 31, 2006 - Capital Bank Corporation (Nasdaq: CBKN), the parent company of Capital Bank, today reported that its annual 2005 earnings were a record $6.7 million compared to $5.3 million for the year ended December 31, 2004. Fully diluted earnings per share were $.97 for the year ended December 31, 2005 compared to $.77 for 2004, a 26% increase over 2004’s results. For the fourth quarter of 2005, net income and fully diluted earnings per share were $1.8 million and $.26, respectively, compared to $1.4 million and $.20, respectively, for the fourth quarter of 2004. Total assets on December 31, 2005 were $960.9 million compared to $882.3 million at the end of 2004.
Commenting on the Company’s results, B. Grant Yarber, President and CEO, stated, “We are very proud of the results the Company achieved during 2005. Our continued earnings and asset growth signifies that our concentrated efforts around improving our deposit mix and core deposit growth are paying off. As our asset quality, net interest margin, and core deposits trend positively along with funding of increased loan commitments, we continue to be optimistic about the future of Capital Bank. In addition, we are proud to have closed the 1st State Bank transaction in Alamance County on January 3, 2006. After this transaction, we begin 2006 with $1.3 billion in assets and a strong and improving earnings stream.”
Net interest income increased by $3.2 million for the year ended December 31, 2005 to $29.3 million. The Company’s net interest margin, on a tax equivalent basis, continued to improve during the fourth quarter of 2005 with the net interest margin increasing 16 basis points to 3.73% from the third quarter of 2005. For the years ended December 31, 2005 and 2004, the net interest margin was 3.60% and 3.28%, respectively. The Company’s net interest margin, on a tax equivalent basis, increased during the fourth quarter despite market pressures that have resulted in margin compression within segments of the industry. The Company continues to concentrate on increasing its margin through core deposit growth and competitive loan pricing.
The provision for loan losses for the year ended December 31, 2005 was a credit of ($0.4 million) compared to $1.0 million for the same period in 2004. Net charge-offs for the year ended December 31, 2005 were $0.8 million or 0.12% of average loans compared to $1.6 million or 0.25% of average loans for the year ended December 31, 2004. The significant declines for
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P. O. Box 18949 • Raleigh, NC 27619-8949 • Phone (919) 645-6400 • Fax (919) 645-6353 • www.capitalbank-nc.com
the year in the provision expense and net charge-offs are the result of continuing improvements in the overall credit quality of the Company’s commercial loan portfolio. Nonperforming loans were $8.1 million at December 31, 2005 compared to $8.2 million at the end of 2004. Total past due loans were $7.0 million or 1.07% of total loans at December 31, 2005 compared to $11.6 million or 1.76% of total loans at the end of 2004. The allowance for loan losses at December 31, 2005 was 1.43% of total loans and 119% of nonperforming loans compared to 1.64% of total loans and 131% of nonperforming loans at December 31, 2004. The provision for loan losses for the quarter ended December 31, 2005 was $38,000 compared to $357,000 for the fourth quarter of 2004, again reflecting the positive trend in overall credit quality in the loan portfolio.
The Company’s non-interest income for the year ended December 31, 2005 declined $0.2 million compared to the same period in 2004, largely due to two non-recurring transactions in 2004 related to branch and mortgage portfolio sales that resulted in a pre-tax gain of $0.8 million. Mortgage banking revenues increased $0.4 million to $1.7 million in 2005 compared to 2004 as a result of higher loan volume. Non-interest income for the fourth quarter of 2005 was $2.0 million compared to $1.5 million in the fourth quarter of 2004 primarily due to a $0.3 million gain on the sale of a real estate parcel.
Non-interest expense was $26.5 million for the year ended December 31, 2005, an increase of $2.7 million compared to the same period in 2004. The increase in expense from 2004 levels is primarily due to higher compensation and benefit costs associated with the Company’s growth and an increase in directors’ fees as a result of revisions to the existing deferred compensation plan and implementation of a new supplemental retirement plan. Non-interest expense in the fourth quarter of 2005 was $7.2 million compared to $5.9 million in the fourth quarter of 2004, due primarily to higher compensation costs and directors’ fees offset by lower professional fees.
Total consolidated assets on December 31, 2005 were $960.9 million compared to $882.3 million at the end of 2004. The overall loan portfolio increased by $14.1 million, primarily due to $23.3 million of growth in commercial loans offset by an $8.6 million decrease in consumer loans. Loans outstanding during the fourth quarter of 2005 increased by $22.5 million with commercial loans and home equity lines increasing by $30.0 million and $3.1 million, respectively, and consumer and mortgage loans each decreasing by $5.2 million, respectively.
Total deposit growth, excluding brokered deposits of $6.9 million and $20.3 million at December 31, 2005 and 2004, respectively, for the year ended December 31, 2005 exceeded $56 million. Demand (non-interest bearing) deposits, money market and savings accounts increased from $259.1 million at December 31, 2004 to $314.9 million at December 31, 2005. Time deposits, excluding brokered deposits, were $376.7 million at December 31, 2005 compared to $375.6 million at the end of 2004. Total deposits decreased by $4.7 million during the fourth quarter, primarily due to a $3.0 million decrease in demand deposit accounts. The Company’s shareholders’ equity increased by $1.2 million during the quarter to $83.5 million. The Company continues to be well capitalized under regulatory capital guidelines.
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Capital Bank Corporation, headquartered in Raleigh, N.C., with approximately $1.3 billion in total assets, offers a broad range of financial services. Capital Bank operates 25 banking offices in Asheville (3), Burlington (4), Cary, Graham (2), Greensboro, Hickory, Mebane, Morrisville, Oxford, Pittsboro, Raleigh (4), Sanford (3), Siler City and Wake Forest. The Company’s website is http://www.capitalbank-nc.com.
Information in this press release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, and the effects of competition. Additional factors that could cause actual results to differ materially are discussed in Capital Bank Corporation’s filings with the Securities and Exchange Commission, including without limitation its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. Capital Bank Corporation does not undertake a duty to update any forward-looking statements in this press release.
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Capital Bank Corporation
Summary of Operations
Three Months | Three Months | Year | Year | ||||||||||
Ended | Ended | Ended | Ended | ||||||||||
(In thousands except per share data) | December 31, 2005 | December 31, 2004 | December 31, 2005 | December 31, 2004 | |||||||||
Interest income | $ | 13,967 | $ | 11,201 | $ | 50,749 | $ | 42,391 | |||||
Interest expense | 6,172 | 4,256 | 21,459 | 16,257 | |||||||||
Net interest income | 7,795 | 6,945 | 29,290 | 26,134 | |||||||||
Provision (credit) for loan losses | 38 | 357 | (396 | ) | 1,038 | ||||||||
Net interest income after provision (credit) for loan losses | 7,757 | 6,588 | 29,686 | 25,096 | |||||||||
Non-interest income | 2,022 | 1,480 | 6,731 | 6,905 | |||||||||
Non-interest expense | 7,171 | 5,938 | 26,454 | 23,824 | |||||||||
Income before taxes | 2,608 | 2,130 | 9,963 | 8,177 | |||||||||
Income tax expense | 801 | 740 | 3,264 | 2,866 | |||||||||
Net income | $ | 1,807 | $ | 1,390 | $ | 6,699 | $ | 5,311 | |||||
Income per share - basic | $ | 0.26 | $ | 0.21 | $ | 0.99 | $ | 0.79 | |||||
Income per share - fully diluted | $ | 0.26 | $ | 0.20 | $ | 0.97 | $ | 0.77 | |||||
Weighted average shares outstanding: | |||||||||||||
Basic | 6,875 | 6,729 | 6,791 | 6,713 | |||||||||
Fully diluted | 6,962 | 6,886 | 6,920 | 6,886 |
End of Period Balances
2005 | 2004 | |||||||||||||||
(In thousands except per share data) | December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||
Total Assets | $ | 960,907 | $ | 927,077 | $ | 917,392 | $ | 887,312 | $ | 882,294 | ||||||
Investment securities | 161,601 | 161,389 | 161,822 | 159,966 | 160,580 | |||||||||||
Loans (gross) * | 668,982 | 646,448 | 648,765 | 647,922 | 654,867 | |||||||||||
Allowance for loan losses | 9,592 | 9,844 | 10,075 | 10,372 | 10,721 | |||||||||||
Total earning assets | 843,943 | 847,296 | 840,607 | 812,868 | 816,422 | |||||||||||
Deposits | 698,480 | 703,183 | 689,997 | 662,178 | 654,976 | |||||||||||
Shareholders' equity | 83,492 | 82,268 | 79,499 | 76,965 | 77,738 | |||||||||||
Book value per share | 12.18 | 12.11 | 12.00 | 11.72 | 11.76 | |||||||||||
Tangible book value per share | 10.31 | 10.21 | 10.04 | 9.74 | 9.78 |
Average Balances
2005 | 2004 | |||||||||||||||
(In thousands) | December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||
Total assets | 932,332 | 922,142 | 897,178 | 879,912 | 883,483 | |||||||||||
Investments (at amortized cost) | 160,928 | 162,282 | 160,955 | 157,963 | 156,018 | |||||||||||
Loans (gross) * | 653,475 | 637,743 | 648,269 | 652,429 | 658,518 | |||||||||||
Total earning assets | 846,780 | 843,992 | 826,361 | 812,963 | 819,867 | |||||||||||
Deposits | 696,335 | 697,311 | 671,307 | 647,787 | 651,301 | |||||||||||
Shareholders' equity | 83,380 | 81,606 | 78,706 | 78,476 | 78,468 |
* Includes loans held for sale. |
Capital Bank Corporation | ||||||||||||||||||||
Quarterly Results |
2005 | 2004 | |||||||||||||||
(In thousands except per share data) | December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||
Interest income | $ | 13,967 | $ | 13,078 | $ | 12,248 | $ | 11,456 | $ | 11,201 | ||||||
Interest expense | 6,172 | 5,649 | 5,088 | 4,550 | 4,256 | |||||||||||
Net interest income | 7,795 | 7,429 | 7,160 | 6,906 | 6,945 | |||||||||||
Provision (credit) for loan losses | 38 | (28 | ) | (156 | ) | (250 | ) | 357 | ||||||||
Net interest income after provision | 7,757 | 7,457 | 7,316 | 7,156 | 6,588 | |||||||||||
Non-interest income | 2,022 | 1,790 | 1,579 | 1,340 | 1,480 | |||||||||||
Non-interest expense | 7,171 | 6,644 | 6,489 | 6,150 | 5,938 | |||||||||||
Income before taxes | 2,608 | 2,603 | 2,406 | 2,346 | 2,130 | |||||||||||
Income tax expense | 801 | 869 | 803 | 791 | 740 | |||||||||||
Net income | $ | 1,807 | $ | 1,734 | $ | 1,603 | $ | 1,555 | $ | 1,390 | ||||||
Income per share - basic | $ | 0.26 | $ | 0.26 | $ | 0.24 | $ | 0.23 | $ | 0.21 | ||||||
Income per share - fully diluted | $ | 0.26 | $ | 0.25 | $ | 0.23 | $ | 0.22 | $ | 0.20 | ||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 6,875 | 6,801 | 6,731 | 6,755 | 6,729 | |||||||||||
Fully diluted | 6,962 | 6,904 | 6,871 | 6,942 | 6,886 |
Quarterly Net Interest Margin * |
2005 | 2004 | |||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | ||||||||||||
Yield on earning assets | 6.62 | % | 6.22 | % | 6.02 | % | 5.80 | % | 5.51 | % | ||||||
Cost of interest bearing liabilities | 3.26 | % | 2.97 | % | 2.76 | % | 2.53 | % | 2.31 | % | ||||||
Net interest spread | 3.36 | % | 3.25 | % | 3.26 | % | 3.27 | % | 3.20 | % | ||||||
Net interest margin | 3.73 | % | 3.57 | % | 3.55 | % | 3.53 | % | 3.45 | % |
* Annualized and on a fully taxable equivalent basis |
Nonperforming Assets |
2005 | 2004 | |||||||||||||||
(In thousands) | December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||
Commercial and | ||||||||||||||||
commercial real estate | $ | 5,040 | $ | 3,915 | $ | 6,094 | $ | 5,797 | $ | 3,964 | ||||||
Consumer | 176 | 239 | 218 | 195 | 312 | |||||||||||
Equity lines | 497 | 592 | 427 | 323 | 415 | |||||||||||
Construction | 737 | 1,302 | 1,674 | 2,374 | 1,622 | |||||||||||
Mortgage | 1,628 | 1,711 | 2,014 | 1,880 | 1,898 | |||||||||||
Total nonperforming loans | 8,078 | 7,759 | 10,427 | 10,569 | 8,211 | |||||||||||
Other real estate owned | 771 | 1,608 | 1,508 | 431 | 418 | |||||||||||
Total nonperforming assets | $ | 8,849 | $ | 9,367 | $ | 11,935 | $ | 11,000 | $ | 8,629 |
Nonperforming assets include loans that are 90 days or more past due or in nonaccrual status and other real estate owned |
Key Ratios |
2005 | 2004 | |||||||||||||||
(Dollars in thousands) | December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||
Past due loans | 7,008 | 10,089 | 9,576 | 14,623 | 11,609 | |||||||||||
Past due loans as a percent of | ||||||||||||||||
total loans | 1.07 | % | 1.58 | % | 1.48 | % | 2.24 | % | 1.76 | % | ||||||
Net charge-offs | 433 | 117 | 138 | 99 | 647 | |||||||||||
Net charge-offs as a percent of | ||||||||||||||||
average loans (annualized) | 0.27 | % | 0.07 | % | 0.09 | % | 0.06 | % | 0.39 | % | ||||||
Allowance for loan losses as a | ||||||||||||||||
percent of total loans ** | 1.43 | % | 1.52 | % | 1.55 | % | 1.60 | % | 1.64 | % | ||||||
Nonperforming assets as a percent of | ||||||||||||||||
total assets | 0.92 | % | 1.01 | % | 1.30 | % | 1.24 | % | 0.98 | % | ||||||
Allowance for loan losses as a | ||||||||||||||||
percent of nonperforming loans ** | 119 | % | 127 | % | 97 | % | 98 | % | 131 | % | ||||||
** | Effective December 31, 2004, the reserve for off balance sheet credit risk was reclassified from the allowance for loan losses to other liabilities. | ||||||||||||||||||||||||
Prior period balances and ratios involving the allowance for loan losses have not been restated. The reserve reclassified was $311,000 at that time. |
CAPITAL BANK CORPORATION | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||
December 31, 2005 and December 31, 2004 |
December 31, | December 31, | ||||||||||
ASSETS | 2005 | 2004 | $ Change | % Change | |||||||
(In thousands) | (Unaudited) | ||||||||||
Cash and due from banks: | |||||||||||
Interest-earning | $ | 4,603 | $ | 971 | $ | 3,632 | 374 | % | |||
Non-interest-earning | 30,544 | 22,036 | 8,508 | 39 | % | ||||||
Cash held in escrow | 33,185 | - | 33,185 | 100 | % | ||||||
Federal funds sold and short term investments | 8,757 | 4 | 8,753 | NM | |||||||
Investment securities - available for sale, at fair value | 149,267 | 147,244 | 2,023 | 1 | % | ||||||
Investment securities - held to maturity, at amortized cost | 12,334 | 13,336 | (1,002 | ) | -8 | % | |||||
Loans-net of unearned income and deferred fees | 668,982 | 654,867 | 14,115 | 2 | % | ||||||
Allowance for loan losses | (9,592 | ) | (10,721 | ) | 1,129 | -11 | % | ||||
Net loans | 659,390 | 644,146 | 15,244 | 2 | % | ||||||
Premises and equipment, net | 14,868 | 15,608 | (740 | ) | -5 | % | |||||
Bank owned life insurance | 19,857 | 13,500 | 6,357 | 47 | % | ||||||
Deposit premium and goodwill, net | 12,853 | 13,065 | (212 | ) | -2 | % | |||||
Deferred tax assets | 6,305 | 5,985 | 320 | 5 | % | ||||||
Other assets | 8,944 | 6,399 | 2,545 | 40 | % | ||||||
Total assets | $ | 960,907 | $ | 882,294 | $ | 78,613 | 9 | % | |||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Demand, non-interest bearing | $ | 77,847 | $ | 65,673 | $ | 12,174 | 19 | % | |||
Savings, money market accounts and interest checking | 237,005 | 193,435 | 43,570 | 23 | % | ||||||
Time deposits | 383,628 | 395,868 | (12,240 | ) | -3 | % | |||||
Total deposits | 698,480 | 654,976 | 43,504 | 7 | % | ||||||
Repurchase agreements and federal funds purchased | 14,514 | 16,755 | (2,241 | ) | -13 | % | |||||
Borrowings | 93,173 | 102,320 | (9,147 | ) | -9 | % | |||||
Short-term debt | 30,000 | - | 30,000 | 100 | % | ||||||
Subordinated debentures | 30,930 | 20,620 | 10,310 | 50 | % | ||||||
Other liabilities | 10,318 | 9,885 | 433 | 4 | % | ||||||
Total liabilities | 877,415 | 804,556 | 72,859 | 9 | % | ||||||
STOCKHOLDERS' EQUITY | |||||||||||
Common stock, no par value; 20,000,000 shares authorized; | |||||||||||
6,852,156 and 6,612,787 issued and outstanding as of | |||||||||||
2005 and 2004, respectively | 70,985 | 68,341 | 2,644 | 4 | % | ||||||
Retained earnings | 14,179 | 9,092 | 5,087 | 56 | % | ||||||
Accumulated other comprehensive income | (1,672 | ) | 305 | (1,977 | ) | -648 | % | ||||
Total stockholders' equity | 83,492 | 77,738 | 5,754 | 7 | % | ||||||
Total liabilities and stockholders' equity | $ | 960,907 | $ | 882,294 | $ | 78,613 | 9 | % |
CAPITAL BANK CORPORATION | |||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
Twelve Months Ended December 31, 2005 and 2004 | |||||||||||||
2005 | 2004 | $ Change | % Change | ||||||||||
(In thousands except per share data) | (Unaudited) | ||||||||||||
Interest income: | |||||||||||||
Loans and loan fees | $ | 43,047 | $ | 35,704 | $ | 7,343 | 21 | % | |||||
Investment securities | 6,900 | 6,531 | 369 | 6 | % | ||||||||
Federal funds and other interest income | 802 | 156 | 646 | 414 | % | ||||||||
Total interest income | 50,749 | 42,391 | 8,358 | 20 | % | ||||||||
Interest expense: | |||||||||||||
Deposits | 15,577 | 11,782 | 3,795 | 32 | % | ||||||||
Borrowings and repurchase agreements | 5,882 | 4,475 | 1,407 | 31 | % | ||||||||
Total interest expense | 21,459 | 16,257 | 5,202 | 32 | % | ||||||||
Net interest income | 29,290 | 26,134 | 3,156 | 12 | % | ||||||||
Provision (credit) for loan losses | (396 | ) | 1,038 | (1,434 | ) | -138 | % | ||||||
Net interest income after provision (credit) for loan losses | 29,686 | 25,096 | 4,590 | 18 | % | ||||||||
Noninterest income: | |||||||||||||
Deposit service charges and other fees | 2,862 | 2,948 | (86 | ) | -3 | % | |||||||
Mortgage banking revenues | 1,733 | 1,288 | 445 | 35 | % | ||||||||
Net gain on sale of securities | 7 | 18 | (11 | ) | -61 | % | |||||||
Bank owned life insurance | 546 | 266 | 280 | 105 | % | ||||||||
Other noninterest income | 1,583 | 2,385 | (802 | ) | -34 | % | |||||||
Total noninterest income | 6,731 | 6,905 | (174 | ) | -3 | % | |||||||
Noninterest expenses: | |||||||||||||
Salaries and employee benefits | 13,999 | 12,125 | 1,874 | 15 | % | ||||||||
Occupancy | 2,565 | 2,366 | 199 | 8 | % | ||||||||
Furniture and equipment | 1,468 | 1,683 | (215 | ) | -13 | % | |||||||
Data processing | 1,263 | 1,130 | 133 | 12 | % | ||||||||
Advertising | 876 | 869 | 7 | 1 | % | ||||||||
Amortization of deposit premiums | 212 | 247 | (35 | ) | -14 | % | |||||||
Professional fees | 867 | 989 | (122 | ) | -12 | % | |||||||
Telecommunications | 592 | 542 | 50 | 9 | % | ||||||||
Other expenses | 4,612 | 3,873 | 739 | 19 | % | ||||||||
Total noninterest expenses | 26,454 | 23,824 | 2,630 | 11 | % | ||||||||
Net income before tax expense | 9,963 | 8,177 | 1,786 | 22 | % | ||||||||
Income tax expense | 3,264 | 2,866 | 398 | 14 | % | ||||||||
Net income | $ | 6,699 | $ | 5,311 | $ | 1,388 | 26 | % | |||||
Earnings per share - basic | $ | 0.99 | $ | 0.79 | $ | 0.20 | 25 | % | |||||
Earnings per share - diluted | $ | 0.97 | $ | 0.77 | $ | 0.20 | 26 | % | |||||
Weighted Average Shares: | |||||||||||||
Basic | 6,790,846 | 6,712,502 | 78,344 | 1 | % | ||||||||
Fully Diluted | 6,920,388 | 6,885,700 | 34,688 | 1 | % | ||||||||
CAPITAL BANK CORPORATION | |||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
Three Months Ended December 31, 2005 and 2004 | |||||||||||||
2005 | 2004 | $ Change | % Change | ||||||||||
(In thousands except per share data) | (Unaudited) | ||||||||||||
Interest income: | |||||||||||||
Loans and loan fees | $ | 11,907 | $ | 9,499 | $ | 2,408 | 25 | % | |||||
Investment securities | 1,756 | 1,664 | 92 | 6 | % | ||||||||
Federal funds and other interest income | 304 | 38 | 266 | 700 | % | ||||||||
Total interest income | 13,967 | 11,201 | 2,766 | 25 | % | ||||||||
Interest expense: | |||||||||||||
Deposits | 4,562 | 3,036 | 1,526 | 50 | % | ||||||||
Borrowings and repurchase agreements | 1,610 | 1,220 | 390 | 32 | % | ||||||||
Total interest expense | 6,172 | 4,256 | 1,916 | 45 | % | ||||||||
Net interest income | 7,795 | 6,945 | 850 | 12 | % | ||||||||
Provision (credit) for loan losses | 38 | 357 | (319 | ) | -89 | % | |||||||
Net interest income after provision (credit) for loan losses | 7,757 | 6,588 | 1,169 | 18 | % | ||||||||
Noninterest income: | |||||||||||||
Service charges and other fees | 720 | 698 | 22 | 3 | % | ||||||||
Mortgage banking revenues | 521 | 281 | 240 | 85 | % | ||||||||
Net gain on sale of securities | - | 4 | (4 | ) | -100 | % | |||||||
Bank owned life insurance | 161 | 70 | 91 | 130 | % | ||||||||
Other noninterest income | 620 | 427 | 193 | 45 | % | ||||||||
Total noninterest income | 2,022 | 1,480 | 542 | 37 | % | ||||||||
Noninterest expenses: | |||||||||||||
Salaries and employee benefits | 3,835 | 3,092 | 743 | 24 | % | ||||||||
Occupancy | 659 | 588 | 71 | 12 | % | ||||||||
Furniture and equipment | 375 | 397 | (22 | ) | -6 | % | |||||||
Data processing | 333 | 295 | 38 | 13 | % | ||||||||
Advertising | 280 | 219 | 61 | 28 | % | ||||||||
Amortization of deposit premiums | 52 | 60 | (8 | ) | -13 | % | |||||||
Professional fees | 128 | 338 | (210 | ) | -62 | % | |||||||
Telecommunications | 164 | 155 | 9 | 6 | % | ||||||||
Other expenses | 1,345 | 794 | 551 | 69 | % | ||||||||
Total noninterest expenses | 7,171 | 5,938 | 1,233 | 21 | % | ||||||||
Net income before tax expense | 2,608 | 2,130 | 478 | 22 | % | ||||||||
Income tax expense | 801 | 740 | 61 | 8 | % | ||||||||
Net income | $ | 1,807 | $ | 1,390 | $ | 417 | 30 | % | |||||
Earnings per share - basic | $ | 0.26 | $ | 0.21 | $ | 0.05 | 24 | % | |||||
Earnings per share - diluted | $ | 0.26 | $ | 0.20 | $ | 0.06 | 30 | % | |||||
Weighted Average Shares Used for EPS | |||||||||||||
Basic | 6,874,721 | 6,728,527 | 146,194 | 2 | % | ||||||||
Fully Diluted | 6,962,340 | 6,886,173 | 76,167 | 1 | % | ||||||||