EXHIBIT 99
MBT Financial Corp. Announces Profit for 2008
MONROE, Mich.,January 29, 2009 — MBT Financial Corp., (Nasdaq: MBTF), the parent company of Monroe Bank & Trust, reported a fourth quarter 2008 net loss of $3.0 million, or $0.19 per diluted share, compared to the loss of $2.7 million, or $0.17 per diluted share in the fourth quarter of 2007. Net income for the year ended December 31, 2008 was $1.7 million, or $0.10 per diluted share, compared to $7.7 million, or $0.47 per diluted share in 2007.
H. Douglas Chaffin, President and CEO, commented, “The loss we recorded in the fourth quarter of 2008 was entirely due to credit quality issues that arose due to the poor economic conditions in southeast Michigan. The national economy has joined Michigan in the worst recession in decades, but we believe that the steps we began to take in 2008 will help us through these times and leave us positioned well for the eventual economic recovery. We have made structural changes to our credit and collections functions, improved our liquidity, and maintained capital well in excess of the regulatory minimums to be considered well capitalized. While the fourth quarter of 2008 was especially challenging, we will be able to withstand the current environment and continue to serve the credit and banking needs of the communities in southeast Michigan. While we are never pleased with posting a quarterly loss, the fact that we were profitable for 2008 given the substantial credit related charges during the year is considered an accomplishment in this environment.
Mr. Chaffin further commented on the Company’s earnings for the quarter. “Net Interest Income decreased $408,000 compared to the fourth quarter of 2007 as the net interest margin decreased from 2.83% to 2.79% while the amount of average earning assets was unchanged at $1.44 billion. Non interest income, excluding securities gains, decreased $151,000 as the decrease in market values of investments caused a decline in wealth management income. Non interest expenses decreased $828,000, or 8.6%, even though credit related expenses increased substantially compared to the same period a year ago.”
On October 10, 2008, we acquired the deposits of Main Street Bank in Northville and Plymouth, Michigan from the FDIC when they were closed by state regulators. This added a considerable amount of liquidity to our balance sheet, contributing to the nearly $56 million increase in deposits during the quarter. Integration continues to progress well, and we are pleased with the reception that our style of community banking and wealth management is receiving in the Northville and Plymouth areas.”
“We monitor our capital position closely”, Mr. Chaffin continued. “In light of these reduced earnings levels, our Board will review the appropriateness of continuing our current level of dividends for the 2nd quarter at its next meeting on February 26th.
Under separate press releases, the company also announced its decision to withdraw its application for funding under the U. S. Treasury’s Troubled Asset Relief Program (TARP). This decision was based primarily on the company’s well-capitalized position and the high cost of this funding. In addition, the company also announced the recent addition to its Board of Edwin L. Harwood as well as the continuation of William D. McIntyre, Jr. as Chairman, and the appointment of Michael J. Miller as Vice Chairman. For a more detailed discussion of these announcements please refer to the separate press releases provided on this same date.
Conference Call
MBT Financial Corp. will hold a conference call to discuss fourth quarter results on Friday, January 30, at 10:00 a.m. Eastern Time. The call will be webcast and can be accessed at the Investor Relations/Corporate Profile page of MBT
Financial Corp.’s web sitewww.mbandt.com. The call can also be accessed by calling (800) 860-2442. The event will be archived on the Company’s web site and available for three months following the call.
About the Company
MBT Financial Corp. (NASDAQ: MBTF), a single bank holding company headquartered in Monroe, Michigan, is the parent company of Monroe Bank & Trust (MBT).
Founded in 1858, MBT is one of the largest full service community banks in southeast Michigan, with more than $1.5 billion in assets, offering personal and business products and services, and complete credit options. MBT’s Wealth Management Group is one of the area’s largest trust departments with over $800 million in assets under management. With 27 offices, 45 ATMs, PhoneLink telephone banking and eLink online banking, MBT prides itself on an incomparable level of service and access for its customers. Visit MBT’s web site at www.MBandT.com.
Forward-Looking Statements
Certain statements contained herein are not based on historical facts and are “forward-looking statements” within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions (some of which are beyond the Company’s control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, change in the financial and securities markets, including changes with respect to the market value of our financial assets, the availability of and costs associated with sources of liquidity, and the ability of the Company to resolve or dispose of problem loans. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
| | | | | |
FOR FURTHER INFORMATION: | | | | |
| H. Douglas Chaffin | | John L. Skibski | | Mary Jane Town |
| Chief Executive Officer | | Chief Financial Officer | | Marketing Officer |
| (734) 384-8123 | | (734) 242-1879 | | (734) 240-2510 |
doug.chaffin@mbandt.com | | john.skibski@mbandt.com | | maryjane.town@mbandt.com |
MBT FINANCIAL CORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS — UNAUDITED
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Quarterly | | | Year to Date | |
| | | 2008 | | | 2008 | | | 2008 | | | 2008 | | | 2007 | | | | | | | |
| (dollars in thousands except per share data) | | 4th Qtr | | | 3rd Qtr | | | 2nd Qtr | | | 1st Qtr | | | 4th Qtr | | | 2008 | | | 2007 | |
EARNINGS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest income | | $ | 9,723 | | | $ | 11,086 | | | $ | 11,127 | | | $ | 10,453 | | | $ | 10,131 | | | $ | 42,389 | | | $ | 42,769 | |
| FTE Net interest income | | $ | 10,088 | | | $ | 11,417 | | | $ | 11,463 | | | $ | 10,784 | | | $ | 10,232 | | | $ | 43,752 | | | $ | 43,957 | |
| Provision for loan and lease losses | | $ | 10,000 | | | $ | 4,100 | | | $ | 2,700 | | | $ | 1,200 | | | $ | 8,907 | | | $ | 18,000 | | | $ | 11,407 | |
| Non-interest income | | $ | 3,900 | | | $ | 4,265 | | | $ | 3,858 | | | $ | 3,962 | | | $ | 3,824 | | | $ | 15,985 | | | $ | 15,634 | |
| Non-interest expense | | $ | 8,773 | | | $ | 11,365 | | | $ | 10,163 | | | $ | 9,698 | | | $ | 9,601 | | | $ | 39,999 | | | $ | 37,234 | |
| Net income (loss) | | $ | (2,997 | ) | | $ | 324 | | | $ | 1,718 | | | $ | 2,647 | | | $ | (2,706 | ) | | $ | 1,692 | | | $ | 7,713 | |
| Basic earnings (loss) per share | | $ | (0.19 | ) | | $ | 0.02 | | | $ | 0.11 | | | $ | 0.16 | | | $ | (0.17 | ) | | $ | 0.10 | | | $ | 0.47 | |
| Diluted earnings (loss) per share | �� | $ | (0.19 | ) | | $ | 0.02 | | | $ | 0.11 | | | $ | 0.16 | | | $ | (0.17 | ) | | $ | 0.10 | | | $ | 0.47 | |
| Average shares outstanding | | | 16,143,902 | | | | 16,136,402 | | | | 16,130,806 | | | | 16,127,047 | | | | 16,135,339 | | | | 16,134,570 | | | | 16,415,425 | |
| Average diluted shares outstanding | | | 16,174,906 | | | | 16,163,863 | | | | 16,162,181 | | | | 16,139,073 | | | | 16,145,958 | | | | 16,165,574 | | | | 16,426,044 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Return on average assets | | | -0.77 | % | | | 0.09 | % | | | 0.45 | % | | | 0.69 | % | | | -0.70 | % | | | 0.11 | % | | | 0.50 | % |
| Return on average common equity | | | -9.78 | % | | | 1.04 | % | | | 5.34 | % | | | 8.24 | % | | | -8.05 | % | | | 1.34 | % | | | 5.71 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Base Margin | | | 2.65 | % | | | 3.08 | % | | | 3.05 | % | | | 2.84 | % | | | 2.74 | % | | | 2.91 | % | | | 2.91 | % |
| FTE Adjustment | | | 0.10 | % | | | 0.09 | % | | | 0.09 | % | | | 0.09 | % | | | 0.03 | % | | | 0.10 | % | | | 0.08 | % |
| Loan Fees | | | 0.04 | % | | | 0.07 | % | | | 0.07 | % | | | 0.07 | % | | | 0.06 | % | | | 0.06 | % | | | 0.07 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| FTE Net Interest Margin | | | 2.79 | % | | | 3.24 | % | | | 3.21 | % | | | 3.00 | % | | | 2.83 | % | | | 3.07 | % | | | 3.06 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Efficiency ratio | | | 59.11 | % | | | 56.66 | % | | | 61.24 | % | | | 64.51 | % | | | 60.16 | % | | | 60.36 | % | | | 60.19 | % |
| Full-time equivalent employees | | | 384 | | | | 366 | | | | 384 | | | | 380 | | | | 404 | | | | 378 | | | | 420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CAPITAL | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average equity to average assets | | | 7.83 | % | | | 8.19 | % | | | 8.42 | % | | | 8.36 | % | | | 8.66 | % | | | 8.20 | % | | | 8.83 | % |
| Book value per share | | $ | 7.49 | | | $ | 7.46 | | | $ | 7.52 | | | $ | 7.94 | | | $ | 7.90 | | | $ | 7.49 | | | $ | 7.90 | |
| Cash dividend per share | | $ | 0.09 | | | $ | 0.09 | | | $ | 0.18 | | | $ | 0.18 | | | $ | 0.18 | | | $ | 0.54 | | | $ | 0.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ASSET QUALITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loan Charge-Offs | | $ | 10,132 | | | $ | 3,954 | | | $ | 2,607 | | | $ | 3,955 | | | $ | 3,204 | | | $ | 20,648 | | | $ | 6,387 | |
| Loan Recoveries | | $ | 252 | | | $ | 169 | | | $ | 317 | | | $ | 216 | | | $ | 195 | | | $ | 954 | | | $ | 1,438 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Net Charge-Offs | | $ | 9,880 | | | $ | 3,785 | | | $ | 2,290 | | | $ | 3,739 | | | $ | 3,009 | | | $ | 19,694 | | | $ | 4,949 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Allowance for loan and lease losses | | $ | 18,528 | | | $ | 18,408 | | | $ | 18,093 | | | $ | 17,683 | | | $ | 20,222 | | | $ | 18,528 | | | $ | 20,222 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nonaccrual Loans | | $ | 47,872 | | | $ | 34,892 | | | $ | 38,115 | | | $ | 37,814 | | | $ | 30,459 | | | $ | 47,872 | | | $ | 30,459 | |
| Loans 90 days past due | | $ | 93 | | | $ | 119 | | | $ | 109 | | | $ | 94 | | | $ | 102 | | | $ | 93 | | | $ | 102 | |
| Restructured loans | | $ | 5,811 | | | $ | 6,685 | | | $ | 6,023 | | | $ | 1,679 | | | $ | 3,367 | | | $ | 5,811 | | | $ | 3,367 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total non performing loans | | $ | 53,776 | | | $ | 41,696 | | | $ | 44,247 | | | $ | 39,587 | | | $ | 33,928 | | | $ | 53,776 | | | $ | 33,928 | |
| Other real estate owned & other assets | | $ | 19,211 | | | $ | 17,893 | | | $ | 18,065 | | | $ | 15,819 | | | $ | 12,565 | | | $ | 19,211 | | | $ | 12,565 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total non performing assets | | $ | 72,987 | | | $ | 59,589 | | | $ | 62,312 | | | $ | 55,406 | | | $ | 46,493 | | | $ | 72,987 | | | $ | 46,493 | |
| Problem Loans Still Performing | | $ | 63,935 | | | $ | 56,156 | | | $ | 41,188 | | | $ | 40,521 | | | $ | 41,022 | | | $ | 63,935 | | | $ | 41,022 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total Problem Assets | | $ | 136,922 | | | $ | 115,745 | | | $ | 103,500 | | | $ | 95,927 | | | $ | 87,515 | | | $ | 136,922 | | | $ | 87,515 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net loan charge-offs to average loans | | | 4.08 | % | | | 1.54 | % | | | 0.93 | % | | | 1.51 | % | | | 1.19 | % | | | 2.00 | % | | | 0.49 | % |
| Allowance for losses to total loans | | | 1.97 | % | | | 1.88 | % | | | 1.83 | % | | | 1.78 | % | | | 2.02 | % | | | 1.97 | % | | | 2.02 | % |
| Non performing loans to gross loans | | | 5.71 | % | | | 4.25 | % | | | 4.47 | % | | | 3.99 | % | | | 3.39 | % | | | 5.71 | % | | | 3.39 | % |
| Non performing assets to total assets | | | 4.67 | % | | | 3.96 | % | | | 4.04 | % | | | 3.56 | % | | | 2.99 | % | | | 4.67 | % | | | 2.99 | % |
| Allowance to non performing loans | | | 34.45 | % | | | 44.15 | % | | | 40.89 | % | | | 44.67 | % | | | 59.60 | % | | | 34.45 | % | | | 59.60 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
END OF PERIOD BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans and leases | | $ | 941,732 | | | $ | 981,038 | | | $ | 989,839 | | | $ | 991,402 | | | $ | 1,002,259 | | | $ | 941,732 | | | $ | 1,002,259 | |
| Total earning assets | | $ | 1,408,525 | | | $ | 1,383,659 | | | $ | 1,421,653 | | | $ | 1,435,370 | | | $ | 1,440,317 | | | $ | 1,408,525 | | | $ | 1,440,317 | |
| Total assets | | $ | 1,562,401 | | | $ | 1,505,709 | | | $ | 1,542,747 | | | $ | 1,555,450 | | | $ | 1,556,806 | | | $ | 1,562,401 | | | $ | 1,556,806 | |
| Deposits | | $ | 1,136,078 | | | $ | 1,080,194 | | | $ | 1,065,770 | | | $ | 1,095,605 | | | $ | 1,109,980 | | | $ | 1,136,078 | | | $ | 1,109,980 | |
| Interest Bearing Liabilities | | $ | 1,282,993 | | | $ | 1,234,705 | | | $ | 1,267,718 | | | $ | 1,286,289 | | | $ | 1,273,665 | | | $ | 1,282,993 | | | $ | 1,273,665 | |
| Shareholders’ equity | | $ | 120,977 | | | $ | 120,413 | | | $ | 121,348 | | | $ | 128,081 | | | $ | 127,447 | | | $ | 120,977 | | | $ | 127,447 | |
| Total Shares Outstanding | | | 16,148,482 | | | | 16,139,538 | | | | 16,132,513 | | | | 16,128,321 | | | | 16,124,997 | | | | 16,148,482 | | | | 16,124,997 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans and leases | | $ | 963,445 | | | $ | 980,466 | | | $ | 992,618 | | | $ | 998,060 | | | $ | 1,002,948 | | | $ | 983,585 | | | $ | 1,000,340 | |
| Total earning assets | | $ | 1,436,265 | | | $ | 1,398,768 | | | $ | 1,432,923 | | | $ | 1,444,037 | | | $ | 1,436,545 | | | $ | 1,427,942 | | | $ | 1,430,519 | |
| Total assets | | $ | 1,557,430 | | | $ | 1,505,823 | | | $ | 1,536,884 | | | $ | 1,545,048 | | | $ | 1,539,446 | | | $ | 1,536,271 | | | $ | 1,530,064 | |
| Deposits | | $ | 1,144,238 | | | $ | 1,076,734 | | | $ | 1,076,046 | | | $ | 1,109,664 | | | $ | 1,094,346 | | | $ | 1,101,719 | | | $ | 1,089,028 | |
| Interest Bearing Liabilities | | $ | 1,297,202 | | | $ | 1,245,873 | | | $ | 1,273,052 | | | $ | 1,283,990 | | | $ | 1,264,772 | | | $ | 1,275,011 | | | $ | 1,253,368 | |
| Shareholders’ equity | | $ | 121,969 | | | $ | 123,355 | | | $ | 129,353 | | | $ | 129,175 | | | $ | 133,363 | | | $ | 125,945 | | | $ | 135,074 | |
MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
| | | | | | | | | |
| | | Quarter Ended December 31, |
| Dollars in thousands (except per share data) | | 2008 | | 2007 |
| |
Interest Income | | | | | | | | |
| Interest and fees on loans | | $ | 14,584 | | | $ | 17,617 | |
| Interest on investment securities- | | | | | | | | |
| Tax-exempt | | | 913 | | | | 422 | |
| Taxable | | | 4,693 | | | | 4,947 | |
| Interest on federal funds sold | | | 13 | | | | 3 | |
| |
| Total interest income | | | 20,203 | | | | 22,989 | |
| |
| | | | | | | | | |
Interest Expense | | | | | | | | |
| Interest on deposits | | | 6,713 | | | | 8,209 | |
| Interest on borrowed funds | | | 3,767 | | | | 4,649 | |
| |
| Total interest expense | | | 10,480 | | | | 12,858 | |
| |
| | | | | | | | | |
Net Interest Income | | | 9,723 | | | | 10,131 | |
Provision For Loan Losses | | | 10,000 | | | | 8,907 | |
| |
| | | | | | | | | |
Net Interest Income AfterProvision For Loan Losses | | | (277 | ) | | | 1,224 | |
| |
| | | | | | | | | |
Other Income | | | | | | | | |
| Income from wealth management services | | | 996 | | | | 1,188 | |
| Service charges and other fees | | | 1,576 | | | | 1,603 | |
| Net gain (loss) on sales of securities | | | 51 | | | | (176 | ) |
| Origination fees on mortgage loans sold | | | 69 | | | | 128 | |
| Bank Owned Life Insurance income | | | 405 | | | | 335 | |
| Other | | | 803 | | | | 746 | |
| |
| Total other income | | | 3,900 | | | | 3,824 | |
| |
| | | | | | | | | |
Other Expenses | | | | | | | | |
| Salaries and employee benefits | | | 4,501 | | | | 4,956 | |
| Occupancy expense | | | 879 | | | | 897 | |
| Equipment expense | | | 810 | | | | 786 | |
| Marketing expense | | | 359 | | | | 408 | |
| Professional fees | | | 310 | | | | 363 | |
| Net loss on other real estate owned | | | 133 | | | | 800 | |
| Other | | | 1,781 | | | | 1,391 | |
| |
| Total other expenses | | | 8,773 | | | | 9,601 | |
| |
| | | | | | | | | |
Loss Before Income Taxes | | | (5,150 | ) | | | (4,553 | ) |
Income Tax Benefit | | | (2,153 | ) | | | (1,847 | ) |
| |
Net Loss | | $ | (2,997 | ) | | $ | (2,706 | ) |
| |
| | | | | | | | | |
Basic Loss Per Common Share | | $ | (0.19 | ) | | $ | (0.17 | ) |
| |
| | | | | | | | | |
Diluted Loss Per Common Share | | $ | (0.19 | ) | | $ | (0.17 | ) |
| |
| | | | | | | | | |
Dividends Declared Per Common Share | | $ | 0.09 | | | $ | 0.18 | |
| |
MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
| | | | | | | | | |
| | | Year Ended December 31, |
| Dollars in thousands (except per share data) | | 2008 | | 2007 |
| |
Interest Income | | | | | | | | |
| Interest and fees on loans | | $ | 62,472 | | | $ | 71,245 | |
| Interest on investment securities- | | | | | | | | |
| Tax-exempt | | | 3,390 | | | | 3,177 | |
| Taxable | | | 19,005 | | | | 18,985 | |
| Interest on federal funds sold | | | 36 | | | | 144 | |
| |
| Total interest income | | | 84,903 | | | | 93,551 | |
| |
| | | | | | | | | |
Interest Expense | | | | | | | | |
| Interest on deposits | | | 26,835 | | | | 32,422 | |
| Interest on borrowed funds | | | 15,679 | | | | 18,360 | |
| |
| Total interest expense | | | 42,514 | | | | 50,782 | |
| |
| | | | | | | | | |
Net Interest Income | | | 42,389 | | | | 42,769 | |
Provision For Loan Losses | | | 18,000 | | | | 11,407 | |
| |
| | | | | | | | | |
Net Interest Income AfterProvision For Loan Losses | | | 24,389 | | | | 31,362 | |
| |
| | | | | | | | | |
Other Income | | | | | | | | |
| Income from trust services | | | 4,329 | | | | 4,577 | |
| Service charges and other fees | | | 6,371 | | | | 6,301 | |
| Net gain (loss) on sales of securities | | | 422 | | | | (80 | ) |
| Origination fees on mortgage loans sold | | | 426 | | | | 690 | |
| Bank Owned Life Insurance income | | | 1,390 | | | | 1,294 | |
| Other | | | 3,047 | | | | 2,852 | |
| |
| Total other income | | | 15,985 | | | | 15,634 | |
| |
| | | | | | | | | |
Other Expenses | | | | | | | | |
| Salaries and employee benefits | | | 20,614 | | | | 21,367 | |
| Occupancy expense | | | 3,591 | | | | 3,466 | |
| Equipment expense | | | 3,290 | | | | 3,261 | |
| Marketing expense | | | 1,253 | | | | 1,455 | |
| Professional fees | | | 1,635 | | | | 1,508 | |
| Net loss on other real estate owned | | | 2,737 | | | | 822 | |
| Other | | | 6,879 | | | | 5,355 | |
| |
| Total other expenses | | | 39,999 | | | | 37,234 | |
| |
| | | | | | | | | |
Income (Loss) Before Income Taxes | | | 375 | | | | 9,762 | |
Income Tax Expense (Benefit) | | | (1,317 | ) | | | 2,049 | |
| |
Net Income | | $ | 1,692 | | | $ | 7,713 | |
| |
| | | | | | | | | |
Basic Earnings Per Common Share | | $ | 0.10 | | | $ | 0.47 | |
| |
| | | | | | | | | |
Diluted Earnings Per Common Share | | $ | 0.10 | | | $ | 0.47 | |
| |
| | | | | | | | | |
Dividends Declared Per Common Share | | $ | 0.54 | | | $ | 0.72 | |
| |
MBT FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
| | | | | | | | | |
| | | December 31, 2008 | | December 31, |
| Dollars in thousands | | (Unaudited) | | 2007 |
| |
Assets | | | | | | | | |
| Cash and Cash Equivalents | | | | | | | | |
| Cash and due from banks | | $ | 50,786 | | | $ | 25,113 | |
| |
| Total cash and cash equivalents | | | 50,786 | | | | 25,113 | |
| | | | | | | | | |
| Securities — Held to Maturity | | | 46,840 | | | | 44,734 | |
| Securities — Available for Sale | | | 406,117 | | | | 380,238 | |
| Federal Home Loan Bank stock — at cost | | | 13,086 | | | | 13,086 | |
| Loans held for sale | | | 784 | | | | 1,431 | |
| Loans — Net | | | 922,420 | | | | 980,606 | |
| Accrued interest receivable and other assets | | | 43,973 | | | | 36,370 | |
| Bank Owned Life Insurance | | | 45,488 | | | | 42,509 | |
| Premises and Equipment — Net | | | 32,907 | | | | 32,719 | |
| |
| Total assets | | $ | 1,562,401 | | | $ | 1,556,806 | |
| |
| | | | | | | | | |
Liabilities | | | | | | | | |
| Deposits: | | | | | | | | |
| Non-interest bearing | | $ | 144,585 | | | $ | 141,115 | |
| Interest-bearing | | | 991,493 | | | | 968,865 | |
| |
| Total deposits | | | 1,136,078 | | | | 1,109,980 | |
| |
| Federal Home Loan Bank advances | | | 261,500 | | | | 256,500 | |
| Federal funds purchased | | | — | | | | 13,300 | |
| Repurchase agreements | | | 30,000 | | | | 35,000 | |
| Interest payable and other liabilities | | | 13,846 | | | | 14,579 | |
| |
| Total liabilities | | | 1,441,424 | | | | 1,429,359 | |
| |
| | | | | | | | | |
Shareholders’ Equity | | | | | | | | |
| Common stock (no par value) | | | — | | | | — | |
| Retained Earnings | | | 123,217 | | | | 129,917 | |
| Accumulated other comprehensive income | | | (2,240 | ) | | | (2,470 | ) |
| |
| Total shareholders’ equity | | | 120,977 | | | | 127,447 | |
| |
| Total liabilities and shareholders’ equity | | $ | 1,562,401 | | | $ | 1,556,806 | |
| |
