CBHC Financialcorp, Inc.
Unaudited Consolidated Statement of Condition
( in thousands)
December 31, 2010 | June 30, 2011 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 12,452 | $ | 14,109 | ||||
Federal funds sold | 22,270 | 21,844 | ||||||
Cash and cash equivalents | 35,722 | 35,953 | ||||||
Certificates of Deposit | ||||||||
Investment securities available for sale | ||||||||
Investment securities held to maturity | 7,772 | 7,021 | ||||||
Loans receivable | 89,540 | 85,681 | ||||||
Allowance for loan losses | (926 | ) | (926 | ) | ||||
Loan Charge Offs | ||||||||
Net Loans | 88,614 | 84,755 | ||||||
Bank properties and equipment, net | 1,955 | 1,908 | ||||||
Accrued interest receivable | 353 | 333 | ||||||
Deferred taxes | 267 | 267 | ||||||
Other assets | 1,436 | 787 | ||||||
TOTAL ASSETS: | $ | 136,119 | $ | 131,025 | ||||
LIABILITIES AND SHAREHOLDER'S EQUITY | ||||||||
Deposits: | ||||||||
Demand - non interest bearing | $ | 6,680 | $ | 7,203 | ||||
Demand - interest bearing | 32,375 | 32,628 | ||||||
Savings | 16,993 | 16,019 | ||||||
Time | 68,771 | 63,243 | ||||||
Total Deposits | 124,819 | 119,094 | ||||||
Advances from borrowers for insurance and taxes | 470 | 526 | ||||||
Other liabilities | 1,879 | 1,618 | ||||||
Total liabilities | 127,168 | 121,238 | ||||||
SHAREHOLDER'S EQUITY | ||||||||
Common Stock | 8 | 8 | ||||||
Surplus | 7,492 | 8,030 | ||||||
Retained Earnings | 326 | 1,449 | ||||||
Current year earnings | 1,125 | 300 | ||||||
Dividends Declared | - | - | ||||||
Accumulated Other Comprehensive Gain/(Loss) | - | - | ||||||
Total shareholder's equity | 8,951 | 9,787 | ||||||
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY | $ | 136,119 | $ | 131,025 |
CBHC Financialcorp, Inc.
Unaudited Consolidated Statement of Income
( in thousands) | Six Months | Six Months | ||||||
Ending | Ending | |||||||
June 30, 2010 | June 30, 2011 | |||||||
INTEREST INCOME: | ||||||||
Interest and Fees on Loans | $ | 2,776 | $ | 2,500 | ||||
Interest on Investment Securities | - | - | ||||||
Held to maturity | 461 | 224 | ||||||
Available for Sale | 111 | |||||||
Non-Taxable | ||||||||
Other Interest Income | 14 | 24 | ||||||
Total Interest Income | 3,362 | 2,748 | ||||||
INTEREST EXPENSE: | ||||||||
Interest on Deposits | 861 | 682 | ||||||
Interest on Borrowed Funds | 40 | 40 | ||||||
Total Interest expense | 901 | 722 | ||||||
Net Interest Income | 2,462 | 2,062 | ||||||
Provision for Loan Losses | 135 | |||||||
Net Interest Income after | ||||||||
Provision for Loan Losses | 1,489 | 2,026 | ||||||
Other Income: | ||||||||
Service Charges on Deposit Accounts | 41 | 26 | ||||||
Other Operating Income | 31 | 20 | ||||||
Realized G/L on Securities AFS | (31 | ) | ||||||
Total Other Income | 42 | 46 | ||||||
Other Expenses: | ||||||||
Salaries and Employee Benefits | 770 | 789 | ||||||
Net Occupancy Expense | 144 | 146 | ||||||
Equipment Costs | 36 | 34 | ||||||
Data and item processing | 177 | 170 | ||||||
Advertising and marketing | 15 | 12 | ||||||
Office supplies, communications and postage | 30 | 22 | ||||||
Professional fees | 144 | 110 | ||||||
Other Operating Expenses | 63 | 255 | ||||||
Total Other Expenses | 1,379 | 1,538 | ||||||
Income Before Income Taxes | 989 | 534 | ||||||
Income Taxes | 415 | 235 | ||||||
NET INCOME | $ | 574 | $ | 299 |
CBHC Financialcorp, Inc.
Unaudited Consolidated Statement of Shareholder's Equity
(in thousands)
Accumulated | ||||||||||||||||||||
Common | Accumulated | Other Comp | ||||||||||||||||||
Stock | Surplus | (Deficit)/Earnings | Income | Total | ||||||||||||||||
BALANCE DECEMBER 31, 2010 | $ | 8 | $ | 7,492 | $ | 1,451 | $ | $ | 8,951 | |||||||||||
Net Income | 151 | 151 | ||||||||||||||||||
Other comprehensive income, net Unrealized gains on securities available for sale occurring during the period | ||||||||||||||||||||
BALANCE MARCH 31, 2011 | $ | 8 | $ | 7,492 | $ | 1,602 | $ | $ | 9,102 | |||||||||||
Net Income | 538 | 147 | 685 | |||||||||||||||||
Other comprehensive income, net unrealized gains on securities available for sale occurring during the period | ||||||||||||||||||||
BALANCE JUNE 30, 2011 | $ | 8 | $ | 8,030 | $ | 1,749 | $ | $ | 9,787 |
CBHC Financialcorp, Inc.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
Six | Six | |||||||
Months Ending | Months Ending | |||||||
June 30, 2010 | June 30, 2011 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 574 | $ | 299 | ||||
Adjustments to reconcile net income (loss) to net cash | ||||||||
Provided by operating activities: | ||||||||
Provision for loan losses | 135 | |||||||
Depreciation | 52 | 47 | ||||||
Amortization of securities premiums/discounts, net | (1 | ) | ||||||
Net realized (gain) loss on sale of securities | 18 | |||||||
Accrued interest receivable | 37 | 21 | ||||||
Other assets | (26 | ) | 503 | |||||
Accrued expenses and other liabilities | 163 | 363 | ||||||
Net cash provided by operating activities | 952 | 1,233 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from maturities/paydowns of securities HTM | 4,068 | 890 | ||||||
Purchase of securities HTM | ||||||||
Purchase of securities AFS | - | - | ||||||
Purchase of FHLB stock | 17 | |||||||
Net increase in loans | 3,634 | 3,769 | ||||||
Purchase of premises and equipment | ||||||||
Net cash used in investing activities | 7,702 | 4,676 | ||||||
Cash flows from financing activities: | ||||||||
Net increase in deposits | 2,238 | (5,735 | ) | |||||
Net increase in advances from borrowers for insurance and taxes | (35 | ) | 57 | |||||
Net cash provided by financing activities | 2,203 | (5,678 | ) | |||||
Increase (decrease) in cash and cash equivalents | 10,857 | 231 | ||||||
Cash and cash equivalents at beginning of year | 9,027 | 35,722 | ||||||
Cash and cash equivalents at end of year | $ | 19,884 | $ | 35,953 | ||||
Cash Paid during the year for: | ||||||||
Interest | $ | 522 | $ | 353 | ||||
Income taxes | $ | 64 | $ | 110 |