Exhibit 99.3
ALLEGHENY VALLEY BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
March 31, | December 31, | |||||||
2017 | 2016 | |||||||
(unaudited) | (audited) | |||||||
Assets | ||||||||
Cash | $ | 1,763,071 | $ | 1,928,332 | ||||
Interest-earning deposits with other institutions | 6,230,268 | 6,142,302 | ||||||
Cash and cash equivalents | 7,993,339 | 8,070,634 | ||||||
Investment securities available-for-sale | 98,034,001 | 100,248,467 | ||||||
Loans receivable, net | 314,627,436 | 303,428,294 | ||||||
Federal Home Loan Bank stock, at cost | 4,681,600 | 4,705,000 | ||||||
Office properties and equipment, net | 4,330,723 | 4,139,749 | ||||||
Goodwill | 8,143,684 | 8,143,684 | ||||||
Bank owned life insurance | 6,485,796 | 6,444,521 | ||||||
Accrued interest and other assets | 3,440,534 | 3,361,309 | ||||||
Total Assets | $ | 447,737,113 | $ | 438,541,658 | ||||
Liabilities | ||||||||
Deposits | ||||||||
Noninterest-bearing demand | $ | 110,009,892 | $ | 107,016,121 | ||||
Interest-bearing demand | 24,363,922 | 25,631,221 | ||||||
Savings | 54,037,913 | 52,197,762 | ||||||
Money market | 75,957,905 | 76,828,879 | ||||||
Time | 69,596,721 | 65,094,149 | ||||||
Total deposits | 333,966,353 | 326,768,132 | ||||||
Short -term borrowings | 62,540,200 | 60,522,800 | ||||||
Accrued interest and other liabilities | 1,639,218 | 1,717,135 | ||||||
Total Liabilities | 398,145,771 | 389,008,067 | ||||||
Stockholders' Equity | ||||||||
Common stock, par value $1; authorized 5,000,000 shares; issued 1,170,000 shares | 1,170,000 | 1,170,000 | ||||||
Additional paid-in capital | 2,556,559 | 2,612,039 | ||||||
Retained earnings | 51,050,501 | 51,362,976 | ||||||
Accumulated other comprehensive income (loss) | 925,549 | 684,615 | ||||||
55,702,609 | 55,829,630 | |||||||
Treasury stock, at cost (133,326 and 151,143 shares) | (6,111,267 | ) | (6,296,039 | ) | ||||
Stockholders' Equity, Net | 49,591,342 | 49,533,591 | ||||||
Total Liabilities and Stockholders' Equity | $ | 447,737,113 | $ | 438,541,658 |
ALLEGHENY VALLEY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
3 Months | 3 Months | |||||||
Ended | Ended | |||||||
March 31, 2017 | March 31, 2016 | |||||||
Interest Income: | ||||||||
Interest and fees on loans | $ | 3,127,498 | $ | 3,091,798 | ||||
Interest-earning deposits | 8,179 | 4,644 | ||||||
Investment securities: | ||||||||
Taxable interest | 481,511 | 522,837 | ||||||
Tax-exempt interest | 225,986 | 205,078 | ||||||
Total Interest Income | 3,843,174 | 3,824,357 | ||||||
Interest Expense: | ||||||||
Deposits | 297,834 | 282,511 | ||||||
Borrowed funds | 128,943 | 78,316 | ||||||
Total Interest Expense | 426,777 | 360,827 | ||||||
Net Interest Income | 3,416,397 | 3,463,530 | ||||||
Provision For Loan Losses | 100,000 | 100,000 | ||||||
Net Interest Income After Provision For Loan Losses | 3,316,397 | 3,363,530 | ||||||
Noninterest Income: | ||||||||
Service charges on deposit accounts | 256,838 | 265,837 | ||||||
Net gain on sales of investment securities available-for-sale | - | 264,077 | ||||||
Wealth management fee income | 57,398 | 20,365 | ||||||
Mortgage fee income | 58,703 | 70,152 | ||||||
Lease fee income | - | - | ||||||
Other income | 86,929 | 112,874 | ||||||
Total Noninterest Income | 459,868 | 733,305 | ||||||
Noninterest Expense: | ||||||||
Salaries and employee benefits | 1,529,864 | 1,532,280 | ||||||
Occupancy expense | 246,181 | 259,965 | ||||||
Data processing and equipment expense | 302,988 | 282,046 | ||||||
Pennsylvania shares tax | 79,243 | 78,990 | ||||||
FDIC insurance expense | 33,932 | 50,087 | ||||||
Legal and professional fees | 85,249 | 115,002 | ||||||
Merger expense | 435,455 | - | ||||||
Other expense | 591,503 | 635,356 | ||||||
Total Noninterest Expense | 3,304,415 | 2,953,726 | ||||||
Income Before Income Taxes | 471,850 | 1,143,109 | ||||||
Income Taxes | 192,363 | 251,483 | ||||||
Net Income | $ | 279,487 | $ | 891,626 | ||||
Basic and Diluted Earnings Per Share | $ | 0.27 | $ | 0.87 | ||||
Weighted Average Shares Outstanding | 1,037,472 | 1,019,241 | ||||||
Actual Shares Outstanding | 1,040,587 | 1,023,690 |