EXHIBIT 99.2
PSB Financial Corp
Unaudited Combined Consolidated Balance Sheet
(in thousands)
September 30, 2012 | ||||
Assets | ||||
Cash and due from banks | $ | 22,348 | ||
Federal funds sold | 5,800 | |||
Time Deposits in other banks | 0 | |||
Securities available-for-sale | 162,849 | |||
Securities held-to-maturity | - | |||
Other investments | 2,489 | |||
Loans | 269,684 | |||
Allowance for loan losses | (3,580 | ) | ||
Loans, net of allowance | 266,104 | |||
Bank premises and equipment, net | 11,834 | |||
Accrued interest receivable | 2,055 | |||
Goodwill | 3,364 | |||
Other assets | 16,586 | |||
Total Assets | $ | 493,429 | ||
Liabilities and Stockholders' Equity | ||||
Liabilities: | ||||
Deposits | $ | 402,995 | ||
Notes payable | 27,483 | |||
Securities sold under repurchase agreements | 1,085 | |||
Junior subordinated debenture | 13,919 | |||
Other liabilities | 7,667 | |||
Total liabilities | 453,149 | |||
Stockholders' Equity: | ||||
Preferred stock | 9,603 | |||
Common stock | 720 | |||
Additional paid-in-capital | 477 | |||
Unearned ESOP shares | (173 | ) | ||
Accumulated other comprehensive income | 3,245 | |||
Treasury stock | - | |||
Retained earnings | 26,408 | |||
Total stockholders' equity | 40,280 | |||
Total Liabilities and Stockholders' Equity | $ | 493,429 |
PSB Financial Corp
Unaudited Combined Consolidated Statement of Operations
(in thousands)
September 30, 2012 | ||||
Interest income: | ||||
Loans, including fees | $ | 11,003 | ||
Investments | 3,208 | |||
Federal funds sold | 13 | |||
Interest bearing deposits in other banks | 37 | |||
Total interest income | 14,261 | |||
Interest expense: | ||||
Deposits | 1,675 | |||
Other borrowings | 559 | |||
Junior subordinated debentures | 401 | |||
Total interest expense | 2,635 | |||
Net interest income | 11,626 | |||
Provision for loan losses | 154 | |||
Net interest income after provision for loan losses | 11,472 | |||
Non-interest income: | ||||
Service charges on deposits | 1,492 | |||
Gain or loss on securities, net | (194 | ) | ||
Other charges and fees | 1,072 | |||
Total non-interest income | 2,370 | |||
Non-interest expenses: | ||||
Salaries and employee benefits | 5,425 | |||
Occupancy expense | 1,449 | |||
FDIC Insurance | 229 | |||
Other | 3,870 | |||
Total non-interest expenses | 10,973 | |||
Income before income taxes | 2,869 | |||
Provision for income taxes | 703 | |||
Net earnings | $ | 2,166 | ||
Dividends on preferred stock | 146 | |||
Net earnings available to common shareholders | $ | 2,020 |