Exhibit 99.1
| FOR IMMEDIATE RELEASE October 25, 2007 | CONTACT: Robert K. Chapman United Bancorp, Inc. 734-214-3801 |
UNITED BANCORP, INC. ANNOUNCES THIRD QUARTER AND
YEAR TO DATE 2007 EARNINGS
YEAR TO DATE 2007 EARNINGS
TECUMSEH, MI — United Bancorp, Inc. (OTC: UBMI) reported net income of $2.338 million for the quarter ended September 30, 2007, compared to $2.267 million for the second quarter of 2007 and $2.445 million for the third quarter of 2006. Net income for the quarter represents the second best quarterly earnings performance in the Company’s history.
Financial Performance
Robert K. Chapman, President and Chief Executive Officer of United Bancorp, Inc. (“United”) announced that United’s earnings per share of $0.45 for the third quarter of 2007 was up from $0.43 for the second quarter of 2007. Returns on average assets and average equity for the third quarter of 2007 were 1.18% and 12.32%, compared with 1.18% and 12.11% in the second quarter of 2007. All per share amounts are fully diluted and have been adjusted to reflect the 100% stock dividend paid in May of 2007.
The Company’s core earnings for the third quarter continue to remain strong, as net interest income was up 2.0%, and noninterest income was up 13.3% over the third quarter a year ago. Noninterest expense was up 4.0% over last quarter, and year to date expenses are just 3.1% higher than the first three quarters of 2006. United’s provision for loan loss increased over the third quarter last year, as the Company addresses issues around credit quality.
Financial Condition
The Company continues to produce excellent loan growth. Consolidated total loans reached $652.5 million at September 30, with growth of $60.1 million, or 10.2% from the same period last year. Total deposits of $658.7 million grew $37.9 million, or 6.1% in the past year. Total consolidated assets of $788.3 million at September 30 have increased 6.5% during the past year, up from $739.9 million at September 30, 2006.
United’s allowance for loan losses at the end of the third quarter of 2007 was $7.7 million, representing 1.18% of total loans. Nonperforming loans totaled $9.0 million at September 30, 2007, reflecting an increase from the end of the second quarter. The Company’s ratio of nonperforming loans to loans increased to 1.38% at the end of the third quarter.
CEO Chapman commented that management continues to be concerned about the weak economic conditions in Michigan, and the related impact that it is having on the residential housing segment of our State economy. He indicated that the management team is focused on our credit quality issues around residential housing, and is working hard with borrowers who are being negatively impacted by this difficult housing market. Chapman noted that while there continues to be considerable negative press regarding subprime lending, United is not involved in the subprime lending business.
About United Bancorp, Inc.
United Bancorp, Inc. is an independent financial holding company that is the parent company for United Bank & Trust and United Bank & Trust — Washtenaw. The subsidiary banks operate seventeen banking offices in Lenawee, Washtenaw and Monroe counties, and United Bank & Trust maintains an active wealth management group that serves the Company’s market area. For more information, visit the company’s website at www.ubat.com.
3
Unaudited Consolidated Financial Statements Follow.
Safe Harbor Statement
This news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 B of the Securities Act of 1934, as amended, which are intended to be safe harbors created thereby. Those statements are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and about the Company itself. Words such as “anticipate,” “believe,” “determine,” “estimate,” “expect,” “forecast,” “intend,” “is likely,” “plan,” “project,” “opinion,” variations of such terms, and similar expressions are intended to identify such forward-looking statements. The presentations and discussions of the provision and allowance for loan losses presented in this report are inherently forward-looking statements in that they involve judgments and statements of belief as to the outcome of future events.
These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Internal and external factors that may cause such a difference include changes in economic conditions in the market area the Company conducts business which could materially impact credit quality trends, interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of pending and future litigation and contingencies; trends in customer behavior and customer ability to repay loans; software failure, errors or miscalculations; and the vicissitudes of the national economy. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.
###
4
United Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands except per share data)
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands except per share data)
| September 30, | December 31, | September 30, | ||||||||||
| 2007 | 2006 | 2006 | ||||||||||
Assets | ||||||||||||
| Cash and demand balances in other banks | $ | 14,729 | $ | 17,606 | $ | 20,207 | ||||||
| Federal funds sold | — | 3,770 | 1,700 | |||||||||
| Total cash and cash equivalents | 14,729 | 21,376 | 21,907 | |||||||||
| Securities available for sale | 87,691 | 95,811 | 94,442 | |||||||||
| Loans held for sale | 3,885 | 5,772 | 2,376 | |||||||||
| Portfolio loans | ||||||||||||
| Personal | 98,331 | 91,817 | 88,411 | |||||||||
| Business | 455,613 | 420,433 | 419,679 | |||||||||
| Residential Mortgage | 94,682 | 83,741 | 81,915 | |||||||||
| Total loans | 652,511 | 601,763 | 592,381 | |||||||||
| Less allowance for loan losses | 7,714 | 7,849 | 6,994 | |||||||||
| Net loans | 644,797 | 593,914 | 585,388 | |||||||||
| Premises and equipment, net | 13,205 | 13,215 | 12,744 | |||||||||
| Goodwill | 3,469 | 3,469 | 3,469 | |||||||||
| Bank owned life insurance | 11,840 | 11,499 | 11,394 | |||||||||
| Accrued interest receivable and other assets | 12,566 | 11,705 | 10,552 | |||||||||
Total Assets | $ | 788,297 | $ | 750,989 | $ | 739,896 | ||||||
Liabilities | ||||||||||||
| Deposits | ||||||||||||
| Non-interest bearing | $ | 78,333 | $ | 81,373 | $ | 86,364 | ||||||
| Interest bearing deposits | 580,327 | 546,629 | 534,407 | |||||||||
| Total deposits | 658,660 | 628,002 | 620,772 | |||||||||
| Short term borrowings | 4,830 | 77 | 76 | |||||||||
| FHLB Advances outstanding | 44,625 | 40,945 | 39,608 | |||||||||
| Accrued interest payable and other liabilities | 4,648 | 7,430 | 6,129 | |||||||||
Total Liabilities | 712,763 | 676,453 | 666,585 | |||||||||
Shareholders’ Equity | ||||||||||||
| Common stock and paid in capital, no par value; | ||||||||||||
| 10,000,000 shares authorized; 5,133,444, 5,247,432 and | ||||||||||||
| 5,247,448 shares issued and outstanding, respectively | 68,719 | 71,075 | 70,937 | |||||||||
| Retained earnings | 6,603 | 3,393 | 2,204 | |||||||||
| Accumulated other comprehensive income (loss), net of tax | 212 | 68 | 170 | |||||||||
Total Shareholders’ Equity | 75,534 | 74,536 | 73,312 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 788,297 | $ | 750,989 | $ | 739,896 | ||||||
| Book value per share of common stock | $ | 14.71 | $ | 14.20 | $ | 13.97 | ||||||
(Per share values restated to reflect 2007 stock dividend) | ||||||||||||
5
United Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income (Unaudited)
(Dollars in thousands except per share data)
Consolidated Statements of Income (Unaudited)
(Dollars in thousands except per share data)
| Quarter to Date | Year to Date | |||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||||||
Interest Income | ||||||||||||||||
| Interest and fees on loans | $ | 12,313.1 | $ | 11,085.5 | $ | 35,319.6 | $ | 31,621.3 | ||||||||
| Interest on investment securities | 996.6 | 983.1 | 3,081.9 | 2,770.1 | ||||||||||||
| Interest on federal funds sold | 12.7 | 98.7 | 154.7 | 290.7 | ||||||||||||
| Total interest income | 13,322.4 | 12,167.2 | 38,556.2 | 34,682.2 | ||||||||||||
Interest Expense | ||||||||||||||||
| Interest on deposits | 5,149.0 | 4,269.1 | 14,514.4 | 11,434.0 | ||||||||||||
| Interest on fed funds purchased | 73.1 | 6.7 | 160.0 | 47.4 | ||||||||||||
| Interest on FHLB advances | 520.3 | 463.4 | 1,531.8 | 1,370.7 | ||||||||||||
| Total interest expense | 5,742.4 | 4,739.3 | 16,206.3 | 12,852.1 | ||||||||||||
Net Interest Income | 7,580.0 | 7,427.9 | 22,349.9 | 21,830.2 | ||||||||||||
| Provision for loan losses | 617.5 | 396.2 | 2,836.2 | 1,201.7 | ||||||||||||
Net Interest Income After | ||||||||||||||||
Provision for Loan Losses | 6,962.5 | 7,031.7 | 19,513.7 | 20,628.5 | ||||||||||||
Noninterest Income | ||||||||||||||||
| Service charges on deposit accounts | 935.1 | 887.7 | 2,623.4 | 2,482.7 | ||||||||||||
| Trust & Investment fee income | 933.2 | 914.9 | 2,822.4 | 2,821.4 | ||||||||||||
| Gains (losses) on securities transactions | (0.0 | ) | — | 0.7 | (1.7 | ) | ||||||||||
| Income from loan sales and servicing | 472.8 | 236.6 | 1,241.9 | 629.2 | ||||||||||||
| ATM, debit and credit card fee income | 544.9 | 493.0 | 1,548.9 | 1,409.2 | ||||||||||||
| Sales of nondeposit investment products | 249.0 | 303.8 | 747.9 | 786.4 | ||||||||||||
| Income from bank-owned life insurance | 118.6 | 102.1 | 340.6 | 302.1 | ||||||||||||
| Other income | 284.5 | 184.6 | 759.7 | 635.1 | ||||||||||||
| Total noninterest income | 3,538.2 | 3,122.9 | 10,085.5 | 9,064.4 | ||||||||||||
Noninterest Expense | ||||||||||||||||
| Salaries and employee benefits | 3,987.7 | 3,800.2 | 11,330.0 | 11,497.1 | ||||||||||||
| Occupancy and equipment expense | 1,228.1 | 1,103.2 | 3,645.6 | 3,280.0 | ||||||||||||
| External data processing | 430.7 | 379.9 | 1,153.8 | 1,061.0 | ||||||||||||
| Advertising and marketing | 279.3 | 281.9 | 941.6 | 819.4 | ||||||||||||
| Other expense | 1,341.2 | 1,177.1 | 3,876.1 | 3,658.6 | ||||||||||||
| Total noninterest expense | 7,267.0 | 6,742.3 | 20,947.2 | 20,316.1 | ||||||||||||
Income Before Federal Income Tax | 3,233.7 | 3,412.3 | 8,652.1 | 9,376.8 | ||||||||||||
| Federal income tax | 895.4 | 966.8 | 2,320.6 | 2,602.3 | ||||||||||||
Net Income | $ | 2,338.3 | $ | 2,445.4 | $ | 6,331.4 | $ | 6,774.4 | ||||||||
| Basic and diluted earnings per share | $ | 0.45 | $ | 0.46 | $ | 1.20 | $ | 1.28 | ||||||||
(Earnings per share restated to reflect 2007 stock dividend) | ||||||||||||||||
6
United Bancorp, Inc. and Subsidiaries
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
| Quarter to Date | ||||||||||||||||
| September 30, | Change | |||||||||||||||
| 2007 | 2006 | Amount | Percentage | |||||||||||||
Financial Summary | ||||||||||||||||
| Interest Income | $ | 13,322.4 | $ | 12,167.2 | $ | 1,155.2 | 9.5 | % | ||||||||
| Interest Expense | 5,742.4 | 4,739.3 | 1,003.1 | 21.2 | % | |||||||||||
| Net Interest Income | 7,580.0 | 7,427.9 | 152.1 | 2.0 | % | |||||||||||
| Provision for loan losses | 617.5 | 396.2 | 221.3 | 55.9 | % | |||||||||||
| Non-interest income | 3,538.2 | 3,122.9 | 415.3 | 13.3 | % | |||||||||||
| Non-interest expense | 7,267.0 | 6,742.3 | 524.7 | 7.8 | % | |||||||||||
| Income before taxes | 3,233.7 | 3,412.3 | (178.6 | ) | -5.2 | % | ||||||||||
| Federal income tax | 895.4 | 966.8 | (71.4 | ) | -7.4 | % | ||||||||||
| Net income | $ | 2,338.3 | $ | 2,445.4 | $ | (107.2 | ) | -4.4 | % | |||||||
Performance Ratios | ||||||||||||||||
| Return on average assets (annualized) | 1.18 | % | 1.32 | % | -0.14 | % | -10.6 | % | ||||||||
| Return on average equity (annualized) | 12.32 | % | 13.52 | % | -1.20 | % | -8.9 | % | ||||||||
| Net interest margin (tax equivalent) | 4.21 | % | 4.43 | % | -0.22 | % | -4.9 | % | ||||||||
| Efficiency ratio | 64.0 | % | 62.6 | % | 1.41 | % | -2.3 | % | ||||||||
Balance Sheet Data | ||||||||||||||||
| Average earning assets | 748,878 | 695,353 | 53,525 | 7.7 | % | |||||||||||
| Total loans | 652,511 | 592,381 | 60,129 | 10.2 | % | |||||||||||
| Allowance for loan loss | 7,714 | 6,994 | 720 | 10.3 | % | |||||||||||
| Average loans | 648,026 | 581,269 | 66,757 | 11.5 | % | |||||||||||
| Total deposits | 658,660 | 620,772 | 37,888 | 6.1 | % | |||||||||||
| Average deposits | 654,216 | 615,475 | 38,741 | 6.3 | % | |||||||||||
| Total assets | 788,297 | 739,896 | 48,400 | 6.5 | % | |||||||||||
| Average assets | 784,135 | 736,740 | 47,395 | 6.4 | % | |||||||||||
Asset Quality | ||||||||||||||||
| Net charge offs | 464 | 270 | 194 | 71.8 | % | |||||||||||
| Non-accrual loans | 7,467 | 2,869 | 4,598 | 160.3 | % | |||||||||||
| Non-performing loans | 8,999 | 3,029 | 5,970 | 197.1 | % | |||||||||||
| Loans over 90 days past due/total loans | 0.23 | % | 0.03 | % | 0.21 | % | 769.8 | % | ||||||||
| Nonperforming loans/total loans | 1.38 | % | 0.51 | % | 0.87 | % | 169.7 | % | ||||||||
| Allowance for loan loss/total loans | 1.18 | % | 1.18 | % | 0.00 | % | 0.1 | % | ||||||||
| Allowance for loan loss/nonperforming loans | 85.7 | % | 230.9 | % | -145.2 | % | -62.9 | % | ||||||||
| Other real estate owned | 1,938 | 551 | 1,387 | 251.5 | % | |||||||||||
Stock Performance | ||||||||||||||||
| Earnings per share: | ||||||||||||||||
| Basic and diluted | $ | 0.45 | $ | 0.46 | $ | (0.02 | ) | -3.3 | % | |||||||
| Market Value: | ||||||||||||||||
| High | $ | 22.50 | $ | 23.55 | $ | (1.05 | ) | -4.5 | % | |||||||
| Low | $ | 20.20 | $ | 21.87 | $ | (1.67 | ) | -7.6 | % | |||||||
| Close | $ | 20.75 | $ | 22.50 | $ | (1.75 | ) | -7.8 | % | |||||||
| Shares outstanding | 5,133,444 | 5,247,448 | (114,004 | ) | -2.2 | % | ||||||||||
| Dividends/share | $ | 0.20 | $ | 0.19 | $ | 0.02 | 8.1 | % | ||||||||
| Dividend payout ratio | 44.8 | % | 40.1 | % | 4.71 | % | 11.7 | % | ||||||||
| Price/Earnings ratio (prior 12 months) | 12.9x | 13.1x | -0.3x | -2.0 | % | |||||||||||
| Selling price/Book | 141.0 | % | 161.0 | % | -20.0 | % | -12.4 | % | ||||||||
| Book Value per share | $ | 14.71 | $ | 13.97 | $ | 0.74 | 5.3 | % | ||||||||
All per-share data is restated to reflect 100% stock dividend in 2007 | ||||||||||||||||
7
United Bancorp, Inc. and Subsidiaries
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
| Year to Date | ||||||||||||||||
| September 30, | Change | |||||||||||||||
| 2007 | 2006 | Amount | Percentage | |||||||||||||
Financial Summary | ||||||||||||||||
| Interest Income | $ | 38,556.2 | $ | 34,682.2 | $ | 3,873.9 | 11.2 | % | ||||||||
| Interest Expense | 16,206.3 | 12,852.1 | 3,354.2 | 26.1 | % | |||||||||||
| Net Interest Income | 22,349.9 | 21,830.2 | 519.7 | 2.4 | % | |||||||||||
| Provision for loan losses | 2,836.2 | 1,201.7 | 1,634.5 | 136.0 | % | |||||||||||
| Non-interest income | 10,085.5 | 9,064.4 | 1,021.2 | 11.3 | % | |||||||||||
| Non-interest expense | 20,947.2 | 20,316.1 | 631.0 | 3.1 | % | |||||||||||
| Income before taxes | 8,652.1 | 9,376.8 | (724.7 | ) | ||||||||||||
| Federal income tax | 2,320.6 | 2,602.3 | (281.7 | ) | -10.8 | % | ||||||||||
| Net income | $ | 6,331.4 | $ | 6,774.4 | $ | (443.0 | ) | -6.5 | % | |||||||
Performance Ratios | ||||||||||||||||
| Return on average assets (annualized) | 1.10 | % | 1.25 | % | -0.15 | % | -12.00 | % | ||||||||
| Return on average equity (annualized) | 11.28 | % | 12.89 | % | -1.61 | % | -12.49 | % | ||||||||
| Net interest margin (tax equivalent) | 4.26 | % | 4.46 | % | -0.20 | % | -4.40 | % | ||||||||
| Efficiency ratio | 63.1 | % | 64.3 | % | -1.2 | % | 1.85 | % | ||||||||
Balance Sheet Data | ||||||||||||||||
| Average earning assets | 735,425 | 684,733 | 50,692 | 7.4 | % | |||||||||||
| Total loans | 652,511 | 592,381 | 60,129 | 10.2 | % | |||||||||||
| Allowance for loan loss | 7,714 | 6,994 | 720 | 10.3 | % | |||||||||||
| Average loans | 628,272 | 568,629 | 59,643 | 10.5 | % | |||||||||||
| Total deposits | 658,660 | 620,772 | 37,888 | 6.1 | % | |||||||||||
| Average deposits | 641,136 | 605,318 | 35,818 | 5.9 | % | |||||||||||
| Total assets | 788,297 | 739,896 | 48,400 | 6.5 | % | |||||||||||
| Average assets | 770,431 | 726,040 | 44,391 | 6.1 | % | |||||||||||
Asset Quality | ||||||||||||||||
| Net charge offs | 2,971 | 569 | 2,402 | 422.3 | % | |||||||||||
| Non-accrual loans | 7,467 | 2,869 | 4,598 | 160.3 | % | |||||||||||
| Non-performing loans | 8,999 | 3,029 | 5,970 | 197.1 | % | |||||||||||
| Loans over 90 days past due/total loans | 0.23 | % | 0.03 | % | 0.21 | % | 769.8 | % | ||||||||
| Nonperforming loans/total loans | 1.38 | % | 0.51 | % | 0.87 | % | 169.7 | % | ||||||||
| Allowance for loan loss/total loans | 1.18 | % | 1.18 | % | 0.00 | % | 0.1 | % | ||||||||
| Allowance for loan loss/nonperforming loans | 85.7 | % | 230.9 | % | -145.2 | % | -62.9 | % | ||||||||
Stock Performance | ||||||||||||||||
| Earnings per share: | ||||||||||||||||
| Basic and diluted | $ | 1.20 | $ | 1.28 | $ | (0.08 | ) | -6.2 | % | |||||||
| Market Value: | ||||||||||||||||
| High | $ | 24.00 | $ | 29.31 | $ | (5.31 | ) | -18.1 | % | |||||||
| Low | $ | 20.20 | $ | 21.39 | $ | (1.19 | ) | -5.6 | % | |||||||
| Close | $ | 20.75 | $ | 22.50 | $ | (1.75 | ) | -7.8 | % | |||||||
| Shares outstanding | 5,133,444 | 5,247,448 | (114,004 | ) | -2.2 | % | ||||||||||
| Dividends/share | $ | 0.59 | $ | 0.54 | $ | 0.05 | 9.3 | % | ||||||||
| Dividend payout ratio | 49.2 | % | 42.3 | % | 6.95 | % | 16.5 | % | ||||||||
| Price/Earnings ratio (prior 12 months) | 12.9x | 13.1x | -0.3x | -2.0 | % | |||||||||||
| Selling price/Book | 141.0 | % | 161.0 | % | -20.0 | % | -12.4 | % | ||||||||
| Book Value per share | $ | 14.71 | $ | 13.97 | $ | 0.74 | 5.3 | % | ||||||||
All per-share data is restated to reflect 100% stock dividend in 2007 | ||||||||||||||||
8
United Bancorp, Inc. and Subsidiaries
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
| Quarter Ended | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
| 2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||
Financial Summary | ||||||||||||||||||||
| Interest Income | $ | 13,322.4 | 12,880.3 | 12,353.5 | 12,373.5 | 12,167.2 | ||||||||||||||
| Interest Expense | 5,742.4 | 5,402.4 | 5,061.5 | 4,950.1 | 4,739.3 | |||||||||||||||
| Net Interest Income | 7,580.0 | 7,477.9 | 7,292.0 | 7,423.4 | 7,427.9 | |||||||||||||||
| Provision for loan losses | 617.5 | 710.0 | 1,508.7 | 921.3 | 396.2 | |||||||||||||||
| Non-interest income | 3,538.2 | 3,338.3 | 3,209.1 | 3,110.5 | 3,122.9 | |||||||||||||||
| Non-interest expense | 7,267.0 | 6,990.4 | 6,689.7 | 6,597.9 | 6,742.3 | |||||||||||||||
| Income before taxes | 3,233.7 | 3,115.7 | 2,302.7 | 3,014.7 | 3,412.3 | |||||||||||||||
| Federal income tax | 895.4 | 848.6 | 576.7 | 817.6 | 966.8 | |||||||||||||||
| Net income | $ | 2,338.3 | $ | 2,267.2 | $ | 1,726.0 | $ | 2,197.1 | $ | 2,445.4 | ||||||||||
Performance Ratios | ||||||||||||||||||||
| Return on average assets (annualized) | 1.18 | % | 1.18 | % | 0.92 | % | 1.18 | % | 1.32 | % | ||||||||||
| Return on average equity (annualized) | 12.32 | % | 12.11 | % | 9.35 | % | 11.85 | % | 13.52 | % | ||||||||||
| Net interest margin (tax equivalent) | 4.21 | % | 4.29 | % | 4.30 | % | 4.39 | % | 4.43 | % | ||||||||||
| Efficiency ratio | 64.0 | % | 63.2 | % | 62.3 | % | 61.2 | % | 62.6 | % | ||||||||||
Balance Sheet Data | ||||||||||||||||||||
| Average earning assets | 748,878 | 733,693 | 720,664 | 703,339 | 695,353 | |||||||||||||||
| Total loans | 652,511 | 640,065 | 615,104 | 601,763 | 592,382 | |||||||||||||||
| Allowance for loan loss | 7,714 | 7,561 | 9,229 | 7,849 | 6,994 | |||||||||||||||
| Average loans | 648,026 | 630,439 | 605,872 | 592,948 | 581,269 | |||||||||||||||
| Total deposits | 658,660 | 656,866 | 636,413 | 628,002 | 620,772 | |||||||||||||||
| Average deposits | 654,216 | 636,702 | 632,500 | 618,066 | 615,475 | |||||||||||||||
| Total assets | 788,297 | 781,640 | 760,473 | 750,989 | 739,896 | |||||||||||||||
| Average assets | 784,135 | 768,165 | 758,816 | 741,678 | 736,740 | |||||||||||||||
Asset Quality | ||||||||||||||||||||
| Net charge offs | 464 | 2,379 | 128 | 66 | 270 | |||||||||||||||
| Non-accrual loans | 7,467 | 7,261 | 10,629 | 5,427 | 2,869 | |||||||||||||||
| Non-performing loans | 8,999 | 7,514 | 10,855 | 6,282 | 3,029 | |||||||||||||||
| Non-performing assets | 10,978 | 8,672 | 11,966 | 7,360 | 3,585 | |||||||||||||||
| Loans over 90 days past due/total loans | 0.23 | % | 0.04 | % | 0.04 | % | 0.14 | % | 0.03 | % | ||||||||||
| Nonperforming loans/total loans | 1.38 | % | 1.17 | % | 1.76 | % | 1.04 | % | 0.51 | % | ||||||||||
| ALL/total loans | 1.18 | % | 1.18 | % | 1.50 | % | 1.30 | % | 1.18 | % | ||||||||||
| ALL/nonperforming loans | 85.7 | % | 100.6 | % | 85.0 | % | 124.9 | % | 230.9 | % | ||||||||||
Stock Performance | ||||||||||||||||||||
| Earnings per share: | ||||||||||||||||||||
| Basic and diluted | $ | 0.45 | $ | 0.43 | $ | 0.33 | $ | 0.41 | $ | 0.46 | ||||||||||
| Market Value: | ||||||||||||||||||||
| High | $ | 22.50 | $ | 24.00 | $ | 23.50 | $ | 22.50 | $ | 23.55 | ||||||||||
| Low | $ | 20.20 | $ | 21.75 | $ | 21.88 | $ | 22.00 | $ | 21.87 | ||||||||||
| Close | $ | 20.75 | $ | 21.75 | $ | 22.05 | $ | 22.50 | $ | 22.50 | ||||||||||
| Shares outstanding | 5,133,444 | 5,216,770 | 5,242,572 | 5,247,432 | 5,247,448 | |||||||||||||||
| Dividends/share | $ | 0.20 | $ | 0.20 | $ | 0.19 | $ | 0.19 | $ | 0.19 | ||||||||||
| Dividend payout ratio | 44.8 | % | 46.6 | % | 58.5 | % | 45.9 | % | 40.1 | % | ||||||||||
| Price/Earnings ratio (prior 12 months) | 12.9x | 13.4x | 13.7x | 13.3x | 13.1x | |||||||||||||||
| Selling price/Book | 141.0 | % | 150.3 | % | 153.6 | % | 158.4 | % | 161.1 | % | ||||||||||
| Book Value per share | $ | 14.71 | $ | 14.47 | $ | 14.36 | $ | 14.21 | $ | 13.97 | ||||||||||
All per-share data is restated to reflect 100% stock dividend in 2007 | ||||||||||||||||||||
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