Exhibit 99
Consolidated Balance Sheets
(UNAUDITED)
in thousands of dollars
September 30, | ||||||||
2011 | 2010 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 10,101 | $ | 3,041 | ||||
Interest-bearing deposits with other financial institutions | 20,802 | 0 | ||||||
Federal funds sold | 0 | 40,833 | ||||||
Total cash and cash equivalents | 30,903 | 43,874 | ||||||
Time deposits with other financial institutions | 11,511 | 8,756 | ||||||
Securities available for sale | 69,324 | 46,588 | ||||||
Securities held to maturity (market value | 5,959 | 7,391 | ||||||
Other securities | 997 | 1,008 | ||||||
Total investment securities | 76,280 | 54,987 | ||||||
Loans | 124,950 | 136,502 | ||||||
Less allowance for loan losses | (3,433 | ) | (1,148 | ) | ||||
Loans, Net | 121,517 | 135,354 | ||||||
Premises and equipment, net | 5,280 | 5,603 | ||||||
Other assets | 14,357 | 12,218 | ||||||
Total assets | $ | 259,848 | $ | 260,792 | ||||
LIABILITIES | ||||||||
Deposits | ||||||||
Noninterest-bearing demand | $ | 51,150 | $ | 42,900 | ||||
Interest-bearing deposits | 184,556 | 192,372 | ||||||
Total deposits | 235,706 | 235,272 | ||||||
Other liabilities | 4,465 | 4,283 | ||||||
Total liabilities | 240,171 | 239,555 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Common Stock | 3,030 | 3,030 | ||||||
Surplus | 19,498 | 19,498 | ||||||
Retained Earnings and Accumulated other Comprehensive Income/(Loss) | (2,851 | ) | (1,291 | ) | ||||
Total shareholders’ equity | 19,677 | 21,237 | ||||||
Total liabilities and shareholders’ equity | $ | 259,848 | $ | 260,792 | ||||
Consolidated Statement of Income
(Unaudited)
in thousands of dollars
Nine months ended September 30,
2011 | 2010 | 2009 | ||||||||||
INTEREST INCOME | ||||||||||||
Interest and fees on loans | $ | 5,864 | $ | 6,567 | $ | 7,669 | ||||||
Interest on securities: | ||||||||||||
Taxable | 784 | 708 | 1,038 | |||||||||
Tax exempt | 356 | 398 | 391 | |||||||||
Other interest income | 160 | 179 | 178 | |||||||||
Total interest income | 7,164 | 7,852 | 9,276 | |||||||||
INTEREST EXPENSE ON DEPOSITS | 1,148 | 1,640 | 2,789 | |||||||||
NET INTEREST INCOME | 6,016 | 6,212 | 6,487 | |||||||||
Provision for loan losses | 2,445 | 525 | 1,725 | |||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 3,571 | 5,687 | 4,762 | |||||||||
NONINTEREST INCOME | ||||||||||||
Service charges and fees | 775 | 798 | 837 | |||||||||
Net realized gains from sale of loans | 130 | 200 | 352 | |||||||||
Loan servicing fees, net of amortization | 65 | 39 | (32 | ) | ||||||||
Gain on life insurance proceeds | 0 | 189 | 0 | |||||||||
Gain on the sale of investment securities | 0 | 5 | 620 | |||||||||
Other income | 389 | 289 | 267 | |||||||||
Total noninterest income | 1,359 | 1,520 | 2,044 | |||||||||
NONINTEREST EXPENSES | ||||||||||||
Salaries and benefits | 2,977 | 2,975 | 3,110 | |||||||||
Occupancy | 749 | 743 | 805 | |||||||||
FDIC insurance premiums | 316 | 404 | 499 | |||||||||
Expenses relating to ORE property | 1,664 | 656 | 368 | |||||||||
Other expenses | 1,562 | 1,474 | 1,509 | |||||||||
Total noninterest expenses | 7,268 | 6,252 | 6,291 | |||||||||
INCOME BEFORE INCOME TAXES | (2,338 | ) | 955 | 515 | ||||||||
Income tax expense | (949 | ) | 96 | (233 | ) | |||||||
NET INCOME | ($1,389 | ) | $ | 859 | $ | 748 | ||||||
BASIC NET INCOME PER SHARE | ($1.15 | ) | $ | 0.71 | $ | 0.62 | ||||||
Return on Average Assets | -0.55 | % | 0.46 | % | 0.38 | % | ||||||
Return on Average Equity | -6.62 | % | 5.49 | % | 5.39 | % |