Exhibit 99.1
NATIONAL BANCSHARES CORPORATION
REVISED CONSOLIDATED BALANCE SHEETS (Unaudited)
REVISED CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30, 2006 | September 30, 2005 | |||||||
ASSETS: | ||||||||
Cash and due from banks | $ | 9,051,279 | $ | 10,925,095 | ||||
Federal funds sold | 7,565,000 | 9,710,000 | ||||||
Total cash and cash equivalents | 16,616,279 | 20,635,095 | ||||||
Securities available for sale | 66,075,882 | 51,285,174 | ||||||
Securities held to maturity | 16,878,721 | 17,699,878 | ||||||
Federal bank stock | 3,085,250 | 2,954,850 | ||||||
Loans held for sale | — | 50,000 | ||||||
Total loans | 187,584,880 | 197,652,941 | ||||||
Less: allowance for loan losses | 1,855,819 | 2,081,935 | ||||||
Loans, net | 185,729,061 | 195,571,006 | ||||||
Accrued interest receivable | 1,830,597 | 1,507,952 | ||||||
Premises and equipment | 4,974,234 | 5,279,627 | ||||||
Other assets | 9,213,844 | 8,946,982 | ||||||
TOTAL | $ | 304,403,868 | $ | 303,930,564 | ||||
LIABILITIES: | ||||||||
Deposits: | ||||||||
Demand | $ | 42,962,062 | $ | 44,727,109 | ||||
Savings and N.O.W.s | 114,118,021 | 125,360,169 | ||||||
Time | 87,633,010 | 74,017,069 | ||||||
Total deposits | 244,713,093 | 244,104,347 | ||||||
Securities sold under repurchase agreements | 7,316,921 | 4,020,843 | ||||||
Federal reserve note account | 966,350 | 1,000,000 | ||||||
Federal Home Loan Bank advances | 14,000,000 | 17,000,000 | ||||||
Accrued interest payable | 850,616 | 573,223 | ||||||
Other liabilities | 2,107,886 | 2,451,057 | ||||||
Total liabilities | 269,954,866 | 269,149,470 | ||||||
SHAREHOLDERS’ EQUITY | ||||||||
Common Stock, without par value: | ||||||||
6,000,000 shares authorized and 2,289,528 shares issued | 11,447,640 | 11,447,640 | ||||||
Additional paid-in-capital | 4,689,800 | 4,689,800 | ||||||
Retained earnings | 19,964,467 | 19,725,701 | ||||||
Accumulated other comprehensive income | (463,412 | ) | 107,446 | |||||
Less: Treasury shares | (1,189,493 | ) | (1,189,493 | ) | ||||
Total shareholders’ equity | 34,449,002 | 34,781,094 | ||||||
TOTAL | $ | 304,403,868 | $ | 303,930,564 | ||||
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NATIONAL BANCSHARES CORPORATION
REVISED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For Nine Months Ended September 30, 2006 and September 30, 2005
REVISED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For Nine Months Ended September 30, 2006 and September 30, 2005
September 30, 2006 | September 30, 2005 | |||||||
INTEREST & DIVIDEND INCOME: | ||||||||
Loans, including fees | $ | 9,397,909 | $ | 9,056,078 | ||||
Federal funds sold | 270,689 | 107,181 | ||||||
Interest and dividends on investments | ||||||||
US government obligations | 1,203,395 | 689,368 | ||||||
Obligations of states and political subdivisions | 603,808 | 646,987 | ||||||
Other securities | 1,255,494 | 1,339,869 | ||||||
Total interest & dividend income | 12,731,295 | 11,839,483 | ||||||
INTEREST EXPENSE: | ||||||||
Deposits | 3,537,770 | 2,181,958 | ||||||
Short term borrowings | 143,998 | 50,566 | ||||||
Federal Home Loan Bank advances | 613,989 | 671,456 | ||||||
Total interest expense | 4,295,757 | 2,903,980 | ||||||
Net interest income | 8,435,538 | 8,935,503 | ||||||
PROVISION FOR LOAN LOSSES | 40,000 | 336,500 | ||||||
NET INTEREST INCOME AFTER PROVISION | ||||||||
FOR LOAN LOSSES | 8,395,538 | 8,599,003 | ||||||
NONINTEREST INCOME | 1,241,006 | 1,368,433 | ||||||
NONINTEREST EXPENSE: | ||||||||
Salaries and employee benefits | 4,341,034 | 4,469,922 | ||||||
Net occupancy expense | 518,280 | 573,894 | ||||||
Other expenses | 3,652,165 | 3,232,574 | ||||||
Total noninterest expense | 8,511,479 | 8,276,390 | ||||||
INCOME BEFORE INCOME TAXES | 1,125,065 | 1,691,046 | ||||||
INCOME TAXES | 155,384 | 290,392 | ||||||
NET INCOME | $ | 969,681 | $ | 1,400,654 | ||||
NET INCOME PER COMMON SHARE | $ | 0.43 | $ | 0.63 | ||||
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