Exhibit 99.1
Indebancorp
Consolidated Balance Sheet
September 30, 2013
| September 30, 2013 (Unaudited) | ||||
Assets | ||||
Cash and due from bank | $ | 3,533,000 | ||
Interest-bearing demand deposits | 13,968,221 | |||
Federal funds sold | 723,000 | |||
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Cash and cash equivalents | 18,224,221 | |||
Investment securities, available for sale | 24,232,864 | |||
Loans held for sale | 727,000 | |||
Loans, net of allowance for loan losses of $2,355,000 and $1,949,102 | 174,821,000 | |||
Premises and equipment | 2,838,000 | |||
Federal Reserve and Federal Home Loan Bank stock | 952,300 | |||
Interest receivable | 604,000 | |||
Insurance contracts | 5,569,723 | |||
Foreclosed assets held for sale, net | 222,000 | |||
Other assets | 1,540,977 | |||
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Total assets | $ | 229,732,085 | ||
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Liabilities and Stockholders’ Equity | ||||
Liabilities | ||||
Deposits | ||||
Noninterest bearing | $ | 36,309,000 | ||
Interest bearing | 160,506,221 | |||
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Total deposits | 196,815,221 | |||
FHLB advances | 8,217,000 | |||
Interest payable | 161,000 | |||
Other liabilities | 2,510,357 | |||
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Total liabilities | 207,703,578 | |||
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Stockholders’ Equity | ||||
Senior noncumulative perpetual preferred stock, series A, $1,000 par | ||||
Authorized, 6,800 shares | ||||
Issued and outstanding, 2013 – 0 | — | |||
Common stock, without par value | ||||
Authorized, 750,000 shares | ||||
Issued and outstanding, 2013 – 519,082 shares | 1,282,220 | |||
Retained earnings | 20,811,287 | |||
Accumulated other comprehensive income | (65,000 | ) | ||
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Total stockholders’ equity | 22,028,507 | |||
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Total liabilities and stockholders’ equity | $ | 229,732,085 | ||
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F-1
Indebancorp
Consolidated Statement of Income
(Unaudited)
Nine Months Ended September 30, 2013
| 2013 | ||||
Interest Income | ||||
Loans receivable | $ | 7,116,706 | ||
Investment securities | ||||
Taxable | 291,347 | |||
Tax exempt | 75,241 | |||
Deposits with financial institutions | 12,667 | |||
Federal fund sold | 1,352 | |||
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Total interest income | 7,507,313 | |||
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Interest Expense | ||||
Deposits | 1,046,842 | |||
Borrowings | 138,831 | |||
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Total interest expense | 1,185,673 | |||
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Net Interest Income | 6,321,640 | |||
Provision for Loan Losses | 475,000 | |||
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Net Interest Income After Provision for Loan Losses | 5,846,640 | |||
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Noninterest Income | ||||
Service charges on deposit accounts | 241,120 | |||
Net realized gains on sales of available-for-sale securities | — | |||
Other-than-temporary loss on available-for-sale security | — | |||
Income from life insurance contracts | 121,674 | |||
Gain on sale of loans | 538,000 | |||
Other income | 637,320 | |||
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Total noninterest income | 1,538,114 | |||
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Noninterest Expense | ||||
Salaries and employee benefits | 3,041,307 | |||
Net occupancy expenses | 180,690 | |||
Equipment expenses | 360,320 | |||
Data processing fees | 397,045 | |||
Director and committee fees | 397,045 | |||
Credit card and ATM expense | 136,246 | |||
Deposit insurance premiums | 137,878 | |||
State franchise taxes | 201,204 | |||
Other expenses | 1,186,251 | |||
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Total noninterest expense | 5,856,166 | |||
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Income Before Income Taxes | 1,528,588 | |||
Income tax expense | 374,077 | |||
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Net Income | $ | 1,154,511 | ||
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F-2
Indebancorp
Consolidated Statement of Comprehensive Income
(Unaudited)
Nine Months Ended September 30, 2013
| 2013 | ||||
Net Income | $ | 1,154,511 | ||
Other Comprehensive Loss | ||||
Unrealized depreciation on available-for-sale securities, net of taxes (benefit) of $(132,262) | (256,745 | ) | ||
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Comprehensive Income | $ | 897,766 | ||
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F-3
