Exhibit 99.1
Item 6. Selected Financial Data
The selected financial data set forth in the following tables is derived from the audited financial statements of the Company for each of the fiscal years in the five year period ended December 31, 2005. This information should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the consolidated financial statements of the Company and the notes thereto included in Exhibits 99.2 and 99.3 filed herewith.
The selected financial data has been restated to reflect the retrospective application of Statement of Financial Accounting Standard No. 123R,Share Based Payment(FAS 123R). The adoption of FAS 123R, together with the impacts on the Company’s financial position and results of operations, are discussed more fully in Item 7,Management’s Discussion and Analysis of Financial Conditions and Results of Operations,as included in Exhibit 99.2 filed herewith.
FINANCIAL HIGHLIGHTS
| Years Ended December 31, | ||||||||||||||||||||
| 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| Selected Financial Condition Data: | ||||||||||||||||||||
| Total assets | $ | 641,523 | $ | 611,983 | $ | 609,465 | $ | 546,390 | $ | 490,281 | ||||||||||
| Loans, net, including loans held for sale | 436,841 | 419,379 | 426,043 | 384,517 | 394,744 | |||||||||||||||
| Investment securities held-to-maturity (1) | 50 | 149 | 942 | 1,143 | 1,554 | |||||||||||||||
| Investment securities available-for-sale | 125,190 | 124,763 | 87,712 | 82,638 | 46,391 | |||||||||||||||
| Deposits | 507,916 | 495,777 | 496,257 | 431,964 | 415,279 | |||||||||||||||
| Total borrowings | 65,737 | 49,661 | 54,396 | 59,700 | 30,000 | |||||||||||||||
| Trust preferred securities | 20,000 | 20,000 | 10,000 | 10,000 | — | |||||||||||||||
| Stockholders’ equity | 43,103 | 43,306 | 45,697 | 41,093 | 41,192 | |||||||||||||||
| Shares outstanding (3) | 2,262,939 | 2,380,666 | 2,606,022 | 2,331,762 | 2,432,716 | |||||||||||||||
| For the period: | ||||||||||||||||||||
| Net interest income after provision for loan losses | $ | 18,382 | $ | 17,548 | $ | 11,358 | $ | 12,037 | $ | 13,528 | ||||||||||
| Net income | 4,084 | 4,626 | 1,035 | 2,229 | 3,256 | |||||||||||||||
| Per common share (3): | ||||||||||||||||||||
| Book value per share outstanding | $ | 19.05 | $ | 18.19 | $ | 17.54 | $ | 17.62 | $ | 16.93 | ||||||||||
| Tangible book value per share outstanding (2) | 11.85 | 12.21 | 12.69 | 15.80 | 15.11 | |||||||||||||||
| Basic earnings per share | 1.74 | 1.86 | 0.49 | .94 | 1.34 | |||||||||||||||
| Diluted earnings per share | 1.73 | 1.85 | 0.49 | .93 | 1.31 | |||||||||||||||
| Financial ratios: | ||||||||||||||||||||
| Stockholders’ equity to total assets | 6.72 | % | 7.08 | % | 7.50 | % | 7.52 | % | 8.40 | % | ||||||||||
| Non-performing assets to total assets | 0.86 | % | 1.64 | % | 1.00 | % | 2.03 | % | 0.45 | % | ||||||||||
| Net charge-offs to average loans | 0.44 | % | 0.77 | % | 1.53 | % | 0.01 | % | 0.02 | % | ||||||||||
| Net interest margin | 3.41 | % | 3.42 | % | 3.16 | % | 3.22 | % | 3.16 | % | ||||||||||
| Efficiency ratio (5) | 75.75 | % | 68.47 | % | 74.80 | % | 65.43 | % | 71.03 | % | ||||||||||
| Return on average assets | 0.65 | % | 0.76 | % | 0.19 | % | 0.42 | % | 0.69 | % | ||||||||||
| Return on average stockholders’ equity | 9.28 | % | 10.37 | % | 3.04 | % | 5.41 | % | 8.18 | % | ||||||||||
| Average equity to average assets | 6.96 | % | 7.31 | % | 6.33 | % | 7.70 | % | 8.41 | % | ||||||||||
| Dividend payout Ratio (4) | — | 4.03 | % | 61.22 | % | 15.51 | % | 8.96 | % | |||||||||||
| (1) | Includes certificates of deposit. | |
| (2) | Calculated by subtracting goodwill and other intangible assets from stockholders’ equity. | |
| (3) | All share and per share information for years prior to 2003 has been restated for the 2 for 1 stock split in October 2003. | |
| (4) | Calculated by dividing dividends per share by earnings per share. | |
| (5) | Calculated as noninterest expense divided by fully tax equivalent net interest income plus noninterest income excluding securities gains. |