Exhibit 99.1
Futura Banc Corporation
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
September 30, 2007 | ||||
ASSETS | ||||
Cash and due from financial institutions | $ | 6,357 | ||
Federal funds sold | 10,362 | |||
Cash and cash equivalents | 16,719 | |||
Federal Home Loan Bank and Federal Reserve Bank stock | 3,412 | |||
Securities available for sale | 30,868 | |||
Loans, net of allowance of $2,384 | 211,968 | |||
Premises and equipment, net | 9,477 | |||
Intangible assets | 165 | |||
Other assets | 3,044 | |||
Total assets | $ | 275,653 | ||
LIABILITIES | ||||
Deposits | ||||
Noninterest-bearing deposits | $ | 32,401 | ||
Interest-bearing deposits | 196,862 | |||
Total deposits | 229,263 | |||
Other short-term borrowings | 22 | |||
Federal Home Loan Bank advances | 14,520 | |||
Subordinated debentures | 4,648 | |||
Other liabilities | 2,221 | |||
Total liabilities | 250,674 | |||
SHAREHOLDERS’ EQUITY | ||||
Common stock, no par value, 5,000,000 shares authorized, 2,633,260 shares issued and outstanding | 20,044 | |||
Retained earnings | 5,125 | |||
Treasury stock | (271 | ) | ||
Accumulated other comprehensive income | 81 | |||
Total shareholders’ equity | 24,979 | |||
Total liabilities and shareholders’ equity | $ | 275,653 | ||
Futura Banc Corporation
Consolidated Statements of Income (Unaudited)
(In thousands, except per share data)
Consolidated Statements of Income (Unaudited)
(In thousands, except per share data)
Nine months ended September 30, | ||||||||
2007 | 2006 | |||||||
Interest and dividend income | ||||||||
Loans, including fees | $ | 12,435 | $ | 11,980 | ||||
Interest on securities | 1,225 | 1,051 | ||||||
Federal funds sold and other | 491 | 428 | ||||||
Total interest income | 14,151 | 13,459 | ||||||
Interest expense | ||||||||
Deposits | 5,478 | 4,182 | ||||||
Federal Home Loan Bank advances | 488 | 462 | ||||||
Subordinated debentures | 226 | 217 | ||||||
Fed funds purchased and other borrowings | 10 | 12 | ||||||
Total interest expense | 6,202 | 4,873 | ||||||
Net interest income | 7,949 | 8,586 | ||||||
Provision for loan losses | 618 | — | ||||||
Net interest income after provision for loan losses | 7,331 | 8,586 | ||||||
Noninterest income | ||||||||
Service charges | 1,095 | 1,205 | ||||||
Investment and trust management fees | 507 | 406 | ||||||
Net gain on sale of loans | 130 | 201 | ||||||
Other | 59 | 36 | ||||||
Total noninterest income | 1,791 | 1,848 | ||||||
Noninterest expense | ||||||||
Salaries, wages and benefits | 3,592 | 3,914 | ||||||
Net occupancy expense | 619 | 688 | ||||||
Depreciation and Amortization | 1,182 | 1,271 | ||||||
Franchise and other taxes | 277 | 286 | ||||||
Professional services | 567 | 270 | ||||||
Other operating expenses | 1,012 | 1,131 | ||||||
Total noninterest expense | 7,249 | 7,560 | ||||||
Income (loss) before taxes | 1,873 | 2,874 | ||||||
Income tax expense | 423 | 859 | ||||||
Net Income (loss) | $ | 1,450 | $ | 2,015 | ||||
Earnings per share, basic | $ | 0.55 | $ | 0.76 | ||||
Earnings per share, diluted | $ | 0.54 | $ | 0.74 |
Futura Banc Corporation
Condensed Consolidated Statement of Cash Flows (Unaudited)
(In thousands)
Condensed Consolidated Statement of Cash Flows (Unaudited)
(In thousands)
Nine months ended September 30, | ||||||||
2007 | 2006 | |||||||
Net cash from operating activities | $ | (144 | ) | $ | 972 | |||
Cash flows from investing activities | ||||||||
Available for sale securities | ||||||||
Maturities, prepayments and calls | 2,112 | 4,886 | ||||||
Purchases | (1,000 | ) | (5,277 | ) | ||||
Loan originations and payments, net | 1,893 | (8,273 | ) | |||||
Net purchases of office premises and equipment | (1,319 | ) | 642 | |||||
Change in fed funds sold | (7,069 | ) | 1,326 | |||||
Net cash from investing activities | (5,383 | ) | (6,696 | ) | ||||
Cash flows from financing activities | ||||||||
Net change in deposits | 1,109 | 5,878 | ||||||
Repayments of Federal Home Loan Bank Advances | 4,680 | (4,319 | ) | |||||
Change in U.S. Treasury interest-bearing notes payable | 7 | 1 | ||||||
Change in treasury stock | 9 | (61 | ) | |||||
Dividends paid | (1,190 | ) | (930 | ) | ||||
Net cash from financing activities | 4,615 | 569 | ||||||
Net change in cash and due from banks | (912 | ) | (5,155 | ) | ||||
Cash and due from banks at beginning of period | 7,269 | 11,203 | ||||||
Cash and due from banks at end of period | $ | 6,357 | $ | 6,048 | ||||
Cash paid during the period for: | ||||||||
Interest | $ | 6,202 | $ | 4,873 | ||||
Income taxes | $ | 423 | $ | 859 |