Selected Consolidatd Financial Data
Balance Sheet Data:
dollars in thousands Dec 31, Sep 30, Jun 30, Mar 31 Dec 31,
2007 2007 2007 2007 2006
Cash and cash equivalents $12,285 $ 9,598 $30,026 $20,498 $18,775
Securites available for sale 84,514 82,782 82,590 79,219 86,000
Loans, net 191,488 192,158 186,019 184,148 184,481
Deposits 242,523 242,133 257,016 247,920 247,681
Repurchase agreements 8,831 8,322 9,047 7,788 7,902
Federal Home Loan Bank advances 17,000 14,000 14,000 14,000 14,000
Shareholders' equity 34,992 34,699 34,050 34,605 34,680
Total assets 306,651 303,055 317,563 307,559 308,358
Income Statement Data: Year ended
dollars in thousands, except per Dec 31, Dec 31,
share data 2007 2006 Change
Interest income $17,832 $17,156 3.9%
Interest expense 6,968 5,995 16.2%
Net interest income 10,864 11,161 -2.7%
Provision for loan losses 147 160 -8.1%
Net interest income after provision for
loan losses 10,717 11,001 -2.6%
Noninterest income 1,990 1,653 20.4%
Noninterest expense 10,500 11,353 -7.5%
Income before income taxes 2,207 1,301 69.6%
Income taxes 496 137 262.0%
Net income $1,711 $1,164 47.0%
Earnings per share
Basic and diluted $0.77 $0.52 48.1%
Weighted average shares outstanding 2,231,369 2,234,488
Quarterly Earnings Summary
Previous Eight Quarters:
dollars in thousands, except per
share data
Dec Sep Jun Mar
2007 2007 2007 2007
Interest income $4,441 $4,497 $4,542 $4,352
Interest expense 1,718 1,756 1,784 1,710
Net interest income 2,723 2,741 2,758 2,642
Provision for loan losses 120 - - 27
Net interest income after provision for
loan losses 2,603 2,741 2,758 2,615
Noninterest income 602 553 424 411
Noninterest expense 2,387 2,620 2,821 2,672
Income before income taxes 818 674 361 354
Income taxes 215 167 47 67
Net income $603 $507 $314 $287
Earnings per share
Basic and diluted $0.27 $0.23 $0.14 $0.13
Cash dividends per share $0.16 $0.16 $0.16 $0.16
Weighted average shares outstanding 2,222,115 2,234,488 2,234,488 2,234,488
Dec Sep Jun Mar
2006 2006 2006 2006
Interest income $4,425 $4,379 $4,187 $4,165
Interest expense 1,699 1,559 1,466 1,271
Net interest income 2,726 2,820 2,721 2,894
Provision for loan losses 120 40 - -
Net interest income after provision for
loan losses 2,606 2,780 2,721 2,894
Noninterest income 412 429 378 434
Noninterest expense 2,842 2,818 2,976 2,717
Income before income taxes 176 391 123 611
Income taxes -18 88 -36 103
Net income $194 $303 $159 $508
Earnings per share
Basic and diluted $0.09 $0.14 $0.07 $0.23
Cash dividends per share $0.16 $0.16 $0.16 $0.16
Weighted average shares outstanding 2,234,488 2,234,488 2,234,488 2,234,488