Selected Consolidated Financial Data
Balance Sheet Data:
dollars in thousands Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2008 2008 2007 2007 2007
Cash and cash equivalents $14,810 $12,578 $12,285 $ 9,598 $30,026
Securities available for sale 93,463 87,803 84,514 82,782 82,590
Loans, net 190,968 190,264 191,488 192,158 186,019
Deposits 249,184 239,507 242,523 242,133 257,016
Repurchase agreements 9,710 9,784 8,831 8,322 9,047
Federal Home Loan Bank advances 21,000 18,000 17,000 14,000 14,000
Shareholders' equity 34,418 35,756 34,991 34,699 34,050
Total assets 317,769 308,833 306,651 303,055 317,563
Income Statement Data: Six Months ended
dollars in thousands, except per Jun 30, Jun 30,
share data 2008 2007 Change
Interest income $8,466 $8,894 -4.8%
Interest expense 2,959 3,494 -15.3%
Net interest income 5,507 5,400 2.0%
Provision for loan losses 258 27 855.6%
Net interest income after provision for
loan losses 5,249 5,373 -2.3%
Noninterest income 1,193 835 42.9%
Noninterest expense 5,014 5,493 -8.7%
Income before income taxes 1,428 715 99.7%
Income taxes 369 114 223.7%
Net income $1,059 $601 76.2%
Earnings per share
Basic and diluted $0.48 $0.27 78.6%
Weighted average shares outstanding 2,204,068 2,234,488
Income Statement Data: Quarter ended
dollars in thousands, except per Jun 30, Jun 30,
share data 2008 2007 Change
Interest income $4,196 $4,542 -7.6%
Interest expense 1,433 1,784 -19.7%
Net interest income 2,763 2,758 0.2%
Provision for loan losses 71 - nm
Net interest income after provision for
loan losses 2,692 2,758 -2.4%
Noninterest income 601 424 41.7%
Noninterest expense 2,525 2,821 -10.5%
Income before income taxes 768 361 112.7%
Income taxes 200 47 325.5%
Net income $568 $314 80.9%
Earnings per share
Basic and diluted $0.26 $0.14 83.5%
Weighted average shares outstanding 2,202,368 2,234,488
nm~not meaningful
Quarterly Earnings Summary
Previous Eight Quarters:
dollars in thousands, except per
share data
Jun Mar Dec Sep
2008 2008 2007 2007
Interest income $4,196 $4,270 $4,441 $4,497
Interest expense 1,433 1,526 1,718 1,756
Net interest income 2,763 2,744 2,723 2,741
Provision for loan losses 71 187 120 -
Net interest income after provision for
loan losses 2,692 2,557 2,603 2,741
Noninterest income 601 592 602 553
Noninterest expense 2,525 2,489 2,387 2,620
Income before income taxes 768 660 818 674
Income taxes 200 169 215 167
Net income $568 $491 $603 $507
Earnings per share
Basic and diluted $0.26 $0.22 $0.27 $0.23
Cash dividends per share $0.16 $0.16 $0.16 $0.16
Weighted average shares outstanding 2,202,368 2,205,787 2,222,115 2,234,488
Jun Mar Dec Sep
2007 2007 2006 2006
Interest income $4,542 $4,352 $4,426 $4,379
Interest expense 1,784 1,710 1,699 1,559
Net interest income 2,758 2,642 2,726 2,820
Provision for loan losses - 27 120 40
Net interest income after provision for
loan losses 2,758 2,615 2,606 2,780
Noninterest income 424 411 412 429
Noninterest expense 2,821 2,672 2,843 2,818
Income before income taxes 361 354 176 391
Income taxes 47 67 -18 88
Net income $314 $287 $194 $303
Earnings per share
Basic and diluted $0.14 $0.13 $0.09 $0.14
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