Selected Consolidated Financial Data
Balance Sheet Data:
dollars in thousands Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
2008 2008 2008 2007 2007
Cash and cash equivalents $ 9,819 $14,810 $12,580 $12,285 $ 9,598
Securities available for sale 98,382 93,520 87,806 84,514 82,782
Loans, net 198,266 189,053 190,079 191,488 192,158
Deposits 251,010 249,184 239,511 242,523 242,133
Repurchase agreements 11,090 9,710 9,784 8,831 8,322
Federal Home Loan Bank advances 21,000 21,000 18,000 17,000 14,000
Shareholders' equity 34,862 34,455 35,756 34,991 34,699
Total assets 325,381 317,743 308,837 306,651 303,055
Income Statement Data: Nine Months ended
dollars in thousands, except per Sep 30, Sep 30,
share data 2008 2007 Change
Interest income $12,749 $13,391 -4.8%
Interest expense 4,410 5,250 -16.0%
Net interest income 8,339 8,141 2.4%
Provision for loan losses 384 27 nm
Net interest income after provision for
loan losses 7,955 8,114 -2.0%
Noninterest income 1,753 1,383 26.3%
Noninterest expense 7,585 8,113 -6.5%
Income before income taxes 2,123 1,389 52.8%
Income taxes 544 281 93.6%
Net income $1,579 $1,108 42.5%
Earnings per share
Basic and diluted $0.72 $0.50 44.0%
Weighted average shares outstanding 2,203,499 2,234,488
Income Statement Data: Three Months ended
dollars in thousands, except per Sep 30, Sep 30,
share data 2008 2007 Change
Interest income $4,283 $4,497 -4.8%
Interest expense 1,451 1,756 -17.4%
Net interest income 2,832 2,741 3.3%
Provision for loan losses 126 - nm
Net interest income after provision for
loan losses 2,706 2,741 -1.3%
Noninterest income 644 553 16.5%
Noninterest expense 2,572 2,620 -1.8%
Income before income taxes 788 674 15.4%
Income taxes 204 167 22.2%
Net income $574 $507 13.2%
Earnings per share
Basic and diluted $0.26 $0.23 13.0%
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
Sep Jun Mar Dec
2008 2008 2007 2007
Interest income $4,283 $4,196 $4,270 $4,441
Interest expense 1,451 1,433 1,526 1,718
Net interest income 2,832 2,763 2,744 2,723
Provision for loan losses 126 71 187 120
Net interest income after provision for
loan losses 2,706 2,692 2,557 2,603
Noninterest income 644 517 592 602
Noninterest expense 2,572 2,524 2,489 2,387
Income before income taxes 778 685 660 818
Income taxes 204 171 169 215
Net income $574 $514 $491 $603
Earnings per share
Basic and diluted $0.26 $0.23 $0.22 $0.27
Cash dividends per share $0.16 $0.16 $0.16 $0.16
Weighted average shares outstanding 2,202,368 2,202,368 2,205,787 2,222,115
Sep Jun Mar Dec
2007 2007 2007 2006
Interest income $4,497 $4,542 $4,352 $4,426
Interest expense 1,756 1,784 1,710 1,699
Net interest income 2,741 2,758 2,642 2,726
Provision for loan losses - - 27 120
Net interest income after provision for
loan losses 2,741 2,758 2,615 2,607
Noninterest income 553 424 411 412
Noninterest expense 2,620 2,821 2,672 2,843
Income before income taxes 674 361 354 176
Income taxes 167 47 67 -18
Net income $507 $314 $287 $194
Earnings per share
Basic and diluted $0.23 $0.14 $0.13 $0.09
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