Selected Consolidated Financial Data
Balance Sheet Data:
dollars in thousands Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2008 2008 2008 2008 2007
Cash and cash equivalents $11,001 $ 9,819 $14,810 $12,580 $12,285
Securities available for sale 127,248 98,382 93,463 87,806 84,514
Loans, net 179,831 198,023 189,053 190,079 191,488
Deposits 263,642 251,010 249,184 239,511 242,523
Repurchase agreements 10,469 11,090 9,710 9,784 8,831
Federal Home Loan Bank advances 21,000 21,000 21,000 18,000 17,000
Shareholders' equity 36,930 34,862 34,418 35,756 34,991
Total assets 338,062 325,381 317,769 308,837 306,651
Income Statement Data: Year ended
dollars in thousands, except per Dec 31, Dec 31,
share data 2008 2007 Change
Interest income $17,071 $17,832 -4.3%
Interest expense 5,785 6,968 -17.0%
Net interest income 11,286 10,864 3.9%
Provision for loan losses 482 147 227.9%
Net interest income after provision for
loan losses 10,804 10,717 0.8%
Noninterest income 2,333 1,990 17.2%
Noninterest expense 10,173 10,500 -3.1%
Income before income taxes 2,964 2,207 34.3%
Income taxes 770 496 55.2%
Net income $2,194 $1,711 28.2%
Earnings per share
Basic and diluted $1.00 $0.77 29.9%
Weighted average shares outstanding 2,203,218 2,231,369
Income Statement Data: Three Months ended
dollars in thousands, except per Dec 31, Dec 31,
share data 2008 2007 Change
Interest income $4,311 $4,441 -2.9%
Interest expense 1,375 1,718 -20.0%
Net interest income 2,936 2,723 7.8%
Provision for loan losses 98 120 -18.3%
Net interest income after provision for
loan losses 2,838 2,603 9.0%
Noninterest income 609 602 1.2%
Noninterest expense 2,606 2,387 9.2%
Income before income taxes 841 818 2.8%
Income taxes 226 215 5.1%
Net income $615 $603 2.0%
Earnings per share
Basic and diluted $0.28 $0.27 3.7%
Weighted average shares outstanding 2,202,368 2,222,115
nm~not meaningful
Quarterly Earnings Summary
Previous Eight Quarters:
dollars in thousands, except per
share data
Dec Sep Jun Mar
2008 2008 2008 2008
Interest income $4,311 $4,294 $4,196 $4,270
Interest expense 1,375 1,451 1,433 1,526
Net interest income 2,936 2,843 2,763 2,744
Provision for loan losses 98 126 71 187
Net interest income after provision for
loan losses 2,838 2,717 2,692 2,557
Noninterest income 609 615 517 592
Noninterest expense 2,606 2,554 2,524 2,489
Income before income taxes 841 778 685 660
Income taxes 226 204 171 169
Net income $615 $574 $514 $491
Earnings per share
Basic and diluted $0.28 $0.26 $0.26 $0.22
Cash dividends per share $0.16 $0.16 $0.16 $0.16
Weighted average shares outstanding 2,202,368 2,202,368 2,202,368 2,205,787
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