Selected Consolidated Financial Data
Balance Sheet Data:
dollars in thousands Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2009 2008 2008 2008 2008
Cash and cash equivalents $11,340 $11,001 $ 9,819 $14,810 $12,580
Securities available for sale 127,718 127,248 98,382 93,463 87,806
Loans, net 179,709 179,831 198,023 189,053 190,079
Deposits 265,060 263,642 251,010 249,184 239,511
Repurchase agreements 8,122 10,469 11,090 9,710 9,784
Federal Home Loan Bank advances 25,000 21,000 21,000 21,000 18,000
Shareholders' equity 37,766 36,881 34,862 34,418 35,756
Total assets 339,530 338,002 325,381 317,769 308,837
Income Statement Data: Three Months ended
dollars in thousands, except per Mar 31, Mar 31,
share data 2009 2008 Change
Interest income $4,208 $4,270 (-1.5)%
Interest expense 1,215 1,526 (20.4)%
Net interest income 2,993 2,744 9.1 %
Provision for loan losses 123 187 (34.2)%
Net interest income after provision for
loan losses 2,870 2,557 12.2 %
Noninterest income 645 592 9.0 %
Noninterest expense 2,735 2,489 9.9 %
Income before income taxes 780 660 18.2 %
Income taxes 207 169 22.5 %
Net income $ 573 $ 491 16.7 %
Earnings per share
Basic and diluted $0.26 $0.22 18.2 %
Weighted average shares outstanding 2,202,368 2,205,787
Quarterly Earnings Summary
Previous Eight Quarters:
dollars in thousands, except per
share data
Mar 31 Dec Sep Jun
2009 2008 2008 2008
Interest income $4,208 $4,311 $4,294 $4,196
Interest expense 1,215 1,375 1,451 1,433
Net interest income 2,993 2,936 2,843 2,763
Provision for loan losses 123 98 126 71
Net interest income after provision for
loan losses 2,870 2,838 2,717 2,692
Noninterest income 645 609 615 517
Noninterest expense 2,735 2,606 2,554 2,524
Income before income taxes 780 841 778 685
Income taxes 207 226 204 171
Net income $573 $615 $574 $514
Earnings per share
Basic and diluted $0.26 $0.28 $0.26 $0.26
Cash dividends per share $0.08 $0.16 $0.16 $0.16
Weighted average shares outstanding 2,202,368 2,202,368 2,202,368 2,202,368
Mar Dec Sep Jun
2008 2007 2007 2007
Interest income $4,270 $4,441 $4,497 $4,542
Interest expense 1,526 1,718 1,756 1,784
Net interest income 2,744 2,723 2,741 2,758
Provision for loan losses 187 120 - -
Net interest income after provision for
loan losses 2,557 2,603 2,741 2,758
Noninterest income 592 602 553 424
Noninterest expense 2,489 2,387 2,620 2,821
Income before income taxes 660 818 674 361
Income taxes 169 215 167 47
Net income $491 $603 $507 $314
Earnings per share
Basic and diluted $0.22 $0.27 $0.23 $0.14
Cash dividends per share $0.16 $0.16 $0.16 $0.16
Weighted average shares outstanding 2,205,787 2,222,115 2,234,488 2,234,488