Selected Consolidated Financial Data
Balance Sheet Data:
dollars in thousands Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2009 2009 2008 2008 2008
Cash and cash equivalents $19,819 $11,340 $11,001 $ 9,819 $14,810
Securities available for sale 131,329 127,718 127,248 98,382 93,463
Loans, net 178,135 179,515 179,831 198,023 189,053
Deposits 278,833 265,060 263,642 251,010 249,184
Repurchase agreements 6,799 8,122 10,469 11,090 9,710
Federal Home Loan Bank advances 24,000 25,000 21,000 21,000 21,000
Shareholders' equity 37,861 37,766 36,881 34,862 34,418
Total assets 351,226 339,530 338,002 325,381 317,769
Income Statement Data: Six Months ended
dollars in thousands, except per Jun 30, Jun 30,
share data 2009 2008 Change
Interest income $8,360 $8,466 (1.3)%
Interest expense 2,351 2,959 (20.5)%
Net interest income 6,009 5,507 9.1 %
Provision for loan losses 351 258 36.0 %
Net interest income after provision for
loan losses 5,658 5,249 7.8 %
Noninterest income 1,398 1,109 26.1 %
Noninterest expense 5,680 5,013 13.3 %
Income before income taxes 1,376 1,345 2.3 %
Income taxes 349 340 2.6 %
Net income $1,027 $1,005 2.2 %
Earnings per share, basic and diluted $0.47 $0.46 2.2 %
Weighted average shares outstanding 2,202,368 2,204,068
Income Statement Data: Three Months ended
dollars in thousands, except per Jun 30, Jun 30,
share data 2009 2008 Change
Interest income $4,152 $4,196 (1.0)%
Interest expense 1,136 1,433 (20.7)%
Net interest income 3,016 2,763 9.2 %
Provision for loan losses 228 71 221.1 %
Net interest income after provision for
loan losses 2,788 2,692 3.6 %
Noninterest income 753 517 45.6 %
Noninterest expense 2,945 2,524 16.7 %
Income before income taxes 596 685 (13.0)%
Income taxes 142 171 (17.0)%
Net income $ 454 $ 514 (11.7)%
Earnings per share, basic and diluted $0.21 $0.23 (8.7)%
Weighted average shares outstanding 2,202,368 2,202,368
Quarterly Earnings Summary
Previous Eight Quarters:
dollars in thousands, except per
share data
Jun Mar Dec Sep
2009 2009 2008 2008
Interest income $4,152 $4,208 $4,311 $4,294
Interest expense 1,136 1,215 1,375 1,451
Net interest income 3,016 2,993 2,936 2,843
Provision for loan losses 228 123 98 126
Net interest income after provision for
loan losses 2,788 2,870 2,838 2,717
Noninterest income 753 645 609 615
Noninterest expense 2,945 2,735 2,606 2,554
Income before income taxes 596 780 841 778
Income taxes 142 207 226 204
Net income $454 $573 $615 $574
Earnings per share, basic and diluted $0.21 $0.26 $0.28 $0.26
Cash dividends per share $0.08 $0.08 $0.16 $0.16
Weighted average shares outstanding 2,202,368 2,202,368 2,202,368 2,202,368
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 517 592 602 553
Noninterest expense 2,524 2,489 2,387 2,620
Income before income taxes 685 660 818 674
Income taxes 171 169 215 167
Net income $514 $491 $603 $507
Earnings per share, basic and diluted $0.23 $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