Selected Consolidated Financial Data
Balance Sheet Data:
dollars in thousands Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
2009 2009 2009 2008 2008
Cash and cash equivalents $15,732 $19,819 $11,340 $11,001 $ 9,819
Securities available for sale 135,222 131,329 127,718 127,248 98,382
Loans, net 183,464 178,036 179,515 179,831 198,023
Deposits 279,475 278,833 265,060 263,642 251,010
Repurchase agreements 6,782 6,799 8,122 10,469 11,090
Federal Home Loan Bank advances 27,000 24,000 25,000 21,000 21,000
Shareholders' equity 39,395 37,861 37,766 36,881 34,862
Total assets 356,773 351,226 339,530 338,002 325,381
Income Statement Data: Nine Months ended
dollars in thousands, except per Sep 30, Sep 30,
share data 2009 2008 Change
Interest income $12,386 $12,760 (2.9)%
Interest expense 3,305 4,410 (25.1)%
Net interest income 9,081 8,350 8.8 %
Provision for loan losses 927 384 141.4 %
Net interest income after provision for
loan losses 8,154 7,966 2.4 %
Noninterest income 1,985 1,724 15.1 %
Noninterest expense:
Salaries and employee benefits 4,003 3,817 4.9 %
Data processing 670 729 (8.1)%
Net occupancy 789 676 16.7 %
Professional and consulting fees 402 299 34.4 %
FDIC assessment 512 25 1948.0 %
Other 2,110 2,021 4.4 %
Total noninterest expense 8,486 7,567 12.1 %
Income before income taxes 1,653 2,123 (22.1)%
Income taxes 367 544 (32.5)%
Net income $1,286 $1,579 (18.6)%
Earnings per share, basic and diluted $0.58 $0.72 (19.4)%
Weighted average shares outstanding 2,202,368 2,203,503
Income Statement Data: Three Months ended
dollars in thousands, except per Sep 30, Sep 30,
share data 2009 2008 Change
Interest income $4,026 $4,294 (6.2)%
Interest expense 954 1,451 (34.3)%
Net interest income 3,072 2,843 8.1 %
Provision for loan losses 576 126 357.1 %
Net interest income after provision for
loan losses 2,496 2,717 (8.1) %
Noninterest income 595 615 (3.3)%
Noninterest expense:
Salaries and employee benefits 1,329 1,292 2.9 %
Data processing 224 235 (4.7)%
Net occupancy 262 235 11.5 %
Professional and consulting fees 158 109 45.0 %
FDIC assessment 116 11 954.5 %
Other 717 672 6.7 %
Total noninterest expense 2,806 2,554 9.9 %
Income before income taxes 285 778 (63.4)%
Income taxes 18 204 (91.2)%
Net income $ 267 $ 574 (53.5)%
Earnings per share, basic and diluted $0.12 $0.26 (53.8)%
Weighted average shares outstanding 2,202,368 2,202,368
Quarterly Earnings Summary
Previous Eight Quarters:
dollars in thousands, except per
share data
Sep Jun Mar Dec
2009 2009 2009 2008
Interest income $4,026 $4,149 $4,208 $4,311
Interest expense 954 1,136 1,215 1,375
Net interest income 3,072 3,013 2,993 2,936
Provision for loan losses 576 228 123 98
Net interest income after provision for
loan losses 2,496 2,785 2,870 2,838
Noninterest income 595 756 645 609
Noninterest expense 2,806 2,945 2,735 2,606
Income before income taxes 285 596 780 841
Income taxes 18 142 207 226
Net income $267 $454 $573 $615
Earnings per share, basic and diluted $0.12 $0.21 $0.26 $0.28
Cash dividends per share $0.08 $0.08 $0.08 $0.16
Weighted average shares outstanding 2,202,368 2,202,368 2,202,368 2,202,368
Sep Jun Mar Dec
2008 2008 2008 2007
Interest income $4,294 $4,196 $4,270 $4,441
Interest expense 1,451 1,433 1,526 1,718
Net interest income 2,843 2,763 2,744 2,723
Provision for loan losses 126 71 187 120
Net interest income after provision for
loan losses 2,717 2,692 2,557 2,603
Noninterest income 615 517 592 602
Noninterest expense 2,554 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