Selected Consolidated Financial Data
Balance Sheet Data:
(dollars in thousands) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2009 2009 2009 2009 2008
Cash and cash equivalents $ 8,124 $15,732 $19,819 $11,340 $11,001
Securities available for sale 130,241 135,222 131,329 127,718 127,248
Loans, net 194,071 183,464 178,036 179,515 179,831
Deposits 291,373 279,475 278,833 265,060 263,642
Repurchase agreements 6,105 6,782 6,799 8,122 10,469
Federal Home Loan Bank advances 27,000 27,000 24,000 25,000 21,000
Shareholders' equity 38,903 39,395 37,861 37,766 36,881
Total assets 370,228 356,773 351,226 339,530 338,002
Income Statement Data: Year ended
(dollars in thousands, except per Dec 31, Dec 31,
share data) 2009 2008 Change
Interest income $16,465 $17,071 (3.5)%
Interest expense 4,237 5,785 (26.8)%
Net interest income 12,228 11,286 8.3 %
Provision for loan losses 1,829 482 279.5 %
Net interest income after provision for
loan losses 10,399 10,804 (3.7)%
Noninterest income 2,972 2,333 27.4 %
Noninterest expense:
Salaries and employee benefits 5,279 5,118 3.1 %
Data processing 909 947 (4.0)%
Net occupancy 1,056 915 15.4 %
Professional and consulting fees 546 412 32.5 %
FDIC assessment 605 35 1628.6 %
Other 2,969 2,746 8.1 %
Total noninterest expense 11,364 10,173 11.7 %
Income before income taxes 2,007 2,964 (32.3)%
Income taxes 398 770 (48.3)%
Net income $1,609 $2,194 (26.7)%
Earnings per share, basic and diluted $0.73 $1.00 (27.0)%
Weighted average shares outstanding 2,202,457 2,203,218
Income Statement Data: Three Months ended
(dollars in thousands, except per Dec 31, Dec 31,
share data) 2009 2008 Change
Interest income $4,082 $4,311 (5.3)%
Interest expense 932 1,375 (32.2)%
Net interest income 3,150 2,936 7.3 %
Provision for loan losses 902 98 820.4 %
Net interest income after provision for
loan losses 2,248 2,838 (20.8)%
Noninterest income 976 609 60.3 %
Noninterest expense:
Salaries and employee benefits 1,276 1,301 (1.9)%
Data processing 239 218 9.6 %
Net occupancy 267 239 11.7 %
Professional and consulting fees 144 113 27.4 %
FDIC assessment 93 11 745.5 %
Other 859 724 18.6 %
Total noninterest expense 2,878 2,606 10.4 %
Income before income taxes 346 841 (58.9)%
Income taxes 31 226 (86.3)%
Net income $ 315 $ 615 (48.8)%
Earnings per share, basic and diluted $0.14 $0.28 (50.0)%
Weighted average shares outstanding 2,202,721 2,202,368
Quarterly Earnings Summary
Previous Eight Quarters:
(dollars in thousands, except per
share data)
Sep Sep Jun Mar
2009 2009 2009 2009
Interest income $4,082 $4,026 $4,149 $4,208
Interest expense 932 954 1,136 1,215
Net interest income 3,150 3,072 3,013 2,993
Provision for loan losses 902 576 228 123
Net interest income after provision for
loan losses 2,248 2,496 2,785 2,870
Noninterest income 976 595 756 645
Noninterest expense 2,878 2,806 2,945 2,735
Income before income taxes 346 285 596 780
Income taxes 31 18 142 207
Net income $315 $267 $454 $573
Earnings per share, basic and diluted $0.14 $0.12 $0.21 $0.26
Cash dividends per share $0.08 $0.08 $0.08 $0.08
Weighted average shares outstanding 2,202,721 2,202,368 2,202,368 2,202,368
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 $0.23 $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