Selected Consolidated Financial Data
Balance Sheet Data:
(dollars in thousands) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2010 2009 2009 2009 2009
Cash and cash equivalents $28,832 $ 8,124 $15,732 $19,819 $11,340
Securities available for sale 123,539 130,241 135,222 131,329 127,718
Loans, net 191,483 194,071 183,464 178,036 179,515
Deposits 306,006 291,373 279,475 278,833 265,060
Repurchase agreements 6,893 6,105 6,782 6,799 8,122
Federal Home Loan Bank advances 25,000 27,000 27,000 24,000 25,000
Shareholders' equity 39,666 38,903 39,395 37,861 37,766
Total assets 381,325 370,228 356,773 351,226 339,530
Income Statement Data: Three Months Ended
(dollars in thousands, except per Mar 31, Mar 31,
share data) 2010 2009 Change
Interest income $ 3,958 $ 4,208 (5.9)%
Interest expense 846 1,215 (30.4)%
Net interest income 3,112 2,993 4.0 %
Provision for loan losses 507 123 312.2 %
Net interest income after provision for
loan losses 2,605 2,870 (9.2)%
Noninterest income 625 645 (3.1)%
Noninterest expense:
Salaries and employee benefits 1,378 1,334 3.3 %
Data processing 241 216 11.6 %
Net occupancy 294 265 10.9 %
Professional and consulting fees 108 110 (1.8)%
FDIC assessment 121 117 3.4 %
Other 787 693 13.6 %
Total noninterest expense 2,929 2,735 7.1 %
Income before income taxes 301 780 (61.4)%
Income taxes 8 207 (96.1)%
Net income $293 $573 (48.9)%
Earnings per share, basic and diluted $0.13 $0.26 (50.0)%
Weighted average shares outstanding 2,205,973 2,202,368
Quarterly Earnings Summary
Previous Eight Quarters:
(dollars in thousands, except per
share data)
Mar Dec Sep Jun
2010 2009 2009 2009
Interest income $3,958 $4,082 $4,026 $4,149
Interest expense 846 932 954 1,136
Net interest income 3,112 3,150 3,072 3,013
Provision for loan losses 507 902 576 228
Net interest income after provision for
loan losses 2,605 2,248 2,496 2,785
Noninterest income 625 976 595 756
Noninterest expense 2,929 2,878 2,806 2,945
Income before income taxes 301 346 285 596
Income taxes 8 31 18 142
Net income $293 $315 $267 $454
Earnings per share, basic and diluted $0.13 $0.14 $0.12 $0.21
Cash dividends per share $0.08 $0.08 $0.08 $0.08
Weighted average shares outstanding 2,205,973 2,202,721 2,202,368 2,202,368
Mar 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 $0.23
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