Selected Consolidated Financial Data
Balance Sheet Data:
(dollars in thousands) Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
2010 2010 2009 2009 2009
Cash and cash equivalents $ 25,975 $ 28,832 $ 8,124 $ 15,732 $ 19,819
Securities available for sale 131,734 123,539 130,241 135,222 131,329
Loans, net 191,078 191,483 194,071 183,464 178,036
Deposits 309,080 306,006 291,373 279,475 278,833
Repurchase agreements 6,980 6,893 6,105 6,782 6,799
Federal Home Loan Bank advances 25,000 25,000 27,000 27,000 24,000
Shareholders' equity 39,977 39,666 38,903 39,395 37,861
Total assets 384,340 381,325 370,228 356,773 351,226
Income Statement Data: Six Months Ended
(dollars in thousands, except per Jun 30, Jun 30,
share data) 2010 2009 Change
Interest income $ 7,878 $ 8,360 (5.8)%
Interest expense 1,665 2,351 (29.2)%
Net interest income 6,213 6,009 3.4 %
Provision for loan losses 1,122 351 219.7 %
Net interest income after provision for
loan losses 5,091 5,658 (10.0)%
Noninterest income 1,237 1,398 (11.5)%
Noninterest expense:
Salaries and employee benefits 2,735 2,674 2.3 %
Data processing 497 446 11.4 %
Net occupancy 598 527 13.5 %
Professional and consulting fees 392 253 (54.9)%
FDIC assessment 266 396 (32.8)%
Other 1,443 1,384 4.3 %
Total noninterest expense 5,931 5,680 4.4 %
Income before income taxes 397 1,376 (71.1)%
Income taxes (54) 349 (115.5)%
Net income $451 $1,027 (56.1)%
Earnings per share, basic and diluted $0.20 $0.47 (57.4)%
Weighted average shares outstanding 2,205,973 2,202,368
Income Statement Data: Three Months Ended
(dollars in thousands, except per Jun 30, Jun 30,
share data) 2010 2009 Change
Interest income $ 3,920 $ 4,149 (5.6)%
Interest expense 819 1,136 (27.9)%
Net interest income 3,101 3,013 2.8 %
Provision for loan losses 615 228 169.7 %
Net interest income after provision for
loan losses 2,486 2,785 (10.8)%
Noninterest income 612 756 (18.7)%
Noninterest expense:
Salaries and employee benefits 1,357 1,340 1.3 %
Data processing 256 230 11.3 %
Net occupancy 304 262 16.0 %
Professional and consulting fees 210 140 50.0 %
FDIC assessment 145 279 (48.0)%
Other 730 694 5.2 %
Total noninterest expense 3,002 2,945 1.9 %
Income before income taxes 96 596 (83.9)%
Income taxes (62) 142 (143.7)%
Net income $158 $454 (65.2)%
Earnings per share, basic and diluted $0.07 $0.21 (66.7)%
Weighted average shares outstanding 2,205,973 2,202,368
Quarterly Earnings Summary
Previous Eight Quarters:
(dollars in thousands, except per
share data)
Jun Mar Dec Sep
2010 2010 2009 2009
Interest income $3,920 $3,958 $4,082 $4,026
Interest expense 819 846 932 954
Net interest income 3,101 3,112 3,150 3,072
Provision for loan losses 615 507 902 576
Net interest income after provision for
loan losses 2,486 2,605 2,248 2,496
Noninterest income 612 625 976 595
Noninterest expense 3,002 2,929 2,878 2,806
Income before income taxes 96 301 346 285
Income taxes (62) 8 31 18
Net income $158 $293 $315 $267
Earnings per share, basic and diluted $0.07 $0.13 $0.14 $0.12
Cash dividends per share $0.08 $0.08 $0.08 $0.08
Weighted average shares outstanding 2,205,973 2,205,973 2,202,721 2,202,368
Jun Mar Dec Sep
2009 2009 2008 2008
Interest income $4,149 $4,208 $4,311 $4,294
Interest expense 1,136 1,215 1,375 1,451
Net interest income 3,013 2,993 2,236 2,843
Provision for loan losses 228 123 98 126
Net interest income after provision for
loan losses 2,785 2,870 2,838 2,717
Noninterest income 756 645 609 615
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