EXHIBIT 99.1
FNB FINANCIAL CORP.
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
June 30,
ASSETS 2004
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Cash and due from financial institutions $ 6,342
Federal funds sold 10,790
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Cash and cash equivalents 17,132
Federal Home Loan Bank and Federal Reserve Bank stock 1,858
Securities available for sale 81,066
Loans held for sale 130
Loans, net of allowance of $5,117 and $3,512 94,412
Premises and equipment, net 1,843
Accrued interest receivable 1,360
Intangible assets 1,878
Other assets 1,269
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Total assets $ 200,948
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LIABILITIES
Deposits
Demand $ 50,909
Savings 38,788
Time deposits 78,883
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Total deposits 168,580
Securities sold under agreements to repurchase 5,577
Federal Home Loan Bank advances 1,016
Accrued interest payable 83
Dividends declared and unpaid 100
Other liabilities 341
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Total liabilities 175,697
SHAREHOLDERS' EQUITY
Common stock, $10 par value, 1,000,000 shares authorized,
500,000 shares issued and outstanding 5,000
Paid in capital 7,000
Retained earnings 13,251
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Total shareholders' equity 25,251
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Total liabilities and shareholders' equity $ 200,948
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FNB FINANCIAL CORP.
Consolidated Statements of Income (Unaudited)
(In thousands, except per share data)
Six months ended June 30,
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2004 2003
Interest and dividend income
Loans, including fees $ 4,838 $ 5,933
Interest on securities 796 964
Federal funds sold and other 130 80
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Total interest income 5,764 6,977
Interest expense
Deposits 1,194 2,084
Repurchase agreements 22 33
Federal Home Loan Bank advances 37 56
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Total interest expense 1,253 2,173
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Net interest income 4,511 4,804
Provision for loan losses 1,490 4,351
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Net interest income after provision for loan losses 3,021 453
Noninterest income
Service charges 336 366
Other 93 296
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Total noninterest income 429 662
Noninterest expense
Salaries, wages and benefits 1,542 1,608
Director fees 95 95
Net occupancy expense 264 176
Depreciation and Amortization 102 102
Marketing and public relations 36 53
Professional services 772 241
Office supplies, printing postage and courier 123 110
Data processing 272 331
Other operating expenses 633 353
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Total noninterest expense 3,839 3,069
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Income (loss) before taxes (389) (1,954)
Income tax expense (59) (907)
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Net Income (loss) $ (330) $(1,047)
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Earnings (loss) per share $ (0.66) $ (2.09)
FNB FINANCIAL CORP
Condensed Consolidated Statement of Cash Flows (Unaudited)
(In thousands)
Six months ended June 30,
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2004 2003
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Net cash from operating activities $ 4,280 $ (2,724)
Cash flows from investing activities
Available for sale securities
Maturities, prepayments and calls 53,845 41,003
Purchases (86,682) (42,000)
Loan originations and payments, net 11,063 6,278
Net purchases of office premises and equipment (8) 26
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Net cash from investing activities (21,782) 5,307
Cash flows from financing activities
Net change in deposits (12,832) (298)
Change in securities sold under agreements to repurchase (209) (1,434)
Repayments of Federal Home Loan Bank Advances (306) (11)
Dividends paid (200) (603)
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Net cash from financing activities (13,547) (2,346)
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Net change in cash and due from banks (31,049) 237
Cash and due from banks at beginning of period 48,181 7,158
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Cash and due from banks at end of period $ 17,132 $ 7,395
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Cash paid during the period for:
Interest $ 1,289 $ 1,635
Income taxes $ 435 $ 110
Supplemental non-cash disclosures
Transfers to OREO $ 190 $ (31)