|
($
in thousands)
|
(Unaudited)
|
(Audited)
|
||||||||||
|
Assets
|
March
31,
2010
|
March
31,
2009
|
December
31,
2009 |
|||||||||
|
Cash
and due from banks
|
$ | 11,744 | $ | 13,603 | $ | 12,894 | ||||||
|
Interest-bearing
deposits
|
55,706 | 41,929 | 32,730 | |||||||||
|
Federal
funds sold
|
--- | --- | --- | |||||||||
|
Securities
available for sale
|
161,543 | 166,007 | 168,041 | |||||||||
|
Securities
held to maturity
|
125,547 | 134,484 | 129,376 | |||||||||
|
Total
securities
|
287,090 | 300,491 | 297,417 | |||||||||
|
Mortgage
loans held for sale
|
1,358 | 998 | 126 | |||||||||
|
Loans:
|
||||||||||||
|
Real
estate construction loans
|
47,245 | 58,645 | 45,625 | |||||||||
|
Real
estate mortgage loans
|
165,604 | 164,684 | 165,542 | |||||||||
|
Commercial
and industrial loans
|
284,242 | 249,925 | 283,998 | |||||||||
|
Consumer
loans
|
92,035 | 102,533 | 95,844 | |||||||||
|
Total
loans
|
589,126 | 575,787 | 591,009 | |||||||||
|
Less:
unearned income and deferred fees
|
(1,052 | ) | (1,069 | ) | (1,062 | ) | ||||||
|
Loans,
net of unearned income and deferred fees
|
588,074 | 574,718 | 589,947 | |||||||||
|
Less:
allowance for loan losses
|
(7,141 | ) | (6,118 | ) | (6,926 | ) | ||||||
|
Loans,
net
|
580,933 | 568,600 | 583,021 | |||||||||
|
Bank
premises and equipment, net
|
10,729 | 11,070 | 10,628 | |||||||||
|
Accrued
interest receivable
|
6,186 | 6,209 | 6,250 | |||||||||
|
Other
real estate owned
|
2,567 | 1,918 | 2,126 | |||||||||
|
Intangible
assets
|
12,355 | 13,441 | 12,626 | |||||||||
|
Other
assets
|
24,276 | 21,528 | 24,549 | |||||||||
|
Total
assets
|
$ | 992,944 | $ | 979,787 | $ | 982,367 | ||||||
|
Liabilities
and Stockholders' Equity
|
||||||||||||
|
Noninterest-bearing
deposits
|
$ | 116,153 | $ | 112,473 | $ | 122,549 | ||||||
|
Interest-bearing
demand deposits
|
325,214 | 285,218 | 310,629 | |||||||||
|
Savings
deposits
|
53,977 | 49,178 | 51,622 | |||||||||
|
Time
deposits
|
362,124 | 410,960 | 367,312 | |||||||||
|
Total
deposits
|
857,468 | 857,829 | 852,112 | |||||||||
|
Other
borrowed funds
|
--- | 51 | --- | |||||||||
|
Accrued
interest payable
|
392 | 650 | 336 | |||||||||
|
Other
liabilities
|
8,580 | 7,701 | 7,843 | |||||||||
|
Total
liabilities
|
866,440 | 866,231 | 860,291 | |||||||||
|
Stockholders'
Equity
|
||||||||||||
|
Preferred
stock of no par value. Authorized 5,000,000 shares; none issued and
outstanding
|
--- | --- | --- | |||||||||
|
Common
stock of $1.25 par value. Authorized 10,000,000 shares; issued
and outstanding 6,933,474 shares at March 31, 2010, 6,929,474 shares at
March 31, 2009 and 6,933,474 shares at December 31, 2009
|
8,667 | 8,662 | 8,667 | |||||||||
|
Retained
earnings
|
117,670 | 108,743 | 113,901 | |||||||||
|
Accumulated
comprehensive income
|
167 | (3,849 | ) | (492 | ) | |||||||
|
Total
stockholders' equity
|
126,504 | 113,556 | 122,076 | |||||||||
|
Total
liabilities and stockholders' equity
|
$ | 992,944 | $ | 979,787 | $ | 982,367 | ||||||
|
Three
Months Ended
|
||||||||
|
March
31, 2010
|
March
31, 2009
|
|||||||
|
($
in thousands, except for per share data)
|
||||||||
|
Interest
Income
|
||||||||
|
Interest
and fees on loans
|
$ | 9,176 | $ | 9,462 | ||||
|
Interest
on federal funds
|
--- | --- | ||||||
|
Interest
on interest-bearing deposits
|
19 | 24 | ||||||
|
Interest
on securities - taxable
|
1,443 | 1,561 | ||||||
|
Interest
on securities - nontaxable
|
1,602 | 1,531 | ||||||
|
Total
interest income
|
12,240 | 12,578 | ||||||
|
Interest
Expense
|
||||||||
|
Interest
on time deposits of $100,000 or more
|
946 | 1,491 | ||||||
|
Interest
on other deposits
|
2,033 | 2,920 | ||||||
|
Interest
on borrowed funds
|
--- | 1 | ||||||
|
Total
interest expense
|
2,979 | 4,412 | ||||||
|
Net
interest income
|
9,261 | 8,166 | ||||||
|
Provision
for loan losses
|
647 | 370 | ||||||
|
Net
interest income after provision for loan losses
|
8,614 | 7,796 | ||||||
|
Noninterest
Income
|
||||||||
|
Service
charges on deposit accounts
|
714 | 804 | ||||||
|
Other
service charges and fees
|
47 | 73 | ||||||
|
Credit
card fees
|
666 | 625 | ||||||
|
Trust
income
|
269 | 276 | ||||||
|
BOLI
income
|
185 | 172 | ||||||
|
Other
income
|
104 | 77 | ||||||
|
Realized
securities gains (losses), net
|
(14 | ) | 80 | |||||
|
Total
noninterest income
|
1,971 | 2,107 | ||||||
|
Noninterest
Expense
|
||||||||
|
Salaries
and employee benefits
|
2,856 | 2,831 | ||||||
|
Occupancy
and furniture and fixtures
|
491 | 469 | ||||||
|
Data
processing and ATM
|
357 | 322 | ||||||
|
FDIC assessment
|
263 | 121 | ||||||
|
Credit
card processing
|
508 | 463 | ||||||
|
Intangibles
and goodwill amortization
|
271 | 278 | ||||||
|
Net
costs of other real estate owned
|
33 | 60 | ||||||
|
Franchise
taxes
|
239 | 227 | ||||||
|
Other
operating expenses
|
766 | 859 | ||||||
|
Total
noninterest expense
|
5,784 | 5,630 | ||||||
|
Income
before income tax expense
|
4,801 | 4,273 | ||||||
|
Income
tax expense
|
1,032 | 886 | ||||||
|
Net
income
|
$ | 3,769 | $ | 3,387 | ||||
|
Basic
net income per share
|
$ | 0.54 | $ | 0.49 | ||||
|
Fully
diluted net income per share
|
$ | 0.54 | $ | 0.49 | ||||
|
Weighted
average outstanding number of common shares
|
||||||||
|
Basic
|
6,933,474 | 6,929,474 | ||||||
|
Diluted
|
6,952,812 | 6,934,846 | ||||||
|
Dividends
declared per share
|
--- | --- | ||||||
|
Dividend
payout ratio
|
--- | --- | ||||||
|
Book
value per share
|
$ | 18.25 | $ | 16.39 | ||||
|
($
in thousands)
|
Three
Months Ending
|
|||||||
|
Average
Balances
|
March
31, 2010
|
March
31, 2009
|
||||||
|
Cash
and due from banks
|
$ | 11,197 | $ | 11,811 | ||||
|
Interest-bearing
deposits
|
34,866 | 41,121 | ||||||
|
Securities
available for sale
|
163,438 | 160,767 | ||||||
|
Securities
held to maturity
|
125,448 | 125,712 | ||||||
|
Mortgage
loans held for sale
|
619 | 1,091 | ||||||
|
Gross
loans
|
589,379 | 574,246 | ||||||
|
Loans,
net
|
581,296 | 567,190 | ||||||
|
Intangible
assets
|
12,511 | 13,601 | ||||||
|
Total
assets
|
971,844 | 960,824 | ||||||
|
Total
deposits
|
838,697 | 839,828 | ||||||
|
Other
borrowings
|
--- | 53 | ||||||
|
Stockholders'
equity
|
124,529 | 113,111 | ||||||
|
Interest-earning
assets
|
909,654 | 901,837 | ||||||
|
Interest-bearing
liabilities
|
723,107 | 730,963 | ||||||
|
Financial
Ratios
|
||||||||
|
Return
on average assets
|
1.57 | % | 1.43 | % | ||||
|
Return
on average equity
|
12.27 | % | 12.14 | % | ||||
|
Net
interest margin
|
4.57 | % | 4.08 | % | ||||
|
Net
interest income - fully taxable equivalent
|
$ | 10,241 | $ | 9,077 | ||||
|
Efficiency
ratio
|
47.36 | % | 50.34 | % | ||||
|
Average
equity to average assets
|
12.81 | % | 11.77 | % | ||||
|
($
in thousands)
|
||||||||
|
Allowance
for Loan Losses
|
||||||||
|
Beginning
balance
|
$ | 6,926 | $ | 5,858 | ||||
|
Provision
for losses
|
647 | 370 | ||||||
|
Charge-offs
|
(455 | ) | (123 | ) | ||||
|
Recoveries
|
23 | 13 | ||||||
|
Ending
balance
|
$ | 7,141 | $ | 6,118 | ||||
|
($
in thousands)
|
||||||||
|
Nonperforming
assets
|
March
31, 2010
|
March
31, 2009
|
||||||
|
Nonaccrual
loans
|
$ | 7,743 | $ | 1,337 | ||||
|
Restructured
loans
|
--- | --- | ||||||
|
Total
nonperforming loans
|
7,743 | 1,337 | ||||||
|
Other
real estate owned
|
2,567 | 1,918 | ||||||
|
Total
nonperforming assets
|
$ | 10,310 | $ | 3,255 | ||||
|
Loans
90 days or more past due
|
$ | 2,217 | $ | 1,607 | ||||
|
Asset
Quality Ratios
|
||||||||
|
Nonperforming
assets to loans net of unearned income and deferred fees, plus other real
estate owned
|
1.77 | % | 0.56 | % | ||||
|
Allowance
for loan losses to total loans
|
1.21 | % | 1.06 | % | ||||
|
Allowance
for loan losses to nonperforming loans
|
92.23 | % | 457.59 | % | ||||
|
Loans
past due 90 days or more to loans net of unearned income and deferred
fees
|
0.38 | % | 0.28 | % | ||||