|
($
in thousands)
|
(Unaudited)
|
(Audited)
|
||||||||||
|
Assets
|
June
30,
2010
|
June
30,
2009
|
December
31, 2009
|
|||||||||
|
Cash
and due from banks
|
$ | 12,609 | $ | 15,039 | $ | 12,894 | ||||||
|
Interest-bearing
deposits
|
53,311 | 37,692 | 32,730 | |||||||||
|
Federal
funds sold
|
--- | --- | --- | |||||||||
|
Securities
available for sale
|
161,691 | 169,768 | 168,041 | |||||||||
|
Securities
held to maturity
|
132,893 | 136,515 | 129,376 | |||||||||
|
Total
securities
|
294,584 | 306,283 | 297,417 | |||||||||
|
Mortgage
loans held for sale
|
2,191 | 1,490 | 126 | |||||||||
|
Loans:
|
||||||||||||
|
Real
estate construction loans
|
48,604 | 49,489 | 45,625 | |||||||||
|
Real
estate mortgage loans
|
173,724 | 165,309 | 165,542 | |||||||||
|
Commercial
and industrial loans
|
270,897 | 260,191 | 283,998 | |||||||||
|
Consumer
loans
|
90,702 | 102,237 | 95,844 | |||||||||
|
Total
loans
|
583,927 | 577,226 | 591,009 | |||||||||
|
Less:
unearned income and deferred fees
|
(1,002 | ) | (1,090 | ) | (1,062 | ) | ||||||
|
Loans,
net of unearned income and deferred fees
|
582,925 | 576,136 | 589,947 | |||||||||
|
Less:
allowance for loan losses
|
(7,553 | ) | (6,284 | ) | (6,926 | ) | ||||||
|
Loans,
net
|
575,372 | 569,852 | 583,021 | |||||||||
|
Bank
premises and equipment, net
|
10,721 | 10,874 | 10,628 | |||||||||
|
Accrued
interest receivable
|
6,023 | 6,518 | 6,250 | |||||||||
|
Other
real estate owned
|
3,170 | 1,869 | 2,126 | |||||||||
|
Intangible
assets
|
12,084 | 13,168 | 12,626 | |||||||||
|
Other
assets
|
24,810 | 21,977 | 24,549 | |||||||||
|
Total
assets
|
$ | 994,875 | $ | 984,762 | $ | 982,367 | ||||||
|
Liabilities
and Stockholders' Equity
|
||||||||||||
|
Noninterest-bearing
deposits
|
$ | 125,694 | $ | 117,194 | $ | 122,549 | ||||||
|
Interest-bearing
demand deposits
|
324,038 | 286,065 | 310,629 | |||||||||
|
Savings
deposits
|
58,399 | 48,998 | 51,622 | |||||||||
|
Time
deposits
|
351,206 | 409,605 | 367,312 | |||||||||
|
Total
deposits
|
859,337 | 861,862 | 852,112 | |||||||||
|
Other
borrowed funds
|
--- | 49 | --- | |||||||||
|
Accrued
interest payable
|
356 | 558 | 336 | |||||||||
|
Other
liabilities
|
7,357 | 7,314 | 7,843 | |||||||||
|
Total
liabilities
|
867,050 | 869,783 | 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 June 30, 2010, 6,933,474 shares at
June 30, 2009 and 6,933,474 shares at December 31, 2009
|
8,667 | 8,667 | 8,667 | |||||||||
|
Retained
earnings
|
118,615 | 109,307 | 113,901 | |||||||||
|
Accumulated
comprehensive income (loss)
|
543 | (2,995 | ) | (492 | ) | |||||||
|
Total
stockholders' equity
|
127,825 | 114,979 | 122,076 | |||||||||
|
Total
liabilities and stockholders' equity
|
$ | 994,875 | $ | 984,762 | $ | 982,367 | ||||||
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
|
June
30, 2010
|
June
30, 2009
|
June
30, 2010
|
June
30, 2009
|
|||||||||||||
|
($ in thousands,
except for per share data)
|
||||||||||||||||
|
Interest
Income
|
||||||||||||||||
|
Interest
and fees on loans
|
$ | 9,260 | $ | 9,392 | $ | 18,436 | $ | 18,854 | ||||||||
|
Interest
on federal funds
|
--- | --- | --- | --- | ||||||||||||
|
Interest
on interest-bearing deposits
|
30 | 26 | 49 | 50 | ||||||||||||
|
Interest
on securities – taxable
|
1,466 | 1,605 | 2,909 | 3,166 | ||||||||||||
|
Interest
on securities – nontaxable
|
1,591 | 1,688 | 3,193 | 3,219 | ||||||||||||
|
Total interest
income
|
12,347 | 12,711 | 24,587 | 25,289 | ||||||||||||
|
Interest
Expense
|
||||||||||||||||
|
Interest
on time deposits
|
894 | 1,493 | 1,840 | 2,984 | ||||||||||||
|
Interest
on other deposits
|
1,956 | 2,781 | 3,989 | 5,701 | ||||||||||||
|
Interest
on borrowed funds
|
--- | --- | --- | 1 | ||||||||||||
|
Total interest
expense
|
2,850 | 4,274 | 5,829 | 8,686 | ||||||||||||
|
Net interest
income
|
9,497 | 8,437 | 18,758 | 16,603 | ||||||||||||
|
Provision
for loan losses
|
852 | 278 | 1,499 | 648 | ||||||||||||
|
Net interest income after
provision for loan losses
|
8,645 | 8,159 | 17,259 | 15,955 | ||||||||||||
|
Noninterest
Income
|
||||||||||||||||
|
Service
charges on deposit accounts
|
772 | 837 | 1,486 | 1,641 | ||||||||||||
|
Other
service charges and fees
|
54 | 83 | 101 | 156 | ||||||||||||
|
Credit
card fees
|
760 | 712 | 1,426 | 1,337 | ||||||||||||
|
Trust
income
|
261 | 261 | 530 | 537 | ||||||||||||
|
Bank-owned
life insurance
|
176 | 172 | 361 | 353 | ||||||||||||
|
Other
income
|
89 | 117 | 193 | 185 | ||||||||||||
|
Realized
securities gains (losses), net
|
11 | (10 | ) | (3 | ) | 70 | ||||||||||
|
Total noninterest
income
|
2,123 | 2,172 | 4,094 | 4,279 | ||||||||||||
|
Noninterest
Expense
|
||||||||||||||||
|
Salaries
and employee benefits
|
2,654 | 2,794 | 5,510 | 5,625 | ||||||||||||
|
Occupancy
and furniture and fixtures
|
477 | 425 | 968 | 894 | ||||||||||||
|
Data
processing and ATM
|
349 | 314 | 706 | 636 | ||||||||||||
|
FDIC assessment
|
269 | 885 | 532 | 1,006 | ||||||||||||
|
Credit
card processing
|
584 | 538 | 1,092 | 1,001 | ||||||||||||
|
Intangibles
and goodwill amortization
|
271 | 273 | 542 | 551 | ||||||||||||
|
Net
costs of other real estate owned
|
27 | 11 | 60 | 71 | ||||||||||||
|
Franchise
taxes
|
242 | 273 | 481 | 445 | ||||||||||||
|
Other
operating expenses
|
824 | 667 | 1,590 | 1,581 | ||||||||||||
|
Total noninterest
expense
|
5,697 | 6,180 | 11,481 | 11,810 | ||||||||||||
|
Income
before income tax expense
|
5,071 | 4,151 | 9,872 | 8,424 | ||||||||||||
|
Income
tax expense
|
1,075 | 794 | 2,107 | 1,680 | ||||||||||||
|
Net income
|
$ | 3,996 | $ | 3,357 | $ | 7,765 | $ | 6,744 | ||||||||
|
Basic
net income per share
|
$ | 0.58 | $ | 0.48 | $ | 1.12 | $ | 0.97 | ||||||||
|
Fully
diluted net income per share
|
$ | 0.58 | $ | 0.48 | $ | 1.12 | $ | 0.97 | ||||||||
|
Weighted
average outstanding number of common shares
|
||||||||||||||||
|
Basic
|
6,933,474 | 6,932,023 | 6,933,474 | 6,930,756 | ||||||||||||
|
Diluted
|
6,946,650 | 6,945,161 | 6,949,731 | 6,940,011 | ||||||||||||
|
Dividends
declared per share
|
$ | 0.44 | $ | 0.41 | $ | 0.44 | $ | 0.41 | ||||||||
|
Dividend
payout ratio
|
--- | --- | 39.29 | 42.16 | ||||||||||||
|
Book
value per share
|
--- | --- | $ | 18.44 | $ | 16.58 | ||||||||||
|
($
in thousands)
|
Three
Months Ended
|
Six
Months Ended
|
||||||||||||||
|
Average
Balances
|
June
30, 2010
|
June
30, 2009
|
June
30, 2010
|
June
30, 2009
|
||||||||||||
|
Cash
and due from banks
|
$ | 11,981 | $ | 12,135 | $ | 11,766 | $ | 11,798 | ||||||||
|
Interest-bearing
deposits
|
51,716 | 40,997 | 43,167 | 41,234 | ||||||||||||
|
Securities
available for sale
|
162,030 | 169,328 | 162,730 | 165,070 | ||||||||||||
|
Securities
held to maturity
|
128,068 | 134,425 | 126,765 | 130,093 | ||||||||||||
|
Mortgage
loans held for sale
|
996 | 971 | 806 | 1,031 | ||||||||||||
|
Gross
loans
|
588,103 | 578,239 | 588,737 | 576,253 | ||||||||||||
|
Loans,
net
|
579,778 | 570,964 | 580,533 | 569,087 | ||||||||||||
|
Intangible
assets
|
12,240 | 13,324 | 12,375 | 13,462 | ||||||||||||
|
Total
assets
|
989,598 | 981,514 | 980,852 | 971,224 | ||||||||||||
|
Total
deposits
|
853,800 | 866,533 | 846,292 | 849,456 | ||||||||||||
|
Other
borrowings
|
--- | 50 | --- | 52 | ||||||||||||
|
Stockholders'
equity
|
127,713 | 114,981 | 126,128 | 114,050 | ||||||||||||
|
Interest-earning
assets
|
929,888 | 922,876 | 921,194 | 912,589 | ||||||||||||
|
Interest-bearing
liabilities
|
729,198 | 745,704 | 726,169 | 738,374 | ||||||||||||
|
Financial
ratios
|
||||||||||||||||
|
Return
on average assets
|
1.62 | % | 1.37 | % | 1.60 | % | 1.40 | % | ||||||||
|
Return
on average equity
|
12.55 | % | 11.71 | % | 12.41 | % | 11.92 | % | ||||||||
|
Net
interest margin
|
4.53 | % | 4.10 | % | 4.55 | % | 4.09 | % | ||||||||
|
Net
interest income – fully taxable equivalent
|
$ | 10,466 | $ | 9,432 | $ | 20,707 | $ | 18,509 | ||||||||
|
Efficiency
ratio
|
45.29 | % | 53.79 | % | 46.29 | % | 51.83 | % | ||||||||
|
Average
equity to average assets
|
12.91 | % | 11.71 | % | 12.86 | % | 11.74 | % | ||||||||
|
Allowance
for loan losses
|
||||||||||||||||
|
Beginning
balance
|
$ | 7,141 | $ | 6,118 | $ | 6,926 | $ | 5,858 | ||||||||
|
Provision
for losses
|
852 | 278 | 1,499 | 648 | ||||||||||||
|
Charge-offs
|
(515 | ) | (131 | ) | (971 | ) | (254 | ) | ||||||||
|
Recoveries
|
75 | 19 | 99 | 32 | ||||||||||||
|
Ending
balance
|
$ | 7,553 | $ | 6,284 | $ | 7,553 | $ | 6,284 | ||||||||
|
($
in thousands)
|
||||||||
|
Nonperforming
assets
|
June
30, 2010
|
June
30, 2009
|
||||||
|
Nonaccrual
loans
|
$ | 7,167 | $ | 2,729 | ||||
|
Restructured
loans
|
--- | --- | ||||||
|
Total
nonperforming loans
|
7,167 | 2,729 | ||||||
|
Other
real estate owned
|
3,170 | 1,869 | ||||||
|
Total
nonperforming assets
|
$ | 10,337 | $ | 4,598 | ||||
|
Loans
90 days or more past due
|
$ | 389 | $ | 1,764 | ||||
|
Asset
Quality Ratios
|
||||||||
|
Nonperforming
assets to loans net of unearned income and deferred fees, plus other real
estate owned
|
1.76 | % | 0.47 | % | ||||
|
Allowance
for loan losses to total loans
|
1.30 | % | 1.09 | % | ||||
|
Allowance
for loan losses to nonperforming loans
|
105.39 | % | 230.27 | % | ||||
|
Loans
past due 90 days or more to loans net of unearned income and deferred
fees
|
0.07 | % | 0.31 | % | ||||