|
($
in thousands, except for per share data)
|
||||||||
|
Assets
|
December
31, 2009
|
December
31, 2008
|
||||||
|
Cash
and due from banks
|
$ | 12,894 | $ | 16,316 | ||||
|
Interest-bearing
deposits
|
32,730 | 29,656 | ||||||
|
Federal
funds sold
|
--- | --- | ||||||
|
Securities
available for sale
|
168,041 | 147,227 | ||||||
|
Securities
held to maturity
|
129,376 | 117,772 | ||||||
|
Total
securities
|
297,417 | 264,999 | ||||||
|
Mortgage
loans held for sale
|
126 | 348 | ||||||
|
Loans:
|
||||||||
|
Real
estate construction loans
|
45,625 | 60,798 | ||||||
|
Real
estate mortgage loans
|
165,542 | 162,757 | ||||||
|
Commercial
and industrial loans
|
283,998 | 246,218 | ||||||
|
Consumer
loans
|
95,844 | 106,907 | ||||||
|
Total
loans
|
591,009 | 576,680 | ||||||
|
Less:
unearned income and deferred fees
|
(1,062 | ) | (1,123 | ) | ||||
|
Loans,
net of unearned income and deferred fees
|
589,947 | 575,557 | ||||||
|
Less:
allowance for loan losses
|
(6,926 | ) | (5,858 | ) | ||||
|
Loans,
net
|
583,021 | 569,699 | ||||||
|
Bank
premises and equipment, net
|
10,628 | 11,204 | ||||||
|
Accrued
interest receivable
|
6,250 | 5,760 | ||||||
|
Other
real estate owned
|
2,126 | 1,984 | ||||||
|
Intangible
assets
|
12,626 | 13,719 | ||||||
|
Other
assets
|
24,549 | 21,689 | ||||||
|
Total
assets
|
$ | 982,367 | $ | 935,374 | ||||
|
Liabilities
and Stockholders' Equity
|
||||||||
|
Noninterest-bearing
deposits
|
$ | 122,549 | $ | 109,630 | ||||
|
Interest-bearing
demand deposits
|
310,629 | 256,416 | ||||||
|
Savings
deposits
|
51,622 | 45,329 | ||||||
|
Time
deposits
|
367,312 | 406,473 | ||||||
|
Total
deposits
|
852,112 | 817,848 | ||||||
|
Other
borrowed funds
|
--- | 54 | ||||||
|
Accrued
interest payable
|
336 | 655 | ||||||
|
Other
liabilities
|
7,843 | 6,709 | ||||||
|
Total
liabilities
|
860,291 | 825,266 | ||||||
|
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 December 31, 2009 and 6,929,474 shares
at December 31, 2008
|
8,667 | 8,662 | ||||||
|
Retained
earnings
|
113,901 | 105,356 | ||||||
|
Accumulated
comprehensive income
|
(492 | ) | (3,910 | ) | ||||
|
Total
stockholders' equity
|
122,076 | 110,108 | ||||||
|
Total
liabilities and stockholders' equity
|
$ | 982,367 | $ | 935,374 | ||||
|
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||||||||
|
December
31, 2009
|
December
31, 2008
|
December
31, 2009
|
December
31, 2008
|
|||||||||||||
|
($
in thousands, except for per share data)
|
||||||||||||||||
|
Interest
Income
|
||||||||||||||||
|
Interest
and fees on loans
|
$ | 9,408 | $ | 9,426 | $ | 37,578 | $ | 37,108 | ||||||||
|
Interest
on federal funds
|
--- | --- | --- | --- | ||||||||||||
|
Interest
on interest-bearing deposits
|
17 | 23 | 90 | 449 | ||||||||||||
|
Interest
on securities - taxable
|
1,507 | 1,641 | 6,273 | 6,816 | ||||||||||||
|
Interest
on securities - nontaxable
|
1,650 | 1,429 | 6,546 | 5,738 | ||||||||||||
|
Total
interest income
|
12,582 | 12,519 | 50,487 | 50,111 | ||||||||||||
|
Interest
Expense
|
||||||||||||||||
|
Interest
on time deposits
|
1,054 | 1,502 | 5,417 | 6,004 | ||||||||||||
|
Interest
on other deposits
|
2,208 | 2,898 | 10,405 | 12,802 | ||||||||||||
|
Interest
on borrowed funds
|
1 | 1 | 3 | 12 | ||||||||||||
|
Total
interest expense
|
3,263 | 4,401 | 15,825 | 18,818 | ||||||||||||
|
Net
interest income
|
9,319 | 8,118 | 34,662 | 31,293 | ||||||||||||
|
Provision
for loan losses
|
681 | 604 | 1,634 | 1,119 | ||||||||||||
|
Net
interest income after provision for loan losses
|
8,638 | 7,514 | 33,028 | 30,174 | ||||||||||||
|
Noninterest
Income
|
||||||||||||||||
|
Service
charges on deposit accounts
|
808 | 923 | 3,314 | 3,425 | ||||||||||||
|
Other
service charges and fees
|
80 | 76 | 343 | 326 | ||||||||||||
|
Credit
card fees
|
743 | 707 | 2,803 | 2,808 | ||||||||||||
|
Trust
income
|
261 | 302 | 1,053 | 1,231 | ||||||||||||
|
Bank
owned life insurance
|
202 | 238 | 756 | 684 | ||||||||||||
|
Other
income
|
230 | 124 | 491 | 438 | ||||||||||||
|
Realized
securities gains (losses), net
|
(11 | ) | (14 | ) | 44 | 175 | ||||||||||
|
Total
noninterest income
|
2,313 | 2,356 | 8,804 | 9,087 | ||||||||||||
|
Noninterest
Expense
|
||||||||||||||||
|
Salaries
and employee benefits
|
2,927 | 2,773 | 11,336 | 11,168 | ||||||||||||
|
Occupancy
and furniture and fixtures
|
448 | 423 | 1,792 | 1,751 | ||||||||||||
|
Data
processing and ATM
|
355 | 348 | 1,371 | 1,381 | ||||||||||||
|
FDIC assessment
|
298 | 119 | 1,727 | 209 | ||||||||||||
|
Credit
card processing
|
570 | 535 | 2,121 | 2,105 | ||||||||||||
|
Intangibles
and goodwill amortization
|
271 | 278 | 1,093 | 1,119 | ||||||||||||
|
Net
costs of other real estate owned
|
293 | 36 | 393 | 100 | ||||||||||||
|
Franchise
taxes
|
219 | 204 | 885 | 823 | ||||||||||||
|
Other
operating expenses
|
771 | 1,013 | 3,135 | 3,367 | ||||||||||||
|
Total
noninterest expense
|
6,152 | 5,729 | 23,853 | 22,023 | ||||||||||||
|
Income
before income tax expense
|
4,799 | 4,141 | 17,979 | 17,238 | ||||||||||||
|
Income
tax expense
|
1,004 | 813 | 3,660 | 3,645 | ||||||||||||
|
Net
income
|
$ | 3,795 | $ | 3,328 | $ | 14,319 | $ | 13,593 | ||||||||
|
Basic
net income per share
|
$ | 0.55 | $ | 0.48 | $ | 2.07 | $ | 1.96 | ||||||||
|
Fully
diluted net income per share
|
$ | 0.55 | $ | 0.48 | $ | 2.06 | $ | 1.96 | ||||||||
|
Weighted
average outstanding number of common shares
|
||||||||||||||||
|
Basic
|
6,933,474 | 6,928,632 | 6,932,126 | 6,929,755 | ||||||||||||
|
Diluted
|
6,953,970 | 6,932,755 | 6,945,530 | 6,935,950 | ||||||||||||
|
Dividends
declared per share
|
--- | --- | $ | 0.84 | $ | 0.80 | ||||||||||
|
Dividend
payout ratio
|
--- | --- | 40.67 | 40.78 | ||||||||||||
|
Book
value per share
|
--- | --- | $ | 17.61 | $ | 15.89 | ||||||||||
|
Three
Months Ending
|
Twelve
Months Ended
|
|||||||||||||||
|
Average
Balances
|
December
31, 2009
|
December
31, 2008
|
December
31, 2009
|
December
31, 2008
|
||||||||||||
|
Cash
and due from banks
|
$ | 11,858 | $ | 12,194 | $ | 11,879 | $ | 12,467 | ||||||||
|
Interest-bearing
deposits
|
27,338 | 18,879 | 35,841 | 21,440 | ||||||||||||
|
Securities
available for sale
|
167,023 | 148,292 | 166,592 | 157,291 | ||||||||||||
|
Securities
held to maturity
|
130,924 | 125,525 | 131,645 | 124,076 | ||||||||||||
|
Mortgage
loans held for sale
|
940 | 371 | 911 | 386 | ||||||||||||
|
Gross
loans
|
587,198 | 562,464 | 579,766 | 539,593 | ||||||||||||
|
Loans,
net
|
579,633 | 555,864 | 572,438 | 533,190 | ||||||||||||
|
Intangible
assets
|
12,781 | 13,878 | 13,187 | 14,296 | ||||||||||||
|
Total
assets
|
969,092 | 914,111 | 971,538 | 899,462 | ||||||||||||
|
Total
deposits
|
838,866 | 797,757 | 846,637 | 783,774 | ||||||||||||
|
Other
borrowings
|
44 | 55 | 49 | 297 | ||||||||||||
|
Stockholders'
equity
|
122,276 | 109,445 | 117,086 | 108,585 | ||||||||||||
|
Interest-earning
assets
|
909,411 | 854,414 | 913,091 | 841,675 | ||||||||||||
|
Interest-bearing
liabilities
|
718,632 | 687,184 | 731,446 | 671,463 | ||||||||||||
|
Financial
Ratios
|
||||||||||||||||
|
Return
on average assets
|
1.55 | % | 1.45 | % | 1.47 | % | 1.51 | % | ||||||||
|
Return
on average equity
|
12.31 | % | 12.10 | % | 12.23 | % | 12.52 | % | ||||||||
|
Net
interest margin
|
4.51 | % | 4.20 | % | 4.23 | % | 4.12 | % | ||||||||
|
Net
interest income - fully taxable equivalent
|
$ | 10,331 | $ | 8,971 | $ | 38,595 | $ | 34,715 | ||||||||
|
Efficiency
ratio
|
48.61 | % | 50.58 | % | 50.32 | % | 50.28 | % | ||||||||
|
Average
equity to average assets
|
12.62 | % | 11.97 | % | 12.05 | % | 12.07 | % | ||||||||
|
Allowance
for Loan Losses
|
||||||||||||||||
|
Beginning
balance
|
$ | 6,453 | $ | 5,435 | $ | 5,858 | $ | 5,219 | ||||||||
|
Provision
for losses
|
681 | 604 | 1,634 | 1,119 | ||||||||||||
|
Charge-offs
|
(225 | ) | (202 | ) | (647 | ) | (611 | ) | ||||||||
|
Recoveries
|
17 | 21 | 81 | 131 | ||||||||||||
|
Ending
balance
|
$ | 6,926 | $ | 5,858 | $ | 6,926 | $ | 5,858 | ||||||||
|
Nonperforming
assets
|
December
31, 2009
|
December
31, 2008
|
||||||
|
Nonaccrual
loans
|
$ | 4,098 | $ | 1,333 | ||||
|
Restructured
loans
|
2,652 | --- | ||||||
|
Total
nonperforming loans
|
6,750 | 1,333 | ||||||
|
Other
real estate owned
|
2,126 | 1,984 | ||||||
|
Total
nonperforming assets
|
$ | 8,876 | $ | 3,317 | ||||
|
Loans
90 days or more past due
|
$ | 1,697 | $ | 1,127 | ||||
|
Asset
Quality Ratios
|
||||||||
|
Nonperforming
loans to loans net of unearned income and deferred fees, plus other real
estate owned
|
1.14 | % | 0.23 | % | ||||
|
Allowance
for loan losses to total loans
|
1.17 | % | 1.02 | % | ||||
|
Allowance
for loan losses to nonperforming loans
|
169.01 | % | 439.46 | % | ||||
|
Loans
past due 90 days or more to loans net of unearned income and deferred
fees
|
0.29 | % | 0.20 | % | ||||