EX-1 3 financials1q08.txt FINANCIALS Selected Consolidated Financial Data Balance Sheet Data:
dollars in thousands Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2008 2007 2007 2007 2007 Cash and cash equivalents $12,578 $12,285 $ 9,598 $30,026 $20,498 Securites available for sale 87,803 84,514 82,782 82,590 79,219 Loans, net 190,264 191,488 192,158 186,019 184,148 Deposits 239,507 242,523 242,133 257,016 247,920 Repurchase agreements 9,784 8,831 8,322 9,047 7,788 Federal Home Loan Bank advances 18,000 17,000 14,000 14,000 14,000 Shareholders' equity 35,756 34,991 34,699 34,050 34,605 Total assets 308,833 306,651 303,055 317,563 307,559
Income Statement Data: Quarter ended dollars in thousands, except per Mar 31, Mar 31, share data 2008 2007 Change
Interest income $4,270 $4,352 -1.9% Interest expense 1,526 1,710 -10.8% Net interest income 2,744 2,642 3.9% Provision for loan losses 187 27 592.6% Net interest income after provision for loan losses 2,557 2,615 -2.2% Noninterest income 592 411 44.0% Noninterest expense 2,489 2,672 -6.8% Income before income taxes 660 354 86.4% Income taxes 169 67 152.2% Net income $491 $287 71.1% Earnings per share Basic and diluted $0.22 $0.13 69.2% Weighted average shares outstanding 2,205,787 2,234,488
Quarterly Earnings Summary Previous Eight Quarters:
dollars in thousands, except per share data Mar Dec Sep Jun 2008 2007 2007 2007 Interest income $4,270 $4,441 $4,497 $4,542 Interest expense 1,526 1,718 1,756 1,784 Net interest income 2,744 2,723 2,741 2,758 Provision for loan losses 187 120 - - Net interest income after provision for loan losses 2,557 2,603 2,741 2,758 Noninterest income 592 602 553 424 Noninterest expense 2,489 2,387 2,620 2,821 Income before income taxes 660 818 674 361 Income taxes 169 215 167 47 Net income $491 $603 $507 $314 Earnings per share Basic and diluted $0.22 $0.27 $0.23 $0.14 Cash dividends per share $0.16 $0.16 $0.16 $0.16 Weighted average shares outstanding 2,205,787 2,222,115 2,234,488 2,234,488
Mar Dec Sep Jun 2007 2006 2006 2006 Interest income $4,352 $4,426 $4,379 $4,187 Interest expense 1,710 1,699 1,559 1,466 Net interest income 2,642 2,726 2,820 2,721 Provision for loan losses 27 120 40 - Net interest income after provision for loan losses 2,615 2,606 2,780 2,721 Noninterest income 411 412 429 378 Noninterest expense 2,672 2,843 2,818 2,976 Income before income taxes 354 176 391 123 Income taxes 67 -18 88 -36 Net income $287 $194 $303 $159 Earnings per share Basic and diluted $0.13 $0.09 $0.14 $0.07 Cash dividends per share $0.16 $0.16 $0.16 $0.16 Weighted average shares outstanding 2,234,488 2,234,488 2,234,488 2,234,488