









|
 |
|
| COMPARATIVE CONSOLIDATED |
| STATEMENTS OF CONDITION (unaudited) |
|
|
|
|
September 30, |
| ASSETS |
|
|
2008 |
|
2007 |
| Cash and due from banks |
|
$15,848,339 |
|
$8,743,801 |
| Federal funds sold / Short term investments |
|
11,289 |
|
818,988 |
|
Total cash and cash equivalents |
|
15,859,628 |
|
9,562,789 |
| Investment securities |
|
|
|
|
| Available for sale |
|
87,063,748 |
|
79,815,933 |
| Held to maturity |
|
16,130,570 |
|
26,111,786 |
|
Total securities |
|
103,194,318 |
|
105,927,719 |
|
|
|
|
|
|
| Loans |
|
|
374,934,016 |
|
299,834,417 |
| Less - Allowance for loan losses |
|
(3,728,609) |
|
(3,318,080) |
|
Net loans |
|
371,205,407 |
|
296,516,337 |
|
|
|
|
|
|
| Premises and equipment, net |
|
2,421,343 |
|
2,912,316 |
| Other assets |
|
|
20,880,926 |
|
15,223,886 |
| |
Total assets |
|
$513,561,622 |
|
$430,143,047 |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
| Non-interest-bearing deposits |
|
$70,107,443 |
|
$57,674,845 |
| Interest-bearing deposits |
|
320,469,773 |
|
275,270,212 |
|
Total deposits |
|
390,577,216 |
|
332,945,057 |
|
|
|
|
|
|
|
|
|
|
|
|
| Securities sold under agreements to repurchase |
0 |
|
0 |
| Borrowings |
|
|
57,200,000 |
|
33,300,000 |
| Redeemable subordinated debentures |
|
18,557,000 |
|
18,557,000 |
| Accrued expenses and other liabilities |
|
4,158,434 |
|
6,118,794 |
| |
Total liabilities |
|
470,492,650 |
|
390,920,851 |
|
|
|
|
|
|
|
|
|
|
|
|
| SHAREHOLDERS' EQUITY |
|
|
|
|
| Common stock, no par value; 30,000,000 shares |
|
|
|
| authorized; 3,998,844 and 3,969,871 shares issued and |
|
|
|
| 3,996,529 and 3,969,105 shares outstanding |
|
|
|
|
| as of September 30, 2008 and 2007, respectively |
|
32,753,829 |
|
28,968,434 |
|
|
|
|
|
|
| Retained earnings |
|
10,982,686 |
|
11,189,933 |
| Treasury stock, at cost : 2,315 shares in 2008 and 766 shares in 2007 |
(29,221) |
|
(12,108) |
|
|
|
|
|
|
| and 7,300 shares in 2002 |
|
|
|
|
| Accumulated other comprehensive loss |
|
(638,322) |
|
(924,063) |
| Total shareholders' equity |
|
43,068,972 |
|
39,222,196 |
| Total liabilities and shareholders' equity |
|
$513,561,622 |
|
$430,143,047 |
| COMPARATIVE CONSOLIDATED |
| STATEMENTS OF INCOME (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
| |
|
|
September 30, |
|
September 30, |
| INTEREST INCOME |
|
2008 |
|
2007 |
|
2008 |
|
2007 |
| Loans, including fees |
|
$6,199,531 |
|
$6,493,304 |
|
$18,335,949 |
|
$18,753,870 |
| Securities |
|
|
1,133,099 |
|
1,324,347 |
|
3,309,919 |
|
3,833,000 |
| Federal funds sold |
|
|
|
|
|
|
|
|
| and short term investments |
|
56,623 |
|
8,087 |
|
102,571 |
|
73,510 |
|
Total interest income |
|
7,389,253 |
|
7,825,738 |
|
21,748,439 |
|
22,660,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
| Deposits |
|
|
2,563,263 |
|
2,486,055 |
|
7,595,593 |
|
7,137,521 |
| Securities sold under agreements |
|
|
|
|
|
|
|
|
| to repurchase and other borrowed funds |
|
372,555 |
|
498,681 |
|
1,151,511 |
|
1,131,093 |
| Redeemable subordinated debentures |
|
265,745 |
|
322,460 |
|
799,742 |
|
1,101,034 |
| |
Total interest expense |
|
3,201,563 |
|
3,307,196 |
|
9,546,846 |
|
9,369,648 |
|
Net interest income |
|
4,187,690 |
|
4,518,542 |
|
12,201,593 |
|
13,290,732 |
| Provision for loan losses |
|
175,000 |
|
30,000 |
|
535,000 |
|
100,000 |
|
Net interest income after provision for loan losses |
|
4,012,690 |
|
4,488,542 |
|
11,666,593 |
|
13,190,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
| Service charges on deposit accounts |
|
257,977 |
|
168,578 |
|
641,421 |
|
493,614 |
| Gain on sale of securities |
|
|
|
|
|
|
|
|
| Loss on sales of securities |
|
0 |
|
0 |
|
0 |
|
0 |
| Gain on sales of loans |
|
298,342 |
|
183,750 |
|
893,945 |
|
604,268 |
| Income on Bank-owned life insurance |
|
97,901 |
|
95,446 |
|
282,546 |
|
274,027 |
| Other income |
|
321,991 |
|
197,932 |
|
749,580 |
|
565,961 |
|
Total non-interest income |
|
976,211 |
|
645,706 |
|
2,567,492 |
|
1,937,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NON-INTEREST EXPENSES |
|
|
|
|
|
|
|
|
| Salaries and employee benefits |
|
2,177,318 |
|
1,810,573 |
|
6,228,445 |
|
5,361,491 |
| Occupancy expense |
|
459,958 |
|
431,888 |
|
1,324,396 |
|
1,233,948 |
| Other operating expenses |
|
1,290,987 |
|
768,910 |
|
3,406,914 |
|
2,365,493 |
| |
Total non-interest expenses |
|
3,928,263 |
|
3,011,371 |
|
10,959,755 |
|
8,960,932 |
| Income before income taxes |
|
|
1,060,638 |
|
2,122,877 |
|
3,274,330 |
|
6,167,670 |
| Income taxes |
|
278,244 |
|
687,147 |
|
971,893 |
|
1,987,948 |
| |
Net income |
|
$782,394 |
|
$1,435,730 |
|
$2,302,437 |
|
$4,179,722 |
|
|
|
|
|
|
|
|
|
|
| Net Income Per Share - Basic |
|
$0.20 |
|
$0.36 |
|
$0.58 |
|
$1.05 |
| Net Income Per Share - Diluted |
|
$0.19 |
|
$0.36 |
|
$0.57 |
|
$1.04 |
| Book Value Per Share |
|
|
|
|
|
$10.78 |
|
$10.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|