|
($ in thousands, except for per share data)
|
March 31, 2013
|
March 31, 2012
|
December 31, 2012
|
|||||||||
|
Assets
|
||||||||||||
|
Cash and due from banks
|
$ | 10,674 | $ | 12,241 | $ | 14,783 | ||||||
|
Interest-bearing deposits
|
107,176 | 101,301 | 96,597 | |||||||||
|
Securities available for sale
|
192,954 | 198,346 | 191,504 | |||||||||
|
Securities held to maturity
|
166,947 | 139,367 | 160,539 | |||||||||
|
Total securities
|
359,901 | 337,713 | 352,043 | |||||||||
|
Mortgage loans held for sale
|
313 | 1,371 | 2,796 | |||||||||
|
Loans:
|
||||||||||||
|
Loans, net of unearned income and deferred fees
|
574,958 | 584,564 | 592,162 | |||||||||
|
Less: allowance for loan losses
|
(8,291 | ) | (8,063 | ) | (8,349 | ) | ||||||
|
Loans, net
|
566,667 | 576,501 | 583,813 | |||||||||
|
Bank premises and equipment, net
|
10,237 | 10,563 | 10,401 | |||||||||
|
Accrued interest receivable
|
5,878 | 6,175 | 6,247 | |||||||||
|
Other real estate owned
|
1,094 | 940 | 1,435 | |||||||||
|
Intangible assets
|
9,106 | 10,189 | 9,377 | |||||||||
|
Bank-owned life insurance
|
20,690 | 19,991 | 20,523 | |||||||||
|
Other assets
|
6,767 | 6,857 | 6,346 | |||||||||
|
Total assets
|
$ | 1,098,503 | $ | 1,083,842 | $ | 1,104,361 | ||||||
|
Liabilities and Stockholders' Equity
|
||||||||||||
|
Noninterest-bearing deposits
|
$ | 144,815 | $ | 145,070 | $ | 144,252 | ||||||
|
Interest-bearing demand deposits
|
449,992 | 415,352 | 455,713 | |||||||||
|
Savings deposits
|
72,420 | 65,322 | 69,063 | |||||||||
|
Time deposits
|
269,892 | 306,048 | 277,738 | |||||||||
|
Total deposits
|
937,119 | 931,792 | 946,766 | |||||||||
|
Accrued interest payable
|
146 | 191 | 139 | |||||||||
|
Other liabilities
|
7,878 | 7,067 | 7,347 | |||||||||
|
Total liabilities
|
945,143 | 939,050 | 954,252 | |||||||||
|
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 6,947,974 shares at March 31, 2013, 6,939,974 at March 31, 2012 and 6,947,974 at December 31,2012
|
8,685 | 8,675 | 8,685 | |||||||||
|
Retained earnings
|
148,378 | 138,374 | 144,162 | |||||||||
|
Accumulated other comprehensive loss, net
|
(3,703 | ) | (2,257 | ) | (2,738 | ) | ||||||
|
Total stockholders' equity
|
153,360 | 144,792 | 150,109 | |||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,098,503 | $ | 1,083,842 | $ | 1,104,361 | ||||||
|
Three Months Ended
|
||||||||
|
March 31, 2013
|
March 31, 2012
|
|||||||
|
($ in thousands, except for per share data)
|
||||||||
|
Interest Income
|
||||||||
|
Interest and fees on loans
|
$ | 8,319 | $ | 8,878 | ||||
|
Interest on interest-bearing deposits
|
58 | 71 | ||||||
|
Interest on securities – taxable
|
1,539 | 1,589 | ||||||
|
Interest on securities – nontaxable
|
1,648 | 1,576 | ||||||
|
Total interest income
|
11,564 | 12,114 | ||||||
|
Interest Expense
|
||||||||
|
Interest on time deposits of $100,000 or more
|
268 | 425 | ||||||
|
Interest on other deposits
|
1,411 | 1,692 | ||||||
|
Total interest expense
|
1,679 | 2,117 | ||||||
|
Net interest income
|
9,885 | 9,997 | ||||||
|
Provision for loan losses
|
671 | 672 | ||||||
|
Net interest income after provision for loan losses
|
9,214 | 9,325 | ||||||
|
Noninterest Income
|
||||||||
|
Service charges on deposit accounts
|
588 | 631 | ||||||
|
Other service charges and fees
|
60 | 49 | ||||||
|
Credit card fees
|
740 | 794 | ||||||
|
Trust income
|
289 | 326 | ||||||
|
Bank-owned life insurance
|
188 | 200 | ||||||
|
Other income
|
150 | 99 | ||||||
|
Realized securities gains, net
|
95 | 53 | ||||||
|
Total noninterest income
|
2,110 | 2,152 | ||||||
|
Noninterest Expense
|
||||||||
|
Salaries and employee benefits
|
2,940 | 2,956 | ||||||
|
Occupancy and furniture and fixtures
|
432 | 397 | ||||||
|
Data processing and ATM
|
393 | 392 | ||||||
|
FDIC assessment
|
136 | 109 | ||||||
|
Credit card processing
|
552 | 572 | ||||||
|
Intangibles and goodwill amortization
|
271 | 271 | ||||||
|
Net costs of other real estate owned
|
75 | 48 | ||||||
|
Franchise taxes
|
258 | 162 | ||||||
|
Other operating expenses
|
889 | 804 | ||||||
|
Total noninterest expense
|
5,946 | 5,711 | ||||||
|
Income before income tax expense
|
5,378 | 5,766 | ||||||
|
Income tax expense
|
1,162 | 1,337 | ||||||
|
Net income
|
$ | 4,216 | $ | 4,429 | ||||
|
Basic net income per share
|
$ | 0.61 | $ | 0.64 | ||||
|
Fully diluted net income per share
|
$ | 0.60 | $ | 0.64 | ||||
|
Weighted average outstanding number of common shares
|
||||||||
|
Basic
|
6,947,974 | 6,939,974 | ||||||
|
Diluted
|
6,969,073 | 6,954,637 | ||||||
|
Dividends declared per share
|
--- | --- | ||||||
|
Dividend payout ratio
|
--- | --- | ||||||
|
Book value per share
|
$ | 22.07 | $ | 20.86 | ||||
|
Three Months Ended
|
||||||||
|
($ in thousands, except for per share data)
|
March 31, 2013
|
March 31, 2012
|
||||||
|
Net Income
|
$ | 4,216 | $ | 4,429 | ||||
|
Other Comprehensive Income, net of tax
|
||||||||
|
Unrealized holding losses on available for sale securities net of deferred taxes of ($486) and ($489)
|
(903 | ) | (907 | ) | ||||
|
Reclassification adjustment, net of income taxes of ($33) and ($15)
|
(62 | ) | (29 | ) | ||||
|
Other comprehensive loss, net of tax of ($1,485) and ($504)
|
$ | (965 | ) | $ | (936 | ) | ||
|
Total Comprehensive Income
|
$ | 3,251 | $ | 3,493 | ||||
|
Average Balances
|
March 31, 2013
|
March 31, 2012
|
||||||
|
Cash and due from banks
|
$ | 12,023 | $ | 11,865 | ||||
|
Interest-bearing deposits
|
99,216 | 110,901 | ||||||
|
Securities available for sale
|
190,938 | 175,232 | ||||||
|
Securities held to maturity
|
162,264 | 140,743 | ||||||
|
Mortgage loans held for sale
|
1,507 | 1,213 | ||||||
|
Gross loans
|
583,337 | 585,080 | ||||||
|
Loans, net
|
574,030 | 575,583 | ||||||
|
Intangible assets
|
9,262 | 10,344 | ||||||
|
Total assets
|
1,092,880 | 1,068,848 | ||||||
|
Total deposits
|
933,185 | 918,387 | ||||||
|
Other borrowings
|
--- | --- | ||||||
|
Stockholders' equity
|
151,852 | 143,603 | ||||||
|
Interest-earning assets
|
1,033,967 | 1,012,224 | ||||||
|
Interest-bearing liabilities
|
795,321 | 780,804 | ||||||
|
Financial ratios
|
||||||||
|
Return on average assets
|
1.56 | % | 1.67 | % | ||||
|
Return on average equity
|
11.26 | % | 12.40 | % | ||||
|
Net interest margin
|
4.28 | % | 4.36 | % | ||||
|
Net interest income – fully taxable equivalent
|
$ | 10,906 | $ | 10,940 | ||||
|
Efficiency ratio
|
45.68 | % | 43.63 | % | ||||
|
Average equity to average assets
|
13.89 | % | 13.44 | % | ||||
|
Allowance for loan losses
|
||||||||
|
Beginning balance
|
$ | 8,349 | $ | 8,068 | ||||
|
Provision for losses
|
671 | 672 | ||||||
|
Charge-offs
|
(754 | ) | (700 | ) | ||||
|
Recoveries
|
25 | 23 | ||||||
|
Ending balance
|
$ | 8,291 | $ | 8,063 | ||||
|
Nonperforming assets
|
March 31, 2013
|
March 31, 2012
|
||||||
|
Nonaccrual loans
|
$ | 10,734 | $ | 1,789 | ||||
|
Nonaccrual restructured loans
|
1,691 | 3,539 | ||||||
|
Total nonperforming loans
|
12,425 | 5,328 | ||||||
|
Other real estate owned
|
1,094 | 940 | ||||||
|
Total nonperforming assets
|
$ | 13,519 | $ | 6,268 | ||||
|
Accruing restructured loans
|
$ | 5,732 | $ | 3,742 | ||||
|
Loans 90 days or more past due
|
$ | 568 | $ | 210 | ||||
|
Asset quality ratios
|
||||||||
|
Nonperforming assets to loans net of unearned income and deferred fees, plus other real estate owned
|
2.35 | % | 1.07 | % | ||||
|
Allowance for loan losses to total loans
|
1.44 | % | 1.38 | % | ||||
|
Allowance for loan losses to nonperforming loans
|
66.73 | % | 151.33 | % | ||||
|
Loans past due 90 days or more to loans net of unearned income and deferred fees
|
0.10 | % | 0.04 | % | ||||