|
($ in thousands, except for per share data)
|
June 30, 2011
|
June 30, 2010
|
December 31, 2010
|
|||||||||
|
Assets
|
||||||||||||
|
Cash and due from banks
|
$ | 13,113 | $ | 12,609 | $ | 9,858 | ||||||
|
Interest-bearing deposits
|
54,768 | 53,311 | 69,400 | |||||||||
|
Federal funds sold
|
--- | --- | --- | |||||||||
|
Securities available for sale
|
190,674 | 161,691 | 184,907 | |||||||||
|
Securities held to maturity
|
136,399 | 132,893 | 131,000 | |||||||||
|
Total securities
|
327,073 | 294,584 | 315,907 | |||||||||
|
Mortgage loans held for sale
|
248 | 2,191 | 2,460 | |||||||||
|
Loans:
|
||||||||||||
|
Real estate construction loans
|
47,549 | 48,604 | 46,169 | |||||||||
|
Real estate mortgage loans
|
171,818 | 173,724 | 173,533 | |||||||||
|
Commercial and industrial loans
|
290,694 | 270,897 | 269,818 | |||||||||
|
Consumer loans
|
84,510 | 90,702 | 87,868 | |||||||||
|
Total loans
|
594,571 | 583,927 | 577,388 | |||||||||
|
Less: unearned income and deferred fees
|
(999 | ) | (1,002 | ) | (945 | ) | ||||||
|
Loans, net of unearned income and deferred fees
|
593,572 | 582,925 | 576,443 | |||||||||
|
Less: allowance for loan losses
|
(8,494 | ) | (7,553 | ) | (7,664 | ) | ||||||
|
Loans, net
|
585,078 | 575,372 | 568,779 | |||||||||
|
Bank premises and equipment, net
|
10,232 | 10,721 | 10,470 | |||||||||
|
Accrued interest receivable
|
6,255 | 6,023 | 6,016 | |||||||||
|
Other real estate owned
|
1,855 | 3,170 | 1,723 | |||||||||
|
Intangible assets
|
11,001 | 12,084 | 11,543 | |||||||||
|
Other assets
|
25,234 | 24,810 | 26,082 | |||||||||
|
Total assets
|
$ | 1,034,857 | $ | 994,875 | $ | 1,022,238 | ||||||
|
Liabilities and Stockholders' Equity
|
||||||||||||
|
Noninterest-bearing deposits
|
$ | 136,041 | $ | 125,694 | $ | 131,540 | ||||||
|
Interest-bearing demand deposits
|
384,329 | 324,038 | 365,040 | |||||||||
|
Savings deposits
|
59,909 | 58,399 | 55,800 | |||||||||
|
Time deposits
|
311,908 | 351,206 | 332,203 | |||||||||
|
Total deposits
|
892,187 | 859,337 | 884,583 | |||||||||
|
Other borrowed funds
|
--- | --- | --- | |||||||||
|
Accrued interest payable
|
237 | 356 | 257 | |||||||||
|
Other liabilities
|
6,125 | 7,357 | 8,211 | |||||||||
|
Total liabilities
|
898,549 | 867,050 | 893,051 | |||||||||
|
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 6,937,974 shares at June 30, 2011 and 6,933,474 at December 31, 2010
|
8,672 | 8,667 | 8,667 | |||||||||
|
Retained earnings
|
128,129 | 118,615 | 123,161 | |||||||||
|
Accumulated other comprehensive (loss), net
|
(493 | ) | 543 | (2,641 | ) | |||||||
|
Total stockholders' equity
|
136,308 | 127,825 | 129,187 | |||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,034,857 | $ | 994,875 | $ | 1,022,238 | ||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30, 2011
|
June 30, 2010
|
June 30, 2011
|
June 30, 2010
|
|||||||||||||
|
($ in thousands, except for per share data)
|
||||||||||||||||
|
Interest Income
|
||||||||||||||||
|
Interest and fees on loans
|
$ | 9,107 | $ | 9,260 | $ | 18,202 | $ | 18,436 | ||||||||
|
Interest on federal funds
|
--- | --- | --- | --- | ||||||||||||
|
Interest on interest-bearing deposits
|
35 | 30 | 67 | 49 | ||||||||||||
|
Interest on securities – taxable
|
1,713 | 1,466 | 3,375 | 2,909 | ||||||||||||
|
Interest on securities – nontaxable
|
1,620 | 1,591 | 3,296 | 3,193 | ||||||||||||
|
Total interest income
|
12,475 | 12,347 | 24,940 | 24,587 | ||||||||||||
|
Interest Expense
|
||||||||||||||||
|
Interest on time deposits of $100,000 or more
|
505 | 894 | 1,066 | 1,840 | ||||||||||||
|
Interest on other deposits
|
1,841 | 1,956 | 3,659 | 3,989 | ||||||||||||
|
Interest on borrowed funds
|
--- | --- | --- | --- | ||||||||||||
|
Total interest expense
|
2,346 | 2,850 | 4,725 | 5,829 | ||||||||||||
|
Net interest income
|
10,129 | 9,497 | 20,215 | 18,758 | ||||||||||||
|
Provision for loan losses
|
753 | 852 | 1,553 | 1,499 | ||||||||||||
|
Net interest income after provision for loan losses
|
9,376 | 8,645 | 18,662 | 17,259 | ||||||||||||
|
Noninterest Income
|
||||||||||||||||
|
Service charges on deposit accounts
|
648 | 772 | 1,260 | 1,486 | ||||||||||||
|
Other service charges and fees
|
59 | 54 | 117 | 151 | ||||||||||||
|
Credit card fees
|
827 | 760 | 1,560 | 1,426 | ||||||||||||
|
Trust income
|
307 | 261 | 553 | 530 | ||||||||||||
|
Bank-owned life insurance
|
186 | 176 | 370 | 361 | ||||||||||||
|
Other income
|
77 | 89 | 168 | 143 | ||||||||||||
|
Realized securities gains (losses), net
|
(14 | ) | 11 | (4 | ) | (3 | ) | |||||||||
|
Total noninterest income
|
2,090 | 2,123 | 4,024 | 4,094 | ||||||||||||
|
Noninterest Expense
|
||||||||||||||||
|
Salaries and employee benefits
|
2,823 | 2,654 | 5,727 | 5,510 | ||||||||||||
|
Occupancy and furniture and fixtures
|
435 | 477 | 858 | 968 | ||||||||||||
|
Data processing and ATM
|
429 | 349 | 873 | 706 | ||||||||||||
|
FDIC assessment
|
350 | 269 | 696 | 532 | ||||||||||||
|
Credit card processing
|
646 | 584 | 1,232 | 1,092 | ||||||||||||
|
Intangibles and goodwill amortization
|
271 | 271 | 542 | 542 | ||||||||||||
|
Net costs of other real estate owned
|
95 | 27 | 229 | 60 | ||||||||||||
|
Franchise taxes
|
215 | 242 | 457 | 481 | ||||||||||||
|
Other operating expenses
|
761 | 824 | 1,495 | 1,590 | ||||||||||||
|
Total noninterest expense
|
6,025 | 5,697 | 12,109 | 11,481 | ||||||||||||
|
Income before income tax expense
|
5,441 | 5,071 | 10,577 | 9,872 | ||||||||||||
|
Income tax expense
|
1,225 | 1,075 | 2,337 | 2,107 | ||||||||||||
|
Net income
|
$ | 4,216 | $ | 3,996 | $ | 8,240 | $ | 7,765 | ||||||||
|
Basic net income per share
|
$ | 0.61 | $ | 0.58 | $ | 1.19 | $ | 1.12 | ||||||||
|
Fully diluted net income per share
|
$ | 0.61 | $ | 0.58 | $ | 1.19 | $ | 1.12 | ||||||||
|
Weighted average outstanding number of common shares
|
||||||||||||||||
|
Basic
|
6,936,501 | 6,933,474 | 6,935,148 | 6,932,126 | ||||||||||||
|
Diluted
|
6,946,852 | 6,946,650 | 6,952,159 | 6,952,812 | ||||||||||||
|
Dividends declared per share
|
$ | 0.48 | $ | 0.44 | $ | 0.48 | $ | 0.44 | ||||||||
|
Dividend payout ratio
|
--- | --- | 40.40 | 39.29 | ||||||||||||
|
Book value per share
|
$ | 19.65 | $ | 18.44 | $ | 19.65 | $ | 18.44 | ||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
Average Balances
|
June 30, 2011
|
June 30, 2010
|
June 30, 2011
|
June 30, 2010
|
||||||||||||
|
Cash and due from banks
|
$ | 12,290 | $ | 11,981 | $ | 11,857 | $ | 11,766 | ||||||||
|
Interest-bearing deposits
|
59,465 | 51,716 | 56,792 | 43,167 | ||||||||||||
|
Securities available for sale
|
188,590 | 162,030 | 188,044 | 162,730 | ||||||||||||
|
Securities held to maturity
|
132,613 | 128,068 | 132,469 | 126,765 | ||||||||||||
|
Mortgage loans held for sale
|
512 | 996 | 603 | 806 | ||||||||||||
|
Gross loans
|
588,145 | 588,103 | 586,801 | 588,737 | ||||||||||||
|
Loans, net
|
578,824 | 579,778 | 577,723 | 580,533 | ||||||||||||
|
Intangible assets
|
11,157 | 12,240 | 11,292 | 12,375 | ||||||||||||
|
Total assets
|
1,027,361 | 989,598 | 1,022,196 | 980,852 | ||||||||||||
|
Total deposits
|
885,295 | 853,800 | 881,319 | 846,292 | ||||||||||||
|
Other borrowings
|
--- | --- | --- | --- | ||||||||||||
|
Stockholders' equity
|
135,159 | 127,713 | 133,182 | 126,128 | ||||||||||||
|
Interest-earning assets
|
967,328 | 926,190 | 963,343 | 917,795 | ||||||||||||
|
Interest-bearing liabilities
|
750,735 | 729,198 | 749,182 | 726,169 | ||||||||||||
|
Financial ratios
|
||||||||||||||||
|
Return on average assets
|
1.65 | % | 1.62 | % | 1.63 | % | 1.60 | % | ||||||||
|
Return on average equity
|
12.51 | % | 12.55 | % | 12.48 | % | 12.41 | % | ||||||||
|
Net interest margin
|
4.59 | % | 4.53 | % | 4.64 | % | 4.55 | % | ||||||||
|
Net interest income – fully taxable equivalent
|
$ | 11,080 | $ | 10,466 | $ | 22,146 | $ | 20,707 | ||||||||
|
Efficiency ratio
|
45.70 | % | 45.29 | % | 46.27 | % | 46.29 | % | ||||||||
|
Average equity to average assets
|
13.16 | % | 12.91 | % | 13.03 | % | 12.86 | % | ||||||||
|
Allowance for loan losses
|
||||||||||||||||
|
Beginning balance
|
$ | 8,245 | $ | 7,141 | $ | 7,664 | $ | 6,926 | ||||||||
|
Provision for losses
|
753 | 852 | 1,553 | 1,499 | ||||||||||||
|
Charge-offs
|
(517 | ) | (515 | ) | (761 | ) | (971 | ) | ||||||||
|
Recoveries
|
13 | 75 | 38 | 99 | ||||||||||||
|
Ending balance
|
$ | 8,494 | $ | 7,553 | $ | 8,494 | $ | 7,553 | ||||||||
|
Nonperforming assets
|
June 30, 2011
|
June 30, 2010
|
||||||
|
Nonaccrual loans
|
$ | 1,819 | $ | 7,167 | ||||
|
Nonaccrual restructured loans
|
5,030 | --- | ||||||
|
Total nonperforming loans
|
6,849 | 7,167 | ||||||
|
Other real estate owned
|
1,855 | 3,170 | ||||||
|
Total nonperforming assets
|
$ | 8,704 | $ | 10,337 | ||||
| Accruing restructured loans | $ | 780 | $ | --- | ||||
|
Loans 90 days or more past due
|
$ | 489 | $ | 389 | ||||
|
Asset quality ratios
|
||||||||
|
Nonperforming assets to loans net of unearned income and deferred fees, plus other real estate owned
|
1.46 | % | 1.76 | % | ||||
|
Allowance for loan losses to total loans
|
1.43 | % | 1.30 | % | ||||
|
Allowance for loan losses to nonperforming loans
|
124.02 | % | 105.39 | % | ||||
|
Loans past due 90 days or more to loans net of unearned income and deferred fees
|
0.08 | % | 0.07 | % | ||||