|
($ in thousands, except for per share data)
|
March 31, 2011
|
March 31, 2010
|
December 31, 2010
|
|||||||||
|
Assets
|
||||||||||||
|
Cash and due from banks
|
$ | 11,800 | $ | 11,744 | $ | 9,858 | ||||||
|
Interest-bearing deposits
|
55,674 | 55,706 | 69,400 | |||||||||
|
Federal funds sold
|
--- | --- | --- | |||||||||
|
Securities available for sale
|
190,844 | 161,543 | 184,907 | |||||||||
|
Securities held to maturity
|
132,669 | 125,547 | 131,000 | |||||||||
|
Total securities
|
323,513 | 287,090 | 315,907 | |||||||||
|
Mortgage loans held for sale
|
--- | 1,358 | 2,460 | |||||||||
|
Loans:
|
||||||||||||
|
Real estate construction loans
|
48,671 | 47,245 | 46,169 | |||||||||
|
Real estate mortgage loans
|
173,785 | 165,604 | 173,533 | |||||||||
|
Commercial and industrial loans
|
280,607 | 284,242 | 269,818 | |||||||||
|
Consumer loans
|
85,816 | 92,035 | 87,868 | |||||||||
|
Total loans
|
588,879 | 589,126 | 577,388 | |||||||||
|
Less: unearned income and deferred fees
|
(977 | ) | (1,052 | ) | (945 | ) | ||||||
|
Loans, net of unearned income and deferred fees
|
587,902 | 588,074 | 576,443 | |||||||||
|
Less: allowance for loan losses
|
(8,245 | ) | (7,141 | ) | (7,664 | ) | ||||||
|
Loans, net
|
579,657 | 580,933 | 568,779 | |||||||||
|
Bank premises and equipment, net
|
10,366 | 10,729 | 10,470 | |||||||||
|
Accrued interest receivable
|
6,514 | 6,186 | 6,016 | |||||||||
|
Other real estate owned
|
2,222 | 2,567 | 1,723 | |||||||||
|
Intangible assets
|
11,272 | 12,355 | 11,543 | |||||||||
|
Other assets
|
25,645 | 24,276 | 26,082 | |||||||||
|
Total assets
|
$ | 1,026,663 | $ | 992,944 | $ | 1,022,238 | ||||||
|
Liabilities and Stockholders' Equity
|
||||||||||||
|
Noninterest-bearing deposits
|
$ | 136,769 | $ | 116,153 | $ | 131,540 | ||||||
|
Interest-bearing demand deposits
|
372,470 | 325,214 | 365,040 | |||||||||
|
Savings deposits
|
58,273 | 53,977 | 55,800 | |||||||||
|
Time deposits
|
318,383 | 362,124 | 332,203 | |||||||||
|
Total deposits
|
885,895 | 857,468 | 884,583 | |||||||||
|
Other borrowed funds
|
--- | --- | --- | |||||||||
|
Accrued interest payable
|
260 | 392 | 257 | |||||||||
|
Other liabilities
|
6,843 | 8,580 | 8,211 | |||||||||
|
Total liabilities
|
892,998 | 866,440 | 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 6,935,974 shares at March 31, 2011 and 6,933,474 at December 31, 2010
|
8,670 | 8,667 | 8,667 | |||||||||
|
Retained earnings
|
127,218 | 117,670 | 123,161 | |||||||||
|
Accumulated other comprehensive income (loss), net
|
(2,223 | ) | 167 | (2,641 | ) | |||||||
|
Total stockholders' equity
|
133,665 | 126,504 | 129,187 | |||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,026,663 | $ | 992,944 | $ | 1,022,238 | ||||||
|
Three Months Ended
|
||||||||
|
March 31, 2011
|
March 31, 2010
|
|||||||
|
($ in thousands, except for per share data)
|
||||||||
|
Interest Income
|
||||||||
|
Interest and fees on loans
|
$ | 9,095 | $ | 9,176 | ||||
|
Interest on federal funds
|
--- | --- | ||||||
|
Interest on interest-bearing deposits
|
32 | 19 | ||||||
|
Interest on securities – taxable
|
1,662 | 1,443 | ||||||
|
Interest on securities – nontaxable
|
1,676 | 1,602 | ||||||
|
Total interest income
|
12,465 | 12,240 | ||||||
|
Interest Expense
|
||||||||
|
Interest on time deposits of $100,000 or more
|
561 | 946 | ||||||
|
Interest on other deposits
|
1,818 | 2,033 | ||||||
|
Interest on borrowed funds
|
--- | --- | ||||||
|
Total interest expense
|
2,379 | 2,979 | ||||||
|
Net interest income
|
10,086 | 9,261 | ||||||
|
Provision for loan losses
|
800 | 647 | ||||||
|
Net interest income after provision for loan losses
|
9,286 | 8,614 | ||||||
|
Noninterest Income
|
||||||||
|
Service charges on deposit accounts
|
612 | 714 | ||||||
|
Other service charges and fees
|
58 | 47 | ||||||
|
Credit card fees
|
733 | 666 | ||||||
|
Trust income
|
246 | 269 | ||||||
|
Bank-owned life insurance
|
184 | 185 | ||||||
|
Other income
|
91 | 104 | ||||||
|
Realized securities gains (losses), net
|
10 | (14 | ) | |||||
|
Total noninterest income
|
1,934 | 1,971 | ||||||
|
Noninterest Expense
|
||||||||
|
Salaries and employee benefits
|
2,904 | 2,856 | ||||||
|
Occupancy and furniture and fixtures
|
423 | 491 | ||||||
|
Data processing and ATM
|
444 | 357 | ||||||
|
FDIC assessment
|
346 | 263 | ||||||
|
Credit card processing
|
586 | 508 | ||||||
|
Intangibles and goodwill amortization
|
271 | 271 | ||||||
|
Net costs of other real estate owned
|
134 | 33 | ||||||
|
Franchise taxes
|
242 | 239 | ||||||
|
Other operating expenses
|
734 | 766 | ||||||
|
Total noninterest expense
|
6,084 | 5,784 | ||||||
|
Income before income tax expense
|
5,136 | 4,801 | ||||||
|
Income tax expense
|
1,112 | 1,032 | ||||||
|
Net income
|
$ | 4,024 | $ | 3,769 | ||||
|
Basic net income per share
|
$ | 0.58 | $ | 0.54 | ||||
|
Fully diluted net income per share
|
$ | 0.58 | $ | 0.54 | ||||
|
Weighted average outstanding number of common shares
|
||||||||
|
Basic
|
6,933,780 | 6,933,474 | ||||||
|
Diluted
|
6,957,450 | 6,952,812 | ||||||
|
Dividends declared per share
|
--- | --- | ||||||
|
Dividend payout ratio
|
--- | --- | ||||||
|
Book value per share
|
$ | 19.27 | $ | 18.25 | ||||
|
Three Months Ended
|
||||||||
|
Average Balances
|
March 31, 2011
|
March 31, 2010
|
||||||
|
Cash and due from banks
|
$ | 11,420 | $ | 11,197 | ||||
|
Interest-bearing deposits
|
54,089 | 34,866 | ||||||
|
Securities available for sale
|
187,510 | 163,438 | ||||||
|
Securities held to maturity
|
132,322 | 125,448 | ||||||
|
Mortgage loans held for sale
|
696 | 619 | ||||||
|
Gross loans
|
585,444 | 589,379 | ||||||
|
Loans, net
|
576,614 | 581,296 | ||||||
|
Intangible assets
|
11,428 | 12,511 | ||||||
|
Total assets
|
1,016,979 | 971,844 | ||||||
|
Total deposits
|
877,294 | 838,697 | ||||||
|
Other borrowings
|
--- | --- | ||||||
|
Stockholders' equity
|
131,191 | 124,529 | ||||||
|
Interest-earning assets
|
959,550 | 909,654 | ||||||
|
Interest-bearing liabilities
|
747,612 | 723,107 | ||||||
|
Financial ratios
|
||||||||
|
Return on average assets
|
1.60 | % | 1.57 | % | ||||
|
Return on average equity
|
12.44 | % | 12.27 | % | ||||
|
Net interest margin
|
4.68 | % | 4.57 | % | ||||
|
Net interest income – fully taxable equivalent
|
$ | 11,066 | $ | 10,142 | ||||
|
Efficiency ratio
|
46.84 | % | 47.70 | % | ||||
|
Average equity to average assets
|
12.90 | % | 12.81 | % | ||||
|
Allowance for loan losses
|
||||||||
|
Beginning balance
|
$ | 7,664 | $ | 6,926 | ||||
|
Provision for losses
|
800 | 647 | ||||||
|
Charge-offs
|
(243 | ) | (456 | ) | ||||
|
Recoveries
|
24 | 24 | ||||||
|
Ending balance
|
$ | 8,245 | $ | 7,141 | ||||
|
Nonperforming assets
|
March 31, 2011
|
March 31, 2010
|
||||||
|
Nonaccrual loans
|
$ | 2,339 | $ | 7,743 | ||||
|
Restructured loans
|
6,198 | --- | ||||||
|
Total nonperforming loans
|
8,537 | 7,743 | ||||||
|
Other real estate owned
|
2,222 | 2,567 | ||||||
|
Total nonperforming assets
|
$ | 10,759 | $ | 10,310 | ||||
|
Loans 90 days or more past due
|
$ | 1,078 | $ | 2,217 | ||||
|
Asset quality ratios
|
||||||||
|
Nonperforming assets to loans net of unearned income and deferred fees, plus other real estate owned
|
1.82 | % | 1.75 | % | ||||
|
Allowance for loan losses to total loans
|
1.40 | % | 1.21 | % | ||||
|
Allowance for loan losses to nonperforming loans
|
96.58 | % | 92.23 | % | ||||
|
Loans past due 90 days or more to loans net of unearned income and deferred fees
|
0.18 | % | 0.38 | % | ||||