|
($ in thousands, except for per share data)
|
March 31,
2012 |
March 31,
2011 |
December 31, 2011
|
|||||||||
|
Assets
|
||||||||||||
|
Cash and due from banks
|
$ | 12,241 | $ | 11,800 | $ | 11,897 | ||||||
|
Interest-bearing deposits
|
101,301 | 55,674 | 98,355 | |||||||||
|
Federal funds sold
|
--- | --- | --- | |||||||||
|
Securities available for sale
|
198,346 | 190,844 | 174,918 | |||||||||
|
Securities held to maturity
|
139,367 | 132,669 | 143,995 | |||||||||
|
Total securities
|
337,713 | 323,513 | 318,913 | |||||||||
|
Mortgage loans held for sale
|
1,371 | --- | 2,623 | |||||||||
|
Loans:
|
||||||||||||
|
Loans, net of unearned income and deferred fees
|
584,564 | 587,902 | 588,470 | |||||||||
|
Less: allowance for loan losses
|
(8,063 | ) | (8,245 | ) | (8,068 | ) | ||||||
|
Loans, net
|
576,501 | 579,657 | 580,402 | |||||||||
|
Bank premises and equipment, net
|
10,563 | 10,366 | 10,393 | |||||||||
|
Accrued interest receivable
|
6,175 | 6,514 | 6,304 | |||||||||
|
Other real estate owned
|
940 | 2,222 | 1,489 | |||||||||
|
Intangible assets
|
10,188 | 11,272 | 10,460 | |||||||||
|
Bank-owned life insurance
|
19,991 | 17,415 | 19,812 | |||||||||
|
Other assets
|
6,858 | 8,125 | 6,454 | |||||||||
|
Total assets
|
$ | 1,083,842 | $ | 1,026,558 | $ | 1,067,102 | ||||||
|
Liabilities and Stockholders' Equity
|
||||||||||||
|
Noninterest-bearing deposits
|
$ | 145,070 | $ | 136,769 | $ | 142,163 | ||||||
|
Interest-bearing demand deposits
|
415,352 | 372,470 | 404,801 | |||||||||
|
Savings deposits
|
65,322 | 58,273 | 61,298 | |||||||||
|
Time deposits
|
306,048 | 318,383 | 311,071 | |||||||||
|
Total deposits
|
931,792 | 885,895 | 919,333 | |||||||||
|
Other borrowed funds
|
--- | --- | --- | |||||||||
|
Accrued interest payable
|
191 | 260 | 206 | |||||||||
|
Other liabilities
|
7,067 | 6,738 | 6,264 | |||||||||
|
Total liabilities
|
939,050 | 892,893 | 925,803 | |||||||||
|
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 6,939,974 shares at March 31, 2012, 6,935,974 at March 31, 2011 and 6,939,974 at December 31,2011
|
8,675 | 8,670 | 8,675 | |||||||||
|
Retained earnings
|
138,374 | 127,218 | 133,945 | |||||||||
|
Accumulated other comprehensive gain, net
|
(2,257 | ) | (2,223 | ) | (1,321 | ) | ||||||
|
Total stockholders' equity
|
144,792 | 133,665 | 141,299 | |||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,083,842 | $ | 1,026,558 | $ | 1,067,102 | ||||||
|
Three Months Ended
|
||||||||
| ($ in thousands, except for per share data) |
March 31, 2012
|
March 31, 2011
|
||||||
|
Interest Income
|
||||||||
|
Interest and fees on loans
|
$ | 8,878 | $ | 9,095 | ||||
|
Interest on federal funds
|
--- | --- | ||||||
|
Interest on interest-bearing deposits
|
71 | 32 | ||||||
|
Interest on securities – taxable
|
1,589 | 1,662 | ||||||
|
Interest on securities – nontaxable
|
1,576 | 1,676 | ||||||
|
Total interest income
|
12,114 | 12,465 | ||||||
|
Interest Expense
|
||||||||
|
Interest on time deposits of $100,000 or more
|
425 | 561 | ||||||
|
Interest on other deposits
|
1,692 | 1,818 | ||||||
|
Interest on borrowed funds
|
--- | --- | ||||||
|
Total interest expense
|
2,117 | 2,379 | ||||||
|
Net interest income
|
9,997 | 10,086 | ||||||
|
Provision for loan losses
|
672 | 800 | ||||||
|
Net interest income after provision for loan losses
|
9,325 | 9,286 | ||||||
|
Noninterest Income
|
||||||||
|
Service charges on deposit accounts
|
631 | 612 | ||||||
|
Other service charges and fees
|
49 | 58 | ||||||
|
Credit card fees
|
794 | 733 | ||||||
|
Trust income
|
326 | 246 | ||||||
|
Bank-owned life insurance
|
200 | 184 | ||||||
|
Other income
|
99 | 91 | ||||||
|
Realized securities gains, net
|
53 | 10 | ||||||
|
Total noninterest income
|
2,152 | 1,934 | ||||||
|
Noninterest Expense
|
||||||||
|
Salaries and employee benefits
|
2,956 | 2,904 | ||||||
|
Occupancy and furniture and fixtures
|
397 | 423 | ||||||
|
Data processing and ATM
|
392 | 444 | ||||||
|
FDIC assessment
|
109 | 346 | ||||||
|
Credit card processing
|
572 | 586 | ||||||
|
Intangibles and goodwill amortization
|
271 | 271 | ||||||
|
Net costs of other real estate owned
|
48 | 134 | ||||||
|
Franchise taxes
|
162 | 242 | ||||||
|
Other operating expenses
|
804 | 734 | ||||||
|
Total noninterest expense
|
5,711 | 6,084 | ||||||
|
Income before income tax expense
|
5,766 | 5,136 | ||||||
|
Income tax expense
|
1,337 | 1,112 | ||||||
|
Net income
|
$ | 4,429 | $ | 4,024 | ||||
|
Basic net income per share
|
$ | 0.64 | $ | 0.58 | ||||
|
Fully diluted net income per share
|
$ | 0.64 | $ | 0.58 | ||||
|
Weighted average outstanding number of common shares
|
||||||||
|
Basic
|
6,939,974 | 6,933,780 | ||||||
|
Diluted
|
6,954,637 | 6,957,450 | ||||||
|
Dividends declared per share
|
$ | --- | $ | --- | ||||
|
Dividend payout ratio
|
--- | --- | ||||||
|
Book value per share
|
$ | 20.86 | $ | 19.27 | ||||
|
Three Months Ended
|
||||||||
|
($ in thousands, except for per share data)
|
March 31, 2012
|
March 31, 2011
|
||||||
|
Net income
|
$ | 4,429 | $ | 4,024 | ||||
|
Other Comprehensive Income, Net of Tax
|
||||||||
|
Unrealized holding gains (losses) on available for sale securities net of deferred taxes of $(489) and $228
|
(907 | ) | 423 | |||||
|
Reclassification adjustment, net of income taxes of $(15) and $(3)
|
(29 | ) | (5 | ) | ||||
|
Other comprehensive income (loss), net of tax of $(504) and $225
|
$ | (936 | ) | $ | 418 | |||
|
Total comprehensive income
|
$ | 3,493 | $ | 4,442 | ||||
|
Three Months Ended
|
||||||||
|
Average Balances
|
March 31, 2012
|
March 31, 2011
|
||||||
|
Cash and due from banks
|
$ | 11,865 | $ | 11,420 | ||||
|
Interest-bearing deposits
|
110,901 | 54,089 | ||||||
|
Securities available for sale
|
175,232 | 187,510 | ||||||
|
Securities held to maturity
|
140,743 | 132,322 | ||||||
|
Mortgage loans held for sale
|
1,213 | 696 | ||||||
|
Gross loans
|
585,080 | 585,444 | ||||||
|
Loans, net
|
575,583 | 576,614 | ||||||
|
Intangible assets
|
10,344 | 11,428 | ||||||
|
Total assets
|
1,068,848 | 1,016,979 | ||||||
|
Total deposits
|
918,387 | 877,294 | ||||||
|
Other borrowings
|
--- | --- | ||||||
|
Stockholders' equity
|
143,603 | 131,191 | ||||||
|
Interest-earning assets
|
1,012,224 | 959,550 | ||||||
|
Interest-bearing liabilities
|
780,804 | 747,612 | ||||||
|
Financial Ratios
|
||||||||
|
Return on average assets
|
1.67 | % | 1.60 | % | ||||
|
Return on average equity
|
12.40 | % | 12.44 | % | ||||
|
Net interest margin
|
4.36 | % | 4.68 | % | ||||
|
Net interest income – fully taxable equivalent
|
$ | 10,940 | $ | 11,066 | ||||
|
Efficiency ratio
|
43.63 | % | 46.80 | % | ||||
|
Average equity to average assets
|
13.44 | % | 12.90 | % | ||||
|
Allowance for Loan Losses
|
||||||||
|
Beginning balance
|
$ | 8,068 | $ | 7,664 | ||||
|
Provision for losses
|
672 | 800 | ||||||
|
Charge-offs
|
(700 | ) | (243 | ) | ||||
|
Recoveries
|
23 | 24 | ||||||
|
Ending balance
|
$ | 8,063 | $ | 8,245 | ||||
|
Nonperforming Assets
|
March 31, 2012
|
March 31, 2011
|
||||||
|
Nonaccrual loans
|
$ | 1,789 | $ | 2,339 | ||||
|
Nonaccrual restructured loans
|
3,539 | 5,314 | ||||||
|
Total nonperforming loans
|
5,328 | 7,653 | ||||||
|
Other real estate owned
|
940 | 2,222 | ||||||
|
Total nonperforming assets
|
$ | 6,268 | $ | 9,875 | ||||
|
Accruing restructured loans
|
$ | 3,742 | $ | 884 | ||||
|
Loans 90 days or more past due
|
$ | 209 | $ | 1,078 | ||||
|
Asset Quality Ratios
|
||||||||
|
Nonperforming assets to loans net of unearned income and deferred fees, plus other real estate owned
|
1.07 | % | 1.67 | % | ||||
|
Allowance for loan losses to total loans
|
1.38 | % | 1.40 | % | ||||
|
Allowance for loan losses to nonperforming loans
|
151.33 | % | 107.74 | % | ||||
|
Loans past due 90 days or more to loans net of unearned income and deferred fees
|
0.04 | % | 0.18 | % | ||||