Financial Statements
In compliance with its Investor Relations
Policy, the Bancorp does not mail quarterly reports or other
financial updates to shareholders. Summary financial
information for the most recent quarter is below. You may also review full, audited financial statements for the full year (2010) in PDF file format (requires Adobe Acrobat or Acrobat Reader).
Consolidated Balance Sheet ($000s) (Unaudited1) |
|
|
September 30 |
|
2010 |
|
2011 |
|
Cash and due from banks |
868 |
|
2,386 |
Interest-bearing deposits |
23,517 |
|
7,387 |
Securities - AFS |
136,167 |
|
149,971 |
Loans held for sale |
19,530 |
|
44,425 |
|
Gross loans
|
282,429 |
|
332,934 |
|
Net deferred (fees)/expenses
|
4,209 |
|
3,677 |
|
Allowance for loan losses
|
(6,980) |
|
(5,570) |
Net Loans |
279,658 |
|
331,041 |
Accrued interest receivable |
2,112 |
|
2,243 |
FHLB stock |
3,638 |
|
2,943 |
Bank owned life insurance |
7,794 |
|
8,087 |
Goodwill |
4,687 |
|
4,687 |
Other real estate owned |
2,158 |
|
1,834 |
Other assets |
6,947 |
|
6,290 |
| |
Total assets |
487,076 |
|
561,294 |
| |
|
Non-interest bearing demand deposits
|
9,892 |
|
15,973 |
|
Interest bearing demand deposits
|
51,755 |
|
56,689 |
|
Savings and money market deposits
|
132,383 |
|
167,277 |
|
Time deposits
|
210,027 |
|
224,168 |
Total deposits |
404,057 |
|
464,107 |
FHLB advances |
30,424 |
|
40,543 |
Accrued interest payable |
104 |
|
98 |
Accrued payroll and related expenses |
1,050 |
|
1,263 |
Other liabilities |
688 |
|
1,297 |
Total liabilities |
436,323 |
|
507,308 |
|
|
|
|
Common stock |
41,231 |
|
41,291 |
Accumulated earnings |
9,008 |
|
11,837 |
Accumulated OCI |
514 |
|
858 |
Shareholder's Equity |
50,753 |
|
53,986 |
|
|
|
|
Total Liabilities & Equity |
487,076 |
|
561,294 |
Consolidated Income Statement ($000s) (Unaudited1) |
|
Quarter Ended September 30 |
|
2010 |
|
2011 |
Securities income |
1,326 |
|
1,328 |
Loan income |
4,969 |
|
4,774 |
Other interest income |
13 |
|
11 |
Total interest income |
6,308 |
|
6,113 |
| |
Deposit interest expense |
2,275 |
|
2,065 |
Other interest expense |
328 |
|
343 |
Total interest expense |
2,603 |
|
2,408 |
| |
Net interest income |
3,705 |
|
3,705 |
| |
Provision for Loan Losses |
627 |
|
634 |
| |
Net interest income after provision |
3,078 |
|
3,071 |
| |
Service charges and fees |
314 |
|
284 |
Gain on loans sold |
933 |
|
637 |
Other-than-temporary impairment loss |
(426) |
|
(123) |
Loss on asset disposals |
(55) |
|
(60) |
Other non-interest income |
77 |
|
78 |
Total non-interest income |
843 |
|
816 |
| |
Salaries and employee benefits |
1,337 |
|
1,366 |
Marketing, advertising and promotion |
58 |
|
242 |
Consulting and professional fees |
122 |
|
176 |
Data processing |
253 |
|
238 |
Loan expenses |
198 |
|
213 |
Premises and equipment |
214 |
|
398 |
Deposit insurance premiums |
228 |
|
110 |
Other non-interest expense |
203 |
|
204 |
Total non-interest expense |
2,613 |
|
2,947 |
| |
Income before taxes |
1,308 |
|
940 |
| |
Tax expense |
302 |
|
175 |
| |
Net income |
1,006 |
|
765 |
| |
Income per share:
Basic and diluted |
0.53 |
|
0.40 |
Weighted average of
shares outstanding:
Basic and diluted
|
1,900,019 |
|
1,906,954 |
Consolidated Income Statement ($000s) (Unaudited1) |
|
Nine Months Ended September 30 |
|
2010 |
|
2011 |
|
Securities income |
4,080 |
|
3,977 |
Loan income |
15,223 |
|
13,989 |
Other interest income |
41 |
|
43 |
Total interest income |
19,344 |
|
18,009 |
|
|
|
|
Deposit interest expense |
7,035 |
|
6,372 |
Other interest expense |
1,206 |
|
1,013 |
Total interest expense |
8,241 |
|
7,385 |
|
|
|
|
Net interest income |
11,103 |
|
10,624 |
|
|
|
|
Provision for Loan Losses |
(370) |
|
1,493 |
|
|
|
|
Net interest income after provision |
11,473 |
|
9,131 |
|
|
|
|
Service charges and fees |
952 |
|
876 |
Gain on loans sold |
1,528 |
|
1,427 |
Other-than-temporary impairment loss |
(686) |
|
(556) |
Loss on asset disposals |
(160) |
|
(239) |
Other non-interest income |
230 |
|
229 |
Total non-interest income |
1,864 |
|
1,737 |
|
|
|
|
Salaries and employee benefits |
3,484 |
|
3,870 |
Marketing, advertising and promotion |
213 |
|
536 |
Consulting and professional fees |
529 |
|
513 |
Data processing |
723 |
|
696 |
Loan expenses |
413 |
|
565 |
Premises and equipment |
866 |
|
944 |
Deposit insurance premiums |
702 |
|
609 |
Other non-interest expense |
568 |
|
566 |
Total non-interest expense |
7,498 |
|
8,299 |
|
|
|
|
Income before taxes |
5,839 |
|
2,569 |
|
|
|
|
Tax expense |
1,588 |
|
444 |
|
|
|
|
Net income |
4,251 |
|
2,125 |
|
|
|
|
Income per share:
Basic and diluted |
2.24 |
|
1.12 |
Weighted average of
shares outstanding:
Basic and diluted
|
1,897,786 |
|
1,905,604 |
1 Financial results for the Bancorp are audited by external accountants on an annual basis; however, external auditors are not engaged to review quarterly information.
|
