Consolidated Balance Sheet Unaudited (amounts in 000's, except per share data and ratios) % Change September December 31, 2012 vs. 30, % Change 2012 2011 2011 2012 Quarter ---------- ---------- -------- ----------- --------ASSETS Cash & due from banks $ 19,102 $ 25,982 -26.5% $ 22,047 -13.4% Federal funds sold - 10,000 -100.0% 5,000 -100.0% Investment securities - available for sale 40,019 58,417 -31.5% 55,395 -27.8% Investments - Other 2,227 2,307 -3.5% 2,247 -0.9% Gross loans 244,765 238,403 2.7% 243,839 0.4% Allowance for loan losses (6,153) (7,083) -13.1% (6,963) -11.6% ---------- ---------- -------- ----------- -------- Net loans 238,612 231,320 3.2% 236,876 0.7% Other real estate owned 7,289 8,408 -13.3% 7,358 -0.9% Other assets 15,370 16,174 -5.0% 17,109 -10.2% ---------- ---------- -------- ----------- -------- Total Assets $ 322,619 $ 352,608 -8.5% $ 346,032 -6.8% ========== ========== ======== =========== ========LIABILITIES Deposits $ 227,977 $ 239,083 -4.6% $ 237,872 -4.2% Repurchase agreements 17,438 26,722 -34.7% 24,314 -28.3% Federal funds purchased - 0.0% - 0.0% FHLB borrowings 41,000 52,635 -22.1% 47,900 -14.4% Other borrowings 2,579 4,513 -42.9% 4,516 -42.9% Junior subordinated debentures 8,248 8,248 0.0% 8,248 0.0% Other liabilities 3,882 3,433 13.1% 4,122 -5.8% ---------- ---------- -------- ----------- -------- Total Liabilities 301,124 334,634 -10.0% 326,972 -7.9%STOCKHOLDERS' EQUITY 21,495 17,974 19.6% 19,060 12.8% ---------- ---------- -------- ----------- -------- Total Liabilities and Stockholders' Equity $ 322,619 $ 352,608 -8.5% $ 346,032 -6.8% ========== ========== ======== =========== ========Shares outstanding at end-of-period 3,759,677 3,151,581 3,241,581Book value per share $ 5.72 $ 5.70 $ 5.88Allowance for loan losses to total loans 2.51% 2.97% 2.86%Non-performing assets (nonaccrual loans & OREO) $ 17,661 $ 18,984 $ 16,766Bank Tier 1 leverage ratio (5% minimum for "well- capitalized") 8.79% 7.63% 8.27%Bank Tier 1 risk- based capital ratio (6% minimum for "well- capitalized") 10.90% 10.16% 10.44%Bank Total risk- based capital ratio (10% minimum for "well- capitalized") 12.16% 11.42% 11.71% Consolidated Statement of Operations Unaudited (amounts in 000's, except per share data and ratios) Three Months Twelve Months Ending Ending ---------------- ---------------- 12/31/ 9/30/ % 12/31/ 12/31/ % 2012 2012 Change 2012 2011 Change ------- ------- ------ ------- ------- ------INTEREST INCOME Loans $ 3,459 $ 3,489 -0.9% $13,838 $14,649 -5.5% Investments 178 220 -19.1% 833 1,171 -28.9% Federal funds sold and other 17 16 6.3% 72 65 10.8% ------- ------- ------ ------- ------- ------ Total interest income 3,654 3,725 -1.9% 14,743 15,885 -7.2% ------- ------- ------ ------- ------- ------INTEREST EXPENSE Deposits 444 530 -16.2% 2,141 3,359 -36.3% Repurchase agreements and federal funds purchased 34 46 -26.1% 179 329 -45.6% FHLB borrowings 623 490 27.1% 2,143 2,125 0.8% Other borrowings 128 121 5.8% 489 483 1.2% Junior subordinated debentures 64 67 -4.5% 259 238 8.8% ------- ------- ------ ------- ------- ------ Total interest expense 1,293 1,254 3.1% 5,211 6,534 -20.2% ------- ------- ------ ------- ------- ------NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES 2,361 2,471 -4.5% 9,532 9,351 1.9%PROVISION FOR LOAN LOSSES (750) - 100.0% (750) 1,350 -155.6% ------- ------- ------ ------- ------- ------NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 3,111 2,471 25.9% 10,282 8,001 28.5%NON-INTEREST INCOME 178 158 12.7% 668 645 3.6%NON-INTEREST EXPENSE 2,177 2,146 1.4% 8,648 8,844 -2.2%INVESTMENTS- REALIZED GAINS / (LOSSES) 33 18 83.3% 51 603 -91.5%INVESTMENTS - OTHER THAN TEMPORARY IMPAIRMENT - - 0.0% - (25) -100.0%OREO VALUATION ADJUSTMENTS & GAINS/(LOSSES) ON SALES - NET (55) 76 -172.4% (19) (188) -89.9% ------- ------- ------ ------- ------- ------INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 1,090 577 2,334 192PROVISION (BENEFIT) FOR INCOME TAXES 482 283 1,088 8 ------- ------- ------- -------NET INCOME (LOSS) $ 608 $ 294 $ 1,246 $ 184 ======= ======= ======= =======Earnings (Loss) per share - Basic $ 0.19 $ 0.09 $ 0.39 $ 0.06Earnings (Loss) per share - Diluted $ 0.18 $ 0.09 $ 0.38 $ 0.06Return on average equity 12.61% 6.17% 6.64% 1.03%Return on average assets 0.71% 0.33% 0.36% 0.05%Net interest margin 3.18% 3.28% 3.24% 3.08%Efficiency ratio 85.74% 81.6% 84.8% 88.5%
CONTACT:
Rick A. Roby
President and Chief Executive Officer
503-693-7500
[email protected]
