CONSOLIDATED STATEMENTS OF INCOME (LOSS)
FOR THE THREE MONTHS ENDED JUNE 30, 2013 AND 2012
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)
2013 2012
INTEREST AND DIVIDEND INCOME
Loans including fees
$ 7,370 $ 8,047
Federal funds sold
— 1
Interest-earning deposits with banks
53 48
Investments
195 240
Dividends on equity securities (restricted)
36 29
Total Interest and Dividend Income
7,654 8,365
INTEREST EXPENSE
Deposits
Demand
19 28
Savings
48 58
Time deposits below $100,000
556 782
Time deposits above $100,000
397 525
FHLB Advances
62 150
Other borrowings
— 44
Trust Preferred Securities
117 125
Total Interest Expense
1,199 1,712
NET INTEREST INCOME
6,455 6,653
PROVISION FOR LOAN LOSSES
— 1,176
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES
6,455 5,477
NONINTEREST INCOME
Service charges
565 642
Fees, commissions and other income
586 573
Insurance and investment fees
97 123
Net realized gains on sale of investment securities
— 265
Life insurance investment income
29 31
Total Noninterest Income
1,277 1,634
NONINTEREST EXPENSES
Salaries and employee benefits
3,211 3,509
Occupancy and equipment expense
1,027 1,085
Advertising and public relations
124 121
Data processing and telecommunications
465 450
FDIC insurance premiums
379 414
Other real estate owned and repossessed vehicles, net
255 1,273
Other operating expenses
1,360 1,400
Total Noninterest Expenses
6,821 8,252
INCOME (LOSS) BEFORE INCOME TAXES
911 (1,141 )
INCOME TAX EXPENSE (BENEFIT)
(34 ) 1,397
NET INCOME (LOSS)
$ 945 $ (2,538 )
Income (Loss) Per Share
Basic
$ 0.04 $ (0.25 )
Fully Diluted
$ 0.04 $ (0.25 )
Average Weighted Shares of Common Stock
Basic
21,871,063 10,010,178
Fully Diluted
21,871,063 10,010,178
The accompanying notes are an integral part of this statement.
3
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