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Weststar Financial Services Corp (fka WFSC)

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Weststar Financial Services Corporation Has No Investment in Freddie Mac or Fannie Mae Stock

https://www.bankofasheville.com/

 

Home Page:

Corporate News: http://finance.yahoo.com/q?s=WFSC.OB

ASHEVILLE, N.C., Sept 18, 2008 /PRNewswire via COMTEX/ -- The U.S. Department of Treasury and the Federal Housing Finance Agency recently announced that Freddie Mac and Fannie Mae were being placed under conservatorship; control of their management is being transferred to the Federal Housing Finance Agency. In conjunction with this action, Freddie Mac and Fannie Mae have been prohibited from paying dividends on their equity securities, which has resulted in a significant loss in value of such equity securities. The decrease in value may result in "other-than-temporary impairment" write-downs during the third quarter for those financial institutions that hold these securities in their investment portfolios. Weststar Financial Services Corporation (OTC Bulletin Board: WFSC), parent of Bank of Asheville, does not hold any equity shares of either Freddie Mac or Fannie Mae in its securities portfolio, and therefore is not exposed to any potential charge to third quarter earnings as a result of "other-than-temporary impairment" of Freddie Mac or Fannie Mae equity securities.
This news release contains forward-looking statements. Such statements are subject to certain factors that may cause the Company's results to vary from those expected. These factors include changing economic and financial market conditions, competition, ability to execute our business plan, items already mentioned in this press release, and other factors described in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date hereof.

SOURCE Bank of Asheville

Weststar Financial Services Corporation & Subsidiary
           
Consolidated Balance Sheets
 
(unaudited)
       
 
 
June 30
   
December 31
 
 
 
2009
      2008 *
ASSETS:
             
Cash and cash equivalents:
             
Cash and due from banks
  $ 4,930,563     $ 4,200,866  
Interest-bearing deposits
    11,780,364       218,912  
     Total cash and cash equivalents
    16,710,927       4,419,778  
Investment securities- available for sale, at fair value
               
     (amortized cost of $22,726,225 and $23,750,009, at
               
     June 30, 2009 and December 31, 2008, respectively)
    22,998,342       23,778,449  
Loans
    180,614,075       171,239,692  
Allowance for loan losses
    (2,847,508 )     (2,529,981 )
Net loans
    177,766,567       168,709,711  
Premises and equipment, net
    2,538,516       2,652,007  
Accrued interest receivable
    1,037,103       1,030,460  
Federal Home Loan Bank stock, at cost
    592,300       585,600  
Deferred income taxes
    919,408       810,921  
Foreclosed properties
    243,006       205,006  
Other assets
    717,950       667,040  
                 
TOTAL
  $ 223,524,119     $ 202,858,972  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
Liabilities:
               
Deposits:
               
Demand
  $ 28,132,451     $ 22,251,288  
NOW accounts
    31,220,375       18,319,836  
Money market accounts
    29,217,039       31,416,333  
Savings
    2,600,623       2,207,173  
Time deposits of $100,000 or more
    26,796,346       26,799,682  
Other time deposits
    77,482,512       69,819,794  
     Total deposits
    195,449,346       170,814,106  
Short-term borrowings
    4,816,087       5,919,140  
Accrued interest payable
    564,453       565,105  
Other liabilities
    1,169,074       926,050  
Long-term debt
    4,124,000       8,124,000  
     Total liabilities
    206,122,960       186,348,401  
                 
SHAREHOLDERS’ EQUITY:
               
Preferred stock, authorized $1,000,000 shares;
               
     No shares issued and outstanding
    -       -  
Common stock, $1 par value, authorized- 9,000,000 shares;
               
     outstanding shares- and 2,146,132 at June 30, 2009
               
     and 2,125,747 at December 31, 2008, respectively
    2,146,132       2,125,747  
Additional paid-in capital
    6,215,519       6,152,868  
Retained earnings
    8,872,292       8,214,480  
Accumulated other comprehensive income
    167,216       17,476  
Total shareholders’ equity
    17,401,159       16,510,571  
Total
  $ 223,524,119     $ 202,858,972  

 
*Derived from audited consolidated financial statements.
See notes to consolidated financial statements.


 

 
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Weststar Financial Services Corporation & Subsidiary
                       
Consolidated Statemen t s of Operations (unaudited)
 
Three Months
   
Six Months
 
 
 
Ended June 30,
   
Ended June 30,
 
 
 
2009
   
2008
   
2009
   
2008
 
INTEREST INCOME:
                       
Interest and fees on loans
  $ 2,968,095     $ 2,574,013     $ 5,759,201     $ 5,315,518  
Federal funds sold
    160       14,172       1,132       41,176  
Interest-bearing deposits
    3,939       333       4,005       1,216  
Investments:
                               
     Taxable interest income
    169,191       211,462       349,073       428,939  
     Nontaxable interest income
    95,221       88,184       186,857       174,721  
     Corporate dividends
    -       7,214       -       14,221  
          Total interest income
    3,236,606       2,895,378       6,300,268       5,975,791  
INTEREST EXPENSE:
                               
Time deposits of $100,000 or more
    220,283       309,269       448,812       659,594  
Other time and savings deposits
    837,982       759,155       1,701,763       1,620,992  
Short-term borrowings
    50,388       4,683       60,114       11,817  
Long-term debt
    44,601       112,185       135,638       240,021  
     Total interest expense
    1,153,254       1,185,292       2,346,327       2,532,424  
NET INTEREST INCOME
    2,083,352       1,710,086       3,953,941       3,443,367  
PROVISION FOR LOAN LOSSES
    221,310       150,680       475,890       188,125  
NET INTEREST INCOME AFTER PROVISION
                               
FOR LOAN LOSSES
    1,862,042       1,559,406       3,478,051       3,255,242  
OTHER INCOME:
                               
Services charges on deposit accounts
    287,680       284,172       552,335       568,019  
Other service fees and commissions
    166,932       118,568       300,612       204,804  
Equity in loss of Bank of Asheville Mortgage
                               
  Company, LLC
    -       (2,551 )     -       (16,109 )
Other
    9,979       15,660       19,851       34,169  
     Total other income
    464,591       415,849       872,798       790,883  
OTHER EXPENSES:
                               
Salaries and wages
    709,874       661,919       1,391,271       1,286,303  
Employee benefits
    82,860       120,259       214,135       236,771  
Occupancy expense, net
    122,076       125,051       307,129       249,739  
Equipment rentals, depreciation and
                               
     maintenance
    102,653       119,658       201,375       233,336  
Supplies
    67,585       65,039       131,858       138,502  
Professional fees
    74,135       88,122       151,393       160,450  
Data processing fees
    156,960       135,404       310,948       277,745  
FDIC insurance premiums
    173,808       25,619       246,212       48,159  
Audit, tax and accounting
    24,458       12,147       79,622       61,871  
Marketing
    80,435       70,608       173,122       132,986  
(Income) expenses from foreclosed properties
    70       40,908       70       41,221  
Other
    93,962       98,654       177,629       165,897  
     Total other expenses
    1,688,876       1,563,388       3,384,764       3,032,980  
INCOME BEFORE INCOME TAXES
    637,757       411,867       966,085       1,013,145  
INCOME TAX PROVISION
    203,888       129,384       308,273       342,525  
NET INCOME
  $ 433,869     $ 282,483       657,812       670,620  
                                 
EARNINGS PER SHARE:      
                               
Basic
  $ .20     $ .13     $ .31     $ .32  
Diluted
  $ .19     $ .12     $ .29     $ .29  

 

 

 


 

 

 

 

 
 


 


 

 


 

 
 
 
 
 
1.
Weststar Financial Services Corporation (the “Company”) is a holding company with one subsidiary, The Bank of Asheville (the “Bank”).  The Bank is a state chartered commercial bank, which was incorporated in North Carolina on October 29, 1997.  The Bank provides consumer and commercial banking services in Buncombe County and surrounding area.  Common shares of The Bank of Asheville were exchanged for common shares of Weststar Financial Services Corporation on April 29, 2000.  Weststar Financial Services Corporation formed Weststar Financial Services Corporation I (the “Trust”) during October 2003 in order to facilitate the issuance of trust preferred securities.  The Trust is a statutory business trust formed under the laws of the state of Delaware, of which all common securities are owned by Weststar Financial Services Corporation.

 
In the opinion of management, the accompanying consolidated financial statements contain all adjustments necessary to present fairly the consolidated financial position of the Company as of June 30, 2009 and December 31, 2008, and the consolidated results of their operations for the three and six-month periods ended June 30, 2009 and 2008 and their cash flows for the six-month periods ended June 30 2009 and 2008.  Operating results for the three and six-month periods ended June 30, 2009 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2009.

 
The accounting policies followed are set forth in Note 1 to the 2008 Annual Report to Shareholders (Form 10-K) on file with the Securities and Exchange Commission.

 
2.
In the normal course of business there are various commitments and contingent liabilities such as commitments to extend credit, which are not reflected on the financial statements.  The unused portions of commitments to extend credit were $30,856,230 and $31,886,835 at June 30, 2009 and December 31, 2008, respectively.

 
3.
Basic earnings per common share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the period.  Diluted earnings per common share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from the assumed issuance.  Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method.  During 2009 and 2008, there were no shares excluded due to antidultion.

 
Basic and diluted net income per share have been computed based upon net income as presented in the accompanying statements of operations divided by the weighted average number of common shares outstanding or assumed to be outstanding as summarized below:

 


 

 
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Management

G. Gordon Greenwood
President & Chief Executive Officer

Randall C. Hall, C.P.A.
Executive Vice President,
Secretary & Chief Financial Officer

 
Kathy E. Fox, C.P.A.
Senior Vice President
Controller

John R. Hamrick
Senior Vice President
Senior Credit Officer

 
William W. Nesbit III
Senior Vice President
Branch Administrator
Commercial Lending Officer
Judy Price
Senior Vice President
Marketing & Training Officer
 
Patrick Blackburn
Vice President
Mortgage Loan Officer
Terry A. Ballard
Assistant Vice President
Network Administrator
 
Linda G. Deaton
Assistant Vice President
Main Branch Manager
Commercial Lending Officer

Andrea L. Hamilton
Assistant Vice President
Compliance Officer & Credit Manager

 

S. Eric Morris
Assistant Vice President
Leicester Highway Branch Manager
Commercial Lending Officer

Diane C. Robinson
Assistant Vice President
Reynolds Branch Manager
Commercial Lending Officer

 

William F. Schreck
Assistant Vice President
Candler Branch Manager
Commercial Lending Officer

Raynia J. White
Assistant Vice President
Commercial Lending Officer

 

Sandra J. White
Assistant Vice President
Executive Assistant

Lance C. Shook
Banking Officer
South Asheville Branch Manager
Commercial Lending Officer
 

Michelle C. Shook
Banking Officer
Human Resource Representative

Robbi T. Hill
Assistant Vice President
Training Manager/Security Officer

 
   

 

 

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PostSubject
#168   WFSC revoked: Renee 05/28/14 09:45:34 AM
#167   ALJ Initial Decisions: sidedraft 04/14/14 09:46:06 PM
#166   WFSC SEC Suspension: Renee 03/11/14 09:42:34 AM
#165   Next month we are back to "normal" and shanett 08/31/13 09:21:32 AM
#164   Next month we are back to "normal" and shanett 08/31/13 09:21:32 AM
#163   Somebody already bought most of O/S ash111 08/31/13 06:26:37 AM
#162   That's nothing. Too bad they are not a shanett 08/29/13 06:53:47 PM
#161   TY.per current active SOS,ONLY 9M A/S ash111 08/29/13 05:08:37 PM
#160   Great DD ash111. Thank you. Let's move ! WFSC shanett 08/29/13 03:04:19 PM
#159   THERE WAS A Change of Address of Registered ash111 08/29/13 03:02:51 PM
#158   .07(10k) then .1 ash111 08/29/13 02:54:07 PM
#157   taking over possibility here.it's real only a few ash111 08/29/13 02:49:33 PM
#156   An incredible LOW float here...we just saw what shanett 08/29/13 02:27:45 PM
#155   Yes, we just need more "eyes" on this shanett 08/29/13 02:26:39 PM
#154   not every day u can see 33% of ash111 08/29/13 02:19:41 PM
#153   .03*.07 HUGE BIDS COMING ash111 08/29/13 02:10:23 PM
#152   Yes, won't take much . Great call :) WFSC shanett 08/29/13 02:02:28 PM
#151   more than 30% of float on the bid,2 ash111 08/29/13 01:54:42 PM
#150   Let's go :) WFSC shanett 08/29/13 01:54:04 PM
#149   very nice accumulation past days. weee looking great ash111 05/21/13 03:54:28 PM
#148   $dolla-land soon !!!! Carlito 05/21/13 03:53:33 PM
#147   TAKING OVER? only 85k market cap,float has been ash111 05/21/13 03:51:21 PM
#146   $WFSC ask .20up !!! >>> Slap itttttttttttttttt Carlito 05/21/13 03:50:09 PM
#145   03 >> On happy Carlito 05/17/13 02:13:37 PM
#144   The Company's resident agent. PennyWise7 05/15/13 12:48:28 PM
#143   87k volume !!@ least some1 Carlito 05/14/13 11:07:06 PM
#142   Not sure people have Noticed,there was an Amendment ash111 05/14/13 04:31:35 PM
#141   VOL ALERT today.looks like a pre loading,gapper posibilty tmr. ash111 05/14/13 04:27:10 PM
#140   028 >> ask 04 Carlito 05/13/13 12:19:15 PM
#139   Did this bank close? Summitgains 05/05/13 10:57:38 PM
#138   You still on shares ?? Carlito 05/02/13 02:20:58 PM
#137   http://secure.firstbancorp.com/ Carlito 05/01/13 02:21:49 PM
#136   Slap that 029 >> >>i Carlito 05/01/13 02:12:58 PM
#135   http://www.secretary.state.nc.us/corporations/Corp.aspx?PitemId=4587145# Carlito 05/01/13 01:49:29 PM
#134   031 >>> below Carlito 05/01/13 01:47:57 PM
#133   U still hereeeeeeeeeee >>TOUCAN >> Carlito 05/01/13 01:01:48 PM
#132   0031 >> Cheap ?! >> Carlito 04/22/13 10:38:24 AM
#131   Are cheap tickets Carlito 03/22/13 02:52:05 AM
#130   here u go,float gone .29 up ash111 03/21/13 02:03:43 PM
#129   I know U are Carlito 03/15/13 08:45:56 AM
#128   Nice...I agree-When the ask went to .30 tho.....ahahaha Ellly 03/14/13 10:09:47 PM
#127   no sense it watching daily, when have no TOUCAN 03/14/13 10:03:23 PM
#126   :) Hey you! I was wondering if you Ellly 03/14/13 09:49:49 PM
#125   WFSC just getting warmed up ;-) TOUCAN 03/14/13 05:17:37 PM
#124   .035 >> never showed up Carlito 03/14/13 02:01:32 PM
#123   046 Kissesssssssssssssssssssssssssss > Carlito 03/14/13 01:22:02 PM
#122   ECHO ECHo ECho Echo echo... benjohngf 03/14/13 12:32:30 PM
#121   Hellooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo Carlito 03/14/13 12:31:17 PM
#120   So thin....this can RUN HARD. hestheman 03/14/13 09:18:26 AM
#119   WFSC >>> Gates-$-Are opennnn!!!! Carlito 03/14/13 09:10:10 AM
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