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WFSC hoping to get more information before EOW, sc
thanks , sounds good!
Because it's been very actively lately.. no doubt major changes. If you look over OTC page:
Strong possibility of a shell http://www.otcmarkets.com/stock/WFSC/quote
webpage on that site turns too: http://secure.firstbancorp.com/
holding a while, interesting developments L2/Time_Sales
sc
WFSC .05 HOD, .03 now, major MM changes underway.... sc
3 mo. avg volume 14k
Contact Info
P.O. Box 1285
Asheville, NC 28802
Website: http://www.bankofasheville.com
Phone: 828-575-4608
Update Company Info
Business Description
Financial Reporting/Disclosure
Reporting Status SEC Filer
Audited Financials Not Available
Latest Report Not Available
Regulatory Agency Not Available
CIK 0001106181
Fiscal Year End 12/31
OTC Market Tier OTC Pink No Information
Profile Data
SIC - Industry Classification 6035 - Federal savings institutions
Incorporated In: NC, USA
Year of Inc. Not Available
Employees Not Available
Company Officers
Randall C. Hall President, CEO
Kathy E. Fox Senior Vice President, Secretary, Treasurer
Company Directors
Randall C. Hall
Service Providers
Auditor/Accountant
Not Available
Legal Counsel
Not Available
Investor Relations Firm
Not Available
WFSC Security Details
Share Structure
Market Value1 $2,601 a/o Sep 20, 2012
Shares Outstanding 2,167,489 a/o Oct 23, 2010
Float Not Available
Authorized Shares Not Available
Par Value 1
Shareholders
Shareholders of Record 800 a/o Mar 07, 2008
Corporate Actions
Ex. Date Record Date Pay Date
Dividend (0.00) Jun 20, 2007 Jun 05, 2007 Jun 19, 2007
Security Notes
Issued=5-00 Pursuant to reorganization of Bank of Asheville as holding company. Basis: sh for sh
Capital Change=Stk. Div.=10%. Ex-date=10/26/2001. Rec date=10/30/2001. Pay date=11/13/2001.
Capital Change=Stk. Div.=10%. Ex-date=11/26/2002. Rec date=11/30/2002. Pay date=12/13/2002.
Capital Change=Stk. Div.=20%. Ex-date=09/17/2003. Rec date=09/19/2003. Pay date=09/30/2003.
Capital Change=Stk. Div.=20%. Ex-date=01/07/2005. Rec date=01/11/2005. Pay date=01/31/2005.
Capital Change=Stk. Div.=20%. Ex-date=04/13/2006. Rec date=04/18/2006. Pay date=05/02/2006.
Capital Change=shs increased by 5 for 4 split. Ex-date=06/20/2007. Rec date=06/05/2007. Pay date=06/19/2007.
Short Selling Data
Short Interest 0 (-100%)
Feb 15, 2011
Significant Failures to Deliver No
Transfer Agent(s)
Registrar and Transfer Co.
WFSC.. $5.65
Just a nice little bank that makes money..
Weststar Financial Services Corporation Ranked First In North Carolina By Davenport:
Source: Weststar Financial Services Corporation
Weststar Financial Services Corp....
ASHEVILLE, N.C., Aug. 31 /PRNewswire-FirstCall/ -- For the quarter ended June 30, 2009, Weststar Financial Services Corporation (OTC Bulletin Board: WFSC - News), parent company of The Bank of Asheville, was ranked first in performance and 8th in valuation out of 33 banks in North Carolina by Davenport and Company, LLC in their Davenport Community Bank Quarterly. Financial institutions included in the report ranged in size from $174 million to $2.3 trillion. Davenport's model is somewhat similar to bank regulators' CAMELS System, which evaluates a bank's financial condition in six areas: Capital, Asset Quality, Management, Earnings, Liquidity and Sensitivity to Market Risk. Their methodology ranked banks according to five categories: profitability, capital, liquidity, asset quality and valuation. The first four categories address company fundamentals and are combined to establish a performance ranking. The valuation ranking is based on price to book value, price to last twelve months earnings and dividend yield.
Related Quotes
Symbol Price Change
WFSC.OB 5.65 0.00
Weststar exceeded the median in all five ratios used for computing profitability: return on assets, return on equity, efficiency, operating revenue growth and net earnings per share growth. For capital ratios, the Company exceeded the median in tangible equity to assets. The Company also outperformed its peers in all categories of asset quality and liquidity measures.
G. Gordon Greenwood, President and CEO stated, "We thank all our associates for their hard work and commitment that has helped us to achieve this distinction. We also appreciate the great support of our customers and shareholders, who have helped the Company grow and maintain profitability. For without them, we would not have reached this goal. Our commitment remains to be the leading community bank serving Asheville and Buncombe County."
Weststar Financial Services Corporation is the parent company of The Bank of Asheville. Weststar Financial Services Corporation owns 100% interest in Weststar Financial Services Corporation I, a statutory trust. The Bank operates five full-service banking offices in Buncombe County, North Carolina - Downtown Asheville, Candler, Leicester, South Asheville and Reynolds.
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
WFSC.. $5.50
08/04/09 11:25 AM EDT Buy 500 WFSC Executed @ $5.5 Details | Edit
hank
WFSC.. $5.50
07/30/09 3:55 PM EDT Buy 500 WFSC Executed @ $6 Details | Edit
hank
WFSC.. $5.75
Weststar Financial Services Corporation Ranks Nationally in Financial Performance
ASHEVILLE, N.C., June 1 /PRNewswire-FirstCall/ -- Weststar Financial Services Corporation (OTC:WFSC) (BULLETIN BOARD: WFSC) , the parent company of Bank of Asheville, ranked 69th in financial performance on the list of the Top 200 community banks in the United States compiled by US Banker magazine. With approximately 1,100 publicly traded community banks in the U.S., the ranking puts Bank of Asheville in the top 10 percent in terms of performance. The ranking was based on a three-year average return on equity (ROE) from 2006 through 2008.
In a separate ranking, Bank of Asheville's parent company ranked 11th in financial performance out of 33 publicly traded banks in North Carolina for the quarter ended March 31, 2009. The ranking was published in the Davenport Community Bank Quarterly.
G. Gordon Greenwood, President and Chief Executive Officer, said, "We are honored not only to be ranked among America's top 200 performing community banks, but to have improved in ranking from 119th to 69th. This is really great news, following so closely on Davenport's ranking of Bank of Asheville's parent company as one of the top performing banks in North Carolina. Our success is attributable to the support we receive from our growing customer base in Western North Carolina, to our dedicated associates and Board of Directors, who strive for excellence, and to our loyal shareholders."
Weststar Financial Services Corporation's ROE for the three-year period was 13.50 percent. At the end of 2008, consolidated assets were $202.9 million, up 16 percent from $174.3 million a year earlier, and deposits were $170.8 million, up 15 percent over the previous year.
Weststar Financial Services Corporation is the parent company of The Bank of Asheville. Weststar Financial Services Corporation owns 100% interest in Weststar Financial Services Corporation I, a statutory trust. The Bank operates five fullservice banking offices in Buncombe County, North Carolina - Downtown Asheville, Candler, Leicester, South Asheville and
Reynolds.
WFSC $5.50
Weststar Financial Services Corporation Second Quarter Earnings Increase 54%
During this period, the Federal Deposit Insurance Corporation in an effort to strengthen the insurance fund, increased premiums, and had a special assessment for all banks in the second quarter of 2009. The result of this action by the FDIC was that our premiums went from $49,000 to $246,000 for the six months ended June 30, 2009.
ASHEVILLE, N.C., July 24 /PRNewswire-FirstCall/ -- Weststar Financial Services Corporation (OTC:WFSC) (BULLETIN BOARD: WFSC) reported record consolidated net income totaled $434 thousand for the three months ended June 30, 2009 compared to $282 thousand for the comparable period in 2008 - an increase of 54%. On a diluted per share basis, earnings for the three-month periods of 2009 and 2008 increased 58% from $.12 per share to $.19. For the six-month periods ended June 30, 2009, net income remained flat at $658 thousand. On a diluted per share basis, earnings for the six-month periods ended June 30, 2009 and 2008, respectively, were $.29 and $.29. The increased performance in earnings was primarily attributable to improved net interest income resulting from growth in net earning assets and lower liability cost.
Consolidated assets on June 30, 2009, increased 22% over June 30, 2008 to a record level of $223.5 million. Total loans on June 30, 2009 were $180.6 million - an increase of 22% from the level reported a year earlier. Deposits reflected 26% growth to $195.4 million at June 30, 2009 compared to the prior year, and shareholders' equity increased 10% from June 30, 2008 to $17.4 million at June 30, 2009.
Return on assets was .80% compared to .64%, and return on equity was 10.02% compared to 7.14% for the three-month periods ended June 30, 2009 and 2008, respectively. For the six-month periods ended June 30, 2009 and 2008, respectively, return on assets was .62% compared to .76%, and return on equity was 7.75% compared to 8.59%.
"We are pleased with our steady growth and improved earnings through the second quarter given the economic conditions our economy has faced. During this period, the Federal Deposit Insurance Corporation in an effort to strengthen the insurance fund, increased premiums, and had a special assessment for all banks in the second quarter of 2009. The result of this action by the FDIC was that our premiums went from $49,000 to $246,000 for the six months ended June 30, 2009. Given this large and unbudgeted expense item, we are pleased with our performance and proud to be one of the few banks earning a BauerFinancial 5-Star rating," said G. Gordon Greenwood, President and Chief Executive Officer.
Weststar Financial Services Corporation is the parent company of The Bank of Asheville. Weststar Financial Services Corporation owns 100% interest in Weststar Financial Services Corporation I, a statutory trust. The Bank operates five full-service banking offices in Buncombe County, North Carolina - Downtown Asheville, Candler, Leicester, South Asheville and Reynolds.
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.
Weststar Financial Services Corporation Ranks Nationally in Financial Performance
Jun 1, 2009 1:12:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesASHEVILLE, N.C., June 1 /PRNewswire-FirstCall/ -- Weststar Financial Services Corporation (OTC Bulletin Board: WFSC), the parent company of Bank of Asheville, ranked 69th in financial performance on the list of the Top 200 community banks in the United States compiled by US Banker magazine. With approximately 1,100 publicly traded community banks in the U.S., the ranking puts Bank of Asheville in the top 10 percent in terms of performance. The ranking was based on a three-year average return on equity (ROE) from 2006 through 2008.
In a separate ranking, Bank of Asheville's parent company ranked 11th in financial performance out of 33 publicly traded banks in North Carolina for the quarter ended March 31, 2009. The ranking was published in the Davenport Community Bank Quarterly.
G. Gordon Greenwood, President and Chief Executive Officer, said, "We are honored not only to be ranked among America's top 200 performing community banks, but to have improved in ranking from 119th to 69th. This is really great news, following so closely on Davenport's ranking of Bank of Asheville's parent company as one of the top performing banks in North Carolina. Our success is attributable to the support we receive from our growing customer base in Western North Carolina, to our dedicated associates and Board of Directors, who strive for excellence, and to our loyal shareholders."
Weststar Financial Services Corporation's ROE for the three-year period was 13.50 percent. At the end of 2008, consolidated assets were $202.9 million, up 16 percent from $174.3 million a year earlier, and deposits were $170.8 million, up 15 percent over the previous year.
Weststar Financial Services Corporation is the parent company of The Bank of Asheville. Weststar Financial Services Corporation owns 100% interest in Weststar Financial Services Corporation I, a statutory trust. The Bank operates five fullservice banking offices in Buncombe County, North Carolina - Downtown Asheville, Candler, Leicester, South Asheville and
Reynolds.
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 Weststar Financial Services Corporation
----------------------------------------------
G. Gordon Greenwood
President and Chief Executive Officer
+1-828-232-2902
bgreenwood@bankofasheville.com
Weststar Financial Services Corporation and Bank of Asheville Elect Chairman and Vice Chairman
May 20, 2009 1:34:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesASHEVILLE, N.C., May 20 /PRNewswire-FirstCall/ -- The Board of Directors of Weststar Financial Services Corporation (OTC Bulletin Board: WFSC) and The Bank of Asheville have elected Stephen L. Pignatiello, Chairman, and Darryl J. Hart, Vice Chairman. Both Pignatiello and Hart are founding directors of The Bank of Asheville and Weststar Financial Services Corporation. Pignatiello has served as Vice Chairman since 2006 and is replacing David N. Wilcox, who is remaining on the Board and has served as Chairman since 2006.
Steve Pignatiello is the founder and president of P. Comms, Int'l, one of the Southeast's most respected wine importers. Pignatiello is also a certified sommelier. The company imports wines from the Burgundy region of France and has earned Pignatiello the nickname "The Burgundy Wine Man." His client list includes The Grove Park Inn Resort and Spa, The Ritz-Carlton (Buckhead), Atlanta, The Cloister on Sea Island, and the Woodlands.
Pignatiello is a graduate of Dartmouth College and received a Masters degree from The Johns Hopkins University School of Advanced International Studies.
Darryl Hart is vice president and general manager of Hart Funeral Services, Inc. Hart grew up in Asheville, graduated from Asheville Country Day School, and earned a Bachelor of Science degree from the University of North Carolina at Chapel Hill. He has been active in the business founded by his father, Osborne Hart.
Actively involved in the community, Hart serves on the board of directors of Mission Hospitals, Eagle Market Streets Development Corporation, Asheville Housing Authority, A-B Tech Community College Foundation, United Way of Asheville and Buncombe County, and the Better Business Bureau.
Pignatiello and Hart will also serve on the Bank's executive, nominating, and compensation committees.
"We have greatly valued the support and leadership that both Steve and Darryl have provided as founding directors of The Bank of Asheville and Weststar Financial Services Corporation. In their new positions of Chairman and Vice Chairman, we look forward to continued growth and profitability of the corporation," stated G. Gordon Greenwood, President and Chief Executive Officer.
Shareholders approved re-nomination for a three-year term of Steven D. Cogburn, M. David Cogburn, Stephen L. Pignatiello, and Laura A. Webb. They also ratified the appointment of Dixon Hughes, PLLC as auditors for 2009.
Weststar Financial Services Corporation is the parent company of The Bank of Asheville. Weststar Financial Services Corporation owns 100% interest in Weststar Financial Services Corporation I, a statutory trust. The Bank operates five full-service banking offices in Buncombe County, North Carolina - Downtown Asheville, Candler, Leicester, South Asheville and Reynolds.
SOURCE Weststar Financial Services Corporation
----------------------------------------------
Randall C. Hall
Executive Vice President and Secretary
Chief Financial Officer of The Bank of Asheville
+1-828-232-2904
Fax: +1-828-350-3904
rhall@bankofasheville.com
Weststar Financial Services Corporation and Bank of Asheville Elect Chairman and Vice Chairman
Apr 30, 2009 2:36:00 PM
Email Story Discuss on ZenoBank
View Additional ProfilesASHEVILLE, N.C., April 30 /PRNewswire-FirstCall/ -- At its annual meeting on April 28, 2009, The Board of Directors of Weststar Financial Services Corporation (OTC Bulletin Board: WFSC) and The Bank of Asheville elected Stephen L. Pignatiello, Chairman, and Darryl J. Hart, Vice Chairman. Both Pignatiello and Hart are founding directors of The Bank of Asheville and Weststar Financial Services Corporation. Pignatiello has served as Vice Chairman since 2006 and is replacing David N. Wilcox, who is remaining on the Board and has served as Chairman since 2006.
Steve Pignatiello is the founder and president of P. Comms, Int'l, one of the Southeast's most respected wine importers. Pignatiello is also a certified sommelier. The company imports wines from the Burgundy region of France and has earned Pignatiello the nickname "The Burgundy Wine Man". His client list includes The Grove Park Inn Resort and Spa, The Ritz-Carlton (Buckhead), Atlanta, The Cloister on Sea Island, and the Woodlands.
Darryl Hart is vice president and general manager of Hart Funeral Services, Inc. Hart grew up in Asheville, graduated from Asheville Country Day School, and earned a Bachelor of Science degree from the University of North Carolina at Chapel Hill. He has been active in the business founded by his father, Osborne Hart.
Actively involved in the community, Hart serves on the board of directors of Mission Hospitals, Eagle Market Streets Development Corporation, Asheville Housing Authority, A-B Tech Community College Foundation, United Way of Asheville and Buncombe County, and the Better Business Bureau.
Pignatiello and Hart will also serve on the Bank's executive, nominating, and compensation committees.
"We have greatly valued the support and leadership that both Steve and Darryl have provided as founding directors of The Bank of Asheville and Weststar Financial Services Corporation. In their new positions of Chairman and Vice Chairman, we look forward to continued growth and profitability of the corporation," stated G. Gordon Greenwood, President and Chief Executive Officer.
Shareholders approved re-nomination for a three-year term of Steven D. Cogburn, M. David Cogburn, Stephen L. Pignatiello, and Laura A. Webb. They also ratified the appointment of Dixon Hughes, PLLC as auditors for 2009.
For Further Information, please contact: Randall C. Hall
Executive Vice President and
Chief Financial Officer
Voice (828) 232-2904
email rhall@bankofasheville.com
SOURCE Weststar Financial Services Corporation
----------------------------------------------
Randall C. Hall
Executive Vice President and Chief Financial Officer for Weststar Financial Services Corporation
+1-828-232-2904
rhall@bankofasheville.com
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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 |
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. |
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. |
G. Gordon Greenwood President & Chief Executive Officer | Randall C. Hall, C.P.A. |
Kathy E. Fox, C.P.A. Senior Vice President Controller | John R. Hamrick |
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 |
S. Eric Morris | Diane C. Robinson |
William F. Schreck | Raynia J. White |
Sandra J. White | Lance C. Shook Banking Officer South Asheville Branch Manager Commercial Lending Officer |
Michelle C. Shook | Robbi T. Hill |
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