Financial Reports

Financial Highlights
As of JUNE 30, 2010

(in thousands, except for shares outstanding and book value per share)

Balance Sheet (unaudited)
	06/30/2010	06/30/2009	$ Change	% Change
Total assets	$189,605	$186,978	$2,627	1.4%
Total investments	$39,003	$25,481	$13,522	53.1%
Total loans	$134,175	$150,493	($16,318)	-10.8%
Deferred loan fees	($165)	($274)	$109	-39.8%
Allowance for loan losses	($3,916)	($2,715)	($1,201)	44.2%
Net loans	$130,094	$147,504	($17,410)	-11.8%
Total deposits	$169,487	$158,458	$11,029	7.0%
Total borrowings	$0	$8,006	($8,006)	-100%
Total stockholders' equity	$18,935	$19,203	($268)	-1.4%
Non-performing assets	$6,891	$7,534	($643)	-8.5%
Non-performing assets/Total assets	3.63%	4.03%
QTD net interest margin	3.74%	3.63%
YTD net interest margin	3.85%	3.59%
Net Loans to Deposits	76.8%	93.1%
Tier 1 Leverage Ratio	9.20%	9.74%
Total Risk-Based Capital Ratio	14.23%	13.54%
Ending shares outstanding	2,444,255	2,444,255
Ending book value per share	$6.09	$6.20

 

(in thousands, except for earnings per share)

Statement of Operations (unaudited)
	For the Six Months Ended JUNE 30,
	2010	2009
Total interest income	$4,237	$4,395
Total interest expense	656	1,208
Net interest income	3,581	3,187
Total non-interest income	648	404
Total Income	4,229	3,591
Total non-interest expense	3,144	2,931
Income before loan loss provision, stock options and income tax expenses.	1,085	660
Provision for Loan Losses	482	630
Stock option expense	48	65
Income tax expense/(benefit)	67	(206)
Net income	$488	$171
Adjusted income before loan loss provision, stock option expense, and income tax benefits	$1,085	$660
Earnings per share	$0.20	$0.07
Earnings per share before loan loss provision, stock option expense, and income tax benefits	$0.44	$0.27