2017

Proxy Statement for 2018 Annual Meeting
2017 Annual Report
2017 10K

2016

Proxy Statement for 2017 Annual Meeting
2016 Annual Report
2016 10K

Shareholder's Reports

Assets (In thousands) Dec. 31, 2017 Mar. 31, 2018
Cash and due from banks $20,390 $22,230
Interest bearing deposits in banks $13,090 $17,119
Federal funds sold $987 $559
Total cash and cash equivalents $34,467 $39,908
Interest-bearing time deposits $4,018 $4,019
Securities - available for sale $200,115 $196,576
Loans held for sale $1,221 $2,769
Loans, net $816,156 $827,937
Premises and equipment $21,617 $21,980
Construction in Progress $109 $0
Goodwill $4,074 $4,074
Other assets $25,232 $26,479
TOTAL ASSETS $1,107,009 $1,123,742

 

Liabilities (In thousands) Dec. 31, 2017 Mar. 31, 2018
Deposits
Non-interest bearing $199,114 $193,665
Interest bearing $720,226 $759,673
Total deposits $919,340 $953,338
Securities - sold under agreement to repurchase $39,495 $23,307
Federal Home Loan Bank Advances $5,000 $5,000
Accrued expenses and other liabilities $9,037 $7,220
Total Liabilities $972,872 $988,865

 

Stockholder's Equity Dec. 31, 2017 Mar. 31, 2018

Common Stock, no par value - 20,000,000 shares authorized;

issued and outstanding 10,400,000 shares 3/31/2018 and 12/31/17(1)

$11,546 $11,690
Treasury stock - 1,134,120 shares 3/31/18, 1,134,120 shares 12/31/17(1) ($12,160) ($12,158)
Retained earnings $136,577 $139,483
Accumulated other comprehensive income ($1,826) ($4,138)
Total Stockholder's Equity $134,137 $134,877
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $1,107,009 $1,123,742
 (1) Share data has been adjusted to reflect a 2-for-1 stock split on September 20, 2017
Income Statement QTR: Mar.31, 2017 QTR: Dec. 31, 2017 YTD: Mar. 31, 2018
Summary of Income

Interest Income

$9,721

$10,868

$11,136

Interest Expense
$1,179
$1,362
 $1,463
 Net Interest Income
$8,542
$9,506
 $9,673
Provision for loan losses $73 $25 $40
Net interest income after provision for loan losses $8,469 $9,481  $9,633
Other Income (expense) ($4,487) ($4,462) ($5,030)
Income before Federal Income Taxes $3,982 $5,019  $4,603
Income Taxes $1,143 $1,583 $836
Net Income $2,839 $3,436  $3,767
Earnings per common share (1) $0.31 $0.37  $0.41
Average common shares outstanding (1) 9,241,750 9,266,584 9,265,959

(1) Share data has been adjusted to reflect a 2-for-1 stock split on September 20, 2017