2018

Proxy Statement for 2019 Annual Meeting
2018 Annual Report
2018 10K

2017

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

Shareholder's Reports

Assets (In thousands) Dec. 31, 2018 Mar. 31, 2019
Cash and due from banks $21,027 $25,932
Interest bearing deposits in banks $16,465 $22,808
Federal Funds Sold $873 $33,109
Total cash and cash equivalents $38,365 $81,849
Interest-bearing time deposits $4,019 $4,509
Securities - available for sale $168,447 $174,682
Securities, at cost $3,679 $5,789
Loans held for sale $495 $859
Loans, net $839,599 $1,091,829
Premises and equipment $22,615 $25,205
Goodwill $4,074 $47,340
Other assets $34,870 $33,599
TOTAL ASSETS $1,116,163 $1,465,661

 

Liabilities (In thousands) Dec. 31, 2018 Mar. 31, 2019
Deposits
Non-interest bearing $215,422 $236,847
Interest bearing $713,368 $950,577
Total deposits $928,790 $1,187,424
Securities - sold under agreement to repurchase $32,181 $25,521
Federal Home Loan Bank Advances $0 $24,682
Accrued expenses and other liabilities $11,905 $11,100
Total Liabilities $972,876 $1,248,727

 

Stockholder's Equity Dec. 31, 2018 Mar. 31, 2019

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

issued and outstanding 12,230,000 shares 3/31/19, 10,400,000 shares 12/31/18

$10,823 $81,760
Treasury stock - 1,122,937 shares 3/31/19, 1,114,739 shares 12/31/18 ($12,409) ($12,680)
Retained earnings $147,887 $149,466
Accumulated other comprehensive income ($3,014) ($1,612)
Total Stockholder's Equity $143,287 $216,934
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $1,116,163 $1,465,661
Income Statement QTR: Mar. 31, 2018 QTR: Dec 31,  2018 YTD: Mar. 31, 2019
Summary of Income

Interest Income

$11,136

$12,003

$15,862

Interest Expense
$1,463
$1,817
 $3,085
 Net Interest Income
$9,673
$10,186
 $12,777
Provision for loan losses $40 $105 $30
Net interest income after provision for loan losses $9,633 $10,081  $12,747
Other Income (expense) ($5,030) ($6,052) ($8,816)
Income before Federal Income Taxes $4,603 $4,029  $3,931
Income Taxes $836 $836 $707
Net Income $3,767 $3,193  $3,224
Earnings per common share (1) $0.41 $0.34  $0.29
Average common shares outstanding (1) 9,265,959 9,285,261 11,089,839

This statement has not been reviewed or confirmed for accuracy or relevance by the Federal Deposit Insurance Corporation