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 June 30, 2018
Cash and due from banks $20,390 $17,727
Interest bearing deposits in banks $13,090 $14,111
Federal Funds Sold $987 $726
Total cash and cash equivalents $34,467 $32,564
Interest-bearing time deposits $4,018 $4,019
Securities - available for sale $200,115 $190,753
Loans held for sale $1,221 $913
Loans, net $816,156 $824,226
Premises and equipment $21,726 $21,957
Goodwill $4,074 $4,074
Other assets $25,232 $26,826
TOTAL ASSETS $1,107,009 $1,105,332

 

Liabilities (In thousands) Dec. 31, 2017 June  30, 2018
Deposits
Non-interest bearing $199,114 $200,067
Interest bearing $720,226 $730,699
Total deposits $919,340 $930,766
Securities - sold under agreement to repurchase $39,495 $23,898
Federal Home Loan Bank Advances $5,000 $5,000
Accrued expenses and other liabilities $9,037 $8,092
Total Liabilities $972,872 $967,756

 

Stockholder's Equity Dec. 31, 2017 June 30, 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 $11,842
Treasury stock - 1,134,120 shares 3/31/18, 1,134,120 shares 12/31/17(1) ($12,160) ($12,186)
Retained earnings $136,577 $142,330
Accumulated other comprehensive income ($1,826) ($4,410)
Total Stockholder's Equity $134,137 $137,576
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $1,107,009 $1,105,332
 (1) Share data has been adjusted to reflect a 2-for-1 stock split on September 20, 2017
Income Statement QTR: June 30, 2017 QTR: June 30,  2018 YTD:June 30, 2017 YTD:June 30, 2018
Summary of Income

Interest Income

$10,124

$11,537

$19,845

$22,673

Interest Expense
$1,253
$1,527
 $2,432
$2,990
 Net Interest Income
$8,871
$10,010
 $17,413
$19,683
Provision for loan losses $25 $132 $98 $172
Net interest income after provision for loan losses $8,846 $9,878  $17,315
$19,511
Other Income (expense) ($4,325) ($4,832) ($8,812) ($9,862)
Income before Federal Income Taxes $4,521 $5,046  $8,503
$9,649
Income Taxes $1,298 $932 $2,441 $1,768
Net Income $3,223 $4,114  $6,062
$7,881
Earnings per common share (1) $0.35 $0.44  $0.66
$0.85
Average common shares outstanding (1) 9,241,750 9,265,898 9,241,750 9,265,898

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

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