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 Dec 31, 2018
Cash and due from banks $20,390 $21,027
Interest bearing deposits in banks $13,090 $16,465
Federal Funds Sold $987 $873
Total cash and cash equivalents $34,467 $38,365
Interest-bearing time deposits $4,018 $4,019
Securities - available for sale $200,115 $168,447
Loans held for sale $1,221 $495
Loans, net $816,156 $839,599
Premises and equipment $21,726 $22,615
Goodwill $4,074 $4,074
Other assets $25,232 $34,870
TOTAL ASSETS $1,107,009 $1,116,163

 

Liabilities (In thousands) Dec. 31, 2017 Dec 31, 2018
Deposits
Non-interest bearing $199,114 $215,422
Interest bearing $720,226 $713,368
Total deposits $919,340 $928,790
Securities - sold under agreement to repurchase $39,495 $32,181
Federal Home Loan Bank Advances $5,000 $0
Accrued expenses and other liabilities $9,037 $11,905
Total Liabilities $972,872 $972,876

 

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

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

issued and outstanding 10,400,000 shares 12/31/2018 and 12/31/17

$11,546 $10,823
Treasury stock - 1,114,739 shares 12/31/18, 1,134,120 shares 12/31/17  ($12,160) ($12,409)
Retained earnings $136,577 $147,887
Accumulated other comprehensive income ($1,826) ($3,014)
Total Stockholder's Equity $134,137 $143,287
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $1,107,009 $1,116,163
 (1) Share data has been adjusted to reflect a 2-for-1 stock split on September 20, 2017
Income Statement QTR: Dec 30, 2017 QTR: Dec 31,  2018 YTD:Dec 31, 2017 YTD:Dec 31, 2018
Summary of Income

Interest Income

$10,868

$12,003

$41,248

$46,429

Interest Expense
$1,362
$1,817
 $5,127
$6,572
 Net Interest Income
$9,506
$10,186
 $36,121
$39,857
Provision for loan losses $25 $105 $222 $324
Net interest income after provision for loan losses $9,481 $10,081  $35,899
$39,533
Other Income (expense) ($4,462) ($6,052) ($17,996) ($21,357)
Income before Federal Income Taxes $5,019 $4,029  $17,903
$18,176
Income Taxes $1,583 $836 $5,183 $3,227
Net Income $3,436 $3,193  $12,720
$14,949
Earnings per common share (1) $0.37 $0.34  $1.38
$1.61
Average common shares outstanding (1) 9,266,584 9,285,261 9,250,825 9,272,964

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