| Three Months Ended March 31, | ||||
| 2005 (unaudited) |
2004 (unaudited) |
% Change | ||
| Results of Operations | ||||
| Net interest income | 2,719,761 | 2,513,340 | 8% | |
| Provision for loan losses | - | - | 0% | |
| Noninterest income | 2,328,589 | 2,070,514 | 12% | |
| Noninterest expenses | 4,367,243 | 4,171,692 | 5% | |
| Income taxes | 268,511 | 105,190 | 155% | |
| Net income | 412,596 | 306,972 | 34% | |
| Per Share | ||||
| Net income | 0.14 | 0.11 | 33% | |
| Cash dividends declared | 0.10 | 0.09 | 11% | |
| Book value | 12.04 | 12.05 | 0% | |
| Common stock closing price | 15.00 | 18.05 | -17% | |
| At March 31 | ||||
| Short term investments | 20,480,349 | 10,017,671 | 104% | |
| Investment securities | 40,963,507 | 59,437,882 | -31% | |
| Gross loans (net of unearned income) | 241,551,821 | 204,030,990 | 18% | |
| Earning assets | 302,995,677 | 273,486,543 | 11% | |
| Total assets | 336,073,343 | 303,819,169 | 11% | |
| Total deposits | 244,058,818 | 211,872,745 | 15% | |
| Shareholders' equity | 34,311,864 | 34,074,680 | 1% | |
| Common shares outstanding | 2,849,773 | 2,828,078 | ||
| Average Balances | ||||
| Short term investments | 9,362,884 | 13,223,173 | -29% | |
| Investment securities | 38,712,310 | 57,117,922 | -32% | |
| Gross loans (net of unearned income) | 237,715,974 | 198,755,245 | 20% | |
| Earning assets | 285,791,168 | 269,096,340 | 6% | |
| Total assets | 321,277,893 | 302,125,555 | 6% | |
| Total deposits | 230,531,772 | 209,527,637 | 10% | |
| Shareholders' equity | 34,285,729 | 34,416,165 | 0% | |
| Earnings Ratios | ||||
| Return on average total assets | 0.51% | 0.41% | ||
| Return on average shareholders' equity | 4.81% | 3.57% | ||
| Net yield on average earning assets | 3.86% | 3.82% | ||
| Interest rate spread | 3.33% | 3.38% | ||
| Earnings Ratios | ||||
| Nonperforming assets as a percent of period-end loans and other real estate |
1.12% | 1.51% | ||
| Allowance to total loans | 1.52% | 1.88% | ||
| Net loan losses to average loans | 0.00% | 0.00% | ||