"Although fundamentals remain strong, the fourth quarter negatively impacted our overall performance for 2012," said President and CEO J. Michael Cline. "Despite the loss for the year, the Bank is on the right track and making significant balance sheet improvements. We're putting quality loans on our books despite an economy that still has many businesses sitting on the sidelines. We continue to see positive trends in lending, deposit pricing, and interest income. Our focus in 2013 is to maintain revenue growth, control expenses, and efficiently manage our operations."Full Year 2012 Financial Highlights
- Net loss of $60,000 in 2012 reflected a $2.24 million net improvement over 2011.
- Funding costs declined by $1.18 million in 2012 from 2011, due to disciplined deposit pricing.
- Net interest income in 2012 increased by $1.50 million from 2011.
- Non-interest expense declined by $276,000 from 2011.