Fourth Quarter 2012 Financial Highlights

Balance Sheet
  • Total assets were $271.05 million at Dec. 31, 2012, compared to $283.16 million at Sept. 30, 2012, and $266.16 million at Dec. 31, 2011.
  • Deposits totaled $233.86 million at Dec. 31, 2012, compared to $241.14 million at Sept. 30, 2012, and $224.21 million at Dec. 31, 2011.
  • Total loans were $221.48 million at Dec. 31, 2012, compared to $223.72 million at Sept. 30, 2012, and $209.90 million at Dec. 31, 2011.
  • Capital ratios at Dec. 31, 2012, exceeded regulatory levels for being "well-capitalized," reflecting a Tier 1 Leverage Ratio of 8.61%, Tier 1 Risk-based Capital Ratio of 10.60%, and Total Risk-based Capital Ratio of 11.86%.

Income Statement
  • Total revenues, less interest expense, were $3.02 million for the fourth quarter of 2012, compared to $3.01 million at Sept. 30, 2012, and $2.68 million at Dec. 31, 2011.
  • Net interest income was $2.68 million in the fourth quarter of 2012, essentially flat from the previous quarter, but up $293,000 from the fourth quarter of 2011.
  • Interest expense in the fourth quarter of 2012 was $648,000, compared to $695,000 at Sept. 30, 2012, and $855,000 at Dec. 31, 2011.
  • Net Interest margin rose to 4.27% for the fourth quarter of 2012, compared to 4.14% at Sept. 30, 2012, and 3.79% at Dec. 31, 2011.

Credit Quality
  • Total nonperforming assets were $12.66 million at Dec. 31, 2012, compared to $10.08 million at Sept. 30, 2012, and $10.57 million at Dec. 31, 2011.
  • Nonperforming assets to total assets were 4.67% at Dec 31, 2012, compared to 3.56% at Sept. 30, 2012, and 3.97% at Dec. 31, 2011.
  • Non-accural loans were $8.49 million at Dec. 31, 2012, compared to $5.96 million at Sept. 30, 2012, and $6.30 million at Dec. 31, 2011.
  • Net loan charge-offs for the fourth quarter of 2012 were $773,000, compared to $761,000 for the quarter ended Sept. 30, 2012, and $469,000 for the quarter ended Dec. 31, 2011.

Review of Balance Sheet

Total assets of $271.05 million at Dec. 31, 2012 declined $12.11 million from Sept. 30, 2012, but increased by $4.89 million from Dec. 31, 2011. Total deposits fell slightly to $233.86 million at Dec. 31, 2012, compared to the third quarter of 2012, but increased by $9.66 million from Dec. 31, 2011. Total loans were essentially flat at Dec. 31, 2012, marginally down $2.24 million from the previous quarter, but up $11.58 million from Dec. 31, 2011.

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