Cardinal Financial Corporation Reports First Full Year of Profitability.Business Editors TYSONS CORNER, Va.--(BUSINESS WIRE)--Jan. 14, 2004 Cardinal cardinal, in zoology cardinal or redbird, common name for a North American songbird of the family Fringillidae (New World finch family). Financial Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CFNL-Common, NASDAQ:CFNLP CFNLP California Friday Night Live Partnership - Preferred) (the "Company"), parent company of Cardinal Bank N.A., located in Tysons Corner, Virginia Tysons Corner is an unincorporated place in Fairfax County, Virginia, near Washington, D.C. between McLean, Virginia and Vienna, Virginia along the Capital Beltway (I-495). Recognized by the U.S. , today announced fourth quarter 2003 net income of $4.1 million, or $0.37 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common share, compared to a net income of $85,000, or $0.01 per common share, in the fourth quarter of 2002, representing an improvement of $4.0 million. This quarterly net income includes an income tax benefit of $3.5 million attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the recognition of deferred tax assets related primarily to the Company's net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. . The Company recorded pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. of $594,000 for the fourth quarter of 2003, an increase of $509,000, compared to pretax income of $85,000, in the fourth quarter of 2002. The quarterly results are presented after the effect of dividends of $124,000 paid in each quarter to preferred shareholders. The 2003 year marked several successes for the Company. During the first quarter, the Company relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. its headquarters to Tysons Corner, Virginia. The Company opened a second branch location in Tysons Corner at its headquarters and entered new markets by opening branch offices in both Leesburg Leesburg, city (1990 pop. 14,903), Lake co., N central Fla., in a hill and lake region; inc. 1875. Leesburg, named for Evander Lee, its founder, is a processing and shipping center in a citrus-fruit and truck-farm area. and Woodbridge Wood·bridge A city of northeast New Jersey south-southwest of Elizabeth. Settled in 1665, it is an industrial center. Population: 97,203. . In addition, the Company completed a secondary common stock offering that raised $41.7 million in capital in December December: see month. 2003 and an additional $6.7 million in capital following the exercise of the underwriters' over-allotment option in January January: see month. 2004. The Company achieved pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern profitability in 2003 through continued growth in the Company's earnings assets, as well as increases in non-interest income. For the year ended December 31, 2003, the Company recorded net income of $5.7 million or $0.54 per diluted common share, compared to a net loss of $1.0 million, or $0.13 per diluted common share for the year ended December 31, 2002, an improvement of $6.7 million. The net income for the year ended December 31, 2003 reflects the previously mentioned income tax benefit of $3.5 million in the fourth quarter. The net loss for the year ended December 31, 2002 included a $1.7 million other than temporary impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of a corporate bond. Year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results are presented after the effect of dividends of $495,000 paid to preferred shareholders for each of the years ended December 31, 2003 and 2002. At December 31, 2003, total assets increased by $149.9 million or 30.8% to $636.2 million, compared to $486.3 million at December 31, 2002. Loans receivable, net of fees, were $336.0 million at December 31, 2003, compared to $249.1 million at December 31, 2002, an increase of $86.9 million or 34.9%. Total deposits increased by $50.7 million or 12.0% to $474.1 million at December 31, 2003, compared to $423.5 million at December 31, 2002. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. improved to $85.4 million at December 31, 2003, compared to $40.7 million at December 31, 2002. The increase of $44.7 million from the prior year was primarily driven by the Company's secondary common stock offering that raised $41.7 million in capital in December 2003 and net income of $5.7 million. Offsetting these increases was a $2.9 million unfavorable mark to market adjustment on the Company's primarily mortgage-backed Mortgage-backed may refer to:
A measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Formula: at December 31, 2003 was $4.80, compared to $3.37 at December 31, 2002. Tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. book value per common share at December 31, 2003 was $4.76, compared to $3.31 at December 31, 2002. Regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. capital ratios for the Company at December 31, 2003 remain well above regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. . Net interest income increased to $4.4 million for the fourth quarter of 2003, compared to $2.8 million for the fourth quarter of 2002. For the year ended December 31, 2003, net interest income increased to $15.2 million, compared to $10.7 million for the year ended December 31, 2002. The increase is primarily attributable to the increase in the average volume of loans and investment securities and an increase in net interest margin during 2003. The increases in average loans and investment securities were funded through increases in total deposits, other borrowed funds and shareholders' equity. For the three months ended December 31, 2003, the Company's net interest margin was 3.11%, compared to 2.60% during the fourth quarter of 2002. For the year ended December 31, 2003, the Company's net interest margin was 3.00%, compared to 2.92% for 2002. The provision for loan loss expense increased to $399,000 for the three months ended December 31, 2003, compared to $310,000 for the same period of 2002. For the year ended December 31, 2003, the provision for loan loss expense was $1.0 million, compared to $444,000 for the year ended December 31, 2002. The increase in the amount of the provision is primarily attributed to the growth in the loan portfolio experienced during 2003. For the year ended December 31, 2003, the Company continued to experience strong loan quality and a change in its portfolio mix with an increase in its residential and home equity loans, which require lower reserve coverage than the remainder of the loan portfolio. As a result, the Company's allowance to total loans ratio was 1.29% at December 31, 2003 compared to 1.35% at December 31, 2002. Non-interest income decreased slightly to $835,000 in the fourth quarter of 2003 from $971,000 in the same quarter of 2002, due mostly to decreased gains on the sale of mortgage-backed and U.S. agency bonds. Excluding the realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. in the investment securities available for sale portfolio of $164,000 and $403,000 for the fourth quarter of 2003 and 2002, respectively, non-interest income increased by $103,000 to $671,000 for the fourth quarter of 2003 compared to $568,000 for the fourth quarter of 2002. For the year ended December 31, 2003, non-interest income increased to $3.8 million from $2.9 million for 2002, an increase of $965,000, or 33.7%. The increase in non-interest income is primarily attributed to the increase in realized gains on the sale of investment securities available-for-sale and the realized gains on the sale of mortgage loans through a loan sales program that began in March 2003. Non-interest expense increased to $4.1 million for the fourth quarter of 2003 from $3.2 million for the same three months period in 2002. For the year ended December 31, 2003, non-interest expense increased $1.8 million to $15.4 million, compared to $13.6 million for 2002. The increases in non-interest expense are a result of the Company's expansion, which began during the last quarter of 2002 and continued into 2003, from seven to 11 branch locations. Increases in salaries and benefits expense, occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy , advertising and marketing and professional fees are associated with this expansion and the strong asset growth that has occurred over the past twelve months. Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. Clineburg, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said "Cardinal achieved significant growth during 2003, increasing assets over 30% to $636 million and establishing us as one of Northern Virginia's leading community banks. We reported our first full year of profitability and expanded our branch network from eight to eleven sites. We relocated our corporate headquarters to Tysons Corner and entered the high-growth markets of Leesburg and Woodbridge. Additionally, our loan portfolio increased by over 34% and we just completed a $48 million stock offering. The new capital will fund additional branch expansion and allows us to accelerate loan growth through increased lending limits. Our focus during 2004 will be on franchise expansion, and increasing core deposits, loans, and fee income while maintaining our strong credit quality." This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the federal securities laws. These forward-looking statements contain information related to matters such as the Company's intent, belief or expectation with respect to matters such as financial performance. Such statements are necessarily based on management's assumptions and estimates and are inherently subject to a variety of risks and uncertainties concerning the Company's operations and business environment, which are difficult to predict and beyond the control of the Company. Such risks and uncertainties could cause the actual results of the Company to differ materially from those matters expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in such forward-looking statements. For an explanation of certain risks and uncertainties associated with forward-looking statements, please refer to the Company's 2002 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other filings with the Securities and Exchange Commission. To learn more about Cardinal Financial Corporation and its subsidiaries, please log on to www.cardinalbank.com, or call 703-584-3400.
Cardinal Financial Corporation and Subsidiaries
Summary Statements of Condition
As of December 31, 2003 and December 31, 2002
(Dollars in thousands)
2003 2002 % Change
--------- --------- ---------
Cash and due from banks $9,555 $27,465 -65.2%
Federal funds sold 3,528 35,906 -90.2%
Investment securities - available-for-
sale 130,762 163,665 -20.1%
Investment securities - held-to-maturity 142,852 - 100.0%
--------- --------- ---------
Total investment securities 273,614 163,665 67.2%
Other investments 3,517 1,615 117.8%
Loans receivable, net of fees 336,002 249,106 34.9%
Allowance for loan losses (4,344) (3,372) 28.8%
--------- --------- ---------
Loans receivable, net 331,658 245,734 35.0%
Premises and equipment, net 6,707 4,942 35.7%
Goodwill 646 646 0.0%
Other assets 7,023 6,350 10.6%
--------- --------- ---------
TOTAL ASSETS $636,248 $486,323 30.8%
========= ========= =========
Non-interest bearing deposits $70,998 $72,962 -2.7%
Interest bearing deposits 403,131 350,517 15.0%
--------- --------- ---------
Total deposits 474,129 423,479 12.0%
Other borrowed funds 74,457 2,000 3622.9%
Other liabilities 2,250 20,132 -88.8%
Shareholders' equity 85,412 40,712 109.8%
--------- --------- ---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $636,248 $486,323 30.8%
========= ========= =========
Cardinal Financial Corporation and Subsidiaries
Summary Statements of Operations
For the Three Months and Years Ended December 31, 2003 and 2002
(Dollars in thousands, except share and per share data)
For the Three Months Ended
December 31,
2003 2002 % Change
----------- ----------- ---------
Net interest income $4,431 $2,781 59.3%
Provision for loan losses (399) (310) 28.7%
Non-interest income 835 971 -14.0%
----------- ----------- ---------
Net interest income & non-interest
income 4,867 3,442 41.4%
Salaries & benefits 1,866 1,539 21.2%
Occupancy 464 243 90.9%
Depreciation 299 183 63.4%
Amortization of intangibles - - 0.0%
Data processing 164 151 8.6%
Telecommunications 102 72 41.7%
Writedown on corporate bond
impairment - - 0.0%
Other operating expense 1,254 1,045 20.0%
----------- ----------- ---------
Total non-interest expense 4,149 3,233 28.3%
Net income (loss) before income
taxes 718 209 243.5%
----------- ----------- ---------
Income tax benefit (3,508) - 100.0%
----------- ----------- ---------
NET INCOME (LOSS) $4,226 $209 1922.0%
=========== =========== =========
Dividends to preferred shareholders $124 $124 0.0%
NET INCOME (LOSS) TO COMMON
SHAREHOLDERS $4,102 $85 4725.9%
=========== =========== =========
Earnings per common share, basic $0.38 $0.01 3736.2%
=========== =========== =========
Earnings per common share, diluted $0.37 $0.01 3624.7%
=========== =========== =========
Weighted-average common shares
outstanding - basic 10,693,498 10,044,345 6.5%
=========== =========== =========
Weighted-average common shares
outstanding - diluted 11,005,504 10,200,360 7.9%
=========== =========== =========
For the Years Ended
December 31,
2003 2002 % Change
----------- ----------- ---------
Net interest income $15,173 $10,656 42.4%
Provision for loan losses (1,001) (444) 125.5%
Non-interest income 3,829 2,864 33.7%
----------- ----------- ---------
Net interest income & non-interest
income 18,001 13,076 37.7%
Salaries & benefits 6,726 5,715 17.7%
Occupancy 1,559 972 60.4%
Depreciation 1,030 736 39.9%
Amortization of intangibles - 22 -100.0%
Data processing 835 759 10.0%
Telecommunications 396 276 43.5%
Writedown on corporate bond
impairment - 1,660 -100.0%
Other operating expense 4,809 3,465 38.8%
----------- ----------- ---------
Total non-interest expense 15,355 13,605 12.9%
Net income (loss) before income
taxes 2,646 (529) 600.2%
----------- ----------- ---------
Income tax benefit (3,508) - 100.0%
----------- ----------- ---------
NET INCOME (LOSS) $6,154 $(529) 1263.3%
=========== =========== =========
Dividends to preferred shareholders $495 $495 0.0%
NET INCOME (LOSS) TO COMMON
SHAREHOLDERS $5,659 $(1,024) 652.6%
=========== =========== =========
Earnings per common share, basic $0.55 $(0.13) 526.0%
=========== =========== =========
Earnings per common share, diluted $0.54 $(0.13) 520.4%
=========== =========== =========
Weighted-average common shares
outstanding - basic 10,218,293 7,949,132 28.5%
=========== =========== =========
Weighted-average common shares
outstanding - diluted 10,445,372 7,949,132 31.4%
=========== =========== =========
Cardinal Financial Corporation and Subsidiaries
Selected Financial Information
(Dollars in thousands, except share and per share data)
For the Three Months Ended
December 31,
2003 2002 % Change
---------------------------
Results of Operations
Interest and dividend income $6,862 $5,325 28.9%
Interest expense 2,431 2,544 -4.4%
------------------
Net interest income 4,431 2,781 59.3%
Provision for loan losses 399 310 28.7%
------------------
Net interest income after
provision for loan losses 4,032 2,471 63.2%
Non-interest income 835 971 -14.0%
Non-interest expense 4,149 3,233 28.3%
------------------
Net income (loss) before income taxes 718 209 243.5%
Provision for income taxes (3,508) - 100.0%
Net income (loss) 4,226 209 1922.0%
==================
Dividends to preferred shareholders 124 124 0.0%
------------------
Net income (loss) to commons shareholders $4,102 $85 4725.9%
==================
Statements of Condition
At December 31
Total assets
Earning assets
Total investment securities
Loans receivable, net of fees
Allowance for loan losses
Total deposits
Other borrowed funds
Total shareholders' equity
Preferred shares outstanding
Common shares outstanding
Selected Average Balances
Total assets $584,117 $458,253 27.5%
Earning assets 569,805 428,299 33.0%
Total investment securities 253,158 130,503 94.0%
Loans receivable, net of fees 308,708 221,779 39.2%
Allowance for loan losses (4,070) (3,086) 31.9%
Total deposits 462,058 414,212 11.6%
Other borrowed funds 76,007 1,891 3919.4%
Total shareholders' equity 43,386 40,531 7.0%
Preferred shares outstanding 3,164 1,365 131.8%
Weighted Average:
------------------------------------------
Common shares outstanding - basic 10,693 10,044 6.5%
Common shares outstanding - diluted 11,006 10,200 7.9%
Per Common Share Data:
Basic net income (loss) $0.38 $0.01 3700.0%
Fully diluted net income (loss) 0.37 0.01 3600.0%
Book value at period end 4.80 3.37 42.4%
Tangible book value at period end 4.76 3.31 43.8%
Performance Ratios:
Return on average assets 2.89% 0.18% 1507.7%
Return on average equity 38.96% 2.06% 1791.4%
Net interest margin 3.11% 2.60% 19.6%
Efficiency ratio 78.79% 86.17% -8.6%
Non-interest income to average assets 0.57% 0.85% -32.7%
Non-interest expense to average assets 2.84% 2.82% 0.8%
Loans receivable, net of fees to total
deposits 70.87% 58.82% 20.5%
Asset Quality Data:
Annualized net charge-offs to average
loans receivable, net of fees
Non-performing loans to loans receivable,
net of fees
Non-performing loans to total assets
Allowance for loan losses to loans
receivable, net of fees
Allowance for loan losses to nonperforming
loans
Capital Ratios:
Tier I risk-based capital
Total risk-based capital
Leverage capital ratio
Other data based on averages:
Total shareholders' equity to total assets 7.43% 8.84% -16.0%
Total loans receivable, net of fees to
total deposits 66.81% 53.54% 24.8%
For the Years Ended
December 31,
2003 2002 % Change
---------------------------
Results of Operations
Interest and dividend income $24,602 $20,242 21.5%
Interest expense 9,429 9,586 -1.6%
------------------
Net interest income 15,173 10,656 42.4%
Provision for loan losses 1,001 444 125.5%
------------------
Net interest income after
provision for loan losses 14,172 10,212 38.8%
Non-interest income 3,829 2,864 33.7%
Non-interest expense 15,355 13,605 12.9%
------------------
Net income (loss) before income taxes 2,646 (529) 600.2%
Provision for income taxes (3,508) - 100.0%
Net income (loss) 6,154 (529) 1263.3%
==================
Dividends to preferred shareholders 495 495 0.0%
------------------
Net income (loss) to commons shareholders $5,659 $(1,024) 652.6%
==================
Statements of Condition
At December 31
Total assets $636,248 $486,323 30.8%
Earning assets 617,427 447,947 37.8%
Total investment securities 273,614 163,665 67.2%
Loans receivable, net of fees 336,002 249,106 34.9%
Allowance for loan losses (4,344) (3,372) 28.8%
Total deposits 474,129 423,479 12.0%
Other borrowed funds 74,457 2,000 3622.9%
Total shareholders' equity 85,412 40,712 109.8%
Preferred shares outstanding 1,364 1,365 -0.1%
Common shares outstanding 16,377 10,044 63.1%
Selected Average Balances
Total assets $521,823 $388,826 34.2%
Earning assets 506,024 365,269 38.5%
Total investment securities 220,600 101,589 117.1%
Loans receivable, net of fees 272,765 206,654 32.0%
Allowance for loan losses (3,652) (3,060) 19.3%
Total deposits 432,809 348,141 24.3%
Other borrowed funds 46,069 5,564 728.0%
Total shareholders' equity 40,902 32,839 24.6%
Preferred shares outstanding 1,365 1,365 0.0%
Weighted Average:
------------------------------------------
Common shares outstanding - basic 10,218 7,949 28.5%
Common shares outstanding - diluted 10,445 7,949 31.4%
Per Common Share Data:
Basic net income (loss) 0.55 $(0.13) -523.1%
Fully diluted net income (loss) 0.54 (0.13) -515.4%
Book value at period end 4.80 3.37 42.4%
Tangible book value at period end 4.76 3.31 43.8%
Performance Ratios:
Return on average assets 1.18% -0.14% -942.4%
Return on average equity 15.05% -1.61% -1034.5%
Net interest margin 3.00% 2.92% 2.7%
Efficiency ratio 80.81% 100.63% -19.7%
Non-interest income to average assets 0.73% 0.74% -0.8%
Non-interest expense to average assets 2.94% 3.50% -15.9%
Loans receivable, net of fees to total
deposits 70.87% 58.82% 20.5%
Asset Quality Data:
Annualized net charge-offs to average
loans receivable, net of fees 0.01% 0.05% -78.7%
Non-performing loans to loans receivable,
net of fees 0.12% 0.37% -68.6%
Non-performing loans to total assets 0.06% 0.20% -69.4%
Allowance for loan losses to loans
receivable, net of fees 1.29% 1.35% -4.2%
Allowance for loan losses to nonperforming
loans 1113.9% 345.49% 222.4%
Capital Ratios:
Tier I risk-based capital 19.52% 12.25% 59.3%
Total risk-based capital 20.51% 13.35% 53.6%
Leverage capital ratio 15.34% 8.97% 71.0%
Other data based on averages:
Total shareholders' equity to total assets 7.84% 8.45% -7.2%
Total loans receivable, net of fees to
total deposits 63.02% 58.48% 7.8%
Cardinal Financial Corporation and Subsidiaries
Average Statements of Condition and Interest Rates on Earning Assets
and Interest-Bearing Liabilities
For the Three Months Ended December 31, 2003 and December 31, 2002
(Dollars in thousands)
For the Three For the Three
Months Ended Months Ended
December 31, 2003 December 31, 2002
Average Average Average Average
Balance Yield Balance Yield
--------- -------- --------- --------
Interest-earning assets:
Loans receivable, net of fees $308,708 5.90% $221,779 6.91%
Investment securities -
available-for-sale 105,968 3.70% 130,503 3.73%
Investment securities - held-to-
maturity 147,190 3.47% - 0.00%
Other investments 3,672 4.30% 1,418 5.36%
Federal funds sold 4,267 0.91% 74,599 1.37%
--------- -------- --------- --------
Total interest-earning assets 569,805 4.81% 428,299 4.97%
Non-interest earning assets:
Cash and due from banks 10,040 23,461
Premises and equipment, net 5,718 4,755
Goodwill 646 646
Accrued interest and other assets 1,978 4,178
Allowance for loan losses (4,070) (3,086)
--------- ---------
TOTAL ASSETS $584,117 $458,253
========= =========
Interest-bearing liabilities:
Interest bearing deposits $389,232 2.17% $344,907 2.91%
Other borrowed funds 76,008 1.59% 1,891 2.89%
--------- -------- --------- --------
Total interest-bearing
liabilities 465,240 2.07% 346,798 2.91%
Noninterest-bearing liabilities:
Noninterest-bearing deposits 72,826 69,305
Other liabilities 2,665 1,619
Shareholders' equity 43,386 40,531
--------- ---------
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY $584,117 $458,253
========= =========
Cardinal Financial Corporation and Subsidiaries
Average Statements of Condition and Interest Rates on Earning Assets
and Interest-Bearing Liabilities
For the Years Ended December 31, 2003 and December 31, 2002
(Dollars in thousands)
For the Year Ended For the Year Ended
December 31, 2003 December 31, 2002
Average Average Average Average
Balance Yield Balance Yield
--------- -------- --------- --------
Interest-earning assets:
Loans receivable, net of fees $272,765 6.15% $206,654 7.16%
Investment securities -
available-for-sale 152,915 3.29% 101,589 4.43%
Investment securities - held-to-
maturity 67,685 3.67% - 0.00%
Other investments 2,906 4.47% 1,253 5.75%
Federal funds sold 9,753 1.10% 55,773 1.56%
--------- -------- --------- --------
Total interest-earning assets and
interest income 506,024 4.85% 365,269 5.54%
Non-interest earning assets:
Cash and due from banks 10,291 18,595
Premises and equipment, net 5,249 4,820
Goodwill 646 651
Accrued interest and other assets 3,265 2,551
Allowance for loan losses (3,652) (3,060)
--------- ---------
TOTAL ASSETS $521,823 $388,826
========= =========
Interest-bearing liabilities:
Interest bearing deposits $362,779 2.39% $287,355 3.26%
Other borrowed funds 46,069 1.68% 5,564 3.99%
--------- -------- --------- --------
Total interest-bearing
liabilities and interest expense 408,848 2.31% 292,919 3.27%
Noninterest-bearing liabilities:
Noninterest-bearing deposits 70,030 60,786
Other liabilities 2,043 2,282
Shareholders' equity 40,902 32,839
--------- ---------
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY $521,823 $388,826
========= =========
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