|
| NorStates Bank
(unaudited) |
|
|
| BALANCE SHEETS |
|
|
|
June 30,
2008 and December 31, 2007 | |
| | (In thousands of dollars) |
| |
| |
|
|
06/30/08 |
12/31/07 |
Assets |
|
|
Cash and due from banks |
14,806 |
14,273 |
| Interest bearing deposits in financial institutions |
82 |
133 |
| Federal funds sold |
0 |
____9,181 |
Total cash and cash equivalents |
14,888 |
23,587 |
| Securities available for sale |
123,244 |
153,277 |
| Loans and leases |
476,305 |
435,734 |
| Less: Allowance for loan losses |
(7,562) |
(4,606) | Loans and leases, net |
468,743 |
431,128 |
| Office buildings and equipment, net |
9,579 |
9,198 |
| Other real estate owned, net |
1,147 |
1,147 |
| Other assets |
20,818 |
19,425 |
| Total assets |
638,419 |
637,762 |
|
|
|
Liabilities and Stockholder's Equity |
|
|
| Liabilities |
|
|
| Deposits |
|
|
| Demand - noninterest-bearing
deposits |
60,175 |
65,160 |
| Interest bearing
deposits |
410,767 |
420,944 | Total deposits |
470,942 |
486,104 |
| Federal Funds purchased |
13,100 |
0 |
| Securities sold under agreements to repurchase |
49,095 |
66,797 |
| Federal Home Loan Bank advances |
25,000 |
0 |
| Other liabilities |
3,763 |
5,912 |
Total liabilities |
561,900 |
558,813 |
|
|
|
| Stockholder's Equity |
|
|
| Common stock |
2,575 |
2,575 |
| Additional paid - in capital |
43,780 |
43,780 |
| Undivided profits |
31,957 |
32,294 |
| Accumulated other comprehensive (loss), net |
(1,793) |
300 |
Total stockholder's equity |
76,519 |
78,949 |
Total liabilities and stockholder's equity |
638,419 |
637,762 |
|
|
|
|
|
|
| STATEMENT OF
INCOME |
|
|
| For six months ended
June 30, 2008 and 2007 |
|
|
| (In thousands of dollars) |
06/30/08 |
06/30/07 |
|
|
|
| Interest income |
|
|
| Loans (including fee income) |
14,298 |
13,396 |
| Securities |
|
|
| Taxable |
3,594 |
4,979 |
| Exempt from federal income tax |
226 |
142 |
| Federal funds sold
and other interest income |
83 |
479 |
| Total interest income |
18,201 |
18,996 |
|
|
|
| Interest expense |
|
|
| Time deposits |
5,278 |
6,187 |
| Other deposits |
892 |
1,922 |
| Other borrowings |
796 |
2,088 |
| Total interest expense |
6,966 |
10,197 |
| Net interest income |
11,235 |
8,799 |
| Provision for loan losses |
2,983 |
(1,425) |
|
Net interest income after provision for |
|
|
|
for loan losses |
8,252 |
10,224 |
|
|
|
| Noninterest income |
|
|
| Service fees on deposits |
1,281 |
1,362 |
| Trust income |
431 |
386 |
| Other operating income |
544 |
828 |
| Total noninterest income |
2,256 |
2,576 |
|
|
|
| Noninterest expense |
|
|
| Salaries and employee benefits |
4,367 |
4,503 |
| Occupancy and equipment, net |
1,106 |
1,138 |
| Other operating expenses |
3,141 |
2,870 |
| Total noninterest expense |
8,614 |
8,511 |
|
|
|
| Income before income taxes |
1,894 |
4,289 |
| Provision for income taxes |
580 |
1,421 |
Net income |
1,314 |
2,868 |
|
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