|
| NorStates Bank
(unaudited) |
|
|
| BALANCE SHEETS |
|
|
|
December 31,
2007 and 2006 | |
| | (In thousands of dollars) |
| |
| |
|
|
12/31/07 |
12/31/06 |
Assets |
|
|
Cash and due from banks |
14,273 |
19,523 |
| Interest bearing deposits in financial institutions |
133 |
839 |
| Federal funds sold |
9,181 |
____10,078 |
Total cash and cash equivalents |
23,587 |
30,440 |
| Securities available for sale |
153,277 |
279,056 |
| Loans and leases |
435,734 |
373,725 |
| Less: Allowance for loan losses |
(4,606) |
(7,162) | Loans and leases, net |
431,128 |
366,563 |
| Office buildings and equipment, net |
9,198 |
9,394 |
| Other real estate owned, net |
1,147 |
1,273 |
| Other assets |
19,425 |
26,274 |
| Total assets |
637,762 |
713,000 |
|
|
|
Liabilities and Stockholder's Equity |
|
|
| Liabilities |
|
|
| Deposits |
|
|
| Demand - noninterest-bearing
deposits |
65,160 |
68,334 |
| Interest bearing
deposits |
420,944 |
464,066 | Total deposits |
486,104 |
532,400 |
| Federal Funds purchased |
0 |
0 |
| Securities sold under agreements to repurchase |
66,797 |
86,775 |
| Federal Home Loan Bank advances |
0 |
11,500 |
| Other liabilities |
5,912 |
7,144 |
Total liabilities |
558,813 |
637,819 |
|
|
|
| Stockholder's Equity |
|
|
| Common stock |
2,575 |
2,575 |
| Additional paid - in capital |
43,780 |
43,780 |
| Undivided profits |
32,294 |
30,378 |
| Accumulated other comprehensive (loss), net |
300 |
(1,552) |
Total stockholder's equity |
78,949 |
75,181 |
Total liabilities and stockholder's equity |
637,762 |
713,000 |
|
|
|
|
|
|
| STATEMENT OF
INCOME |
|
|
| For twelve months ended
December 31, 2007 and 2006 |
|
|
| (In thousands of dollars) |
12/31/07 |
12/31/06 |
|
|
|
| Interest income |
|
|
| Loans (including fee income) |
27,789 |
26,898 |
| Securities |
|
|
| Taxable |
9,509 |
8,844 |
| Exempt from federal income tax |
311 |
236 |
| Federal funds sold
and other interest income |
810 |
653 |
| Total interest income |
38,419 |
36,631 |
|
|
|
| Interest expense |
|
|
| Time deposits |
12,112 |
12,342 |
| Other deposits |
3,607 |
4,154 |
| Other borrowings |
3,661 |
3,537 |
| Total interest expense |
9,380 |
20,033 |
| Net interest income |
19,039 |
16,598 |
| Provision for loan losses |
81 |
0 |
|
Net interest income after provision for |
|
|
|
for loan losses |
18,958 |
16,598 |
|
|
|
| Noninterest income |
|
|
| Service fees on deposits |
2847 |
2541 |
| Trust income |
752 |
662 |
| Other operating income |
1,439 |
2,003 |
| Total noninterest income |
5,038 |
5,206 |
|
|
|
| Noninterest expense |
|
|
| Salaries and employee benefits |
8,715 |
8,859 |
| Occupancy and equipment, net |
2,091 |
1,981 |
| Other operating expenses |
5,755 |
6,187 |
| Total noninterest expense |
16,561 |
17,027 |
|
|
|
| Income before income taxes |
7,435 |
4,777 |
| Provision for income taxes |
2,470 |
1,235 |
Net income |
4,965 |
3,542 |
|
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