EX-99.3 3 v469358_ex99-3.htm EXHIBIT 99.3

 

Exhibit 99.3

 

ALLEGHENY VALLEY BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

 

   March 31,   December 31, 
   2017   2016 
   (unaudited)   (audited) 
         
Assets          
Cash  $1,763,071   $1,928,332 
Interest-earning deposits with other institutions   6,230,268    6,142,302 
           
Cash and cash equivalents   7,993,339    8,070,634 
           
Investment securities available-for-sale   98,034,001    100,248,467 
Loans receivable, net   314,627,436    303,428,294 
Federal Home Loan Bank stock, at cost   4,681,600    4,705,000 
Office properties and equipment, net   4,330,723    4,139,749 
Goodwill   8,143,684    8,143,684 
Bank owned life insurance   6,485,796    6,444,521 
Accrued interest and other assets   3,440,534    3,361,309 
           
Total Assets  $447,737,113   $438,541,658 
           
Liabilities          
Deposits          
Noninterest-bearing demand  $110,009,892   $107,016,121 
Interest-bearing demand   24,363,922    25,631,221 
Savings   54,037,913    52,197,762 
Money market   75,957,905    76,828,879 
Time   69,596,721    65,094,149 
           
Total deposits   333,966,353    326,768,132 
           
Short -term borrowings   62,540,200    60,522,800 
Accrued interest and other liabilities   1,639,218    1,717,135 
           
Total Liabilities   398,145,771    389,008,067 
           
Stockholders' Equity          
Common stock, par value $1; authorized 5,000,000 shares; issued 1,170,000 shares   1,170,000    1,170,000 
           
Additional paid-in capital   2,556,559    2,612,039 
Retained earnings   51,050,501    51,362,976 
Accumulated other comprehensive income (loss)   925,549    684,615 
           
    55,702,609    55,829,630 
           
Treasury stock, at cost (133,326 and 151,143 shares)   (6,111,267)   (6,296,039)
           
Stockholders' Equity, Net   49,591,342    49,533,591 
           
Total Liabilities and Stockholders' Equity  $447,737,113   $438,541,658 

 

 

 

 

ALLEGHENY VALLEY BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

 

   3 Months   3 Months 
   Ended   Ended 
   March 31, 2017   March 31, 2016 
         
Interest Income:          
Interest and fees on loans  $3,127,498   $3,091,798 
Interest-earning deposits   8,179    4,644 
Investment securities:          
Taxable interest   481,511    522,837 
Tax-exempt interest   225,986    205,078 
           
Total Interest Income   3,843,174    3,824,357 
           
Interest Expense:          
Deposits   297,834    282,511 
Borrowed funds   128,943    78,316 
           
Total Interest Expense   426,777    360,827 
           
Net Interest Income   3,416,397    3,463,530 
           
Provision For Loan Losses   100,000    100,000 
           
           
Net Interest Income After Provision For Loan Losses   3,316,397    3,363,530 
           
Noninterest Income:          
Service charges on deposit accounts   256,838    265,837 
Net gain on sales of investment securities available-for-sale   -    264,077 
Wealth management fee income   57,398    20,365 
Mortgage fee income   58,703    70,152 
Lease fee income   -    - 
Other income   86,929    112,874 
           
Total Noninterest Income   459,868    733,305 
           
Noninterest Expense:          
Salaries and employee benefits   1,529,864    1,532,280 
Occupancy expense   246,181    259,965 
Data processing and equipment expense   302,988    282,046 
Pennsylvania shares tax   79,243    78,990 
FDIC insurance expense   33,932    50,087 
Legal and professional fees   85,249    115,002 
Merger expense   435,455    - 
Other expense   591,503    635,356 
           
Total Noninterest Expense   3,304,415    2,953,726 
           
Income Before Income Taxes   471,850    1,143,109 
           
Income Taxes   192,363    251,483 
           
Net Income  $279,487   $891,626 
           
Basic and Diluted Earnings Per Share  $0.27   $0.87 
           
Weighted Average Shares Outstanding   1,037,472    1,019,241 
           
Actual Shares Outstanding   1,040,587    1,023,690