EX-99.1 2 l23283aexv99w1.htm EX-99.1 EX-99.1
 

Exhibit 99.1
NATIONAL BANCSHARES CORPORATION
REVISED CONSOLIDATED BALANCE SHEETS (Unaudited)
                 
    September 30, 2006     September 30, 2005  
ASSETS:
               
Cash and due from banks
  $ 9,051,279     $ 10,925,095  
Federal funds sold
    7,565,000       9,710,000  
 
           
Total cash and cash equivalents
    16,616,279       20,635,095  
Securities available for sale
    66,075,882       51,285,174  
Securities held to maturity
    16,878,721       17,699,878  
Federal bank stock
    3,085,250       2,954,850  
Loans held for sale
          50,000  
Total loans
    187,584,880       197,652,941  
Less: allowance for loan losses
    1,855,819       2,081,935  
 
           
Loans, net
    185,729,061       195,571,006  
Accrued interest receivable
    1,830,597       1,507,952  
Premises and equipment
    4,974,234       5,279,627  
Other assets
    9,213,844       8,946,982  
 
           
 
               
TOTAL
  $ 304,403,868     $ 303,930,564  
 
           
 
               
LIABILITIES:
               
Deposits:
               
  Demand
  $ 42,962,062     $ 44,727,109  
  Savings and N.O.W.s
    114,118,021       125,360,169  
  Time
    87,633,010       74,017,069  
 
           
Total deposits
    244,713,093       244,104,347  
 
               
Securities sold under repurchase agreements
    7,316,921       4,020,843  
Federal reserve note account
    966,350       1,000,000  
Federal Home Loan Bank advances
    14,000,000       17,000,000  
Accrued interest payable
    850,616       573,223  
Other liabilities
    2,107,886       2,451,057  
 
           
Total liabilities
    269,954,866       269,149,470  
 
               
SHAREHOLDERS’ EQUITY
               
Common Stock, without par value:
               
6,000,000 shares authorized and 2,289,528 shares issued
    11,447,640       11,447,640  
Additional paid-in-capital
    4,689,800       4,689,800  
Retained earnings
    19,964,467       19,725,701  
Accumulated other comprehensive income
    (463,412 )     107,446  
Less: Treasury shares
    (1,189,493 )     (1,189,493 )
 
           
Total shareholders’ equity
    34,449,002       34,781,094  
 
           
 
               
TOTAL
  $ 304,403,868     $ 303,930,564  
 
           

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NATIONAL BANCSHARES CORPORATION
REVISED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For Nine Months Ended September 30, 2006 and September 30, 2005
                 
    September 30, 2006     September 30, 2005  
INTEREST & DIVIDEND INCOME:
               
Loans, including fees
  $ 9,397,909     $ 9,056,078  
Federal funds sold
    270,689       107,181  
Interest and dividends on investments
               
US government obligations
    1,203,395       689,368  
Obligations of states and political subdivisions
    603,808       646,987  
Other securities
    1,255,494       1,339,869  
 
           
Total interest & dividend income
    12,731,295       11,839,483  
 
               
INTEREST EXPENSE:
               
Deposits
    3,537,770       2,181,958  
Short term borrowings
    143,998       50,566  
Federal Home Loan Bank advances
    613,989       671,456  
 
           
Total interest expense
    4,295,757       2,903,980  
 
           
 
               
Net interest income
    8,435,538       8,935,503  
PROVISION FOR LOAN LOSSES
    40,000       336,500  
 
           
 
               
NET INTEREST INCOME AFTER PROVISION
               
FOR LOAN LOSSES
    8,395,538       8,599,003  
 
               
NONINTEREST INCOME
    1,241,006       1,368,433  
 
               
NONINTEREST EXPENSE:
               
Salaries and employee benefits
    4,341,034       4,469,922  
Net occupancy expense
    518,280       573,894  
Other expenses
    3,652,165       3,232,574  
 
           
Total noninterest expense
    8,511,479       8,276,390  
 
           
 
               
INCOME BEFORE INCOME TAXES
    1,125,065       1,691,046  
INCOME TAXES
    155,384       290,392  
 
           
 
               
NET INCOME
  $ 969,681     $ 1,400,654  
 
           
 
               
NET INCOME PER COMMON SHARE
  $ 0.43     $ 0.63  
 
           

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