EX-99.1 2 l10458aexv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 FNB FINANCIAL CORP. Consolidated Balance Sheets (Unaudited) (In thousands, except share data)
June 30, ASSETS 2004 --------- Cash and due from financial institutions $ 6,342 Federal funds sold 10,790 --------- Cash and cash equivalents 17,132 Federal Home Loan Bank and Federal Reserve Bank stock 1,858 Securities available for sale 81,066 Loans held for sale 130 Loans, net of allowance of $5,117 and $3,512 94,412 Premises and equipment, net 1,843 Accrued interest receivable 1,360 Intangible assets 1,878 Other assets 1,269 --------- Total assets $ 200,948 ========= LIABILITIES Deposits Demand $ 50,909 Savings 38,788 Time deposits 78,883 --------- Total deposits 168,580 Securities sold under agreements to repurchase 5,577 Federal Home Loan Bank advances 1,016 Accrued interest payable 83 Dividends declared and unpaid 100 Other liabilities 341 --------- Total liabilities 175,697 SHAREHOLDERS' EQUITY Common stock, $10 par value, 1,000,000 shares authorized, 500,000 shares issued and outstanding 5,000 Paid in capital 7,000 Retained earnings 13,251 --------- Total shareholders' equity 25,251 --------- Total liabilities and shareholders' equity $ 200,948 =========
FNB FINANCIAL CORP. Consolidated Statements of Income (Unaudited) (In thousands, except per share data)
Six months ended June 30, ------------------------- 2004 2003 Interest and dividend income Loans, including fees $ 4,838 $ 5,933 Interest on securities 796 964 Federal funds sold and other 130 80 ------- ------- Total interest income 5,764 6,977 Interest expense Deposits 1,194 2,084 Repurchase agreements 22 33 Federal Home Loan Bank advances 37 56 ------- ------- Total interest expense 1,253 2,173 ------- ------- Net interest income 4,511 4,804 Provision for loan losses 1,490 4,351 ------- ------- Net interest income after provision for loan losses 3,021 453 Noninterest income Service charges 336 366 Other 93 296 ------- ------- Total noninterest income 429 662 Noninterest expense Salaries, wages and benefits 1,542 1,608 Director fees 95 95 Net occupancy expense 264 176 Depreciation and Amortization 102 102 Marketing and public relations 36 53 Professional services 772 241 Office supplies, printing postage and courier 123 110 Data processing 272 331 Other operating expenses 633 353 ------- ------- Total noninterest expense 3,839 3,069 ------- ------- Income (loss) before taxes (389) (1,954) Income tax expense (59) (907) ------- ------- Net Income (loss) $ (330) $(1,047) ======= ======= Earnings (loss) per share $ (0.66) $ (2.09)
FNB FINANCIAL CORP Condensed Consolidated Statement of Cash Flows (Unaudited) (In thousands)
Six months ended June 30, ------------------------- 2004 2003 -------- -------- Net cash from operating activities $ 4,280 $ (2,724) Cash flows from investing activities Available for sale securities Maturities, prepayments and calls 53,845 41,003 Purchases (86,682) (42,000) Loan originations and payments, net 11,063 6,278 Net purchases of office premises and equipment (8) 26 -------- -------- Net cash from investing activities (21,782) 5,307 Cash flows from financing activities Net change in deposits (12,832) (298) Change in securities sold under agreements to repurchase (209) (1,434) Repayments of Federal Home Loan Bank Advances (306) (11) Dividends paid (200) (603) -------- -------- Net cash from financing activities (13,547) (2,346) -------- -------- Net change in cash and due from banks (31,049) 237 Cash and due from banks at beginning of period 48,181 7,158 -------- -------- Cash and due from banks at end of period $ 17,132 $ 7,395 ======== ======== Cash paid during the period for: Interest $ 1,289 $ 1,635 Income taxes $ 435 $ 110 Supplemental non-cash disclosures Transfers to OREO $ 190 $ (31)