EX-99.1 2 l30306aexv99w1.htm EX-99.1 Ex-99.1
 

Exhibit 99.1
Futura Banc Corporation
Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
         
 
  September 30,
2007
 
     
ASSETS
       
Cash and due from financial institutions
  $ 6,357  
Federal funds sold
    10,362  
 
     
Cash and cash equivalents
    16,719  
Federal Home Loan Bank and Federal Reserve Bank stock
    3,412  
Securities available for sale
    30,868  
Loans, net of allowance of $2,384
    211,968  
Premises and equipment, net
    9,477  
Intangible assets
    165  
Other assets
    3,044  
 
     
Total assets
  $ 275,653  
 
     
 
       
LIABILITIES
       
Deposits
       
Noninterest-bearing deposits
  $ 32,401  
Interest-bearing deposits
    196,862  
 
     
Total deposits
    229,263  
Other short-term borrowings
    22  
Federal Home Loan Bank advances
    14,520  
Subordinated debentures
    4,648  
Other liabilities
    2,221  
 
     
Total liabilities
    250,674  
 
       
SHAREHOLDERS’ EQUITY
       
Common stock, no par value, 5,000,000 shares authorized,
2,633,260 shares issued and outstanding
    20,044  
Retained earnings
    5,125  
Treasury stock
    (271 )
Accumulated other comprehensive income
    81  
 
     
Total shareholders’ equity
    24,979  
 
     
Total liabilities and shareholders’ equity
  $ 275,653  
 
     

 


 

Futura Banc Corporation
Consolidated Statements of Income (Unaudited)
(In thousands, except per share data)
                 
    Nine months ended September 30,  
    2007     2006  
Interest and dividend income
               
Loans, including fees
  $ 12,435     $ 11,980  
Interest on securities
    1,225       1,051  
Federal funds sold and other
    491       428  
 
           
Total interest income
    14,151       13,459  
 
               
Interest expense
               
Deposits
    5,478       4,182  
Federal Home Loan Bank advances
    488       462  
Subordinated debentures
    226       217  
Fed funds purchased and other borrowings
    10       12  
 
           
Total interest expense
    6,202       4,873  
 
           
Net interest income
    7,949       8,586  
 
               
Provision for loan losses
    618        
 
           
 
               
Net interest income after provision for loan losses
    7,331       8,586  
 
               
Noninterest income
               
Service charges
    1,095       1,205  
Investment and trust management fees
    507       406  
Net gain on sale of loans
    130       201  
Other
    59       36  
 
           
Total noninterest income
    1,791       1,848  
 
               
Noninterest expense
               
Salaries, wages and benefits
    3,592       3,914  
Net occupancy expense
    619       688  
Depreciation and Amortization
    1,182       1,271  
Franchise and other taxes
    277       286  
Professional services
    567       270  
Other operating expenses
    1,012       1,131  
 
           
Total noninterest expense
    7,249       7,560  
 
           
Income (loss) before taxes
    1,873       2,874  
 
               
Income tax expense
    423       859  
 
           
 
               
Net Income (loss)
  $ 1,450     $ 2,015  
 
           
 
               
Earnings per share, basic
  $ 0.55     $ 0.76  
Earnings per share, diluted
  $ 0.54     $ 0.74  

 


 

Futura Banc Corporation
Condensed Consolidated Statement of Cash Flows (Unaudited)
(In thousands)
                 
    Nine months ended September 30,  
    2007     2006  
Net cash from operating activities
  $ (144 )   $ 972  
 
               
Cash flows from investing activities
               
Available for sale securities
               
Maturities, prepayments and calls
    2,112       4,886  
Purchases
    (1,000 )     (5,277 )
Loan originations and payments, net
    1,893       (8,273 )
Net purchases of office premises and equipment
    (1,319 )     642  
Change in fed funds sold
    (7,069 )     1,326  
 
           
Net cash from investing activities
    (5,383 )     (6,696 )
 
               
Cash flows from financing activities
               
Net change in deposits
    1,109       5,878  
Repayments of Federal Home Loan Bank Advances
    4,680       (4,319 )
Change in U.S. Treasury interest-bearing notes payable
    7       1  
Change in treasury stock
    9       (61 )
Dividends paid
    (1,190 )     (930 )
 
           
Net cash from financing activities
    4,615       569  
 
           
 
               
Net change in cash and due from banks
    (912 )     (5,155 )
Cash and due from banks at beginning of period
    7,269       11,203  
 
           
Cash and due from banks at end of period
  $ 6,357     $ 6,048  
 
           
 
               
Cash paid during the period for:
               
Interest
  $ 6,202     $ 4,873  
Income taxes
  $ 423     $ 859