FOR
QUARTER ENDED SEPTEMBER 30, 2008
|
COMMISSION
FILE NUMBER 0-12436
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GEORGIA
|
58-1492391
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(STATE
OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)
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(I.R.S.
EMPLOYER IDENTIFICATION
NUMBER)
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LARGE
ACCELERATED FILER £
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ACCELERATED
FILER T
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NON
ACCELERATED FILER £
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SMALLER
REPORTING COMPANY £
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(DO
NOT CHECK IF A SMALLER REPORTING COMPANY)
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CLASS
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OUTSTANDING AT NOVEMBER 7,
2008
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COMMON
STOCK, $1 PAR VALUE
|
7,212,613
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Page
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PART I – Financial
Information
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3
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4
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28
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49
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52
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PART II – Other Information
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53
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53
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53
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53
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53
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53
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53
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55
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·
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General
economic conditions, whether national or regional, that could affect the
demand for loans or lead to increased loan
losses;
|
|
·
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Competitive
factors, including increased competition with community, regional, and
national financial institutions, that may lead to pricing pressures that
reduce yields the Company achieves on loans and increase rates the Company
pays on deposits, loss of the Company’s most valued customers, defection
of key employees or groups of employees, or other
losses;
|
|
·
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Increasing
or decreasing interest rate environments, including the shape and level of
the yield curve, that could lead to decreases in net interest margin,
lower net interest and fee income, including lower gains on sales of
loans, and changes in the value of the Company’s investment
securities;
|
|
·
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Changing
business or regulatory conditions, or new legislation, affecting the
financial services industry that could lead to increased costs, changes in
the competitive balance among financial institutions, or revisions to our
strategic focus;
|
|
·
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Changes
or failures in technology or third party vendor relationships in important
revenue production or service areas, or increases in required investments
in technology that could reduce our revenue, increase our costs or lead to
disruptions in our business.
|
|
·
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Readers
are cautioned not to place undue reliance on our forward-looking
statements, which reflect management’s analysis only as of the date of the
statements. The Company does not intend to publicly revise or
update forward-looking statements to reflect events or circumstances that
arise after the date of this
report.
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|
A.
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CONSOLIDATED
BALANCE SHEETS – SEPTEMBER 30, 2008 AND DECEMBER 31,
2007.
|
|
B.
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CONSOLIDATED
STATEMENTS OF INCOME – FOR THE THREE MONTHS ENDED SEPTEMBER 30,
2008 AND 2007 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND
2007.
|
|
C.
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CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME – FOR THE THREE MONTHS ENDED SEPTEMBER
30, 2008 AND 2007 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND
2007.
|
|
D.
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CONSOLIDATED
STATEMENTS OF CASH FLOWS – FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008
AND 2007.
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September 30, 2008
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December 31, 2007
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|||||||
ASSETS
|
(Unaudited)
|
|||||||
Cash
and Cash Equivalents
|
||||||||
Cash
and Due from Banks
|
$ | 22,929 | $ | 28,369 | ||||
Federal
Funds Sold
|
199 | 21,737 | ||||||
23,128 | 50,106 | |||||||
Interest-Bearing
Deposits
|
435 | 1,467 | ||||||
Investment
Securities
|
||||||||
Available
for Sale, at Fair Value
|
171,863 | 167,123 | ||||||
Held
to Maturity, at Cost (Fair Value of $67 and $72, as of September 30, 2008
and December 31, 2007, Respectively)
|
65 | 68 | ||||||
171,928 | 167,191 | |||||||
Federal
Home Loan Bank Stock, at Cost
|
6,317 | 5,533 | ||||||
Loans
|
970,682 | 945,279 | ||||||
Allowance
for Loan Losses
|
(17,952 | ) | (15,513 | ) | ||||
Unearned
Interest and Fees
|
(226 | ) | (301 | ) | ||||
952,504 | 929,465 | |||||||
Premises
and Equipment
|
29,399 | 27,809 | ||||||
Other
Real Estate
|
4,756 | 1,332 | ||||||
Goodwill
|
2,412 | 2,412 | ||||||
Other
Intangible Assets
|
375 | 402 | ||||||
Other
Assets
|
24,076 | 23,059 | ||||||
Total
Assets
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$ | 1,215,330 | $ | 1,208,776 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits
|
||||||||
Noninterest-Bearing
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$ | 69,038 | $ | 86,112 | ||||
Interest-Bearing
|
908,714 | 932,490 | ||||||
977,752 | 1,018,602 | |||||||
Borrowed
Money
|
||||||||
Federal
Funds Purchased
|
12,664 | 1,346 | ||||||
Securities
Sold Under Agreements to Repurchase
|
20,000 | --- | ||||||
Subordinated
Debentures
|
24,229 | 24,229 | ||||||
Other
Borrowed Money
|
91,000 | 73,600 | ||||||
147,893 | 99,175 | |||||||
Other
Liabilities
|
6,879 | 7,256 | ||||||
Commitments
and Contingencies
|
||||||||
Stockholders'
Equity
|
||||||||
Common
Stock, Par Value $1 a Share, Authorized 20,000,000 Shares, Issued
7,213,813 and 7,200,913 Shares as of September 30, 2008 and December 31,
2007, Respectively
|
7,214 | 7,201 | ||||||
Paid-In
Capital
|
24,561 | 24,420 | ||||||
Retained
Earnings
|
52,675 | 52,087 | ||||||
Restricted
Stock - Unearned Compensation
|
(275 | ) | (237 | ) | ||||
Accumulated
Other Comprehensive Loss, Net of Tax
|
(1,369 | ) | 272 | |||||
82,806 | 83,743 | |||||||
Total
Liabilities and Stockholders' Equity
|
$ | 1,215,330 | $ | 1,208,776 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
9/30/2008
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9/30/2007
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9/30/2008
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9/30/2007
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|||||||||||||
Interest
Income
|
||||||||||||||||
Loans,
Including Fees
|
$ | 16,295 | $ | 20,735 | $ | 51,386 | $ | 60,923 | ||||||||
Federal
Funds Sold
|
25 | 237 | 264 | 1,204 | ||||||||||||
Deposits
with Other Banks
|
7 | 36 | 27 | 111 | ||||||||||||
Investment
Securities
|
||||||||||||||||
U.S.
Government Agencies
|
1,809 | 1,632 | 5,076 | 4,749 | ||||||||||||
State,
County and Municipal
|
92 | 136 | 322 | 407 | ||||||||||||
Corporate
Obligations and Asset-Backed Securities
|
113 | 79 | 292 | 205 | ||||||||||||
Dividends
on Other Investments
|
87 | 76 | 253 | 225 | ||||||||||||
18,428 | 22,931 | 57,620 | 67,824 | |||||||||||||
Interest
Expense
|
||||||||||||||||
Deposits
|
7,599 | 10,853 | 25,746 | 32,133 | ||||||||||||
Federal
Funds Purchased
|
241 | 13 | 293 | 50 | ||||||||||||
Borrowed
Money
|
1,103 | 1,272 | 3,448 | 3,572 | ||||||||||||
8,943 | 12,138 | 29,487 | 35,755 | |||||||||||||
Net
Interest Income
|
9,485 | 10,793 | 28,133 | 32,069 | ||||||||||||
Provision
for Loan Losses
|
3,370 | 850 | 8,512 | 2,678 | ||||||||||||
Net
Interest Income After Provision for Loan Losses
|
6,115 | 9,943 | 19,621 | 29,391 | ||||||||||||
Noninterest
Income
|
||||||||||||||||
Service
Charges on Deposits
|
1,233 | 1,224 | 3,571 | 3,556 | ||||||||||||
Other
Service Charges, Commissions and Fees
|
240 | 218 | 735 | 703 | ||||||||||||
Mortgage
Fee Income
|
168 | 225 | 511 | 763 | ||||||||||||
Securities
Gains (Losses)
|
11 | (2 | ) | 1,195 | 184 | |||||||||||
Other
|
128 | 181 | 1,173 | 806 | ||||||||||||
1,780 | 1,846 | 7,185 | 6,012 | |||||||||||||
Noninterest
Expenses
|
||||||||||||||||
Salaries
and Employee Benefits
|
4,051 | 4,464 | 12,483 | 13,693 | ||||||||||||
Occupancy
and Equipment
|
1,098 | 1,025 | 3,166 | 3,036 | ||||||||||||
Other
|
2,664 | 2,267 | 7,635 | 6,901 | ||||||||||||
7,813 | 7,756 | 23,284 | 23,630 | |||||||||||||
Income
Before Income Taxes
|
82 | 4,033 | 3,522 | 11,773 | ||||||||||||
Income
Taxes (Benefits)
|
(112 | ) | 1,414 | 823 | 3,978 | |||||||||||
Net
Income
|
$ | 194 | $ | 2,619 | $ | 2,699 | $ | 7,795 | ||||||||
Net
Income Per Share of Common Stock
|
||||||||||||||||
Basic
|
$ | 0.03 | $ | 0.36 | $ | 0.38 | $ | 1.08 | ||||||||
Diluted
|
$ | 0.03 | $ | 0.36 | $ | 0.38 | $ | 1.08 | ||||||||
Cash
Dividends Declared Per Share of Common Stock
|
$ | 0.10 | $ | 0.09 | $ | 0.29 | $ | 0.27 | ||||||||
Weighted
Average Basic Shares Outstanding
|
7,201,580 | 7,193,603 | 7,197,016 | 7,187,586 | ||||||||||||
Weighted
Average Diluted Shares Outstanding
|
7,201,580 | 7,202,424 | 7,197,016 | 7,198,270 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
09/30/08
|
09/30/07
|
09/30/08
|
09/30/07
|
|||||||||||||
Net
Income
|
$ | 194 | $ | 2,619 | $ | 2,699 | $ | 7,795 | ||||||||
Other
Comprehensive Income (Loss), Net of Tax
|
||||||||||||||||
Gains
(Losses) on Securities Arising During the Year
|
(541 | ) | 1,040 | (852 | ) | 633 | ||||||||||
Reclassification
Adjustment
|
(8 | ) | 2 | (789 | ) | (121 | ) | |||||||||
Change
in Net Unrealized Losses on Securities Available for Sale, Net
Reclassification Adjustment and Tax Effect
|
(549 | ) | 1,042 | (1,641 | ) | 512 | ||||||||||
Comprehensive
Income (Loss)
|
$ | (355 | ) | $ | 3,661 | $ | 1,058 | $ | 8,307 |
2008
|
2007
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net
Income
|
$ | 2,699 | $ | 7,795 | ||||
Adjustments
to Reconcile Net Income to Net Cash
|
||||||||
Provided
by Operating Activities:
|
||||||||
Depreciation
|
1,526 | 1,391 | ||||||
Provision
for Loan Losses
|
8,512 | 2,678 | ||||||
Securities
Gains
|
(1,195 | ) | (184 | ) | ||||
Amortization
and Accretion
|
552 | 428 | ||||||
Loss
on Sale of Other Real Estate and Repossessions
|
62 | 53 | ||||||
Gain
on Sale of Equipment
|
(11 | ) | (6 | ) | ||||
Decrease
(Increase) in Cash Surrender Value of Life Insurance
|
(155 | ) | 20 | |||||
Other
Prepaids, Deferrals and Accruals, Net
|
(474 | ) | (692 | ) | ||||
11,516 | 11,483 | |||||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Federal
Home Loan Bank Stock
|
(785 | ) | (446 | ) | ||||
Purchases
of Investment Securities Available for Sale
|
(116,756 | ) | (39,256 | ) | ||||
Proceeds
from Maturities, Calls, and Paydowns of
|
||||||||
Investment
Securities:
|
||||||||
Available
for Sale
|
45,203 | 16,786 | ||||||
Held
to Maturity
|
7 | 8 | ||||||
Proceeds
from Sale of Investment Securities
|
||||||||
Available
for Sale
|
65,299 | 16,985 | ||||||
(Increase)
Decrease in Interest-Bearing Deposits in Other Banks
|
1,032 | (542 | ) | |||||
Net
Loans to Customers
|
(37,981 | ) | (29,526 | ) | ||||
Purchase
of Premises and Equipment
|
(3,117 | ) | (1,730 | ) | ||||
Other
Real Estate and Repossessions
|
2,815 | 2,209 | ||||||
Proceeds
from Sale of Premises and Equipment
|
12 | 258 | ||||||
Investment
in Statutory Trust
|
--- | (434 | ) | |||||
Liquidation
of Statutory Trust
|
--- | 279 | ||||||
(44,271 | ) | (35,409 | ) | |||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Noninterest-Bearing
Customer Deposits
|
(17,074 | ) | (3,178 | ) | ||||
Interest-Bearing
Customer Deposits
|
(23,776 | ) | (20,513 | ) | ||||
Increase
(Decrease) in Federal Funds Purchased
|
11,318 | (594 | ) | |||||
Securities
Sold Under Agreements to Repurchase
|
20,000 | --- | ||||||
Dividends
Paid
|
(2,091 | ) | (1,890 | ) | ||||
Proceeds
from Other Borrowed Money
|
51,500 | 41,100 | ||||||
Principal
Payments on Other Borrowed Money
|
(34,100 | ) | (29,000 | ) | ||||
Proceeds
from Issuance of Subordinated Debentures
|
--- | 14,434 | ||||||
Principal
Payments on Subordinated Debentures
|
--- | (9,279 | ) | |||||
5,777 | (8,920 | ) | ||||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
(26,978 | ) | (32,846 | ) | ||||
Cash
and Cash Equivalents at Beginning of Period
|
50,106 | 72,380 | ||||||
Cash
and Cash Equivalents at End of Period
|
$ | 23,128 | $ | 39,534 |
(1)
|
Summary
of Significant Accounting Policies
|
(1)
|
Summary
of Significant Accounting Policies
(Continued)
|
(1)
|
Summary
of Significant Accounting Policies
(Continued)
|
Description
|
Life in Years
|
Method
|
||
Banking
Premises
|
15-40
|
Straight-Line
and Accelerated
|
||
Furniture
and Equipment
|
5-10
|
Straight-Line
and Accelerated
|
||
Leasehold
Improvements
|
5-20
|
Straight-Line
|
(1)
|
Summary
of Significant Accounting Policies
(Continued)
|
(1)
|
Summary
of Significant Accounting Policies
(Continued)
|
(1)
|
Summary
of Significant Accounting Policies
(Continued)
|
September 30, 2008
|
December 31, 2007
|
|||||||
Cash
on Hand and Cash Items
|
$ | 9,506 | $ | 8,527 | ||||
Noninterest-Bearing
Deposits with Other Banks
|
13,423 | 19,842 | ||||||
$ | 22,929 | $ | 28,369 |
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Securities
Available for Sale:
|
||||||||||||||||
U.S.
Government Agencies
|
||||||||||||||||
Mortgage-Backed
|
$ | 155,938 | $ | 387 | $ | (1,245 | ) | $ | 155,080 | |||||||
Other
|
650 | --- | --- | 650 | ||||||||||||
State,
County & Municipal
|
9,730 | 19 | (281 | ) | 9,468 | |||||||||||
Corporate
Obligations
|
6,619 | 41 | (651 | ) | 6,009 | |||||||||||
Asset-Backed
Securities
|
1,000 | --- | (344 | ) | 656 | |||||||||||
$ | 173,937 | $ | 447 | $ | (2,521 | ) | $ | 171,863 | ||||||||
Securities
Held to Maturity:
|
||||||||||||||||
State,
County and Municipal
|
$ | 65 | $ | 2 | $ | --- | $ | 67 |
Securities
|
||||||||||||||||
Available for Sale
|
Held to Maturity
|
|||||||||||||||
Amortized Cost
|
Fair Value
|
Amortized Cost
|
Fair Value
|
|||||||||||||
Due
in One Year or Less
|
$ | 3,977 | $ | 3,937 | ||||||||||||
Due
After One Year Through Five Years
|
5,590 | 5,285 | ||||||||||||||
Due
After Five Years Through Ten Years
|
4,787 | 4,713 | $ | 65 | $ | 67 | ||||||||||
Due
After Ten Years
|
3,645 | 2,848 | -- | -- | ||||||||||||
17,999 | 16,783 | 65 | 67 | |||||||||||||
Mortgage
Backed Securities
|
155,938 | 155,080 | -- | -- | ||||||||||||
$ | 173,937 | $ | 171,863 | $ | 65 | $ | 67 |
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Securities
Available for Sale:
|
||||||||||||||||
U.S.
Government Agencies
|
||||||||||||||||
Mortgage
Backed
|
$ | 109,024 | $ | 758 | $ | (459 | ) | $ | 109,323 | |||||||
Other
|
36,818 | 314 | (36 | ) | 37,096 | |||||||||||
State,
County & Municipal
|
14,178 | 33 | (296 | ) | 13,915 | |||||||||||
Corporate
Obligations
|
5,689 | 105 | (7 | ) | 5,787 | |||||||||||
Asset-Backed
Securities
|
1,000 | --- | --- | 1,000 | ||||||||||||
Marketable
Equity Securities
|
2 | --- | --- | 2 | ||||||||||||
$ | 166,711 | $ | 1,210 | $ | (798 | ) | $ | 167,123 | ||||||||
Securities
Held to Maturity:
|
||||||||||||||||
State,
County and Municipal
|
$ | 68 | $ | 4 | $ | --- | $ | 72 |
Less
Than 12 Months
|
12
Months or Greater
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
September
30, 2008
|
||||||||||||||||||||||||
U.S.
Government Agencies
|
||||||||||||||||||||||||
Mortgage
Backed
|
$ | 109,843 | $ | (1,224 | ) | $ | 850 | $ | (21 | ) | $ | 110,693 | $ | (1,245 | ) | |||||||||
State,
County and Municipal
|
4,593 | (281 | ) | --- | --- | 4,593 | (281 | ) | ||||||||||||||||
Corporate
Obligations
|
4,968 | (651 | ) | --- | --- | 4,968 | (651 | ) | ||||||||||||||||
Asset-Backed
Securities
|
656 | (344 | ) | --- | --- | 656 | (344 | ) | ||||||||||||||||
$ | 120,060 | $ | (2,500 | ) | $ | 850 | $ | (21 | ) | $ | 120,910 | $ | (2,521 | ) | ||||||||||
December
31, 2007
|
||||||||||||||||||||||||
U.S.
Government Agencies
|
||||||||||||||||||||||||
Mortgage
Backed
|
$ | 13,721 | $ | (56 | ) | $ | 30,761 | $ | (403 | ) | $ | 44,482 | $ | (459 | ) | |||||||||
Other
|
--- | --- | 14,101 | (36 | ) | 14,101 | (36 | ) | ||||||||||||||||
State,
County and Municipal
|
6,918 | (255 | ) | 3,115 | (41 | ) | 10,033 | (296 | ) | |||||||||||||||
Corporate
Obligations
|
--- | --- | 995 | (7 | ) | 995 | (7 | ) | ||||||||||||||||
Marketable
Equity Securities
|
2 | --- | --- | --- | 2 | --- | ||||||||||||||||||
$ | 20,641 | $ | (311 | ) | $ | 48,972 | $ | (487 | ) | $ | 69,613 | $ | (798 | ) |
September 30, 2008
|
December 31, 2007
|
|||||||
Commercial,
Financial and Agricultural
|
$ | 90,105 | $ | 52,323 | ||||
Real
Estate – Construction
|
164,092 | 211,484 | ||||||
Real
Estate – Farmland
|
58,254 | 42,439 | ||||||
Real
Estate – Other
|
593,564 | 544,655 | ||||||
Installment
Loans to Individuals
|
44,012 | 72,350 | ||||||
All
Other Loans
|
20,655 | 22,028 | ||||||
$ | 970,682 | $ | 945,279 |
September 30, 2008
|
September 30, 2007
|
|||||||
Balance,
Beginning
|
$ | 15,513 | $ | 11,989 | ||||
Provision
Charged to Operating Expenses
|
8,512 | 2,678 | ||||||
Loans
Charged Off
|
(6,534 | ) | (1,971 | ) | ||||
Loan
Recoveries
|
461 | 1,125 | ||||||
Balance,
Ending
|
$ | 17,952 | $ | 13,821 |
September 30, 2008
|
December 31, 2007
|
|||||||
Land
|
$ | 7,805 | $ | 7,799 | ||||
Building
|
20,939 | 20,901 | ||||||
Furniture,
Fixtures and Equipment
|
13,303 | 12,641 | ||||||
Leasehold
Improvements
|
994 | 994 | ||||||
Construction
in Progress
|
2,348 | 448 | ||||||
45,389 | 42,783 | |||||||
Accumulated
Depreciation
|
(15,990 | ) | (14,974 | ) | ||||
$ | 29,399 | $ | 27,809 |
Nine
Months Ended
|
Nine
Months Ended
|
|||||||
September
30, 2008
|
September
30, 2007
|
|||||||
Goodwill
|
||||||||
Balance,
Beginning
|
$ | 2,412 | $ | 2,412 | ||||
Goodwill
Acquired
|
--- | --- | ||||||
Balance,
Ending
|
$ | 2,412 | $ | 2,412 | ||||
Net
Core Deposit, Intangible
|
||||||||
Balance,
Beginning
|
$ | 402 | $ | 439 | ||||
Amortization
Expense
|
(27 | ) | (28 | ) | ||||
Balance,
Ending
|
$ | 375 | $ | 411 |
2008
|
$ | 9 | ||
2009
|
36 | |||
2010
|
36 | |||
2011
|
36 | |||
2012
and thereafter
|
258 | |||
$ | 375 |
|
·
|
Level
1
|
inputs
to the valuation methodology are quoted prices (unadjusted) for identical
assets or liabilities in active
markets.
|
|
·
|
Level
2
|
inputs
to the valuation methodology include quoted prices for similar assets and
liabilities in active markets, and inputs that are observable for the
asset or liability, either directly or indirectly, for substantially the
full term of the financial
instrument.
|
|
·
|
Level
3
|
inputs
to the valuation methodology are unobservable and significant to the fair
value measurement.
|
Fair Value Measurements at Reporting Date
Using
|
||||||||||||||||
September
30, 2008
|
Quoted
Prices in Active Markets for
Identical
Assets
(Level 1)
|
Significant
Other Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level
3)
|
|||||||||||||
Securities
Available for Sale
|
||||||||||||||||
U.S.
Government Agencies
|
||||||||||||||||
Mortgage-Backed
|
$ | 155,080 | $ | --- | $ | 155,080 | $ | --- | ||||||||
Other
|
650 | --- | 650 | --- | ||||||||||||
State,County
& Municipal
|
9,468 | --- | 9,468 | --- | ||||||||||||
Corporate
Obligations
|
6,009 | --- | 5,310 | 699 | ||||||||||||
Asset-Backed
Securities
|
656 | --- | --- | 656 | ||||||||||||
$ | 171,863 | $ | --- | $ | 170,508 | $ | 1,355 |
September 30, 2008
|
December 31, 2007
|
|||||||
Interest-Bearing
Demand
|
$ | 180,505 | $ | 190,304 | ||||
Savings
|
33,757 | 31,588 | ||||||
Time,
$100,000 and Over
|
318,467 | 347,219 | ||||||
Other
Time
|
375,985 | 363,379 | ||||||
$ | 908,714 | $ | 932,490 |
Maturity
|
September 30, 2008
|
December 31, 2007
|
||||||
One
Year and Under
|
$ | 625,698 | $ | 632,936 | ||||
One
to Three Years
|
61,141 | 42,977 | ||||||
Three
Years and Over
|
7,613 | 34,685 | ||||||
$ | 694,452 | $ | 710,598 |
September 30, 2008
|
December 31, 2007
|
|||||||
Federal
Home Loan Bank Advances
|
$ | 91,000 | $ | 73,500 | ||||
Silverton
Note Payable
|
--- | 100 | ||||||
Barclay’s
Master Repurchase Agreement
|
20,000 | --- | ||||||
$ | 111,000 | $ | 73,600 |
Year
|
Amount
|
|||
2008
|
$ | --- | ||
2009
|
19,000 | |||
2010
|
1,000 | |||
2011
|
20,000 | |||
2012
and Thereafter
|
71,000 | |||
$ | 111,000 |
Contract
Amount
|
||||||||
September 30, 2008
|
December 31, 2007
|
|||||||
Loan
Commitments
|
$ | 85,091 | $ | 93,105 | ||||
Standby
Letters of Credit
|
2,696 | 3,814 |
To
Be Well Capitalized
|
||||||||||||||||||||||||
For
Capital
|
Under
Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Adequacy Purposes
|
Action Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As
of September 30, 2008
|
||||||||||||||||||||||||
Total
Capital
|
||||||||||||||||||||||||
to
Risk-Weighted Assets
|
||||||||||||||||||||||||
Consolidated
|
$ | 116,997 | 12.15 | % | $ | 77,031 | 8.00 | % |
NA
|
NA
|
||||||||||||||
Colony
Bank
|
116,075 | 12.08 | 76,902 | 8.00 | $ | 96,128 | 10.00 | % | ||||||||||||||||
Tier
1 Capital
|
||||||||||||||||||||||||
to
Risk-Weighted Assets
|
||||||||||||||||||||||||
Consolidated
|
$ | 104,888 | 10.89 | % | $ | 38,515 | 4.00 | % |
NA
|
NA
|
||||||||||||||
Colony
Bank
|
103,986 | 10.82 | 38,451 | 4.00 | 57,677 | 6.00 | % | |||||||||||||||||
Tier
1 Capital
|
||||||||||||||||||||||||
to
Average Assets
|
||||||||||||||||||||||||
Consolidated
|
$ | 104,888 | 8.70 | % | $ | 48,240 | 4.00 | % |
NA
|
NA
|
||||||||||||||
Colony
Bank
|
103,986 | 8.64 | 48,135 | 4.00 | $ | 60,169 | 5.00 | % |
ASSETS
|
September 30, 2008
|
December 31, 2007
|
||||||
(Unaudited)
|
(Audited)
|
|||||||
Cash
|
$ | 203 | $ | 973 | ||||
Premises
and Equipment, Net
|
1,328 | 1,236 | ||||||
Investment
in Subsidiaries, at Equity
|
105,963 | 105,323 | ||||||
Other
|
425 | 1,491 | ||||||
Totals
Assets
|
$ | 107,919 | $ | 109,023 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Liabilities
|
||||||||
Dividends
Payable
|
$ | 703 | $ | 684 | ||||
Other
|
181 | 367 | ||||||
884 | 1,051 | |||||||
Subordinated
Debt
|
24,229 | 24,229 | ||||||
Stockholders’
Equity
|
||||||||
Common
Stock, Par Value $1 a Share; Authorized 20,000,000Shares, Issued 7,213,813
and 7,200,913 Shares as of September 30, 2008 and December 31, 2007,
Respectively
|
7,214 | 7,201 | ||||||
Paid-In
Capital
|
24,561 | 24,420 | ||||||
Retained
Earnings
|
52,675 | 52,087 | ||||||
Restricted
Stock - Unearned Compensation
|
(275 | ) | (237 | ) | ||||
Accumulated
Other Comprehensive Loss, Net of Tax
|
(1,369 | ) | 272 | |||||
82,806 |