Shareholder's Report

Assets (In thousands) March 31, 2009March 31, 2010
Cash and due from banks $12,329$11,778
Interest bearing deposits in banks$21,515$25,153
Federal funds sold$20,586$12,917
Total cash and cash equivalents$54,430$49,848
Securities - available for sale$185,389$226,962
Loans, net$549,618$548,818
Premises and equipment$16,559$15,975
Goodwill$4,074$4,074
Other assets$20,592$25,228
Total Assets$830,662$870,905
Liabilities (In thousands)March 31, 2009March 31, 2010
Deposits
Non-interest bearing$57,918$58,859
Interest bearing$586,528$624,441
Total deposits$644,446$683,300
Securities - sold under agreement to repurchase$43,036$45,291
Long term debt$45,559$43,133
Accrued expenses and other liabilities$6,355$5,501
Total Liabilities$739,396$777,225
Stockholder's EquityMarch 31, 2009March 31, 2010
Common Stock, no par value - 6,500,000 shares authorized; 5,200,000 shares issued.$12,677$12,677
Treasury stock - 437,601 shares for year 2010: 427,277 shares for year 2009. ($8,899)($9,083)
Unearned stock awards - 27,675 for year 2010; 23,575 for year 2009. ($503)($571)
Retained earnings$85,739$88,452
Accumulated other comprehensive income$2,252$2,205
Total Stockholder's Equity$91,266$93,680
Total Liabilities and Stockholder's Equity$830,662$870,905
Income StatementJune 30, 2009Sept. 30, 2009Dec. 31, 2009March 31, 2010
Summary of Income
Interest Income		$10,459$10,081$10,198$10,325
Interest Expense
Net Interest Income		$3,427 $7,032$3,220 $6,861$3,099 $7,099$2,920 $7,405
Provision for loan losses$1,079$1,432$388$1,690
Net interest income after provision for loan losses$5,953$5,429$6,711$5,715
Other Income (expense)($4,016)($3,739)($3,621)($4,128)
Income before Federal Income Taxes$1,937$1,690$3,090$1,587
Income Taxes$536$414$892$331
Net Income$1,401$1,276$2,198$1,256
Earnings per common share$0.30$0.27$0.46$0.27
Average common shares outstanding4,742,9104,731,8414,734,6744,734,674

This statement has not been reviewed or confirmed for accuracy or relevance by the Federal Deposit Insurance Corporation