Kentucky |
||||||||||||||||
Citizens |
Banking |
Pro Forma |
||||||||||||||
First | Centers | Adjustments | Combined | |||||||||||||
(Unaudited) |
||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Interest income
|
||||||||||||||||
Loans
|
$ | 6,207 | $ | 3,266 | $ | 33 | E | $ | 9,506 | |||||||
Securities
|
249 | 503 | 752 | |||||||||||||
Other
|
256 | 202 | 458 | |||||||||||||
Total interest income
|
6,712 | 3,971 | 33 | 10,716 | ||||||||||||
Interest expense
|
||||||||||||||||
Deposits
|
2,153 | 1,568 | 42 | G | 3,763 | |||||||||||
Interest on borrowed funds
|
279 | 33 | 173 | H | 485 | |||||||||||
Total interest expense
|
2,432 | 1,601 | 215 | 4,248 | ||||||||||||
Net interest income
|
4,280 | 2,370 | (182 | ) | 6,468 | |||||||||||
Provision for loan losses
|
| (84 | ) | I | (84 | ) | ||||||||||
Net interest income after
provision for loan losses
|
4,280 | 2,454 | (182 | ) | 6,552 | |||||||||||
Noninterest income
|
||||||||||||||||
Service charges on deposit accounts
|
365 | 367 | 732 | |||||||||||||
Other noninterest income
|
336 | 192 | 528 | |||||||||||||
Total noninterest income
|
701 | 559 | 1,260 | |||||||||||||
Noninterest expense
|
||||||||||||||||
Salaries and employee benefits
|
1,775 | 995 | 2,770 | |||||||||||||
Occupancy and equipment expense
|
531 | 306 | (15 | )J | 822 | |||||||||||
Other
|
1,067 | 786 | 124 | K | 1,977 | |||||||||||
Total noninterest expense
|
3,373 | 2,087 | 109 | 5,569 | ||||||||||||
Income before income
taxes
|
1,608 | 926 | (291 | ) | 2,243 | |||||||||||
Provision for income
taxes
|
581 | 254 | (99 | )L | 736 | |||||||||||
Net income
|
1,027 | 672 | (192 | )M | 1,507 | |||||||||||
Dividends declared on preferred
stock
|
258 | 258 | ||||||||||||||
Net income available to common
shareholders
|
$ | 769 | $ | 672 | $ | (192 | ) | $ | 1,249 | |||||||
Basic earnings per
share
|
$ | 0.82 | $ | 0.68 | ||||||||||||
Diluted earnings per
share
|
$ | 0.67 | $ | 0.62 | ||||||||||||
Weighted average
shares:
|
||||||||||||||||
Basic
|
939,169 | 900,000 | N | 1,839,169 | ||||||||||||
Diluted
|
1,539,430 | 900,000 | N | 2,439,430 |
1
Kentucky |
||||||||||||||||
Citizens |
Banking |
Pro Forma |
||||||||||||||
First | Centers | Adjustments | Combined | |||||||||||||
(Unaudited) |
||||||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Interest income
|
||||||||||||||||
Loans
|
$ | 10,499 | $ | 5,956 | $ | 65 | E | $ | 16,520 | |||||||
Securities
|
472 | 1,062 | (15 | )F | 1,519 | |||||||||||
Other
|
103 | 172 | 275 | |||||||||||||
Total interest income
|
11,074 | 7,190 | 50 | 18,314 | ||||||||||||
Interest expense
|
||||||||||||||||
Deposits
|
2,906 | 2,743 | 135 | G | 5,784 | |||||||||||
Interest on borrowed funds
|
447 | 65 | 282 | H | 794 | |||||||||||
Total interest expense
|
3,353 | 2,808 | 417 | 6,578 | ||||||||||||
Net interest income
|
7,721 | 4,382 | (367 | ) | 11,736 | |||||||||||
Provision for loan losses
|
(200 | ) | 195 | I | (5 | ) | ||||||||||
Net interest income after
provision for loan losses
|
7,921 | 4,187 | (367 | ) | 11,741 | |||||||||||
Noninterest income
|
||||||||||||||||
Service charges on deposit accounts
|
808 | 744 | 1,552 | |||||||||||||
Other noninterest income
|
668 | 326 | 994 | |||||||||||||
Total noninterest income
|
1,476 | 1,070 | 2,546 | |||||||||||||
Noninterest expense
|
||||||||||||||||
Salaries and employee benefits
|
3,005 | 1,726 | 4,731 | |||||||||||||
Occupancy and equipment expense
|
801 | 535 | (30 | )J | 1,306 | |||||||||||
Other
|
2,198 | 1,415 | 276 | K | 3,889 | |||||||||||
Total noninterest expense
|
6,004 | 3,676 | 246 | 9,926 | ||||||||||||
Income before income
taxes
|
3,393 | 1,581 | (613 | ) | 4,361 | |||||||||||
Provision for income
taxes
|
1,156 | 435 | (208 | )L | 1,383 | |||||||||||
Net income
|
2,237 | 1,146 | (405 | )M | 2,978 | |||||||||||
Dividends declared on preferred
stock
|
520 | 520 | ||||||||||||||
Net income available to common
shareholders
|
$ | 1,717 | $ | 1,146 | $ | (405 | ) | $ | 2,458 | |||||||
Basic earnings per
share
|
$ | 1.83 | $ | 1.34 | ||||||||||||
Diluted earnings per
share
|
$ | 1.47 | $ | 1.23 | ||||||||||||
Weighted average
shares:
|
||||||||||||||||
Basic
|
936,847 | 900,000 | N | 1,836,847 | ||||||||||||
Diluted
|
1,516,586 | 900,000 | N | 2,416,586 |
2