Attached files
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| 8-K - FORM 8-K - CENTRA FINANCIAL HOLDINGS INC | l37898e8vk.htm |
Exhibit 99
| QUARTERLY REPORT Third Quarter 2009 Centra |
| To Our Shareholders, Customers, and FriendsCentra’s performance for the third quarter of 2009 resulted potential of increased capital reserve requirements looming in an increase in net income of 6% to $2.2 million, marking yet on the horizon. Despite these significant headwinds, Centra another period of record earnings. Profitability has improved continues to gain momentum by building franchise value for every year since our inception. Our capital and liquidity levels our customers, shareholders and employees. are very strong and we continue to lend actively in all of our Behind the numbers is the story of a bank with both markets. Tier 1 risk based capital and total risk based capital seasoned board members and employees who act like ratios remained significantly above “well capitalized” levels, owners and stress the art of keeping things simple If you the highest regulatory standard for banks. think this is a repeat of something that you have heard Our credit quality ratios continue to compare very favorably before, you are correct. All of these notions were discussed, to our peers. Non-performing assets as a percentage of total listed in a prospectus, advertised through the media, assets were 1.2% as of September 30, 2009. Annualized critiqued through public opinion and implemented in 1999, net charge offs were 0.3% of average loans for the first nine ten years ago this month. It was then that our Board and months of 2009. Our 30-89 day delinquent loans as a management team were coming together to open a bank percent of total loans were 0.5% at September 30, 2009. where customers were to be treated as guests and not as an These results are a testament to Centra’s disciplined credit inconvenience...where you spoke to a banker every time culture throughout our history. you called, not a tape recorder, and where confidence For the second consecutive year, Inc. Magazine has brings you in and satisfaction brings you back. ranked Centra on its annual list of the 5,000 fastest growing The determination that was necessary to address the companies in the country. In this September 2009 issue, challenges of starting a company remains with each and Centra earned the #3 position among all banks in the nation every one of us as we face the tasks that lie ahead. My and was ranked #93 of the entire Financial Services sector thanks go out to all investors who continue to support our in the United States. To be included in this group means efforts. that Centra is in the top 1/100th of 1% among all 19 million s\ businesses in the nation. // J ^p /l , On September 24, 2009, area business leaders and vflM^fco <^~ ^jJ^^X. officials gathered to help us celebrate our newly constructed n , , , f Douglas J. Leech North Pointe Drive office in Hagerstown, Maryland, the third Chairman, CEO and Founder office in that area and our first newly constructed facility. Just three weeks after this grand opening, we announced dleech@centrabank.com plans for a new headquarters building for Hagerstown to be constructed at the corner of Dual Highway and Mount Aetna Road, arguably one of the most dynamic locations in the Current Value of a Washington County Market. These openings demonstrate Investment our continued ability to move forward, drawing on the deep $10,\j\j\j experience of our board and leadership team that is in Centra Stock seasoned and ready to elevate market share in the greater Hagerstown area. Made November 1, 1999 The year 2009 has brought significant government intervention into our industry (TARP), the doubling of = $32,884 premiums and significant one time charges of our deposit insurance (FDIC), the universal tightening of credit and the |
| Centra Financial Holdings, Inc., and Subsidiaries |
| Consolidated Statements of Condition (Dollars in Thousands, except Per Share Data) (Unaudited) September 30, September 30, 2009 2008 ASSETS Cash and due from banks $ 6,457 $ 19,893 Interest-bearing deposits in other banks 5,235 955 Federal funds sold 47,220 Total cash and cash equivalents 58,912 20,848 Available-for-sale securities, at estimated fair value (amortized cost of $126,346 in 2009 and $121,644 in 2008) 129,267 120,548 Other investments (carried at cost) 2,922 2,515 Loans, net of unearned income 1,030,869 1,011,927 Allowance for loan losses (16,482) (15,229) Net loans 1,014,387 996,698 Premises and equipment 22,803 21,228 Loans held for sale 2,724 3,017 Goodwill and other intangibles 15,742 16,482 Other assets 27,251 23,076 Total assets $ 1,274,008 $ 1,204,412 LIABILITIES Deposits Non-interest bearing $ 151,260 $ 135,317 Interest-bearing 952,748 902,757 Total deposits 1,104,008 1,038,074 Short-term borrowings 34,230 42,798 Long-term debt 20,000 20,000 Other liabilities 12,539 10,685 Total liabilities 1,170,777 1,111,557 STOCKHOLDERS’ EQUITY Preferred stock, $1 par value, 1,000,000 authorized, none issued Common stock, $1 par value, 50,000,000 authorized, 6,994,921 and 5,988,740 issued and outstanding, respectively 6,995 5,989 Additional paid-in capital 95,901 81,847 Accumulated (deficit) earnings (1,418) 4,168 Accumulated other comprehensive income 1,753 851 Total equity 103,231 92,855 Total liabilities and stockholders’ equity $ 1,274,008 $ 1,204,412 |
| Centra Financial Holdings, Inc., and Subsidiaries |
| CS I (DOolNlaSrO s iLnI TDhAoTusE aDnds, TeAxcTeEpt M PEerN SThSarOe FDatNa)COME Nine Months Ended Sept. 30, Quarter Ended Sept. 30, (Unaudited) 2009 2008 2009 2008 INTEREST INCOME Loans, including fees $ 45,652 $ 47,692 $ 15,223 $ 16,069 Loans held for sale 126 135 27 41 Securities available-for-sale 3,066 4,102 977 1,215 Interest-bearing bank balances 1 22 3 Federal funds sold 10 313 6 49 Total interest income 48,855 52,264 16,233 17,377 INTEREST EXPENSE Deposits 16,103 21,377 5,082 6,835 Short-term borrowed funds 242 704 58 317 Long-term debt 459 802 130 243 Total interest expense 16,804 22,883 5,270 7,395 Net interest income 32,051 29,381 10,963 9,982 Provision for credit losses 2,506 1,971 1,186 813 Net interest income after provision for credit losses 29,545 27,410 9,777 9,169 OTHER INCOME Service charges on deposit accounts 2,712 2,071 952 877 Other service charges and fees 1,858 1,818 644 614 Secondary market income 1,067 995 281 276 Security (losses) gains (336) 212 17 Other 540 687 153 236 Total other income 5,841 5,783 2,030 2,020 OTHER EXPENSE Salary and employee benefits 11,501 12,430 4,019 4,020 Occupancy expense 2,025 1,901 745 631 Equipment expense 1,741 1,596 578 560 Advertising 1,122 1,014 431 344 Professional fees 669 902 188 381 Data processing 1,880 1,620 617 587 Other outside services 761 667 246 251 Regulatory assessments 1,526 536 389 188 Other 3,370 3,826 1,217 1,253 Total other expense 24,595 24,492 8,430 8,215 Net income before income tax 10,791 8,701 3,377 2,974 INCOME TAX EXPENSE 3,709 2,917 1,223 945 Net income 7,082 5,784 2,154 2,029 Dividends and accretion on preferred stock and warrants $ 923 $ $ $ Net income applicable to common shareholders $ 6,159 $ 5,784 $ 2,154 $ 2,029 Basic earnings per share $ 0.89 $ 0.88 $ 0.31 $ 0.31 Diluted earnings per share $ 0.85 $ 0.81 $ 0.29 $ 0.28 Weighted average shares outstanding — basic 6,912,570 6,578,798 6,970,533 6,587,614 Weighted average shares outstanding — diluted 7,284,451 7,127,680 7,327,725 7,126,176 Cash dividends declared per share $ 0.15 $ 0.15 $ 0.05 $ 0.05 |
| Centra Total Assets Total Loans Total Deposits Net Income for Third Quarter |
| Net Cumulative Rank Bank City, State Assets Income Earnings** (in mill.) (in thousands) 2. BCB Bayonne, NJ 618 2,204 23,300 3. Southern First Greenville, SC 742 1,082 19,577 4. North State Raleigh, NC 711 1,614 17,929 5. New Century Dunn, NC 628 285 15,865 6. Alpine Capital New York, NY 208 1,503 14,670 7. Two River Middletown, NJ 633 798 10,214 8. 1st Colonial Collingswood, NJ 240 365 4,946 9. CommerceFirst Annapolis, MD 192 150 3,332 10. Bank of Oak Ridge Oak Ridge, NC 351 372 3,150 *Bank level data for the six months ended June 30, 2009. Includes all 26 de novo banks started in 2000 and still operating, located in the Atlantic seaboard states from South Carolina to Maine, and includes West Virginia and Ohio, “Retained earnings plus all cash dividends paid. Source: SNL Financial, Charlottesville, Virginia. |
| Net Rank Bank City, State Assets Income RQA ROE {in mill.) (in thous.) 2. Bancorp Wilmington, DE 1,729 2,734 .31 3.04 3. BCB Bayonne, NJ 618 2,204 .74 8.16 4. North State Raleigh, NC 711 1,614 .46 6.36 5. Alpine Capital New York, NY 208 1,503 1.25 11.78 6. Southern First Greenville, SC 742 1,082 .30 3.18 7. Two River Middletown, NJ 633 798 .25 2.01 8. American Community Glen Cove, NY 152 472 .64 7.43 9. Harvest Community Pennsville, NJ 205 419 .44 5.71 10. Bank of Oak Ridge Oak Ridge, NC 351 372 .22 2.92 *Bank level data for the six months ended June 30, 2009. Indudes all 20 de novo banks started In 2000 and still operating, located In the Atlantic seaboard states from South Carolina to Maine, and includes West Virginia and Ohio. Source: SNL Financial, Charlottesvllfe, Virginia. ffl DANIELSON (5f ASSOCIATES Centra Headquarters Shareholder Relations 990 Elmer Prince Drive Timothy P. Saab, Corporate Secretary Morgantown, WV 26508 Centra Financial Holdings, Inc. 990 Elmer Prince Drive Independent Registered Public Accountants Morgantown, WV 26505 Ernst & Young, LLP (304) 581-6002 tsaab@centrabank.com Registrar and Transfer Agent If you have any questions concerning Centra Annual Report on Form 10-K transfer procedures or other stock account The company’s annual report is filed with the matters, please contact our transfer agent at US. Securities and Exchange commission on the following address: Form 10-k. For current and prior years reports, Registrar & Transfer Company access the SEC website at www.SEC.gov. P.O. Box 664, Cranford, NJ 07016 (800) 368-5948 |
| BiliSliS{ililiiiE§iiSliiir!lB! BOARD OF DIRECTORS BOARD OF DIRECTORS JULIAN E. BAILES, MD. MARK R. NESSELROAD* MANUEL P. ARVON MICHAEL B. KELLER Chairman Chief Executive Officer Superintendent, Berkeley Attorney, Bowles Rice Department of Neurosurgery Glenmark Holding LLC County School System McDavid Graff & Love WVU School of Medicine parrYpEtropLUs* KENNETH L BANKS, DDS DOUGLAS J. LEECH* LAURENCE DeLYNN Present General Dentistry Chairman Centra Financial Retail Consultant Petroplus & Associates JAMES W. DAILEY II* Holdings, Inc. ARTHUR GABRIEL* MILAN PUSKAR* Con W. ac Harl rs , Per ERT sld A. McMILL on President Founder, Mylan Labs, Inc. Vice-Chairman, Farmers & Distributing Company Gabriel Brothers, Inc. Retired Chairman Mechanics Mutual Insurance Co. JEFFREY S. PETRUCCI DOUGLAS J. LEECH* PAUL T. SWANSON* DEBORAH J. DHAYER President Heiston Supply Inc. Chairman & CEO Chairman, CWS Inc., and Owner, Eddies Tire Service Centra Financial Holdings, Swanson Plating D. SCOTT ROACH Inc & Centra Bank TERRY W HESS President, R.M. Roach & RITA D TANNER Owner, JayDee s Family Sons, Inc. ROBERT E LYNCH JR Realtor Fun Center President Old Colony Realtors ROBERT S. STRAUCH Vice- HENRY KAYES MD Davis-Lynch Glass Co. BERNARD G WESTFALL* President/CEO-Martinsburg Surgeon PAUL F. MALONE, M.D. Retired President & CEO Chief Operating Officer Physician WV United Health Systems Centra Bank, Inc. President, Morgantown 301-73 3600 BOARD OF DIRECTORS D/*AD!W?r?iDEr»T/?D DAVID M CALLAHAN DR MALLARD T. GEORGE ISUAKU Ur UIKtUIUKO Owner, Clar-Mac Sales George’s Dental Associates HOWARD B. BOWEN DOUGLAS J. LEECH* ILL ANIA President, Ewing Oil Chairman, Centra Financial C CHRISTOPHER CLUSS* WIAM B. K Corporation, Inc. Holdings, Inc. President & CEO Certified Public Accountant ROBERT S. COCHRAN MICHAEL A. MURRAY* Cluss Lumber William B. Kania & Associates President, R obert n Caochran President, Direct Mail JAMES T. DAVIS DOUGLAS J. LEECH* u r a c e ces LLC Processors, Inc. Attorney & Partner Chairman, Centra Financial JAMES E CREMINS MD LEROY E. MYERS JR. Davis & Davis Holdings, Inc. Physician, Digestive Disorders President, t My ms ers nT’ NANCY M DECKER WILLIAM R SMITH Consultants Sys, c. President, The Laurel Business Certified Public Accountant SUZANNE GLOCKER RICHARD W PHOEBUS SR Institute Smith, Lewis, Chess and Company JOHN P. ITELL CPA, CVA of Common Pleas Managing Partner, Albright CURTIS E. SPICHER Crumbacker Moul & Itell President, Spicher’s Appliances, Inc. |