Attached files
| file | filename |
|---|---|
| 8-K/A - 8-K/A - Danvers Bancorp, Inc. | a09-37021_18ka.htm |
| EX-99.4 - EX-99.4 - Danvers Bancorp, Inc. | a09-37021_1ex99d4.htm |
| EX-99.2 - EX-99.2 - Danvers Bancorp, Inc. | a09-37021_1ex99d2.htm |
Exhibit 99.3
|
|
|
Beverly |
|
Beverly |
|
||
|
|
|
National |
|
National |
|
||
|
|
|
September 30, |
|
December 31, |
|
||
|
|
|
2009 |
|
2008 |
|
||
|
|
|
|
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
81,660 |
|
$ |
16,550 |
|
|
Certificates of deposit |
|
— |
|
— |
|
||
|
Securities available for sale, at fair value |
|
98,583 |
|
103,623 |
|
||
|
Securities held to maturity, at cost |
|
— |
|
— |
|
||
|
Loans held for sale |
|
— |
|
— |
|
||
|
Loans, net |
|
321,157 |
|
334,639 |
|
||
|
Federal Home Loan Bank stock, at cost |
|
4,171 |
|
4,086 |
|
||
|
Premises and equipment, net |
|
8,056 |
|
8,386 |
|
||
|
Other real estate owned |
|
— |
|
— |
|
||
|
Accrued interest receivable |
|
1,688 |
|
1,769 |
|
||
|
Goodwill and other intangible assets |
|
— |
|
— |
|
||
|
Other assets |
|
15,742 |
|
16,452 |
|
||
|
|
|
$ |
531,057 |
|
$ |
485,505 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Deposits: |
|
|
|
|
|
||
|
Noninterest bearing |
|
$ |
86,863 |
|
$ |
74,872 |
|
|
Interest-bearing |
|
307,689 |
|
264,661 |
|
||
|
Total deposits |
|
394,552 |
|
339,533 |
|
||
|
Short-term borrowings |
|
29,409 |
|
54,607 |
|
||
|
Long-term debt |
|
56,103 |
|
43,107 |
|
||
|
Subordinated debt |
|
— |
|
— |
|
||
|
Accrued expenses and other liabilities |
|
7,689 |
|
7,220 |
|
||
|
Total liabilities |
|
487,753 |
|
444,467 |
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Preferred stock; $0.01 par value, 300,000 shares authorized; none issued |
|
— |
|
— |
|
||
|
Common stock; $2.50 par value, 5,000,000 shares authorized; 2,912,437 shares issued |
|
7,281 |
|
7,281 |
|
||
|
Additional paid-in capital |
|
18,490 |
|
22,917 |
|
||
|
Retained earnings |
|
19,222 |
|
18,459 |
|
||
|
Accumulated other comprehensive income |
|
(1,689 |
) |
(2,926 |
) |
||
|
Unearned shares, Restricted Stock Plan, 15,755 as of December 31, 2008 |
|
— |
|
(323 |
) |
||
|
Treasury stock, at cost; 248,892 shares at December 31, 2008 |
|
— |
|
(4,370 |
) |
||
|
Total stockholders’ equity |
|
43,304 |
|
41,038 |
|
||
|
|
|
$ |
531,057 |
|
$ |
485,505 |
|
Unaudited Statement of Income for the
Three and Nine Months ended September 30, 2009
Beverly National Corporation
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Nine Months Ended |
|
Nine Months Ended |
|
||||
|
|
|
(In thousands, except per share data) |
|
|
|
|
|
||||||
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
||||
|
Interest and fees on loans |
|
$ |
4,651 |
|
$ |
5,026 |
|
$ |
14,212 |
|
$ |
15,218 |
|
|
Interest and dividends on securities |
|
1,210 |
|
1,552 |
|
3,967 |
|
4,681 |
|
||||
|
Interest on cash equivalents and certificates of deposit |
|
35 |
|
64 |
|
61 |
|
203 |
|
||||
|
Total interest and dividend income |
|
5,896 |
|
6,642 |
|
18,240 |
|
20,102 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest expense: |
|
|
|
|
|
|
|
|
|
||||
|
Interest on deposits |
|
1,055 |
|
1,498 |
|
3,126 |
|
5,035 |
|
||||
|
Interest on borrowed funds |
|
523 |
|
710 |
|
1,612 |
|
2,138 |
|
||||
|
Total interest expense |
|
1,578 |
|
2,208 |
|
4,738 |
|
7,173 |
|
||||
|
Net interest income |
|
4,318 |
|
4,434 |
|
13,502 |
|
12,929 |
|
||||
|
Provision for loan losses |
|
55 |
|
225 |
|
430 |
|
588 |
|
||||
|
Net interest income, after provision for loan losses |
|
4,263 |
|
4,209 |
|
13,072 |
|
12,341 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Non-interest income: |
|
1,073 |
|
(2,593 |
) |
3,081 |
|
(218 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Non-interest expenses: |
|
4,287 |
|
3,898 |
|
12,950 |
|
11,849 |
|
||||
|
Loss before income taxes |
|
1,049 |
|
(2,282 |
) |
3,203 |
|
274 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Provision for income taxes |
|
275 |
|
392 |
|
838 |
|
1,022 |
|
||||
|
Net loss |
|
$ |
774 |
|
$ |
(2,674 |
) |
$ |
2,365 |
|
$ |
(748 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Weighted average shares outstanding |
|
2,687,497 |
|
2,663,448 |
|
2,672,870 |
|
2,658,261 |
|
||||
|
Weighted average diluted shares outstanding |
|
2,690,060 |
|
2,667,014 |
|
2,674,897 |
|
2,662,035 |
|
||||
BEVERLY NATIONAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
|
|
|
Nine Months Ended |
|
||||
|
|
|
September 30, 2009 |
|
September 30, 2008 |
|
||
|
|
|
|
|
|
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
||
|
Net income (loss) |
|
$ |
2,365 |
|
$ |
(748 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
||
|
Amortization of securities, net |
|
(88 |
) |
(64 |
) |
||
|
Write-down of available-for-sale securities |
|
— |
|
3,724 |
|
||
|
Provision for loan losses |
|
430 |
|
588 |
|
||
|
Change in deferred loan costs, net |
|
58 |
|
(30 |
) |
||
|
Depreciation and amortization |
|
616 |
|
578 |
|
||
|
Increase in cash surrender value of life insurance |
|
(221 |
) |
(225 |
) |
||
|
Decrease (increase) in interest receivable |
|
65 |
|
(93 |
) |
||
|
Decrease (increase) in prepaid expenses |
|
222 |
|
(19 |
) |
||
|
Decrease (increase) in RABBI Trust trading securities |
|
46 |
|
(90 |
) |
||
|
Increase (decrease) in taxes receivable |
|
(139 |
) |
106 |
|
||
|
Decrease in mortgage servicing rights |
|
16 |
|
16 |
|
||
|
Decrease in other assets |
|
25 |
|
12 |
|
||
|
Increase (decrease) in accrued expenses |
|
724 |
|
(74 |
) |
||
|
Decrease in interest payable |
|
(146 |
) |
(431 |
) |
||
|
Decrease in other liabilities |
|
(20 |
) |
(195 |
) |
||
|
Stock-based compensation |
|
3 |
|
6 |
|
||
|
|
|
|
|
|
|
||
|
Net cash provided by operating activities |
|
3,956 |
|
3,061 |
|
||
|
|
|
|
|
|
|
||
|
Cash flows from investing activities: |
|
|
|
|
|
||
|
Purchases of available-for-sale securities |
|
(23,573 |
) |
(22,439 |
) |
||
|
Proceeds from sales and maturities of available-for-sale securities |
|
30,717 |
|
19,642 |
|
||
|
Purchases of Federal Home Loan Bank stock |
|
(85 |
) |
(634 |
) |
||
|
Purchases of Federal Reserve Bank stock |
|
(1 |
) |
— |
|
||
|
Loan originations and principal collections, net |
|
12,908 |
|
(14,398 |
) |
||
|
Recoveries of loans previously charged off |
|
85 |
|
59 |
|
||
|
Capital expenditures |
|
(286 |
) |
(1,030 |
) |
||
|
|
|
|
|
|
|
||
|
Net cash provided by (used in) investing activities |
|
19,765 |
|
(18,800 |
) |
||
|
|
|
|
|
|
|
||
|
Cash flows from financing activities: |
|
|
|
|
|
||
|
Net increase in demand deposits, NOW, money market and savings accounts |
|
51,321 |
|
13,410 |
|
||
|
Net increase (decrease) in time deposits |
|
3,698 |
|
(6,383 |
) |
||
|
Advances from Federal Home Loan Bank |
|
12,000 |
|
19,877 |
|
||
|
Payments on Federal Home Loan Bank advances |
|
(8,422 |
) |
(1,737 |
) |
||
|
Net decrease in short term Federal Home Loan Bank advances |
|
(31,900 |
) |
(7,430 |
) |
||
|
Increase (decrease) in securities sold under agreements to repurchase |
|
16,120 |
|
(875 |
) |
||
|
Proceeds from exercise of stock options |
|
174 |
|
200 |
|
||
|
Dividends paid |
|
(1,602 |
) |
(1,582 |
) |
||
|
|
|
|
|
|
|
||
|
Net cash provided by financing activities |
|
41,389 |
|
15,480 |
|
||
|
|
|
|
|
|
|
||
|
Net increase (decrease) in cash and cash equivalents |
|
65,110 |
|
(259 |
) |
||
|
Cash and cash equivalents at beginning of period |
|
16,550 |
|
15,495 |
|
||
|
Cash and cash equivalents at end of period |
|
$ |
81,660 |
|
$ |
15,236 |
|
|
|
|
|
|
|
|
||
|
Supplemental disclosures: |
|
|
|
|
|
||
|
Interest paid |
|
$ |
4,785 |
|
$ |
7,605 |
|
|
Income taxes paid |
|
977 |
|
916 |
|
||