Attached files
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| 8-K - FORM 8-K - GRAYSON BANKSHARES INC | f8kgrayson.htm |
Exhibit 99.1
GRAYSON BANKSHARES, INC.
Financial Report
December 31, 2009
113 West Main Street s Post Office Box 186
Independence, Virginia 24348
(276) 773-2811
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East Independence
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(276) 773-2811
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Elk Creek
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(276) 655-4011
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Galax
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(276) 238-2411
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Troutdale
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(276) 677-3722
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Sparta
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(336) 372-2811
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Carroll
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(276) 238-8112
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Hillsville
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(276) 728-2810
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Whitetop
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(276) 388-3811
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Wytheville
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(276) 228-6050
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Message to Shareholders
Dear Fellow Shareholders,
It is our pleasure to present our 4th Quarter, 2009 Financial Report to you.
We finished the year with total assets of $369,601,921, up $1,404,997, or 0.38% for the year. Net loans decreased by $1,261,037, or 0.47%, while deposits increased by $7,753,042, or 2.54% over the course of the year.
Stockholders’ equity totaled $30,539,945 at December 31, 2009 compared to $29,016,695 at December 31, 2008, representing an increase of $1,523,250, or 5.25%. The book value of our stock at December 31, 2009 totaled $17.77 per share. Dividends of 10 cents per share were declared and paid in December, for a total of 40 cents per share for the year.
The Company recorded net income of $50,941 for the quarter ended December 31, 2009 compared to a net loss of $218,973 for the same quarter in 2008. Earnings for the year totaled $882,719, compared to $754,359 for the prior year.
A more detailed analysis of the Company’s financial condition and results of operations for 2009 will be available in the Company’s Annual Report which you will receive in coming weeks along with proxy materials for the Company’s annual meeting to be held on May 11, 2010.
As always, we appreciate your support, welcome your comments and the opportunity to serve you.
Sincerely,
Jacky K. Anderson
President and CEO
Consolidated Balance Sheets
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December 31,
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December 31,
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2009
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2008
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Assets
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Cash and due from banks
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$ | 8,937,124 | $ | 9,536,772 | ||||||||
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Federal funds sold
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19,356,999 | 11,149,718 | ||||||||||
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Investment securities
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43,817,701 | 51,182,412 | ||||||||||
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Loans
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270,183,323 | 271,249,033 | ||||||||||
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Less allowance for loan losses
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3,555,273 | 3,359,946 | ||||||||||
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Net loans
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266,628,050 | 267,889,087 | ||||||||||
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Properties and equipment
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11,133,834 | 11,115,033 | ||||||||||
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Accrued interest receivable
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2,626,164 | 3,124,540 | ||||||||||
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Other assets
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17,102,049 | 14,199,362 | ||||||||||
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Total assets
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$ | 369,601,921 | $ | 368,196,924 | ||||||||
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Liabilities
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Demand deposits
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$ | 44,924,699 | $ | 41,883,404 | ||||||||
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Interest-bearing demand deposits
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21,998,338 | 20,058,740 | ||||||||||
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Savings deposits
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43,592,437 | 37,092,225 | ||||||||||
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Large denomination time deposits
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67,294,642 | 68,860,088 | ||||||||||
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Other time deposits
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135,673,100 | 137,835,717 | ||||||||||
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Total deposits
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313,483,216 | 305,730,174 | ||||||||||
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FHLB Advances
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15,000,000 | 20,000,000 | ||||||||||
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Other Borrowings
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10,000,000 | 10,000,000 | ||||||||||
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Accrued interest payable
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382,653 | 492,105 | ||||||||||
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Other liabilities
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196,107 | 2,957,950 | ||||||||||
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Total liabilities
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339,061,976 | 339,180,229 | ||||||||||
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Commitments and contingencies
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Stockholders’ equity
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Preferred stock, $25 par value; 500,000
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shares authorized; none outstanding
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- | - | ||||||||||
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Common stock, $1.25 par value; 2,000,000
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shares authorized; 1,718,968 shares
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issued and outstanding
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2,148,710 | 2,148,710 | ||||||||||
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Surplus
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521,625 | 521,625 | ||||||||||
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Retained earnings
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28,497,214 | 28,302,082 | ||||||||||
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Accumulated other comprehensive income (loss)
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(627,604 | ) | (1,955,722 | ) | ||||||||
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Total stockholders’ equity
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30,539,945 | 29,016,695 | ||||||||||
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Total liabilities and stockholders’ equity
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$ | 369,601,921 | $ | 368,196,924 | ||||||||
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Officers
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Julian L. Givens
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Chairman of the Board
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Jacky K. Anderson
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President & CEO
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Dennis B. Gambill
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Vice President
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Brenda C. Smith
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Secretary
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Blake M. Edwards
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Chief Financial Officer
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Consolidated Statements of Operations
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Three Months Ended December 31,
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Year Ended December 31,
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2009
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2008
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2009
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2008
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Interest income
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Loans and fees on loans
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$ | 4,395,694 | $ | 4,521,877 | $ | 17,813,275 | $ | 19,312,389 | ||||||||
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Interest on securities
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480,764 | 594,115 | 2,066,558 | 2,307,415 | ||||||||||||
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Federal funds sold
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9,807 | 22,910 | 37,187 | 329,750 | ||||||||||||
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Total interest income
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4,886,265 | 5,138,902 | 19,917,020 | 21,949,554 | ||||||||||||
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Interest expense
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Deposits
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1,614,323 | 2,110,391 | 7,271,248 | 9,381,827 | ||||||||||||
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FHLB Advances
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145,519 | 191,991 | 657,503 | 561,291 | ||||||||||||
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Other Borrowings
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123,182 | 126,694 | 488,694 | 489,358 | ||||||||||||
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Total interest expense
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1,883,024 | 2,429,076 | 8,417,445 | 10,432,476 | ||||||||||||
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Net interest income
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3,003,241 | 2,709,826 | 11,499,575 | 11,517,078 | ||||||||||||
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Provision for loan losses
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628,517 | 906,988 | 1,490,848 | 1,200,385 | ||||||||||||
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Net interest income after provision
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for loan losses
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2,374,724 | 1,802,838 | 10,008,727 | 10,316,693 | ||||||||||||
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Other income
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Service charges on deposit accounts
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295,183 | 250,985 | 1,031,306 | 956,049 | ||||||||||||
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Other income
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350,348 | 310,897 | 1,211,539 | (484,139 | ) | |||||||||||
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Total other income
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645,531 | 561,882 | 2,242,845 | 471,910 | ||||||||||||
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Other expenses
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Salaries and employee benefits
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1,630,262 | 1,609,022 | 6,553,441 | 6,009,825 | ||||||||||||
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Occupancy expense
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135,257 | 118,522 | 494,863 | 389,215 | ||||||||||||
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Equipment expense
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199,112 | 194,734 | 830,877 | 858,919 | ||||||||||||
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Other expense
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1,064,382 | 923,358 | 3,389,371 | 2,827,987 | ||||||||||||
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Total other expense
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3,029,013 | 2,845,636 | 11,268,552 | 10,085,946 | ||||||||||||
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Net income before income taxes
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(8,758 | ) | (480,916 | ) | 983,020 | 702,657 | ||||||||||
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Income taxes
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(59,699 | ) | (261,943 | ) | 100,301 | (51,702 | ) | |||||||||
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Net income
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$ | 250,821 | $ | 448,063 | $ | 981,204 | $ | 1,140,507 | ||||||||
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Net income
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$ | 50,941 | $ | (218,973 | ) | $ | 882,719 | $ | 754,359 | |||||||
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Net income per share
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$ | .03 | $ | (.13 | ) | $ | .51 | $ | .44 | |||||||
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Weighted average shares outstanding
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1,718,968 | 1,718,968 | 1,718,968 | 1,718,968 | ||||||||||||
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Board of Directors
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Julian L. Givens
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Retired Physician
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Carl J. Richardson
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Retired
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Jacky K. Anderson
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Grayson BankShares, Inc. and The Grayson National Bank
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Jean W. Lindsey
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Walters’ Drug, Inc.
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Dennis B. Gambill
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Grayson BankShares, Inc. and The Grayson National Bank
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Jack E. Guynn, Jr.
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Guynn Enterprises, Inc.
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Charles T. Sturgill
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Retired Grayson County Clerk of Court
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J. David Vaughan
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Vaughan Furniture
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Thomas M. Jackson, Jr.
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Attorney
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Bryan L. Edwards
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Sparta Town Manager
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Hayden H. Horney
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Wythe County Clerk of Court
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Member Federal Deposit Insurance Corporation