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NOTE: The State Bank of Cross Plains is a wholly owned subsidiary of S.B.C.P. BANCORP, INC., a one-bank holding company. The financial information set forth in this report reflects the results of the State Bank of Cross Plains. There is no material difference between the performance of the two entities.
Consolidated Statement of Income
For the Years Ended December 31, 2007 and 2006 |
|
2007 |
2006 |
| Interest Income: Loans, including fees |
35,754,000 |
27,990,000 |
| Investment securities - taxable |
1,765,000
|
1,409,000 |
| Investment securities - tax exempt |
1,572,000
|
1,081,000 |
| Federal Funds Sold |
481,000 |
267,000 |
| Total Interest Income |
39,572,000 |
30,747,000 |
| Interest expense: Deposits |
17,380,000 |
11,863,000 |
| Federal Funds Purchased |
76,000 |
337,000 |
| Securities sold under repurchase agreements |
115,000 |
17,000 |
| Federal Home Loan Bank Borrowings |
2,802,000 |
1,872,000 |
| Subordinated Debentures |
1,426,000 |
846,000 |
| Total Interest Expense |
21,799,000 |
14,935,000 |
| Net Interest Income |
17,773,000 |
15,812,000 |
| Provision for loan losses |
361,000 |
633,000 |
| Net interest income after provision for loan losses |
17,412,000 |
15,179,000 |
| Noninterest income: Customer service fees |
2,532,000 |
2,173,000 |
| Income from loans sold |
1,605,000 |
1,729,000 |
| Net loss of sale of securities |
(27,000) |
- |
| Increase in cash value of life insurance |
465,000 |
364,000 |
| Net gain/(loss) on sales of assets |
441,000 |
154,000 |
| Other |
1,548,000 |
1,318,000 |
| Total noninterest income |
6,564,000 |
5,738,000 |
| Non interest expense: Salaries and benefits |
10,960,000 |
9,113,000 |
| Office occupancy and equipment |
2,495,000 |
1,820,000 |
| Data Processing & Office operations |
1,247,000 |
992,000 |
| Advertising & Promotions |
754,000 |
618,000 |
| Professional Fees |
758,000 |
662,000 |
| Other expenses |
2,017,000 |
1,682,000 |
| Total Noninterest Expense |
18,231,000 |
14,887,000 |
| Income before income taxes |
5,745,000 |
6,030,000 |
| Provision for income taxes |
1,211,000 |
1,629,000 |
| NET INCOME |
4,534,000 |
4,401,000 |
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