First Morris Bank & Trust Selected Consolidated Financial Data (Amounts in thousands, except share data) 12/31/2006 12/31/2005 BALANCE SHEET: ------------ ------------ Assets $ 584,506 $ 580,932 Deposits 526,833 524,157 Loans 337,076 305,113 Investment securities 198,715 240,472 Shareholders' equity 41,958 34,903 Allowance for loan losses (2,823) (3,130) Trust assets under management (market value) 141,441 98,538 INCOME STATMENT - QUARTER TO DATE: Net income before taxes $ 743 $ 1,213 Federal and state income tax provision 296 345 ------------ ------------ Net income $ 447 $ 868 ============ ============ Earnings per share $ 0.14 $ 0.30 Return on average assets 0.30% 0.59% Return on average common equity 4.28 9.92 Efficiency ratio (excluding security gain/loss) 79.83 71.34 INCOME STATEMENT - YEAR TO DATE: Net income before taxes $ 2,775 $ 5,219 Federal and state income tax provision 978 1,619 ------------ ------------ Net income $ 1,797 $ 3,600 ============ ============ Earnings per share $ 0.58 $ 1.25 Return on average assets 0.31% 0.62% Return on average common equity 4.49 9.10 Efficiency ratio (excluding security gain/loss) 75.91 70.69 SHARE DATA: Closing price per share $ 39.00 $ 24.00 Book value per share $ 13.44 $ 12.15 Average shares outstanding (QTD) 3,121,774 2,871,774 CAPITAL ADEQUACY: Total equity to total assets 7.12% 5.97% Tier I capital to average assets (leverage) 7.42 6.27 Tier I capital to risk-adjusted assets 11.61 10.66 Total risk-based capital 12.37 11.58 First Morris Bank & Trust Consolidated Statements of Condition (Unaudited) (in thousands, except share data) ------------ ------------ Assets: 12/31/06 12/31/05 ------------ ------------ Cash and due from banks $ 13,656 $ 10,420 Federal funds sold and money markets 10,310 2,317 ------------ ------------ Total cash and cash equivalents $ 23,966 $ 12,737 Investment securities held to maturity $ - $ 125,843 Investment securities available for sale 198,715 114,629 ------------ ------------ Total investment securities $ 198,715 $ 240,472 Loans $ 337,076 $ 305,113 Allowance for loan losses (2,823) (3,130) ------------ ------------ Total net loans $ 334,253 $ 301,983 ------------ ------------ Premises and equipment $ 22,819 $ 20,923 Accrued interest receivable 2,834 2,940 Other assets 1,919 1,877 ------------ ------------ Total assets $ 584,506 $ 580,932 ============ ============ Liabilities and shareholders' equity: Demand and NOW $ 215,645 $ 222,328 Savings & MMDA 149,769 164,420 Time, under $100,000 104,570 86,454 Time, $100,000 and over 56,849 50,955 ------------ ------------ Total deposits $ 526,833 $ 524,157 Borrowed funds $ 14,350 $ 20,579 Accrued expenses and other liab 1,365 1,293 ------------ ------------ Total liabilities $ 542,548 $ 546,029 Shareholders' equity: Common stock, par value $3.33 $ 10,396 $ 9,563 Treasury stock, at cost (479) (479) Additional paid-in capital 22,770 18,716 Retained earnings 10,722 8,925 Accumulated other comprehensive (loss) (1,451) (1,822) ------------ ------------ Total shareholders' equity $ 41,958 $ 34,903 ------------ ------------ Total liabilities & shareholders' equity $ 584,506 $ 580,932 ============ ============ Share data at period end: Authorized 3,919,620 3,919,620 Issued 3,121,774 2,871,774 Treasury 24,868 24,868 First Morris Bank & Trust Consolidated Statements of Income (Unaudited) (In thousands, except per share data) ------------ ------------ 12/31/06 12/31/05 FOR THE THREE MONTHS ENDED: ------------ ------------ Interest Income: Interest and fees on loans $ 5,353 $ 4,666 Interest and fees on investments 2,268 2,320 Interest and fees on fed funds and money markets 181 35 ------------ ------------ Total Interest Income $ 7,802 $ 7,021 ------------ ------------ Interest Expense: Interest on savings, NOW and time deposits $ 3,455 $ 2,499 Interest on time deposits, $100,000 and over 573 375 Interest on borrowed funds 146 194 ------------ ------------ Total Interest Expense $ 4,174 $ 3,068 ------------ ------------ Net interest income $ 3,628 $ 3,953 Provision for loan losses - - Net Interest Income after provision ------------ ------------ for loan losses $ 3,628 $ 3,953 ------------ ------------ Other Income Service charges-deposits $ 307 $ 330 Gain/(Loss) on the sale of securities (17) - Other income 372 312 ------------ ------------ Noninterest Income $ 662 $ 642 ------------ ------------ Other operating expenses Salaries and employee benefits $ 1,770 $ 1,891 Occupancy, net 287 260 Furniture and equipment 250 258 Computer processing 330 198 Marketing and advertising 73 212 Other expense 837 563 ------------ ------------ Total Operating Expenses $ 3,547 $ 3,382 ------------ ------------ Income/(Loss) before taxes $ 743 $ 1,213 Provision for federal and state income taxes 296 345 ------------ ------------ Net Income/(Loss) $ 447 $ 868 ============ ============ Earnings per share 0.14 0.30 Weighted average shares outstanding 3,121,774 2,871,774 First Morris Bank & Trust Consolidated Statements of Income (Unaudited) (In thousands, except per share data) ------------ ------------ 12/31/06 12/31/05 FOR THE YEAR ENDED: ------------ ------------ Interest Income: Interest and fees on loans $ 20,480 $ 16,757 Interest and fees on investments 9,213 9,299 Interest and fees on fed funds and money markets 330 119 ------------ ------------ Total Interest Income $ 30,023 $ 26,175 ------------ ------------ Interest Expense: Interest on savings, NOW and time deposits $ 11,861 $ 7,835 Interest on time deposits, $100,000 and over 2,077 1,222 Interest on borrowed funds 811 692 ------------ ------------ Total Interest Expense $ 14,749 $ 9,749 ------------ ------------ Net interest income $ 15,274 $ 16,426 Provision for loan losses - - Net Interest Income after provision ------------ ------------ for loan losses $ 15,274 $ 16,426 ------------ ------------ Other Income Service charges-deposits $ 1,233 $ 1,075 Gain/(Loss) on the sale of securities (1,127) (1) Other income 1,431 1,271 ------------ ------------ Noninterest Income $ 1,537 $ 2,345 ------------ ------------ Other operating expenses Salaries and employee benefits $ 7,366 $ 7,276 Occupancy, net 1,114 1,015 Furniture and equipment 1,060 1,012 Computer processing 1,198 828 Marketing and advertising 795 1,088 Other expense 2,503 2,333 ------------ ------------ Total Operating Expenses $ 14,036 $ 13,552 ------------ ------------ Income/(Loss) before taxes $ 2,775 $ 5,219 Provision for federal and state income taxes 978 1,619 ------------ ------------ Net Income/(Loss) $ 1,797 $ 3,600 ============ ============ Earnings per share 0.58 1.25 Weighted average shares outstanding 3,121,774 2,871,774 First Morris Bank & Trust Consolidated Average Balance Sheet (Tax-equivalent basis, dollars in thousands) THREE MONTHS ENDED ------------------------------------------------------ 12/31/06 12/31/05 -------------------------- -------------------------- Average Rate/ Average Rate/ Balance Interest Yield Balance Interest Yield --------- -------- ----- --------- -------- ----- ASSETS Interest-earning assets Fed funds sold $ 11,992 157 5.12% $ 1,729 19 4.30% Money market funds 1,904 24 4.93% 1,765 15 3.32% Investments Taxable investment securities 170,079 1,946 4.58% 210,735 2,006 3.81% Tax-exempt investment securities 33,854 458 5.41% 34,432 461 5.36% --------- -------- ----- --------- -------- ----- Total investments 203,933 2,404 4.72% 245,167 2,467 4.03% --------- -------- ----- --------- -------- ----- Total loans 328,693 5,353 6.37% 300,149 4,666 6.17% --------- -------- ----- --------- -------- ----- Total interest- earning assets 546,522 7,938 5.72% 548,810 7,167 5.20% Non-interest earning assets 38,861 35,702 Allowance for loan losses (3,044) (3,136) --------- --------- Total average assets $ 582,339 $ 581,376 --------- --------- LIABILITIES Interest-bearing liabilities NOW, savings, MMDA and time less than $100K $ 400,714 3,455 3.42% $ 405,504 2,499 2.44% Time deposits $100K and over 57,243 573 3.97% 42,054 375 3.54% --------- -------- ----- --------- -------- ----- Total interest- bearing deposits 457,957 4,028 3.49% 447,558 2,874 2.55% --------- -------- ----- --------- -------- ----- Total borrowed funds 17,033 146 3.43% 23,082 194 3.36% --------- -------- ----- --------- -------- ----- Total interest- bearing liabilities 474,990 4,174 3.49% 470,640 3,068 2.59% --------- -------- ----- --------- -------- ----- Noninterest-bearing liabilities 1,416 1,681 Demand deposits 64,494 74,341 Shareholders' equity 41,439 34,715 Total average liabilities and shareholders'--------- --------- equity $ 582,339 $ 581,376 --------- --------- Net interest income -------- -------- (tax equivalent) $ 3,764 $ 4,099 -------- -------- Tax equivalent adjustment (136) (146) -------- -------- Net interest income $ 3,628 $ 3,953 Net interest spread 2.23% 2.61% ----- ----- Net interest margin 2.69% 2.98% ----- -----
Contact Information: CONTACT: First Morris Bank & Trust: William Keefe EVP / CFO (973) 656-2171 Email Contact