x |
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
INDIANA
|
35-1547518
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
711
Main Street, Box 810, Jasper, Indiana
|
47546
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Indicate
by check mark if the registrant is a well-known seasoned issuer,
as
defined in Rule 405 of the Securities Act.
|
o
Yes
|
x
No
|
Indicate
by check mark if the registrant is not required to file reports pursuant
to Section 13 or Section 15(d) of the Act.
|
o
Yes
|
x
No
|
Indicate
by check mark whether the registrant (1) has filed all reports required
to
be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934
during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject
to
such filing requirements for the past 90 days.
|
x Yes
|
o
No
|
Indicate
by check mark whether the registrant is a shell company (as defined
in
Rule 12b-2 of the Act).
|
o
Yes
|
x
No
|
PART
I
|
|||
Item
1.
|
Business
|
3-5
|
|
Item
1A.
|
Risk
Factors
|
6-7
|
|
Item
1B.
|
Unresolved
Staff Comments
|
7
|
|
Item
2.
|
Properties
|
8
|
|
Item
3.
|
Legal
Proceedings
|
8
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
8
|
|
PART
II
|
|||
Item
5.
|
Market
for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases
|
||
of
Equity Securities
|
8-9
|
||
Item
6.
|
Selected
Financial Data
|
10
|
|
Item
7.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
11-28
|
|
Item
7A.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
29
|
|
Item
8.
|
Financial
Statements and Supplementary Data
|
30-65
|
|
Item
9.
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure
|
66
|
|
Item
9A.
|
Controls
and Procedures
|
66-67
|
|
Item
9B.
|
Other
Information
|
68
|
|
PART
III
|
|||
Item
10.
|
Directors
and Executive Officers of the Registrant
|
68
|
|
Item
11.
|
Executive
Compensation
|
68
|
|
Item
12.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder
|
||
Matters
|
68-69
|
||
Item
13.
|
Certain
Relationships and Related Transactions
|
69
|
|
Item
14.
|
Principal
Accountant Fees and Services
|
69
|
|
|
|||
PART
IV
|
|||
Item
15.
|
Exhibits
and Financial Statement Schedules
|
70
|
|
SIGNATURES |
71
|
||
INDEX OF EXHIBITS |
72-74
|
1) Name
|
2) Type
of Business
|
3) Principal
Office Location
|
|||
German
American Bancorp
|
Commercial
Bank
|
Jasper,
IN
|
|||
First
Title Insurance Company
|
Title
Insurance Agency
|
Vincennes,
IN
|
|||
German
American Insurance, Inc.
|
Multi-Line
Insurance Agency
|
Petersburg,
IN
|
|||
German
American Financial Advisors & Trust Company
|
Trust,
Brokerage, Financial Planning
|
Jasper,
IN
|
2006
|
2005
|
||||||||||||||||||
High
|
|
Low |
|
Cash
Dividend
|
|
High
|
|
Low
|
|
Cash
Dividend |
|||||||||
Fourth
Quarter
|
$
|
14.41
|
$
|
13.59
|
$
|
0.140
|
$
|
13.64
|
$
|
12.71
|
$
|
0.140
|
|||||||
Third
Quarter
|
$
|
14.39
|
$
|
12.89
|
$
|
0.140
|
$
|
14.74
|
$
|
13.30
|
$
|
0.140
|
|||||||
Second
Quarter
|
$
|
13.65
|
$
|
12.90
|
$
|
0.140
|
$
|
15.21
|
$
|
12.53
|
$
|
0.140
|
|||||||
First
Quarter
|
$
|
13.70
|
$
|
12.83
|
$
|
0.140
|
$
|
15.98
|
$
|
15.18
|
$
|
0.140
|
|||||||
$
|
0.560
|
$
|
0.560
|
Transfer
Agent:
|
UMB
Bank, N.A.
|
Shareholder
|
Terri
A. Eckerle
|
|||
Securities
Transfer Division
|
Information
and
|
German
American Bancorp, Inc
|
||||
P.O.
Box 410064
|
Corporate
Office:
|
P.
O. Box 810
|
||||
Kansas
City, MO 64141-0064
Contact:
Shareholder Relations
(800)
884-4225
|
Jasper,
Indiana 47547-0810 (800)
482-1314(812) 482-1314 |
Period
|
Total
Number
Of
Shares
(or
Units)
Purchased
|
Average
Price
Paid
Per Share
(or
Unit)
|
Total
Number of Shares
(or
Units) Purchases as Part
of
Publicly Announced Plans
or
Programs
|
Maximum
Number
(or
Approximate Dollar
Value)
of Shares (or Units)
that
May Yet Be Purchased
Under
the Plans or Programs (1)
|
|||||||||
October
2006
|
—
|
—
|
—
|
272,789
|
|||||||||
—
|
—
|
—
|
272,789
|
||||||||||
December
2006
|
—
|
—
|
—
|
272,789
|
2006
|
|
2005
|
|
2004
|
|
2003
|
|
2002
|
||||||||
Summary
of Operations:
|
||||||||||||||||
Interest
Income
|
$
|
63,594
|
$
|
50,197
|
$
|
47,710
|
$
|
50,619
|
$
|
60,494
|
||||||
Interest
Expense
|
27,398
|
17,984
|
16,471
|
21,084
|
28,492
|
|||||||||||
Net
Interest Income
|
36,196
|
32,213
|
31,239
|
29,535
|
32,002
|
|||||||||||
Provision
for Loan Losses
|
925
|
1,903
|
2,015
|
811
|
1,115
|
|||||||||||
Net
Interest Income after Provision
|
||||||||||||||||
For
Loan Losses
|
35,271
|
30,310
|
29,224
|
28,724
|
30,887
|
|||||||||||
Non-interest
Income
|
15,390
|
14,194
|
9,620
|
(1)
|
12,934
|
9,509
|
||||||||||
Non-interest
Expense
|
36,456
|
31,448
|
30,609
|
32,219
|
(2)
|
28,967
|
||||||||||
Income
before Income Taxes
|
14,205
|
13,056
|
8,235
|
9,439
|
11,429
|
|||||||||||
Income
Tax Expense
|
3,984
|
3,335
|
996
|
1,271
|
1,987
|
|||||||||||
Net
Income
|
$
|
10,221
|
$
|
9,721
|
$
|
7,239
|
$
|
8,168
|
$
|
9,442
|
||||||
Year-end
Balances:
|
||||||||||||||||
Total
Assets
|
$
|
1,093,424
|
$
|
946,467
|
$
|
942,094
|
$
|
925,946
|
$
|
957,005
|
||||||
Total
Loans, Net of Unearned Income
|
796,259
|
651,956
|
629,793
|
611,866
|
610,741
|
|||||||||||
Total
Deposits
|
867,618
|
746,821
|
750,383
|
717,133
|
707,194
|
|||||||||||
Total
Long-term Debt
|
68,333
|
66,606
|
69,941
|
76,880
|
(2)
|
121,687
|
||||||||||
Total
Shareholders’ Equity
|
92,391
|
82,255
|
83,669
|
83,126
|
(3)
|
104,519
|
||||||||||
Average
Balances:
|
||||||||||||||||
Total
Assets
|
$
|
1,029,838
|
$
|
925,851
|
$
|
927,528
|
$
|
938,992
|
$
|
1,000,167
|
||||||
Total
Loans, Net of Unearned Income
|
715,260
|
634,526
|
622,240
|
618,340
|
644,990
|
|||||||||||
Total
Deposits
|
814,440
|
730,220
|
731,467
|
711,310
|
718,763
|
|||||||||||
Total
Shareholders’ Equity
|
88,451
|
84,479
|
82,558
|
87,703
|
(3)
|
103,301
|
||||||||||
Per
Share Data (4):
|
||||||||||||||||
Net
Income
|
$
|
0.93
|
$
|
0.89
|
$
|
0.66
|
$
|
0.73
|
(3)
|
$
|
0.79
|
|||||
Cash
Dividends
|
0.56
|
0.56
|
0.56
|
0.53
|
0.51
|
|||||||||||
Book
Value at Year-end
|
8.39
|
7.73
|
7.68
|
7.60
|
(3)
|
8.72
|
||||||||||
Other
Data at Year-end:
|
||||||||||||||||
Number
of Shareholders
|
3,438
|
3,494
|
3,219
|
3,198
|
3,299
|
|||||||||||
Number
of Employees
|
397
|
367
|
372
|
383
|
390
|
|||||||||||
Weighted
Average Number of Shares (4)
|
10,994,739
|
10,890,987
|
10,914,622
|
11,176,766
|
(3)
|
12,007,009
|
||||||||||
Selected
Performance Ratios:
|
||||||||||||||||
Return
on Assets
|
0.99
|
%
|
1.05
|
%
|
0.78
|
%
|
0.87
|
%
|
0.94
|
%
|
||||||
Return
on Equity
|
11.56
|
%
|
11.51
|
%
|
8.77
|
%
|
9.31
|
%(3)
|
9.14
|
%
|
||||||
Equity
to Assets
|
8.45
|
%
|
8.69
|
%
|
8.88
|
%
|
8.98
|
%(3)
|
10.92
|
%
|
||||||
Dividend
Payout
|
60.30
|
%
|
62.83
|
%
|
84.46
|
%
|
73.26
|
%
|
64.99
|
%
|
||||||
Net
Charge-offs to Average Loans
|
0.50
|
%
|
0.26
|
%
|
0.24
|
%
|
0.14
|
%
|
0.19
|
%
|
||||||
0.90
|
%
|
1.42
|
%
|
1.40
|
%
|
1.35
|
%
|
1.36
|
%
|
|||||||
Net
Interest Margin
|
3.96
|
%
|
3.92
|
%
|
3.86
|
%
|
3.61
|
%
|
3.67
|
%
|
(1)
|
In
2004, the
Company recognized a $3.7 million non-cash pre-tax charge (which
reduced
Non-interest Income) for the other-than-temporary decline in value
of its
FHLMC and FNMA preferred stock portfolio. In 2006, the Company sold
these
same FHLMC and FNMA preferred stocks and recognized a pre-tax gain
of
$951.
|
(2)
|
In
2003, the
Company prepaid $40.0 million of FHLB borrowings within its mortgage
banking segment. The prepayment fees associated with the extinguishment
of
these borrowings totaled $1.9
million.
|
(3)
|
In
March 2003, the Company purchased 1,110,444 (approximately 9% of
the
number of shares that were then outstanding) of its common shares
at
$19.05 per share pursuant to a self tender offer at a total cost,
including fees and expenses incurred in connection with the offer,
of
approximately $21.4 million.
|
(4)
|
Share
and Per Share Data has been retroactively adjusted to give effect
for
stock dividends and excludes the dilutive effect of stock
options.
|
Twelve
Months
Ended
|
Twelve
Months
Ended
|
Twelve
Months
Ended
|
||||||||||||||||||||||||||
December
31, 2006
|
December
31, 2005
|
December
31, 2004
|
||||||||||||||||||||||||||
|
|
Principal
|
|
Income/
|
|
Yield
/
|
|
Principal
|
|
Income/
|
|
Yield
/
|
|
Principal
|
|
Income/
|
|
Yield
/
|
|
|||||||||
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Federal
Funds Sold and Other
|
||||||||||||||||||||||||||||
Short-term
Investments
|
$
|
10,971
|
$
|
545
|
4.97
|
%
|
$
|
10,632
|
$
|
316
|
2.97
|
%
|
$
|
10,635
|
$
|
129
|
1.21
|
%
|
||||||||||
Securities:
|
||||||||||||||||||||||||||||
Taxable
|
174,007
|
7,763
|
4.46
|
%
|
161,499
|
5,954
|
3.69
|
%
|
161,601
|
5,455
|
3.38
|
%
|
||||||||||||||||
Non-taxable
|
41,312
|
2,721
|
6.59
|
%
|
46,666
|
3,297
|
7.07
|
%
|
57,729
|
4,347
|
7.53
|
%
|
||||||||||||||||
Total
Loans and Leases (2)
|
715,260
|
53,621
|
7.50
|
%
|
634,526
|
41,860
|
6.60
|
%
|
622,240
|
39,407
|
6.33
|
%
|
||||||||||||||||
TOTAL
INTEREST
|
||||||||||||||||||||||||||||
EARNING
ASSETS
|
941,550
|
64,650
|
6.87
|
%
|
853,323
|
51,427
|
6.03
|
%
|
852,205
|
49,338
|
5.79
|
%
|
||||||||||||||||
Other
Assets
|
97,570
|
81,771
|
83,960
|
|||||||||||||||||||||||||
Less:
Allowance for Loan Losses
|
(9,282
|
)
|
(9,243
|
)
|
(8,637
|
)
|
||||||||||||||||||||||
TOTAL
ASSETS
|
$
|
1,029,838
|
$
|
925,851
|
$
|
927,528
|
||||||||||||||||||||||
LIABILITIES
AND
|
||||||||||||||||||||||||||||
SHAREHOLDERS’
EQUITY
|
||||||||||||||||||||||||||||
Interest-Bearing
Demand Deposits
|
$
|
140,786
|
$
|
2,625
|
1.86
|
%
|
$
|
137,318
|
$
|
1,436
|
1.05
|
%
|
$
|
121,173
|
$
|
557
|
0.46
|
%
|
||||||||||
Savings
Deposits
|
174,095
|
4,263
|
2.45
|
%
|
156,820
|
2,212
|
1.41
|
%
|
163,272
|
1,188
|
0.73
|
%
|
||||||||||||||||
Time
Deposits
|
369,800
|
14,441
|
3.91
|
%
|
314,420
|
9,741
|
3.10
|
%
|
330,898
|
10,002
|
3.02
|
%
|
||||||||||||||||
FHLB
Advances and
|
||||||||||||||||||||||||||||
Other
Borrowings
|
113,559
|
6,069
|
5.34
|
%
|
98,932
|
4,595
|
4.64
|
%
|
101,067
|
4,724
|
4.67
|
%
|
||||||||||||||||
TOTAL
INTEREST-BEARING
|
||||||||||||||||||||||||||||
LIABILITIES
|
798,240
|
27,398
|
3.43
|
%
|
707,490
|
17,984
|
2.54
|
%
|
716,410
|
16,471
|
2.30
|
%
|
||||||||||||||||
Demand
Deposit Accounts
|
129,759
|
121,662
|
116,124
|
|||||||||||||||||||||||||
Other
Liabilities
|
13,388
|
12,220
|
12,436
|
|||||||||||||||||||||||||
TOTAL
LIABILITIES
|
941,387
|
841,372
|
844,970
|
|||||||||||||||||||||||||
Shareholders’
Equity
|
88,451
|
84,479
|
82,558
|
|||||||||||||||||||||||||
TOTAL
LIABILITIES AND
|
||||||||||||||||||||||||||||
SHAREHOLDERS’
EQUITY
|
$
|
1,029,838
|
$
|
925,851
|
$
|
927,528
|
||||||||||||||||||||||
NET
INTEREST INCOME
|
$
|
37,252
|
$
|
33,443
|
$
|
32,867
|
||||||||||||||||||||||
NET
INTEREST MARGIN
|
3.96
|
%
|
3.92
|
%
|
3.86
|
%
|
(1)
|
Effective
tax rates were determined as though interest earned on the Company’s
investments in municipal bonds and loans was fully
taxable.
|
(2) |
Loans
held-for-sale and non-accruing loans have been included in average
loans.
Interest income on loans includes loan fees of $1,727, $1,326,
and $1,442
for 2006, 2005, and 2004,
respectively.
|
2006
compared to 2005
|
|
2005
compared to 2004
|
|
||||||||||||||||
|
|
Increase
/ (Decrease) Due to (1)
|
|
Increase
/ (Decrease) Due to (1)
|
|
||||||||||||||
|
|
Volume
|
|
Rate
|
|
Net
|
|
Volume
|
|
Rate
|
|
Net
|
|||||||
Interest
Income:
|
|||||||||||||||||||
Federal
Funds Sold and Other
|
|||||||||||||||||||
Short-term
Investments
|
$
|
10
|
$
|
219
|
$
|
229
|
$
|
— |
$
|
187
|
$
|
187
|
|||||||
Taxable
Securities
|
487
|
1,322
|
1,809
|
(3
|
)
|
502
|
499
|
||||||||||||
Non-taxable
Securities
|
(362
|
)
|
(214
|
)
|
(576
|
)
|
(794
|
)
|
(256
|
)
|
(1,050
|
)
|
|||||||
Loans
and Leases
|
5,677
|
6,084
|
11,761
|
788
|
1,665
|
2,453
|
|||||||||||||
Total
Interest Income
|
5,812
|
7,411
|
13,223
|
(9
|
)
|
2,098
|
2,089
|
||||||||||||
Interest
Expense:
|
|||||||||||||||||||
Savings
and Interest-bearing Demand
|
274
|
2,966
|
3,240
|
61
|
1,842
|
1,903
|
|||||||||||||
Time
Deposits
|
1,896
|
2,804
|
4,700
|
(506
|
)
|
245
|
(261
|
)
|
|||||||||||
FHLB
Advances and Other Borrowings
|
730
|
744
|
1,474
|
(99
|
)
|
(30
|
)
|
(129
|
)
|
||||||||||
Total
Interest Expense
|
2,900
|
6,514
|
9,414
|
(544
|
)
|
2,057
|
1,513
|
||||||||||||
Net
Interest Income
|
$
|
2,912
|
$
|
897
|
$
|
3,809
|
$
|
535
|
$
|
41
|
$
|
576
|
(1) |
The
change in interest due to both rate and volume has been allocated
to
volume and rate changes in proportion
to the relationship
of the absolute dollar amounts of the change in
each.
|
Years
Ended December 31,
|
%
Change From
Prior
Year
|
|||||||||||||||
Non-interest
Income (dollars in thousands)
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
2006
|
|
|
2005
|
|||
Trust
and Investment Product Fees
|
$
|
2,210
|
$
|
2,081
|
$
|
2,046
|
6%
|
|
2%
|
|
||||||
Service
Charges on Deposit Accounts
|
3,901
|
3,723
|
3,537
|
5
|
5
|
|||||||||||
Insurance
Revenues
|
5,094
|
4,703
|
4,666
|
8
|
1
|
|||||||||||
Other
Operating Income
|
2,384
|
2,687
|
2,074
|
(11)
|
|
30
|
||||||||||
Subtotal
|
13,589
|
13,194
|
12,323
|
3
|
7
|
|||||||||||
Net
Gains on Sales of Loans and Related Assets
|
850
|
1,000
|
975
|
(15)
|
|
3
|
||||||||||
Net
Gain / (Loss) on Securities
|
951
|
— |
(3,678
|
)
|
n/m(1)
|
|
n/m(1)
|
|
||||||||
TOTAL
NON-INTEREST INCOME
|
$
|
15,390
|
$
|
14,194
|
$
|
9,620
|
8
|
48
|
(1) |
n/m
= not meaningful
|
Years
Ended December 31,
|
|
%
Change From
Prior
Year
|
|
|||||||||||||
Non-interest
Expense (dollars in thousands)
|
|
2006
|
|
2005
|
|
2004
|
|
2006
|
|
2005
|
||||||
Salaries
and Employee Benefits
|
$
|
21,491
|
$
|
18,511
|
$
|
17,814
|
16%
|
|
4%
|
|
||||||
Occupancy,
Furniture and Equipment Expense
|
4,988
|
4,404
|
4,292
|
13
|
3
|
|||||||||||
FDIC
Premiums
|
108
|
101
|
106
|
7
|
(5)
|
|
||||||||||
Data
Processing Fees
|
1,646
|
1,322
|
1,186
|
25
|
11
|
|||||||||||
Professional
Fees
|
1,786
|
1,703
|
1,690
|
5
|
1
|
|||||||||||
Advertising
and Promotion
|
940
|
784
|
888
|
20
|
|
(12)
|
|
|||||||||
Supplies
|
619
|
544
|
527
|
14
|
3
|
|||||||||||
Other
Operating Expenses
|
4,878
|
4,079
|
4,106
|
20
|
(1)
|
|
||||||||||
TOTAL
NON-INTEREST EXPENSE
|
$
|
36,456
|
$
|
31,448
|
$
|
30,609
|
16
|
3
|
Loan
Portfolio
|
December
31,
|
|||||||||||||||
dollars
in thousands
|
2006
|
|
2005
|
|
2004
|
|
2003
|
|
2002
|
|||||||
Residential
Mortgage Loans
|
$
|
114,687
|
$
|
102,891
|
$
|
94,800
|
$
|
110,325
|
$
|
156,180
|
||||||
Agricultural
Loans
|
148,872
|
101,355
|
99,557
|
92,095
|
84,984
|
|||||||||||
Commercial
and Industrial Loans
|
402,285
|
319,681
|
314,354
|
296,661
|
254,776
|
|||||||||||
Consumer
Loans
|
132,791
|
129,587
|
122,888
|
114,816
|
116,987
|
|||||||||||
Total
Loans
|
798,635
|
653,514
|
631,599
|
613,897
|
612,927
|
|||||||||||
Less:
Unearned Income
|
(2,376
|
)
|
(1,558
|
)
|
(1,806
|
)
|
(2,031
|
)
|
(2,186
|
)
|
||||||
Subtotal
|
796,259
|
651,956
|
629,793
|
611,866
|
610,741
|
|||||||||||
Less:
Allowance for Loan Losses
|
(7,129
|
)
|
(9,265
|
)
|
(8,801
|
)
|
(8,265
|
)
|
(8,301
|
)
|
||||||
Loans,
Net
|
$
|
789,130
|
$
|
642,691
|
$
|
620,992
|
$
|
603,601
|
$
|
602,440
|
||||||
Ratio
of Loans to Total Loans:
|
||||||||||||||||
Residential
Mortgage Loans
|
14
|
%
|
16
|
%
|
15
|
%
|
18
|
%
|
26
|
%
|
||||||
Agricultural
Loans
|
19
|
%
|
15
|
%
|
16
|
%
|
15
|
%
|
14
|
%
|
||||||
Commercial
and Industrial Loans
|
50
|
%
|
49
|
%
|
50
|
%
|
48
|
%
|
41
|
%
|
||||||
Consumer
Loans
|
17
|
%
|
20
|
%
|
19
|
%
|
19
|
%
|
19
|
%
|
||||||
Totals
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
Within
One
Year
|
|
One
to Five
Years
|
|
After
Five
Years
|
|
Total
|
|||||||
Commercial
and Agricultural
|
$
|
211,032
|
$
|
229,485
|
$
|
110,640
|
$
|
551,157
|
Interest
Sensitivity
|
|||||||
Fixed
Rate
|
|
Variable
Rate
|
|||||
Loans
maturing after one year
|
$
|
96,265
|
$
|
243,860
|
Investment
Portfolio, at Amortized Cost
|
December
31,
|
||||||||||||||||||||
dollars
in thousands
|
2006
|
|
%
|
|
2005
|
|
%
|
|
2004
|
|
%
|
||||||||||
Federal
Funds Sold and Short-term Investments
|
$
|
5,935
|
3
|
% |
|
$
|
5,287
|
3
|
% |
|
$
|
24,354
|
11%
|
|
|||||||
U.S.
Treasury and Agency Securities
|
28,083
|
15
|
13,631
|
7
|
4,060
|
2
|
|||||||||||||||
Obligations
of State and Political Subdivisions
|
25,788
|
13
|
31,759
|
16
|
43,125
|
20
|
|||||||||||||||
Asset-
/ Mortgage-backed Securities
|
125,340
|
66
|
128,602
|
65
|
131,614
|
60
|
|||||||||||||||
Corporate
Securities
|
— |
—
|
500
|
n/m(1)
|
|
503
|
n/m(1)
|
|
|||||||||||||
Equity
Securities
|
6,236
|
3
|
17,350
|
9
|
|
15,149
|
7
|
||||||||||||||
Total
Securities Portfolio
|
$
|
191,382
|
100
|
% |
|
$
|
197,129
|
100
|
% |
|
$
|
218,805
|
100%
|
|
(1) |
n/m
= not meaningful
|
December
31,
|
||||||||||
Securities
Held-to-Maturity:
|
2006
|
2005
|
2004
|
|||||||
Obligations
of State and Political Subdivisions
|
$
|
6,135
|
$
|
8,684
|
$
|
13,318
|
||||
Securities
Available-for-Sale:
|
||||||||||
U.S.
Treasury and Agency Securities
|
$
|
28,133
|
$
|
13,492
|
$
|
4,034
|
||||
Obligations
of State and Political Subdivisions
|
19,928
|
23,527
|
30,621
|
|||||||
Asset-
/ Mortgage-backed Securities
|
123,859
|
125,844
|
131,201
|
|||||||
Corporate
Securities
|
— |
500
|
503
|
|||||||
Equity
Securities
|
7,302
|
17,787
|
15,317
|
|||||||
Subtotal
of Securities Available-for-Sale
|
179,222
|
181,150
|
181,676
|
|||||||
Total
Securities
|
$
|
185,357
|
$
|
189,834
|
$
|
194,994
|
Within
One
Year
|
After
One But
Within
Five Years
|
After
Five But
Within
Ten Years
|
After
Ten
Years
|
||||||||||||||||||||||
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
Amount
|
Yield
|
||||||||||||||||||
U.S.
Treasuries and
|
|||||||||||||||||||||||||
Agencies
|
$
|
3,005
|
3.14%
|
|
$
|
25,078
|
5.05%
|
|
$
|
— |
N/A
|
$
|
— |
|
N/A
|
||||||||||
State
and Political
|
|||||||||||||||||||||||||
Subdivisions
|
2,955
|
6.89%
|
|
7,813
|
7.27%
|
|
10,187
|
7.42%
|
|
4,833
|
7.49%
|
|
|||||||||||||
Asset-
/ Mortgage-backed
|
|||||||||||||||||||||||||
Securities
|
18,404
|
3.27%
|
|
85,686
|
4.61%
|
|
21,040
|
5.56%
|
|
210
|
3.52%
|
|
|||||||||||||
Corporate
Securities
|
— |
N/A
|
— |
N/A
|
— |
N/A
|
— |
N/A
|
|||||||||||||||||
Totals
|
$
|
24,364
|
3.69%
|
|
$
|
118,577
|
4.88%
|
|
$
|