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This excerpt taken from the WBCO 10-Q filed May 11, 2009. Financial Condition Overview During the first quarter of 2009, the Company focused on maintaining its loan portfolio and deposit funding base. Loans at March 31, 2009 grew 1.7% to $829.1 million compared to $814.9 million at March 31, 2008. Deposits at March 31, 2009 increased 2.3% to $763.0 million compared to $745.8 million at March 31, 2008. Shareholders’ equity increased $27.2 million to $107.7 million at March 31, 2009, with the issuance of $26.4 million of preferred stock to the U.S. Treasury Department. These excerpts taken from the WBCO 10-K filed Mar 16, 2009. Financial Condition Overview In 2008, the Company focused on maintaining its loan portfolio and deposit funding base following the terminated merger with Frontier Financial Corporation. Loans at December 31, 2008 grew 2.1% to $823.1 million compared to $805.9 million at December 31, 2007. Deposits at December 31, 2008 decreased 1.5% to $747.2 million compared to $758.4 million at December 31, 2007. Shareholders’ equity increased $7.0 million to $80.6 million, with a book value of $8.47 per share at December 31, 2008. The Company’s ability to sustain continued loan and deposit growth is dependent on many factors, including the effects of competition, economic conditions, retention of key personnel and valued customers, and the Company’s ability to close loans. Financial Condition Overview In 2008, the Company focused on maintaining its loan portfolio and deposit funding base following the terminated merger with Frontier Financial Corporation. Loans at December 31, 2008 grew 2.1% to $823.1 million compared to $805.9 million at December 31, 2007. Deposits at December 31, 2008 decreased 1.5% to $747.2 million compared to $758.4 million at December 31, 2007. Shareholders’ equity increased $7.0 million to $80.6 million, with a book value of $8.47 per share at December 31, 2008. The Company’s ability to sustain continued loan and deposit growth is dependent on many factors, including the effects of competition, economic conditions, retention of key personnel and valued customers, and the Company’s ability to close loans. These excerpts taken from the WBCO 10-K filed Mar 13, 2008. Financial
Condition Overview
In 2007, the Company continued to focus on growing its loan
portfolio and deposit funding base. Loans at December 31,
2007 grew 12% to $805.9 million compared to
$719.6 million at December 31, 2006. Deposits at
December 31, 2007 grew 8% to $758.4 million compared
to $703.8 million at December 31, 2006.
Shareholders’ equity increased $7.2 million to
$73.6 million, with a book value of $7.78 per share at
December 31, 2007. The Company’s ability to sustain
continued loan and deposit growth is dependent on many factors,
including the effects of competition, economic conditions,
retention of key personnel and valued customers, and the
Company’s ability to close loans.
Table of Contents
Investment Securities: The composition of the
Company’s investment portfolio reflects management’s
investment strategy of maintaining an appropriate level of
liquidity while providing a relatively stable source of
investment income. The investment securities portfolio mitigates
interest rate risk inherent in the loan portfolio, while
providing a vehicle for the investment of available funds and a
source of liquidity.
In 2007, total investment securities decreased $3.0 million
compared to 2006. The decrease was a result of the maturity of
investment securities that were not replaced due to the low rate
environment coupled with an anticipated increase in loan demand.
During 2006, total investment securities decreased
$2.3 million compared to 2005. The decrease was a result of
the maturity of investment securities that were not replaced due
to the low rate environment coupled with an anticipated increase
in loan demand. The Company’s investment portfolio mix,
based upon amortized cost, is outlined in the table below:
Financial Condition Overview In 2007, the Company continued to focus on growing its loan portfolio and deposit funding base. Loans at December 31, 2007 grew 12% to $805.9 million compared to $719.6 million at December 31, 2006. Deposits at December 31, 2007 grew 8% to $758.4 million compared to $703.8 million at December 31, 2006. Shareholders’ equity increased $7.2 million to $73.6 million, with a book value of $7.78 per share at December 31, 2007. The Company’s ability to sustain continued loan and deposit growth is dependent on many factors, including the effects of competition, economic conditions, retention of key personnel and valued customers, and the Company’s ability to close loans.
Table of ContentsInvestment Securities: The composition of the Company’s investment portfolio reflects management’s investment strategy of maintaining an appropriate level of liquidity while providing a relatively stable source of investment income. The investment securities portfolio mitigates interest rate risk inherent in the loan portfolio, while providing a vehicle for the investment of available funds and a source of liquidity. In 2007, total investment securities decreased $3.0 million compared to 2006. The decrease was a result of the maturity of investment securities that were not replaced due to the low rate environment coupled with an anticipated increase in loan demand. During 2006, total investment securities decreased $2.3 million compared to 2005. The decrease was a result of the maturity of investment securities that were not replaced due to the low rate environment coupled with an anticipated increase in loan demand. The Company’s investment portfolio mix, based upon amortized cost, is outlined in the table below: | EXCERPTS ON THIS PAGE:
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