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87k volume !!@ least some1 is scooping or adding >>
) more shares !
WFSC just getting warmed up 
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Weststar Financial Services Corporation Has No Investment in Freddie Mac or Fannie Mae Stock
https://www.bankofasheville.com/
Home Page:
Corporate News: http://finance.yahoo.com/q?s=WFSC.OB
ASHEVILLE, N.C., Sept 18, 2008 /PRNewswire via COMTEX/ -- The U.S. Department of Treasury and the Federal Housing Finance Agency recently announced that Freddie Mac and Fannie Mae were being placed under conservatorship; control of their management is being transferred to the Federal Housing Finance Agency. In conjunction with this action, Freddie Mac and Fannie Mae have been prohibited from paying dividends on their equity securities, which has resulted in a significant loss in value of such equity securities. The decrease in value may result in "other-than-temporary impairment" write-downs during the third quarter for those financial institutions that hold these securities in their investment portfolios. Weststar Financial Services Corporation (OTC Bulletin Board: WFSC), parent of Bank of Asheville, does not hold any equity shares of either Freddie Mac or Fannie Mae in its securities portfolio, and therefore is not exposed to any potential charge to third quarter earnings as a result of "other-than-temporary impairment" of Freddie Mac or Fannie Mae equity securities.
This news release contains forward-looking statements. Such statements are subject to certain factors that may cause the Company's results to vary from those expected. These factors include changing economic and financial market conditions, competition, ability to execute our business plan, items already mentioned in this press release, and other factors described in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date hereof.
SOURCE Bank of Asheville
| Weststar Financial Services Corporation & Subsidiary | ||||||||
| Consolidated Balance Sheets | (unaudited) | |||||||
| | June 30 | December 31 | ||||||
| | 2009 | 2008 | * | |||||
| ASSETS: | ||||||||
| Cash and cash equivalents: | ||||||||
| Cash and due from banks | $ | 4,930,563 | $ | 4,200,866 | ||||
| Interest-bearing deposits | 11,780,364 | 218,912 | ||||||
| Total cash and cash equivalents | 16,710,927 | 4,419,778 | ||||||
| Investment securities- available for sale, at fair value | ||||||||
| (amortized cost of $22,726,225 and $23,750,009, at | ||||||||
| June 30, 2009 and December 31, 2008, respectively) | 22,998,342 | 23,778,449 | ||||||
| Loans | 180,614,075 | 171,239,692 | ||||||
| Allowance for loan losses | (2,847,508 | ) | (2,529,981 | ) | ||||
| Net loans | 177,766,567 | 168,709,711 | ||||||
| Premises and equipment, net | 2,538,516 | 2,652,007 | ||||||
| Accrued interest receivable | 1,037,103 | 1,030,460 | ||||||
| Federal Home Loan Bank stock, at cost | 592,300 | 585,600 | ||||||
| Deferred income taxes | 919,408 | 810,921 | ||||||
| Foreclosed properties | 243,006 | 205,006 | ||||||
| Other assets | 717,950 | 667,040 | ||||||
| TOTAL | $ | 223,524,119 | $ | 202,858,972 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Deposits: | ||||||||
| Demand | $ | 28,132,451 | $ | 22,251,288 | ||||
| NOW accounts | 31,220,375 | 18,319,836 | ||||||
| Money market accounts | 29,217,039 | 31,416,333 | ||||||
| Savings | 2,600,623 | 2,207,173 | ||||||
| Time deposits of $100,000 or more | 26,796,346 | 26,799,682 | ||||||
| Other time deposits | 77,482,512 | 69,819,794 | ||||||
| Total deposits | 195,449,346 | 170,814,106 | ||||||
| Short-term borrowings | 4,816,087 | 5,919,140 | ||||||
| Accrued interest payable | 564,453 | 565,105 | ||||||
| Other liabilities | 1,169,074 | 926,050 | ||||||
| Long-term debt | 4,124,000 | 8,124,000 | ||||||
| Total liabilities | 206,122,960 | 186,348,401 | ||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Preferred stock, authorized $1,000,000 shares; | ||||||||
| No shares issued and outstanding | - | - | ||||||
| Common stock, $1 par value, authorized- 9,000,000 shares; | ||||||||
| outstanding shares- and 2,146,132 at June 30, 2009 | ||||||||
| and 2,125,747 at December 31, 2008, respectively | 2,146,132 | 2,125,747 | ||||||
| Additional paid-in capital | 6,215,519 | 6,152,868 | ||||||
| Retained earnings | 8,872,292 | 8,214,480 | ||||||
| Accumulated other comprehensive income | 167,216 | 17,476 | ||||||
| Total shareholders’ equity | 17,401,159 | 16,510,571 | ||||||
| Total | $ | 223,524,119 | $ | 202,858,972 | ||||
| Weststar Financial Services Corporation & Subsidiary | ||||||||||||||||
| Consolidated Statemen t s of Operations (unaudited) | Three Months | Six Months | ||||||||||||||
| | Ended June 30, | Ended June 30, | ||||||||||||||
| | 2009 | 2008 | 2009 | 2008 | ||||||||||||
| INTEREST INCOME: | ||||||||||||||||
| Interest and fees on loans | $ | 2,968,095 | $ | 2,574,013 | $ | 5,759,201 | $ | 5,315,518 | ||||||||
| Federal funds sold | 160 | 14,172 | 1,132 | 41,176 | ||||||||||||
| Interest-bearing deposits | 3,939 | 333 | 4,005 | 1,216 | ||||||||||||
| Investments: | ||||||||||||||||
| Taxable interest income | 169,191 | 211,462 | 349,073 | 428,939 | ||||||||||||
| Nontaxable interest income | 95,221 | 88,184 | 186,857 | 174,721 | ||||||||||||
| Corporate dividends | - | 7,214 | - | 14,221 | ||||||||||||
| Total interest income | 3,236,606 | 2,895,378 | 6,300,268 | 5,975,791 | ||||||||||||
| INTEREST EXPENSE: | ||||||||||||||||
| Time deposits of $100,000 or more | 220,283 | 309,269 | 448,812 | 659,594 | ||||||||||||
| Other time and savings deposits | 837,982 | 759,155 | 1,701,763 | 1,620,992 | ||||||||||||
| Short-term borrowings | 50,388 | 4,683 | 60,114 | 11,817 | ||||||||||||
| Long-term debt | 44,601 | 112,185 | 135,638 | 240,021 | ||||||||||||
| Total interest expense | 1,153,254 | 1,185,292 | 2,346,327 | 2,532,424 | ||||||||||||
| NET INTEREST INCOME | 2,083,352 | 1,710,086 | 3,953,941 | 3,443,367 | ||||||||||||
| PROVISION FOR LOAN LOSSES | 221,310 | 150,680 | 475,890 | 188,125 | ||||||||||||
| NET INTEREST INCOME AFTER PROVISION | ||||||||||||||||
| FOR LOAN LOSSES | 1,862,042 | 1,559,406 | 3,478,051 | 3,255,242 | ||||||||||||
| OTHER INCOME: | ||||||||||||||||
| Services charges on deposit accounts | 287,680 | 284,172 | 552,335 | 568,019 | ||||||||||||
| Other service fees and commissions | 166,932 | 118,568 | 300,612 | 204,804 | ||||||||||||
| Equity in loss of Bank of Asheville Mortgage | ||||||||||||||||
| Company, LLC | - | (2,551 | ) | - | (16,109 | ) | ||||||||||
| Other | 9,979 | 15,660 | 19,851 | 34,169 | ||||||||||||
| Total other income | 464,591 | 415,849 | 872,798 | 790,883 | ||||||||||||
| OTHER EXPENSES: | ||||||||||||||||
| Salaries and wages | 709,874 | 661,919 | 1,391,271 | 1,286,303 | ||||||||||||
| Employee benefits | 82,860 | 120,259 | 214,135 | 236,771 | ||||||||||||
| Occupancy expense, net | 122,076 | 125,051 | 307,129 | 249,739 | ||||||||||||
| Equipment rentals, depreciation and | ||||||||||||||||
| maintenance | 102,653 | 119,658 | 201,375 | 233,336 | ||||||||||||
| Supplies | 67,585 | 65,039 | 131,858 | 138,502 | ||||||||||||
| Professional fees | 74,135 | 88,122 | 151,393 | 160,450 | ||||||||||||
| Data processing fees | 156,960 | 135,404 | 310,948 | 277,745 | ||||||||||||
| FDIC insurance premiums | 173,808 | 25,619 | 246,212 | 48,159 | ||||||||||||
| Audit, tax and accounting | 24,458 | 12,147 | 79,622 | 61,871 | ||||||||||||
| Marketing | 80,435 | 70,608 | 173,122 | 132,986 | ||||||||||||
| (Income) expenses from foreclosed properties | 70 | 40,908 | 70 | 41,221 | ||||||||||||
| Other | 93,962 | 98,654 | 177,629 | 165,897 | ||||||||||||
| Total other expenses | 1,688,876 | 1,563,388 | 3,384,764 | 3,032,980 | ||||||||||||
| INCOME BEFORE INCOME TAXES | 637,757 | 411,867 | 966,085 | 1,013,145 | ||||||||||||
| INCOME TAX PROVISION | 203,888 | 129,384 | 308,273 | 342,525 | ||||||||||||
| NET INCOME | $ | 433,869 | $ | 282,483 | 657,812 | 670,620 | ||||||||||
| EARNINGS PER SHARE: | ||||||||||||||||
| Basic | $ | .20 | $ | .13 | $ | .31 | $ | .32 | ||||||||
| Diluted | $ | .19 | $ | .12 | $ | .29 | $ | .29 | ||||||||
| 1. | Weststar Financial Services Corporation (the “Company”) is a holding company with one subsidiary, The Bank of Asheville (the “Bank”). The Bank is a state chartered commercial bank, which was incorporated in North Carolina on October 29, 1997. The Bank provides consumer and commercial banking services in Buncombe County and surrounding area. Common shares of The Bank of Asheville were exchanged for common shares of Weststar Financial Services Corporation on April 29, 2000. Weststar Financial Services Corporation formed Weststar Financial Services Corporation I (the “Trust”) during October 2003 in order to facilitate the issuance of trust preferred securities. The Trust is a statutory business trust formed under the laws of the state of Delaware, of which all common securities are owned by Weststar Financial Services Corporation. |
| 2. | In the normal course of business there are various commitments and contingent liabilities such as commitments to extend credit, which are not reflected on the financial statements. The unused portions of commitments to extend credit were $30,856,230 and $31,886,835 at June 30, 2009 and December 31, 2008, respectively. |
| 3. | Basic earnings per common share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. During 2009 and 2008, there were no shares excluded due to antidultion. |
| G. Gordon Greenwood President & Chief Executive Officer | Randall C. Hall, C.P.A. |
| Kathy E. Fox, C.P.A. Senior Vice President Controller | John R. Hamrick |
| William W. Nesbit III Senior Vice President Branch Administrator Commercial Lending Officer | Judy Price Senior Vice President Marketing & Training Officer |
| Patrick Blackburn Vice President Mortgage Loan Officer | Terry A. Ballard Assistant Vice President Network Administrator |
| Linda G. Deaton Assistant Vice President Main Branch Manager Commercial Lending Officer | Andrea L. Hamilton |
| S. Eric Morris | Diane C. Robinson |
| William F. Schreck | Raynia J. White |
| Sandra J. White | Lance C. Shook Banking Officer South Asheville Branch Manager Commercial Lending Officer |
| Michelle C. Shook | Robbi T. Hill |
