Quarterly Reports Archive: Quarter 1 '00

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QUARTERLY REPORTS ARCHIVE

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Quarter 1 '00

Financial Highlights as of March 31
($ in thousands, except per share data)

	2000	1999	Percent Change
Operating Results*
Interest Income	$7,450	$6,603	12.83%
Interest Expense	3,608	3,029	19.12
Net interest income	3,842	3,574	7.50
Provision for loan losses	180	135	33.33
Income taxes	638	538	18.59
Net income	1,282	1,106	15.91
Per Share Data*
Net income - basic and diluted	0.21	0.18	16.67
Dividends	0.10	0.08	25.00
Book value at quarter end	5.72	5.33	7.32
March 31 Balances
Total assets	431,000	383,571	12.37
Total deposits	346,842	309,918	11.91
Total loans	272,934	241,569	12.98
Shareholders' equity	35,052	32,640	7.39
Selected Financial Ratios
Return on average assets	1.22%	1.19%
Return on average equity	14.77	13.78
Allowance for loan losses as a percentage of total loans	1.27	1.44
* Three months ended March 31

	2000	1999
Assets
Cash and cash equivalents:
Cash and non-interest bearing deposits	$29,523	$14,592
Federal funds sold	0	19,725
Total cash and cash equivalents	29,523	34,317
Held-to-maturity securities	85,478	74,355
Available-for-sale securities	21,190	15,685
Trading securities	3,411	2,782
Loans, net of allowance for loan losses	272,934	241,569
Bank premises and equipment	10,446	7,591
Accrued interest receivable	3,465	3,214
Other assets	4,553	4,058
Total assets	$431,000	$383,571
Liabilities and Shareholders' Equity
Deposits	$346,842	$309,918
Repurchase agreements	29,946	25,698
Long-term debt	16,567	12,754
Accrued interest payable	1,058	952
Other liabilities	1,535	1,609
Total liabilities	395,948	350,931
Shareholders' equity
Common stock, no par value, 18,000,000 shares authorized, 6,132,740 and 6,122,740 shares issued and outstanding in 1999 and 1998, respectively	137	137
Additional paid-in capital	3,347	3,322
Retained earnings	32,180	29,486
Net unrealized gain (loss) on available-for-sale securities	(434)	(38)
Unearned ESOT shares	(178)	(267)
Total shareholders' equity	35,052	32,640
Total liabilities and shareholders' equity	$431,000	$383,571

	2000	1999
Interest Income	$7,450	$6,603
Interest Expense	3,608	3,029
Net interest income	3,842	3,574
Provision for loan losses	180	135
Net interest income after provision for loan losses	3,662	3,439
Other operating income	1,024	840
Other operating expenses	2,766	2,635
Income before income tax	1,920	1,644
Income tax provision	638	538
Net income	1,282	1,106
Retained earnings - beginning of year	31,511	28,869
Dividends ($.10 and $.08 per share in 2000 and 1999 respectively)	(613)	(489)
Retained earnings - end of period	$32,180	$29,486
Basic and diluted net income per share	$0.21	$0.18