EXHIBIT 99.1
For Immediate Release Thursday, May 8, 2003
LUXEMBURG BANCSHARES, INC. ANNOUNCES EARNINGS FOR THE THREE MONTHS ENDED MARCH 31, 2003
Luxemburg, WI-May 8, 2003 --- Luxemburg Bancshares, Inc. parent company of the Bank of Luxemburg announced earnings for the first quarter of 2003 today.
Net income for the three months ended March 31, 2003 was $535,849 or $.97 per share as compared to $448,476 or $.82 per share for the three months ended March 31, 2002. John Slatky, President of Luxemburg Bancshares, Inc. stated, “The primary reasons for the increase in income was higher than expected other operating income, including mortgage underwriting fees, loan servicing fees and gain on sale of loans. Higher salaries and related employee benefits were the primary factors for the increase in total operating expenses.”
The earnings per common share are based on the weighted average number of shares of 552,473 in March 2003 as compared to 547,699 in March 2002.
Cautionary Note: The matters discussed in this press release, including expectations regarding interest income, interest expense and net interest margin, operating results and net income are forward-looking statements that involve risks and uncertainties. The assumptions and risk factors that cause actual results to differ materially include changes in interest rates or in the volume of earning assets and deposits, increases in non-performing of delinquent loans, increased competition, changes in the volume of loans originated for the secondary market and changes in the volume of sales of alternative investments by the company’s Raymond James Financial Services division, as well as those described from time to time in the Company’s SEC reports.
Luxemburg Bancshares, Inc. and the Bank of Luxemburg provide banking services to customers located in Luxemburg, Green Bay, Dyckesville and Casco from offices located in each community. The Company also provides financial planning and the sale of alternative investments to its customers in each community through the Company’s affiliation with Raymond James Financial Services.
FOR MORE INFORMATION ABOUT LUXEMBURG BANCSHARES, INC. CONTACT JOHN SLATKY AT 1-920-845-2345.
TABLES TO FOLLOW...
Luxemburg Bancshares, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME | Three Months Ended March 31, |
2003 | 2002 | |
Total Interest Income | 2,091,034 | 2,192,370 |
Total Interest Expense | 775,536 | 967,603 |
Net Interest Margin | 1,315,498 | 1,224,767 |
Provision for Loan Losses | 150,000 | 61,000 |
Net Interest Income After Provision For Credit Losses | 1,165,498 | 1,163,767 |
Total Other Income | 769,221 | 478,799 |
Total Operating Expenses | 1,154,588 | 1,001,358 |
Income Before Provision For Income Taxes | 780,131 | 641,208 |
Provision for Income Taxes | 244,282 | 192,732 |
Net Income | $ 535,849 | $ 448,476 |
Basic Earnings Per Common Share | $.97 | $.82 |
Weighted Average Common Shares Outstanding | 552,473 | 547,699 |
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2003 | December 31, 2002 | |
Cash and Cash Equivalents | 15,699,127 | 17,275,228 |
Investment Securities Available For Sale-Stated at Fair Value | 13,613,291 | 14,296,159 |
Loans Held for Sale | 1,885,784 | 475,400 |
Net Loans | 119,970,206 | 115,480,006 |
Other Assets | 6,876,224 | 6,641,028 |
Total Assets | $ 158,044,632 | $154,167,821 |
|
| |
Total Deposits | 136,049,846 | 132,444,385 |
Other Liabilities | 5,989,558 | 6,368,297 |
Total Liabilities | 142,039,404 | 138,812,682 |
Total Stockholders’ Equity | 16,005,228 | 15,355,139 |
Total Liabilities and Stockholders Equity | $ 158,044,632 | $154,167,821 |
CONSOLIDATED STATEMENTS OF CASH FLOW
Three Months Ended March 31,
2003 |
2002 | |
Cash Provided by (Used in) Operating Activities | (788,012) | 1,041,316 |
(Increase) Decrease in Loans | (4,709,204) | (1,979,529) |
Increase (Decrease) in Deposits | 3,605,461 | (282,635) |
Net Purchases of Securities Available for Sale | 650,332 | 1,212,776 |
Other Investing & Financing Activities | (334,678) | (1,627.456) |
Net Increase (Decrease) in Cash and Cash Equivalents | $(1,576,101) | $(1,635,528) |
Note 1-Amounts have been derived from unaudited financial statements except for December 31, 2002 Audited balance sheet.
