EXHIBIT 99.1
Contact:
Tricia Linderman, 214/932-6798
tricia.linderman @texascapitalbank.com
TEXAS CAPITAL BANCSHARES REPORTS 104% INCREASE IN NET INCOME AND REACHES $2 BILLION IN ASSETS
DALLAS, Texas — August 14, 2003 — Texas Capital Bancshares, Inc. today reported net income for the second quarter of 2003 of $3.9 million compared to $1.8 million for the second quarter of 2002. On a fully diluted basis, earnings per share were $.18 for the three months ended June 30, 2003 compared to $.08 for the same quarter last year, which represents an increase of 125 percent. Net income for the six months ended June 30, 2003 was $6.9 million compared to $3.4 million for the same period in 2002. Earnings per share on a fully diluted basis for the six months ended June 30, 2003 were $.32 versus $.15 for the same period in 2002.
Return on average equity was 12.03 percent and return on average assets was .80 percent for the quarter ended June 30, 2003, compared to 6.38 percent and .59 percent respectively for the second quarter of 2002. The increase in net income in 2003 is attributed to asset and related net interest income growth, growth in non-interest income, and the impact of reversing our deferred tax valuation allowance of $5.9 million, offset by an increase in non-interest expense. Non-interest expense for the quarter included approximately $250,000 in separation expenses related to the resignation of a senior officer and $6.3 million in penalties related to unwinding repurchase agreements in June prior to maturity to lower funding costs. We unwound approximately $139 million of repurchase agreements and entered into new repurchase agreements with respect to a significant portion of that amount, with the remainder replaced with overnight funds. We expect that a significant portion of these overnight funds will be replaced with deposits when we complete our planned acquisition of deposit accounts of Bluebonnet Savings Bank FSB, which is expected to occur in August 2003.
Net interest income was $12.7 million for the second quarter of 2003, compared to $10.2 million for the second quarter of 2002. The increase was primarily due to an increase in average earning assets of $653.3 million as compared to the second quarter of 2002, which offset a 71 basis point decrease in net interest margin. The increase in average earning assets included a $307.2 million increase in average net loans and a $352.5 million increase in average securities. Average interest-bearing liabilities increased $592.3 million from the second quarter of 2002, which included a $245.8 million increase in interest-bearing deposits and a $327.5 million increase in other borrowings. The increase in average borrowings was primarily related to an increase in federal funds purchased and securities sold under repurchase agreements, and was used to supplement deposits in funding loan growth and securities purchases. The average cost of interest-bearing liabilities decreased from 2.62 percent for the quarter ended June 30, 2002 to 2.24 percent for the same period of 2003, reflecting the continuing decline in market interest rates.
The provision for loan losses was $1.6 million for the second quarter of 2003, compared to $808,000 for the second quarter of 2002. The provision reflects management’s assessment of the risks in Texas Capital Bank’s loan portfolio. For the quarter ended June 30, 2003, the provision for loan losses to average loans was .53 percent compared to .36 percent during the same quarter in 2002. The reserve for loan losses totaled $17.3 million at June 30, 2003, which is 1.38 percent of total loans, compared to $12.1 million or 1.28 percent at June 30, 2002. The company’s ratio of reserve for loan losses to non-performing loans was 136.12 percent at June 30, 2003, compared to 178.88 percent at June 30, 2002. Texas Capital had net charge-offs of loans and leases previously charged off of $219,000 in the quarter versus net losses of $1.5 million in the second quarter of 2002.
Our non-performing loans and leases increased to $12.7 million, or 1.01% of total loans from $6.8 million, or .72% of total loans at June 30, 2002, but continue to be at what management considers to be an acceptable level. Our non-performing assets include $11.5 million of non-accrual loans and $1.1 million of loans past due greater than 90 days and still accruing. Of the loans past due greater than 90 days and still accruing, 96 percent are 100 percent government guaranteed. Of the $11.5 million in nonaccrual loans and leases, $4.3 million was in commercial loans, $4.0 in construction loans, $1.4 million in real estate loans, $113,000 in consumer loans, and $1.7 million in leases.
Non-interest income increased $1.4 million, including securities gains of $345,000, compared to the same quarter of 2002 when there were no securities gains. Service charges on deposit accounts in the second quarter of 2003 increased $181,000 due to the higher level of deposits and transactions. Trust fee income increased $61,000 due to continued growth of trust assets in 2003. Income from bank owned life insurance totaled $428,000 for the second quarter of 2003. Our bank owned life insurance investment originated in August 2002. Cash processing fees in the second quarter of 2003 totaled $73,000, which was related to a cash processing project that occurred primarily in the first quarter of the year. Total cash processing fees for the six months ended June 30, 2003 were $973,000, which is comparable to the same period in 2002. Non-interest income also included an increase in mortgage warehouse fees of approximately $293,000 for the quarter ended June 30, 2003.
Non-interest expense for the second quarter of 2003 increased $8.5 million or 100.3 percent, compared to the second quarter of 2002. The increase is primarily related to the $6.3 million in penalties related to the unwinding of repurchase agreements. Additionally, salaries and employee benefits increased $1.9 million to $5.9 million for the quarter ended June 30, 2003 from $4.0 million for the same period in 2002. The increase included the $250,000 in separation expense for a senior officer and an increase in total employees from 201 at June 30, 2002 to 237 at June 30, 2003.
Management expects the balance sheet will continue to be asset-sensitive over the next 12 months, resulting in more loans than deposits repricing over this period. This is largely due to the concentration of assets in variable rate loans, rather than fixed rate loans, which would position the company to benefit from rising interest rates.
Total assets at June 30, 2003 were $2.003 billion, an increase of $210 million from $1.793 billion at December 31, 2002, and an increase of $743 million from $1.261 billion at June 30, 2002. The aggregate loan portfolio at June 30, 2003 was $1.252 billion, an increase of $129 million from $1.123 billion at December 31, 2002, and an increase of $307 million from $945 million at June 30, 2002. Total deposits at June 30, 2003 were $1.340 billion, an increase of $143 million from $1.197 billion at December 31, 2002, and an increase of $360 million from $980 million at June 30, 2002.
About Texas Capital Bancshares
Texas Capital Bancshares, Inc. is a privately owned and operated bank holding company, the principal subsidiary of which is Texas Capital Bank, N.A., headquartered in Dallas, Texas. Texas Capital Bank targets middle market businesses, the executives of those businesses and affluent individuals. The Bank has full-service locations in Austin, Dallas, Fort Worth, Plano and San Antonio.
This release contains forward-looking statements, which are subject to risks and uncertainties. A number of factors, many of which are beyond Texas Capital Bancshares’ control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties include the risk of adverse impacts from general economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. These and other factors that could cause results to differ materially from those described in the forward-looking statements can be found in the registration statement on Form S-3 as amended relating to the initial public offering and other filings made by Texas Capital Bancshares with the Securities and Exchange Commission.
TEXAS CAPITAL BANCSHARES, INC.
QUARTERLY FINANCIAL SUMMARY — UNAUDITED
Consolidated Daily Average Balances, Average Yields and Rates
(In Thousands Except Share)
For the three months ended | For the three months ended | |||||||||||||||||||||||||||||
June 30, 2003 | June 30, 2002 | |||||||||||||||||||||||||||||
Average | Revenue/ | Yield/ | Average | Revenue/ | Yield/ | |||||||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||||
Assets | % | |||||||||||||||||||||||||||||
Taxable securities | $ | 620,239 | $ | 5,329 | 3.45 | % | $ | 267,753 | $ | 3,616 | 5.42 | % | ||||||||||||||||||
Federal funds sold | 13,220 | 43 | 1.30 | % | 20,413 | 90 | 1.77 | % | ||||||||||||||||||||||
Deposits in other banks | 923 | 4 | 1.74 | % | 151 | 2 | 5.31 | % | ||||||||||||||||||||||
Loans | 1,207,815 | 15,981 | 5.31 | % | 897,388 | 12,825 | 5.73 | % | ||||||||||||||||||||||
Less reserve for loan losses | 16,100 | — | — | 12,910 | — | — | ||||||||||||||||||||||||
Loans, net of reserve | 1,191,715 | 15,981 | 5.38 | % | 884,478 | 12,825 | 5.82 | % | ||||||||||||||||||||||
Total earning assets | 1,826,097 | 21,357 | 4.69 | % | 1,172,795 | 16,533 | 5.65 | % | ||||||||||||||||||||||
Cash and other assets | 120,388 | 53,764 | ||||||||||||||||||||||||||||
Total assets | $ | 1,946,485 | $ | 1,226,559 | ||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||
Transaction deposits | $ | 62,476 | $ | 121 | .78 | % | $ | 49,353 | $ | 118 | .96 | % | ||||||||||||||||||
Savings deposits | 407,081 | 1,629 | 1.61 | % | 327,184 | 1,582 | 1.94 | % | ||||||||||||||||||||||
Time deposits | 575,325 | 3,847 | 2.68 | % | 422,577 | 3,426 | 3.25 | % | ||||||||||||||||||||||
Total interest bearing deposits | 1,044,882 | 5,597 | 2.15 | % | 799,114 | 5,126 | 2.57 | % | ||||||||||||||||||||||
Other borrowings | 495,511 | 2,849 | 2.31 | % | 167,988 | 1,193 | 2.85 | % | ||||||||||||||||||||||
Long-term debt | 19,011 | 247 | 5.21 | % | — | — | — | |||||||||||||||||||||||
Total interest bearing liabilities | 1,559,404 | 8,693 | 2.24 | % | 967,102 | 6,319 | 2.62 | % | ||||||||||||||||||||||
Demand deposits | 246,822 | 138,598 | ||||||||||||||||||||||||||||
Other liabilities | 11,619 | 6,563 | ||||||||||||||||||||||||||||
Stockholders’ equity | 128,640 | 114,296 | ||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,946,485 | $ | 1,226,559 | ||||||||||||||||||||||||||
Net interest income | $ | 12,664 | $ | 10,214 | ||||||||||||||||||||||||||
Net interest income to earning assets | 2.78 | % | 3.49 | % | ||||||||||||||||||||||||||
Provision for loan losses | 1,600 | 808 | ||||||||||||||||||||||||||||
Non-interest income | 2,818 | 1,460 | ||||||||||||||||||||||||||||
Non-interest expense | 16,901 | 8,439 | ||||||||||||||||||||||||||||
Income (loss) before taxes | (3,019 | ) | 2,427 | |||||||||||||||||||||||||||
Income tax expense (benefit) | (6,876 | ) | 608 | |||||||||||||||||||||||||||
Net income (loss) | $ | 3,857 | $ | 1,819 | ||||||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||
Basic | $ | .19 | $ | .08 | ||||||||||||||||||||||||||
Diluted | $ | .18 | $ | .08 | ||||||||||||||||||||||||||
Return on average equity | 12.03 | % | 6.38 | % | ||||||||||||||||||||||||||
Return on average assets | .80 | % | .59 | % | ||||||||||||||||||||||||||
Equity to assets | 6.61 | % | 9.32 | % |
TEXAS CAPITAL BANCSHARES, INC.
QUARTERLY FINANCIAL SUMMARY — UNAUDITED
Consolidated Daily Average Balances, Average Yields and Rates
(In Thousands Except Share)
For the six months ended | For the six months ended | ||||||||||||||||||||||||
June 30, 2003 | June 30, 2002 | ||||||||||||||||||||||||
Average | Revenue/ | Yield/ | Average | Revenue/ | Yield/ | ||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Taxable securities | $ | 583,384 | $ | 10,685 | 3.69 | % | $ | 241,165 | $ | 6,505 | 5.44 | % | |||||||||||||
Federal funds sold | 21,262 | 130 | 1.23 | % | 20,850 | 179 | 1.73 | % | |||||||||||||||||
Deposits in other banks | 951 | 7 | 1.48 | % | 161 | 3 | 3.76 | % | |||||||||||||||||
Loans | 1,163,993 | 30,677 | 5.31 | % | 891,126 | 25,326 | 5.73 | % | |||||||||||||||||
Less reserve for loan losses | 15,525 | — | — | 12,919 | — | — | |||||||||||||||||||
Loans, net of reserve | 1,148,468 | 30,677 | 5.39 | % | 878,207 | 25,326 | 5.82 | % | |||||||||||||||||
Total earning assets | 1,754,065 | 41,499 | 4.77 | % | 1,140,383 | 32,013 | 5.66 | % | |||||||||||||||||
Cash and other assets | 132,077 | 70,312 | |||||||||||||||||||||||
Total assets | $ | 1,886,142 | $ | 1,210,695 | |||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||
Transaction deposits | $ | 61,038 | $ | 233 | .77 | % | $ | 49,007 | $ | 243 | 1.00 | % | |||||||||||||
Savings deposits | 394,404 | 3,269 | 1.67 | % | 334,780 | 3,101 | 1.87 | % | |||||||||||||||||
Time deposits | 550,114 | 7,477 | 2.74 | % | 395,618 | 6,689 | 3.41 | % | |||||||||||||||||
Total interest bearing deposits | 1,005,556 | 10,979 | 2.20 | % | 779,405 | 10,033 | 2.60 | % | |||||||||||||||||
Other borrowings | 496,061 | 5,734 | 2.33 | % | 176,578 | 2,372 | 2.71 | % | |||||||||||||||||
Long-term debt | 14,530 | 380 | 5.27 | % | — | — | — | ||||||||||||||||||
total interest bearing liabilities | 1,516,147 | 17,093 | 2.27 | % | 955,983 | 12,405 | 2.62 | % | |||||||||||||||||
Demand deposits | 230,497 | 134,597 | |||||||||||||||||||||||
Other liabilities | 11,702 | 7,012 | |||||||||||||||||||||||
Stockholders’ equity | 127,796 | 113,103 | |||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,886,142 | $ | 1,210,695 | |||||||||||||||||||||
Net interest income | $ | 24,406 | $ | 19,608 | |||||||||||||||||||||
Net interest income to earning assets | 2.81 | % | 3.47 | % | |||||||||||||||||||||
Provision for loan losses | 2,850 | 1,979 | |||||||||||||||||||||||
Non-interest income | 6,145 | 3,656 | |||||||||||||||||||||||
Non-interest expense | 26,279 | 16,780 | |||||||||||||||||||||||
Income (loss) before taxes | 1,422 | 4,505 | |||||||||||||||||||||||
Income tax expense (benefit) | (5,466 | ) | 1,128 | ||||||||||||||||||||||
Net income (loss) | $ | 6,888 | $ | 3,377 | |||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||
Basic | $ | .33 | $ | .15 | |||||||||||||||||||||
Diluted | $ | .32 | $ | .15 | |||||||||||||||||||||
Return on average equity | 10.87 | % | 6.02 | % | |||||||||||||||||||||
Return on average assets | .74 | % | .56 | % | |||||||||||||||||||||
Equity to assets | 6.78 | % | 9.34 | % |
TEXAS CAPITAL BANCSHARES, INC.
SUMMARY OF LOAN LOSS EXPERIENCE
(In Thousands)
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2003 | 2002 | 2003 | 2002 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Beginning balance | $ | 15,893 | $ | 12,770 | $ | 14,538 | $ | 12,598 | |||||||||
Loans charged-off: | |||||||||||||||||
Commercial | 17 | 1,000 | 17 | 2,000 | |||||||||||||
Consumer | 2 | 6 | 2 | 6 | |||||||||||||
Leases | 237 | 485 | 250 | 485 | |||||||||||||
Total | 256 | 1,491 | 269 | 2,491 | |||||||||||||
Recoveries: | |||||||||||||||||
Commercial | — | — | 78 | — | |||||||||||||
Consumer | — | 9 | — | 10 | |||||||||||||
Leases | 37 | — | 77 | — | |||||||||||||
Total recoveries | 37 | 9 | 155 | 10 | |||||||||||||
Net charge-offs (recoveries) | 219 | 1,482 | 114 | 2,481 | |||||||||||||
Provision for loan losses | 1,600 | 808 | 2,850 | 1,979 | |||||||||||||
Ending balance | $ | 17,274 | $ | 12,096 | $ | 17,274 | $ | 12,096 | |||||||||
Reserve for loan losses to loans outstanding at end of period | 1.38 | % | 1.28 | % | 1.38 | % | 1.28 | % | |||||||||
Net charge-offs to average loans1 | .07 | % | .66 | % | .02 | % | .56 | % | |||||||||
Provision for loan losses to average loans1 | .53 | % | .36 | % | .49 | % | .45 | % | |||||||||
Recoveries to gross charge-offs | 14.45 | % | .60 | % | 57.62 | % | .40 | % | |||||||||
Reserve as a multiple of net charge-offs | 78.9x | 8.2x | 151.5x | 4.9x | |||||||||||||
Non-performing and renegotiated loans: | |||||||||||||||||
Loans past due (90 days) | $ | 1,145 | $ | — | $ | 1,145 | $ | — | |||||||||
Non-accrual | 11,545 | 6,762 | 11,545 | 6,762 | |||||||||||||
Total | $ | 12,690 | $ | 6,762 | $ | 12,690 | $ | 6,762 | |||||||||
Reserve as a percent of non-performing and renegotiated loans | 136.12 | % | 178.88 | % | 136.12 | % | 178.88 | % |
(1) | Interim period ratios are annualized. |
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except share data)
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2003 | 2002 | 2003 | 2002 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Interest income | ||||||||||||||||
Interest and fees on loans | $ | 15,981 | $ | 12,825 | $ | 30,677 | $ | 25,326 | ||||||||
Securities | 5,329 | 3,616 | 10,685 | 6,505 | ||||||||||||
Federal funds sold | 43 | 90 | 130 | 179 | ||||||||||||
Deposits in other banks | 4 | 2 | 7 | 3 | ||||||||||||
Total interest income | 21,357 | 16,533 | 41,499 | 32,013 | ||||||||||||
Interest expense | ||||||||||||||||
Deposits | 5,597 | 5,126 | 10,979 | 10,033 | ||||||||||||
Federal funds purchased | 469 | 368 | 909 | 743 | ||||||||||||
Other borrowings | 2,380 | 825 | 4,825 | 1,629 | ||||||||||||
Long-term debt | 247 | — | 380 | — | ||||||||||||
Total interest expense | 8,692 | 6,319 | 17,093 | 12,405 | ||||||||||||
Net interest income | 12,664 | 10,214 | 24,406 | 19,608 | ||||||||||||
Provision for loan losses | 1,600 | 808 | 2,850 | 1,979 | ||||||||||||
Net interest income after provision for loan losses | 11,064 | 9,406 | 21,556 | 17,629 | ||||||||||||
Non-interest income | ||||||||||||||||
Service charges on deposit accounts | 897 | 716 | 1,740 | 1,345 | ||||||||||||
Trust fee income | 306 | 245 | 587 | 492 | ||||||||||||
Gain on sale of securities | 345 | — | 686 | — | ||||||||||||
Cash processing fees | 73 | — | 973 | 993 | ||||||||||||
Bank owned life insurance (BOLI) income | 428 | — | 842 | — | ||||||||||||
Mortgage warehouse fees | 424 | 131 | 703 | 255 | ||||||||||||
Other | 345 | 368 | 614 | 571 | ||||||||||||
Total non-interest income | 2,818 | 1,460 | 6,145 | 3,656 | ||||||||||||
Non-interest expense | ||||||||||||||||
Salaries and employee benefits | 5,857 | 3,996 | 11,236 | 8,329 | ||||||||||||
Net occupancy expense | 1,199 | 1,276 | 2,386 | 2,553 | ||||||||||||
Advertising | 199 | 482 | 392 | 562 | ||||||||||||
Legal and professional | 930 | 767 | 1,509 | 1,451 | ||||||||||||
Communications and data processing | 736 | 678 | 1,456 | 1,400 | ||||||||||||
Franchise taxes | 37 | 33 | 74 | 47 | ||||||||||||
Repurchase agreement penalties | 6,262 | — | 6,262 | — | ||||||||||||
Other | 1,681 | 1,207 | 2,964 | 2,438 | ||||||||||||
Total non-interest expense | 16,901 | 8,439 | 26,279 | 16,780 | ||||||||||||
Income (loss) before income taxes | (3,019 | ) | 2,427 | 1,422 | 4,505 | |||||||||||
Income tax expense (benefit) | (6,876 | ) | 608 | (5,466 | ) | 1,128 | ||||||||||
Net income | 3,857 | 1,819 | 6,888 | 3,377 | ||||||||||||
Preferred stock dividends | (276 | ) | (276 | ) | (550 | ) | (537 | ) | ||||||||
Income available to common stockholders | $ | 3,581 | $ | 1,543 | $ | 6,338 | $ | 2,840 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | .19 | $ | .08 | $ | .33 | $ | .15 | ||||||||
Diluted | $ | .18 | $ | .08 | $ | .32 | $ | .15 |
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except share data)
June 30, | December 31, | June 30, | ||||||||||||
2003 | 2002 | 2002 | ||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 65,145 | $ | 88,744 | $ | 45,039 | ||||||||
Federal funds sold | 470 | — | 1,320 | |||||||||||
Securities, available-for-sale | 649,522 | 553,169 | 270,085 | |||||||||||
Loans, net | 1,073,392 | 988,019 | 890,539 | |||||||||||
Loans held for sale | 157,176 | 116,106 | 37,826 | |||||||||||
Premises and equipment, net | 3,581 | 3,829 | 4,434 | |||||||||||
Accrued interest receivable and other assets | 52,416 | 41,919 | 10,035 | |||||||||||
Goodwill, net | 1,496 | 1,496 | 1,496 | |||||||||||
Total assets | $ | 2,003,198 | $ | 1,793,282 | $ | 1,260,774 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest bearing | $ | 330,015 | $ | 238,873 | $ | 159,503 | ||||||||
Interest bearing | 1,010,307 | 957,662 | 820,794 | |||||||||||
Total deposits | 1,340,322 | 1,196,535 | 980,297 | |||||||||||
Accrued interest payable | 3,393 | 3,826 | 3,042 | |||||||||||
Other liabilities | 4,348 | 8,485 | 4,863 | |||||||||||
Federal funds purchased | 156,194 | 83,629 | 52,087 | |||||||||||
Repurchase agreements | 293,272 | 302,083 | — | |||||||||||
Other borrowings | 53,501 | 63,748 | 102,442 | |||||||||||
Long-term debt | 20,000 | 10,000 | — | |||||||||||
Total liabilities | 1,871,030 | 1,668,306 | 1,142,731 | |||||||||||
Stockholders’ equity: | ||||||||||||||
Series A convertible preferred stock, $ .01 par value, 6%: | ||||||||||||||
Authorized shares — 10,000,000 | ||||||||||||||
Issued shares — 1,057,142 at June 30, 2003, December 31, 2002, and June 30, 2003 | 11 | 11 | 11 | |||||||||||
Common stock, $ .01 par value: | ||||||||||||||
Authorized shares — 100,000,000 | ||||||||||||||
Issued shares — 18,577,704, 18,500,812 and 18,461,046 at June 30, 2003, December 31, 2002 and June 30, 2002, respectively | 185 | 185 | 184 | |||||||||||
Series A-1 non-voting common stock, $ .01 par value: | ||||||||||||||
Issued shares — 691,733, 695,516 and 697,166 at June 30, 2003, December 31, 2002 and June 30, 2002, respectively | 7 | 7 | 7 | |||||||||||
Additional paid-in capital | 131,801 | 131,881 | 132,195 | |||||||||||
Accumulated deficit | (6,459 | ) | (13,347 | ) | (17,313 | ) | ||||||||
Treasury stock (shares at cost: 97,246, 97,246 and 94,834 at June 30, 2003, December 31, 2002 and June 30, 2002, respectively | (668 | ) | (668 | ) | (650 | ) | ||||||||
Deferred compensation | 573 | 573 | 573 | |||||||||||
Accumulated other comprehensive income | 6,718 | 6,334 | 3,036 | |||||||||||
Total stockholders’ equity | 132,168 | 124,976 | 118,043 | |||||||||||
Total liabilities and stockholders’ equity | $ | 2,003,198 | $ | 1,793,282 | $ | 1,260,774 | ||||||||