Exhibit 99.3
CHESAPEAKE FINANCIAL SHARES, INC.
CONSOLIDATED STATEMENT OF CONDITION
Kilmarnock, Virginia 22482
Unaudited Financial Statements
'SEPTEMBER 30, 2002 | 'SEPTEMBER 30, 2001 | |||||||||||||
ASSETS | ||||||||||||||
Cash on hand and due from banks | $ | 8,826,353 | $ | 10,190,552 | ||||||||||
Investments* | ||||||||||||||
U.S. Government Obligations | $ | — | $ | — | ||||||||||
Securities of Federal Agencies | 23,054,335 | 21,294,518 | ||||||||||||
State, Municipal & City Bonds | 17,516,099 | 16,060,247 | ||||||||||||
Federal Reserve Stock and | ||||||||||||||
Time Deposits with Banks | 748,600 | 41,319,034 | 948,600 | 38,303,365 | ||||||||||
Federal Funds Sold | 12,000,000 | 2,565,000 | ||||||||||||
Loans and Discounts | 191,823,684 | 164,497,104 | ||||||||||||
Loan Loss Reserve | (2,913,807 | ) | 188,909,877 | (2,548,447 | ) | 161,948,657 | ||||||||
Fixed Assets | 7,198,046 | 5,446,450 | ||||||||||||
Other Assets | 23,573,313 | 15,549,007 | ||||||||||||
TOTAL ASSETS | $ | 281,826,623 | $ | 234,003,031 | ||||||||||
LIABILITIES | ||||||||||||||
Deposits | ||||||||||||||
Demand | $ | 41,148,655 | $ | 31,448,238 | ||||||||||
Savings & Interest Bearing | ||||||||||||||
Transaction Accounts | 96,098,404 | 77,229,714 | ||||||||||||
Certificates of Deposit | 107,446,522 | $ | 244,693,581 | 97,076,630 | $ | 205,754,582 | ||||||||
Federal Funds Purchased | 10,973,399 | 5,000,000 | ||||||||||||
Other Liabilities | 2,490,510 | 2,879,063 | ||||||||||||
TOTAL LIABILITIES | $ | 258,157,490 | $ | 213,633,645 | ||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||
Capital | $ | 6,420,990 | $ | 6,239,800 | ||||||||||
Retained Earnings | 17,248,143 | 14,129,586 | ||||||||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 23,669,133 | $ | 20,369,386 | ||||||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 281,826,623 | $ | 234,003,031 | ||||||||||
* approximate market value | ||||||||||||||
STATEMENT OF EARNINGS | ||||||||||||||
Unaudited Financial Statements | ||||||||||||||
9 MOS. Ending 9/30/02 | 9 MOS. Ending 9/30/01 | |||||||||||||
Interest Income | $ | 11,741,072 | $ | 12,761,234 | ||||||||||
Interest Expense | 4,012,686 | 5,993,927 | ||||||||||||
Net Interest Income | 7,728,386 | 6,767,307 | ||||||||||||
Less: Provision for Loan Loss | 854,501 | 437,165 | ||||||||||||
Net Interest Income After | ||||||||||||||
Provision for Loan Losses | 6,873,885 | 6,330,142 | ||||||||||||
Other Operating Income | 5,330,835 | 4,250,287 | ||||||||||||
Other Operating Expenses | 9,141,640 | 7,935,753 | ||||||||||||
Income Before Income Taxes | 3,063,080 | 2,644,676 | ||||||||||||
Income Tax | 796,401 | 688,958 | ||||||||||||
Net Income | $ | 2,266,679 | $ | 1,955,718 | ||||||||||
Earnings Per Share—Primary | $1.78 | $1.58 | ||||||||||||
Earnings Per Share—Fully Diluted | $1.74 | $1.54 | ||||||||||||
Dividend Paid | $0.36 | $0.33 |