EXHIBIT 99.2
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COMMUNITY BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
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(Dollars in thousands) 2003 2002
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ASSETS
Cash and cash equivalents $ 26,899 $ 21,669
Federal funds sold 19,816 28,707
Securities held to maturity (fair value
$130,600 in 2003 and $94,773 in 2002) 127,407 93,238
Securities available for sale, at fair value 52,241 74,331
Federal Home Loan Bank of Boston stock 1,547 1,442
Mortgage loans held for sale 1,087 1,108
Loans 213,615 188,159
Less allowance for loan losses 2,747 2,669
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Loans, net 210,868 185,490
Bank premises and equipment, net 6,351 6,117
Other assets, net 5,704 4,863
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Total assets $451,920 $416,965
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest bearing $ 78,293 $ 78,393
Interest bearing 274,428 257,457
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Total deposits 352,721 335,850
Securities sold under repurchase agreements 27,523 31,973
Federal Home Loan Bank of Boston advances 28,690 10,000
Other liabilities 3,684 2,282
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Total liabilities 412,618 380,105
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Commitments: -- --
Stockholders' equity:
Preferred stock, $2.50 par value, 100,000
shares authorized, none issued or outstanding -- --
Common stock, $2.50 par value, 12,000,000
shares authorized, 6,398,436 shares issued,
5,829,780 shares outstanding (5,940,606
shares outstanding at March 31, 2002) 15,996 15,996
Additional paid-in capital 362 219
Retained earnings 26,261 22,533
Treasury stock, at cost, 568,656 shares
(457,830 shares at March 31, 2002) (4,006) (2,297)
Accumulated other comprehensive income 689 409
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Total stockholders' equity 39,302 36,860
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Total liabilities and
stockholders' equity $451,920 $416,965
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COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For Three Months
Ended March 31,
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(Dollars in thousands, except per-share data) 2003 2002
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Interest and dividend income:
Interest and fees on loans $ 3,376 $ 3,367
Interest and dividends on securities:
Taxable interest 1,708 1,819
Nontaxable interest 249 240
Dividends 90 91
Interest on federal funds sold 42 79
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Total interest and dividend income 5,465 5,596
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Interest expense:
Interest on deposits 1,011 1,289
Interest on securities sold under
repurchase agreements 76 131
Interest on Federal Home Loan Bank of
Boston advances 181 61
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Total interest expense 1,268 1,481
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Net interest income 4,197 4,115
Provision for loan losses 45 45
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Net interest income after provision
for loan losses 4,152 4,070
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Noninterest income:
Merchant credit card processing assessments 376 416
Service charges 372 332
Other charges, commissions and fees 353 365
Gains on sales of loans, net 141 64
Gains on sales of securities, net 118 59
Other 27 27
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Total noninterest income 1,387 1,263
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Noninterest expense:
Salaries and employee benefits 1,801 1,713
Information technology and ATM network 314 296
Occupancy, net 270 259
Furniture and equipment 89 100
Credit card processing 325 339
Printing, stationery and supplies 71 61
Professional fees 149 119
Marketing and advertising 52 28
Other 359 348
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Total noninterest expense 3,430 3,263
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Income before income tax expense 2,109 2,070
Income tax expense 709 712
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Net income $ 1,400 $ 1,358
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Earnings per share:
Basic $ 0.24 $ 0.23
Diluted $ 0.24 $ 0.23