EXHIBIT 99.2
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COMMUNITY BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, December 31,
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(Dollars in thousands) 2003 2002
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ASSETS
Cash and cash equivalents $ 23,507 $ 22,308
Federal funds sold 12,606 19,557
Securities held to maturity (fair value
$141,454 in 2003 and $118,118 in 2002) 137,485 114,699
Securities available for sale, at fair value 49,784 64,765
Federal Home Loan Bank of Boston stock 2,153 1,442
Mortgage loans held for sale 2,868 2,531
Loans 219,461 201,389
Less allowance for loan losses 2,784 2,733
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Loans, net 216,677 198,656
Bank premises and equipment, net 6,156 6,295
Other assets, net 6,034 5,522
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Total assets $457,270 $435,775
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Noninterest bearing $ 79,611 $ 83,445
Interest bearing 268,844 270,837
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Total deposits 348,455 354,282
Securities sold under repurchase agreements 22,148 24,969
Federal Home Loan Bank of Boston advances 42,750 14,395
Other liabilities 3,168 3,223
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Total liabilities 416,521 396,869
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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,
5,863,314 shares outstanding (5,829,630
shares outstanding at December 31, 2002) 15,996 15,996
Additional paid-in capital 609 360
Retained earnings 27,195 25,346
Treasury stock, at cost, 535,122 shares
(568,806 shares at December 31, 2002) (3,855) (4,007)
Accumulated other comprehensive income 804 1,211
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Total stockholders' equity 40,749 38,906
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Total liabilities and
stockholders' equity $457,270 $435,775
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COMMUNITY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For Six Months
Ended June 30,
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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 $ 6,840 $ 6,771
Interest and dividends on securities:
Taxable interest 3,258 3,754
Nontaxable interest 542 477
Dividends 129 174
Interest on federal funds sold 81 158
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Total interest and dividend income 10,850 11,334
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Interest expense:
Interest on deposits 1,968 2,495
Interest on securities sold under
repurchase agreements 147 246
Interest on Federal Home Loan Bank of
Boston advances 385 176
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Total interest expense 2,500 2,917
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Net interest income 8,350 8,417
Provision for loan losses 80 90
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Net interest income after provision
for loan losses 8,270 8,327
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Noninterest income:
Merchant credit card processing assessments 776 821
Service charges 750 705
Other charges, commissions and fees 738 689
Gains on sales of loans, net 252 103
Gains on sales of securities, net 224 95
Other 50 52
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Total noninterest income 2,790 2,465
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Noninterest expense:
Salaries and employee benefits 3,535 3,379
Information technology and ATM network 653 608
Occupancy, net 524 459
Furniture and equipment 181 199
Credit card processing 697 683
Printing, stationery and supplies 116 119
Professional fees 293 239
Marketing and advertising 112 98
Other 698 648
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Total noninterest expense 6,809 6,432
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Income before income tax expense 4,251 4,360
Income tax expense 1,422 1,512
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Net income $ 2,829 $ 2,848
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Earnings per share:
Basic $ 0.49 $ 0.48
Diluted $ 0.48 $ 0.48