Exhibit 99(b)
99(b)
Analyst package distributed on January 24, 2001
Three months ended Twelve months end
December 31, December 31,
---------------------------------- ---------------------------------
Percent Percent
2000 1999 change 2000 1999 change
----------------------------------- ---------------------------------
Per Common Share Data
- - ----------------------
Net income:
Basic $0.25 $0.33 -24.24% $1.26 $1.15 9.57%
Diluted $0.24 $0.32 -25.00% 1.22 1.10 11.91%
Cash dividends declared $0.06 $0.05 20.00% 0.21 0.17 23.53%
Book value 8.82 $8.26 6.78% 8.82 8.26 6.78%
Tangible book value 8.28 $7.41 11.74% 8.28 7.41 11.74%
Average shares outstanding:
Basic 5,731,664 5,851,322 -2.04% 5,793,607 5,778,014 0.27%
Diluted 5,889,374 6,064,781 -2.89% 5,984,594 6,085,859 -1.66%
Financial Ratios
- - ----------------
Return on average shareholders' equity 11.41% 17.33% -34.16% 15.16% 15.47% -1.97%
Return on average total assets 0.63% 1.08% -41.31% 0.88% 0.98% -10.60%
Average yield on earning assets 8.79% 8.34% 5.40% 8.72% 8.24% 5.83%
Average rate on interest bearing liabilities 5.52% 4.67% 18.20% 5.22% 4.61% 13.23%
Net interest spread 3.27% 3.67% -10.90% 3.50% 3.63% -3.58%
Net interest margin (FTE) 3.99% 4.29% -6.99% 4.17% 4.24% -1.65%
Efficiency ratio 74.37% 65.12% 14.20% 71.40% 65.01% 9.83%
Risk-based capital - Tier 1 9.79% 8.90% 10.00% 9.79% 8.90% 10.00%
- Total capital 11.04% 10.01% 10.29% 11.04% 10.01% 10.29%
Tier 1 leverage ratio 6.46% 6.30% 2.54% 6.46% 6.30% 2.54%
Average shareholders'equity/average total assets 5.56% 6.23% -10.80% 5.78% 6.33% -8.73%
Asset Quality (dollars in thousands)
- - ------------------------------------
Allowance for loan losses $ 7,407 $ 5,927 24.97% $ 7,407 $ 5,927 24.97%
Allowance for loan losses/Loans 1.36% 1.18% 15.25% 1.36% 1.18% 15.25%
Net charge-offs(recoveries) $ 772 $ 482 60.17% $ 2,936 $ 2,111 39.08%
Net charge-offs/Average loans (annualized) 0.54% 0.40% 35.79% 0.54% 0.46% 16.80%
Nonperforming assets $ 5,784 $ 5,767 0.29% $ 5,784 $ 5,767 0.29%
Nonperforming assets/Total loans plus OREO 1.08% 1.16% -6.90% 1.08% 1.16% -6.90%
Nonperforming assets/Total assets 0.63% 0.75% -16.00% 0.63% 0.75% -16.00%
Allowance for loan losses/Nonperforming loans 183.61% 103.96% 76.62% 183.61% 103.96% 76.62%
Average Balances (in thousands)
- - -------------------------------
Loans and leases(gross of reserves) $565,995 $478,535 18.28% $541,178 $454,479 19.08%
Earning assets 835,202 668,187 25.00% 773,271 635,453 21.69%
Total assets 894,731 720,182 24.24% 833,305 680,857 22.39%
Deposits 604,321 502,207 20.33% 561,450 452,998 23.94%
Interest bearing liabilities 726,245 578,754 25.48% 674,091 551,224 22.29%
Shareholders' equity 49,723 44,899 10.74% 48,141 43,131 11.62%
Period End Balances (in thousands)
- - ----------------------------------
Loans and leases(gross of reserves) $543,119 $503,665 7.83% $543,119 $503,665 7.83%
Total assets 914,249 768,941 18.90% 914,249 768,941 18.90%
Deposits 617,543 521,439 18.43% 617,543 521,439 18.43%
Total liabilities 843,857 706,681 19.41% 843,857 706,681 19.41%
Shareholders' equity 50,160 47,809 4.92% 50,160 47,809 4.92%
Three months Three months Three months Three months Twelve months
ended December 31, ended September 30, ended June 30, ended March 31, ended December 31,
------------------ ------------------ ---------------- ----------------- -------------------
Percent Percent Percent Percent Percent
2000 1999 change 2000 1999 change 2000 1999 change 2000 1999 change 2000 1999 change
----- ---- ------- ---- ---- ------- ---- ---- ------- ---- ---- ------- ---- ---- ------
TAX EQUIVALENT INCOME STATEMENT
($ in thousands,
except per share data)
Net interest income(FTE) $8,380 $7,230 16% $8,165 $6,810 20% $8,018 $6,647 21% $7,684 $6,260 23% $32,247 $26,947 20%
FTE adjustment (133) (64) 108% (86) (48) 79% (87) (48) 81% (88) (45) 96% (394) (205) 92%
------------------- ------------------- ------------------ ------------------- --------------------
Net interest income 8,247 7,166 15% 8,079 6,762 19% 7,931 6,599 20% 7,596 6,215 22% 31,853 26,742 19%
Provision for losses on loans 1,666 1,225 36% 517 658 -21% 1,175 1,216 -3% 1,058 449 136% 4,416 3,548 24%
Non-Interest Income:
Service charges on deposits 514 584 -12% 493 572 -14% 687 521 32% 542 420 29% 2,236 2,097 7%
Lease financing fees 397 298 33% 372 256 45% 374 401 -7% 290 268 8% 1,433 1,223 17%
Mutual fund, annuity and
insurance commissions 1,710 902 90% 1,056 713 48% 960 574 67% 879 480 83% 4,605 2,669 73%
Loan brokerage and
advisory fees 540 688 -22% 591 522 13% 541 652 -17% 521 523 0% 2,193 2,385 -8%
Gain(loss)from sale
of securities 270 (125)-316% 373 (66) -665% 2 4 -50% (112) (160) -30% 533 (347)-254%
Client warrant income (loss) 41 931 -96% (103) 2,775 -104% 985 482 104% 2,600 - - 3,523 4,188 -16%
Fees and other income 3,073 2,791 10% 1,411 967 46% 375 626 -40% 160 988 -84% 5,019 5,372 -7%
------------------- ------------------- ------------------ ------------------ -------------------
Total non-interest income 6,545 6,069 8% 4,193 5,739 -27% 3,924 3,260 20% 4,880 2,519 94% 19,542 17,587 11%
Non-Interest Expenses:
Salaries and employee benefits 5,406 4,300 26% 4,903 4,391 12% 5,087 3,885 31% 4,784 3,274 46% 20,180 15,850 27%
Occupancy 618 448 38% 576 440 31% 513 291 76% 595 316 88% 2,302 1,495 54%
Data processing 223 353 -37% 239 338 -29% 231 263 -12% 405 217 87% 1,098 1,171 -6%
Furniture,fixtures
and equipment 563 435 29% 556 389 43% 560 394 42% 468 259 81% 2,147 1,477 45%
Loan and real estate
owned expenses, net 399 275 45% 328 188 74% 270 130 108% 231 127 82% 1,228 720 71%
Professional services 827 641 29% 500 539 -7% 524 397 32% 615 366 68% 2,466 1,943 27%
Capital securites expense 572 399 43% 537 399 35% 399 399 0% 399 398 0% 1,907 1,595 20%
Other 2,185 2,208 -1% 1,538 2,432 -37% 1,558 1,501 4% 1,697 1,256 35% 6,978 7,397 -6%
------------------- ------------------- ----------------- ------------------ -------------------
Total non-interest expenses 10,793 9,059 19% 9,177 9,116 1% 9,142 7,260 26% 9,194 6,213 48% 38,306 31,648 21%
------------------- ------------------- ----------------- ------------------ -------------------
Income from continuing
operations before income taxes 2,333 2,951 -21% 2,578 2,727 -5% 1,538 1,383 11% 2,224 2,072 7% 8,673 9,133 -5%
Provision for income tax expense 907 994 -9% 841 905 -7% 529 447 18% 739 755 -2% 3,016 3,101 -3%
------------------- ------------------- ----------------- ------------------ -------------------
Income from
Continuing Operations 1,426 1,957 -27% 1,737 1,822 -5% 1,009 936 8% 1,485 1,317 13% 5,657 6,032 -6%
Gain on sale of discontinued
operations, net of tax - - - 6 - - 1,513 - - - - - 1,519 - -
Income from discontinued
operations, net of tax - 4 -100% 9 435 -98% 61 194 -69% 53 6 783% 123 639 -81%
------------------- -------------------- ------------------ ------------------- -------------------
Net income $1,426 $1,961 -27% $1,752 $2,257 -22% $2,583 $1,130 129% $1,538 $1,323 16% $7,299 $6,671 9%
=================== ==================== ================== =================== ===================
QUARTERLY INCOME STATEMENT
(Unaudited)
($ in thousands, except per share) Fourth Third Second First Year-
1999 Quarter Quarter Quarter Quarter to-date
---- ------------------------------------------------------------------ --------------
FTE interest income $14,040 $13,216 $12,781 $12,342 $52,379
Interest expense 6,810 6,406 6,134 6,082 25,432
--------------- --------------- -------------------------------- --------------
FTE net interest income 7,230 6,810 6,647 6,260 26,947
Less: FTE adjustment (64) (48) (48) (45) (205)
--------------- --------------- -------------------------------- --------------
Net Interest Income 7,166 6,762 6,599 6,215 26,742
Provision for Losses on Loans 1,225 658 1,216 449 3,548
Non-Interest Income:
Service charges on deposits 584 572 521 420 2,097
Lease financing fees 298 256 401 268 1,223
Mutual fund, annuity and insurance commissions 902 713 574 480 2,669
Loan brokerage and advisory fees 688 522 652 523 2,385
Gain(loss) from sale of securities (125) (66) 4 (160) (347)
Client warrant income 931 2,775 482 - 4,188
Fees and other income 2,791 967 626 988 5,372
--------------- --------------- -------------------------------- --------------
Total non-interest income 6,069 5,739 3,260 2,519 17,587
Non-Interest Expenses:
Salaries and employee benefits 4,300 4,391 3,885 3,274 15,850
Occupancy 448 440 291 316 1,495
Data processing 353 338 263 217 1,171
Furniture, fixtures and equipment 435 389 394 259 1,477
Loan and real estate owned expenses, net 275 188 130 127 720
Professional services 641 539 397 366 1,943
Capital securites expense 399 399 399 398 1,595
Other 2,208 2,432 1,501 1,256 7,397
--------------- --------------- -------------------------------- --------------
Total non-interest expenses 9,059 9,116 7,260 6,213 31,648
Income from Continuing Operations
Before Income Taxes 2,951 2,727 1,383 2,072 9,133
Provision for income tax expense 994 905 447 755 3,101
--------------- --------------- -------------------------------- --------------
Income from Continuing Operations 1,957 1,822 936 1,317 6,032
Gain on sale of discontinued operations, net of tax - - - - -
Income from discontinued operations, net of tax 4 435 194 6 639
--------------- --------------- --------------- --------------- --------------
Net Income $1,961 $2,257 $1,130 $1,323 $6,671
=============== =============== ================================ ==============
Other Data:
EPS - Basic income from continuing operations $0.33 $0.31 $0.16 $0.24 $1.04
EPS - Diluted income from continuing operations $0.32 $0.30 $0.15 $0.22 $0.99
EPS - Basic $0.33 $0.38 $0.20 $0.24 $1.15
EPS - Diluted $0.32 $0.37 $0.19 $0.22 $1.10
ROA 1.08% 1.31% 0.68% 0.82% 0.98%
ROE 17.33% 20.73% 10.60% 12.88% 15.47%
Net interest margin (FTE) 4.29% 4.24% 4.29% 4.13% 4.24%
Dividends declared on common stock $0.05 $0.04 $0.04 $0.04 $0.17
FTE employees 316 292 295 268 316
FTE employees--Continued Operations 294 278 282 256 294
QUARTERLY INCOME STATEMENT
(Unaudited)
($ in thousands, except per share) Fourth Third Second First Year-
2000 Quarter Quarter Quarter Quarter to-date
------ -------------- --------------- -------------- ---------------- -------------
FTE interest income $18,449 $17,256 $16,418 $15,299 $67,422
Interest expense 10,069 9,091 8,400 7,615 35,175
-------------- --------------- -------------- ---------------- -------------
FTE net interest income 8,380 8,165 8,018 7,684 32,247
Less: FTE adjustment (133) (86) (87) (88) (394)
------------- -------------- --------------- -------------- -------------
Net Interest Income 8,247 8,079 7,931 7,596 31,853
Provision for Losses on Loans 1,666 517 1,175 1,058 4,416
Non-Interest Income:
Service charges on deposits 514 493 687 542 2,236
Lease financing fees 397 372 374 290 1,433
Mutual fund, annuity and insurance commissions 1,710 1,056 960 879 4,605
Loan brokerage and advisory fees 540 591 541 521 2,193
Gain(loss) from sale of securities 270 373 2 (112) 533
Client warrant income (loss) 41 (103) 985 2,600 3,523
Fees and other income 3,073 1,411 375 160 5,019
-------------- --------------- -------------- ---------------- -------------
Total non-interest income 6,545 4,193 3,924 4,880 19,542
Non-Interest Expenses:
Salaries and employee benefits 5,406 4,903 5,087 4,784 20,180
Occupancy 618 576 513 595 2,302
Data processing 223 239 231 405 1,098
Furniture, fixtures and equipment 563 556 560 468 2,147
Loan and real estate owned expenses, net 399 328 270 231 1,228
Professional services 827 500 524 615 2,466
Capital securites expense 572 537 399 399 1,907
Other 2,185 1,538 1,558 1,697 6,978
-------------- --------------- -------------- ---------------- -------------
Total non-interest expenses 10,793 9,177 9,142 9,194 38,306
Income from Continuing Operations Before Income Taxes 2,333 2,578 1,538 2,224 8,673
Provision for income tax expense 907 841 529 739 3,016
-------------- --------------- -------------- ---------------- -------------
Income from Continuing Operations 1,426 1,737 1,009 1,485 5,657
Gain on sale of discontinued operations, net of tax - 6 1,513 - 1,519
Income from discontinued operations, net of tax - 9 61 53 123
-------------- --------------- -------------- ---------------- -------------
Net Income $1,426 $1,752 $2,583 $1,538 $7,299
============== =============== ============== ================ =============
Other Data:
EPS - Basic income from continuing operations $0.25 $0.30 $0.18 $0.25 $0.98
EPS - Diluted income from continuing operations $0.24 $0.29 $0.17 $0.25 $0.95
EPS - Basic $0.25 $0.30 $0.45 $0.26 $1.26
PES - Diluted $0.24 $0.29 $0.43 $0.26 $1.22
ROA 0.63% 0.83% 1.27% 0.79% 0.88%
ROE 11.41% 14.33% 22.69% 12.81% 15.16%
Net interest margin (FTE) 3.99% 4.18% 4.25% 4.28% 4.17%
Dividends declared on common stock $0.06 $0.06 $0.05 $0.04 $0.21
FTE employees 313 326 319 301 313
FTE employees -- Continued Operations 313 326 319 279 313
ASSET QUALITY
(Unaudited)
2000 1999
----------------------------------------------- ----------------------------------------------
($ in thousands) Year- Fourth Third Second First Year- Fourth Third Second First
Allowance for Loan Losses to-date Quarter Quarter Quarter Quarter to-date Quarter Quarter Quarter Quarter
----------------------------------------------- -----------------------------------------------
Balance at beginning of period $ 5,927 $ 6,513 $ 6,527 $ 5,618 $ 5,927 $ 4,490 $ 5,184 $ 4,984 $ 4,854 $ 4,490
Provision 4,416 1,666 517 1,175 1,058 3,548 1,225 658 1,216 449
Charge-offs 3,618 839 704 542 1,533 2,554 638 572 1,184 160
------- ------- ------- ------- ------- ------- ------- ------- ------- --------
Recoveries (682) (67) (173) (276) (166) (443) (156) (114) (98) (75)
------- ------- ------- ------- ------- ------- ------- ------- ------- --------
Net loan charge-offs 2,936 772 531 266 1,367 2,111 482 458 1,086 85
------- ------- ------- ------- ------- ------- ------- ------- ------- --------
Balance at end of period $7,407 $ 7,407 $ 6,513 $ 6,527 $ 5,618 $ 5,927 $ 5,927 $ 5,184 $ 4,984 $ 4,854
======= ======= ======= ======= ======= ======= ======= ======= ======= ========
Allowance as percentage of loans 1.36% 1.36% 1.16% 1.20% 1.04% 1.18% 1.18% 1.11% 1.09% 1.11%
Net charge-offs/average loans 0.54% 0.14% 0.10% 0.05% 0.26% 0.46% 0.10% 0.10% 0.24% 0.02%
Allowance as percentage of
non-performing loans 183.61% 183.61% 149.79% 162.08% 135.73% 103.96% 103.96% 137.87% 104.36% 110.15%
Non-performing assets
- - ---------------------
Non-accrual loans and leases $ 4,034 $ 4,034 $ 4,348 $ 4,027 $ 4,139 $ 5,701 $ 5,701 $ 3,760 $ 4,776 $ 4,407
Other real estate owned 1,750 1,750 3,536 5,692 - 66 66 - - -
-------- ------- ------- ------- ------- ------- ------- ------- ------- --------
Total non-performing assets $ 5,784 $ 5,784 $ 7,884 $ 9,719 $ 4,139 $ 5,767 $ 5,767 $ 3,760 $ 4,776 $ 4,407
======== ======= ======= ======= ======= ======= ======= ======= ======= =======
Non-performing assets to:
Loans and leases plus OREO 1.08% 1.08% 1.41% 1.80% 0.77% 1.16% 1.16% 0.81% 1.06% 1.02%
Total assets 0.63% 0.63% 0.90% 1.16% 0.50% 0.75% 0.75% 0.53% 0.72% 0.66%
Loans past due 90 days $4,502 $4,502 $2,015 $3,049 $4,569 $2,336 $2,336 $7,282 $5,210 $2,123
Total under-performing loans $10,286 $10,286 $9,899 $12,768 $8,708 $8,103 $8,103 $11,042 $9,986 $6,530
AVERAGE BALANCE SHEET DATA
(Unaudited)
2000 1999
------------------------------------------- ------------------------------------------
($ in thousands) Fourth Third Second First Year- Fourth Third Second First Year-
Average balances Quarter Quarter Quarter Quarter to-date Quarter Quarter Quarter Quarter to-date
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Cash and due from banks (Interest-earning) $ 27,595 $ 18,630 $ 22,015 $ 16,945 $ 21,244 $ 18,322 $ 21,726 $ 13,326 $ 16,294$ 16,907
Trading securities - - - 1,077 264 343 - - - 86
Loans,net of unearned discounts:
Commercial business 164,230 149,579 140,605 130,946 146,332 110,450 105,225 104,634 95,429 103,934
Commercial mortgage 174,199 166,918 172,716 166,847 170,180 154,760 143,340 133,390 114,799 136,572
Residential real estate 35,568 38,866 41,205 40,686 39,078 42,018 44,109 47,136 49,358 45,656
Construction loans 58,052 48,936 50,959 59,720 54,435 54,856 52,724 48,784 44,280 50,161
Consumer 40,371 38,080 36,850 34,853 37,538 33,872 31,274 30,229 28,956 31,083
Lease financing 93,575 97,348 95,065 88,474 93,615 82,579 77,263 74,213 73,389 76,861
Loans held for sale - - - - - - 9,121 9,175 22,550 10,212
-------- ------- ------- ------- -------- ------- ------- -------- -------- -------
Total loans 565,995 539,727 537,400 521,526 541,178 478,535 463,056 447,561 428,761 454,479
Investment securities(available for sale) 26,916 28,467 30,324 31,429 29,283 21,692 9,936 7,513 17,288 14,617
Investment securities(held to maturity) 40,460 35,205 34,874 34,418 36,246 31,488 28,685 28,297 13,843 25,578
Mortgage-backed securities 174,236 155,086 134,391 116,534 145,056 117,807 113,832 124,458 139,048 123,786
-------- ------- ------- ------- -------- ------- ------- -------- -------- -------
Earning assets 835,202 777,115 759,004 721,929 773,271 668,187 637,235 621,155 615,234 635,453
Cash and due from banks
(non-interest bearing) 18,125 17,270 15,146 16,426 16,762 13,119 14,209 15,349 13,770 14,091
Other non-earning assets 41,404 46,102 46,007 40,400 43,272 38,876 34,329 27,618 24,347 31,313
-------- ------- ------- ------- -------- ------- ------- -------- -------- -------
Total assets $894,731 $840,487 $820,157 $778,755 $833,305 $720,182 $685,773 $664,122 $653,351$680,857
======== ======== ======== ======== ======== ======== ======== ======== ======== =======
Deposits:
Demand $ 74,730 $ 70,700 $ 75,546 $ 69,559 $72,626 $ 66,247 $ 57,660 $ 54,101 $ 52,049$ 57,514
Interest bearing:
NOW and Supernow accounts 96,067 95,516 93,225 83,141 91,975 79,772 79,027 79,942 78,084 79,206
Money Market Accounts 39,713 37,133 36,234 35,855 37,223 37,053 34,767 34,632 36,142 35,649
Passbook and Stmt Savings 27,704 29,148 30,699 31,452 29,752 31,282 31,857 32,161 31,753 31,763
Time deposits 366,107 335,111 312,146 306,189 329,874 287,853 256,916 231,197 219,496 248,866
-------- ------- ------- ------- -------- ------- ------- -------- -------- -------
Total interest bearing deposits 529,591 496,908 472,304 456,637 488,824 435,960 402,567 377,932 365,475 395,484
Federal Home Loan Bank borrowings 112,693 100,500 98,658 88,126 100,010 88,000 88,000 88,000 88,000 88,000
Other borrowings 83,961 83,085 89,722 84,257 85,257 54,794 61,940 74,642 79,586 67,740
-------- ------- ------- ------- -------- ------- ------- -------- -------- -------
Interest bearing liabilities 726,245 680,493 660,684 629,020 674,091 578,754 552,507 540,574 533,061 551,224
Non-interest bearing liabilities 23,805 18,636 23,689 17,425 20,652 15,834 17,973 12,234 12,150 14,547
Capital securities 20,228 22,009 14,458 14,453 17,795 14,448 14,443 14,438 14,433 14,441
Total shareholders' equity 49,723 48,649 45,780 48,298 48,141 44,899 43,190 42,775 41,658 43,131
-------- -------- -------- -------- ------- -------- -------- -------- -------- -------
Total Liabilities and Shareholders' Equity $894,731 $840,487 $820,157 $778,755$833,305 $720,182 $685,773 $664,122 $653,351$680,857
======== ======== ======== ======== ======= ======== ======== ======== ======== =======
AVERAGE BALANCE SHEET DATA - continued
(Unaudited)
2000 1999
------------------------------------------- -----------------------------------------------
Fourth Third Second First Year- Fourth Third Second First Year-
Average yields and rates Quarter Quarter Quarter Quarter to-date Quarter Quarter Quarter Quarter to-date
-------- ------- -------- ------- -------- -------- ------- ------- ------- --------
Interest - earning assets
Interest-earning deposits 6.14% 6.58% 6.34% 5.67% 6.21% 4.83% 5.20% 5.03% 4.80% 5.13%
Investment securities 7.08% 6.83% 6.75% 6.37% 6.76% 6.72% 6.25% 6.43% 6.08% 6.34%
Mortgage-backed securities 7.14% 7.21% 7.37% 7.12% 7.21% 6.92% 6.48% 6.35% 6.20% 6.47%
Single family residential loans 7.81% 7.78% 7.55% 7.50% 7.65% 7.22% 7.23% 7.34% 7.37% 7.29%
Commercial real estate loans 8.75% 8.91% 8.87% 8.68% 8.80% 8.61% 8.56% 8.62% 8.67% 8.62%
Construction loans 11.41% 11.60% 10.52% 10.23% 10.92% 10.18% 10.05% 10.09% 10.00% 10.09%
Commercial business loans 9.91% 9.62% 9.14% 8.90% 9.43% 8.51% 8.37% 8.47% 8.77% 8.53%
Lease financing 10.93% 11.08% 11.27% 11.35% 11.16% 11.01% 11.28% 11.44% 11.03% 11.19%
Consumer loans 8.30% 8.25% 8.08% 7.81% 8.12% 7.82% 7.87% 7.83% 8.00% 7.88%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total interest - earning assets 8.79% 8.83% 8.70% 8.52% 8.72% 8.34% 8.23% 8.25% 8.14% 8.24%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Interest - bearing liabilities
Interest - bearing deposits
NOW and SuperNOW 3.53% 3.54% 3.34% 3.10% 3.39% 2.91% 2.74% 2.66% 2.77% 2.77%
Money Market 3.31% 3.16% 3.12% 2.98% 3.15% 2.90% 2.81% 2.73% 2.69% 2.79%
Passbook and Statement Savings 1.78% 1.77% 1.76% 1.78% 1.77% 1.85% 1.87% 1.90% 1.98% 1.90%
Time deposits 6.19% 5.99% 5.72% 5.47% 5.86% 5.25% 5.19% 5.14% 5.25% 5.21%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total interest - bearing deposits 5.26% 5.06% 4.80% 4.59% 4.94% 4.38% 4.24% 4.12% 4.18% 4.24%
FHLB borrowings 6.06% 5.98% 5.85% 5.50% 5.87% 5.62% 5.48% 5.57% 5.33% 5.56%
Other borrowings 6.40% 6.05% 5.97% 5.73% 6.03% 5.47% 5.68% 5.53% 5.90% 5.58%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total interest-bearing liabilities 5.52% 5.31% 5.11% 4.87% 5.22% 4.67% 4.60% 4.55% 4.63% 4.61%
Interest Rate Spread 3.27% 3.52% 3.59% 3.65% 3.50% 3.67% 3.63% 3.70% 3.51% 3.63%
Net Interest Margin 3.99% 4.18% 4.25% 4.28% 4.17% 4.29% 4.24% 4.29% 4.13% 4.24%
Avg Int-earning assets
to int-bearing liabilities 115.00% 114.20% 114.88% 114.77% 114.71% 115.45% 115.34% 114.91% 115.42% 115.28%
PERIOD END BALANCE SHEET DATA
(Unaudited)
2000 1999
------------------------------------------ -----------------------------------------------
Fourth Third Second First Fourth Third Second First
($ in thousands) Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter
------- ------- ------- ------- ------- ------- ------- -------
Assets
Cash and due from bank
(interest bearing) $ 59,637 $ 16,380 $ 18,658 $ 19,668 $ 27,545 $ 16,460 $ 11,743 $ 22,248
Loans and lease(net) 535,712 555,630 535,354 535,084 497,738 461,601 451,967 431,113
Investment securities:
Held-to-maturity:
Book 41,940 35,382 35,103 34,578 34,309 28,721 28,459 18,747
Market 40,225 32,031 33,440 33,151 32,914 27,660 27,963 18,926
Available-for-sale 21,698 27,558 28,830 32,167 30,632 24,493 7,165 17,366
Mortgage-backed securities 183,468 175,960 152,779 135,162 118,886 119,926 117,629 130,132
-------- -------- -------- -------- -------- -------- -------- --------
Earning assets 842,455 810,910 770,724 756,659 709,110 651,201 616,963 619,606
Cash and due from bank
(non-interest bearing) 25,360 18,076 16,926 18,687 15,648 13,356 14,113 15,663
Other non-earning assets 46,434 49,308 51,659 46,101 42,995 39,155 34,861 31,668
Net assets of discontinued operations - - - 1,164 1,188 1,582 1,008 630
-------- --------- --------- --------- -------- -------- -------- --------
Total assets $914,249 $ 878,294 $ 839,309 $ 822,611 $ 768,941 $ 705,294 $ 666,945 $ 667,567
======== ========= ========= ========= ========= ========= ========= =========
Liabilities and shareholders'equity
Deposits:
Demand $ 88,356 $ 77,558 $ 79,213 $ 80,230 $ 65,305 $ 56,516 $ 57,201 $ 57,226
Interest bearing 529,187 512,087 491,120 467,410 456,134 435,040 387,927 377,644
-------- -------- -------- -------- -------- -------- -------- --------
Total deposits 617,543 589,645 570,333 547,640 521,439 491,556 445,128 434,870
Federal Home Loan Bank borrowings 127,000 100,500 100,500 88,000 88,000 88,000 88,000 88,000
Other borrowings 67,360 91,689 90,630 91,111 74,767 53,349 66,160 77,344
-------- -------- -------- -------- -------- -------- -------- --------
Interest bearing liabilities 811,903 781,834 761,463 726,751 684,206 632,905 599,288 600,214
Other Liabilities 31,954 27,912 16,590 35,011 22,475 13,638 10,475 11,265
-------- -------- -------- -------- -------- -------- -------- --------
Total liabilities 843,857 809,746 778,053 761,762 706,681 646,543 609,763 611,479
Capital Securities 20,232 20,225 14,461 14,456 14,451 14,446 14,436 14,411
Total shareholders' equity 50,160 48,323 46,795 46,393 47,809 44,305 42,746 41,677
-------- -------- -------- -------- -------- -------- -------- --------
Total Liabilities,cap sec,and equity $914,249 $878,294 $839,309 $822,611 $768,941 $705,294 $666,945 $667,567
======== ========= ========= ========= ========= ========= ========= =========
Other selected balances
Intangible assets -- Goodwill 3,042 5,377 5,499 5,832 4,914 5,090 5,190 5,053
Amount included in shareholders'equity
for net unrealized gains on investments
available-for-sale (1,799) (3,330) (3,749) (2,023) 1,234 (1,557) (1,896) (871)
Capital Data
(Unaudited)
2000 1999
---------------------------------------------- ------------------------------------------------
Fourth Third Second First Year- Fourth Third Second First Year-
Quarter Quarter Quarter Quarter to-date Quarter Quarter Quarter Quarter to-date
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Per common share
Shares outstanding:
Average-basic 5,731,664 5,801,653 5,795,006 5,846,695 5,793,607 5,851,322 5,905,692 5,729,985 5,621,123 5,778,014
Average-diluted 5,889,374 6,005,429 5,991,080 6,048,070 5,984,594 6,064,781 6,133,941 6,109,880 6,031,599 6,085,859
Period-end 5,688,594 5,773,706 5,798,495 5,813,995 5,688,594 5,788,605 5,870,869 5,929,042 5,668,471 5,788,605
Book value $8.82 $8.37 $8.07 $7.98 $8.82 $8.26 $7.18 $7.21 $7.35 $8.26
Tangible Book Value $8.28 $7.44 $7.12 $6.98 $8.28 $7.41 $6.32 $6.33 $6.46 $7.41
Price:
High 10 3/4 12 79/128 11 27/32 12 67/256 12 79/128 12 79/128 14 11/32 15 165/256 14 51/128 15 165/256
Low 7 1/8 11 3/16 10 15/128 10 107/256 7 1/8 11 35/64 12 5/256 12 237/256 10 113/128 10 113/128
Close 7 1/8 11 1/4 11 201/256 10 107/256 7 1/8 12 3/128 12 1/2 13 17/64 13 39/256 12 3/128
Capital ratios
($ in thousands)
Risk-based capital:
Tier 1 capital $57,921 $55,182 $53,125 $50,282 $55,182 $47,112 $44,414 $42,798 $41,467 $47,112
% risk adjusted assets 9.79% 9.23% 9.22% 9.05% 9.23% 8.90% 9.10% 8.96% 9.08% 8.90%
Total capital $65,311 $61,678 $59,633 $55,873 $61,678 $53,006 $49,584 $47,767 $46,279 $53,006
% risk adjusted assets 11.04% 10.32% 10.35% 10.06% 10.32% 10.01% 10.15% 10.00% 10.13% 10.01%
Tier 1 leverage ratio 6.46% 6.42% 6.42% 6.22% 6.42% 6.30% 6.44% 6.58% 6.37% 6.30%
Average shareholders' equity to
total average assets 5.56% 5.79% 5.58% 6.20% 5.78% 6.23% 6.30% 6.44% 6.37% 6.33%