SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
January 22, 2003
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(Date of earliest event reported)
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Progress Financial Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-14815 25-2413363
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(State of other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identified No.)
4 Sentry Parkway, Suite 200, Blue Bell, Pennsylvania 19422-0764
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(Address of principal executive offices) (Zip Code)
(610)-825-8800
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name,former address and former fiscal year,if changed since last report)
Exhibit Index appears on page 4
Item 5. Other Events
On January 22, 2003 Progress Financial Corporation reported fourth quarter
net income of $1.0 million, or diluted earnings of $.15 per share. For further
information see the press release attached as Exhibit 99(a) and incorporated
herein by reference.
On January 22, 2003 Progress Financial Corporation declared increase in
quarterly cash dividend. For further information see the press release attached
as Exhibit 99(b) and incorporated herein by reference.
On January 22, 2003, Progress Financial Corporation distributed an earnings
package to analysts. For further information see the attached Exhibit 99(c) and
incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PROGRESS FINANCIAL CORPORATION
Dated: January 22, 2003 By: /s/ Michael B. High
-----------------------------------
Michael B. High
Chief Operating Officer and
Chief Financial Officer
EXHIBIT INDEX
Exhibit Number Description
99(a) Press Release on Fourth Quarter 2002 earnings
distributed on January 22, 2003.
99(b) Press Release on Fourth Quarter Cash Dividend.
99(c) Analyst package distributed on January 22, 2003.
Exhibit 99(a)
Press Release on Fourth Quarter 2002 Earnings
FOR IMMEDIATE RELEASE Contacts:
January 23, 2003 Michael B. High, COO/CFO
610-941-4804
mhigh@progressbank.com
Dorothy Jaworski, Director of Investor Relations
484-322-4822
djaworski@progressbank.com
Progress Financial Corporation Announces 50% Increase in
Fourth Quarter 2002 Earnings Per Share
Blue Bell, PA, January 22, 2003 - Progress Financial Corporation (the
"Company" - Nasdaq: PFNC), reported fourth quarter 2002 net income of $1.0
million, or diluted earnings per share of $.15, compared to net income of
$555,000, or diluted earnings per share of $.10, for the fourth quarter of 2001.
Net income for the year ended December 31, 2002 was $4.0 million, or diluted
earnings per share of $.59, compared to net income of $544,000, or diluted
earnings per share of $.10, for the year ended December 31, 2001.
Commenting on the fourth quarter results, W. Kirk Wycoff, President and
CEO, stated, "We are pleased to report significant success in growing the
Progress Bank franchise in 2002, achieving $1 billion in assets and significant
deposit growth. We are particularly pleased with the overall improvement in
asset quality during the year, although both loan loss provision and charge-offs
exceeded expected levels. Finally, the OTS lifting of our capital directive
in October confirms the success of our new strategy and allows us to move ahead
with our plan to grow the community banking business in our markets."
Tax-equivalent net interest income for the quarter ended December 31, 2002
remained level compared to the third quarter of 2002 and the fourth quarter of
2001. The net interest margin for the
fourth quarter of 2002 was 3.09% compared to 3.24% for the third quarter of 2002
and 3.31% for the fourth quarter of 2001. Tax-equivalent net interest income for
the twelve months ended December 31, 2002 decreased $2.3 million, or 8%,
compared to the same period in 2001. The net interest margin for the twelve
months ended December 31, 2002 was 3.23% compared to 3.52% for the same period
in 2001. The Company reclassified its capital securities to debt and the related
expense from non-interest expense to interest on borrowings. This
reclassification reduced the net interest margin by 24 basis points and 26 basis
points for the fourth quarters of 2002 and 2001, respectively, and 27 basis
points for the years ended December 31, 2002 and 2001.
The provision for loan and lease losses was $875,000 for the quarter ended
December 31, 2002, compared to $972,000 for the same period in 2001. The
provision for loan and lease losses was $3.8 million for the twelve months ended
December 31, 2002, compared to $7.1 million for the same period in 2001. The
higher provision during 2001 reflected the reserve additions to address credit
and economic concerns which have now been reduced as a result of the sale of
TechBanc loans to Comerica in January 2002, the pay-off of higher risk credits
and the resulting reduction in the Company's classified assets.
Non-interest income for the quarter ended December 31, 2002 was $3.2
million compared to $5.2 million for the same period in 2001. This decrease was
the result of a variety of factors. The quarter ended December 31, 2001 included
a gain on the sale of investments in unconsolidated entities of $802,000. Fee
income for the quarter decreased $1.0 million primarily due to the decline in
private equity fund management fees from the Company's subsidiary, Progress
Capital Management, Inc., as the Company exited the venture fund management
business at December 31, 2001, a reduction in consulting fees from the Company's
subsidiary, KMR Management, Inc., and a decrease in mutual
fund, annuity and insurance commissions from the Company's subsidiary Progress
Financial Resources, Inc. Gain on sale of securities was $219,000 for the fourth
quarter of 2002 compared to $509,000 for the same quarter in 2001.
Non-interest income for the twelve months ended December 31, 2002 was $15.3
million compared to $15.8 million for the same period in 2001. The twelve months
ended December 31, 2002 included income of $1.9 million primarily from the sale
of client warrants compared to losses of $1.9 million from client warrants for
the comparable period in 2001 due to the permanent impairment of equity
securities received from warrants. A net gain on sale of real estate of $1.6
million was recognized during 2002 resulting from the sale of land and
commercial real estate owned. Gain on sale of securities for the twelve months
ended December 31, 2002 was $655,000, a decrease of $2.1 million compared to
$2.8 million for the same period in 2001. Equity in unconsolidated entities was
$88,000 for the year ended December 31, 2002 compared to a loss of $634,000 for
the same period in 2001. Fee income for the twelve months decreased $3.6 million
primarily due to the decline in private equity fund management fees from the
Company's subsidiary, Progress Capital Management, Inc., of $2.2 million as the
Company exited the venture fund management business at December 31, 2001, a
reduction in consulting fees from the Company's subsidiary, KMR Management, Inc.
and a decrease in lease financing fees. Service charges on deposits amounted to
$3.7 million for the twelve months ended December 31, 2002 compared to $2.6
million for the same period in 2001. This 41% growth is primarily attributable
to new deposit products offered during the first quarter of 2002.
Total non-interest expense was $7.7 million for the quarter ended December
31, 2002, a decrease of $2.5 million compared to $10.2 million for the fourth
quarter of 2001. Total non-interest expense was $32.2 million for the twelve
months ended December 31, 2002 compared to $37.3 million for same
period in 2001. Salaries and employee benefits decreased by $1.1 million and
$3.1 million for the three and twelve months ended December 31, 2002 from the
comparable periods in 2001, respectively, mainly due to the Company exiting the
fund management, TechBanc and Asset-Based Lending businesses, lower staffing
levels at Progress Leasing Company and decreased commission volume for Progress
Financial Resources, Inc. which were partially offset by additional expense to
support the Company's expanded community based banking strategy. Professional
services expenses decreased during the three and twelve months ended December
31, 2002 from the comparable periods in 2001 primarily due to a reduction in the
business activities of KMR Management, Inc. in 2002, Progress Capital
Management, Inc. exiting the fund management business and legal expenses related
to collecting loans to pre-profit companies during 2001. Other expenses were
lower in 2002 primarily due to broker expenses and write-downs of used asset
inventory for Progress Leasing Company during 2001.
Average earning assets for the fourth quarter of 2002 were $900.2 million
compared to $833.3 million for the fourth quarter of 2001 and $851.3 million for
the twelve months ended December 31, 2002 compared to $845.9 million for the
same period in 2001. The increases in earning assets during the three and twelve
months ended December 31, 2002 from the comparable periods in 2001 were
primarily due to higher levels of investments in mortgage-backed securities
partially offset by lower commercial business loan volume as a result of the
TechBanc sale and pay-offs of TechBanc loans. Tax-equivalent interest income for
the fourth quarter of 2002 decreased $1.1 million, or 8%, over the same period
in 2001 while interest expense decreased $1.2 million, or 15%, for the same
period. Tax-equivalent interest income for the twelve months ended December 31,
2002 decreased $11.7 million, or 18%, over the same period in 2001 while
interest expense decreased $9.3 million, or 26%, for the same period.
Loans and leases outstanding totaled $465.8 million at December 31, 2002
compared to $530.5 million at December 31, 2001. This decrease was primarily due
to the sale of TechBanc loans to Comerica totaling $25.6 million during January
2002, which were primarily commercial business loans, the Asset-Based Loan sale
totaling $4.9 million and payoffs of commercial business loans during the first
quarter of 2002, and runoff of lease financing receivables. The Company reported
non-performing assets of $5.4 million at December 31, 2002, a decrease of $5.5
million compared to $10.9 million at December 31, 2001 and a decrease of $3.0
million compared to $8.4 million at September 30, 2002. The decrease in
non-performing assets was primarily the result of principal payments,
charge-offs and a net decrease in real estate owned of $1.5 million from
acquisitions and sales related to commercial real estate loans. As of December
31, 2002, the Company had no real estate owned. The Company's non-performing
assets to total assets ratio at December 31, 2002 was .54% compared to 1.28% at
December 31, 2001. The non-performing loans to assets ratio was .54 % at
December 31, 2002 compared to 1.10% at December 31, 2001. The ratio of the
allowance for loan and lease losses to total loans and leases was 1.39% at
December 31, 2002 compared to 1.87% at December 31, 2001.
Total deposits increased $62.0 million to $691.5 million at December 31,
2002 from $629.5 million at December 31, 2001 as a result of $108.2 million in
deposit growth during the twelve months of 2002 partially offset by the sale of
$46.2 million in deposits to Comerica in January 2002. Total assets increased to
$1.02 billion at December 31, 2002 from $851.4 million at December 31, 2001.
In October 2002, the Office of Thrift Supervision released the Company and
Progress Bank from the Supervisory Directive dated July 2001 and the Individual
Minimum Capital Directive dated September 2001 after achieving compliance with
the requirements of such Directive. At December 31,
2002, Progress Bank's Tier 1 leverage and total risk-based capital ratios were
7.82% and 15.20% as compared to 7.90% and 12.85% at December 31, 2001. At
December 31, 2002, the Bank's classified assets to capital ratio was
approximately 12%, a decline from 18% at September 30, 2002 and 37% at December
31, 2001. The Bank reduced classified assets during the fourth quarter of 2002
primarily through the sale of a commercial real estate owned property, principal
payments and charge-offs.
Progress Financial Corporation is a unitary thrift holding company
headquartered in Blue Bell, Pennsylvania. The business of the Company consists
primarily of the operation of Progress Bank, which serves businesses and
consumers through twenty full service offices. The Company also offers financial
planning services, life insurance, group employee benefits, and investments
through Progress Financial Resources, Inc., headquartered in Philadelphia, Pa.
In addition, the Company receives fees for financial and operational management
consulting services for commercial clients through KMR Management, Inc. located
in Willow Grove, Pa. The Company's common stock is traded on The Nasdaq Stock
Market under the Symbol "PFNC".
####
This release contains forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from
estimates. When used in filings by the Company with the Securities and Exchange
Commission, in the Company's press releases or other public or shareholder
communications, or in oral statements made with the approval of an authorized
executive officer, the words or phrases "will likely result", "are expected to",
"will continue", "is anticipated", "estimate", "project", or similar expressions
are intended to identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are subject to
certain risks and uncertainties including changes in economic conditions in the
Company's market area, changes in policies by regulatory agencies, fluctuations
in interest rates, demand for loans in the Company's market area and competition
that could cause actual results to differ materially from historical earnings
and those presently anticipated or projected. The Company wishes to caution
readers not to place undue reliance on any such forward-looking statements,
which speak only as of the date made. The Company wishes to advise readers that
the factors listed above could affect the Company's financial performance and
could cause the Company's actual results for future periods to differ materially
from any opinions or statements expressed with respect to future periods in any
current statements.
FINANCIAL DATA ATTACHED
Progress Financial Corporation
Consolidated Statements of Financial Condition
(Dollars in Thousands)
December 31, December 31,
2002 2001
---------------- --------------
Assets:
Cash and due from other financial institutions:
Non-interest earning $ 20,650 $ 21,250
Interest earning 17,570 11,276
Investments and mortgage-backed securities
Available for sale at fair value (amortized cost: $353,688 and $212,793) 359,290 211,828
Held to maturity at amortized cost (fair value: $121,968 and $38,020) 120,006 38,173
Loans and leases, net (net of reserve: $6,463 and $9,917) 459,350 495,025
Loans held for sale -- 25,587
Premises and equipment 26,726 26,038
Other assets 14,252 22,203
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Total assets $1,017,844 $851,380
========== ========
Liabilities and Shareholders' Equity:
Liabilities:
Deposits $ 691,538 $629,523
Short-term borrowings 96,882 200
Other liabilities 12,132 10,430
Long-term debt:
Federal Home Loan Bank advances 120,500 117,000
Other debt 1,227 20,368
Subordinated debt -- 3,000
Capital securities 28,836 20,260
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Total liabilities 951,115 800,781
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Commitments and contingencies -- --
Shareholders' equity:
Serial preferred - $.01 par value; 1,000,000 shares authorized but unissued -- --
Junior participating preferred stock - $.01 par value; 1,010 shares -- --
authorized but unissued
Common stock - $1 par value; 12,000,000 shares authorized; 7,058,000 and
5,818,000 shares issued and outstanding, including treasury shares of
114,000 and 84,000 and unallocated shares held by the Employee Stock 7,058 5,818
Ownership Plan of 169,000 and 182,000
Other common shareholders' equity, net 56,006 45,466
Net accumulated other comprehensive income (loss) 3,665 (685)
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Total shareholders' equity 66,729 50,599
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Total liabilities and shareholders' equity $1,017,844 $851,380
========== ========
Progress Financial Corporation
Consolidated Statements of Operations
(Dollars in Thousands, except per share data)
At or For The At or For The
Three Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001
------------------------------------------------------
Interest income:
Loans and leases, including fees $ 7,911 $10,511 $33,636 $47,215
Mortgage-backed securities 4,784 3,176 16,929 13,935
Investment securities 543 622 2,451 2,890
Other 38 142 219 945
------- ------- ------- -------
Total interest income 13,276 14,451 53,235 64,985
Interest expense:
Deposits 3,793 4,882 15,665 23,397
Short-term borrowings 439 30 1,172 1,759
Long-term borrowings 1,678 2,134 7,258 8,216
Capital securities 537 572 2,230 2,278
------- ------- ------- -------
Total interest expense 6,447 7,618 26,325 35,650
Net interest income 6,829 6,833 26,910 29,335
Provision for loan and lease losses 875 972 3,814 7,116
------- ------- ------- -------
Net interest income after provision for loan and 5,954 5,861 23,096 22,219
lease losses
Non-interest income:
Service charges on deposits 937 768 3,685 2,616
Lease financing fees 42 1 218 751
Mutual fund, annuity and insurance commissions 685 1,000 2,781 3,094
Loan brokerage and advisory fees 489 573 1,142 1,319
Private equity fund management fees 65 614 247 2,457
Gain on sale of securities 219 509 655 2,819
Gain on sale of loans and lease receivables 206 240 701 975
Gain on sale of investments in unconsolidated entities -- 802 11 802
Gain on sale of real estate 76 -- 1,646 --
Loss on extinguishment of debt (80) (301) (55) (301
Client warrant income (loss) 20 9 1,947 (1,948)
Equity (loss) in unconsolidated entities (14) 184 88 (634)
Fees and other 563 816 2,253 3,860
------- ------- ------- --------
Total non-interest income 3,208 5,215 15,319 15,810
------- ------- ------- --------
Non-interest expense:
Salaries and employee benefits 3,814 4,961 16,025 19,159
Occupancy 624 648 2,591 2,541
Data processing 209 280 911 1,001
Furniture, fixtures and equipment 505 588 2,071 2,234
Professional services 712 989 2,528 3,662
Other 1,873 2,772 8,024 8,688
------- ------- ------- -------
Total non-interest expense 7,737 10,238 32,150 37,285
------- ------- ------- -------
Income before income taxes 1,425 838 6,265 744
Income tax expense 401 283 2,269 200
------- ------- ------- -------
Net income $ 1,024 $555 $3,996 $544
======= ======= ======= =======
Basic earnings per common share $.15 $.10 $.60 $.10
==== ==== ==== ====
Diluted earnings per common share $.15 $.10 $.59 $.10
==== ==== ==== ====
Dividends per common share $.05 $.00 $.10 $.12
==== ==== ==== ====
Basic average common shares outstanding 6,809,902 5,545,478 6,658,880 5,599,358
========= ========= ========= =========
Diluted average common shares outstanding 7,015,172 5,642,897 6,827,539 5,717,568
========= ========= ========= =========
Progress Financial Corporation
Supplemental Data
(Dollars in Thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001
-------------- --------------- ------------- ----------------
Profitability Measures:
Return on average assets 0.43% 0.25% 0.44% 0.06%
Return on average equity 6.09 4.12 6.38 1.04
Net interest spread (FTE) (1) 2.67 2.85 2.83 3.00
Net interest margin (FTE) (1) 3.09 3.31 3.23 3.52
Efficiency ratio 73.78 81.51 75.88 76.06
Diluted net income per common share $ .15 $ .10 $ .59 $ .10
Selected Loan Data:
Non-performing assets $ 5,447 $10,864 $ 5,447 $10,864
Ratio of non-performing assets to total assets .54% 1.28% .54% 1.28%
Ratio of allowance for loan and lease losses
to total loans and leases receivable 1.39 1.87 1.39 1.87
Ratio of allowance for loan and lease losses
to non-performing loans and leases receivable 118.65 106.28 118.65 106.28
Loan delinquency ratio 1.21 2.13 1.21 2.13
Ratio of loans and leases to deposits 67.36 84.27 67.36 84.27
Selected Equity Data:
Book value per share $9.85 $9.11 $9.85 $9.11
Tangible book value per share 9.68 8.76 9.68 8.76
Dividends per common share .05 .00 .10 .12
Average equity to average assets 7.00% 6.05% 6.93% 5.82%
Tier 1 risk-based capital ratio (Bank) 14.09 11.60 14.09 11.60
Total risk-based capital ratio (Bank) 15.20 12.85 15.20 12.85
Tier 1 leverage ratio (Bank) 7.82 7.90 7.82 7.90
Selected Average Balances:
Loans, gross $463,363 $547,087 $479,604 $553,705
Earning assets 900,209 833,265 851,250 845,942
Total assets 953,315 883,538 903,429 895,827
Deposits 671,380 646,462 642,496 626,923
Equity 66,718 53,483 62,585 52,140
(1) FTE represents a fully tax equivalent basis.
Progress Financial Corporation
Supplemental Balances
(Dollars in Thousands)
Period-End Balances At : December 31, 2002 December 31, 2001 % Change
------------------------------------------------------------------
Loans and Leases, Net:
Commercial business $ 83,994 $146,844 (2) (42.8%)
Commercial real estate 199,672 197,394 (2) 1.2
Construction, net of loans in process 87,728 77,380 13.4
Single family residential real estate 26,870 26,518 1.3
Consumer 50,105 44,821 11.8
Leases receivable 17,444 37,572 (53.6)
------------------------------------------------------------------
Total loans and leases 465,813 530,529 (12.2)
Allowance for loan and lease losses (6,463) (9,917) (34.8)
------------------------------------------------------------------
Loans and leases, net $459,350 $520,612 (11.8%)
==================================================================
Deposits:
Non-interest bearing demand deposits $100,075 $ 84,783 18.0%
NOW and SuperNow 93,182 120,665 (22.8)
Money Market 105,563 45,779 130.6
Passbook and Statement Savings 34,148 30,191 13.1
Time deposits 358,570 348,105 3.0
------------------------------------------------------------------
Total deposits $691,538 $629,523 9.9%
==================================================================
(2) Includes loans held for sale at December 31, 2001: commercial business
loans of $23,298 and commercial real estate loans of $2,289.
###
Exhibit 99(b)
Press Release on Fourth Quarter Cash Dividend
FOR IMMEDIATE RELEASE Contacts:
January 22, 2003 Michael B. High, COO/CFO
610-941-4804
mhigh@progressbank.com
Dorothy Jaworski, Director of Investor Relations
484-322-4822
djaworski@progressbank.com
Progress Financial Corporation Declares 20% Increase in Cash Dividend
Blue Bell, PA, January 22, 2003 - The Board of Directors of Progress
Financial Corporation (the "Company" - Nasdaq: PFNC) declared a 20% increase in
its quarterly cash dividend on its common stock, according to W. Kirk Wycoff,
Chairman, President and Chief Executive Officer. The quarterly cash dividend was
increased from $.05 to $.06 per share. The cash dividend of $.06 will be paid on
February 14, 2003 to shareholders of record on January 31, 2003.
Progress Financial Corporation is a unitary thrift holding company
headquartered in Blue Bell, Pennsylvania. The business of the Company consists
primarily of the operation of Progress Bank, which serves businesses and
consumers through twenty full service offices. The Company also offers financial
planning services, life insurance, group employee benefits and investments
through Progress Financial Resources, Inc., headquartered in Philadelphia, Pa.
In addition, the Company receives fees for financial and operational management
consulting services for commercial clients through KMR Management, Inc. located
in Willow Grove, Pa. The Company's common stock is traded on The Nasdaq Stock
Market under the Symbol "PFNC".
####
Exhibit 99(c)
Analyst Package Distributed January 22, 2003
Three months ended Twelve months ended
December 31, December 31,
-----------------------------------------------------------------------
Percent Percent
2002 2001 change 2002 2001 change
-----------------------------------------------------------------------
Per Common Share Data
- ---------------------
Net income:
Basic $ 0.15 $ 0.10 50.00% $ 0.60 $ 0.10 500.00%
Diluted 0.15 0.10 50.00% 0.59 0.10 490.00%
Cash dividends declared 0.05 - - 0.10 0.12 -16.67%
Book value 9.85 9.11 8.12% 9.85 9.11 8.12%
Tangible book value 9.68 8.76 10.50% 9.68 8.76 10.50%
Average shares outstanding:
Basic 6,809,902 5,545,478 22.80% 6,658,880 5,599,358 18.92%
Diluted 7,015,172 5,642,897 24.32% 6,827,539 5,717,568 19.41%
Financial Ratios
- ----------------
Return on average shareholders' equity 6.09% 4.12% 47.82% 6.38% 1.04% 511.49%
Return on average total assets 0.43% 0.25% 72.00% 0.44% 0.06% 624.57%
Average yield on earning assets 5.93% 6.93% -14.43% 6.32% 7.74% -18.35%
Average rate on interest bearing liabilities 3.26% 4.08% -20.10% 3.49% 4.74% -26.37%
Net interest spread 2.67% 2.85% -6.32% 2.83% 3.00% -5.67%
Net interest margin (FTE) 3.09% 3.31% -6.65% 3.23% 3.52% -8.24%
Efficiency ratio 73.78% 81.51% -9.49% 75.88% 76.06% -0.24%
Risk-based capital - Tier 1 14.09% 11.60% 21.47% 14.09% 11.60% 21.47%
- Total capital 15.20% 12.85% 18.29% 15.20% 12.85% 18.29%
Tier 1 leverage ratio 7.82% 7.90% -1.01% 7.82% 7.90% -1.01%
Average shareholders' equity/average total assets 7.00% 6.05% 15.70% 6.93% 5.82% 19.07%
Asset Quality (dollars in thousands)
- ------------------------------------
Allowance for loan losses $ 6,463 $ 9,917 -34.83% $ 6,463 $ 9,917 -34.83%
Allowance for loan losses/Loans 1.39% 1.87% -25.67% 1.39% 1.87% -25.67%
Net charge-offs (recoveries) $ 1,512 $ 1,615 -6.38% $ 7,268 $ 4,606 57.79%
Net charge-offs/Average loans (annualized) 1.29% 1.17% 10.26% 1.52% 0.83% 82.17%
Nonperforming assets $ 5,447 $ 10,864 -49.86% $ 5,447 $ 10,864 -49.86%
Nonperforming assets/Total loans plus OREO 1.19% 2.08% -42.79% 1.19% 2.08% -42.79%
Nonperforming assets/Total assets 0.54% 1.28% -57.81% 0.54% 1.28% -57.81%
Allowance for loan losses/Nonperforming loans 118.65% 106.28% 11.64% 118.65% 106.28% 11.64%
Average Balances (in thousands)
- -------------------------------
Loans and leases (gross of reserves) $ 463,363 $ 547,087 -15.30% $ 479,604 $ 553,705 -13.38%
Earning assets 900,209 833,265 8.03% 851,250 845,942 0.63%
Total assets 953,315 883,538 7.90% 903,429 895,827 0.85%
Deposits 671,380 646,462 3.85% 642,496 626,923 2.48%
Interest bearing liabilities 785,719 740,076 6.17% 753,288 751,895 0.19%
Shareholders' equity 66,718 53,483 24.75% 62,585 52,140 20.03%
Period End Balances (in thousands)
- ----------------------------------
Loans and leases (gross of reserves) $ 465,813 $ 530,529 -12.20% $ 465,813 $ 530,529 -12.20%
Total assets 1,017,844 851,380 19.55% 1,017,844 851,380 19.55%
Deposits 691,538 629,523 9.85% 691,538 629,523 9.85%
Total liabilities 951,115 800,781 18.77% 951,115 800,781 18.77%
Shareholders' equity 66,729 50,599 31.88% 66,729 50,599 31.88%
Three months Three months Three months Three months Twelve months
ended ended ended ended ended
December 31, September 30, June 30, March 31, December 31,
------------------- -------------------- ------------------ -------------------- -----------------
Percent Percent Percent Percent Percent
2002 2001 change 2002 2001 change 2002 2001 change 2002 2001 change 2002 2001 change
---- ---- -------- ----- ----- ------- ------ ---- ------- ------ ---- -------- ----- ---- -------
TAX EQUIVALENT INCOME STATEMENT
- -------------------------------
($ in thousands, except per share data)
Net interest income(FTE) $7,008 $6,947 1% $6,965 $7,637 -9% $7,021 $7,540 -7% $6,479 $7,674 -16% $27,473 $29,798 -8%
FTE adjustment (179) (114) -57% (145) (115) -26% (128) (118) -8% (111) (116) 4% (563) (463) -22%
------------- --- ------------- --- ------------- --- ------------- --- --------------- ----
Net interest income 6,829 6,833 0% 6,820 7,522 -9% 6,893 7,442 -7% 6,368 7,558 -16% 26,910 29,335 -8%
Provision for losses on loans 875 972 -10% 500 1,543 -68% 1,000 3,554 -72% 1,439 1,047 37% 3,814 7,116 -46%
Non-Interest Income:
Service charges on deposits 937 768 22% 916 640 43% 978 623 57% 854 585 46% 3,685 2,616 41%
Lease financing fees 42 1 4100% 50 231 -78% 63 242 -74% 63 277 -77% 218 751 -71%
Mutual fund, annuity and
insurance commissions 685 1,000 -32% 478 313 53% 678 981 -31% 940 800 18% 2,781 3,094 -10%
Loan brokerage and
advisory fees 489 573 -15% 78 158 -51% 302 365 -17% 273 223 22% 1,142 1,319 -13%
Private equity fund
management fees 65 614 -89% 65 614 -89% 65 615 -89% 52 614 -92% 247 2,457 -90%
Gain(loss) on securities 219 509 -57% 84 1,073 -92% 352 (21)1776% - 1,258 -100% 655 2,819 -77%
Gain on sale of real estate 76 (301) 125% 1,570 - - - - - - - - 1,646 (301) 647%
Client warrant income (loss) 20 9 122% 466 1 46500% 35 1 3400% 1,426 (1,959) 173% 1,947 (1,948) 200%
Equity (loss) in
unconsolidated entities (14) 184 -108% 1 (240) 100% 6 (551) 101% 95 (27) 452% 88 (634) 114%
Fees and other income 689 1,858 -63% 643 1,462 -56% 737 1,030 -28% 841 1,287 -35% 2,910 5,637 -48%
------------- --- ------------- ----- ------------- ---- ------------- ---- --------------- ----
Total non-interest income 3,208 5,215 -38% 4,351 4,252 2% 3,216 3,285 -2% 4,544 3,058 49% 15,319 15,810 -3%
Non-Interest Expenses:
Salaries and employee
benefits 3,814 4,961 -23% 3,906 4,225 -8% 3,904 4,983 -22% 4,401 4,990 -12% 16,025 19,159 -16%
Occupancy 624 648 -4% 720 647 11% 661 633 4% 586 613 -4% 2,591 2,541 2%
Data processing 209 280 -25% 215 230 -7% 230 276 -17% 257 215 20% 911 1,001 -9%
Furniture, fixtures
and equipment 505 588 -14% 511 528 -3% 509 572 -11% 546 546 - 2,071 2,234 -7%
Loan and real estate
owned expenses, net 231 402 -43% 226 557 -59% 243 151 61% 295 284 4% 995 1,394 -29%
Professional services 712 989 -28% 597 943 -37% 641 915 -30% 578 815 -29% 2,528 3,662 -31%
Other 1,642 2,370 -31% 2,115 1,705 24% 1,579 1,723 -8% 1,693 1,496 13% 7,029 7,294 -4%
------------- --- ------------- ---- ------------- ---- ------------- --- --------------- ----
Total non-interest
expenses 7,737 10,238 -24% 8,290 8,835 -6% 7,767 9,253 -16% 8,356 8,959 -7% 32,150 37,285 -14%
------------- --- ------------- ---- ------------- ---- ------------- --- --------------- ----
Income before income taxes 1,425 838 70% 2,381 1,396 71% 1,342 (2,100) 164% 1,117 610 83% 6,265 744 742%
Provision for income
tax expense 401 283 42% 1,066 463 130% 435 (731) 160% 367 185 98% 2,269 200 1035%
------------- --- ------------- ---- ------------- --- ------------- --- --------------- ----
Net income $ 1,024 $ 555 85% $1,315 $ 933 41% $ 907 $1,369 166% $ 750 $ 425 76% $ 3,996 $ 544 635%
======= ====== === ====== ====== ==== ============= === ============= === ======= ======= ====
QUARTERLY INCOME STATEMENT
(Unaudited)
($ in thousands, except per share) Fourth Third Second First Year-
2002 Quarter Quarter Quarter Quarter to-date
- ---------------------------------------------------------- ------------- ------------ ------------ ------------- -----------
FTE interest income $13,455 $13,618 $13,602 $13,123 $53,798
Interest expense 6,447 6,653 6,581 6,644 26,325
------------- ------------ ------------ ------------- -----------
FTE net interest income 7,008 6,965 7,021 6,479 27,473
Less: FTE adjustment (179) (145) (128) (111) (563)
------------- ------------ ------------ ------------- -----------
Net Interest Income 6,829 6,820 6,893 6,368 26,910
Provision for Losses on Loans 875 500 1,000 1,439 3,814
Non-Interest Income:
- --------------------
Service charges on deposits 937 916 978 854 3,685
Lease financing fees 42 50 63 63 218
Mutual fund, annuity and insurance commissions 685 478 678 940 2,781
Loan brokerage and advisory fees 489 78 302 273 1,142
Private equity fund management fees 65 65 65 52 247
Gain(loss) on securities 219 84 352 - 655
Gain on sale of real estate 76 1,570 - - 1,646
Client warrant income (loss) 20 466 35 1,426 1,947
Equity (loss) in unconsolidated entities (14) 1 6 95 88
Fees and other income 689 643 737 841 2,910
------------- ------------ ------------ ------------- -----------
Total non-interest income 3,208 4,351 3,216 4,544 15,319
Non-Interest Expenses:
- ---------------------
Salaries and employee benefits 3,814 3,906 3,904 4,401 16,025
Occupancy 624 720 661 586 2,591
Data processing 209 215 230 257 911
Furniture, fixtures and equipment 505 511 509 546 2,071
Loan and real estate owned expenses, net 231 226 243 295 995
Professional services 712 597 641 578 2,528
Other 1,642 2,115 1,579 1,693 7,029
------------- ------------ ------------ ------------- -----------
Total non-interest expenses 7,737 8,290 7,767 8,356 32,150
Income Before Income Taxes 1,425 2,381 1,342 1,117 6,265
Provision for income tax expense 401 1,066 435 367 2,269
------------- ------------ ------------ ------------- -----------
Net Income $ 1,024 $ 1,315 $ 907 $ 750 $ 3,996
============= ============ ============ ============= ===========
Other Data:
- -----------
EPS - Basic $0.15 $0.20 $0.13 $0.12 $0.60
EPS - Diluted $0.15 $0.19 $0.13 $0.12 $0.59
ROA 0.43% 0.57% 0.41% 0.35% 0.44%
ROE 6.09% 8.05% 5.90% 5.33% 6.38%
Net interest margin (FTE) 3.09% 3.24% 3.35% 3.25% 3.23%
Dividends declared on common stock $0.05 $0.05 $0.00 $0.00 $0.10
FTE employees 268 271 282 277 271
QUARTERLY INCOME STATEMENT
(Unaudited)
($ in thousands, except per share) Fourth Third Second First Year-
2001 Quarter* Quarter Quarter Quarter to-date*
- ------------------------------------------------------ ------------ ------------ ------------ ------------ ------------
FTE interest income $ 14,565 $ 16,445 $ 17,024 $ 17,414 $ 65,448
Interest expense 7,618 8,808 9,484 9,740 35,650
------------ ------------ ------------ ------------ ------------
FTE net interest income 6,947 7,637 7,540 7,674 29,798
Less: FTE adjustment (114) (115) (118) (116) (463)
------------ ------------ ------------ ------------ ------------
Net Interest Income 6,833 7,522 7,422 7,558 29,335
Provision for Losses on Loans 972 1,543 3,554 1,047 7,116
Non-Interest Income:
- -------------------
Service charges on deposits 768 640 623 585 2,616
Lease financing fees 1 231 242 277 751
Mutual fund, annuity and insurance commissions 1,000 313 981 800 3,094
Loan brokerage and advisory fees 573 158 365 223 1,319
Private equity fund management fees 614 614 615 614 2,457
Gain(loss) on securities 509 1,073 (21) 1,258 2,819
Loss on extinguishment of debt* (301) - - - (301)
Client warrant income (loss) 9 1 1 (1,959) (1,948)
Equity (loss) in unconsolidated entities 184 (240) (551) (27) (634)
Fees and other income 1,858 1,462 1,030 1,287 5,637
------------ ------------ ------------ ------------ ------------
Total non-interest income 5,215 4,252 3,285 3,058 15,810
Non-Interest Expenses:
- ----------------------
Salaries and employee benefits 4,961 4,225 4,983 4,990 19,159
Occupancy 648 647 633 613 2,541
Data processing 280 230 276 215 1,001
Furniture, fixtures and equipment 588 528 572 546 2,234
Loan and real estate owned expenses, net 402 557 151 284 1,394
Professional services 989 943 915 815 3,662
Other 2,370 1,705 1,723 1,496 7,294
------------ ------------ ------------ ------------ ------------
Total non-interest expenses 10,238 8,835 9,253 8,959 37,285
Income Before Income Taxes 838 1,396 (2,100) 610 744
Provision for income tax expense (benefit)* 283 463 (731) 185 200
------------ ------------ ------------ ------------ ------------
Net Income $ 555 $ 933 $ (1,369) $ 425 $ 544
============ ============ ============ ============ ============
Other Data:
- ----------
EPS - Basic $0.10 $0.17 ($0.24) $0.07 $0.10
EPS - Diluted $0.10 $0.17 ($0.24) $0.07 $0.10
ROA 0.25% 0.41% -0.61% 0.20% 0.06%
ROE 4.12% 7.25% -10.57% 3.31% 1.04%
Net interest margin (FTE) 3.31% 3.51% 3.52% 3.75% 3.52%
Dividends declared on common stock $0.00 $0.00 $0.06 $0.06 $0.12
FTE employees 306 302 318 298 306
*Restated for FAS 145
ASSET QUALITY
(Unaudited)
2002 2001
--------------------------------------------- ------------------------------------------------
($ 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 $ 9,917 $ 7,100 $ 8,024 $ 8,775 $ 9,917 $ 7,407 $ 10,560 $ 10,309 $ 7,708 $ 7,407
Provision 3,814 875 500 1,000 1,439 7,116 972 1,543 3,554 1,047
Charge-offs 8,054 1,689 1,827 1,817 2,721 5,299 2,124 1,344 1,049 782
------- ------- ------- ------- ------- ------- -------- -------- ------- -------
Recoveries (786) (177) (403) (66) (140) (693) (509) (52) (96) (36)
------- ------- ------- ------- ------- ------- -------- -------- ------- -------
Net loan charge-offs 7,268 1,512 1,424 1,751 2,581 4,606 1,615 1,292 953 746
------- ------- ------- ------- ------- ------- -------- -------- ------- -------
Balance at end of period $ 6,463 $ 6,463 $ 7,100 $ 8,024 $ 8,775 $ 9,917 $ 9,917 $ 10,560 $ 10,309 $ 7,708
======= ======= ======= ======= ======= ======= ======= ======== ======== =======
Allowance as percentage of loans 1.39% 1.39% 1.55% 1.67% 1.84% 1.87% 1.87% 1.92% 1.82% 1.39%
Net charge-offs/average loans 1.52% 0.33% 0.30% 0.36% 0.51% 0.83% 0.30% 0.23% 0.17% 0.14%
Allowance as percentage of
non-performing loans 118.65% 118.65% 94.14% 91.83% 93.93% 106.28% 106.28% 221.15% 203.21% 128.42%
Non-performing assets
- ---------------------
Non-accrual loans and leases $ 5,447 $ 5,447 $ 7,542 $ 8,738 $ 9,342 $ 9,331 $ 9,331 $ 4,775 $ 5,073 $ 6,002
Other real estate owned - - 872 4,495 4,243 1,533 1,533 1,498 3,340 1,356
------- ------- ------- ------- ------- ------- -------- -------- ------- -------
Total non-performing assets $ 5,447 $ 5,447 $ 8,414 $13,233 $ 13,585 $10,864 $10,864 $ 6,273 $ 8,413 $ 7,358
======= ======= ======= ======= ======= ======= ======= ======== ======== =======
Non-performing assets to:
Loans and leases plus OREO 1.19% 1.19% 1.86% 2.77% 2.87% 2.08% 2.08% 1.16% 1.50% 1.34%
Total assets 0.54% 0.54% 0.91% 1.46% 1.55% 1.28% 1.28% 0.72% 0.92% 0.81%
Loans past due 90 days $ 918 $ 918 $ 2,735 $1,766 $ 3,244 $ 1,125 $ 1,125 $ 2,540 $ 2,473 $ 2,971
Total under-performing assets $6,365 $6,365 $11,149 $14,999 $16,829 $11,989 $11,989 $ 8,813 $10,886 $10,329
AVERAGE BALANCE SHEET DATA
(Unaudited)
2002 2001
------------------------------------------- ------------------------------------------
($ 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)$ 12,202 $ 14,743 $ 9,022 $22,496 $ 14,588 $ 27,686 $ 26,971 $ 21,353 $ 26,385 $ 25,606
Loans,net of unearned discounts:
Commercial business 84,226 87,127 96,440 123,173 97,606 158,298 182,187 186,230 177,260 175,959
Commercial mortgage 199,731 193,867 196,331 193,250 195,807 200,495 195,209 185,864 179,400 190,313
Residential real estate 27,339 28,764 27,929 25,688 27,438 28,123 30,887 32,436 33,870 31,312
Construction loans 82,566 84,863 86,253 83,831 84,376 76,503 68,694 70,094 64,141 69,889
Consumer 49,179 47,547 45,416 44,437 46,660 45,008 41,612 38,742 37,401 40,714
Lease financing 20,322 24,954 30,080 35,712 27,717 38,660 43,962 45,513 54,123 45,518
-------- -------- ------- ------- -------- -------- -------- -------- -------- --------
Total loans 463,363 467,122 482,449 506,091 479,604 547,087 562,551 558,879 546,195 553,705
Investment securities(available for sale) 10,667 6,110 6,465 5,967 7,312 5,608 4,719 5,873 23,269 10,798
Investment securities(held to maturity) 37,113 40,600 40,977 38,224 39,229 37,970 37,675 37,381 38,261 37,821
Mortgage-backed securities 376,864 323,706 302,946 236,869 310,517 214,914 230,158 235,432 195,436 218,012
-------- -------- ------- ------- -------- -------- -------- -------- -------- --------
Earning assets 900,209 852,281 841,859 809,647 851,250 833,265 862,074 858,918 829,546 845,942
Cash and due from banks
(non-interest bearing) 16,181 15,408 14,445 15,563 15,401 16,788 16,663 16,206 16,612 16,568
Other non-earning assets 36,925 40,436 35,854 33,822 36,778 33,485 30,158 32,054 37,394 33,317
-------- -------- ------- -------- -------- -------- -------- -------- -------- -------
Total assets $953,315 $908,125 $892,158 $859,032 $903,429 $883,538 $908,895 $907,178 $883,552 $895,827
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Deposits:
Demand $ 92,744 $ 74,920 $ 77,860 $ 73,734 $ 79,853 $ 81,334 $ 77,796 $ 69,629 $ 80,637 $ 77,352
Interest bearing:
NOW and Supernow accounts 88,918 105,115 116,734 119,129 107,385 118,912 116,900 113,218 104,396 113,406
Money Market Accounts 98,823 89,022 75,009 61,776 81,281 45,471 40,946 37,282 45,848 42,382
Passbook and Stmt Savings 33,470 31,963 33,081 30,956 32,373 30,036 29,086 28,614 27,804 28,892
Time deposits 357,425 357,784 321,895 328,822 341,604 370,709 373,851 362,414 352,287 364,891
-------- -------- ------- -------- -------- -------- -------- -------- -------- --------
Total interest bearing deposits 578,636 583,884 546,719 540,683 562,643 565,128 560,783 541,528 530,335 549,571
Federal Home Loan Bank borrowings 133,438 120,500 117,609 120,333 122,999 126,891 127,000 126,999 121,366 125,584
Other borrowings 51,364 36,303 61,377 39,311 47,092 27,803 62,632 81,071 54,704 56,495
Capital securities 22,281 19,394 20,269 20,263 20,554 20,254 20,250 20,241 20,235 20,245
-------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Interest bearing liabilities 785,719 760,081 745,974 720,590 753,288 740,076 770,665 769,839 726,640 751,895
Non-interest bearing liabilities 8,134 8,316 6,675 7,674 7,703 8,645 9,352 15,747 24,248 14,440
Total shareholders' equity 66,718 64,808 61,649 57,034 62,585 53,483 51,082 51,963 52,027 52,140
-------- ------- -------- -------- -------- -------- -------- -------- -------- --------
Total Liabilities and
Shareholders' Equity $ 953,315 $908,125 $892,158 $859,032 $903,429 $883,538 $908,895 $907,178 $883,552 $895,827
========= ======== ======== ======== ======== ======== ======== ======== ======== ========
AVERAGE BALANCE SHEET DATA - continued
(Unaudited)
2002 2001
------------------------------------------- -------------------------------------------------
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 1.24% 1.59% 1.60% 1.55% 1.50% 2.03% 3.28% 4.21% 5.47% 3.69%
Investment securities 5.91% 6.86% 6.29% 6.47% 6.38% 6.55% 6.90% 6.84% 7.17% 6.75%
Mortgage-backed securities 5.04% 5.50% 5.67% 5.77% 5.45% 5.86% 6.29% 6.53% 6.80% 6.39%
Single family residential loans 6.36% 6.94% 7.07% 7.44% 6.94% 7.42% 7.89% 8.36% 9.78% 8.41%
Commercial real estate loans 7.57% 7.72% 7.85% 7.48% 7.65% 8.15% 8.39% 8.60% 8.95% 8.51%
Construction loans 6.40% 6.40% 6.44% 6.47% 6.42% 7.08% 8.43% 9.20% 10.38% 8.69%
Commercial business loans 5.29% 5.76% 5.50% 6.55% 5.84% 6.81% 8.18% 8.61% 9.54% 8.32%
Lease financing 10.13% 9.98% 10.21% 10.27% 10.16% 10.66% 10.06% 10.73% 10.33% 10.44%
Consumer loans 5.64% 6.07% 6.44% 6.38% 6.12% 6.71% 7.31% 7.67% 7.86% 7.35%
------ ----- ----- ----- ----- ----- ----- ----- ----- -----
Total interest - earning assets 5.93% 6.34% 6.48% 6.57% 6.32% 6.93% 7.57% 7.95% 8.51% 7.74%
------ ----- ----- ----- ----- ----- ----- ----- ----- -----
Interest - bearing liabilities
Interest - bearing deposits
NOW and SuperNOW 1.14% 1.11% 1.20% 1.40% 1.22% 1.68% 2.27% 2.81% 3.41% 2.51%
Money Market 2.11% 2.26% 2.11% 1.91% 2.11% 1.88% 2.48% 2.63% 3.50% 2.62%
Passbook and Statement Savings 0.85% 0.98% 0.99% 1.02% 0.96% 1.14% 1.47% 1.60% 1.71% 1.47%
Time deposits 3.26% 3.47% 3.76% 4.00% 3.61% 4.36% 4.97% 5.52% 6.07% 5.21%
------ ----- ----- ----- ----- ----- ----- ----- ----- -----
Total interest - bearing deposits 2.60% 2.73% 2.82% 3.02% 2.78% 3.43% 4.04% 4.54% 5.10% 4.26%
FHLB borrowings 4.87% 5.47% 5.52% 5.43% 5.38% 5.50% 5.59% 5.49% 5.65% 5.60%
Other borrowings 3.48% 4.41% 3.39% 4.24% 3.84% 5.37% 4.68% 4.95% 5.93% 5.20%
Capital securities 9.56% 11.21% 11.34% 11.45% 10.85% 11.20% 11.23% 11.33% 11.24% 11.25%
------ ----- ----- ----- ----- ----- ----- ----- ----- -----
Total interest - bearing liabilities 3.26% 3.47% 3.54% 3.74% 3.49% 4.08% 4.53% 4.94% 5.44% 4.74%
------ ----- ----- ----- ----- ----- ----- ----- ----- -----
Interest Rate Spread 2.67% 2.87% 2.94% 2.83% 2.83% 2.85% 3.04% 3.01% 3.07% 3.00%
Net Interest Margin 3.09% 3.24% 3.35% 3.25% 3.23% 3.31% 3.51% 3.52% 3.75% 3.52%
Avg Int-earning assets to
int-bearing liabilities 114.57% 112.13% 112.85% 112.36% 113.00% 112.59% 111.86% 111.57% 114.16% 112.51%
PERIOD END BALANCE SHEET DATA
(Unaudited)
2002 2001
----------------------------------------- -----------------------------------------
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) $ 17,570 $ 3,506 $ 5,603 $ 12,130 $ 11,276 $ 15,545 $ 11,342 $ 16,548
Loans and lease(net) 459,350 451,237 473,435 469,173 520,612 538,741 555,981 548,749
Investment securities:
Held-to-maturity:
Book 46,536 29,778 43,912 39,570 38,173 37,869 37,570 37,278
Market 47,134 30,787 44,532 38,660 38,020 38,077 37,330 37,350
Available-for-sale 20,193 5,419 5,962 5,941 6,682 5,217 5,965 5,826
Mortgage-backed securities:
Held-to-maturity:
Book 73,470 59,440 44,870 25,304 - - - -
Market 74,834 60,736 45,262 24,952 - - - -
Available-for-sale 339,097 298,888 265,056 263,908 205,146 191,714 239,829 241,431
-------- -------- -------- -------- -------- -------- -------- --------
Earning assets 956,216 848,268 838,838 816,026 781,889 789,086 850,687 849,832
Cash and due from bank
(non-interest bearing) 20,650 20,434 17,030 11,906 21,250 30,126 16,631 14,009
Other non-earning assets 40,978 58,993 48,134 47,047 48,241 56,587 47,052 41,066
---------- -------- -------- -------- -------- -------- -------- --------
Total assets $1,017,844 $927,695 $904,002 $874,979 $851,380 $875,799 $914,370 $904,907
========== ======== ======== ======== ======== ======== ======== ========
Liabilities and shareholders' equity
- ------------------------------------
Deposits:
Demand $ 100,075 $ 74,261 $ 83,538 $ 72,567 $ 84,783 $ 79,318 $ 76,588 $ 67,105
Interest bearing 591,463 588,721 548,084 546,240 544,740 550,417 556,283 528,067
--------- -------- -------- -------- -------- -------- -------- --------
Total deposits 691,538 662,982 631,622 618,807 629,523 629,735 632,871 595,172
Federal Home Loan Bank borrowings 120,500 120,500 120,500 117,000 117,000 127,000 127,000 127,000
Other borrowings 98,109 41,062 55,012 46,087 23,568 34,147 72,549 89,738
Capital Securities 28,836 18,824 20,274 20,267 20,260 20,253 20,246 20,239
-------- -------- -------- -------- -------- -------- -------- --------
Interest bearing liabilities 938,983 843,368 827,408 802,161 790,351 811,135 852,666 832,149
Other Liabilities 12,132 17,815 13,178 13,498 10,430 12,157 12,073 20,695
-------- -------- -------- -------- -------- -------- -------- --------
Total liabilities 951,115 861,183 840,586 815,659 800,781 823,292 864,739 852,844
Total shareholders' equity 66,729 66,512 63,416 59,320 50,599 52,507 49,631 52,063
---------- -------- -------- -------- -------- -------- -------- --------
Total liabilities and equity $1,017,844 $927,695 $904,002 $874,979 $851,380 $875,799 $914,370 $904,907
========== ======== ======== ======== ======== ======== ======== ========
Other selected balances
Intangible assets -- Goodwill $ 1,164 $ 1,155 $ 1,757 $ 1,865 $ 1,974 $ 2,478 $ 2,541 $ 2,605
Amount included in shareholders' equity
for net unrealized gains on investments
available-for-sale $ 3,665 $ 3,634 $ 1,643 $ (1,269) $ (685) $ 1,848 $ 48 $ 130
Capital Data
(Unaudited)
2002 2001
------------------------------------------------------------------------------------------------------
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 6,809,902 6,815,956 6,795,122 6,206,177 6,658,880 5,545,478 5,584,133 5,584,582 5,684,940 5,599,358
Average-diluted 7,015,172 6,967,686 6,962,428 6,342,450 6,827,539 5,642,897 5,680,014 5,715,918 5,829,134 5,717,568
Period-end 6,774,919 6,816,494 6,800,380 6,768,458 6,774,919 5,551,535 5,584,361 5,563,378 5,648,895 5,551,535
Book value $ 9.85 $ 9.76 $ 9.33 $ 8.76 $ 9.85 $ 9.11 $ 9.40 $ 8.92 $ 9.22 $ 9.11
Tangible Book Value 9.68 9.59 9.07 8.49 9.68 8.76 8.96 8.46 8.76 8.76
Price:
High $ 11.61 $ 10.15 $ 10.40 $ 9.65 $ 11.61 $ 7.60 $ 7.94 $ 8.40 $ 9.63 $ 9.63
Low 9.90 7.46 8.61 7.44 7.44 5.90 5.60 6.88 7.06 5.60
Close 11.61 9.40 9.74 8.94 11.61 7.50 6.40 7.95 7.38 7.50
Capital ratios
($ in thousands)
Risk-based capital:
Tier 1 capital $77,879 $76,071 $73,567 $71,957 $77,879 $66,395 $65,343 $61,449 $61,935 $66,395
% risk adjusted assets 14.09% 14.76% 13.97% 13.58% 14.09% 11.60% 11.34% 10.32% 10.61% 11.60%
Total capital $84,028 $82,519 $80,167 $78,606 $84,028 $73,582 $72,583 $68,929 $69,236 $73,582
% risk adjusted assets 15.20% 16.01% 15.22% 14.84% 15.20% 12.85% 12.59% 11.57% 11.86% 12.85%
Tier 1 leverage ratio 7.82% 8.31% 8.23% 8.30% 7.82% 7.90% 7.58% 6.83% 6.95% 7.90%
Average shareholders' equity to
total average assets 7.00% 7.14% 6.91% 6.64% 6.93% 6.05% 5.62% 5.73% 5.89% 5.82%