EXHIBIT 99.1
FEBRUARY 27, 2004
CORRECTED FINANCIAL HIGHLIGHTS PUBLISHED ON REGISTRANT'S WEBSITE
Trend Analysis--Quarterly (click here for Annual Analysis)
For the definition of a financial field, click on the field name.
Balance Sheet (dollars in thousands)
Y-Y Q-Q
2003 Q4 2002 Q4 Ch (%) 2003 Q3 Ch (%)
Gross Loans Held for Investment 138,468 121,509 13.96 120,162 60.94
Total Allowance for Loan Losses 1,636 1,690 (3.20) 1,636 0.00
Loans Held for Sale 0 0 0.00 0 0.00
Total Net Loans 136,832 119,819 14.20 118,526 61.78
Total Intangible Assets 0 0 0.00 0 0.00
Total Assets 194,711 169,926 14.59 185,608 19.62
Total Deposits 152,683 132,174 15.52 144,882 21.54
Trust Preferred Securities (FASB 150) 5,155 0 NM 5,000 12.40
Trust Preferred Securities (Pre FASB 150) 0 5,000 (100.00) 0 0.00
Total Trust Preferred 5,155 5,000 3.10 5,000 12.40
Total Borrowings 23,633 15,136 56.14 22,906 12.70
Common Equity 16,583 15,960 3.90 16,193 9.63
Total Equity 16,583 15,960 3.90 16,193 9.63
Shares Outstanding (actual) 1,190,366 1,183,303 0.60 1,186,714 1.23
Income Statement (dollars in thousands)
Y-Y Q-Q
2003 Q4 2002 Q4 Ch (%) 2003 Q3 Ch (%)
Net Interest Income 2,146 2,134 0.56 2,051 18.53
Loan Loss Provisions 159 40 297.50 36 1,366.67
Total Noninterest Income 450 626 (28.12) 412 36.89
Total Noninterest Expense 2,041 2,171 (5.99) 2,075 (6.55)
Net Income Before Taxes 396 549 (27.87) 352 50.00
Income Taxes 115 192 (40.10) 118 (10.17)
Net Income 281 357 (21.29) 234 80.34
Per Share Items ($)
Y-Y Q-Q
2003 Q4 2002 Q4 Ch (%) 2003 Q3 Ch (%)
Book Value 13.93 13.49 3.27 13.65 8.23
Tangible Book Value 13.93 13.49 3.27 13.65 8.23
Diluted EPS Before Extraordinary 0.23 0.30 (23.33) 0.19 84.21
Diluted EPS After Extraordinary 0.23 0.30 (23.33) 0.19 84.21
Dividends Declared 0.0000 0.0000 0.00 0.1273 (400.00)
Performance Ratios (%)
Y-Y Q-Q
2003 Q4 2002 Q4 Ch (bp) 2003 Q3 Ch (bp)
ROAA* 0.61 0.84 (23) 0.53 8
ROAE* 6.86 9.05 (219) 5.92 93
Net Interest Margin* 4.95 5.42 (47) 4.92 3
Efficiency Ratio 78.62 75.96 266 84.25 (563)
Loans / Deposits 90.69 91.93 (124) 82.94 775
Asset Quality Ratios (%)
Y-Y Q-Q
2003 Q4 2002 Q4 Ch (bp) 2003 Q3 Ch (bp)
NPAs/Assets NA 0.45 NA 0.48 NA
NCOs/Loans* 0.49 0.09 40 0.05 44
Reserves/Loans 1.18 1.39 (21) 1.36 (18)
Reserves/NPAs NA 218.91 NA 185.07 NA
Capital Ratios (%)
Y-Y Q-Q
2003 Q4 2002 Q4 Ch (bp) 2003 Q3 Ch (bp)
Tier 1 Capital NA 15.95 NA 15.35 NA
Tangible Equity / Tangible Assets 8.52 9.39 (88) 8.72 (21)
Total Equity / Total Assets 8.52 9.39 (88) 8.72 (21)
Note: Q-Q Ch(%) are annualized.
* Percentages presented for individual quarters are annualized by taking
the quarter amount and multiplying by four.