Exhibit 13.2 (from Annual Report to Shareholders)
SELECTED FINANCIAL DATA
(in thousands except ratios and per share amounts)
Year Ended December 31
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2002 2001 2000 1999 1998
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INCOME STATEMENT DATA:
Interest income $ 34,617 $ 32,903 $ 30,728 $ 27,637 $ 26,670
Interest expense 12,107 15,373 14,513 11,867 11,846
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Net interest income 22,510 17,530 16,215 15,770 14,824
Provision for loan losses 1,515 2,183 647 510 449
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Net interest income after
provision for loan losses 20,995 15,347 15,568 15,260 14,375
Noninterest income 3,059 2,636 2,235 1,799 1,764
Securities gains (losses) 93 7 (10) (76) 8
Noninterest expense 14,952 11,460 10,346 8,813 8,442
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Income before income taxes 9,195 6,530 7,447 8,170 7,705
Income taxes 2,546 1,650 1,926 2,210 2,088
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Net Income $ 6,649 $ 4,880 $ 5,521 $ 5,960 $ 5,617
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PER SHARE DATA:
Net Income, basic and assuming
dilution $ 1.36 $ 0.99 $ 1.12 $ 1.17 $ 1.08
Cash dividends 0.54 0.52 0.52 0.48 0.44
Book value at period end 10.79 9.67 9.10 8.50 8.22
BALANCE SHEET DATA:
Assets $ 540,290 $ 467,263 $ 407,105 $ 377,839 $ 347,995
Loans, net of unearned income 399,134 347,977 301,032 273,858 239,664
Securities 102,210 91,880 83,403 88,076 81,333
Deposits 469,117 408,241 350,414 322,647 304,330
Shareholders' equity 52,403 47,392 45,031 42,795 42,257
Average shares outstanding 4,884 4,915 4,948 5,092 5,179
PERFORMANCE RATIOS
Return on average assets 1.33% 1.13% 1.40% 1.64% 1.66%
Return on average equity 13.33% 10.47% 12.94% 13.95% 13.56%
Dividend payout 39.66% 52.45% 46.57% 41.08% 40.52%
Efficiency (1) 56.66% 54.74% 53.63% 47.83% 48.45%
Average equity to average assets 9.97% 10.75% 10.85% 11.78% 12.26%
ASSET QUALITY RATIOS:
Allowance for loan losses to
period end loans 1.44% 1.50% 1.46% 1.52% 1.61%
Allowance for loan losses to
nonaccrual loans 177.40% 112.52% 224.10% 227.99% 237.39%
Nonperforming assets to period
End loans and other real estate 0.86% 1.34% 0.95% 1.24% 1.29%
Net charge-offs to average loans 0.26% 0.43% 0.14% 0.08% 0.20%
CAPITAL AND LIQUIDITY RATIOS:
Leverage 9.39% 10.08% 11.14% 11.98% 12.39%
Risk-based capital ratios:
Tier 1 capital 13.86% 14.79% 16.58% 17.98% 19.34%
Total capital 15.11% 16.05% 17.89% 19.24% 20.59%
Average loans to average deposits 85.23% 84.82% 85.42% 81.98% 79.23%
Note: (1) Efficiency ratio is computed by dividing non-interest expense by the
sum of net-interest income on a tax equivalent basis and non-interest
income, net of securities gains or losses.
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