- --------------------------------------------------------------------------------
Five Year Summary of Consolidated Financial Statements
and Related Statistics Dollars in thousands, except per share data
- --------------------------------------------------------------------------------
The following selected data, except for certain of the pro forma 1ST BANCORP
1998 data, has been taken from the Company's consolidated financial statements.
It should be read in conjunction with the consolidated financial statements and
related notes included elsewhere in this annual report. Pro forma data including
1ST BANCORP for 1998 are unaudited and give retroactive effect to the Company's
January 4, 1999 merger acquisition of 1ST BANCORP of Vincennes, Indiana, which
was accounted for as a pooling of interests. The combined pro forma 1998
information includes 1ST BANCORP data from its fiscal year ended June 30, 1998.
See Note 18 to the Company's consolidated financial statements.
Pro Forma
including
1ST BANCORP
1998 1998 1997 1996 1995 1994
Summary of Operations:
Interest and Fees on Loans............. $51,756 $36,021 $33,804 $32,289 $30,400 $25,151
Interest on Investments................ 13,380 9,662 9,518 8,724 8,638 7,400
------ ----- ----- ----- ----- -----
Total Interest Income.............. 65,136 45,683 43,322 41,013 39,038 32,551
------ ------ ------ ------ ------ ------
Interest on Deposits................... 28,450 21,142 20,126 18,964 17,649 13,716
Interest on Borrowings................. 6,155 459 316 518 798 420
----- --- --- --- --- ---
Total Interest Expense............. 34,605 21,601 20,442 19,482 18,447 14,136
------ ------ ------ ------ ------ --------
Net Interest Income.................... 30,531 24,082 22,880 21,531 20,591 18,415
Provision for Loan Losses.............. 1,338 583 400 345 97 712
----- --- --- --- -- ---
Net Interest Income after
Provision for Loan Losses.......... 29,193 23,499 22,480 21,186 20,494 17,703
Noninterest Income..................... 5,220 3,078 2,809 2,478 2,034 2,236
Noninterest Expenses................... 22,318 17,009 15,723 15,186 14,307 12,734
------ ------ ------ ------ ------ ------
Income Before Income Taxes............. 12,095 9,568 9,566 8,478 8,221 7,205
Income Tax Expense..................... 3,525 2,909 3,117 2,857 2,661 2,263
----- ----- ----- ----- ----- ------
Net Income............................. $8,570 $6,659 $6,449 $5,621 $5,560 $4,942
=========================================================================================================================
Year-end Balances:
Total Assets........................... $896,925 $636,776 $575,842 $532,072 $526,478 $496,599
Total Loans, Net....................... 589,765 404,475 369,907 349,383 325,612 312,789
Total Long-term Debt................... 124,381 9,000 --- 1,000 1,000 1,000
Total Deposits......................... 665,113 547,350 501,033 487,253 454,329 424,210
Total Shareholders' Equity............. 91,276 67,421 62,079 57,660 54,384 48,989
=========================================================================================================================
Per Share Data (1):
Net Income............................. $0.98 $1.00 $0.97 $0.85 $0.84 $0.74
Cash Dividends (2)..................... 0.45 0.45 0.38 0.30 0.28 0.25
Book Value, End of Year................ 10.49 10.12 9.32 8.67 8.19 7.37
=========================================================================================================================
Other Data at Year-end:
Number of Shareholders................. 2,920 2,535 2,319 2,213 2,122 2,067
Number of Employees.................... 364 256 243 241 237 231
Weighted Average Number of Shares (1).. 8,703,667 6,663,667 6,655,742 6,647,331 6,643,760 6,643,178
<FN>
(1) Share and Per share data has been retroactively adjusted to give effect for
stock dividends and splits, and excludes the dilutive effect of stock
options.
(2) Cash dividends represent historical dividends declared per share without
retroactive restatement for poolings.
</FN>