Exhibit 28.3
ASHEVILLE SAVINGS BANK, SSB AND SUBSIDIARY
Statements of Income
(Unaudited)
Nine Months Ended September 30,
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1993 1992
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(in thousands)
INTEREST INCOME:
Interest on loans $15,363 $17,614
Interest on investment and
mortgage-banking securities 2,117 3,158
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Total interest income 17,480 20,772
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INTEREST EXPENSE:
Interest on deposits 8,235 11,951
Interest on borrowed funds 1,583 2,514
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Total interest expense 9,818 14,465
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NET INTEREST INCOME 7,662 6,307
PROVISION FOR LOAN LOSSES 464 463
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NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 7,198 5,844
NONINTEREST INCOME 3,900 3,845
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NONINTEREST EXPENSE:
Personnel expense 3,550 3,194
Occupancy 1,463 1,375
Other 4,383 2,754
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Total noninterest expense 9,396 7,323
Income before income taxes 1,702 2,366
*Income taxes 207 1,183
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Net Income $ 1,495 $ 1,183
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* - Net of SFAs 109 Cumulative Effect Adjustment of $643.
ASHEVILLE SAVINGS BANK, SSB AND SUBSIDIARIES
BALANCE SHEET (000's) -- UNAUDITED
9-30-93
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ASSETS
Cash and Due from Banks (Including Interest-
Bearing Deposits of $19,606) $29,540
Federal Funds Sold 1,150
Investment and Mortgage-Backed Securities 33,685
Loans 242,825
Less Allowance for Loan Losses 1,758
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Net Loans 241,067
Bank Premises and Equipment 5,927
Accrued Interest Receivable 2,121
Other Assets 9,897
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Total Assets $323,387
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LIABILITIES AND RETAINED EARNINGS
Deposits
Non-interest Bearing $9,381
Interest Bearing 269,820
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Total Deposits 279,201
Advances from Federal Home Loan Bank 17,000
Other Borrowed Funds 59
Accrued Interest Payable 268
Other Liabilities 1,952
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Total Liabilities 298,480
Retained Earnings 24,907
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Total Liabilities and Retained Earnings $323,387
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ASHEVILLE SAVINGS BANK, SSB AND SUBSIDIARY
Statement of Cash Flows
(Unaudited)
Nine Months Ended September 30,
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1993 1992
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(in thousands)
OPERATING ACTIVITIES:
Net Income $ 1,495 $ 1,183
Adjustment to reconcile net income to cash
provided by (used in) operating activities
Provision for loan losses and foreclosed
real estate 1,054 463
Depreciation and amortization 1,706 2,186
Gain on sale of loans, net (571) (706)
Increase (decrease) in income taxes payable (26) (489)
Deferred income tax cumulative adjustment (634)
Dividends on Federal Home Loan Bank stock (195) (208)
Increase (decrease) in accrued interest
receivable 450 1,480
Increase (decrease) in accrued interest
payable 18 (6)
Other (304) 1,482
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Net Cash Provided by Operating Activities 2,993 5,385
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Investing Activities:
Loans originated or acquired (83,385) (85,754)
Loan principal repayments 49,174 50,372
Loans sold 46,762 49,182
Proceeds from maturities of investment
securities 8,000 13,998
Purchase of investment securities (10,052) (10,036)
Purchase of mortgage-backed securities 0 (5,394)
Mortgage-backed securities principal
repayments 2,620 1,588
Other 326 (50)
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Cash Provided by Investing Activities 13,445 13,906
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FINANCING ACTIVITIES:
Net decrease in deposits (7,741) (29,736)
Decrease in borrowed funds (2,005) (5,004)
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Cash Used in Financing Activities (9,746) (34,740)
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Increase (decrease) in Cash and Cash
Equivalents 6,692 (15,449)
Cash and Cash Equivalents -- January 1 22,776 49,931
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Cash and Cash Equivalents -- June 30 $ 29,468 $34,482
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