Financial Highlights
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MAHASKA INVESTMENT COMPANY
AND SUBSIDIARIES
Year Ended December 31 (In thousands, except per share data) 1999 1998 1997 1996 1995
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Summary of income data:
Interest income excluding loan pool participations....................... $ 21,162 17,996 15,483 13,532 10,463
Interest and discount on loan pool participations........................ 7,668 7,970 8,474 9,097 7,864
Total interest income.................................................... 28,830 25,966 23,957 22,629 18,327
Total interest expense................................................... 13,195 10,490 9,312 8,531 7,100
Net interest income...................................................... 15,635 15,476 14,645 14,098 11,227
Provision for loan losses................................................ 3,628 1,179 417 987 168
Other income............................................................. 1,947 1,856 1,739 1,506 1,301
Total other operating expenses........................................... 10,462 8,947 8,315 7,738 6,450
Income before income tax and minority interest........................... 3,492 7,206 7,652 6,879 5,910
Income tax expense....................................................... 1,270 2,583 2,594 2,385 1,987
Net income............................................................... $ 2,222 4,623 5,058 4,494 3,923
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Per share data:
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Net income - basic....................................................... $ 0.58 1.26 1.38 1.20 1.03
Net income - diluted..................................................... 0.56 1.20 1.33 1.19 1.03
Cash dividends declared.................................................. 0.60 0.56 0.48 0.44 0.40
Book value............................................................... 11.59 10.51 10.03 9.22 8.49
Net tangible book value.................................................. 8.62 8.99 8.35 7.39 7.34
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Selected financial ratios:
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Net income to average assets............................................. 0.64% 1.65% 1.98% 1.93% 2.04%
Net income to average equity............................................. 5.29% 12.16% 14.47% 13.52% 12.67%
Dividend payout ratio.................................................... 103.45% 44.44% 34.78% 36.50% 38.37%
Average equity to average assets......................................... 12.04% 13.54% 13.69% 14.31% 16.09%
Tier 1 capital to assets at end of period................................ 11.42% 14.02% 14.74% 10.91% 13.53%
Net interest margin...................................................... 4.89% 6.04% 6.31% 6.69% 6.48%
Gross revenue of loan pools to total gross revenue....................... 24.91% 28.64% 32.98% 37.69% 40.06%
Interest and discount income of loan pools to total interest income...... 26.59% 30.69% 35.37% 40.20% 42.91%
Allowance for loan losses to total loans................................. 1.42% 1.32% 1.26% 1.27% 1.17%
Non-performing loans to total loans...................................... 1.71% 0.84% 1.27% 1.78% 0.78%
Net loans charged off to average loans................................... 1.14% 0.52% 0.07% 0.63% 0.06%
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December 31 (In thousands) 1999 1998 1997 1996 1995
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Selected balance sheet data:
Total assets............................................................. $ 486,189 298,389 274,873 251,851 205,162
Total loans net of unearned discount..................................... 282,091 165,427 144,333 117,416 85,869
Total loan pool participations........................................... 67,756 54,510 54,326 50,687 45,318
Allowance for loan losses................................................ 4,006 2,177 1,816 1,491 1,001
Total deposits........................................................... 348,672 232,733 215,308 206,952 161,504
Total shareholders' equity............................................... 50,235 38,232 36,754 34,243 32,106
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MAHASKA INVESTMENT COMPANY
Stock Information
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Mahaska Investment Company's Common Stock trades on The NASDAQ National Market
and the quotations are furnished by the NASDAQ system. There were 460
shareholders of record on December 31, 1999, and an estimated 750 additional
beneficial holders whose stock was held in street name by brokerage houses.
NASDAQ symbol: OSKY
Wall Street Journal and Other newspapers: MahaskaInv
Market Markers:
Howe Barnes Investments, Inc.
Knight Securities L.P.
Spear, Leeds & Kellogg
Corporate Headquarters
222 1/st/ Avenue East
P.O. Box 1104
Oskaloosa, IA 52577
(515) 673-8448
www.mahaskainv.com
Annual Shareholders' Meeting
April 27, 2000, 10.30 a.m.
Elmhurst Country Club
2214 South 11/th/ Street
Oskaloosa, IA 52577
Transfer Agent/Dividend
Disbursing Agent
Illinois Stock Transfer Company
209 West Jackson Boulevard, Suite 903
Chicago, IL 60606
(312) 427-2953
Independent Auditor
KPMG LLP
2500 Ruan Center
Des Moines, IA 50309
Annual Report Design
Designgroup, Inc., Des Moines, IA
The following table sets forth the quarterly high and low sales per share for
the Company's stock during 1999 and 1998:
1999 Quarter Ended High Low
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March 31......................... $ 17.75 15.50
June 30.......................... 16.00 14.88
September 30..................... 15.63 14.38
December 31...................... 15.25 11.56
1998 Quarter Ended High Low
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March 31......................... $ 23.63 18.50
June 30.......................... 22.63 20.75
September 30..................... 21.81 19.63
December 31...................... 20.00 16.75
As of December 31, 1999, The Company had 4,335,114 shares of Common Stock
outstanding. On December 31, 1998, there were 3,636,345 shares outstanding. The
Company has declared per share cash dividends with respect to its Common Stock
as follows:
1/st/ Quarter 2/nd/ Quarter 3/rd/ Quarter 4/th/ Quarter
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1999............... $ .15 $ .15 $ .15 $ .15
1998............... .14 .14 .14 .14
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Form 10-K
Copies of Mahaska Investment Company's Annual Report to the Securities and
Exchange Commission Form 10-K will be mailed when available without charge to
shareholders upon written request to Karen K. Baack, Secretary/Treasurer, at the
corporate headquarters. It is also available on the Securities and Exchange
Commission's Internet web site at http://www.sec.gov/cgi-bin/srch-edgar.
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MAHASKA INVESTMENT COMPANY