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Exhibit 13
Mahaska Investment Company & Subsidiaries Financial Highlights
Year Ended December 31 (In thousands, except per share data) 2000 1999 1998 1997 1996
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Summary of income data:
Interest income excluding loan pool participations..................... $ 31,551 21,162 17,996 15,483 13,532
Interest and discount on loan pool participations...................... 7,275 7,668 7,970 8,474 9,097
Total interest income.................................................. 38,826 28,830 25,966 23,957 22,629
Total interest expense................................................. 21,427 13,195 10,490 9,312 8,531
Net interest income.................................................... 17,399 15,635 15,476 14,645 14,098
Provision for loan losses.............................................. 892 3,628 1,179 417 987
Other income........................................................... 2,566 1,947 1,856 1,739 1,506
Other operating expenses............................................... 13,313 10,462 8,947 8,315 7,738
Income before income tax expense....................................... 5,760 3,492 7,206 7,652 6,879
Income tax expense..................................................... 1,759 1,270 2,583 2,294 2,385
Net income............................................................. $ 4,001 2,222 4,623 5,058 4,494
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Per share data:
Net income - basic..................................................... $ 0.99 0.58 1.26 1.38 1.20
Net income - diluted................................................... 0.99 0.56 1.20 1.33 1.19
Cash dividends declared................................................ 0.60 0.60 0.56 0.48 0.44
Book value............................................................. 12.51 11.59 10.51 10.03 9.22
Net tangible book value................................................ 9.54 8.62 8.99 8.35 7.39
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Selected financial ratios:
Net income to average assets........................................... 0.81% 0.64% 1.65% 1.98% 1.93%
Net income to average equity........................................... 8.18% 5.29% 12.16% 14.47% 13.52%
Dividend payout ratio.................................................. 60.61% 103.45% 44.44% 34.78% 36.50%
Average equity to average assets....................................... 9.90% 12.04% 13.54% 13.69% 14.31%
Tier 1 capital to assets at end of period.............................. 10.58% 11.42% 14.02% 14.74% 10.91%
Net interest margin.................................................... 3.87% 4.89% 6.04% 6.31% 6.69%
Gross revenue on loan pools to total gross revenue..................... 17.58% 24.91% 28.64% 32.98% 37.69%
Interest and discount income on loan pools to total interest income.... 18.74% 26.59% 30.69% 35.37% 40.20%
Allowance for loan losses to total loans............................... 0.94% 1.42% 1.32% 1.26% 1.27%
Nonperforming loans to total loans..................................... 0.95% 1.71% 0.84% 1.27% 1.78%
Net loans charged off to average loans................................. 0.65% 1.14% 0.52% 0.07% 0.63%
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December 31 (In thousands) 2000 1999 1998 1997 1996
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Selected balance sheet data:
Total assets........................................................... $ 515,212 486,189 298,389 274,873 251,851
Total loans net of unearned discount................................... 312,081 282,091 165,427 144,333 117,416
Total loan pool participations......................................... 74,755 67,756 54,510 54,326 50,687
Allowance for loan losses.............................................. 2,933 4,006 2,177 1,816 1,491
Total deposits......................................................... 370,144 348,672 232,733 215,308 206,952
Total shareholders' equity............................................. 49,295 50,235 38,232 36,754 34,243
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Directors & Officers
BOARD OF DIRECTORS
Richard R. Donohue
Managing Partner, Theobald, Donohue & Thompson, P.C.
William D. Hassel
Vice Chairman & President, Midwest Federal Savings
Charles S. Howard
Chairman, President & CEO
David A. Meinert
Executive Vice President & CFO
John P. Pothoven
Chairman & President, Mahaska State Bank
John W. N. Steddom
Civil Engineer, Retired
James G. Wake
General Manager, Smith-Wake Investments
Michael R. Welter
General Contractor
Edward C. Whitham
President, Financial Management Accounting
CORPORATE OFFICERS
Charles S. Howard
Chairman, President & CEO
David A. Meinert
Executive Vice President & CFO
Keith C. Comfort
Vice President, Finance
Karen K. Binns
Secretary/Treasurer & Administrative Assistant
Jeffrey L. Rhoads
Controller
Mark T. Gibbons
Loan Review Officer
Bryce C. Abbas
Auditor
Barbara J. Bone
Human Resources Officer
Sheila Davis-Welker
Marketing Director
Barbara A. Finney
Internet Banking
Manager/Operations Officer
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Stock Information
Mahaska Investment Company's Common Stock trades on The Nasdaq Stock Market
under the symbol OSKY. There were 475 shareholders of record on December 31,
2000, and an estimated 1,100 additional beneficial holders whose stock was held
in street name by brokerage houses.
The following table sets forth the quarterly high and low sales per share for
the Company's stock during 2000 and 1999:
2000 Quarter Ended High Low
- --------------------------------------------
March 31................... $11.75 8.50
June 30.................... 9.38 6.75
September 30............... 9.13 7.56
December 31................ 8.88 7.50
1999 Quarter Ended High Low
- --------------------------------------------
March 31................... $17.75 15.50
June 30.................... 16.00 14.88
September 30............... 15.63 14.38
December 31................ 15.25 11.56
As of December 31, 2000, the Company had 3,939,314 shares of Common Stock
outstanding. On December 31, 1999, there were 4,335,114 shares outstanding. The
Company has declared per share cash dividends with respect to its Common Stock
as follows:
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
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2000.......... $.15 $.15 $.15 $.15
1999.......... .15 .15 .15 .15
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. Binns, 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.
Nasdaq symbol: OSKY
Wall Street Journal & other newspapers: MahaskaInv
Corporate Headquarters:
222 First Avenue East
P.O. Box 1104
Oskaloosa, IA 52577
641.673.8448
www.mahaskainv.com
Annual Shareholders' Meeting:
April 26, 2001, 10:30 a.m.
Elmhurst Country Club
2214 South 11th Street
Oskaloosa, IA 52577
Market Makers:
Howe Barnes Investments, Inc.
First Tennessee Securities Corp.
Keefe, Bruyette & Woods, Inc.
Spear, Leeds & Kellogg
Transfer/Dividend Disbursing Agent
Illinois Stock Transfer Company
209 West Jackson Boulevard, Suite 903
Chicago, IL 60606
312.427.2953 or 1.800.757.5755
Independent Auditor:
KPMG LLP
2500 Ruan Center
Des Moines, IA 50309
Annual Report Design:
Designgroup, Inc.
505 East Locust Street
Des Moines, IA 50309-1911
515.282.5297