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EXHIBIT 99.1 SELECTED FINANCIAL DATA
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DECEMBER 31,
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1997 1996 1995 1994 1993
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(IN THOUSANDS)
CONSOLIDATED BALANCE SHEET DATA:
Total assets $370,993 $358,954 $355,854 $348,239 $391,208
Investment securities 83,701 75,618 69,427 50,822 68,163
Mortgage-backed securities 30,579 42,730 49,414 51,472 63,055
Net loans 236,697 218,313 212,159 217,724 212,421
Real estate acquired by foreclosure or
substantively repossessed 2,010 2,230 3,092 8,354 14,970
Deposits 325,293 316,366 314,850 315,063 322,234
Borrowed funds 2,926 4,927 7,368 6,602 41,863
Stockholders' equity 40,028 34,445 31,238 23,795 24,418
YEAR ENDED DECEMBER 31,
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1997 1996 1995 1994 1993
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(DOLLARS IN THOUSANDS, EXCEPT PER-SHARE DATA)
CONSOLIDATED STATEMENT OF OPERATIONS DATA:
Interest and dividend income $ 28,539 $ 27,781 $ 27,750 $ 25,640 $ 27,239
Interest expense 11,404 11,469 11,608 9,961 12,722
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Net interest income 17,135 16,312 16,142 15,679 14,517
Provision for (recovery of) loan losses (316) 116 (154) (287) 1,023
Non-interest income (loss) 3,339 2,149 2,049 (2,553) 5,261
Non-interest expenses 9,857 9,768 11,003 10,376 12,970
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Income before income taxes 10,933 8,577 7,342 3,037 5,785
Income tax expense (benefit) 3,648 1,968 1,960 1,436 (1,468)
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Net income $ 7,285 $ 6,609 $ 5,382 $ 1,601 $ 7,253
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Basic earnings per share (1) $ 0.96 $ 0.90 $ 0.75 $ 0.23 $ 1.04
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Diluted earnings per share (1) $ 0.91 $ 0.84 $ 0.70 $ 0.21 $ 0.97
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Cash dividends paid (1) $ 0.435 $ 0.265 $ 0.150 $ - $ -
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OTHER DATA:
Return on average assets 2.02% 1.87% 1.54% 0.44% 1.84%
Return on average stockholders' equity 19.50 20.47 19.30 6.64 36.35
Stockholders' equity to assets at year end 10.79 9.60 8.78 6.83 6.24
Dividend payout ratio 44.79 29.47 20.09 - -
Weighted average interest rate spread 4.80 4.69 4.71 4.52 4.01
Net yield on average earning assets 5.03% 4.88% 4.84% 4.55% 3.97%
Number of banking offices 6 6 6 6 6
The consolidated financial data for the Corporation and its subsidiaries
presented above are expanded and explained in more detail by the financial
information contained elsewhere herein. The consolidated financial data were
derived from audited consolidated financial statements of the Corporation and
the Bank at and for the periods shown.
(1) Per share amounts have been retroactively restated to reflect the 2-for-1
stock split effected on May 12, 1998.