Exhibit 99.1
NARA BANCORP ANNOUNCES 27% INCREASE IN NET INCOME OF $4.0 MILLION
FOR THE FOURTH QUARTER OF 2003
LOS ANGELES -- January 21, 2004 -- Nara Bancorp, Inc. (Nasdaq: NARA), the
holding company of Nara Bank, N.A. (the "Bank") today announced preliminary
unaudited financial results for 2003. Nara Bancorp, Inc. (the "Company")
reported net income of $4.0 million or $0.33 per diluted share for the fourth
quarter of 2003, a 27% increase compared with $3.1 million or $0.28 for the
corresponding period of 2002. Net income for the year ended December 31, 2003
increased 27% to $14.3 million or $1.24 per diluted share compared with $11.3
million or $0.98 per diluted share, which excludes one time recognition of
negative goodwill due to the change in accounting principle, for the year ended
December 31, 2002.
Fourth Quarter Highlights:
General
- Successfully assumed $50 million in deposits and acquired $41
million in loans from Korea Exchange Bank Broadway Branch, New
York
- 18.82% ROE compared with 19.49% of 2002 fourth quarter
- 1.31% ROA compared with 1.40% of 2002 fourth quarter
- Completed the issuance of $15 million in pooled trust preferred
securities
Balance Sheet Items -- (December 31, 2003 vs. September 30, 2003)
- $117 million increase in total assets
- $86 million increase in loans, excluding acquisition of KEB
Broadway, $45 million or an annualized rate of 20%
- $112 million increase in deposits, excluding KEB Broadway, $62
million or an annualized rate of 26%
Income Statement Items -- (2003 Fourth Quarter vs. 2002 Fourth Quarter)
- 27% increase in net income to $4.0 million compared with $3.1
million
- 18% increase in diluted EPS to $0.33 compared with $0.28
- 27% increase in interest income to $17.1 million compared with
$13.5 million
- interest expenses at $3.9 million did not increase in spite of
$284 million increase in average deposit balances
- 24% increase in non-interest expense to $10.9 million compared
with $8.8 million
Full Year Highlights:
General
- Increased allowance for losses to 1.25% compared with 1.16% at
2002 year end
- Consistently declared quarterly cash dividend of $0.05
Balance Sheet Items -- (December 31, 2003 vs. December 31, 2002)
- 28% increase in total assets to $1.3 billion
- 37% loan growth to $1.0 billion, excluding Asiana and KEB
Broadway acquisitions, $208 million or 28%
- 30% increase in deposits to $1.1 billion, excluding Asiana and
KEB Broadway, $166 million or 20%
Income Statement Comparison Highlights (2003 vs. 2002)
- 19.04% ROE compared with 18.17% of 2002
- 1.32% ROA compared with 1.44% of 2002
- 27% increase in net income to $14.3 million
- 27% increase in diluted EPS to $1.24
- 27% increase in interest income to $61.7 million
- 18% increase in interest expenses to $15.9 million
- 13% increase in noninterest income to $20.4 million
- 16% increase in noninterest expenses to $37.6 million
The Company reported an increase of 27% in net income for the fourth quarter of
$4.0 million, or $0.33 per diluted earnings per share compared with $3.1
million, or $0.28 per diluted earnings per share for the fourth quarter of 2002.
Net income for the year ended December 31, 2003 was $14.3 million, or $1.24,
compared with $11.3 million, or $0.98 for the same period in 2002, which
excludes $4.2 million in one time recognition of negative goodwill due to the
change in accounting principle related to SFAS No. 142, Goodwill and Other
Intangible Assets during the first quarter of 2002.
The annualized return on average assets (ROA) for the 2003 fourth quarter was
1.31% and the annualized return on average equity (ROE) was 18.82%. The
annualized ROA and ROE for the 2002 fourth quarter were 1.40% and 19.49%. The
efficiency ratio was 57.83% for the fourth quarter of 2003 compared with 57.57%
for the fourth quarter of 2002. The ROA for 2003 full year was 1.32% and ROE was
19.04% compared to 1.44% and 18.17% for 2002.
The efficiency ratio for the year was 56.86% compared with to 60.90% in 2002.
Efficiency ratio improved in 2003 and is expected to improve continually as the
Bank's relatively new regions, New York and Northern California continue to gain
on economy of scale and improve profitability in 2004 and forward.
Benjamin Hong, President and Chief Executive Officer, commented, "We are very
pleased with the strong financial performance of Nara during the fourth quarter
of 2003 and for the full year. Our continued focus on balanced growth in all
regions while adhering to our strict underwriting criteria provided a consistent
growth in balance sheet and income statements.
"In October 2003, we have successfully increased our market share in New York
region through the assumption of deposits and purchase of loans from Korea
Exchange Bank Broadway Branch in New York. The acquisition has made Nara Bank
the largest Korean-American Bank in New York, which has the second largest
Korean-American population in the U.S.
"Based on the assumptions of the current interest rate environment, our estimate
for 2004 EPS is between $1.46 and $1.50."
Net Income
Net income increased by 27% to $4.0 million for the quarter ended December 31,
2003 from $3.1 million for the corresponding quarter of the prior year primarily
as a result of an increase in net interest income.
Net income for the year ended December 31, 2003 increased 27% to $14.3 million
or $1.24 per diluted share compared with $11.3 million or $0.98 per diluted
share, which excludes one time recognition of negative goodwill due to the
change in accounting principle, for the year ended December 31, 2002.
Net Interest Income
Net interest income before provision for loan losses for the quarter increased
by $3.6 million, or 38%, to $13.3 million compared with $9.6 million in the same
period of 2002. This increase was primarily due to a $295 million increase in
the average balance of the net interest earning assets and the net interest
income of $890,000 provided by the interest rate hedge. Net interest margin
increased to 4.73% for the quarter ended December 31, 2003 from 4.65% for the
corresponding quarter of 2002 due to the decreases in cost of the interest
bearing liabilities.
Net interest income before provision for loan losses increased by $10.7 million,
or 30%, to $45.8 million for the full year 2003 compared with $35.1 million for
2002. This increase was primarily due to a $287 million increase in the average
balance of net interest earning assets. The net interest margin decreased to
4.54% for the year from 4.86% in 2002 due to the yield decreases of the interest
earning assets mitigated by the yield decreases of the interest bearing
liabilities.
Non-interest Income
Non-interest income decreased $101,000, or 2%, to $5.5 million for the quarter
ended December 31, 2003 compared with $5.6 million for the corresponding quarter
of 2002 primarily as a result of interest rate hedge valuation loss (this is
separate from the net interest income of $890,000 recognized from the interest
rate hedge during the quarter) recognition of $357,000 due to the ineffective
portion of the cash flow hedge compared with $332,000 gain recognized in 2002
fourth quarter. During the fourth quarter of 2003 service charges on deposits
increased $373,000 to $2.1 million compared to the fourth quarter of 2002. Gains
on sale of SBA loans increased $21,000 to $1.1 million compared with the fourth
quarter of 2002. Gains on sale of investment securities were $448,000 compared
with $38,000 in the fourth quarter of 2002.
Non-interest income increased $2.4 million, or 13%, to $20.4 million in 2003
compared with $18.0 million in 2002, primarily as a result of increases in
service charges on deposits and gains on sale of SBA loans. During the 2003,
service charges on deposits increased $1.3 million to $7.7 million compared to
2002. Gain on sale of SBA loans increased $1.2 million to $4.3 million.
Non-interest Expenses
Non-interest expenses for the fourth quarter increased by $2.1 million to $10.9
million compared with the corresponding quarter of 2002 primarily as a result of
the increases in personnel and occupancy expenses. During the fourth quarter of
2003 personnel expenses increased by $970,000 to $5.7 million compared with the
fourth quarter of 2002 due to the additional staffing required to support the
growth of the Bank. Occupancy expenses increased $348,000 to $1.4 million
compared with the fourth quarter of 2002 due to the opening of several new
branches and the addition of new branches from the acquisition of Asiana Bank
during the year.
Non-interest expenses increased $5.3 million to $37.6 million in 2003 compared
to the year-ended 2002 primarily as a result of increases in personnel expenses,
occupancy expenses, data processing expenses, professional fees, and
amortization of intangible assets. During the 2003 year, personnel expenses
increased $3.2 million to $20.4 million as a result of acquisitions and hiring
of new staffs required to support the growth of the Bank. Occupancy expenses
increased $609,000 to $4.8 million compared to the year-ended 2002. Data
processing expenses increased $388,000 to $2.1 million compared to the
year-ended 2002 due to the conversion costs related to the acquisitions and the
substantial increases in the number of customer accounts. Professional fee
expenses increased $297,000 to $2.4 million compared to year-ended 2002
primarily due to the consultation expenses related to our expansion strategy.
Amortization of intangible assets expenses increased $269,000 in 2003 to
$409,000 compared with 2002 due to the amortization of core deposit premium
associated with the recent acquisitions.
Loan Growth
Loans increased $86 million during the quarter to $1.0 billion at December 31,
2003. Excluding the purchase of $41 million in loans from KEB Broadway branch,
loans increased $45 million or an annualized rate of 20%. During the quarter,
commercial loans increased $62.2 million, commercial real estate increased $12.1
million, trade finance increased $9.9 million, consumer loans increased $2.0
million. SBA department originated $36.6 million SBA related loans and sold $14
million.
For the 2003 year, loans increased $271.8 million or 37% to $1.0 billion
compared with December 31, 2002. Excluding the $23 million in loans from the
acquisition of Asiana Bank and the purchase of $41 million from KEB Broadway
branch, loans increased $208 million or 28%. During the year, commercial loans
increased $39.7 million, commercial real estate increased $220.4 million, trade
finance increased $17.5 million, consumer loans increased $6.6 million, and SBA
loans decreased (due to sales and paydowns) $11.7 million.
Credit Quality
Total non-performing assets December 31, 2003 were $5.6 million. Net loan
charge-offs were $822,000 for the quarter ended December 31, 2003 compared with
$50,000 during the fourth quarter of 2002. Annualized net charge-off rate for
the fourth quarter of 2003 was 0.34% compared with 0.03% of the fourth quarter
of 2002. During the 2003 fourth quarter, $1.5 million in provision for loan
losses were provided due to the growth in loans compared with $1.3 million
during the fourth quarter of 2002.
Net loan charge-offs were $1.9 million for the year ended December 31, 2003
compared with $1.0 million for the 2002 year. Net charge-off rate for the 2003
year was 0.23% compared with 0.17% for the 2002 year. The Company provided $5.3
million in provision for loan losses in 2003 compared with $2.7 million the year
before which brought the allowance for loan losses to $12.5 million, or 1.25% of
the gross loans at December 31, 2003, compared with $8.5 million, or 1.16%, at
December 31, 2002.
Securities
Securities, including available for sale and held to maturity totaled $128.4
million at December 31, 2003, an increase of $24.0 million from the end of 2002.
During the fourth quarter, $11.2 million in investment securities were
purchased, $11.0 million were sold, and $2.3 million matured.
Deposits
Deposits increased $112 million during the 2003 fourth quarter to $1.1 billion.
Excluding the assumption of $50.1 million in deposits from KEB Broadway branch,
deposits increased $61.9 million or an annualized rate of 26%. The organic
deposits growth came from the existing branches and the continued seasoning of
the new branches that were opened during the past two years.
For the 2003 year, deposits increased $244.5 million or 30% to $1.1 billion at
December 31, 2003 compared to December 31, 2002. Excluding the $28.5 million in
deposits from the acquisition of Asiana Bank and the assumption of $50.1 million
from KEB Broadway branch, deposits increased $165.8 million or 20%.
The average cost of deposits for the quarter ended December 31, 2003 decreased
to 1.21% from 1.66% for the corresponding quarter of the prior year due to the
decreases in market interest rates. The average cost of deposits decreased to
1.43% for 2003 from 1.63% for 2002 also due to the decreases in market interest
rates.
Income Taxes
The effective tax rate for the fourth quarter ended December 31, 2003 was 38.0%
compared with 38.9% for the same period of 2002. The effective tax rate for the
year-ended 2003 was 38.5% compared with from 37.5% for the year ended December
31, 2002.
Capital
Stockholders' equity increased $19.6 million or 30% to $85.0 million at the end
of 2003 compared with $65.4 million at year-end 2002. The increase in equity
consist of retention of earnings during the year and issuance of 426,189 shares
of common shares valued at $8.0 million to acquire Asiana Bank reduced by $2.2
million in cash dividends declared. The Tier 1 Leverage Ratio of the Company was
9.84% and 9.64% at December 31, 2003 and 2002, respectively. The Company's
capital ratios exceed regulatory requirements and the Company continues to be
categorized as "Well Capitalized."
Third Quarter Earnings Teleconference and Webcast
Nara will hold a conference call and audio webcast, Thursday, January 22, 2004,
at 8:00 a.m. Pacific time to discuss the financial results of the fourth
quarter. The webcast will be available through a link on the Investor Relations
page of the Company's website at www.narabank.com and may be accessed through
CCBN at www.companyboardroom.com. The dial in number is (800) 299 -- 9086 and
the passcode is 58456087. If you are unable to listen to the webcast, a replay
will be available at both websites temporarily.
About Nara Bancorp
Nara Bancorp, Inc. is the parent company of Nara Bank, N.A., which was founded
in 1989. Nara Bank is a full service commercial bank headquartered in Los
Angeles with twenty-two branches and offices in the United States and one
representative office in Seoul, Korea. Nara Bank operates full service branches
in California and New York with loan production offices in California,
Washington, Illinois, Georgia, New Jersey and Virginia. Nara Bank specializes in
core business banking products for small and medium-sized companies with
emphasis in commercial real estate and business lending, SBA lending and
international trade financing. Nara Bank is a member of the FDIC and is an Equal
Opportunity Lender. For more information on Nara Bank call our Los Angeles
office at 213-639-1700 or New York office at 212-279-2790 or visit our website
at www.narabank.com. Nara Bancorp, Inc. stock is listed on Nasdaq under the
symbol "NARA".
Forward-Looking Statements
This press release may contain forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied by such forward looking statements, including,
but not limited to economic, competitive, governmental and technological factors
affecting Nara Bancorp's operations, markets, products, services, and pricing.
Nara Bancorp undertakes no obligation to revise or publicly release the results
of any
revision to these forward-looking statements. Readers should carefully review
the risk factors and the information that could materially affect Nara Bancorp's
financial results, described in other documents the Company files from time to
time with the Securities and Exchange Commission, including its Form 10-Q for
the quarter ended September 30, 2003 and Annual Report on Form 10-K for the
fiscal year ended December 31, 2002, and particularly the discussion of business
considerations and certain factors that may affect results of operations and
stock price set forth therein. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date of this
press release.
CONTACT INFORMATION:
Benjamin Hong, Chief Executive Officer
213-639--1700
Timothy T. Chang, Chief Financial Officer
213-637-2596
timchang@narabank.com
J. Han Park, Public Relations
213-427-6322
hpark@narabank.com
NARA BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS) (UNAUDITED)
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
ASSETS
Cash and due from banks $ 34,238 $ 31,443
Term fed funds sold 5,000 --
Federal funds sold 37,200 73,300
Securities available for sale, at fair value 126,412 101,623
Securities held to maturity, at cost (fair value $2,148 at
December 31, 2003 and $2,927 at December 31, 2002) 2,001 2,779
FHLB and other equity securities 5,958 4,747
Loans 1,001,581 729,815
Allowance for loan losses (12,471) (8,458)
----------------------------------
Net loans 989,110 721,357
Accrued interest receivable 4,718 4,195
Premises and equipment, net 6,766 4,995
Goodwill and intangible assets, net 6,764 2,394
Other assets 39,827 32,416
----------------------------------
Total assets $ 1,257,994 $ 979,249
==================================
LIABILITIES
Deposits $ 1,061,394 $ 816,918
Borrowings 60,000 65,000
Trust preferred securities 37,136 17,413
Accrued interest payable 1,010 2,861
Other liabilities 13,434 11,688
----------------------------------
Total liabilities $ 1,172,974 $ 913,880
----------------------------------
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value, authorized 20,000,000 shares
at December 31, 2003 and at December 31, 2002, shares
issued and outstanding 11,560,089 at December 31, 2003 and
10,690,630 at December 31, 2002 $ 12 $ 11
Capital surplus 43,057 32,930
Deferred compensation (10) --
Retained earnings 42,016 29,903
Accumulated other comprehensive income (55) 2,525
----------------------------------
Total stockholders' equity 85,020 65,369
----------------------------------
Total liabilities and stockholders' equity $ 1,257,994 $ 979,249
==================================
NARA BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
THREE MONTHS ENDED DEC. 30, TWELVE MONTHS ENDED DEC. 31,
-------------------------------- -------------------------------
INCOME STATEMENT 2003 2002 2003 2002
-------------------------------- -------------------------------
Interest income:
Loans $ 14,708 $ 11,569 $ 51,744 $ 41,934
Securities 1,415 1,167 5,768 5,017
Federal funds sold 40 79 518 451
Other investment, including TCD with other
financial institution 64 83 278 179
Interest rate swaps 890 570 3,432 990
-------------------------------- -------------------------------
Total interest income 17,117 13,468 61,740 48,571
-------------------------------- -------------------------------
Interest expenses:
Deposits 3,065 3,012 12,773 10,606
Trust Preferred 424 363 1,551 1,361
Borrowings 365 464 1,609 1,497
-------------------------------- -------------------------------
Total interest expense 3,854 3,839 15,933 13,464
-------------------------------- -------------------------------
Net interest income 13,263 9,629 45,807 35,107
Provision for loan losses 1,500 1,336 5,250 2,686
-------------------------------- -------------------------------
Net interest income after provision for
loan losses 11,763 8,293 40,557 32,421
-------------------------------- -------------------------------
Noninterest income:
Service charge on deposits 2,098 1,725 7,678 6,333
Other charges and fees 2,235 2,451 7,523 7,170
Gain on sale of loans and securities 1,541 1,110 5,118 4,056
Gain on interest rate swaps (357) 332 80 442
-------------------------------- -------------------------------
Total noninterest income 5,517 5,618 20,399 18,001
-------------------------------- -------------------------------
Noninterest expense:
Personnel 5,725 4,754 20,440 17,254
Occupancy 1,386 1,038 4,793 4,184
Furniture and equipment 440 380 1,582 1,530
Advertising and marketing 459 455 1,392 1,523
Communications 163 137 643 580
Data processing 565 455 2,087 1,699
Professional fees 794 665 2,435 2,138
Office supplies and forms 149 102 447 359
Miscellaneous expense 1,179 791 3,829 3,074
-------------------------------- -------------------------------
Total noninterest expense 10,860 8,777 37,648 32,341
-------------------------------- -------------------------------
Income before income taxes and cumulative
effect of a change in accounting principle 6,420 5,135 23,308 18,081
Income tax provision 2,439 1,996 8,971 6,777
-------------------------------- -------------------------------
Income before cumulative effect of a
change in accounting principle 3,981 3,139 14,337 11,304
Cumulative effect of a change in
accounting principle -- -- -- 4,192
-------------------------------- -------------------------------
Net income $ 3,981 $ 3,139 $ 14,337 $ 15,496
================================ ===============================
Earnings Per Share:
Income before cumulative effect of a change in
accounting principle
Basic $ 0.34 $ 0.29 $ 1.30 $ 1.03
Diluted 0.33 0.28 1.24 0.98
Cumulative effect of a change in accounting
principle
Basic $ -- $ -- $ -- $ 0.38
Diluted -- -- -- 0.37
Income after cumulative effect of a change
in accounting principle
Basic $ 0.34 $ 0.29 $ 1.30 $ 1.41
Diluted 0.33 0.28 1.24 1.35
Average Shares Outstanding
Basic 11,543,701 10,696,652 11,027,945 10,960,286
Diluted 12,005,574 11,192,696 11,566,944 11,488,234
NARA BANCORP, INC.
SUPPLEMENTAL DATA
(UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
AT OR FOR THE THREE AT OR FOR THE TWELVE
MONTHS ENDED DEC. 31, MONTHS ENDED DEC. 31,
--------------------- ----------------------
2003 2002 2003 2002
--------------------- ----------------------
Profitability measures:
ROA* 1.31% 1.40% 1.32% 1.44%
ROE* 18.83% 19.49% 19.04% 18.17%
Net interest margin 4.73% 4.65% 4.54% 4.86%
Efficiency ratio 57.83% 57.57% 56.86% 60.90%
Yield on average interest-earning assets 6.10% 6.51% 6.12% 6.73%
Cost of interest bearing liabilities 1.91% 2.58% 2.17% 2.72%
Average cost of deposit 1.21% 1.66% 1.43% 1.63%
* 2002 Ratios exclude $4.2 million one time income related to recognition of
negative goodwill.
FOR THE THREE MONTHS ENDED FOR THE TWELVE MONTHS ENDED
----------------------------- -----------------------------
DEC. 31, 2003 DEC. 31, 2002 DEC. 31, 2003 DEC. 31, 2002
------------------------------ -----------------------------
AVERAGE BALANCES
Net interest earning assets $1,122,315 $ 827,612 $1,009,276 $ 721,960
Gross Loans 978,223 704,428 839,098 605,453
Other Assets 90,882 67,468 77,777 64,253
--------------------------- ---------------------------
Total assets 1,213,197 895,080 1,087,053 786,213
--------------------------- ---------------------------
Deposits:
Noninterest bearing demand deposits 303,652 220,529 262,993 209,614
Savings and interest bearing demand deposits 279,957 178,884 245,646 168,569
Time deposits 426,488 326,316 387,304 270,646
Total deposits 1,010,097 725,729 895,943 648,829
Borrowings 78,211 71,741 79,126 40,932
Trust preferred 24,349 17,410 20,663 15,633
Interest bearing liabilities 809,005 594,351 732,739 495,780
Other Liabilities 15,959 15,766 16,037 15,795
--------------------------- ---------------------------
Total liabilities 1,128,616 830,646 1,011,769 723,989
--------------------------- ---------------------------
Equity 84,581 64,434 75,284 62,224
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
LOAN PORTFOLIO ANALYSIS:
Real Estate $ 576,199 $ 355,787
Commercial 238,798 199,075
Trade Finance 62,740 45,201
SBA Loans 62,589 74,290
Consumer and Other Loans 63,373 56,788
--------------------------------
Loans outstanding 1,003,699 731,141
Unamortized Deferred Loan Fees (2,118) (1,326)
--------------------------------
Loans, net of unearned loan fees $ 1,001,581 $ 729,815
================================
FOR THE TWELVE MONTHS ENDED
---------------------------------------
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
ALLOWANCE FOR LOAN LOSSES:
Balance at Beginning of Period $ 8,458 $ 6,710
Provision for Loan Losses 5,250 2,790
Recoveries 510 1,372
Charge Offs (2,416) (2,414)
Provision for Losses for Asiana Bank 669 --
--------------------------------
Balance at End of Period $ 12,471 $ 8,458
================================
Loan Loss Allowance/Gross Loans 1.25% 1.16%
Loan Loss Allowance/Non-Performing
Loans 246% 782%
Net charge off/Average gross loans 0.23% 0.17%
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
Non-performing assets:
Delinquent Loans on Non-Accrual Status $ 4,855 $ 1,064
Delinquent Loans on Accrual Status 209 18
--------------------------------
Total Non-Performing Loans $ 5,064 $ 1,082
OREO -- 36
Restructured Loans 529 1,067
--------------------------------
Total Non-Performing Assets $ 5,593 $ 2,185
================================
Non-Performing Assets/Total Assets 0.44% 0.22%
Non-Performing Loans/Gross Loans 0.51% 0.15%
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
Selected deposit data:
Noninterest bearing demand deposits $ 325,626 $ 236,923
Savings and interest bearing
demand deposits 291,628 225,150
Time deposits 444,140 354,845
--------------------------------
Total deposit balances $ 1,061,394 $ 816,918
--------------------------------
DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- -----------------
Selected equity data:
Total stockholders' equity 85,020 60,369
Tier 1 risk-based capital ratio 9.84% 9.64%
Total risk-based capital ratio 11.80% 10.69%
Tier 1 leverage ratio 8.84% 8.72%
Book value per share $ 7.35 $ 6.11