CONDENSED CONSOLIDATED BALANCE SHEETS:
"At September 30," "At September 30,"
ASSETS 2001 2000
Cash and cash equivalents " $20,000,849 " " 5,089,971 "
Investment securities " 30,888,921 " " 48,648,281 "
"Loans receivable, net (1)" " 143,940,327 " " 191,514,140 "
"Buildings & equipment, net" " 1,464,606 " " 1,635,170 "
Other assets " 3,960,682 " " 3,788,413 "
TOTAL ASSETS " $200,255,385 " " 250,675,975 "
LIABILITIES
Deposits " $148,063,502 " " 165,325,440 "
Advances from FHLB and
other borrowed money " 22,764,202 " " 59,337,045 "
Other liabilities " 3,328,293 " " 2,351,486 "
Total liabilities " 174,155,997 " " 227,013,971 "
Stockholders' equity " 26,099,388 " " 23,662,004 "
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY " $200,255,385 " " 250,675,975 "
"(1) Loans receivable are presented after adjustments for
undisbursed loan funds, unearned fees and discounts
and the allowance for loan losses. The allowance for
loan losses was $1,424,129 and $1,376,707 at
September 30, 2001 and September 30, 2000, respectively."
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS :
" Year ended September 30, Three months ended September 30,"
2001 2000 2001 2000
Interest income " $16,438,183 $18,230,608 $3,592,829 "$4,735,061 "
Interest expense " 9,909,196 11,229,360 2,033,401 " 3,059,995 "
Net interest income " 6,528,987 " 7,001,248" 1,559,428 " 1,675,066 "
Provision for loan losses " 120,000 " 266,970 " 15,000 " (98,030)"
Net interest income after
provision for loan losses " 6,408,987 " 6,734,278 "1,544,428 " 1,773,096 "
Non-interest income " 2,352,676 " 977,480 " 852,848 " 275,329 "
Non-interest expense " 4,276,522 " 4,056,446 1,197,369 " 1,062,479 "
Income tax expense " 1,780,394 " 1,271,947 " 559,600 " 205,047 "
Net earnings before
cumulative effect of
change in accounting
principle " 2,704,747 " 2,383,365 " 640,307 " 780,899 "
Cumulative effect of change
in accounting principle (2) " (214,553)" - - -
Net earnings " $2,490,194 $2,383,365 " $640,307 " $780,899 "
Net earnings per share
Basic $2.35 $2.19 $0.60 $0.71
Diluted 2.18 2.04 0.55 0.67
Book value per share $23.68 $21.37 $23.68 $21.37
Shares outstanding at end
of period " 1,101,938 " 1,107,374 1,101,938 " 1,107,374 "
Weighted average diluted
common and common equivalent
shares outstanding " 1,143,078 " 1,167,846 55,265 " 1,171,722 "
(2) Cumulative effect of change in acounting principle relates to the
transfer to the investment securities from the held to maturity
portfolio to available for sale and trading portfolios.
This transaction occurred on October 1, 2000 when the Company
adopted the provisions of Statement of Financial Accounting
Standard No. 133 and resulted in a loss of $214,533, which
is presented net of a tax benefit of $125,144.
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Year ended September 30, Three months ended September 30,
OTHER DATA (unaudited): 2001 2000 2001 2000
Return on average assets (3) 1.13% 0.97% 1.25% 1.24%
Return on average equity (3) 10.17% 10.23% 9.87% 13.28%
Equity to total assets 13.03% 9.44% 13.03% 9.44%
(3) Information for the three months ended is annualized.