CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited):
"At June 30," "At December 31,"
ASSETS 2002 2001
Cash and cash equivalents " $9,330,689 " " $22,163,258 "
Investment securities " 84,606,087 " " 75,310,561 "
"Loans receivable, net (1)" " 232,712,125 " " 240,978,534 "
"Buildings & equipment, net" " 3,610,115 " " 3,521,469 "
Goodwill " 2,108,801 " " 2,108,801 "
Core deposit intangible " 673,637 " " 744,546 "
Other assets " 4,959,938 " " 4,872,389 "
TOTAL ASSETS " $338,001,392 " " $349,699,558 "
LIABILITIES
Deposits " $262,637,881 " " $273,246,285 "
Federal Home Loan Bank borrowings " 27,453,160 " " 28,697,063 "
Other liabilities " 7,891,507 " " 7,551,457 "
Total liabilities " 297,982,548 " " 309,494,805 "
Stockholders' equity " 40,018,844 " " 40,204,753 "
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY "$338,001,392" "$349,699,558"
"(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 $2,579,394 and $2,640,288
at June 30, 2002 and December 31, 2001, respectively."
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited):
Six months ended June 30, Three months ended June 30,
2002 2001 2002 2001
Interest income $9,998,397 $8,360,723 $4,956,001 $4,092,177
Interest expense 3,859,339 4,997,693 1,782,307 2,354,586
Net interest income 6,139,058 3,363,030 3,173,694 1,737,591
Provision for loan losses 66,500 60,000 33,000 15,000
Net interest income after
provision for loan losses 6,072,558 3,303,030 3,140,694 1,722,591
Non-interest income (2) (3) 1,592,149 956,099 861,264 606,888
Non-interest expense 4,423,622 2,064,512 2,207,169 1,010,136
Income tax expense 1,103,243 810,650 615,287 488,250
Net earnings $2,137,842 $1,383,967 $1,179,502 $831,093
Net earnings per share (4)
Basic $1.06 $1.25 $0.60 $0.75
Diluted 1.03 1.17 0.58 0.70
Book value per share (4) $20.22 $22.15 $20.22 $22.15
Shares outstanding at end of period 1,978,792 1,147,060 1,978,792 1,147,060
Weighted average diluted common and common
equivalent shares outstanding 2,073,665 1,187,514 2,035,385 1,195,452
"(2) Total non-interest income includes gains on sale of loans of $485,483
for the six months ended June 30, 2002 compared to $257,161 for the six
months ended June 30, 2001. Total non-interest income includes gains
on sale of loans of $235,328 for the three months ended June 30, 2002
compared to $197,120 for the three months ended June 30, 2001. This
improvement in gains on sale of loans resulted from the increased level
of loan originations due to the decrease in home mortgage interest rates
during 2002.
"(3) Total non-interest income includes gains on sale of investments of
$93,418 for the six months ended June 30, 2002 compared to $430,453 for
the six months ended June 30, 2001. Total non-interest income includes
gains on sale of investments of $67,618 for the three months ended June
30, 2002 compared to $283,290 for the three months ended June 30, 2001.
This decline in gains on sales of investment was the result of a reduced
number of investment sales based on the Company's evaluation of the
investment portfolio.
"(4) Net earnings per share and book value per share at or for the period
ended June 30, 2001 have been adjusted to give effect to the 5% stock
dividend paid in December 2001.
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Six months ended June 30, Three months ended June 30,
OTHER DATA (unaudited): 2002 2001 2002 2001
Return on average assets (5) 1.27% 1.24% 1.43% 1.48%
Return on average equity (5) 10.75% 11.35% 12.06% 13.79%
Equity to total assets 11.84% 12.11% 11.84% 12.11%
(5) Information for the three and six months ended is annualized.