| Quarter Ended March 31, 2001 | ||||||
| 2001 | 2000 | %Change | ||||
| Results of Operations | ||||||
| Net interest income | $2,901,392 | $2,840,685 | 2% | |||
| Provision for possible loan losses | 137,500 | 112,000 | 23% | |||
| Other operating income | 1,679,597 | 1,871,179 | -10% | |||
| Other operating expenses | 3,699,772 | 4,101,810 | -10% | |||
| Income taxes | 238,546 | $72,492 | 229% | |||
| Net income | 505,171 | 425,562 | 19% | |||
| Per Share | ||||||
| Net income | 0.19 | 0.15 | 21% | |||
| Cash dividends declared | 0.09 | 0.09 | 0% | |||
| Book value | 11.66 | 10.69 | 9% | |||
| Common stock closing price | 10.81 | 14.25 | -24% | |||
| At March 31 | ||||||
| Short term investments | 1,296,805 | 660,959 | 96% | |||
| Investment securities | 113,907,819 | 74,395,101 | 53% | |||
| Loans (net of unearned income) | 242,520,443 | 273,610,958 | -11% | |||
| Earning assets - Note 1 | 356,436,545 | 350,538,888 | 2% | |||
| Total assets | 386,846,205 | 378,876,170 | 2% | |||
| Total deposits | 293,899,230 | 266,049,833 | 10% | |||
| Stockholders' equity | 31,572,245 | 29,420,420 | 7% | |||
| Common shares outstanding | ||||||
| Average Balances | ||||||
| Short term investments | 9,793,952 | 240,677 | 3969% | |||
| Investment securities | 83,264,649 | 74,884,947 | 11% | |||
| Loans (net of unearned income) | 261,563,667 | 264,782,878 | -1% | |||
| Earning assets - Note 1 | 357,277,315 | 341,861,147 | 5% | |||
| Total assets | 389,237,832 | 371,639,704 | 5% | |||
| Total deposits | 292,712,693 | 263,213,799 | 11% | |||
| Stockholders' equity | 31,407,067 | 29,527,245 | 6% | |||
| Earnings Ratios | ||||||
| Return on average total assets | 0.52% | 0.46% | ||||
| Return on average stockholders' equity | 6.43% | 5.77% | ||||
| Net yield on average earning assets - Note 1 | 3.39% | 3.57% | ||||
| Interest rate spread - Note 1 | 2.85% | 2.98% | ||||
| Credit Ratios | ||||||
| Nonaccrual, restructured, and delinquent loans over 90 days to total loans | 0.58% | 0.36% | ||||
| Allowance to total loans | 1.27% | 1.07% | ||||
| Net loan losses to average loans | 0.03% | 0.02% | ||||
| Capital Ratios (period end) | ||||||
| Stockholders' equity to total assets | 8.16% | 7.77% | ||||
| Leverage capital - Note 2 | 7.71% | 7.89% | ||||
| Tier 1 risk-based capital - Note 2 | 11.35% | 13.95% | ||||
| Total risk-based capital - Note 2 | 12.52% | 15.26% | ||||
Note 1 : Calculated using amortized cost basis of investments which does not consider the effect of market value gains or losses resulting from Statement of Financial Accounting Standards No. 115.
Note 2 : Regulatory capital ratios exclude the net unrealized holding gains or losses on available for sale securities, except that 45% of the unrealized market value gains on equity securities are included in total capital in accordance with regulations.