| Quarter Ended June 30 | ||||||
| 2003 | 2002 | %Change | ||||
| Results of Operations | ||||||
| Net interest income | $2,133,753 | $2,648,956 | -19% | |||
| Provision for loan losses | 121,500 | 131,500 | -8% | |||
| Non-interest income | 2,175,138 | 2,504,580 | -13% | |||
| Non-interest expenses | 3,833,056 | 3,696,614 | 4% | |||
| Income taxes | 89,574 | 439,327 | -80% | |||
| Net income | 264,761 | 886,095 | -70% | |||
| Per Share - Note 1 | ||||||
| Net income | 0.09 | 0.31 | -71% | |||
| Cash dividends declared | 0.09 | 0.09 | 0% | |||
| Average Balances | ||||||
| Short term investments | 26,499,541 | 14,079,520 | 88% | |||
| Investment securities | 75,950,857 | 78,794,584 | -4% | |||
| Loans (net of unearned income) | 1,058,868 | 0 | 100% | |||
| Gross loans (net of unearned income) | 194,669,101 | 219,637,010 | -11% | |||
| Earning assets - Note 2 | 297,086,737 | 313,658,166 | -5% | |||
| Total assets | 328,685,665 | 338,708,138 | -3% | |||
| Total deposits | 232,984,296 | 246,688,152 | -6% | |||
| Stockholders' equity | 34,224,216 | 33,720,450 | 1% | |||
| Earnings Ratios | ||||||
| Return on average total assets | 0.32% | 1.05% | ||||
| Return on average stockholders' equity | 3.09% | 10.51% | ||||
| Net yield on average earning assets - Note 2 | 2.94% | 3.50% | ||||
| Interest rate spread - Note 2 | 2.45% | 2.91% | ||||
| Credit Ratios | ||||||
| Net loan losses to average loans | 0.03% | 0.04% | ||||
| Six Months End June 30 | ||||||
| 2003 | 2002 | %Change | ||||
| Results of Operations | ||||||
| Net interest income | $4,431,749 | $5,216,988 | -15% | |||
| Provision for loan losses | 243,000 | 263,000 | -8% | |||
| Non-interest income | 4,088,434 | 4,131,776 | -1% | |||
| Non-interest expenses | 7,366,045 | 7,302,357 | 1% | |||
| Income taxes | 297,133 | 571,789 | -48% | |||
| Net income | 614,005 | 1,211,618 | -49% | |||
| Per Share - Note 1 | ||||||
| Net income | 0.22 | 0.43 | -49% | |||
| Cash dividends declared | 0.18 | 0.18 | 0% | |||
| Book value | 12.11 | 11.95 | 1% | |||
| Common stock closing price | 17.25 | 13.52 | 28% | |||
| At June 30 | ||||||
| Short term investments | 23,601,237 | 4,487,983 | 426% | |||
| Investment securities | 81,926,654 | 77,099,551 | 6% | |||
| Loans held for sale | 3,239,178 | 0 | 100% | |||
| Gross loans (net of unearned income) | 196,312,088 | 218,090,737 | -10% | |||
| Earning assets - Note 2 | 303,882,870 | 299,739,130 | 1% | |||
| Total assets | 338,957,385 | 328,940,971 | 3% | |||
| Total deposits | 241,755,796 | 235,962,527 | 2% | |||
| Shareholders' equity | 34,228,440 | 33,880,105 | 1% | |||
| Common shares outstanding - Note 1 | 2,826,687 | 2,835,354 | ||||
| Average Balances | ||||||
| Short term investments | 23,001,369 | 12,073,471 | 91% | |||
| Investment securities | 76,515,902 | 88,551,309 | -14% | |||
| Loans held for sale | 532,359 | 0 | 100% | |||
| Gross loans (net of unearned income) | 197,692,894 | 219,621,568 | -10% | |||
| Earning assets - Note 2 | 296,984,541 | 321,293,891 | -8% | |||
| Total assets | 325,775,600 | 347,163,212 | -6% | |||
| Total deposits | 231,114,832 | 254,914,745 | -9% | |||
| Shareholders' equity | 34,083,799 | 33,274,939 | 2% | |||
| Earnings Ratios | ||||||
| Return on average total assets | 0.38% | 0.70% | ||||
| Return on average stockholders' equity | 3.60% | 7.28% | ||||
| Net yield on average earning assets - Note 2 | 3.07% | 3.37% | ||||
| Interest rate spread - Note 2 | 2.57% | 2.83% | ||||
| Credit Ratios | ||||||
| Nonperforming assets as a percent of period-end loans and other real estate owned | 1.24% | 1.32% | ||||
| Allowance to total loans | 1.88% | 1.60% | ||||
| Net loan losses to average loans | 0.04% | 0.05% | ||||
| Capital Ratios (period end) | ||||||
| Stockholders' equity to total assets | 10.10% | 10.30% | ||||
| Leverage capital - Note 3 | 9.53% | 9.48% | ||||
| Tier 1 risk-based capital - Note 3 | 13.62% | 13.68% | ||||
| Total risk-based capital - Note 3 | 15.26% | 14.94% | ||||
Note 1 : Per share amounts and common shares outstanding have been adjusted to retroactively reflect the effect of a 5% stock dividend declared by the Board of Directors on October 24, 2002.
Note 2 : 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 3 : 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.