| Quarter Ended March 31 | ||||||
| 2002 | 2001 | %Change | ||||
| Results of Operations | ||||||
| Net interest income | $2,568,031 | $2,901,392 | -11% | |||
| Provision for possible loan losses | 131,500 | 137,500 | -4% | |||
| Other operating income | 1,627,195 | 1,679,597 | -3% | |||
| Other operating expenses | 3,605,742 | 3,699,772 | -3% | |||
| Income taxes | 132,462 | 238,546 | -44% | |||
| Net income | 325,522 | 505,171 | -36% | |||
| Per Share | ||||||
| Net income | 0.12 | 0.19 | -36% | |||
| Cash dividends declared | 0.09 | 0.09 | 0% | |||
| Book value | 12.00 | 11.66 | 3% | |||
| Common stock closing price | 12.90 | 10.81 | 19% | |||
| At March 31 | ||||||
| Short term investments | 9,773,983 | 1,296,805 | 654% | |||
| Investment securities | 101,649,704 | 113,907,819 | -11% | |||
| Loans (net of unearned income) | 218,215,317 | 242,520,443 | -10% | |||
| Earning assets - Note 1 | 328,376,205 | 356,436,545 | -8% | |||
| Total assets | 352,913,653 | 386,846,205 | -9% | |||
| Total deposits | 259,965,045 | 293,899,230 | -12% | |||
| Stockholders' equity | 32,399,138 | 31,572,245 | 3% | |||
| Common shares outstanding | 2,700,337 | 2,707,733 | ||||
| Average Balances | ||||||
| Short term investments | 3,330,069 | 9,793,952 | -66% | |||
| Investment securities | 101,666,439 | 83,264,649 | 22% | |||
| Loans (net of unearned income) | 219,605,956 | 264,594,323 | -17% | |||
| Earning assets - Note 1 | 322,299,395 | 357,277,315 | -10% | |||
| Total assets | 356,090,358 | 389,237,832 | -9% | |||
| Total deposits | 263,232,745 | 292,712,693 | -10% | |||
| Stockholders' equity | 33,014,398 | 31,407,067 | 5% | |||
| Earnings Ratios | ||||||
| Return on average total assets | 0.37% | 0.52% | ||||
| Return on average stockholders' equity | 3.94% | 6.43% | ||||
| Net yield on average earning assets - Note 1 | 3.32% | 3.39% | ||||
| Interest rate spread - Note 1 | 2.86% | 2.85% | ||||
| Credit Ratios | ||||||
| Nonaccrual, restructured, and delinquent loans over 90 days to total loans | 1.04% | 0.58% | ||||
| Allowance to total loans | 1.58% | 1.27% | ||||
| Net loan losses to average loans | 0.01% | 0.03% | ||||
| Capital Ratios (period end) | ||||||
| Stockholders' equity to total assets | 9.18% | 8.16% | ||||
| Leverage capital - Note 2 | 8.11% | 7.71% | ||||
| Tier 1 risk-based capital - Note 2 | 12.78% | 11.35% | ||||
| Total risk-based capital - Note 2 | 14.03% | 12.52% | ||||
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.