Quarter Ended March 31, 2004
	2004	2003	%Change
Results of Operations
Net interest income	$2,605,879	$2,297,997	13%
Provision for loan losses	-	121,500	-100%
Non-interest income	2,302,879	1,913,297	20%
Non-interest expenses	4,222,045	3,532,988	20%
Income taxes	214,075	207,561	3%
Net income	472,637	349,245	35%
Per Share
Net income	0.17	0.12	35%
Cash dividends declared	0.09	0.09	0%
Book value	12.13	12.11	0%
Common stock closing price	18.05	15.25	18%
At March 31
Short term investments	10,017,671	13,064,322	-23%
Investment securities	57,187,882	86,009,959	-34%
Gross Loans (net of unearned income)	193,872,333	195,103,946	-1%
Earning assets	269,906,694	293,205,793	-8%
Total assets	303,844,096	324,378,604	-6%
Total deposits	211,872,745	228,358,069	-7%
Stockholders' equity	34,306,563	34,179,940	0%
Common shares outstanding	2,828,078	2,821,757
Average Balances
Short term investments	13,223,173	19,464,328	-32%
Investment securities	54,867,923	74,166,698	-26%
Gross Loans (net of unearned income)	192,093,945	200,750,283	-4%
Earning assets	269,096,342	296,881,208	-9%
Total assets	302,125,555	322,943,849	-6%
Total deposits	209,527,637	229,224,599	-9%
Stockholders' equity	34,416,165	33,941,821	1%
Earnings Ratios
Return on average total assets	0.63%	0.43%
Return on average stockholders' equity	5.49%	4.12%
Net yield on average earning assets	3.95%	3.21%
Interest rate spread	3.51%	2.12%
Credit Ratios
Nonperforming assets as a percent of period-end loans and other real estate	0.82%	1.36%
Allowance to total loans	1.88%	1.89%
Net loan losses to average loans	0.00%	0.00%
Capital Ratios (period end)
Shareholders' equity to total assets	11.29%	10.54%
Leverage capital	10.40%	9.57%
Tier 1 risk-based capital	13.88%	14.59%
Total risk-based capital	15.52%	15.38%

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