AJS Bancorp, Inc. Announces Year End Earnings.Business Editors MIDLOTHIAN Midlothian (mĭdlō`thēən), council area (1993 est. pop. 79,910), 137 sq mi (356 sq km), and former county, SE Scotland. Under the Local Government Act of 1973, Midlothian was divided between the former Lothian and Borders regions in , Ill.--(BUSINESS WIRE)--Jan. 22, 2003 AJS AJS American Journal of Sociology AJS American Judicature Society AJS American Journal of Surgery AJS Association for Jewish Studies AJS Americans for Job Security AJS Administration of Justice Studies AJS America-Japan Society AJS AJ Stevens Bancorp, Inc. (Electronic Bulletin Board; AJSB.OB), the holding company for A.J. Smith Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , Midlothian, Illinois Midlothian is a village in Cook County, Illinois, United States. The population was 14,315 at the 2000 census. Geography Midlothian is located at (41.626383, -87.721373)GR1. today reported consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net income of $453,000 for the fourth quarter ended December December: see month. 31, 2002 as compared to $403,000 for the same quarter in 2001. Basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. earnings were $0.19 per share for the quarter ended December 31, 2002. Net income for the twelve months ended December 31, 2002 totalled $2.1 million, compared to net income of $979,000 for the year ended December 31, 2001. Basic and diluted earnings were $.90 per share for the year ended December 31, 2002. No per share information is provided for the three and twelve month periods ended December 31, 2001 since AJS Bancorp, Inc was a public company for only four days at this date. All information is unaudited. Total assets as of December 31, 2002 were $222.6 million, an increase of $2.8 million or 1.3% from $219.8 million at December 31, 2001. Loans receivable increased $7.6 million or 5.9% to $136.1 million at December 31, 2002 from $128.5 million at December 31, 2001. Securities decreased $2.5 million or 4.5%, to $52.2 million at December 31, 2002 from $54.7 million at December 31, 2001. The increase in loans and decrease in securities represents the Bank's attempt to invest the cash received from maturing securities into higher yielding loans. Total deposits decreased $2.8 million or 1.6% to $169.0 million at December 31, 2002 from $171.8 million at December 31, 2001. This decrease was largely due to the refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies of excess stock subscription money that was still on deposit as of December 31, 2001. Federal Home Loan Bank advances increased to $16.0 million at December 31, 2002 from $13.0 million at December 31, 2001. These fixed rate borrowings mature over the next five years. At December 31, 2002 the Company had non-performing assets of $1.1 million compared to $1.7 million as of December 31, 2001. The allowance for loan losses was $2.1 million at December 31, 2002, and $2.5 million at December 31, 2001. This represents a ratio of allowance for loan losses to gross loans receivable of 1.51% at December 31, 2002 and 1.91% at December 31, 2001. Subprime loan Subprime Loan A loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Notes: Subprime loans tend to have a rate that is 0.1% to 0.6% higher than the prime rate. balances decreased $15.9 million to $31.2 million at December 31, 2002 from $47.1 million at December 31, 2001. The decrease in subprime loans reflects our decision to de-emphasize de-em·pha·size tr.v. de-em·pha·sized, de-em·pha·siz·ing, de-em·pha·siz·es To decrease the emphasis on; minimize the importance of. de-em this type of lending. Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased to $33.6 million at December 31, 2002 from $31.2 million at December 31, 2001. The increase in stockholders equity was primarily due to net income of $2.1 million for the year ended December 31, 2002. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs R. Butkus, Chief Executive Officer and Chairman of Board commented, "I am very pleased with our first year as a public company. Our return on average assets is at .98% for the twelve-month period and our return on average equity is 6.50%. We look forward to the challenges in 2003." INCOME INFORMATION -THREE MONTH PERIODS ENDED DECEMBER 31, 2002 AND 2001: Total interest income decreased by $186,000 or 5.5% to $3.2 million for the quarter ended December 31, 2002 from $3.4 million for the same quarter in 2001. The decline was primarily due to lower interest rates earned on these assets due to a general decline in market interest rates in 2002. Average interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin totaled $207.1 million and $199.1 million during the comparative 2002 and 2001 quarters while the average yield was 6.19% and 6.80%, respectively. Interest expense on deposits decreased by $364,000 or 24.8% to $1.1 million for the quarter ended December 30, 2002 from $1.5 million for the same quarter in 2001. The decrease in the cost of our deposits was primarily due to the general decline in market interest rates and certificates of deposit maturing and renewing re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. at lower rates during 2002. Interest expense on borrowings increased marginally mar·gin·al adj. 1. Of, relating to, located at, or constituting a margin, a border, or an edge: the marginal strip of beach; a marginal issue that had no bearing on the election results. 2. to $207,000 for the quarter ended December 31, 2002 from $193,000 for the same period during 2001. This was largely due to additional Federal Home Loan Bank (FHLB FHLB Federal Home Loan Bank ) borrowings as the average rate on FHLB borrowings was 5.3% for the three months ended December 31, 2002 compared to 6.1% for the quarter ended December 31, 2001. Net interest income increased by $164,000 or 9.5% to $1.9 million for the quarter ended December 31, 2002 from $1.7 million for the same period in 2001. Our net interest rate spread increased 21 basis points to 3.33% from 3.12% while our net interest margin increased 19 basis points to 3.65% from 3.46%. The ratio of average interest-earning assets to average interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid liabilities improved to 112.9% for the three months ended December 31, 2002 from 110.3% for the same period in 2001. Our provision for loan losses decreased to zero for the three months ended December 31, 2002 from $80,000 for the same period in 2001. The loan provision made for the three months ended December 31, 2001 was based on concerns regarding losses inherent in our subprime loan portfolio. As this portfolio has decreased significantly during the year, management felt no additional provisions were necessary. Should any unforeseen risks present themselves however, management may need to increase this provision in the future. Noninterest income was stable at $313,000 for the quarter ended December 31, 2002 from $316,000 for the comparable quarter in 2001. The $3,000 decrease consisted of a $53,000 decrease in insurance commissions to $84,000 for the quarter ended December 31, 2002 from $137,000 for the same period in 2001. This decrease was mostly offset by an increase in other non-interest income of $52,000 for the December 31, 2002 quarter compared to the quarter ended December 31, 2001. The increase in other non-interest income was due to an increase in correspondent A bank, Securities firm, or other financial institution that regularly renders services for another in an area or market to which the other party lacks direct access. A bank that functions as an agent for another bank and carries a deposit balance for a bank in another city. fee income of $22,000, an increase in gain on the sale of loans designated for sale of $6,000, and a decrease of $10,000 in the net loss on other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most in the fourth quarter of 2001. The gain on the sale of loans designated for sale was a result of our entry into the secondary mortgage loan market as we sought to insulate in·su·late tr.v. in·su·lat·ed, in·su·lat·ing, in·su·lates 1. To cause to be in a detached or isolated position. See Synonyms at isolate. 2. ourselves from interest rate risk by selling designated longer term fixed rate mortgage loans. This type of activity may continue in the future, but we do not see it as an integral part of our business at this time. Noninterest expense increased $165,000 to $1.5 million for the quarter ended December 31, 2002 from $1.3 million during the same period of 2001. Salaries and benefits increased $85,000, occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal increased $43,000, and other non-interest expenses increased by $49,000. These increases were offset by a slight decrease of $6,000 each in advertising and promotion costs as well as data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a costs. The increase in salaries and benefits is a result of normal salary increases, greater insurance costs and additional staffing for our new branch facility, which opened in late December 2002. Occupancy costs increased mostly due to increased real estate tax expense when compared with the previous quarter. The Bank received a refund of real estate taxes in the fourth quarter of 2001 as a result of a protest filed with the county on the Bank's behalf. This $70,000 refund reduced occupancy costs for that quarter when compared with the same quarter in 2002. Additionally, real estate tax expense increased due to the purchase of our new branch office in Orland Park Or·land Park A village of northeast Illinois, a residential and manufacturing suburb of Chicago. Population: 53,300. . We expect our real estate taxes to increase in the future as this new property moves into the "fully improved" category. Offsetting the increase in real estate taxes is a $55,000 decrease in depreciation costs. Our depreciation costs declined due to a group of our assets reaching fully depreciated Fully depreciated An asset that has already been charged with the maximum amount of depreciation allowed by the IRS for accounting purposes. fully depreciated Of or relating to a fixed asset that has been depreciated to a book value of zero. status in the previous quarter of 2002. Other non-interest costs increased to a great extent due to the additional costs associated with becoming a public company. Our federal and state taxes increased $26,000 to $281,000 for the quarter ended December 31, 2002 from $255,000 in the same period of 2001. This is primarily the result of higher pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income for the quarter ended 2002. INCOME INFORMATION - YEARS ENDED DECEMBER 31, 2002 AND 2001: Total interest income was fairly stable at $13.1 million for the twelve months ended December 31, 2002 down $532,000 or 3.9% from $13.6 million for the same period in 2001. Interest income from loans increased $200,000 to $9.7 million for the year ended December 31, 2002 from $9.5 million for the twelve months ended December 31, 2001. The increase in interest income from loans was due to increased loan balances as the average yield on loans fell to 7.29% for 2002 from 8.09% in 2001. This gain was more than offset by decreases in securities and federal fund income of $506,000 and $302,000 respectively. The decline was primarily due to lower interest rates earned on these assets due to a general decline in market interest rates, as well as shrinking balances in securities and federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve as we reinvested our cash in higher earning loan products. Interest expense on deposits decreased by $2.1 million or 30.9% to $4.7 million for the twelve months ended December 31, 2002 from $6.7 million for 2001. The decrease in our cost of deposits was due to the general decline in market interest rates and certificates of deposit maturing and renewing at lower rates during 2002. This is evidenced by the fact that our average deposits increased to $163.9 million for December 31, 2002 from $162.3 million for the same period in 2001, while our average rates on these deposits fell to 2.8% from 4.1% for the respective periods. Interest expense on borrowings increased marginally to $775,000 for the twelve months ended December 31, 2002 from $756,000 for the same period during 2001. As discussed in the quarterly income information, this was largely due to additional Federal Home Loan Bank borrowings. Net interest income increased by $1.5 million or 24.7% to $7.7 million for the twelve months ended December 31, 2002 from $6.2 million for the same period in 2001. Our net interest rate spread increased 44 basis points to 3.39% from 2.95%, while our net interest margin increased 51 basis points to 3.78% from 3.27%. The ratio of average interest-earning assets to average interest-bearing liabilities improved to 114.5% for the twelve months ended December 31, 2002 from 108.0% for the same period in 2001. As noted in the above discussion, the increase in the Bank's net interest income is due, in large part, to the relative changes in the yield and cost of the Bank's assets and liabilities as a result of decreasing market interest rates during the period. This decrease in market interest rates has reduced the cost of interest-bearing liabilities faster and to a greater extent than the rates on interest-earning assets such as loans and securities. Should market interest rates increase, the cost of the interest-bearing liabilities may increase faster than the rates on interest-earning assets. In addition, the impact of rising rates could be compounded if deposit customers move funds from savings accounts Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: back to higher cost certificate of deposit accounts. Such movements may cause a decrease in interest rate spread and net interest margin. Our provision for loan losses decreased $393,000 to $20,000 for the twelve months ended December 31, 2002 from $413,000 for the same period in 2001. The loan provision made for the twelve months ended December 31, 2001 was largely based on concerns regarding two mortgage loans secured by residential properties. The value of the properties securing the loans was impaired See assistive technology. to a greater extent than management's initial assessment, resulting in a greater than expected provision during the twelve months ended December 30, 2001. Noninterest income increased to $1.6 million for the twelve months ended December 31, 2002 from $1.1 million for the comparable period in 2001. The $453,000 increase included higher insurance commissions of $73,000, an increase in correspondent fees of $290,000, an increase in profit on the sale of other real estate owned of $99,000, and an increase in rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time of $40,000. These increases were partially offset by a decrease in service charge fees of $87,000 in 2002. Insurance commissions have been consistently rising over this twelve-month period due to greater sales of insurance products. Correspondent fee income has increased due to the addition of our new correspondent lending department, which started at the beginning of this year. Our profit on the sale of other real estate owned is the result of the sale of three repossessed properties that were in default. The increase in rental income occurred due to a loan on an apartment building defaulting and the resulting repossession The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it. For example, if an individual fails to render prompt payments on a new car, the car might be subject to repossession by the finance company, and collection of rents that subsequently took place until we found a buyer for the property. Noninterest expense increased $453,000 to $5.9 million for the twelve months ended December 31, 2002 from $5.4 million in the same period of 2001. Salaries and benefit expense accounted for $319,000 of this increase, occupancy costs increased $32,000, advertising and promotion expense increased $52,000, data processing costs increased $26,000, and other noninterest expenses increased $24,000. The increase in salaries and benefits is a result of normal salary increases, an increase in costs associated with the ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). , greater insurance costs, and additional staffing for our new branch facility. Occupancy costs increased mostly due to increased real estate tax expense when compared with the previous year. The Bank received a refund of real estate taxes in the fourth quarter of 2001 as a result of a protest filed with the county on the bank's behalf. This $70,000 refund reduced occupancy costs for the year 2001. Additionally, real estate tax expense increased due to the purchase of our new branch office in Orland Park. We expect our real estate taxes to increase in the future as this new property moves into the "fully improved" category. Offsetting the increase in real estate taxes is a $33,000 decrease in depreciation costs. Our depreciation costs declined due to a group of our assets reaching fully depreciated status in 2002. Advertising costs increased due to the promotion of our new branch facility. Data processing costs and other noninterest expensed increased partly as a result of normal inflation, and partially due to the addition of our new branch. Other financial information is included in the tables that follow. This press release contains certain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " which may be identified by the use of such words as "believe", "expect", "intend", "anticipate", "should", "planned", "estimated" and "potential". Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates and most other statements that are not historical in nature. These factors include, but are not limited to, general and local economic condition, changes in interest rates, deposit flows, demand for mortgage and other loans, real estate values, and competition; changes in accounting principles, policies or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; changes in legislation or regulation; and other economic, competitive, governmental, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , and technological factors affecting our operations, pricing, products and services.
AJS BANCORP, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
Dollars in thousands (except per share data)
(Unaudited)
Net Percentage
31-Dec-02 31-Dec-01 Change Change
ASSETS
Cash and due from financial
Institutions $ 16,896 $ 11,009 $ 5,887 53.47%
Federal funds Sold 6,000 18,000 (12,000) -66.67%
--------- --------- --------
TOTAL CASH AND CASH
EQUIVALENTS 22,896 29,009 (6,113) -21.07%
Certificates of deposit 0 1,000 (1,000) -100.00%
Securities 52,263 54,739 (2,476) -4.52%
Loans receivable net of
allowance for loan loss of
$2,082 at December 31, 2002,
and $2,508 at
December 31, 2001. 136,134 128,505 7,629 5.94%
Federal Home Loan Bank Stock 4,477 1,314 3,163 240.72%
Premises and equipment 4,595 2,933 1,662 56.67%
Accrued interest receivable &
other assets 2,204 2,280 (76) -3.33%
--------- --------- --------
TOTAL ASSETS $ 222,569 $ 219,780 $ 2,789 1.27%
========= ========= ========
LIABILITIES AND
SHAREHOLDERS EQUITY
Deposits $ 169,008 $ 171,809 $(2,801) -1.63%
Federal Home Loan Bank
advances 16,000 13,000 3,000 23.08%
Advance payments by
borrowers for taxes
and insurance 1,459 1,383 76 5.50%
Accrued expenses and other
liabilities 2,456 2,340 116 4.96%
--------- --------- --------
TOTAL LIABILITIES 188,923 188,532 391 0.21%
TOTAL EQUITY 33,646 31,248 2,398 7.67%
--------- --------- --------
TOTAL LIABILITIES AND EQUITY $ 222,569 $ 219,780 $ 2,789 1.27%
========= ========= ========
For the For the
Year Year
Ended Ended
12/31/02 12/31/01
INTEREST INCOME & DIVIDEND
INCOME
Loans, including fees $ 9,745 $ 9,545 $ 200 2.10%
Securities 2,917 3,423 (506) -14.78%
Interest bearing deposits &
other 390 314 76 24.20%
Federal funds sold 61 363 (302) -83.20%
--------- --------- --------
TOTAL INTEREST INCOME 13,113 13,645 (532) -3.90%
INTEREST EXPENSE ON DEPOSITS
Deposits 4,651 6,726 (2,075) -30.85%
Federal Home Loan Bank & other 775 756 19 2.51%
--------- --------- --------
Total Interest Expense 5,426 7,482 (2,056) -27.48%
--------- --------- --------
NET INTEREST INCOME 7,687 6,163 1,524 24.73%
Provision for loan losses 20 413 (393) -95.16%
--------- --------- --------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 7,667 5,750 1,917 33.34%
NON-INTEREST INCOME
Insurance commissions 392 319 73 22.88%
Service charges 528 615 (87) -14.15%
Other 679 212 467 220.28%
--------- --------- --------
TOTAL NON-INTEREST INCOME 1,599 1,146 453 39.53%
NON-INTEREST EXPENSE
Salaries and employee benefits 3,278 2,959 319 10.78%
Occupancy 803 771 32 4.15%
Advertising & promotion 293 241 52 21.58%
Data processing 396 370 26 7.03%
Other 1,084 1,060 24 2.26%
--------- --------- --------
TOTAL NON-INTEREST EXPENSE 5,854 5,401 453 8.39%
--------- --------- --------
INCOME BEFORE INCOME TAXES 3,412 1,495 1,917 128.23%
Income tax expense 1,296 516 780 151.16%
--------- --------- --------
NET INCOME $ 2,116 $ 979 $ 1,137 116.14%
========= ========= ========
Net Income per share $ 0.90 N/A
AJS BANCORP, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
Dollars in thousands
For the Three months ended 12/31/02
(Unaudited)
For the For the
Three Three
Months Months
ended ended Net Percentage
12/31/2002 12/31/2001 Change Change
INTEREST INCOME &
DIVIDEND INCOME
Loans, including fees $ 2,380 $ 2,458 $ (78) -3.17%
Securities 701 831 (130) -15.64%
Interest bearing deposits &
other 111 72 39 54.17%
Federal funds sold 11 28 (17) -60.71%
----------- ----------- -------
TOTAL INTEREST INCOME 3,203 3,389 (186) -5.49%
INTEREST EXPENSE ON
DEPOSITS
Deposits 1,105 1,469 (364) -24.78%
Federal Home Loan Bank &
other 207 193 14 7.25%
----------- ----------- -------
Total Interest Expense 1,312 1,662 (350) -21.06%
----------- ----------- -------
NET INTEREST INCOME 1,891 1,727 164 9.50%
Provision for loan losses 0 80 (80) -100.00%
----------- ----------- -------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 1,891 1,647 244 14.81%
NON-INTEREST INCOME
Insurance commissions 84 137 (53) -38.69%
Service charges 150 152 (2) -1.32%
Other 79 27 52 192.59%
----------- ----------- -------
TOTAL NON-INTEREST INCOME 313 316 (3) -0.95%
NON-INTEREST EXPENSE
Salaries and employee
benefits 822 737 85 11.53%
Occupancy 182 139 43 30.94%
Advertising & promotion 74 80 (6) -7.50%
Data processing 105 111 (6) -5.41%
Other 287 238 49 20.59%
----------- ----------- -------
TOTAL NON-INTEREST EXPENSE 1,470 1,305 165 12.64%
----------- ----------- -------
INCOME BEFORE INCOME TAXES 734 658 76 11.55%
Income tax expense 281 255 26 10.20%
----------- ----------- -------
NET INCOME $ 453 $ 403 $ 50 12.41%
=========== =========== =======
AJS Bancorp, Inc.
Financial Highlights
(unaudited) December December
31, 2002 31, 2001
(In thousands)
Selected Financial Highlights:
------------------------------
Total assets $ 222,569 $ 219,780
Loans receivable, net 136,134 128,505
Securities 52,263 54,739
Deposits 169,008 171,809
Federal Home Loan Bank advances 16,000 13,000
Stockholders' equity 33,646 31,248
Book value per share 13.98 12.98
Number of shares outstanding 2,406,950 2,406,950
Three Three
months months
ended ended
December December
31, 2002 31, 2001
(In thousands except
per share information)
(Unaudited)
Selected Operations Data:
-------------------------
Total interest income $ 3,203 $ 3,389
Total interest expense 1,312 1,662
----------- ----------
Net interest income 1,891 1,727
Provision for loan losses 0 80
----------- ----------
Net interest income after provision
for loan losses 1,891 1,647
Noninterest income 313 316
Noninterest expense 1,470 1,305
----------- ----------
Income before taxes 734 658
Income tax provision 281 255
----------- ----------
Net income $ 453 $ 403
=========== ==========
Earnings per share, basic and diluted $ 0.19 N/A
Three Three
months months
ended ended
December December
31, 2002 31, 2001
Selected Operating Ratios:
-----------------------------------------------
Return on average assets 0.82% 0.78%
Return on average equity 5.42% 6.62%
Interest rate spread during the period 3.33% 3.12%
Net interest margin 3.65% 3.46%
Average interest-earning assets
to average interest-
bearing liabilities 112.85% 110.30%
Efficiency ratio 66.70% 63.88%
Twelve Twelve
months months
ended ended
December December
31, 2002 31, 2001
(In thousands except
per share information)
Selected Operations Data:
-------------------------
Total interest income $ 13,113 $ 13,645
Total interest expense 5,426 7,482
----------- ----------
Net interest income 7,687 6,163
Provision for loan losses 20 413
----------- ----------
Net interest income after provision
for loan losses 7,667 5,750
Noninterest income 1,599 1,146
Noninterest expense 5,854 5,401
----------- ----------
Income before taxes 3,412 1,495
Income tax provision 1,296 516
----------- ----------
Net income $ 2,116 $ 979
=========== ==========
Earnings per share, basic and diluted $0.90 N/A
Twelve Twelve
months months
ended ended
December December
31, 2002 31, 2001
Selected Operating Ratios:
--------------------------
Return on average assets 0.98% 0.48%
Return on average equity 6.50% 4.80%
Interest rate spread during the period 3.39% 2.95%
Net interest margin 3.78% 3.27%
Average interest-earning assets to
average interest-
bearing liabilities 114.49% 107.96%
Efficiency ratio 63.04% 73.90%
As of As of
December December
31, 2002 31, 2001
----------- ----------
Asset Quality Ratios:
---------------------
Non-performing assets to total assets 0.49% 0.79%
Allowance for loan losses to non-performing
loans 197.86% 159.15%
Allowance for loan losses to loans receivable,
gross 1.51% 1.91%
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