BSB Bancorp, Inc. Announces First Quarter Net Income of $5.0 Million.Business Editors BINGHAMTON Binghamton (bĭng`əmtən), industrial city (1990 pop. 53,008), seat of Broome co., S central N.Y., at the confluence of the Chenango and the Susquehanna rivers; settled 1787, inc. as a city 1867. , N.Y.--(BUSINESS WIRE)--April 23, 2002 BSB BSB Backstreet Boys BSB Bayerische Staatsbibliothek BSB British Superbikes (motorcycle racing series) BSB Bachelor of Science in Business BSB Bandar Seri Begawan (capital of Brunei) Bancorp, Inc., (NASDAQ/NMS:BSBN BSBN Baltic Sea Business Network BSBN Bu Sa Bum Nim ) the bank holding company for BSB Bank & Trust Company, a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services organization with total assets of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.1 billion, today announced financial results for the first quarter of 2002. First Quarter 2002 Performance Highlights: - A 21 percent reduction in loans 30-89 days past due from the prior quarter - A 6 percent reduction in non-performing loans from the prior quarter - Strong efficiency ratio at 50.79 percent for the quarter - Interest rate margin improvement of 6 basis points over the prior quarter - A reduction in commercial and industrial loans of an additional $80.6 million during the quarter Net income for the quarter ended March 31, 2002 was $5.0 million, or $0.51 per 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. share, unchanged from $5.0 million, or $0.49 per diluted share, for the first quarter of 2001. Fourth quarter 2001 net income was $4.9 million, or $.49 per diluted share. "We are pleased with our continued progress to improve our asset mix through reductions in our commercial and industrial loan portfolio, and through growth of real estate lending," said Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. W. Sharp, President and Chief Executive Officer. "Asset quality remains an important focus and we demonstrated continued progress in this area during the quarter." Net interest income for the first quarter was $20.6 million, unchanged from $20.6 million in the first quarter of 2001. Net interest income remained stable for the current quarter despite a significant reduction in average 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 from the first quarter of 2001. The Bank improved its interest rate margin in the first quarter of 2002 by 6 basis points, to 4.28 percent, from the fourth quarter 2001, and 47 basis points in comparison to the first quarter of 2001. Non-interest income for the first quarter of 2002 was $4.5 million compared to $2.8 million for the March 2001 quarter and $3.1 million for the fourth quarter of 2001. First quarter 2002 non-interest income included approximately $1.8 million from the previously announced sale of the Bank's credit card portfolio to American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Centurion Bank Centurion Bank is a wholly submerged atoll structure in the Southwest of the Chagos Archipelago. It is the southermost feature of the archipelago. It is about almost 10 km long northwest-southeast, and more than 3 km wide. The reef area is about 25 km². . Operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. for the first quarter of 2002 was $11.8 million, compared to $10.7 million in first quarter 2001. The increase in operating expense for the quarter primarily reflects increased salary and benefit expense associated with previously announced plans to increase staffing in certain areas of the Bank. BSB's efficiency ratio was 50.79 percent for first quarter 2002, compared to 45.56 percent for first quarter 2001. BSB's efficiency ratio remains significantly better than the average for peer community banking institutions. The allowance for loan losses was $52.8 million at March 31, 2002, compared to $58.8 million on December December: see month. 31, 2001 and $61.4 million on March 31, 2001. At March 31, 2002 the allowance for loan losses as a percentage of period-end loans outstanding was 3.83 percent, compared to 3.96 percent at December 31, 2001 and 3.43 percent at March 31, 2001. Non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. at March 31, 2002 were $57.1 million, or 4.15 percent of total gross loans outstanding, compared to $60.7 million, or 4.09 percent of total gross loans outstanding on December 31, 2001 and $57.8 million, or 3.22 percent of total gross loans outstanding at March 31, 2001. Non-performing loans decreased $3.5 million, or 5.8 percent, at March 31, 2002, as compared to December 31, 2001, primarily as a result of two commercial loan relationships totaling $10.7 million that had been placed in non-accrual status in the fourth quarter of 2001. Of that $10.7 million, $4.4 million was placed in non-accrual status due to its delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. status in excess of 90 days. This $4.4 million was brought current as to principal and interest in the first quarter of 2002. In addition, $6.3 million of the $10.7 million, which was a restructured non-accruing loan at December 31, 2001, is now fully performing in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with its restructured terms. At March 31, 2002, these outstanding loan balances are considered fully collectible collectible An asset of limited supply that is sought for a variety of reasons including, it is hoped, an increase in value. Stamps, antiques, coins, and works of art are among the many things usually classified as collectibles. as to principal and interest. Loan charge-offs discussed below also reduced non-performing loans at March 31, 2002. Offsetting these reductions in non-performing loans in the first quarter of 2002 was one commercial loan relationship that the Bank considered a potential problem which had deteriorated. Though the loan was current at March 31, 2002, it was restructured in a troubled debt restructuring troubled debt restructuring See debt restructuring. that included a charge-off Eliminate or write off. The term charge-off is used to describe the process of removing from the records of a company something that was once regarded as an asset but has subsequently become worthless. of $4.6 million and the remaining outstanding balance of $13.4 million was placed in non-accrual status. The relationship is included in non-performing loans as a troubled debt restructured loan in non-accrual status. BSB continues its progress in reducing delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loans, with loans 30-89 days past due at March 31, 2002 totaling $14.4 million, or 1.04 percent of total gross loans outstanding, compared to $18.1 million, or 1.22 percent of total gross loans outstanding at December 31, 2001, and $35.6 million, or 1.99 percent of total gross loans outstanding at March 31, 2001. The coverage of the allowance for loan losses to non-performing loans was 92.4 percent at March 31, 2002, 97.0 percent at December 31, 2001 and 106.3 percent at March 31, 2001. Based upon management's evaluation of these non-performing loans, and in consideration of partial charge-offs taken as well as the restructurings designed to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. the Bank's collections, management believes the March 31, 2002 coverage ratio of 92.4 percent is reasonable. First quarter 2002 gross loan charge-offs were $12.0 million, compared to fourth quarter 2001 gross loan charge-offs of $4.2 million. The largest of these was the restructured commercial loan relationship previously mentioned, which was written down by approximately $4.6 million. The remainder of the charge-offs represent partial and full charge-offs on numerous relationships. Though collection efforts don't don't 1. Contraction of do not. 2. Nonstandard Contraction of does not. n. A statement of what should not be done: a list of the dos and don'ts. cease on these loans, the status of the individual loans warranted charge-off at this time. Recoveries were $761,000 for the first quarter of 2002, as compared to $684,000 in the first quarter of 2001. At March 31, 2002, management believes that the allowance for loan losses is adequate. "In addition to remaining dedicated to improving asset quality, we will also focus for the remainder of 2002 on prudent asset growth through residential and commercial real estate lending," said Mr. Sharp. "We believe that with a consistent and measured approach to restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). our asset mix that focuses on more credit-worthy adj. 1. having an acceptable credit rating; worthy of having credit extended; as, a credit-worthy customer s>. and profitable customer relationships, we will once again attain solid full-year financial results." On March 18, 2002, BSB announced plans to relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. BSB Mortgage Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the Bank, from the Valley Plaza For the hotel in New York City, see . Plaza (IPA /'plaθa/ or /'plasa/ in Johnson City Johnson City. 1 Village (1990 pop. 16,890), Broome co., S N.Y., in a tricity area including Endicott and Binghamton; inc. 1892. It has been noted for its Endicott-Johnson shoes. , NY to 1923 Vestal vestal (vĕs`təl), in Roman religion, priestess of Vesta. The vestals were first two, then four, then six in number. While still little girls, they were chosen from prominent Roman families to serve for 30 (originally 5) years, during which Parkway East, Vestal, NY. The size of the new facility (4,500 square feet) will allow BSB to locate the functions of the entire mortgage loan process under one roof. This will increase operational efficiencies and maximize both the level and quality of service provided to residential mortgage customers. The proposed relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. has received 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. approval, and is expected to occur by early summer. On December 17, 2001, BSB announced that the Board had extended the existing stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. Under this program, 119,500 shares of the 500,000 shares remained to be repurchased at March 31, 2002. Forward Looking Statements: This news release contains 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. , including those regarding the projected performance of BSB Bancorp, Inc. These statements constitute forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information, within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which involve significant risks and uncertainties. Actual results may differ materially from any forward-looking information discussed in this news release. Factors that might cause such differences include, but are not limited to: fluctuations in interest rates, government regulations and economic conditions and competition in the geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. and business areas in which BSB conducts its operations, as well as unanticipated loan losses and other similar conditions affecting the Company's operations, pricing, products, and services. Except as required by law, BSB disclaims any obligation to update any such factors or to publicly announce the result of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any of the forward-looking statements in this news release to reflect future events or developments. For additional information regarding BSB, including a discussion of related risk factors, please refer to BSB's public filings with the Securities and Exchange Commission which are available online at http://www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . Profile: Headquartered in Binghamton, New York This article is about the City of Binghamton, New York. For the adjacent Town of Binghamton, see Binghamton (town), New York. Binghamton is a city located in the Southern Tier of New York in the United States. It is the county seat of Broome County. , BSB Bancorp, Inc. provides a broad range of deposit, loan, trust and financial management services to businesses and consumers in Broome Locations named Broome:
adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking offices, 29 branch-based, and 26 off-premise automatic teller machines See ATM. and at 12 proprietary banking service locations (StoreTeller(R)) situated in a large area supermarket supermarket Large retail store operated on a self-service basis, selling groceries, produce, meat, bakery and dairy products, and sometimes nonfood goods. Supermarkets were first established in the U.S. during the 1930s as no-frills retail stores offering low prices. chain. In Broome County, the Bank is the leader in total deposits with 37 percent.
BSB BANCORP, INC. - CONSOLIDATED (Dollars in Thousands,
FINANCIAL HIGHLIGHTS (unaudited) Except Share Data)
----------------------------------------------------------------------
Quarters Ended March 31, Dec. 31, March 31,
OPERATIONS DATA 2002 2001 2001
----------------------------------------------------------------------
Total interest income $34,022 $35,574 $46,035
Total interest expense 13,453 15,326 25,387
Net interest income 20,569 20,248 20,648
Provision for loan losses 5,200 4,500 4,674
Non-interest income 4,526 3,053 2,829
Operating expense 11,829 11,033 10,697
Income tax expense 3,022 2,904 3,103
Net income 5,044 4,864 5,003
----------------------------------------------------------------------
SELECTED FINANCIAL DATA
----------------------------------------------------------------------
Yield on earning assets (1) 7.09% 7.42% 8.48%
Cost of funds (1) 3.16 3.62 5.18
Interest rate spread (1) 3.93 3.80 3.30
Interest rate margin (1) 4.28 4.22 3.81
Return on average assets (1) 1.00 0.96 0.88
Return on average equity (1) 12.74 11.97 12.69
Equity to assets (2) 7.58 7.56 6.83
Operating expense to
average assets (1) 2.34 2.18 1.88
Efficiency ratio 50.79 47.35 45.56
----------------------------------------------------------------------
PER SHARE DATA
----------------------------------------------------------------------
Basic earnings $0.52 $0.50 $0.49
Diluted earnings $0.51 $0.49 $0.49
Book value $16.18 $16.19 $15.56
Dividends paid $0.25 $0.25 $0.25
Dividend payout ratio 48.00% 50.46% 51.09%
(1) Annualized
(2) At period ended
----------------------------------------------------------------------
Quarters Ended March 31, Dec. 31, March 31,
FINANCIAL CONDITION DATA 2002 2001 2001
----------------------------------------------------------------------
Assets $2,056,275 $2,061,634 $2,277,053
Earning assets 1,949,923 1,952,997 2,158,780
Gross loans 1,377,195 1,484,634 1,791,742
Allowance for loan losses (52,785) (58,829) (61,423)
Gross investment securities 590,061 512,209 417,161
Unrealized appreciation in
AFS securities 1,018 4,321 2,328
Interest-bearing deposits 1,391,169 1,337,841 1,638,786
Non-interest-bearing deposits 138,412 159,096 146,247
Borrowings 328,216 360,251 284,848
Subordinated debt 30,000 30,000 30,000
Shareholders' equity 155,865 155,825 155,508
Non-performing loans 57,135 60,675 57,771
Loans, 30-89 days past due 14,357 18,111 35,577
Other real estate 485 710 462
Repossessed assets 1,487 1,324 1,908
Trust assets 308,110 317,940 314,813
Serviced loans 444,660 460,874 504,390
----------------------------------------------------------------------
AVERAGE BALANCES
----------------------------------------------------------------------
Assets $2,025,064 $2,028,093 $2,280,400
Earning assets 1,926,611 1,927,213 2,169,700
Gross loans 1,435,899 1,501,986 1,807,179
Allowance for loan losses (59,134) (57,447) (60,433)
Gross investment securities 508,501 421,989 421,205
Unrealized app.(dep.)in
AFS securities 6,264 10,238 (527)
Interest-bearing deposits 1,357,340 1,390,387 1,663,153
Non-interest-bearing deposits 144,276 152,306 139,720
Borrowings 317,471 272,993 266,574
Subordinated debt 30,000 30,000 30,000
Shareholders' equity 158,398 162,493 157,737
Shares outstanding 9,650,367 9,771,603 10,193,563
Diluted shares outstanding 9,882,533 9,980,098 10,268,550
BSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION (unaudited)
(Dollars in Thousands, March 31, Dec. 31, March 31,
Except Share Data) 2002 2001 2001
----------------------------------------------------------------------
ASSETS
Cash and due from banks $ 51,674 $ 55,121 $ 61,177
Federal funds sold 30,000 8,000
----------------------------------------------------------------------
Total cash and cash equivalents 81,674 55,121 69,177
Investment securities
available for sale 578,597 502,756 410,136
Investment securities held
to maturity 12,482 13,774 9,353
Mortgages held for sale 3,493 9,860 215
Loans:
Commercial 655,769 736,382 965,333
Consumer 362,333 392,452 434,822
Real estate 359,093 355,800 391,587
----------------------------------------------------------------------
Total loans 1,377,195 1,484,634 1,791,742
Net deferred costs 941 802 757
Allowance for loan losses (52,785) (58,829) (61,423)
----------------------------------------------------------------------
Net loans 1,325,351 1,426,607 1,731,076
Bank premises and equipment 14,532 14,879 14,425
Accrued interest receivable 10,717 10,502 15,193
Other real estate 485 710 462
Repossessed assets 1,487 1,324 1,908
Intangible assets 738 829 1,116
Other assets 26,719 25,272 23,992
----------------------------------------------------------------------
$2,056,275 $2,061,634 $2,277,053
======================================================================
LIABILITIES & SHAREHOLDERS' EQUITY
Due to depositors $1,529,581 $1,496,937 $1,785,033
Borrowings 328,216 360,251 284,848
Other liabilities 12,613 18,621 21,664
Company obligated mandatorily
redeemable preferred securities
of subsidiary, BSB Capital
Trust I, holding solely junior
subordinated debentures of
the Company 30,000 30,000 30,000
----------------------------------------------------------------------
Total liabilities 1,900,410 1,905,809 2,121,545
Shareholders' Equity:
Preferred Stock, par value
$0.01 per share; authorized
2,500,000 shares; none issued
Common Stock, par value $0.01
per share; authorized
30,000,000 shares; 11,608,027
11,535,500 and 11,507,447
shares issued 116 115 115
Additional paid-in capital 40,496 39,331 38,851
Undivided profits 145,371 142,748 134,725
Accumulated other
comprehensive income 610 2,520 1,356
Treasury stock, at cost:
1,976,360, 1,907,934, and
1,511,761 shares (30,728) (28,889) (19,539)
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Total shareholders' equity 155,865 155,825 155,508
----------------------------------------------------------------------
$2,056,275 $2,061,634 $2,277,053
======================================================================
BSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three Months Ended
(Dollars in Thousands, March 31, Dec. 31, March 31,
Except Share Data) 2002 2001 2001
----------------------------------------------------------------------
Interest income:
Interest and fees on loans $26,641 $28,857 $39,346
Interest on federal funds sold 113 292 19
Interest on investment
securities 7,119 6,333 6,663
Interest on mortgages held
for sale 149 92 7
----------------------------------------------------------------------
Total interest income 34,022 35,574 46,035
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Interest expense:
Interest on savings deposits 648 823 1,075
Interest on time accounts 7,414 9,072 15,353
Interest on money market
deposit accounts 1,698 1,880 4,412
Interest on NOW accounts 47 86 76
Interest on borrowed funds 3,037 2,856 3,862
Interest on mandatorily
redeemable preferred
securities of subsidiary 609 609 609
----------------------------------------------------------------------
Total interest expense 13,453 15,326 25,387
----------------------------------------------------------------------
Net interest income 20,569 20,248 20,648
Provision for loan losses 5,200 4,500 4,674
----------------------------------------------------------------------
Net interest income after
provision for loan losses 15,369 15,748 15,974
Non-interest income:
Service charges on deposit
accounts 1,243 1,323 1,287
Mortgage servicing fees 212 269 291
Fees and commissions-brokerage
services 252 178 202
Trust fees 353 300 331
Gains on sale of securities,
net 81 230 67
Gain on sale of credit card
portfolio, net 1,806
Other charges, commissions
and fees 579 753 651
----------------------------------------------------------------------
Total non-interest income 4,526 3,053 2,829
----------------------------------------------------------------------
Operating expense:
Salaries, pensions and other
employee benefits 6,386 5,567 5,355
Building occupancy 1,080 1,087 1,138
Professional fees 509 704 503
Computer service fees 485 502 455
Services 1,651 1,356 1,539
Goodwill 91 95 96
Other expenses 1,627 1,722 1,611
----------------------------------------------------------------------
Total operating expense 11,829 11,033 10,697
----------------------------------------------------------------------
Income before income taxes 8,066 7,768 8,106
Provision for income taxes 3,022 2,904 3,103
----------------------------------------------------------------------
NET INCOME $5,044 $4,864 $5,003
======================================================================
Earnings per share:
Basic $0.52 $0.50 $0.49
Diluted $0.51 $0.49 $0.49
======================================================================
BSB BANCORP, INC.
Quarterly Allowance and Net Charge-offs (unaudited)
Quarters Ended
March Dec. Sept. June March
2002 2001 2001 2001 2001
----------------------------------------------------------------------
(Dollars In Thousands)
Average gross
loans
outstanding $1,435,899 $1,501,986 $1,590,713 $1,732,379 $1,807,179
======================================================================
Allowance at
beginning of
period $58,829 $56,905 $55,159 $61,423 $59,291
Charge-offs:
Commercial
loans 10,326 1,686 1,821 11,101 2,080
Consumer
loans 1,664 2,501 1,856 1,219 1,082
Residential
real estate
loans 15 29 30 105 64
Commercial
real estate
loans 58
----------------------------------------------------------------------
Total loans
charged-off 12,005 4,216 3,765 12,425 3,226
Recoveries 761 1,640 961 1,661 684
----------------------------------------------------------------------
Net charge-offs 11,244 2,576 2,804 10,764 2,542
----------------------------------------------------------------------
Provision for
loan losses
charged to
operating
expenses 5,200 4,500 4,550 4,500 4,674
----------------------------------------------------------------------
Allowance at
end of period $52,785 $58,829 $56,905 $55,159 $61,423
======================================================================
Ratio of net
charge-offs
to:
Average
total loans
outstanding
(annualized) 3.13% 0.69% 0.71% 2.49% 0.56%
Ratio of
allowance to:
Non-performing
loans 92.39% 96.96% 129.37% 102.13% 106.32%
Period-end
total loans
outstanding 3.83% 3.96% 3.70% 3.34% 3.43%
BSB BANCORP, INC.
Non-performing Assets (unaudited)
(Dollars in March 31, Dec. 31, Sept. 30, June 30, March 31,
Thousands) 2002 2001 2001 2001 2001
----------------------------------------------------------------------
Non-accrual
loans:
Commercial
loans $31,813 $42,424 $32,198 $38,945 $34,440
Residential
real estate
loans 842 882 1,365 1,258 1,424
Commercial
real estate
loans 4,342 4,235 3,655 5,496 8,792
Troubled
debt
restructured
loans 19,402 12,255 5,884 7,419 12,254
----------------------------------------------------------------------
Total
non-accrual
loans 56,399 59,796 43,102 53,118 56,910
Consumer
accruing
loans with
principal
or interest
payments 90
days overdue 736 879 883 892 861
----------------------------------------------------------------------
Total
non-performing
loans 57,135 60,675 43,985 54,010 57,771
Repossessed
Assets 1,487 1,324 1,993 2,269 1,908
Other Real
Estate Owned 485 710 478 435 462
----------------------------------------------------------------------
Total
non-performing
assets $59,107 $62,709 $46,456 $56,714 $60,141
======================================================================
Total
non-performing
loans to
total loans 4.15% 4.09% 2.86% 3.27% 3.22%
======================================================================
Total
non-performing
assets to
total assets 2.87% 3.04% 2.21% 2.65% 2.64%
======================================================================
Note: Accruing loans classified as troubled debt restructured
loans totaled: $7,578,000, $8,751,000, $5,275,000, $2,143,000 and
$2,571,000 at March 31, 2002, December 31, 2001, September 30,
2001, June 30, 2001 and March 31, 2001, respectively. The Bank
does not consider these loans to be non performing.
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