Business Bancorp Posts Record Second Quarter Profits; EPS Increased 10% to $0.31 and Cash Operating EPS Rose 22% to $0.37 in 2Q02.Business Editors SAN RAFAEL San Rafael (săn rəfĕl`), residential city (1990 pop. 48,404), seat of Marin co., W Calif., a suburb of San Francisco on the northern shore of San Francisco Bay; inc. 1913. & CORONA Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. , Calif.--(BUSINESS WIRE)--July 24, 2002 Business Bancorp (Nasdaq:BZBC), the parent company of Business Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. (www.businessbank.com), today reported record second quarter profits with strong margins and an accretive contribution from the merger of equal last year. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings 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 (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) in the second quarter increased 10% to $0.31 compared to $0.28 in the second quarter of 2001. Cash operating EPS increased 22% to $0.37 per diluted share from $0.30 per diluted share in the second quarter of 2001. Cash operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before exclude after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. merger-related expenses, net gains on sale of investments, and amortization of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . At the end of 2001, Business Bancorp's merger with MCB (Memory Control Block) An identifier (16 bytes) that DOS places in front of each block of memory it allocates. Financial was accounted for as a purchase transaction. Consequently, GAAP 2001 financial statements exclude MCB Financial's results and thus financial statements for the current period may not be meaningfully comparable to year-ago periods. This release includes pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma data that reflect the combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
Second Quarter Highlights (ended 6/30/02 compared to 6/30/01) -- Cash operating earnings increased 128% to $1.5 million, compared to $663,000 a year ago. -- Deposits grew to $521 million, a 1% increase from December 31, 2001, an 85% rise from the year ago. -- Total loans increased to $398 million, up 2% from December 31, 2001, 117% from 2Q01 GAAP. -- Net interest margin was 5.62%, compared to 5.53% a year ago. Merger Update "We are now more than six months through the integration process launched following the completion of our merger of equals at the end of last year. In that short time frame, we've we've Contraction of we have. we've have completed the integration of our 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 functions, reviewed every single process in both operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. , identified best practices, and established new policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental for these processes. We are fully engaged in the implementation phase and are already seeing results from our efforts in improving efficiency and productivity company-wide," said Alan A`lan´ n. 1. A wolfhound. J. Lane, Chief Executive Officer. "For instance, our efficiency ratio improved more than 700 basis points since the beginning of the year, and we expect the bulk of the cost-savings from our efforts to kick in during the fourth quarter of this year and contribute even more meaningfully next year." "Our merger integration plan is designed to unify 1. (database, product) Unify - A relational database produced by Unify Corporation. 2. (algorithm) unify - To perform unification. our organization, despite the distance between our Northern and Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, operations and assure quality service system-wide. For example, our lending protocol places the primary responsibility for business loans in the branches with an experienced commercial lender Whilst nearly all lenders offer loans on a commercial basis the term commercial lender has differed meanings around the world.
1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. prior to review by our credit administration. For less complex transactions, the commercial lenders can streamline processing and underwriting through our centralized processing Processing performed in one computer or in a cluster of coupled computers in a single location. Centralized processing evolved from the computers in the 1960s, which were stand-alone with all input and output in the same room. office. We believe this system will give us a competitive advantage by facilitating the relationship building process and ensuring that our customers are dealing with capable, experienced lenders," said Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by O. Hall, President. Operating Results Net interest income after provision for loan losses totaled $7.5 million in the second quarter of 2002 compared to $4.0 million in the second quarter a year ago. For the first half of 2002, net interest income after provision for loan losses totaled $14.7 million compared to $8.1 million in the first half of 2001. Other income totaled $1.0 million in the second quarter and $2.2 million in the first half, both of which included $48,000 in gains from sales of loans. In the second quarter a year ago, the bank reported other income of $889,000, which included $146,000 in total gain on sales. In the first half of 2001, other income totaled $1.8 million with $250,000 in total gains. Net interest margin improved 9 basis points to 5.62% in the second quarter and decreased 11 basis points to 5.54% for the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period compared to like periods a year ago. Excluding non-recurring and non-cash costs, operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $6.1 million up 61% from $3.8 million for the second quarter a year ago. Including these expenses, operating expenses increased 67% to $6.5 million, from $3.9 million in the second quarter a year ago. Year-to-date operating expenses increased 62% to $12.8 million, compared to $7.9 million in the first six months of 2001. Year-to-date results include expenses of $510,000, of which $285,000 was booked in the second quarter, in pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta costs associated with the merger and the on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" integration effort. In addition, the bank recognized non-cash amortization expenses of $84,000 in 2Q02, compared to $164,000 in 2Q01 and $171,000 year-to-date compared to $328,000 in the like period a year ago. "The merger-related expenses are budgeted to remain at current levels one more quarter as we complete the full integration of our organization," said Patrick E. Phelan Phelan may refer to:
Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. program currently being implemented. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite these non-recurring expenses, the merger was moderately accretive to earnings, both in the quarter and year-to-date, and based on current progress, should continue to be accretive going forward." "The integration plan is ahead of schedule, and we are happy that our progress in the second quarter was at the top of the range of our stated goal of growing cash operating EPS 11% to 17%. As we outlined last quarter, our priorities this year are to complete our integration plan, establish a platform for future robust growth, and generate modest growth during the year," said Lane. "Numerically nu·mer·i·cal also nu·mer·ic adj. 1. Of or relating to a number or series of numbers: numerical order. 2. Designating number or a number: a numerical symbol. , we are targeting to expand our deposit base 5% to 10%, and increase our loan portfolio by greater than 10%. We also continue to pursue improvements in our profitability ratios Profitability ratios Ratios that focus on how well a firm is performing. Profit margins measure performance with relation to sales. Rate of return ratios measure performance relative to some measure of size of the investment. and believe our goals of generating an ROAE ROAE Return on Average Equity of 10% or higher and an ROAA ROAA Return on Average Assets (business, banking, accounting) ROAA Rural Oregon Arts Association ROAA Royce Online Account Access (Royce Fund Services, Inc. above 0.85%, are achievable. Although non-performing assets increased by about $600,000 from year-ago levels, asset quality remained on target with the ratio of NPA/Assets under 0.50%, with very low net charge-offs."
Cash Operating Earnings (1) Pro
Forma
Q2 Q2 (2)
(in 000's except per share) 2002 2001 2Q01
----------------------------------------------------------------------
GAAP Net Income $1,277 $625 $1,403
Provision for Income Taxes 756 349 892
---------------------------
Income Before Tax 2,033 974 2,295
Less: Gains on Sale of Investments - -105 -105
Add: Sheshunoff Expenses 285 - -
Add: Amortization of Intangibles 84 164 164
---------------------------
Pre-tax Cash Operating Earnings 2,402 1,033 2,354
Provision for Income Taxes -891 -370 -913
---------------------------
Cash Operating Earnings $1,511 $663 $1,441
===========================
Cash Earnings Per Share (1)
Basic $0.39 $0.31 nm
Diluted $0.37 $0.30 nm
Average basic shares outstanding 3,890,308 2,128,212 nm
Average diluted shares outstanding 4,082,394 2,193,807 nm
Pro
Forma
(2)
(in 000's except per share) YTD YTD YTD
2002 2001 2001
---------------------------------------------------------------
GAAP Net Income $2,508 $1,241 $2,730
Provision for Income Taxes 1,501 693 1,727
---------------------------
Income Before Tax 4,009 1,934 4,457
Less: Gains on Sale of Investments - -209 -209
Add: Sheshunoff Expenses 510 - -
Add: Amortization of Intangibles 171 328 328
---------------------------
Pre-tax Cash Operating Earnings 4,690 2,053 4,576
Provision for Income Taxes -1,756 -736 -1,770
---------------------------
Cash Operating Earnings $2,934 $1,317 $2,806
===========================
Cash Earnings Per Share (1)
Basic $0.74 $0.62 nm
Diluted $0.71 $0.61 nm
Average basic shares outstanding 3,963,131 2,128,212 nm
Average diluted shares outstanding 4,147,327 2,176,097 nm
(1) Reported net income excluding after-tax net merger-related
charges, gains on sales of investment securities, and amortization
of intangible assets.
(2) Combined results, as published, of BZBC plus MCB during the period
indicated.
Balance Sheet Highlights (at June June: see month. 30, 2002 compared to June 30, 2001) Business Bancorp's balance sheet reflects strong growth from both the merger and internal growth, with assets up 84% to $627 million. Gross loans rose 117% to $398 million, with commercial real estate loans increasing 157% to $226 million, equaling 57% of the portfolio. Real estate construction lending increased 129% to $76 million and 19% of the portfolio. "The strength of the Southern California real estate market appears to be providing a solid base of business for the local economy. The businesses outside the tech-corridor in the Bay area also appear to be doing well," said Lane. Non-performing assets increased in the quarter to $2.7 million or 0.43% of total assets compared to $2.1 million, or 0.61% of total assets a year ago. The ratio of 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. (NPL 1. NPL - New Programming Language. IBM's original (temporary) name for PL/I, changed due to conflict with England's "National Physical Laboratory." MPL and MPPL were considered before settling on PL/I. Sammet 1969, p.542. 2. ) to total loans was 0.46% at June 30, 2002 compared to 0.97% at June 30, 2001. The allowance for loan losses was 1.22% of total loans at quarter end, compared to 1.08% a year ago. "The increase in NPL's this quarter stems from a very few number of loans that we believe are well secured," said Hall. "The portfolio's performance continues to meet or exceed that of similarly sized commercial banks both in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and the nation."
For the Quarter Ended
Credit Quality Comparisons 06/30/02 3/31/02 12/31/01
NPL/Total Loans
BZBC 0.46% 0.24% 0.51%
California Commercial Banks(a) -- 0.70% 0.66%
U.S. Commercial Banks(b) -- 0.98% 1.31%
Quarterly Net Charge-Offs /Total Loans
BZBC 0.01% 0.00% -0.03%
California Commercial Banks(a) -- 0.38% 0.68%
U.S. Commercial Banks(b) -- 0.50% 1.14%
Loan Loss Allowance /Total Loans
BZBC 1.22% 1.22% 1.17%
California Commercial Banks(a) -- 1.91% 1.89%
U.S. Commercial Banks(b) -- 1.56% 1.67%
Loan Loss Allowance / NPL
BZBC 265% 513% 232%
California Commercial Banks(a) -- 274% 285%
U.S. Commercial Banks(b) -- 158% 128%
(a) All commercial banks in California with assets between $500
million and $1 billion.
(b) All national commercial banks with assets between $500 million
and $1 billion.
-- Most recent data available is as of March 31, 2002.
Source: www.fdic.gov and BZBC.
Deposits increased 85% to $521 million, with non-interest bearing deposits growing 68% and interest bearing transaction accounts up 94%. Shareholder equity grew 116% to $55 million, or $14.07 per share. During the first half of 2002, the company repurchased 343,000 shares for a total of $4.9 million. About Business Bancorp Business Bancorp, parent of Business Bank of California completed a merger of equals with MCB Financial, parent of Metro Commerce Bank, in December December: see month. 2001. The bank now has assets of more than $600 million and operates 15 branches offering retail banking, commercial, construction, and SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government lending. The bank operates in the Southern California cities of Corona, Hemet Hemet (hĕm`ĭt), city (1990 pop. 36,094), Riverside co., S Calif., in the San Jacinto valley; inc. 1910. Hemet and the surrounding area saw extensive growth in the 1970s and 80s, due to increased local agribusiness and the development of the , Hesperia Hesperia may refer to:
Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. , Phelan, Riverside, Redlands Redlands, city (1990 pop. 60,394), San Bernardino co., S Calif., in the San Bernardino Valley; inc. 1888. Industries include software research and development and the manufacture of metal foil, furniture, and electrical equipment. , Upland Upland, city (1990 pop. 63,374), San Bernardino co., S Calif., in a citrus-fruit region at the foot of the San Gabriel Mts.; inc. 1906. Citrus fruits and grapes are packed and processed in the city. Paint, orchard heaters, auto parts, and feed products are also made. and San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. , and in the Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern cities of San Rafael, Petaluma, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , South San Francisco South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , and Hayward. The branches are strongly focused on providing high quality, personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. services to small businesses, professionals and consumers. For further information on the company, visit our website at www.businessbank.com or e-mail your request to pphelan@businessbank.com or info@businessbank.com. Include your name, phone, facsimile, e-mail and mailing address. The statements contained in this release that are not historical facts are 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. based on management's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting the company will be those anticipated by management. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties, including the bank's ability to implement its plans to efficiently integrate its operations with those of MCB Financial, the impact of current events on the California economy, changes in interest rates and other factors detailed in the company's SEC filings.
INCOME STATEMENT
(in 000's except share data )(unaudited)
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2002 2002 2001 2002 2001
---------- ---------- ---------- ---------- ---------
Interest income $ 9,667 $ 9,549 $ 6,356 $ 19,216 $ 12,763
Interest expense 2,004 2,204 2,222 4,208 4,516
---------- ---------- ---------- ---------- ---------
Net interest
income 7,663 7,345 4,134 15,008 8,247
Provision for
loan losses 200 100 100 300 175
---------- ---------- ---------- ---------- ---------
Net interest
income after
provision for
loan losses 7,463 7,245 4,034 14,708 8,072
Other Income:
Service fees on
deposit accounts 787 800 604 1,587 1,194
Gain on sale of
SBA loans 48 - - 48 -
Gain on sale of
other real
estate owned - - 41 - 41
Gain / (loss) on
sales of
investments - - 105 - 209
Other 212 303 139 515 307
---------- ---------- ---------- ---------- ---------
Total other
income 1,047 1,103 889 2,150 1,751
Other Expenses:
Salaries and
employee
benefits 3,065 3,359 2,120 6,424 4,145
Occupancy 532 596 200 1,128 447
Other 2,880 2,417 1,629 5,297 3,297
---------- ---------- ---------- ---------- ---------
Total other
expenses 6,477 6,372 3,949 12,849 7,889
---------- ---------- ---------- ---------- ---------
Income before
income taxes 2,033 1,976 974 4,009 1,934
Income tax
expense 756 745 349 1,501 693
---------- ---------- ---------- ---------- ---------
Net income $ 1,277 $ 1,231 $ 625 $ 2,508 $ 1,241
========== ========== ========== ========== =========
PER SHARE DATA:
Basic earnings
per share $ 0.33 $ 0.30 $ 0.29 $ 0.63 $ 0.58
Diluted earnings
per share $ 0.31 $ 0.29 $ 0.28 $ 0.60 $ 0.57
Cash operating
earnings per
diluted share $ 0.37 $ 0.34 $ 0.30 $ 0.71 $ 0.61
Common dividends
declared per
share $ 0.01 $ 0.01 $ - $ 0.02 $ -
Weighted average
common shares
outstanding 3,890,308 4,036,445 2,128,212 3,963,131 2,128,212
Weighted average
diluted common
shares
outstanding 4,082,394 4,212,663 2,193,807 4,147,327 2,176,097
Common shares
outstanding at
period end 3,902,057 3,875,515 2,128,212 3,902,057 2,128,212
Book value $ 14.07 $ 13.50 $ 11.95 $ 14.07 $ 11.95
Tangible book
value $ 8.39 $ 7.79 $ 8.53 $ 8.39 $ 8.53
BALANCE SHEET
(in 000's) (unaudited)
June 30 Mar 31 Dec 31 Sep 30 Jun 30
2002 2002 2001 2001 2001
--------------------------------------------------
Assets:
Cash and due from
banks $ 34,931 $ 31,604 $ 34,665 $ 22,868 $ 24,445
Investments 157,621 153,786 173,040 129,442 115,924
Loans:
Real estate -
construction 76,234 68,238 66,812 34,818 33,272
Commercial real
estate 226,108 214,380 218,782 98,233 87,983
Real estate -
other 40,766 18,733 19,280 14,458 15,065
Commercial 43,832 73,371 70,104 39,599 38,724
Consumer and other 11,841 10,472 14,578 8,793 9,103
Deferred loan
fees, net (1,064) (1,193) (1,109) (915) (1,039)
--------------------------------------------------
Total loans 397,717 384,001 388,447 194,986 183,108
Allowance for loan
losses (4,851) (4,672) (4,557) (1,986) (1,973)
--------------------------------------------------
Total loans, net 392,866 379,329 383,890 193,000 181,135
Goodwill and other
intangible assets 22,152 22,130 21,675 7,106 7,276
Other assets 19,402 18,771 17,980 12,193 11,333
--------------------------------------------------
Total assets $ 626,972 $ 605,620 $ 631,250 $ 364,609 $ 340,113
==================================================
Liabilities and Stockholders' Equity:
Liabilities:
Deposits:
Noninterest-bearing$ 168,474 $ 165,239 $ 155,935 $ 103,489 $ 100,410
NOW, MMDA and
Savings 251,060 249,311 242,605 107,902 102,549
Time certificates,
$100,000 and over 61,025 68,968 76,635 49,158 45,024
Other time
certificates 40,549 42,133 42,911 35,449 34,234
--------------------------------------------------
Total
deposits 521,108 525,651 518,086 295,998 282,217
Other borrowings 33,925 10,193 40,224 29,825 19,825
Other liabilities 3,575 3,970 4,888 2,541 2,641
--------------------------------------------------
Total
liabilities 558,608 539,814 563,198 328,364 304,683
Trust preferred
securities 13,479 13,487 13,495 10,000 10,000
Stockholders' equity 54,885 52,319 54,557 26,245 25,430
--------------------------------------------------
Total liabilities
and stockholders'
equity $ 626,972 $ 605,620 $ 631,250 $ 364,609 $ 340,113
==================================================
FINANCIAL RATIOS
(in 000's except share data )(unaudited)
Three Months Ended
June 30, March 31, Dec. 31, Sept. 30, June 30,
2002 2002 2001 2001 2001
--------------------------------------------------
AVERAGE BALANCES:
Average investments $ 160,608 $ 164,639 $ 148,454 $ 127,390 $ 111,913
Average loans, net
of unearned income $ 392,040 $ 390,082 $ 199,509 $ 186,337 $ 186,837
Average interest
earning assets $ 552,648 $ 554,721 $ 347,963 $ 313,727 $ 298,750
Average assets $ 620,791 $ 620,952 $ 383,676 $ 349,246 $ 338,980
Average deposits $ 533,343 $ 520,529 $ 311,570 $ 289,530 $ 280,100
Average interest
bearing liabilities$ 394,502 $ 402,422 $ 228,783 $ 220,304 $ 212,218
Average equity $ 53,401 $ 54,712 $ 26,173 $ 25,837 $ 25,096
CREDIT QUALITY DATA:
Non-accrual loans $ 1,775 $ 878 $ 1,947 $ 1,752 $ 1,778
Loans 90 days or
more past due and
still accruing $ 54 $ 33 $ 18 $ 108 $ -
--------------------------------------------------
Total
nonperforming
loans $ 1,829 $ 911 $ 1,965 $ 1,860 $ 1,778
Other real estate
owned $ 885 $ 885 $ 72 $ 313 $ 313
--------------------------------------------------
Total
nonperforming
assets $ 2,714 $ 1,796 $ 2,037 $ 2,173 $ 2,091
Nonperforming loans
as a percentage of
total loans 0.46% 0.24% 0.51% 0.95% 0.97%
Nonperforming assets
as a percentage of
total assets 0.43% 0.30% 0.32% 0.60% 0.61%
Allowance for loan
losses as a
percentage of total
loans 1.22% 1.22% 1.17% 1.02% 1.08%
Quarterly net loan
charge-offs
(recoveries) $ 22 $ (15) $ (110) $ 12 $ 37
CAPITAL RATIOS:
Stockholders' equity
as a percentage of
total assets 8.75% 8.64% 8.64% 7.20% 7.48%
OTHER PERIOD END
STATISTICS:
Loan to deposit
ratio 76.32% 73.05% 74.98% 65.87% 64.88%
Non-interest bearing
deposits to total
deposits 32.33% 31.44% 30.10% 34.96% 35.58%
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2002 2002 2001 2002 2001
--------------------------------------------------
PROFITABILITY
RATIOS:
Return on average
assets 0.83% 0.80% 0.74% 0.81% 0.75%
Return on average
equity 9.59% 9.12% 9.99% 9.36% 10.16%
Net interest margin 5.62% 5.45% 5.53% 5.54% 5.65%
Efficiency ratio 74.36% 75.43% 78.62% 74.89% 78.91%
Efficiency ratio
excluding interest
on trust preferred
securities 71.55% 72.52% 74.54% 72.03% 74.81%
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