Center Bancorp, Inc., Reports 49.1% Increase in Quarterly Earnings.Business Editors UNION, N.J.--(BUSINESS WIRE)--July 25, 2002 Center Bancorp Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. ) parent company to Union Center National Bank of Union, New Jersey, today reported increased earnings results for the second quarter and six months ended June June: see month. 30, 2002. Net income for the second quarter of 2002 amounted to $2,087,000 or $.49 per fully 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, an increase of $687,000 or 49.1% over the $1,400,000 or $.34 per fully diluted share earned for the comparable quarter of the previous year. Basic earnings per share were $.50, up 47.1% from $.34 in the second quarter of 2001. All share and per share amounts have been restated to reflect the 5% stock dividend declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. on April 16, 2002 and paid on June 1, 2002, to holders of record May 17, 2002. For the full six months ended June 30, 2002, net income amounted to $4,122,000, an increase of 49.6% over the $2,755,000 earned in 2001. On a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis, earnings per share fully diluted were $.98 up 46.3% from $.67 for the first six months of 2001. John J. Davis See also John J. Davis (congressman) for the West Virginia politician. John J. Davis was a U.S. Army officer. From September 1, 1965 to October 19, 1966, Davis, then a Major General, served as the Assistant chief of Staff for Intelligence, Headquarters, Department , President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. noted that the Corporation's net income for the second quarter increased 49.1% as a result of higher levels of net interest income and increased levels of non-interest fee revenue. Quarterly earnings performance remained strong, notwithstanding a 13.6% increase in operating overhead for the period, primarily related to continued branch expansion. On May 4, 2002 the Bank opened its second full service office in Morristown, New Jersey Morristown is a town in Morris County, New Jersey, United States. As of the United States 2000 Census, the town population was 18,544. Its estimated population in 2004 was 18,842. It is the county seat of Morris CountyGR6. at 214 South Street. The Corporation's earnings results for the both the first and second quarter of 2002 continues to reflect growth in revenue generated by core earnings performance. Total interest income for the second quarter of 2002 increased $682,000 or 7.10%, over the comparable 2001 period. Total interest expense decreased by $603,000 over the same period. This resulted in increased net interest income for the second quarter of 23.8% and is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk in part to the higher levels of net income for the period. Continued strong growth in non-interest revenue, which increased by 7.0 % for the quarter was a contributing factor for the positive quarterly results. The Corporation continued to have strong earning-asset growth both in the loan and the investment securities portfolios. Total average loan volume increased to $224.4 million, an increase of $18.8 million (up 9.2% from $203.6 million for the comparable prior year quarter) and the investment securities portfolio increased on average $111.9 million (up 33.1% over the comparable prior year quarter). Despite the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. experienced in the economy, the Corporation continues to experience loan demand in certain portfolio sectors, primarily real estate related. Demand for 1-4 family residential mortgages remained high during the second quarter. Loan growth was also attributable to a lower prevailing rate environment coupled with the increased branch network expansion, higher visibility in new markets, and a continued enhancement of product lines to meet market demands. The increased securities portfolio largely reflects the execution of the Corporation's investment strategies in response to the growth in average funding sources. While asset quality continues to remain high, during the second quarter provisions of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $90,000 were made to the allowance for loan losses, to maintain adequate loan loss reserves in relationship with loan portfolio growth. Average funding sources grew $127.3 million or approximately 23.0% during the second quarter. Interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid liabilities increased $108.3 million on average during the second quarter, as compared to the second quarter in 2001. Total non-interest bearing core deposits increased $17.5 million on average and continue to be a low-cost source of funding. At June 30, 2002 this source of funding amounted to $112.5 million or 16.4% of total funding sources and 20.6% of total deposits. Net interest margins remained stable and consistent during the second quarter of 2002 as interest rates remained low, following the sharp decline in interest rates in 2001, as the Federal Reserve lowered interest rates eleven times in 2001. This continued low rate environment positively impacted the Corporation's net interest margin for the second quarter of 2002 in comparison to the second quarter in 2001. The net interest spread increased 32 basis points in the second quarter of 2002 to 3.58% from 3.26% for the comparable quarter in 2001 but decreased 5 basis points compared to the first quarter of 2002. For the three months ended June 30, 2002 the net interest margin (net interest income as a percentage of 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 ), increased 6 basis points to 4.00% from 3.94% for the second quarter in 2001; but decreased 2 basis points from 4.02% for the first quarter of 2002. During the second quarter of 2002 interest earned on interest earning assets declined 83 basis points; however, interest paid on interest bearing liabilities declined by 115 basis points. Other non-interest income, exclusive of gains on securities sold (which decreased $68,000), rose $116,000 or 20.5% for the second quarter compared with the comparable quarter in 2001. The increased revenue was primarily driven by the increase in the cash surrender value The amount of money that an insurance company pays the insured upon cancellation of a life insurance policy before death and which is a specific figure assigned to the policy at that particular time, reduced by a charge for administrative expenses. of bank owned life insurance, which amounted to $191,000 or an increase of $108,000 for the second quarter in comparison to the comparable quarter of 2001. 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. rose approximately 13.6% for the second quarter in 2002 over the comparative period in 2001, with increased salary and benefit expense, bank premise and occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expense and marketing and advertising accounting for most of the increase. Effective January January: see month. 1, 2002, the Corporation adopted SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 142, "Goodwill and 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. "; under which annual amortization of unamortized goodwill will cease. Accordingly there was no amortization expense for the three and six month periods of 2002. Other 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. , associated with amortization of goodwill, for the comparable quarter in 2001 included amortization expense amounting to $ 81,000 and $162,000 for the three and six months ended June 30, 2001. Total assets at June 30, 2002, were $741.2 million, an increase of $149.7 million or 25.3% from assets of $591.5 million at June 30, 2001. The annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average assets for the six months ended June 30, 2002, increased to 1.13% as compared with .94% for the comparable period in 2001. The total Tier 1 capital Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves. Notes: Equity capital includes instruments that can't be redeemed at the option of the holder. leverage ratio was 7.52% at June 30, 2002, up from 6.50% at June 3-, 2001. Total Tier I capital increased to approximately $54.6 million, and largely reflects the issuance of $10.0 million in Trust Preferred Securities on December December: see month. 18, 2001. Book value per common share Book Value Per Common Share A measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Formula: was $11.60 as compared with $10.19 a year ago. Tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. book value per common share increased to $11.11 from $9.65 a year ago. Annualized return on average 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. for the six months ended June 30, 2002 was 17.62% compared to 13.39% for the comparable period in 2001. The Corporation announced a stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program on January 24, 2002 under which the Corporation is authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: to purchase up to 120,750 shares (restated to reflect the 5% stock dividend distributed on June 1, 2002) of the company's outstanding common stock over the next year. The Corporation indicated that repurchases may be made from time to time as, in the opinion of management, market conditions warrant, in the open market or in privately negotiated transactions. John J. Davis, President & CEO, reiterated that any repurchases of shares will be added to the corporate treasury and will be issued for future stock dividends and general corporate purposes. As of June 30, 2002 Center Bancorp had 4.2 million shares of common stock outstanding. Center Bancorp Inc., through its 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. , Union Center National Bank, Union, New Jersey, operates thirteen-banking locations. Banking centers are located in Union Township There are many townships named Union Township in the United States: Michigan
Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. , Millburn/Vauxhall, Morristown Morristown. 1 Town (1990 pop. 16,189), seat of Morris co., N N.J., on the Whippany River; settled c.1710, inc. 1865. Although chiefly residential, it has diverse manufactures, including electronic products, health and beauty aids, auto parts, and (2 locations), Springfield Springfield. 1 City (1990 pop. 105,227), state capital and seat of Sangamon co., central Ill., on the Sangamon River; settled 1818, inc. as a city 1840. , and Summit, New Jersey. The Bank also operates a remote ATM location in Union Hospital in Union. Union Center National Bank is the largest commercial Bank headquartered in Union County; was chartered in 1923 and is a full service banking company. For further information regarding Center Bancorp Inc., call 1-(800)-862-3683. For information regarding Union Center National Bank visit our web site at http://www.centerbancorp.com. All non-historical statements in this press release constitute 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. 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. Such statements include expressions about management's views regarding future performance. These statements may use such 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. terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or as "expect", "look", "believe', "plan", "anticipate", "may", "will" or similar statements or variations of such terms or otherwise express views concerning trends and the future. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of interest rates, continued levels of loan quality and origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volume, continued relationships with major customers including sources for loans, as well as the effects of economic conditions and legal and 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. barriers and structure, including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. of the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. Actual results may differ materially from such forward-looking statements. Center Bancorp, Inc. assumes no obligation for updating any such forward-looking statement at any time.
CENTER BANCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
For the 3 Months Ended For the 6 Months Ended
---------------------- ----------------------
6/30/02 6/30/01 6/30/02 6/30/01
Net Income $2,087,000 $1,400,000 $4,122,000 $2,755,000
Earning per Share
-----------------
Basic $0.50 $0.34 $0.98 $0.67
Diluted $0.49 $0.34 $0.98 $0.66
Weighted Average
Shares Outstanding
-------------------
Basic 4,197,843 4,133,691 4,185,504 4,125,264
Diluted 4,231,190 4,167,571 4,219,460 4,159,009
All share and per share amounts have been restated to reflect the
5% stock dividend declared on April 16, 2002, distributed on June 1,
2002.
Average Balance Sheet with Interest and Average Rates
Six Month
Period Ended June 30,
2002 2001
----------------------------------------------------------------------
(tax equivalent
basis, Interest Average Interest Average
dollars in Average Income/ Yield/ Average Income/ Yield/
thousands) Balance Expense Rate Balance Expense Rate
----------------------------------------------------------------------
Assets
Interest-
earning
assets:
Investment
securities:(1)
Taxable $441,898 $ 12,923 5.85% $323,218 $ 11,101 6.87%
Non-taxable 13,071 456 6.98% 10,034 353 7.04%
Federal funds
sold and
securities
purchased
under
agreement
to resell 999 9 1.80 11,989 305 5.09%
Loans, net
of unearned
income(2) 217,984 7,429 6.82% 201,722 7,600 7.54%
-------- -------- ------- -------- -------- -------
Total
interest-
earning
assets 673,952 20,817 6.18% 546,963 19,359 7.08%
-------- -------- ------- -------- -------- -------
Non-interest
earning
assets
Cash and due
from banks 18,387 17,295
BOLI 13,545 10,034
Other assets 23,201 13,234
Allowance
for possible
loan losses (2,260) (1,696)
-------- --------
Total
non-interest
earning
assets 52,873 38,867
-------- --------
Total assets $726,825 $585,830
-------- --------
Liabilities
and
stockholders'
equity
Interest-
bearing
liabilities:
Money Market
deposits $100,080 $ 980 1.96% $ 74,114 $ 1,032 2.78%
Savings
deposits 167,633 1,926 2.30% 113,212 1,864 3.29%
Time
deposits 90,424 1,326 2.93% 110,770 2,837 5.12%
Other
interest
bearing
deposits 67,047 413 1.23% 44,053 329 1.49%
Borrowings 130,497 2,363 3.62% 104,555 2,540 4.86%
Trust
Preferred 10,000 280 5.60% 0 0 0.00%
-------- -------- ------- -------- -------- -------
Total
interest-
bearing
liabilities 565,681 7,288 2.58% 446,704 8,602 3.85%
-------- -------- ------- -------- -------- -------
Non-interest-
bearing
liabilities:
Demand
deposits 108,047 92,745
Other non-
interest-
bearing
deposits 511 1,017
Other
liabilities 5,817 4,211
-------- --------
Total
non-
interest-
bearing
liabilities 114,375 97,973
Stockholders'
equity 46,769 41,153
-------- --------
Total
liabilities
and
stockholders'
equity $726,825 $585,830
-------- --------
Net interest
income (tax-
equivalent
basis) $ 13,529 $ 10,757
-------- --------
Net Interest
Spread 3.60% 3.23%
------- -------
Net interest
income as
percent
of earning-
assets 4.01% 3.93%
------- -------
Tax
equivalent
adjustment(3) (155) (120)
-------- --------
Net interest
income $ 13,374 $ 10,637
-------- --------
(1) Average balances for available-for-sale securities are based on
amortized cost
(2) Average balances for loans include loans on non-accrual status
(3) The tax-equivalent adjustment was computed based on a statutory
Federal income tax rate of 34 percent
Average Balance Sheet with Interest and Average Rates
Three Month
Period Ended June 30,
2002
----------------------------------------------------------------------
Interest Average
(tax equivalent basis, Average Income/ Yield/
dollars in thousands) Balance Expense Rate
----------------------------------------------------------------------
Assets
Interest-earning assets:
Investment securities:(1)
Taxable $ 437,444 $ 6,371 5.83%
Non-taxable 13,020 227 6.97%
Federal funds sold and
securities purchased
under agreement to resell 1,352 7 2.07%
Loans, net of unearned
income (2) 222,389 3,756 6.76%
--------- --------- ---------
Total interest-earning
assets $ 674,205 $ 10,361 6.15%
--------- --------- ---------
Non-interest earning
assets
Cash and due from banks 18,856
BOLI 13,641
Other assets 23,825
Allowance for possible
loan losses (2,296)
---------
Total non-interest
earning assets 54,026
---------
Total assets $ 728,231
---------
Liabilities and
stockholders' equity
Interest-bearing
liabilities:
Money Market deposits $ 91,934 456 1.98%
Savings deposits 169,534 1,053 2.48%
Time deposits 90,864 574 2.53%
Other interest bearing
deposits 67,446 197 1.17%
Borrowings 132,198 1,188 3.59%
Trust Preferred 10,000 143 5.60%
--------- --------- ---------
Total interest-bearing
liabilities 561,976 3,611 2.57%
--------- --------- ---------
Noninterest-bearing
liabilities:
Demand deposits 112,506
Other noninterest-bearing
deposits 509
Other liabilities 5,971
---------
Total noninterest-bearing
liabilities 118,986
Stockholders' equity 47,269
---------
Total liabilities and
stockholders' equity $ 728,231
---------
Net interest income
(tax-equivalent basis) $ 6,750
---------
Net Interest Spread 3.58%
---------
Net interest income as
percent of earning-assets 4.00%
---------
Tax equivalent adjustment
(3)
(77)
---------
Net interest income $ 6,673
---------
Average Balance Sheet with Interest and Average Rates
Three Month
Period Ended June 30,
2001
----------------------------------------------------------------------
Interest Average
(tax equivalent basis, Average Income/ Yield/
dollars in thousands) Balance Expense Rate
----------------------------------------------------------------------
Assets
Interest-earning assets:
Investment securities:(1)
Taxable $ 328,483 $ 5,548 6.76%
Non-taxable 10,034 177 7.06%
Federal funds sold and
securities purchased under
agreement to resell 11,508 139 4.83%
Loans, net of unearned
income (2) 203,596 3,798 7.46%
--------- --------- ---------
Total interest-earning
assets 553,621 9,662 6.98%
--------- --------- ---------
Non-interest earning
assets
Cash and due from banks 17,161
BOLI 2,834
Other assets 23,649
Allowance for possible
loan losses (1,730)
---------
Total non-interest earning
assets 41,914
---------
Total assets $ 595,535
---------
Liabilities and
stockholders' equity
Interest-bearing
liabilities:
Money Market deposits $ 74,473 488 2.62%
Savings deposits 120,585 998 3.31%
Time deposits 102,105 1,244 4.87%
Other interest bearing
deposits 43,602 147 1.35%
Borrowings 112,913 1,337 4.74%
Trust Preferred 0 0 0.00%
--------- --------- ---------
Total interest-bearing
liabilities 453,678 4,214 3.72%
--------- --------- ---------
Noninterest-bearing
liabilities:
Demand deposits 94,320
Other noninterest-bearing
deposits 1,161
Other liabilities 4,495
---------
Total noninterest-bearing
liabilities 99,976
Stockholders' equity 41,881
---------
Total liabilities and
stockholders' equity $ 595,535
---------
Net interest income
(tax-equivalent basis) $ 5,448
---------
Net Interest Spread 3.26%
---------
Net interest income as
percent of earning-assets 3.94%
---------
Tax equivalent adjustment
(3)
(60)
---------
Net interest income $ 5,388
---------
(1) Average balances for
available-for-sale
securities are based on
amortized cost
(2) Average balances for
loans include loans on
non-accrual status
(3) The tax-equivalent
adjustment was computed
based on a statutory
Federal income tax rate
of 34 percent
Center Bancorp, Inc.
Consolidated Statements of Condition
June 30, Dec. 31,
(Dollars in thousands) 2002 2001
----------------------------------------------------------------------
(unaudited)
Assets:
Cash and due from banks $19,728 $29,668
Federal Funds Sold and Securities
purchased under agreement to resell 41,000 0
----------------------------------------------------------------------
Total cash and cash equivalents 60,728 29,668
Investment securities held to
maturity (approximate market value of
$225,591 in 2002 and $205,604 in 2001) 221,143 205,237
Investment securities available-for-sale 198,754 212,037
----------------------------------------------------------------------
Total investment securities 419,897 417,274
----------------------------------------------------------------------
Loans, net of unearned income 227,538 211,236
Less - Allowance for loan losses 2,344 2,191
----------------------------------------------------------------------
Net loans 225,194 209,045
----------------------------------------------------------------------
Premises and equipment, net 12,566 11,685
Accrued interest receivable 4,935 4,542
Bank owned separate account life insurance 13,753 13,000
Other assets 2,090 2,298
Goodwill 2,091 2,091
----------------------------------------------------------------------
Total assets $741,254 $689,603
----------------------------------------------------------------------
Liabilities
Deposits:
Non-interest bearing $112,543 $103,520
Interest bearing:
Certificates of deposit $100,000 and over 39,510 23,371
Savings and time deposits 393,950 370,942
----------------------------------------------------------------------
Total deposits 546,003 497,833
----------------------------------------------------------------------
Federal funds purchased and securities
sold under agreements to repurchase 70,014 72,296
Federal Home Loan Bank advances 60,000 60,000
Corporation - obligated Mandatorily
redeemable trust preferred securities
of subsidiary trust holding solely
junior subordinated debentures of
Corporation 10,000 10,000
Accounts payable and accrued liabilities 6,414 5,178
----------------------------------------------------------------------
Total liabilities 692,431 645,307
----------------------------------------------------------------------
Stockholders' equity
Preferred Stock, no par value, authorized
5,000,000 shares; none issued 0 0
Common stock, no par value:
Authorized 20,000,000 shares; issued
4,741,352 and 4,732,625
shares in 2002 and 2001, respectively 18,815 14,677
Additional paid in capital 4,348 4,180
Retained earnings 27,412 28,569
Treasury stock at cost (533,462 and
569,741 shares in 2002 and
2001, respectively) (3,870) (4,115)
Restricted stock (28) (135)
Accumulated other comprehensive income 2,146 1,120
----------------------------------------------------------------------
Total stockholders' equity 48,823 44,296
----------------------------------------------------------------------
Total liabilities and stockholders' equity $741,254 $689,603
----------------------------------------------------------------------
All share and per share amounts have been restated to reflect the 5%
stock dividend distributed on June 1, 2002 to stockholders of record
May 17, 2002.
Center Bancorp, Inc.
Consolidated Statements of Income
(unaudited) Three Months Ended Six Months Ended
June 30, June 30,
(Dollars in thousands, 2002 2001 2002 2001
except per share data)
-------------------------- --------- --------- --------- ---------
Interest income:
Interest and fees on loans $3,756 $3,798 $7,429 $7,600
Interest and
dividends on investment
securities:
Taxable interest
income 6,371 5,548 12,923 11,101
Nontaxable interest
income 150 117 301 233
Interest on Federal funds
sold and securities
purchased under agreement
to resell 7 139 9 305
-------------------------- --------- --------- --------- ---------
Total interest income 10,284 9,602 20,662 19,239
-------------------------- --------- --------- --------- ---------
Interest expense:
Interest on certificates of
deposit $100,000 or more 115 354 289 1,032
Interest on other deposits 2,165 2,523 4,356 5,030
Interest on short-term
borrowings 1,331 1,337 2,643 2,540
-------------------------- --------- --------- --------- ---------
Total interest expense 3,611 4,214 7,288 8,602
-------------------------- --------- --------- --------- ---------
Net interest income 6,673 5,388 13,374 10,637
-------------------------- --------- --------- --------- ---------
Provision for loan losses 90 183 180 258
-------------------------- --------- --------- --------- ---------
Net interest income after
provision for loan losses 6,583 5,205 13,194 10,379
-------------------------- --------- --------- --------- ---------
Other income:
Service charges,
commissions and fees 395 400 774 787
Other income 95 82 165 191
BOLI 191 83 371 83
Gain on securities sold 56 124 242 152
-------------------------- --------- --------- --------- ---------
Total other income 737 689 1,552 1,213
-------------------------- --------- --------- --------- ---------
Other expense:
Salaries and employee
benefits 2,282 1,836 4,582 3,706
Occupancy expense, net 382 370 838 804
Premises and equipment
expense 395 332 784 668
Stationery and printing
expense 148 134 304 227
Marketing and advertising 163 132 356 258
Other expenses 847 907 1,808 1,700
-------------------------- --------- --------- --------- ---------
Total other expense 4,217 3,711 8,672 7,363
-------------------------- --------- --------- --------- ---------
Income before income tax
expense 3,103 2,183 6,074 4,229
Income tax expense 1,016 783 1,952 1,474
-------------------------- --------- --------- --------- ---------
Net income $2,087 $1,400 $4,122 $2,755
-------------------------- --------- --------- --------- ---------
Earnings per share
Basic $0.50 $0.34 $0.98 $0.67
Diluted 0.49 0.34 0.98 0.66
-------------------------- --------- --------- --------- ---------
Average weighted common
shares outstanding
Basic 4,197,843 4,133,691 4,185,504 4,125,264
Diluted 4,231,190 4,167,571 4,219,460 4,159,009
-------------------------- --------- --------- --------- ---------
All share and per share amounts have been restated to reflect the 5%
stock dividend distributed on June 1, 2002 to stockholders of record
May 17, 2002.
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