Columbia Bancorp Third Quarter Profits Reach Record $3.1 Million.Business Editors THE DALLES dalles pl.n. The rapids of a river that runs between the steep precipices of a gorge or narrow valley. [French, pl. of dalle, gutter, from Old French, from Old Norse dæla.] , Ore.--(BUSINESS WIRE)--Oct. 22, 2003 Columbia Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. Bancorp (Nasdaq:CBBO) the financial holding company for Columbia River Columbia River River, southwestern Canada and northwestern U.S. Rising in the Canadian Rockies, it flows through Washington state, entering the Pacific Ocean at Astoria, Ore.; it has a total length of 1,240 mi (2,000 km). Bank, today reported third quarter net income increased 21% to $3.1 million, or $0.34 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, compared to $2.5 million, or $0.27 per diluted share, in the corresponding quarter of 2002. For the first nine months of 2003, net income was $6.9 million, or $0.77 per diluted share, compared to $7.1 million, or $0.77 per diluted share in the first nine months of 2002. "We produced solid growth on both the income statement and the balance sheet, reaching a new record in income generation," said Roger Christensen Christensen may refer to:
FINANCIAL HIGHLIGHTS -- 3Q03 Return on Equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) is 22.01%, Year-to-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. ROE is 17.48% -- 3Q03 Return on Assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) is 2.06%, Year-to-Date ROA is 1.63% -- 3Q03 Net Interest Margin (NIM nim 1 tr. & intr.v. nimmed, nim·ming, nims Archaic To steal; pilfer. [Middle English nimen, to take, from Old English niman; see ) is 5.97%, Year-to-Date NIM is 6.14% -- 3Q03 Efficiency Ratio is 51.95%, Year-to-Date Efficiency Ratio is 56.13% REVENUE AND NET INTEREST INCOME Revenue (net interest income plus non-interest income) for the third quarter grew 9% to $10.9 million, compared to $10.0 million in the like quarter a year ago. For the first nine months, revenue totaled $30.3 million, a 4% increase from $29.1 million in the same period last year. Net interest income before the provision for loan losses increased 3% to $8.0 million for the third quarter, compared to $7.8 million for the like quarter a year earlier. Year-to-date 2003 net interest income before the provision for loan losses rose 7% to $23.5 million, compared to $22.0 million last year. "Our net interest margin remains high for our peer group despite continuing pressure from borrowers in an historically low interest rate environment. As a result of competitive pressure on the lending side of our business, our net interest margin for the third quarter declined 18 basis points compared to the second quarter," said Greg GREG Great Egg Harbor National Scenic and Recreational River (US National Park Service) Spear, Chief Financial Officer. The net interest margin for the third quarter was 5.97%, compared to 6.42% in the third quarter of 2002. For the first three quarters of 2003, the net interest margin was 6.14%, compared to 6.40% in the same period of 2002. NON-INTEREST INCOME AND EXPENSE Non-interest income for the third quarter increased 27% to $2.8 million, compared to $2.2 million in the like quarter last year. "Because mortgage-servicing asset valuations stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. in the third quarter, we did not need to adjust the value of our mortgage-servicing asset as we have in previous quarters. We also generated $457,000, before tax, in non-recurring income from the sale of investments during the quarter, which added an additional $0.03 to the quarter's diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of ," said Spear. Year-to-date non-interest income for 2003 was $6.8 million, compared to $7.1 million for the first nine months of 2002. For the third quarter ended September September: see month. 30, 2003, non-interest expense was $5.7 million, a slight improvement from the second quarter ended June June: see month. 30, 2003, of $5.8 million. In the third quarter last year, non-interest expense was $5.5 million. Year-to-date 2003 non-interest expense was $17.0 million, compared to $16.3 million for the same period in 2002. "Through active management of expenses and increased income generation, we have improved our efficiency ratio over the past several years," said Jim McCall, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . For the third quarter, the efficiency ratio was 51.95%, a 344 basis point improvement compared to 55.39% for the like quarter last year. Year-to-date, the efficiency ratio was 56.13%, an eight basis point improvement compared to 56.21% in the first nine months of 2002. ASSETS AND SHAREHOLDERS' EQUITY Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. Total assets grew 8% to $594.4 million at September 30, 2003, compared to $551.8 million a year earlier. Shareholders' equity increased 6% to $55.4 million at quarter end, compared to $52.3 million at September 30, 2002. Book value per share of common stock at September 30, 2003 was $6.34, compared to $5.83 at September 30, 2002. Tangible book value per share at September 30, 2003 was $5.07, compared to $4.42 at September 30, 2002. During the third quarter, Columbia repurchased and retired 16,700 shares of common stock at an average price of $14.85 per share. "In August, we announced a plan to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. common stock valued up to $1.6 million as an attractive way to deploy capital," said Christensen. "We expect to continue to make periodic purchases of our stock from time-to-time within the approved plan, particularly when we believe it will be a benefit to shareholders." LOANS AND DEPOSITS The loan portfolio grew 7% to $460.3 million at September 30, 2003, compared to $428.7 million a year earlier. "The commercial and real estate loan sectors continue to provide the bank with strong growth opportunities," stated Shane Shane a classic, serious western film about a pioneer family protected by a mysterious stranger. [Am. Cinema: Halliwell, 651] See : Wild West Correa Correa may refer to:
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , fixed-rate financing with other lenders. Many of our competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. are now offering long-term rates below levels that we consider prudent. As a result, we have strategically focused our efforts on short- to intermediate-term Intermediate-term Typically one-ten years. intermediate-term Of or relating to an investment with an expected holding period somewhere between short-term and long-term. commercial loans and construction financing." Deposits increased 9% to $506.3 million at September 30, 2003, compared to $464.0 million at September 30, 2002. The increase included an 18% gain in non-interest bearing deposits. "Growing our core deposits broadens our customer base and funds future loan growth," said Craig Craig , Edward Gordon 1872-1966. British theatrical producer, director, and designer whose innovative productions and simplified stage designs influenced modern theater. Ortega, Head of Community Banking. LOAN QUALITY Non-performing assets at the end of September totaled $2.1 million or 0.36% of total assets. The loan loss allowance was $6.6 million or 1.43% of gross loans, including loans held for sale, at September 30, 2003, compared to $6.4 million or 1.40% of gross loans at June 30, 2003. Loan loss reserves increased as a percentage of non-performing assets to 311% at September 30, 2003 from 222% at June 30, 2003. "We have made significant progress with our non-performing assets, generating a 14 basis point improvement compared to the second quarter," said Britt britt n. Variant of brit. Noun 1. britt - the young of a herring or sprat or similar fish brit young fish - a fish that is young 2. 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 , Chief Credit Officer. "In addition, $1.3 million of our non-performing asset total is concentrated in the Central Oregon credit, which was written down in the previous quarter. We expect resolution on the balance of this loan sometime in the first half of 2004." LOOKING FORWARD "The key ratios by which we measure our success returned to the levels we expect, including double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. income growth. We believe these trends will continue in the fourth quarter, supported by growth from the new Kennewick, Washington Kennewick is a city in Benton County in southeastern Washington. It is the most populous of the three cities collectively referred to as the Tri-Cities (the others being Pasco and Richland). branch," said Christensen. "We anticipate the fourth quarter earnings per diluted share will be within the range of $0.29 to $0.31 per share. "As previously announced, in the first quarter of 2004, we expect to open our second branch in Redmond, Oregon Redmond is a city in Deschutes County, Oregon, United States. It is named for Frank T. Redmond, who settled near the present site of the town in 1905. It is part of the Bend, Oregon Metropolitan Statistical Area. Redmond's 2006 population is 23,500. , and in the second quarter, our fourth branch in Bend, Oregon Bend is a city in Deschutes County, Oregon, United States. The name Bend was derived from "Farewell Bend," the designation used by early pioneers to refer to the location along the Deschutes River where the town eventually was platted, one of the few fordable points along the . These areas are among the fastest-growing communities in the State of Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. . We expect that these branches will begin contributing earnings to our bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. within a year after opening," concluded Christensen. EARNINGS TELECONFERENCE AND WEBCAST Columbia will conduct a Teleconference and Webcast on Wednesday Wednesday: see week. , October October: see month. 22, 2003, at 12:00 noon Pacific Time (3:00 p.m. Eastern Time) when management, led by Roger Christensen, will discuss the third quarter 2003 results. To participate in the call dial 1-888-339-2688, and use conference ID 57468823. The live Webcast can be heard by going to Columbia Bancorp's Web Site, www.columbiabancorp.com, and clicking on Presentations/Webcast under the Investor Relations Investor relations The process by which the corporation communicates with its investors. section. The call replay will be available starting two hours after the completion of the live call, until October 30, 2003. To listen to the replay dial 1-888-286-8010 and use access code 12353447. In addition, the Webcast will be archived on Columbia Bancorp's Web Site. ABOUT COLUMBIA BANCORP Columbia Bancorp (www.columbiabancorp.com) is the financial holding company for Columbia River Bank, which operates 18 branches located in The Dalles (2), Hood River The Hood River is a tributary of the Columbia River in northwestern Oregon in the United States. Approximately 25 mi (40 km) long from its mouth to its farthest headwaters on the East Fork, the river descends from wilderness areas in the Cascade Range on Mount Hood and flows , Bend Bend, city (1990 pop. 20,469), seat of Deschutes co., W central Oregon, on the Deschutes River, at the eastern foot of the Cascade Range; inc. 1904. Lumbering is the primary industry, and tourism is also important. (3), Madras Madras. 1 State and former province, India: see Tamil Nadu. 2 City, India: see Chennai. , Redmond Redmond, city (1990 pop. 35,800), King co., W Wash., a suburb of Seattle, on Lake Sammamish; inc. 1912. Its economy centers around computer software (Microsoft Corp. , Pendleton Pendleton, city (1990 pop. 15,126), seat of Umatilla co., NE Oreg., on the Umatilla River, in the foothills of the Blue Mts.; founded 1869 on the old Oregon Trail, inc. 1889. , Hermiston, McMinnville McMinnville, city (1990 pop. 17,894), seat of Yamhill co., NW Oreg.; inc. 1876. It is a trade and processing center in the fertile Willamette valley. Foods, textiles, and building materials are produced, and there are wineries. Linfield College is in McMinnville. (3), Canby and Newberg, Oregon Newberg is a city in Yamhill County, Oregon, United States. A tradition holds that this town was named by its first postmaster, Sebastian Brutscher, for his former hometown of Neuberg in Germany. One of the current streets, Brutscher Street, is named after him. , and in Goldendale, White Salmon and Kennewick, Washington. To supplement its community banking services, Columbia River Bank also provides mortgage-lending services through its Columbia River Bank Mortgage Group and brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. services through its affiliation affiliation (  fil´ēā´sh with CRB CRBSee: Commodity Research Bureau. 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. . FORWARD LOOKING STATEMENT 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. with respect to the financial condition, results of operations and the business of Columbia are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in such statements. These include, without limitation, the impact of competition and interest rates on revenues and margins, Columbia's ability to open and generate growth from new branches, conclude the sale of certain land, achieve resolution on non-performing assets, and other risks and uncertainties, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the year 2003 and 2004, as may be detailed from time to time in Columbia's public announcements and filings with the Securities and Exchange Commission ("SEC"). Forward-looking statements can be identified by the use of 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 , such as "may", "will", "should", "expect", "anticipate", "estimate", "continue", "plans", "intends", or other similar terminology. Columbia does not intend to publicly release any revisions to these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this press release, other than in its periodic filings with the SEC, or to reflect the occurrence of unanticipated events.
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share data and ratios)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- ------------------
INCOME STATEMENT 2003 2002 2003 2002
-------------------------------- -------- -------- -------- -------
Interest income $ 9,737 $ 9,841 $ 28,715 $27,867
Interest expense 1,703 2,075 5,248 5,871
-------- -------- -------- -------
Net interest income 8,034 7,766 23,467 21,996
Provision for loan losses 400 600 2,400 1,700
-------- -------- -------- -------
Net interest income
after provision for loan losses 7,634 7,166 21,067 20,296
Non-interest income 2,843 2,237 6,814 7,090
Non-interest expense 5,651 5,541 16,997 16,351
Provision for income taxes 1,767 1,338 3,964 3,908
-------- -------- -------- -------
Net income $ 3,059 $ 2,524 $ 6,920 $ 7,127
======== ======== ======== =======
Earnings per share (1)
Basic $ 0.35 $ 0.28 $ 0.79 $ 0.80
Diluted 0.34 0.27 0.77 0.77
Cumulative dividend
per share (1) 0.08 0.07 0.23 0.22
Weighted average shares
outstanding (1)
Basic 8,734 8,950 8,709 8,912
Diluted 8,987 9,225 8,982 9,207
Actual shares outstanding (1) 8,734 8,977 8,734 8,977
BALANCE SHEET September December September
30, 2003 31, 2002 30, 2002
----------------------------------------- --------- ---------
Total assets $594,440 $544,326 $551,822
Securities 43,785 36,048 35,862
Loans held for sale 6,214 8,770 8,913
Gross loans, excluding loans
held for sale (2) 454,036 431,579 419,811
Total gross loans (2) 460,250 440,349 428,724
Goodwill (3) 7,389 7,389 7,389
Deposits 506,262 455,835 463,965
Borrowings (4) 28,340 31,135 30,740
Equity 55,406 50,190 52,323
Book value per share (1) $ 6.34 $ 5.80 $ 5.83
Tangible book value
per share (1)(5) $ 5.07 $ 4.42 $ 4.42
(1) Prior periods have been adjusted to reflect the 10% stock
dividend, effective May 1, 2003.
(2) Excludes allowance for loan losses and unearned loan fees.
(3) From the purchase of Valley Community Bancorp in 1998.
(4) Beginning December 2002, this amount includes trust preferred
securities of $4 million.
(5) Total common equity, less goodwill and other intangible assets;
divided by actual shares outstanding.
ADDITIONAL FINANCIAL INFORMATION
(Unaudited)
(In thousands, except per share data and ratios)
NON-PERFORMING ASSETS September September
30, 2003 30, 2002
------------------------------ --------- ---------
Delinquent loans on non-
accrual status $ 2,110 $ 937
Delinquent loans on accrual
status - -
Restructured loans 11 28
-------- --------
Total non-performing loans 2,121 965
Other real estate owned - 553
-------- --------
Total non-performing assets $ 2,121 $ 1,518
======== ========
Total non-performing assets /
total assets 0.36% 0.28%
Quarter Ended Year to Date
------------------- -------------------
CHANGE IN THE ALLOWANCE FOR September September September September
LOAN LOSSES 30, 2003 30, 2002 30, 2003 30, 2002
---------------------------------------- --------- --------- ---------
Balance at beginning of period $ 6,448 $ 6,130 $ 6,417 $ 5,312
Provision for loan losses 400 600 2,400 1,700
Recoveries 50 31 96 177
Charge offs (294) (334) (2,309) (762)
-------- -------- -------- --------
Balance at end of period $ 6,604 $ 6,427 $ 6,604 $ 6,427
======== ======== ======== ========
Loan loss allowance / gross loans and
loans held for sale 1.43% 1.50%
Non-performing loans / loan
loss allowance 32.11% 15.01%
Quarter Ended Year to Date
------------------- -------------------
OPERATING PERFORMANCE September September September September
30, 2003 30, 2002 30, 2003 30, 2002
------------------------------ --------- --------- --------- ---------
Average interest-earning
assets $537,583 $490,134 $517,271 $464,904
Average gross loans & loans
held for sale 467,538 434,860 455,197 413,412
Average assets 589,766 540,166 566,739 513,013
Average interest-bearing
liabilities 384,976 368,036 375,700 350,201
Average interest-bearing
deposits 354,766 333,977 346,012 313,488
Average deposits 501,696 452,319 480,899 423,792
Total average liabilities 534,631 488,599 513,805 463,576
Average equity 55,135 51,567 52,935 49,437
Quarter Ended Year to Date
------------------- -------------------
RATIOS September September September September
30, 2003 30, 2002 30, 2003 30, 2002
------------------------------ --------- --------- --------- ---------
Interest rate yield on
interest-earning assets, tax
equivalent 7.23% 8.12% 7.49% 8.08%
Interest rate expense on
interest-bearing liabilities 1.76% 2.26% 1.87% 2.24%
Interest rate spread 5.47% 5.86% 5.62% 5.85%
Net interest margin, tax
equivalent 5.97% 6.42% 6.14% 6.40%
Efficiency ratio (1) 51.95% 55.39% 56.13% 56.21%
Return on average assets 2.06% 1.87% 1.63% 1.85%
Return on average equity 22.01% 19.58% 17.48% 19.22%
Average equity / average
assets 9.35% 9.55% 9.34% 9.64%
(1) Non-interest expense divided by net interest income and
non-interest income.
FINANCIAL INFORMATION UPDATE
(Unaudited)
Quarter Ended
-------------------------
INCOME STATEMENT ITEMS September September
30, 2003 30, 2002
------------------------------------------ ------------
Service charges on deposits 1,121,321 1,048,565
Credit card discounts & fees 127,696 131,529
Financial services 180,887 139,928
Mortgage servicing, net 277,425 (179,125)
Gain on sale of mortgage loans (201,872) 82,233
Mortgage loan origination income 660,452 501,853
Gain/loss from "called" bond - (786)
Gain/loss from sale of securities 457,265 97,238
Other income 219,766 415,428
------------ ------------
Total non-interest income 2,842,940 2,236,863
------------ ------------
Compensation & benefits 3,458,179 3,423,977
Occupancy 575,616 527,648
Data processing 108,600 85,104
Other expenses 1,508,538 1,504,380
------------ ------------
Total non-interest expense 5,650,933 5,541,109
------------ ------------
BALANCE SHEET ITEMS September September
30, 2003 30, 2002
------------------------------------------ ------------
Commercial loans 80,124,723 75,554,522
Agricultural loans 62,114,029 61,266,590
Real estate loans 197,789,563 163,341,117
Real estate loans -
construction 88,223,235 93,714,389
Loans held for sale 6,214,380 8,913,445
Consumer loans 19,340,600 20,647,428
Other loans 6,443,731 5,286,940
------------ ------------
Total loans, gross (1) 460,250,261 428,724,431
------------ ------------
Quarter Ended
-------------------------
MORTGAGE SERVICING September September
30, 2003 30, 2002
------------------------------------------ ------------
Mortgage servicing asset, net 3,709,391 5,233,431
Mortgage loans serviced ($) 454,963,403 478,328,727
Mortgage loans serviced number
(quantity) 3,862 4,001
Mortgage loans produced
(quantity) 494 410
Mortgage servicing asset
multiple 0.82% 1.09%
MORTGAGE SERVICING ASSET Q3 2003 Q2 2003
RECONCILIATION
------------------------------------------ ------------
Mortgage servicing asset
(MSA), beginning 3,732,007 4,249,566
Add servicing retained
premiums 565,753 625,354
Deduct MSA amortization (588,370) (567,913)
Deduct MSA valuation
adjustments - (575,000)
------------ ------------
Mortgage servicing asset,
ending 3,709,390 3,732,007
------------ ------------
MORTGAGE SERVICING ASSET
RECONCILIATION CON'T 2002 2001
------------------------------------------ ------------
Mortgage servicing asset
(MSA), beginning 6,196,801 2,759,687
Add servicing retained
premiums 2,227,511 4,750,197
Deduct MSA amortization (1,028,810) (395,354)
Deduct MSA valuation
adjustments (2,781,111) (917,729)
------------ ------------
Mortgage servicing asset,
ending 4,614,391 6,196,801
------------ ------------
Year to Date
-----------------------
INCOME STATEMENT ITEMS September September
30, 2003 30, 2002
----------------------------------------- -----------
Service charges on deposits 3,187,813 3,059,044
Credit card discounts & fees 318,410 317,432
Financial services 432,728 459,020
Mortgage servicing, net 555 (110,305)
Gain on sale of mortgage loans (219,029) 7,969
Mortgage loan origination
income 1,935,067 1,858,507
Gain/loss from "called" bond 4,884 2,714
Gain/loss from sale of
securities 457,265 294,133
Other income 695,892 1,201,856
----------- -----------
Total non-interest income 6,813,585 7,090,370
----------- -----------
Compensation & benefits 10,140,508 9,821,493
Occupancy 1,696,787 1,494,198
Data processing 259,928 275,475
Other expenses 4,899,940 4,759,449
----------- -----------
Total non-interest expense 16,997,163 16,350,615
----------- -----------
MORTGAGE SERVICING ASSET Q1 2003
RECONCILIATION
-----------------------------------------
Mortgage servicing asset
(MSA), beginning 4,614,391
Add servicing retained
premiums 561,091
Deduct MSA amortization (425,916)
Deduct MSA valuation
adjustments (500,000)
-----------
Mortgage servicing asset,
ending 4,249,566
-----------
MORTGAGE SERVICING ASSET
RECONCILIATION CON'T 2000 1999 1998
----------------------------------------- ----------- --------
Mortgage servicing asset
(MSA), beginning 1,482,374 646,546 -
Add servicing retained
premiums 1,437,145 932,724 664,665
Deduct MSA amortization (159,832) (96,896) (18,119)
Deduct MSA valuation
adjustments - - -
----------- ----------- --------
Mortgage servicing asset,
ending 2,759,687 1,482,374 646,546
----------- ----------- --------
(1) Excludes allowance for loan losses and unearned loan fees.
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