Community Bancorp Reports 96% Increase in Annual Net Income to $5.9 Million; EPS Increases 69% to $1.42 in 2003.Business Editors ESCONDIDO Escondido (ĕskəndē`dō), city (1990 pop. 108,635), San Diego co., S Calif.; inc. 1888. Located in a grain-, citrus-fruit-, and grape-growing valley, Escondido produces cereal products and has fruit-packing houses and one of the , Calif.--(BUSINESS WIRE)--Jan. 29, 2004 Community Bancorp Inc. (the "Company") (Nasdaq: CMBC CMBC Coast Mountain Bus Company (Surrey, BC, Canada) CMBC Canadian Mennonite Bible College CMBC Camp Memorial Blood Center (US Army) CMBC Castle Morpeth Bridge Club (UK) ), a community bank holding company with $477 million in total assets, today announced record financial results for the fourth quarter and year ended December December: see month. 31, 2003. Net income increased 105% in the fourth quarter 2003 to $1.9 million compared to $928,000 in the fourth quarter 2002. Earnings per 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. ) increased 58% in the fourth quarter 2003 to $0.41 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 $0.26 per diluted share for the fourth quarter 2002. For the full year of 2003, the Company's net income increased 96% to $5.9 million compared to $3.0 million for the full year 2002. EPS increased 69% to $1.42 per diluted share in 2003 compared to $0.84 per diluted share for the full year 2002. These results include the impact of the shares issued in a private placement of Company stock during the third quarter of this year. The Company's return on average 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. ) and return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) for the fourth quarter of 2003 were 20.98% and 1.65%, respectively, compared to 18.38% and 0.93%, respectively, for the fourth quarter of 2002. For the full year 2003, ROE and ROA were 21.34% and 1.34%, respectively, compared to 16.00% and 0.77% respectively, for 2002. "Our continued focus on generating quality assets and low cost core deposits contributed to the improvement in our net interest margin producing excellent results in 2003," stated Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Perdue Perdue may refer to:
Other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 18% to $7.7 million in 2003 compared to $6.5 million in 2002. "While gain on sale of loans increased $751,000 over 2002, as a percentage of total revenue (net interest income before provision plus non-interest income), our gain on sale of loans declined to 18.23% in 2003 compared to 19.50% in 2002," stated Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Mills, Senior Vice President and CFO See Chief Financial Officer. . "Excluding gain on sale of loans, other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (OREO) and other repossessed assets, other operating income increased $336,000, or 15.8%, in 2003 compared to 2002. In the future, we intend to continue the reduction in gain on sale of loans as a percentage of gross revenue by increasing net interest income through asset generation and continued focus on fee income from sources other than gain on sale of loans." Loan production, excluding mortgage loans, increased 23.23% to $318.4 million for 2003 from $258.4 million for 2002. Of these totals, 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 loan originations 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. totaled $106.5 million in 2003 compared to $85.1 million during 2002. For the fourth quarter 2003, SBA loan originations were $41.1 million compared to $24.7 million for the fourth quarter 2002. The Company sold $16.9 million, or 41% of originations, in the fourth quarter 2003 compared to $13.6 million, or 55% of originations, during the fourth quarter of 2002. For the year, we sold $63.4 million, or 60% of SBA originations, compared to $64.8 million, or 76% of SBA originations, in 2002. "In late 2002, the Company began to develop a separate SBA 504 lending division, utilizing separate loan origination, processing and sales staff to concentrate on the efficient 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 of this product," stated Perdue. "In 2003, the SBA 504 product accounted for 47% of the Company's SBA loan production, or $49.7 million, which is a significant increase over prior years. While there is some concern over the future loan generation and revenue streams for all SBA 7a originators as a result of changes in the Government's funding of, and limits on, the SBA 7a loan product, our Company can now shift a significant portion of the demand for the larger real estate secured loans from the 7a program to the SBA 504 loan Purpose The Small Business Administration (SBA) 504 loan program was created to help small to mid-sized business owners acquire commercial property without the financial hassles. product, which has been unaffected by the Government's limitations on 7a loans. As a result, if we generate fewer 7a loans and have less gain on sale revenue in future periods due to governmental restrictions on 7a lending, we expect the increased income from our expanded SBA 504 portfolio will help to lessen less·en v. less·ened, less·en·ing, less·ens v.tr. 1. To make less; reduce. 2. Archaic To make little of; belittle. v.intr. To become less; decrease. the impact of the restricted 7a program." FINANCIAL HIGHLIGHTS During the fourth quarter of 2003, total interest income was $7.0 million, a 9% increase over $6.5 million for the fourth quarter 2002. For the year ended December 31, 2003, total interest income was $26.8 million, an 8% increase over $24.8 million for the year ended December 31, 2002. The increases were the result of the increases in average interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin for the quarter and for the year, partially offset by decreases in the yield on those assets. Total interest expense for the fourth quarter of 2003 was $1.3 million, a decrease of 33% compared to $2.0 million for the fourth quarter of 2002. For the year ended December 31, 2003, total interest expense was $6.2 million, a decrease of 29% compared to $8.7 million for the year ended December 31, 2002. Interest expense was reduced due to the decline in cost of average deposits as a result of increases in the average balances of transaction accounts (interest bearing checking accounts, demand deposits, savings and money market accounts) and the repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing of CDs in the current lower interest rate environment, partially offset by the increase in average balance of interest bearing deposits. Average transaction accounts increased 27% to $187.0 million for the fourth quarter 2003 compared to $146.8 million for the fourth quarter 2002. For the year 2003, average transaction account balances increased 21% to $166.2 million compared to $137.7 million for the year 2002. In addition, the cost of long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. was reduced through the use of an interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. combined with the issuance of an additional $5 million in debt during the third quarter 2003, and the cost of short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowing declined due to the current low interest rate environment. The net interest margin for the fourth quarter of 2003 was 5.28%, compared to 4.74% for the fourth quarter of 2002. For the year ended December 31, 2003, the net interest margin increased to 5.00% compared to 4.40% for the year ended December 31, 2002. The increase in the net interest margin was mainly due to the decline in cost of liabilities as noted above, partially offset by the decline in yield on interest earning assets. Other operating income increased 19% to $2.1 million for the fourth quarter 2003, compared to $1.8 million for the fourth quarter 2002. Gain on sale of loans increased $390,000 in the fourth quarter 2003 when compared to the fourth quarter 2002 due to increases in the premiums paid on loans sold. Gain on sale of loans increased $751,000 in 2003 when compared with 2002 due to increases in the premiums paid on loans sold. Loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. fees in 2002 were higher during the fourth quarter when compared to the fourth quarter 2003 due to recovery of a portion of the reserve for the servicing asset in the fourth quarter 2002. 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. increased 14% to $4.5 million in the fourth quarter 2003 compared to 2002. For the year ended December 31, 2003, operating expenses increased 8% to $17.2 million compared to 2002. Salaries and employee benefits increased due to normal expansion and increases in incentive based compensation. Other operating expenses increased due to expenses incurred as a result of the 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 conversion, increased expenses as a result of the Sarbanes-Oxley Act See SOX. and the cost of registering the shares issued in the Company's third quarter 2003 private placement of common stock. For the year ended December 31, 2002, depreciation was higher than in 2003 due to the one time disposal of certain fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → as a result of the 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. of the Company's corporate headquarters. The efficiency ratio improved to 57.32% for the fourth quarter 2003 compared to 62.42% for the fourth quarter the prior year. For the year ended December 31, 2003, the efficiency ratio improved to 60.81% compared to 70.25% for the prior year mainly due to increased revenue and growth and improved 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. control. Total assets increased 15% to $476.7 million as of December 31, 2003 compared to $415.7 million as of December 31, 2002. Net loans before provision increased 16% to $399.4 million as of December 31, 2003 compared to $343.4 million as of December 31, 2002. Deposits were $393.1 million as of December 31, 2003, an increase of 8%, compared to $364.0 million as of December 31, 2002. Retail deposits increased 11% to $333.6 million, compared to $300.3 million last year. Non-interest bearing deposits increased 33% to $68.7 million as of the end of the year, compared to $51.4 million a year earlier. Stockholder's equity Stockholder's equity The residual claims that stockholders have against a firm's assets, calculated by subtracting all current liabilities and debt liabilities from total assets. increased 80% to $37.1 million as of December 31, 2003 compared to $20.6 million as of December 31, 2002. Book value per share increased to $8.50 per share as of December 31, 2003 compared to $5.81 per share as of December 31, 2002. During the third quarter of 2003, the Company completed a private placement of 725,000 shares of common stock at a price of $15.00 per share. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). totaled $10.1 million. ASSET QUALITY AND CAPITAL RATIOS During the fourth quarter 2003, the Company recorded a provision for loan losses of $444,000 compared to $776,000 for the fourth quarter 2002. For the year ended December 31, 2003, the Company recorded provision for loan losses of $1.64 million compared to $1.56 million for the year ended December 31, 2002. As of December 31, 2003, the reserve for loan losses increased to $5.2 million compared to $3.9 million as of December 31, 2002. As a percentage of total gross loans, the reserve for loan losses was 1.30% as of December 31, 2003 compared to 1.14% as of December 31, 2002. The reserve for loan losses as a percentage of total gross loans net of government guarantees was 1.40% as of December 31, 2003 compared to 1.26% as of December 31, 2002. Total 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. decreased to $961,000 as of December 31, 2003 compared to $2.3 million as of December 31, 2002. Non-performing loans as a percentage of gross loans decreased to 0.24% as of December 31, 2003 compared to 0.65% as of December 31, 2002. Net of government guarantees, non-performing loans totaled $271,000, or 0.07% of total gross loans, as of December 31, 2003 compared to $651,000, or 0.19% of total gross loans, as of December 31, 2002. Non-performing assets decreased to $1.4 million as of December 31, 2003 compared to $2.3 million as of December 31, 2002. Net of government guarantees, non-performing assets as a percent of total assets were 0.15% as of December 31, 2003 compared to 0.16% as of December 31, 2002. Net loan charge offs to average net loans total 0.09% for the year ended December 31, 2003 compared to 0.16% for the year ended December 31, 2002. During the fourth quarter 2003 the Company had net loan recoveries of $244,000, and therefore the net loan charge offs for the fourth quarter 2003 as a percentage of average net loans was -0.25%, compared to 0.49% for the fourth quarter 2002. The Company's and Bank's capital ratios continue to be above the well-capitalized guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. established by bank regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. . The Company's equity to assets was 7.78% as of December 31, 2003 compared to 4.95% as of December 31, 2002. GENERAL INFORMATION Community National Bank is a subsidiary of Community Bancorp, a $477 million financial institution headquartered in Escondido, Calif. The bank's primary focus is community banking and commercial lending, with an additional SBA lending niche niche: see ecology. niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the . The bank serves northern San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. County and southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
1 City (1990 pop. 226,505), seat of Riverside co., S Calif.; inc. 1883. One of the fastest growing U.S. cities in the late 20th cent., it is famous for its orange industry. County with retail banking offices in Fallbrook, Temecula, Escondido, Bonsall Bonsall is the name of several people and places, including:
v. 1. To bring into being; create. 2. To come into being; start. loans in California, Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). and 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. . www.comnb.com FORWARD LOOKING STATEMENTS Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, 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. that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. government (including the Small Business Administration), and general economic conditions. Additional information on these and other factors that could affect financial results are included in its Securities and Exchange Commission filings. The Company disclaims any obligation to update any such factors or to publicly announce the results 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 forward-looking statements contained herein to reflect future events or developments.
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited) (dollars in thousands, except per share data)
Qtly Quarter Ended Year To Date Ended Ann
% December 31, December 31, %
Change 2003 2002 2003 2002 Change
------ ---------- ---------- ---------- ---------- ------
INTEREST
INCOME
Interest and
fees on
loans $6,739 $6,066 $25,580 $23,322
Interest on
cash
equivalents 32 41 143 267
Interest-
earning
deposits
with banks - 1 5 6
Interest on
trading
securities 49 50 181 50
US Treasury,
govt.
agencies &
other
securities 212 296 877 1,170
---------- ---------- ---------- ----------
Total
Interest
Income 9% 7,032 6,454 26,786 24,815 8%
INTEREST
EXPENSE
Deposits 1,067 1,624 5,100 7,214
Other
borrowed
money 251 341 1,070 1,481
---------- ---------- ---------- ----------
Total
Interest
Expense -33% 1,318 1,965 6,170 8,695 -29%
Net interest
income 27% 5,714 4,489 20,616 16,120 28%
Provision for
loan losses 444 776 1,639 1,561
---------- ---------- ---------- ----------
Net Interest
Income After
Loan Loss
Provision 42% 5,270 3,713 18,977 14,559 30%
OTHER
OPERATING
INCOME
Net gain on
sale of
loans 1,438 1,048 5,161 4,410
Loan
servicing
fees, net 185 354 666 687
Customer
service
charges 187 179 735 614
Gain (Loss) on
OREO and other
repossessed
assets 61 7 61 (42)
Other fee
income 243 183 1,068 832
---------- ---------- ---------- ----------
Total Other
Operating
Income 19% 2,114 1,771 7,691 6,501 18%
OPERATING
EXPENSES
Salaries and
employee
benefits 2,414 2,176 9,608 8,794
Occupancy 345 340 1,319 1,337
Depreciation 211 265 878 1,001
Other 1,482 1,122 5,372 4,789
---------- ---------- ---------- ----------
Total Other
Operating
Expenses 14% 4,452 3,903 17,177 15,921 8%
---------- ---------- ---------- ----------
Income
before
income
taxes 2,932 1,581 9,491 5,139
Income
tax 1,030 653 3,595 2,133
---------- ---------- ---------- ----------
NET INCOME 105% $1,902 $928 $5,896 $3,006 96%
========== ========== ========== ==========
Per Share
Data
Basic
earnings
per common
share 63% $0.44 $0.27 $1.51 $0.86 76%
========== ========== ========== ==========
Diluted
earnings
per common
share 58% $0.41 $0.26 $1.42 $0.84 69%
========== ========== ========== ==========
Average
shares for
basic
earnings per
share 4,364,845 3,501,886 3,900,350 3,491,028
Average
shares for
diluted
earnings per
share 4,640,982 3,629,591 4,144,666 3,599,086
CONSOLIDATED BALANCE SHEET
(unaudited) (dollars in thousands)
Percentage December 31, December 31,
Change 2003 2002
--------- --------- ---------
ASSETS:
Cash and cash equivalents
(including restricted cash of
$1,152 at Dec. 31, 2002) $35,865 $22,656
Investments and interest
bearing deposits in financial
institutions 27,106 39,029
Loans held for investment 14% 330,302 290,537
Less allowance for loan
losses (5,210) (3,945)
--------- ---------
Net loans held for
investment 325,092 286,592
Loans held for sale 31% 69,120 52,879
Premises and equipment, net 3,653 4,179
Other real estate owned and
repossessed assets 458 -
Accrued interest and other
assets 7,723 5,252
Income tax receivable and
deferred tax asset, net 3,569 2,014
Servicing assets, net 3,247 2,617
Interest-only strips, at fair
value 865 480
--------- ---------
Total assets 15% $476,698 $415,698
========= =========
LIABILITIES AND SHAREHOLDERS'
EQUITY
Deposits
Interest bearing 4% $324,466 $312,514
Non-interest bearing 33% 68,660 51,438
--------- ---------
Total deposits 8% 393,126 363,952
Long term debt 14,697 10,004
Short term borrowing 25,000 15,500
Accrued expenses and other
liabilities 6,794 5,669
--------- ---------
Total liabilities 11% 439,617 395,125
--------- ---------
Stockholders' equity
Common stock, $ .625 par
value; authorized
10,000,000 shares,
issued and outstanding;
4,364,942 at December 31,
2003 and
3,542,307 at December 31,
2002 2,728 2,214
Additional paid-in capital 20,906 10,734
Unrealized gains on available
for sale securities, net of
income taxes (75) -
Retained earnings 13,522 7,625
--------- ---------
Total stockholders'
equity 80% 37,081 20,573
--------- ---------
Total liabilities and
stockholders' equity 15% $476,698 $415,698
========= =========
SUPPLEMENTAL DATA
------------------
(unaudited) Quarter Ended Year-to-Date Ended
(dollars in thousands December 31, December 31,
except per share data) 2003 2002 2003 2002
--------- --------- --------- ---------
Annualized return on average
assets 1.65% 0.93% 1.34% 0.77%
Annualized return on average
equity 20.98% 18.38% 21.34% 16.00%
Efficiency ratio 57.32% 62.42% 60.81% 70.25%
Annualized net interest margin 5.28% 4.74% 5.00% 4.40%
Book value per share $8.50 $5.81
NON-PERFORMING ASSETS At December 31,
--------------------------------------------------
2003 2002
--------- ---------
Non-accrual loans $961 $2,254
Loans past due 90 days or more - -
Restructured loans - -
--------- ---------
Total non-performing loans 961 2,254
OREO & other repossessed assets 458 -
--------- ---------
Total non-performing assets $1,419 $2,254
========= =========
Total non-performing
loans/gross loans 0.24% 0.65%
Total non-performing
assets/total assets 0.30% 0.54%
Total non-performing loans net
of guarantees/gross loans 0.07% 0.19%
Total non-performing assets net
of guarantees/total assets 0.15% 0.16%
ALLOWANCE FOR LOAN LOSSES Quarter Ended Year-to-Date Ended
December 31, December 31,
2003 2002 2003 2002
--------- --------- --------- ---------
Balance at beginning of period $4,545 $3,607 $3,945 $2,788
Provision for loan losses 444 776 1,639 1,561
Recovery of (provision for)
reserve for
losses on commitments to
extend credit (23) (29) (29) 111
Charge offs, (net of
recoveries) 244 (409) (345) (515)
--------- --------- --------- ---------
Balance at end of period $5,210 $3,945 $5,210 $3,945
========= ========= ========= =========
Loan loss allowance/gross loans 1.30% 1.14%
Loan loss allowance/gross loans
net of guarantees 1.40% 1.26%
Loan loss allowance/loans held
for investment 1.58% 1.36%
Loan loss allowance/non-
performing loans 542.14% 175.02%
Loan loss allowance/non-
performing assets 367.16% 175.02%
Loan loss allowance/non-
performing loans, net of
guarantees 1922.51% 605.99%
Loan loss allowance/non-
performing assets, net of
guarantees 714.68% 605.99%
Net Charge offs (annualized) to
average loans -0.25% 0.49% 0.09% 0.16%
CAPITAL RATIOS At December 31,
--------------------------------------------------
2003 2002
--------- ---------
Holding Company Ratios
Total capital (to risk-
weighted assets) 13.77% 9.99%
Tier 1 capital (to risk-
weighted assets) 11.88% 7.88%
Tier 1 capital (to average
assets) 10.67% 6.80%
Equity to total assets 7.78% 4.95%
Bank only Ratios
Total capital (to risk-
weighted assets) 13.39% 10.40%
Tier 1 capital (to risk-
weighted assets) 12.14% 9.20%
Tier 1 capital (to average
assets) 10.90% 7.95%
Average Balance Sheets
For the three months
ended December 31, 2003 2002
------------------------------------------------
(unaudited) Average Interest Average Average Interest Average
(dollars in Balance Earned/ Rate/ Balance Earned/ Rate/
thousands) Paid Yield Paid Yield
------------------------------------------------
Average assets:
Securities and time
deposits at other
banks $27,945 $261 3.71% $32,501 $347 4.24%
Fed funds sold 13,601 32 0.93% 11,635 41 1.40%
Loans:
Commercial 117,188 1,889 6.40% 102,928 1,766 6.81%
Real Estate 236,891 4,224 7.07% 192,343 3,587 7.40%
Aircraft 29,873 543 7.21% 28,870 573 7.87%
Consumer 4,060 83 8.11% 7,105 140 7.82%
----------------- -----------------
Total loans 388,012 6,739 6.89% 331,246 6,066 7.27%
----------------- -----------------
Total earning assets 429,558 7,032 6.49% 375,382 6,454 6.82%
Non earning assets 31,770 24,313
--------- ---------
Total average assets $461,328 $399,695
========= =========
Average liabilities
and shareholders
equity:
Interest bearing
deposits:
Savings and
interest
bearing
accounts $116,889 183 0.62% $94,678 216 0.91%
Time deposits 207,049 884 1.69% 207,389 1,408 2.69%
----------------- -----------------
Total
interest
bearing
deposits 323,938 1,067 1.31% 302,067 1,624 2.13%
Long term debt 14,699 223 6.02% 10,000 263 10.43%
Short term borrowing 10,165 28 1.09% 10,791 78 2.87%
----------------- -----------------
Total interest
bearing liabilities 348,802 1,318 1.50% 322,858 1,965 2.41%
Demand deposits 70,104 52,169
Accrued expenses and
other liabilities 6,153 4,476
Net shareholders
equity 36,269 20,192
--------- ---------
Total average
liabilities
shareholders equity $461,328 $5,714 $399,695 $4,489
================= =================
Net interest spread 5.00% 4.41%
======= =======
Net interest margin 5.28% 4.74%
======= =======
------------------------------------------------
For the year ended
December 31, 2003 2002
------------------------------------------------
Average assets:
Securities and time
deposits at other
banks $29,749 $1,063 3.57% $25,417 $1,226 4.82%
Fed funds sold 13,749 143 1.04% 16,286 267 1.64%
Loans:
Commercial 110,344 7,043 6.38% 111,123 7,218 6.50%
Real Estate 223,977 15,949 7.12% 180,022 13,386 7.44%
Aircraft 29,581 2,182 7.38% 26,372 2,155 8.17%
Consumer 5,154 406 7.88% 7,110 563 7.92%
----------------- -----------------
Total loans 369,056 25,580 6.93% 324,627 23,322 7.18%
----------------- -----------------
Total earning assets 412,554 26,786 6.49% 366,330 24,815 6.77%
Non earning assets 28,564 25,704
--------- ---------
Total average assets $441,118 $392,034
========= =========
Average liabilities
and shareholders
equity:
Interest bearing
deposits:
Savings and
interest
bearing
accounts $104,457 746 0.71% $92,204 890 0.97%
Time deposits 210,518 4,354 2.07% 206,764 6,324 3.06%
----------------- -----------------
Total
interest
bearing
deposits 314,975 5,100 1.62% 298,968 7,214 2.41%
Long term debt 11,279 757 6.71% 10,000 1,097 10.97%
Short term borrowing 19,550 313 1.60% 14,161 384 2.71%
----------------- -----------------
Total interest
bearing liabilities 345,804 6,170 1.78% 323,129 8,695 2.69%
Demand deposits 61,745 45,519
Accrued expenses and
other liabilities 5,935 4,594
Net shareholders
equity 27,634 18,792
--------- ---------
Total average
liabilities
shareholders equity $441,118 $20,616 $392,034 $16,120
================= =================
Net interest spread 4.71% 4.08%
======= =======
Net interest margin 5.00% 4.40%
======= =======
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