Exhibit 99.2
Consolidated Balance Sheets
(Dollars in Thousands)
| June 30, | December 31, | |||||||||
| 2003 | 2002 | |||||||||
| (unaudited) | ||||||||||
Assets |
||||||||||
Cash and cash equivalents |
$ | 29,643 | $ | 35,200 | ||||||
Available-for-sale securities |
53,672 | 56,002 | ||||||||
Held-to-maturity securities |
269 | 569 | ||||||||
Federal Home Loan Bank Stock |
2,707 | 2,672 | ||||||||
Loans held for sale |
614 | 601 | ||||||||
Loans receivable |
395,902 | 380,428 | ||||||||
Less: allowance for loan losses |
(3,803 | ) | (3,635 | ) | ||||||
Net loans receivable |
392,099 | 376,793 | ||||||||
Premises and equipment |
11,673 | 9,460 | ||||||||
Foreclosed real estate |
700 | 127 | ||||||||
Other assets |
5,166 | 6,578 | ||||||||
Total assets |
$ | 496,543 | $ | 488,002 | ||||||
Liabilities and Stockholders’ Equity |
||||||||||
Deposits |
$ | 412,260 | $ | 406,673 | ||||||
Borrowed funds |
39,609 | 36,065 | ||||||||
Accrued expenses and other liabilities |
4,282 | 6,116 | ||||||||
Total liabilities |
456,151 | 448,854 | ||||||||
Stockholders’ Equity |
40,392 | 39,148 | ||||||||
Total liabilities and stockholders’ equity |
$ | 496,543 | $ | 488,002 | ||||||
Consolidated Statements of Income
(Dollars in Thousands)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||||
Total interest income |
$ | 6,555 | $ | 6,993 | $ | 13,192 | $ | 13,845 | ||||||||
Total interest expense |
1,936 | 2,573 | 3,970 | 5,231 | ||||||||||||
Net interest income |
4,619 | 4,420 | 9,222 | 8,614 | ||||||||||||
Provision for loan losses |
140 | 150 | 260 | 280 | ||||||||||||
Net interest income after provision for loan losses |
4,479 | 4,270 | 8,962 | 8,334 | ||||||||||||
Total noninterest income |
806 | 657 | 1,550 | 1,293 | ||||||||||||
Total noninterest expenses |
2,947 | 2,728 | 5,870 | 5,330 | ||||||||||||
Income before income tax expenses |
2,338 | 2,199 | 4,642 | 4,297 | ||||||||||||
Income tax expenses |
872 | 832 | 1,733 | 1,624 | ||||||||||||
Net Income |
$ | 1,466 | $ | 1,367 | $ | 2,909 | $ | 2,673 | ||||||||
Selected Financial Data
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2003 | 2002 | 2003 | 2002 | |||||||||||||
Basic earnings per share |
$ | 0.53 | $ | 0.50 | $ | 1.06 | $ | 0.98 | ||||||||
Net interest margin |
4.04 | % | 3.99 | % | 4.06 | % | 3.99 | % | ||||||||
Return on average assets |
1.21 | % | 1.17 | % | 1.22 | % | 1.18 | % | ||||||||
Return on average equity |
14.58 | % | 14.75 | % | 14.56 | % | 14.54 | % | ||||||||
| At | ||||||||||||
| June 30, | June 30, | |||||||||||
| 2003 | 2002 | |||||||||||
Stockholders’ equity as a percent of total assets |
8.13 | % | 8.14 | % | ||||||||
Book value per share |
$ | 14.72 | $ | 13.71 | ||||||||