-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VciquMC8kE84Zd/7P5pKJ3Yci7NgWL/v0r2O4Vzzw3sNnGh4jMhOpwRUr0rzenA/ BWhkzfA1LlT3yg2ng97cig== 0000318300-02-000036.txt : 20020422 0000318300-02-000036.hdr.sgml : 20020422 ACCESSION NUMBER: 0000318300-02-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020331 ITEM INFORMATION: Other events FILED AS OF DATE: 20020422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEOPLES BANCORP INC CENTRAL INDEX KEY: 0000318300 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 310987416 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16772 FILM NUMBER: 02617242 BUSINESS ADDRESS: STREET 1: 138 PUTNAM ST STREET 2: P O BOX 738 CITY: MARIETTA STATE: OH ZIP: 45750-0738 BUSINESS PHONE: 7403733155 8-K 1 q1earnings02.txt 1ST QUARTER EARNINGS RELEASE 2002 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 April 22, 2002 - ------------------------------------------------ Date of Report (Date of earliest event reported) PEOPLES BANCORP INC. -------------------- (Exact name of Registrant as specified in its charter) 0-16772 Commission File Number Ohio 31-0987416 - ---------------------------------------------- -------------- (State or other jurisdiction of incorporation) (I.R.S. Employer Identification Number) 138 Putnam Street P.O. Box 738, Marietta, Ohio 45750 --------------------------------------------------- --------- (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code: (740) 373-3155 Not applicable (Former name or former address, if changed since last report) Index to Exhibits on Page 3 Item 1. Changes in Control of Registrant Not applicable. Item 2. Acquisition or Disposition of Assets Not applicable. Item 3. Bankruptcy or Receivership Not applicable. Item 4. Changes in Registrant's Certifying Accountant Not applicable. Item 5. Other Events and Regulation FD Disclosure Peoples Bancorp Inc. (Nasdaq: PEBO) announced net income of $4,515,000, or $0.62 per share, for the first quarter of 2002. This release is included herewith as Exhibit 99. Item 6. Resignations of Registrant's Directors Not applicable. Item 7. Financial Statements and Exhibits (a) Non required (b) Non required (c) Exhibits Item 8. Change in Fiscal Year Not applicable. Item 9. Sales of Equity Securities Pursuant to Regulation S Not applicable. EXHIBIT NUMBER DESCRIPTION 99 April 22, 2002 Item 8. Change in Fiscal Year Not applicable. Item 9. Sales of Equity Securities Pursuant to Regulation S Not applicable. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DATE: April 22, 2002 PEOPLES BANCORP INC. -------------------- Registrant By: /s/ ROBERT E. EVANS Robert E. Evans President and Chief Executive Officer INDEX TO EXHIBITS Exhibit Number Description Page 99 News Release issued 04/22/02 4 - 11 EX-99 2 ex991q02.txt EARNINGS RELEASE 1Q2002 EXHIBIT 99 NEWS RELEASE FOR IMMEDIATE RELEASE Contact: John W. Conlon, Chief Financial Officer - --------------------- (740) 373-3155 April 22, 2002 PEOPLES BANCORP ANNOUNCES RECORD FIRST QUARTER EARNINGS --------------------------------------------------------------------- MARIETTA, Ohio - Peoples Bancorp Inc. (Nasdaq: PEBO) announced net income of $4,515,000, or $0.62 per share, for the first quarter of 2002. This compared to net income of $3,537,000, or $0.49 per share, and $2,596,000, or $0.36 per share, for the fourth and first quarters of 2001, respectively. On an operating basis, income was $4,076,000 in the first quarter of 2002, up $548,000 (or 16%) from $3,528,000 in the fourth quarter of 2001, or linked quarter. Operating diluted earnings per share were $0.56 for the three months ended March 31, 2002, versus $0.49 the prior quarter, an increase of $0.07 per share (or 14%). Compared to the first quarter of 2001, operating income grew $1,382,000 (or 51%) from $2,694,000 while operating diluted earnings per share increased $0.19 (or 51%). Operating earnings do not include net pre-tax gains of $682,000 relating to the repurchase, at a discount, of $7.0 million of Peoples' trust preferred securities and sales of investment securities. Operating income removes the after-tax impact of these transactions and other significant non-operating income and expenses, such as gains and/or losses on asset disposals and securities transactions, mark-to-market adjustments on interest rate caps, extraordinary items, etc. "We are pleased with our strong performance in the first quarter," said Robert E. Evans, Peoples' President and CEO. "While non-operating income helped to boost first quarter profits, Peoples' improved operating results are due largely to higher levels of net interest income and growth of non-interest revenues, which we believe reflects our commitment to growing top-line revenue. Our associates continue to focus on satisfying the financial needs of each client through relationships that build long-term value for every stakeholder." Through the first three months of 2002, return on average equity was 18.62% versus 14.76% and 12.15% in the fourth and first quarters of 2001, respectively, while operating return on average equity was 16.81% versus 14.72% for the linked quarter and 12.60% for the first three months of 2001. On January 1, 2002, Peoples adopted Statement No. 142, "Goodwill and Other Intangible Assets" ("SFAS 142") issued by the Financial Accounting Standards Board in July 2001. Under SFAS 142, Peoples is no longer required to amortize approximately $6.0 million of its goodwill, but rather must perform, at least annually, an assessment for impairment applying a fair-value based test. As a result, Peoples' goodwill amortization expense decreased $166,000, or approximately $0.02 per share, totaling $274,000 in the first quarter of 2002 compared to $440,000 last year. While SFAS 142 eliminated a portion of Peoples' goodwill amortization expense, Peoples, as required, continues to amortize the remainder of its intangible assets. Cash basis operating earnings, which excludes the impact of all intangible assets and related amortization expense, as well as significant non-operating income and expenses, grew to $0.60 per share for the first quarter of 2002 versus $0.42 for the three months ended March 31, 2001 and $0.55 for the linked quarter, increases of $0.18 (or 43%) and $0.05 (or 9%), respectively. Cash basis operating ROE was 21.60% for the quarter ended March 31, 2002, compared to 18.35% the same period a year ago and 20.16% last quarter. Net interest income totaled $12,159,000 for the first quarter of 2002, up $915,000 (or 8%) compared to the linked quarter and up $1,848,000 (or 18%) compared to the first quarter of 2001. For the quarter ended March 31, 2002, net interest margin was 4.52% versus 4.30% in the prior quarter and 3.98% a year ago. The improvement in net interest income and net interest margin is attributable to interest rate cuts in 2001 and modest growth in average earning assets. In the first quarter of 2002, Peoples' average cost of funds was 3.37% compared to 3.90% in the linked quarter and 5.13% a year ago while the average yield on earning assets was 7.49%, 7.73% and 8.47% for the same periods, respectively. "The combination of last year's rate cuts and our proactive management of funding costs has resulted in Peoples' costs of funds dropping more than the yield on assets, enhancing both net interest income and margin," said Jack Conlon, Peoples' Chief Financial Officer. "However, interest rates may increase later this year, which could have a moderately negative impact on net interest revenues based on our current interest rate risk position. We will continue to manage our asset-liability position and implement strategies to mitigate the impact of future interest rate changes on Peoples' earnings." For the three months ended March 31, non-interest income totaled $3,283,000 in 2002 compared to $2,201,000 in 2001, an increase of $1,082,000 (or 49%), with increased deposit account service charges and business owned life insurance income ("BOLI") accounting for the majority of the growth. Compared to the linked quarter, non-interest income was down $460,000 (or 12%) from $3,743,000, the result of Peoples' recognition of non-recurring income of $877,000 relating to a demutualization in the fourth quarter of 2001. Service charges on deposits remain the largest source of non-interest revenues, reaching $1,366,000 in the first quarter of 2002, up $559,000 (or 69%) from $807,000 a year ago and up $317,000 (or 30%) from $1,049,000 in the prior quarter, due to higher volumes of overdraft and non-sufficient funds fees. Peoples' implementation of the Overdraft Privilege program and other enhancements in late 2001 led to volume increases and helped boost overdraft fees by $392,000 (or 141%) compared to the prior year and $198,000 (or 42%) versus 2001's fourth quarter total. For the quarter ended March 31, 2002, Peoples' BOLI produced tax-advantaged income of $325,000 compared to $239,000 last quarter and no income in the first quarter of 2001. Electronic banking revenues grew $46,000 (or 14%) in the first quarter of 2002, totaling $368,000 compared to the previous year, and down $22,000 (or 6%) from the linked quarter. Sustained growth of ATM and debit card usage by Peoples' clients accounts for the higher revenues versus last year, while the decline from the linked quarter can be attributed to heavier debit card usage in the fourth quarter of 2001 due to peak holiday shopping. Insurance and investment commissions were $524,000 in the first quarter of 2002, up $144,000 (or 38%) from $380,000 a year ago and up $97,000 (or 23%) versus the fourth quarter of 2001's total of $427,000, due primarily to strong annuity sales in the first quarter of 2002. Peoples' fiduciary fees totaled $616,000 in the quarter ended March 31, 2002, versus $614,000 a year ago and $640,000 last quarter. "While net interest income remains a significant source of revenue, we successfully grew other sources of revenue in the first quarter through our needs-based selling approach to serving clients and the introduction of Overdraft Privilege. Growing non-interest income remains one of our primary goals as we implement strategies to diversify our revenue streams," added Conlon. For the three months ended March 31, 2002, non-interest expense grew $1.0 million (or 13%) compared to the first quarter of 2001, due largely to higher salaries and benefits expenses and marketing costs. Salaries and benefits, Peoples' largest non-interest expense, totaled $4,484,000 for the first quarter of 2002 compared to 2001's first quarter total of $3,585,000, an increase of $899,000 (or 25%). Higher incentive and medical plan expenses, as well as salary increases necessary to retain and recruit key personnel were significant contributors to this increase. Peoples' new branding campaign, the introduction of its "Free Checking" product and Overdraft Privilege advertisements contributed to increased marketing expenses in the first quarter of 2002, totaling $386,000 versus $119,000 a year ago, up $267,000. Management believes these initiatives will help attract new clients and produce benefits in future periods. Although up compared to last year, non-interest expense declined $225,000 (or 2%) when compared to the linked quarter. Increased marketing expenses of $208,000 in the first quarter of 2002 from the linked quarter were offset by reduced intangible amortization and trust preferred expenses of $232,000 (or 38%) and $84,000 (or 13%), respectively, accounting for the majority of the overall decline. Peoples' intangible amortization expense was down in the first quarter of 2002 from $617,000 last quarter, due largely to the adoption of SFAS 142, while trust preferred costs fell in response to Peoples' repurchase of its trust preferred securities. Peoples' other major non-interest expense categories were below their levels in recent periods, except data processing and software costs, which were up $76,000 (or 31%) compared to a year ago due to software licensing renewal fees. In early April 2002, Peoples issued $7.0 million of trust preferred securities through a newly formed subsidiary, which participated in a pooled offering. As a result, trust preferred costs will be higher in the second quarter of 2002 compared to the first quarter and will approximate $630,000 for the second quarter of 2002. At March 31, 2002, loans totaled $780.7 million, up $7.8 million from $772.9 million at year-end 2001. Peoples has experienced limited loan growth in the first quarter of 2002, as commercial and real estate loan growth was partially offset by a decline in consumer loan balances. Since year-end 2001, the level of nonperforming assets increased to 0.67% of total assets at March 31, 2002, versus 0.48% at December 31, 2001. This increase is due primarily to the restructuring of a single commercial loan during the first quarter of 2002, as total loan delinquencies and nonaccrual loans decreased since year-end 2001. At March 31, 2002, the allowance for loan losses totaled $12.4 million, unchanged since year-end 2001, and is 158% of nonperforming loans versus 225% at December 31, 2001. For the three months ended March 31, 2002, Peoples' provision for loan losses was $861,000, up from $675,000 in the same period last year, and $634,000 in the linked quarter. The increased provision is based upon management's ongoing evaluation of the adequacy for loan losses and factors affecting probable loan losses. "Asset quality remains a key focus despite the increase in nonperforming loans," stated Conlon. "We continue to review the entire loan portfolio as part of the risk management process and will deal aggressively with problem loans as they are identified to minimize the amount of any future loss. Based on our most recent review, we believe the current allowance for loan losses is adequate for the overall quality, inherit risk and loan volume concentrations in the loan portfolio. We anticipate Peoples' loan loss provision to remain at current levels in the second quarter." Net chargeoffs totaled $792,000 in the first quarter of 2002 compared to $543,000 in the first quarter of 2001 and $562,000 in the linked quarter. Commercial and consumer loan net chargeoffs continue to account for a majority of Peoples net chargeoffs. In the first quarter of 2002, commercial net chargeoffs totaled $448,000 compared to $276,000 a year ago and $208,000 last quarter, while consumer loan net chargeoffs were $270,000, $220,000 and $238,000 for the same periods, respectively. "Overall, the start of 2002 has brought stronger results than a year ago and continued the earnings momentum from the fourth quarter," summarized Evans. "We feel this success is a reflection of the commitment every associate has made to enhancing long-term shareholder value." Also in the first quarter, Peoples announced the acquisition of First Colony Bancshares, Inc., the holding company of The Guernsey Bank based in Cambridge, Ohio. In the transaction, Peoples will acquire offices in Cambridge, Byesville, Quaker City and Flushing, Ohio, involving assets of approximately $110 million and deposits of approximately $100 million, and will operate these offices as full-service sales offices of Peoples Bank. Peoples will not acquire the Worthington, Ohio, office, or its related loans and deposits. Management expects to complete this transaction during the third quarter of 2002, pending regulatory approval. Peoples Bancorp Inc., a diversified financial products and services company with $1.2 billion in assets, offers a complete line of banking, investment, insurance, and trust solutions through Peoples Bank's 40 sales offices and 26 ATMs in Ohio, West Virginia, and Kentucky. Peoples' common shares are traded on the NASDAQ national market under the symbol "PEBO." Learn more about Peoples or enroll in Peoples OnLine Connection, Peoples' award winning Internet banking product, at www.peoplesbancorp.com. Conference Call to Discuss Earnings: Peoples will conduct a facilitated conference call to discuss the results of operations for the first quarter of 2002 on April 24, 2002, at 3:00 p.m., local time, with members of Peoples' executive management participating. The conference call, consisting of brief opening remarks followed by a question and answer period, is open to the public; however, management asks that questions be limited to investment analysts, interested members of the media and shareholders. To participate in the call, please dial (877) 735-0939 approximately five minutes before the scheduled start of the conference call. A complete transcript of the conference call will be placed on peoplesbancorp.com, in the "Investor Relations" section under "Conference Call Transcripts". Safe Harbor Statement: Except for the historical and present factual information contained in this press release, the matters discussed in this press release, and other statements identified by words such as "expects," "believes," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to, the interest rate environment, the effect of federal and state banking and tax regulations, the effect of technological changes, the effect of economic conditions, the impact of competitive products and pricing, and other risk factors relating to the banking industry or Peoples as detailed from time to time in Peoples' reports filed with the SEC. Although management believes that the expectations in these forward-looking statements are based on reasonable assumptions within the bounds of management's knowledge of Peoples' business and operations, it is possible that actual results may differ materially from these projections. Peoples disclaims any responsibility to update these forward-looking statements.
PEOPLES BANCORP INC. (Nasdaq: PEBO) Financial Highlights (Unaudited) ------------------------------------ Three Months Ended (in $000's, except share data) March 31, 2002 2001 ------------------------------------ PER SHARE DATA Net income per share (a)(d): Basic $ 0.63 $ 0.36 Diluted $ 0.62 $ 0.36 Cash basis earnings - diluted (c) $ 0.66 $ 0.41 Operating income per share (b) (d): Basic $ 0.57 $ 0.37 Diluted $ 0.56 $ 0.37 Cash basis earnings - diluted (c) $ 0.60 $ 0.42 Dividends declared per share $ 0.15 $ 0.13 Book value per share (a)(d) $ 13.49 $ 12.44 Tangible book value per share (a) (d) $ 11.16 $ 9.85 Dividend payout as a percentage of net income 23.88% 35.71% Actual shares outstanding (net of treasury shares) (d) 7,135,709 7,242,666 Weighted average shares outstanding (d): Basic 7,128,732 7,185,185 Diluted 7,254,055 7,281,339 PERFORMANCE RATIOS Return on average equity (a) 18.62% 12.15% Operating return on average equity (b) 16.81% 12.60% Cash basis return on average equity (b)(c) 21.60% 18.35% Return on average assets (a) 1.50% 0.91% Operating return on average assets (b) 1.35% 0.95% Cash basis return on average assets (b)(c) 1.46% 1.10% Non-interest income leverage ratio (e) 38.33% 29.80% Efficiency ratio (f) 54.24% 57.81% Net interest margin (fully tax equivalent) 4.52% 3.98% Net loan chargeoffs as a percentage of average loans 0.10% 0.07% NET CHARGEOFFS Gross chargeoffs $ 953 $ 642 Recoveries $ 161 $ 99 --------------- ---------------- Net chargeoffs $ 792 $ 543 --------------- ---------------- (a) Includes the effect of extraordinary gains. (b) Excludes after-tax impact of non-operating gains of $439,000 and $14,000 in 2002 and 2001, respectively, and after-tax impact of $112,000 relating to the mark-to-market adjustment on interest rate caps in 2001. (c) Excludes after-tax impact of intangible amortization expense and/or balance sheet impact of intangible assets acquired through use of purchase accounting for acquisitions. (d) Adjusted for stock dividends. (e) Non-interest income (less securities and asset disposal gains) as a percentage of non-interest expense (less intangible amortization). Significant non-recurring items are excluded from the calculation. (f) Non-interest expense (less intangible amortization) as a percentage of fully tax equivalent net interest income plus non-interest income. Significant non-recurring items are excluded from the calculation.
PEOPLES BANCORP INC. CONSOLIDATED STATEMENTS OF INCOME ----------------------------------------- Three Months Ended (in $000's) March 31, 2002 2001 ----------------------------------------- Interest income $ 20,315 $ 22,120 Interest expense 8,156 11,809 ------------------ ------------------- Net interest income 12,159 10,311 Provision for loan losses 861 675 ------------------ ------------------- Net interest income after provision for loan losses 11,298 9,636 Net gain (loss) on securities transactions 51 2 Net (loss) gain on asset disposals (7) 20 Net mark-to-market adjustment on interest rate caps - (173) Non-interest income: Service charges on deposits 1,366 807 Fiduciary revenues 616 614 Insurance and investment commissions 524 380 Electronic banking revenues 368 322 Business owned life insurance 325 - Other non-interest income 84 78 ------------------ ------------------- Total non-interest income 3,283 2,201 Non-interest expense: Salaries and benefits 4,484 3,585 Occupancy and equipment 926 945 Trust preferred 561 652 Marketing 386 119 Data processing and software 323 247 Amortization of goodwill 274 440 Amortization of other intangible assets 111 126 Other non-interest expense 1,886 1,837 ------------------ ------------------- Total non-interest expense 8,951 7,951 ------------------ ------------------- Income before income taxes 5,674 3,735 Income taxes 1,569 1,139 ------------------ ------------------- Income before extraordinary gains 4,105 2,596 Extraordinary gain on early debt extinguishment, net of tax expense of $221 410 - ------------------ ------------------- Net income $ 4,515 $ 2,596 ========================================= Fully tax equivalent net interest income $ 12,510 $ 10,573
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION ------------------------------------------ Three Months Ended (in $000's) March 31, 2002 2001 ------------------------------------------ CONSOLIDATED AVERAGE BALANCES Average gross loans $ 778,223 $ 740,399 Average earning assets 1,111,330 1,062,987 Average intangible assets 16,829 18,116 Average total assets 1,206,210 1,137,709 Average non-interest bearing deposits 93,961 83,650 Average interest bearing deposits: Savings 84,798 75,769 Interest-bearing demand deposits 276,706 266,570 Time deposits 363,959 345,282 ------------------- ------------------- Total average interest bearing deposits 725,463 687,621 Average stockholders' equity $ 97,013 $ 85,490 ------------------- -------------------
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION ----------------- ----------------- ----------------- March 31, December 31, March 31, 2002 2001 2001 ----------------- ----------------- ----------------- LOAN PORTFOLIO (in $000's, end of period) Commercial, financial, and agricultural $ 352,531 $ 343,800 $ 309,313 Real estate, construction 18,135 14,530 26,970 Real estate, mortgage 296,082 295,944 293,350 Consumer 113,962 118,582 123,212 -------------------------------------------------------- Total loans $ 780,710 $ 772,856 $ 752,845 ASSET QUALITY Allowance for loan losses as a percent of total loans 1.59% 1.60% 1.60% Allowance for loan losses as a percent of nonperforming loans (a) 157.8% 225.0% 295.0% Nonperforming loans as a percent of total loans (a) 1.01% 0.71% 0.54% Nonperforming assets as a percent of total assets (b) 0.67% 0.48% 0.36% Nonperforming assets as a percent of total loans and other real estate owned real estate owned (b) 1.03% 0.73% 0.55% Nonperforming assets (in $000's, end of period): Loans 90 days or more past due $ 971 $ 686 $ 230 Renegotiated loans $ 2,864 $ 425 $ 518 Nonaccrual loans $ 4,040 $ 4,380 $ 3,330 Other real estate owned $ 167 $ 181 $ 57 ----------------- ----------------- ----------------- Total nonperforming assets $ 8,042 $ 5,672 $ 4,135 REGULATORY CAPITAL (in $000's, end of period) Tier 1 risk-based capital 12.37% 12.86% 12.98% Total risk-based capital ratio (Tier 1 and Tier 2) 13.72% 14.21% 14.32% Leverage ratio 8.63% 9.18% 8.89% Tier 1 capital $ 102,426 $ 105,065 $ 99,645 Total capital (Tier 1 and Tier 2) $ 113,567 $ 116,114 $ 110,004 Total risk-weighted assets $ 827,926 $ 816,907 $ 767,952 SUPPLEMENTAL DATA (in $000's, end of period) Trust assets under management $ 517,221 $ 539,487 $ 480,328 One year cumulative repricing gap $ (5,953) $ (11,925) $ (21,433) Employees (full-time equivalent) 398 403 392 Full service offices 34 34 34 Supermarket offices 4 4 4 ATMs 26 25 27 Announced treasury share plans: (c) Total shares in plan 175,000 137,500 137,500 Shares purchased (d) 126 11,257 338 Average price (d) $ 18.95 $ 17.63 $ 15.57 ----------------- ----------------- ----------------- (a) Nonperforming loans include loans 90 days past due and accruing, renegotiated loans, and nonaccrual loans. (b) Nonperforming assets include nonperforming loans, and other real estate owned. (c) 2002 data reflects 2002 Stock Repurchase Program of 175,000 shares (or 2.5% of outstanding shares); 2001 data reflects 2001 Stock Repurchase Program of 137,500 shares (or 2% of outstanding shares). All share amounts adjusted for stock dividends. (d) Reflects treasury shares purchased and average price paid for the three-month period ended on the date indicated.
PEOPLES BANCORP INC. CONSOLIDATED BALANCE SHEETS ------------------ ------------------ (in $000's) March 31, December 31, 2002 2001 ------------------ ------------------ ASSETS Cash and cash equivalents $ 25,425 $ 32,838 Available-for-sale investment securities, at estimated fair value (amortized cost of $341,306 and $329,081 at March 31, 2002 and December 31, 2001, respectively) 340,484 330,364 Loans, net of unearned interest 780,710 772,856 Allowance for loan losses (12,426) (12,357) ----------------- ----------------- Net loans 768,284 760,499 Bank premises and equipment, net of accumulated depreciation 16,001 16,369 Goodwill 15,115 15,388 Other intangible assets 1,505 1,622 Other real estate owned 167 181 Other assets 37,907 36,705 ----------------- ----------------- TOTAL ASSETS $ 1,204,888 $ 1,193,966 ================= ================= LIABILITIES Non-interest bearing deposits $ 93,823 $ 96,533 Interest bearing deposits 745,399 717,835 ----------------- ----------------- Total deposits 839,222 814,368 Federal funds purchased, securities sold under repurchase agreements, and other short term borrowings 40,846 56,052 Long-term borrowings 198,582 192,448 Accrued expenses and other liabilities 7,728 8,188 ----------------- ----------------- TOTAL LIABILITIES 1,086,378 1,071,056 Guaranteed preferred beneficial interests in junior subordinated debentures 22,284 29,056 STOCKHOLDERS' EQUITY Common stock, no par value (12,000,000 shares authorized, 7,294,237 shares issued at March 31, 2002, and 7,289,266 shares issued at December 31, 2001) 78,612 78,664 Accumulated comprehensive income, net of deferred income taxes (535) 834 Retained earnings 21,172 17,735 Treasury stock, at cost (158,528 shares at March 31, 2002, and 178,344 shares at December 31, 2001) (3,023) (3,379) ----------------- ----------------- TOTAL STOCKHOLDERS' EQUITY 96,226 93,854 TOTAL LIABILITIES, BENEFICIAL INTERESTS, AND ----------------- ----------------- STOCKHOLDERS' EQUITY $ 1,204,888 $ 1,193,966 ================= =================
END OF RELEASE -----END PRIVACY-ENHANCED MESSAGE-----