EX-99.2 4 ex99-2.txt MARCH 31, 2003 UNAUDITED CONDENSED FINANCIAL STATEMENTS EXHIBIT 99.2 ------------
COMMUNITY BANCORP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, --------------------- (Dollars in thousands) 2003 2002 ---------------------- -------- -------- ASSETS Cash and cash equivalents $ 26,899 $ 21,669 Federal funds sold 19,816 28,707 Securities held to maturity (fair value $130,600 in 2003 and $94,773 in 2002) 127,407 93,238 Securities available for sale, at fair value 52,241 74,331 Federal Home Loan Bank of Boston stock 1,547 1,442 Mortgage loans held for sale 1,087 1,108 Loans 213,615 188,159 Less allowance for loan losses 2,747 2,669 ------- ------- Loans, net 210,868 185,490 Bank premises and equipment, net 6,351 6,117 Other assets, net 5,704 4,863 ------- ------- Total assets $451,920 $416,965 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Noninterest bearing $ 78,293 $ 78,393 Interest bearing 274,428 257,457 ------- ------- Total deposits 352,721 335,850 Securities sold under repurchase agreements 27,523 31,973 Federal Home Loan Bank of Boston advances 28,690 10,000 Other liabilities 3,684 2,282 ------- ------- Total liabilities 412,618 380,105 ------- ------- Commitments: -- -- Stockholders' equity: Preferred stock, $2.50 par value, 100,000 shares authorized, none issued or outstanding -- -- Common stock, $2.50 par value, 12,000,000 shares authorized, 6,398,436 shares issued, 5,829,780 shares outstanding (5,940,606 shares outstanding at March 31, 2002) 15,996 15,996 Additional paid-in capital 362 219 Retained earnings 26,261 22,533 Treasury stock, at cost, 568,656 shares (457,830 shares at March 31, 2002) (4,006) (2,297) Accumulated other comprehensive income 689 409 ------- ------- Total stockholders' equity 39,302 36,860 ------- ------- Total liabilities and stockholders' equity $451,920 $416,965 ======= =======
COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For Three Months Ended March 31, --------------------- (Dollars in thousands, except per-share data) 2003 2002 --------------------------------------------- -------- -------- Interest and dividend income: Interest and fees on loans $ 3,376 $ 3,367 Interest and dividends on securities: Taxable interest 1,708 1,819 Nontaxable interest 249 240 Dividends 90 91 Interest on federal funds sold 42 79 ----- ----- Total interest and dividend income 5,465 5,596 ----- ----- Interest expense: Interest on deposits 1,011 1,289 Interest on securities sold under repurchase agreements 76 131 Interest on Federal Home Loan Bank of Boston advances 181 61 ----- ----- Total interest expense 1,268 1,481 ----- ----- Net interest income 4,197 4,115 Provision for loan losses 45 45 ----- ----- Net interest income after provision for loan losses 4,152 4,070 ----- ----- Noninterest income: Merchant credit card processing assessments 376 416 Service charges 372 332 Other charges, commissions and fees 353 365 Gains on sales of loans, net 141 64 Gains on sales of securities, net 118 59 Other 27 27 ----- ----- Total noninterest income 1,387 1,263 ----- ----- Noninterest expense: Salaries and employee benefits 1,801 1,713 Information technology and ATM network 314 296 Occupancy, net 270 259 Furniture and equipment 89 100 Credit card processing 325 339 Printing, stationery and supplies 71 61 Professional fees 149 119 Marketing and advertising 52 28 Other 359 348 ----- ----- Total noninterest expense 3,430 3,263 ----- ----- Income before income tax expense 2,109 2,070 Income tax expense 709 712 ----- ----- Net income $ 1,400 $ 1,358 ===== ===== Earnings per share: Basic $ 0.24 $ 0.23 Diluted $ 0.24 $ 0.23