EX-99.2 4 ex99-2.txt JUNE 30, 2003 UNAUDITED CONDENSED FINANCIAL STATEMENTS EXHIBIT 99.2 ------------
COMMUNITY BANCORP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, -------- ------------ (Dollars in thousands) 2003 2002 ---------------------- -------- -------- ASSETS Cash and cash equivalents $ 23,507 $ 22,308 Federal funds sold 12,606 19,557 Securities held to maturity (fair value $141,454 in 2003 and $118,118 in 2002) 137,485 114,699 Securities available for sale, at fair value 49,784 64,765 Federal Home Loan Bank of Boston stock 2,153 1,442 Mortgage loans held for sale 2,868 2,531 Loans 219,461 201,389 Less allowance for loan losses 2,784 2,733 ------- ------- Loans, net 216,677 198,656 Bank premises and equipment, net 6,156 6,295 Other assets, net 6,034 5,522 ------- ------- Total assets $457,270 $435,775 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Noninterest bearing $ 79,611 $ 83,445 Interest bearing 268,844 270,837 ------- ------- Total deposits 348,455 354,282 Securities sold under repurchase agreements 22,148 24,969 Federal Home Loan Bank of Boston advances 42,750 14,395 Other liabilities 3,168 3,223 ------- ------- Total liabilities 416,521 396,869 ------- ------- 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, 5,863,314 shares outstanding (5,829,630 shares outstanding at December 31, 2002) 15,996 15,996 Additional paid-in capital 609 360 Retained earnings 27,195 25,346 Treasury stock, at cost, 535,122 shares (568,806 shares at December 31, 2002) (3,855) (4,007) Accumulated other comprehensive income 804 1,211 ------- ------- Total stockholders' equity 40,749 38,906 ------- ------- Total liabilities and stockholders' equity $457,270 $435,775 ======= =======
COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For Six Months Ended June 30, --------------------- (Dollars in thousands, except per-share data) 2003 2002 --------------------------------------------- -------- -------- Interest and dividend income: Interest and fees on loans $ 6,840 $ 6,771 Interest and dividends on securities: Taxable interest 3,258 3,754 Nontaxable interest 542 477 Dividends 129 174 Interest on federal funds sold 81 158 ------ ------ Total interest and dividend income 10,850 11,334 ------ ------ Interest expense: Interest on deposits 1,968 2,495 Interest on securities sold under repurchase agreements 147 246 Interest on Federal Home Loan Bank of Boston advances 385 176 ------ ------ Total interest expense 2,500 2,917 ------ ------ Net interest income 8,350 8,417 Provision for loan losses 80 90 ------ ------ Net interest income after provision for loan losses 8,270 8,327 ------ ------ Noninterest income: Merchant credit card processing assessments 776 821 Service charges 750 705 Other charges, commissions and fees 738 689 Gains on sales of loans, net 252 103 Gains on sales of securities, net 224 95 Other 50 52 ------ ------ Total noninterest income 2,790 2,465 ------ ------ Noninterest expense: Salaries and employee benefits 3,535 3,379 Information technology and ATM network 653 608 Occupancy, net 524 459 Furniture and equipment 181 199 Credit card processing 697 683 Printing, stationery and supplies 116 119 Professional fees 293 239 Marketing and advertising 112 98 Other 698 648 ------ ------ Total noninterest expense 6,809 6,432 ------ ------ Income before income tax expense 4,251 4,360 Income tax expense 1,422 1,512 ------ ------ Net income $ 2,829 $ 2,848 ====== ====== Earnings per share: Basic $ 0.49 $ 0.48 Diluted $ 0.48 $ 0.48