EX-99 4 ex99-2.txt EXHIBIT 99.2 Financial Summary Average Balances, Rates Paid and Yields
Three Months Ended Three Months Ended December 31, 2002 December 31, 2001 ------------------------------------------------------------------------------------------------------------------------------------ Average Average Average Yield/ Average Yield/ (in thousands) Balance Interest Rate Balance Interest Rate ------------------------------------------------------------------------------------------------------------------------------------ INTEREST EARNING ASSETS: Deposits with other banks $ 2,707 $ 16 2.36% $ 3,131 $ 24 3.07% Federal funds sold 59,583 206 1.38 73,832 397 2.15 Securities 901,554 10,108 4.48 791,327 11,117 5.62 Loans (1) 1,171,590 20,190 6.89 976,609 17,757 7.27 ------------------------------------------------------------------------------------------------------------------------------------ Total interest earning assets $ 2,135,434 $ 30,520 5.72% $ 1,844,899 $ 29,295 6.35% ==================================================================================================================================== NON-INTEREST EARNING ASSETS: Cash and due from banks $ 24,149 $ 21,386 Allowance for loan losses (16,274) (12,473) Premises and equipment, net 11,867 10,771 Other assets 50,897 54,528 ------------------------------------------------------------------------------------------------------------------------------------ Total non-interest earning assets 70,639 74,212 ------------------------------------------------------------------------------------------------------------------------------------ Total assets $ 2,206,073 $ 1,919,111 ==================================================================================================================================== INTEREST BEARING LIABILITIES: Deposits: Savings, money markets and interest bearing demand $ 510,137 $ 2,742 2.15% $ 372,228 $ 2,603 2.80% Certificates of deposit of $100,000 or more 149,628 1,241 3.32 137,269 1,623 4.73 Other time deposits 492,220 4,278 3.48 457,179 5,959 5.21 ------------------------------------------------------------------------------------------------------------------------------------ Total interest bearing deposits 1,151,985 8,261 2.87 966,676 10,185 4.21 Borrowed funds 758,000 9,353 4.94 687,374 9,092 5.29 Trust preferred securities 32,500 775 9.54 32,500 775 9.54 ------------------------------------------------------------------------------------------------------------------------------------ Total interest bearing liabilities $ 1,942,485 $ 18,389 3.79% $ 1,686,550 $ 20,052 4.76% ==================================================================================================================================== NON-INTEREST BEARING LIABILITIES: Demand deposits $ 127,479 $ 111,907 Other liabilities 21,882 21,925 Stockholders' equity 114,227 98,729 ------------------------------------------------------------------------------------------------------------------------------------ Total non-interest bearing liabilities and stockholders' equity $ 263,588 $ 232,561 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities and stockholders' equity $ 2,206,073 $ 1,919,111 ------------------------------------------------------------------------------------------------------------------------------------ Interest rate spread (2) 1.93% 1.59% ------------------------------------------------------------------------------------------------------------------------------------ Net interest income and margin (3) $ 12,131 2.27% $ 9,243 2.00% ------------------------------------------------------------------------------------------------------------------------------------ Net interest income and margin (tax equivalent basis)(4) $ 12,447 2.33% $ 9,536 2.07% ====================================================================================================================================
(1) Loan origination fees are considered an adjustment to interest income. For the purpose of calculating loan yields, average loan balances include nonaccrual loans with no related interest income. (2) The interest rate spread is the difference between the average yield on interest earning assets and the average rate paid on interest bearing liabilities. (3) The net interest margin is equal to net interest income divided by average interest earning assets. (4) In order to make pre-tax income and resultant yields on tax exempt investments and loans comparable to those on taxable investments and loans, a tax equivalent adjustment is made equally to interest income and interest expense with no effect on after tax income. The tax equivalent adjustment has been computed using a Federal income tax rate of 34% and has increased interest income by $316,000 and $293,000 for the three month periods ended December 31, 2002 and 2001, respectively. Financial Summary Average Balances, Rates Paid and Yields
Twelve Months Ended Twelve Months Ended December 31, 2002 December 31, 2001 ------------------------------------------------------------------------------------------------------------------------------------ Average Average Average Yield/ Average Yield/ (in thousands) Balance Interest Rate Balance Interest Rate ------------------------------------------------------------------------------------------------------------------------------------ INTEREST EARNING ASSETS: Deposits with other banks $ 2,887 $ 60 2.08% $ 3,816 $ 171 4.48% Federal funds sold 72,790 1,157 1.59 74,624 2,765 3.71 Securities 863,695 43,533 5.04 747,172 45,604 6.10 Loans (1) 1,085,306 75,395 6.95 891,957 70,408 7.89 ------------------------------------------------------------------------------------------------------------------------------------ Total interest earning assets $ 2,024,678 $ 120,145 5.93% $ 1,717,569 $ 118,948 6.93% ==================================================================================================================================== NON-INTEREST EARNING ASSETS: Cash and due from banks $ 22,965 $ 21,026 Allowance for loan losses (14,771) (11,583) Premises and equipment, net 11,363 10,081 Other assets 51,198 52,288 ------------------------------------------------------------------------------------------------------------------------------------ Total non-interest earning assets 70,755 71,812 ------------------------------------------------------------------------------------------------------------------------------------ Total assets $ 2,095,433 $ 1,789,381 ==================================================================================================================================== INTEREST BEARING LIABILITIES: Deposits: Savings, money markets and interest bearing demand $ 469,985 $ 11,228 2.39% $ 318,595 $ 9,931 3.12% Certificates of deposit of $100,000 or more 148,119 5,184 3.50 129,340 7,581 5.86 Other time deposits 469,858 17,747 3.78 453,747 27,085 5.97 ------------------------------------------------------------------------------------------------------------------------------------ Total interest bearing deposits 1,087,962 34,159 3.14 901,682 44,597 4.95 Borrowed funds 735,201 36,403 4.95 644,690 35,264 5.47 Trust preferred securities 32,500 3,100 9.54 31,048 2,952 9.51 ------------------------------------------------------------------------------------------------------------------------------------ Total interest bearing liabilities $ 1,855,663 $ 73,662 3.97% $ 1,577,420 $ 82,813 5.25% ==================================================================================================================================== NON-INTEREST BEARING LIABILITIES: Demand deposits $ 118,154 $ 104,577 Other liabilities 17,493 20,617 Stockholders' equity 104,123 86,767 ------------------------------------------------------------------------------------------------------------------------------------ Total non-interest bearing liabilities and stockholders' equity $ 239,770 $ 211,961 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities and stockholders' equity $ 2,095,433 $ 1,789,381 ------------------------------------------------------------------------------------------------------------------------------------ Interest rate spread (2) 1.96% 1.68% ------------------------------------------------------------------------------------------------------------------------------------ Net interest income and margin (3) $ 46,483 2.30% $ 36,135 2.10% ------------------------------------------------------------------------------------------------------------------------------------ Net interest income and margin (tax equivalent basis)(4) $ 47,728 2.36% $ 37,197 2.17% ====================================================================================================================================
(1) Loan origination fees are considered an adjustment to interest income. For the purpose of calculating loan yields, average loan balances include nonaccrual loans with no related interest income. (2) The interest rate spread is the difference between the average yield on interest earning assets and the average rate paid on interest bearing liabilities. (3) The net interest margin is equal to net interest income divided by average interest earning assets. (4) In order to make pre-tax income and resultant yields on tax exempt investments and loans comparable to those on taxable investments and loans, a tax equivalent adjustment is made equally to interest income and interest expense with no effect on after tax income. The tax equivalent adjustment has been computed using a Federal income tax rate of 34% and has increased interest income by $1,245,000 and $1,062,000 for the twelve month periods ended December 31, 2002 and 2001, respectively.