-----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, J+ME8x7vugisWADpok/aBs2HqES13fvagwLX1kpQ+xgODX3zSUlnRnF9hPXTYeGU FoYVrzCdL6JnTeipNOQZEA== 0001005150-04-000573.txt : 20040224 0001005150-04-000573.hdr.sgml : 20040224 20040224161603 ACCESSION NUMBER: 0001005150-04-000573 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040202 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHWEST BANCORP INC CENTRAL INDEX KEY: 0000914374 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 731136584 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23064 FILM NUMBER: 04625128 BUSINESS ADDRESS: STREET 1: 608 SOUTH MAIN STREET CITY: STILLWATER STATE: OK ZIP: 74074 BUSINESS PHONE: 4053722230 MAIL ADDRESS: STREET 1: 608 SOUTH MAIN STREET CITY: STILLWATER STATE: OK ZIP: 74074 8-K 1 form8k.txt FORM 8-K Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 2, 2004 ---------------- Southwest Bancorp, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Oklahoma 0-23064 73-1136584 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission file (IRS Employer of incorporation) number) Identification Number) 608 South Main Street, Stillwater, Oklahoma 74074 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (405) 372-2230 -------------- Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. - -------------------------------------------------------------------------- (a) Financial Statements. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Exhibits. Exhibit 99--Press Release date February 2, 2004 Item 9. Regulation FD Disclosure. - -------------------------------- Item 12. Results of Operations and Financial Condition. - ------------------------------------------------------ Southwest's press release dated February 2, 2004, included as Exhibit 99 is furnished to the Securities and Exchange Commission under both Item 9 and Item 12 of this Form 8-K. 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. Southwest Bancorp, Inc. By /s/ Rick Green -------------- Rick Green President and Chief Executive Officer Dated: February 23, 2004 EX-99 3 ex99.txt EXHIBIT 99 Exhibit 99 [LOGO OMITTED] SOUTHWEST BANCORP, INC. REPORTS EARNINGS CONTACT: RICK GREEN, PRESIDENT & C.E.O. KERBY E. CROWELL, EXECUTIVE VICE PRESIDENT & C.F.O. TELEPHONE: (405) 372-2230 RELEASE DATE: FEBRUARY 2, 2004 February 2, 2004, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc. (Nasdaq National Market--OKSB, OKSBO), the Oklahoma-based parent company of the Stillwater National Bank and Trust Company ("Stillwater National") and SNB Bank of Wichita ("SNB Wichita"), today reported net income for the year 2003, of $14.9 million, an 11% increase from 2002. Diluted earnings per share were $1.22 compared to $1.11 per share for the 2002 period, up 10%. Net income for the fourth quarter of 2003 was $3.9 million, or $0.32 per diluted share, compared to $3.5 million, or $0.29 per diluted share, for the fourth quarter of 2002. 2003 RESULTS AND FOCUS o Total assets of $1.6 billion; a 17% increase from year-end 2002. o Portfolio loans of $1.3 billion; a 19% increase from year-end 2002. o Book value per share of $9.20; a 10% increase from year-end 2002.
YEAR-TO-DATE FOURTH QUARTER ------------------------------ ---------------------------- o Net Income: $14.9 million; an 11% increase $3.9 million; a 12% increase o Diluted earnings per share: $1.22; a 10% increase $0.32; a 10% increase o Dividends per share: $0.25; a 14% increase $0.06; the same as for 2002 o Return on average equity: 14.59% 14.69% o GAAP-based efficiency ratio: 54.95% 56.57%
Page 1 of 1 STRATEGIC PERSPECTIVE "Southwest Bancorp, Inc. ("Southwest") maintains an intense focus on specific performance goals designed to increase shareholder value. These goals include annual growth in diluted earnings per share and assets of 10% and geographic market share growth and expansion," said Rick Green, President and Chief Executive Officer. "Southwest's earnings growth is primarily the result of substantial loan growth, increases in net interest and noninterest income, and improved efficiency. We are continuing to focus on increasing net interest income by prudent loan growth coupled with careful management of interest margins and funding." "In 2003, Southwest achieved net income of $14.9 million and increased diluted earnings per share by 10% over the same period last year. We acted aggressively to resolve problem credits during the fourth quarter, reducing nonperforming loans by 17% from $19.2 million at the end of the third quarter to $15.9 million at year-end." "During 2002, Southwest made strategic moves into two important markets - - a branch in Dallas, Texas and a loan production office in Wichita, Kansas, both of which operated as divisions of Stillwater National Bank and Trust Company. In November 2003, the Wichita loan production office was replaced by a new Southwest subsidiary, SNB Bank of Wichita. The Dallas and Wichita offices are capitalizing on our strengths in serving medical, professional and small business customers. We are pleased with our continuing significant loan growth in both markets. Our experience there demonstrates our ability to select new markets and to successfully implement our business plan in them." "We continue to market and find acceptance for our "Business Mail Processing" and "Document Imaging" services, especially in our metropolitan markets. These products are contributing to our success in gaining noninterest-bearing demand deposits and should continue to help differentiate Southwest from other financial services companies." "In the second quarter of 2003, Southwest issued $20.0 million in trust preferred securities through a newly formed subsidiary trust, OKSB Statutory Trust I, in a private placement of pooled trust preferred securities. The majority of the proceeds of the private placement were contributed to Stillwater National; $6.0 million of the remaining proceeds were contributed to SNB Bank of Wichita upon organization. On October 14, 2003, Southwest issued an additional $25.0 million of 30-year variable rate trust preferred securities in a private placement through another subsidiary trust, SBI Capital Trust II. Proceeds from the October issuance are expected to be used to retire the $25.0 million in 9.30% fixed rate trust preferred securities issued in 1997, which became subject to redemption by Southwest in the third quarter of 2002. Although the redemption would result in a charge to expense of approximately $650,000, net of tax benefit, upon retirement, management estimates that the redemption would have a net positive effect on net income within twelve months from redemption and thereafter. Whether or not Southwest redeems the 1997 trust preferred securities during Page 2 of 2 2004 depends upon a number of factors, including the currently unsettled regulatory capital rules relating to trust preferred securities as a result of recent changes in accounting standards. Due to these recent changes in accounting standards, the Trust Preferred Securities are not carried on Southwest's consolidated financial statements. Instead, Southwest's financial statements reflect the Subordinated Debentures issued by Southwest to the subsidiary trusts which provided the funding for the Trust Preferred Securities." "At year-end 2003, Southwest had total assets of $1.6 billion, loans of $1.3 billion, and deposits of $1.2 billion. At that date, the allowance for loan losses was $15.8 million, or 1.21% of total loans, compared to $11.9 million, or 1.08% of total loans, at year-end 2002. At the end of 2003, regulatory capital ratios for Southwest, Stillwater National, and SNB Wichita exceeded regulatory requirements for a well-capitalized institution." ADDITIONAL FINANCIAL INFORMATION Net income for 2003 was $14.9 million, up $1.5 million, or 11%, from 2002. Diluted earnings per share for 2003 were $1.22, up 10% from 2002. Net interest income increased 21% from 2002. Non-interest income for 2003 represented 21% of total revenues. The provision for loan losses of $8.5 million increased $3.1 million, or 57%, over 2002. Noninterest expense of $38.4 million increased $5.1 million, or 15%, primarily as a result of increases in compensation, general and administrative, and occupancy expenses. Net income for the fourth quarter of 2003 was $3.9 million, a $434,000, or 12%, increase from the fourth quarter of 2002. Diluted earnings per share of $0.32 for the fourth quarter of 2003 increased 10% from the fourth quarter of 2002. Net interest income increased 26% from the fourth quarter of last year. Non-interest income for the quarter represented 20% of total revenues. The provision for loan losses of $2.1 million increased $726,000, or 54%, over the 2002 fourth quarter. Noninterest expense of $10.4 million increased $1.4 million, or 15%, primarily as a result of increases in compensation, general and administrative, and occupancy expenses. The efficiency ratio of 56.57% represented an improvement of 189 basis points from the fourth quarter of 2002. Southwest's efficiency ratio is based directly on financial statement amounts. FINANCIAL CONDITION At December 31, 2003, total assets were $1.6 billion, a $230.2 million increase from the end of 2002. Total portfolio loans (loans other than those held for sale) at year-end 2003 were $1.3 billion, up $211.5 million, or 19%, from year-end 2002, primarily as a result of growth in commercial and construction lending, as well as government-guaranteed student loans. Page 3 of 3 ALLOWANCE FOR LOAN LOSSES AND NONPERFORMING LOANS Nonaccrual loans totaled $14.5 million at December 31, 2003, compared to $17.0 million at September 30, 2003. This $2.5 million reduction is primarily the result of several large problem credits classified as nonaccrual at September 30, 2003, that were resolved during the fourth quarter of 2003; $1.4 million in nonaccrual loans were returned to accrual status and $1.7 in nonaccrual loans were transferred to Other Real Estate. Total nonperforming loans of $15.9 million increased $3.0 million, or 23%, from year-end 2002, and represented 1.22% of loans, compared to 1.17% of loans at year-end 2002 and 1.50% of loans at September 30, 2003. At December 31, 2003, $2.7 million, or 17%, of loans classified as nonperforming were guaranteed by United States agencies or U.S. government sponsored entities. Mr. Green said, "Much of our business is commercial lending. As a result, weakness in one or a few large credits can have a significant impact on our nonperforming loan totals. Through the years, however, we have demonstrated the ability to resolve problem commercial loans." The allowance for loan losses of $15.8 million increased $4.0 million, or 33%, from year-end 2002, due primarily to the $207.7 million growth in loans that occurred during the year. Management believes the amount of the allowance is appropriate, given its systematic methodology for calculating the allowance. That methodology is designed to estimate inherent losses on total loans in the portfolio, including inherent losses on nonperforming loans. SECURITIES Southwest's common stock is traded on the Nasdaq National Market under the symbol OKSB. Trust preferred securities of Southwest's subsidiary, SBI Capital Trust, trade on the Nasdaq National market under the symbol OKSBO. Market makers for Southwest's common stock include Stifel Nicolaus & Co., Goldman Sachs & Co., Keefe Bruyette & Woods Inc., Merrill Lynch, RBC Dain Rauscher, Inc., Schwab Capital Markets, Morgan Stanley & Company, Sandler O'Neill & Partners and FTN Financial Securities Corp. SOUTHWEST BANCORP AND SUBSIDIARIES Southwest is the financial holding company for Stillwater National Bank and Trust Company, SNB Bank of Wichita, Business Consulting Group, Inc., and Healthcare Strategic Support, Inc. Southwest is an independent company, not controlled by other organizations or individuals. Southwest pursues an established strategy of independent operation for the benefit of all of its shareholders. A substantial portion of Southwest's current business and focus for the future are services for local businesses, their primary employees, and other managers and professionals. Southwest seeks to be the premier financial services company for its selected markets. Information regarding Southwest can be retrieved via the Internet, at www.oksb.com. Southwest, Stillwater National, and SNB Wichita offer commercial and consumer lending, deposit, and investment Page 4 of 4 services, and specialized cash management, consulting and other financial services from offices in Stillwater, Tulsa, Oklahoma City, and Chickasha, Oklahoma, Wichita, Kansas and metropolitan Dallas, Texas; loan production offices on the campuses of the University of Oklahoma Health Sciences Center and Oklahoma State University-Tulsa; a marketing presence in the Student Union at Oklahoma State University-Stillwater; and on the Internet. Information regarding products and services of Stillwater National and SNB Wichita, including SNB DirectBanker(R), Southwest's online banking product, can be retrieved via the Internet, at www.oksb.com. The Stillwater National and SNB Wichita web sites and online banking technology are frequently updated in response to the changing needs of the large base of Internet banking customers. EXPECTED ONE-TIME 2004 EXPENSE Southwest expects to record a one-time charge relating to executive retirement in the first quarter of 2004 of approximately $300,000 after related tax benefits. FORWARD-LOOKING STATEMENTS This Press Release includes forward-looking statements, such as: statements of Southwest's goals, intentions, and expectations; estimates of risks and of future costs and benefits; assessments of the amount and timing of problem loan payoffs and loan losses; and statements of Southwest's ability to achieve financial and other goals. These forward-looking statements are subject to significant uncertainties because they are based upon: future interest rates and other economic conditions; future laws and regulations; and a variety of other matters. Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, Southwest's past growth and performance do not necessarily indicate its future results. Page 5 of 5 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands, except per share data)
DECEMBER 31, DECEMBER 31, 2003 2002 ------------ ------------ ASSETS: Cash and cash equivalents $ 33,981 $ 34,847 Investment securities: Held to maturity, fair value $16,144 (2003) and $32,000 (2002) 15,916 31,154 Available for sale, amortized cost $176,470 (2003) and $145,141 (2002) 177,074 148,476 Federal Reserve Bank and Federal Home Loan Bank Stock, at cost 11,276 9,059 Loans held for sale 6,876 10,638 Loans receivable, net of allowance for loan losses of $15,848 (2003) and $11,888 (2002) 1,286,112 1,078,586 Accrued interest receivable 11,321 9,283 Premises and equipment, net 19,818 20,202 Other assets 18,351 8,309 ----------- ----------- Total assets $ 1,580,725 $ 1,350,554 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY: Deposits: Noninterest-bearing demand $ 167,332 $ 135,945 Interest-bearing demand 53,955 50,162 Money market accounts 376,016 258,712 Savings accounts 6,903 5,700 Time deposits of $100,000 or more 358,130 309,205 Other time deposits 241,789 262,033 ----------- ----------- Total deposits 1,204,125 1,021,757 Accrued interest payable 3,375 4,498 Income tax payable 2,850 -- Other liabilities 4,410 2,858 Other borrowings 183,850 199,282 Subordinated Debentures 72,180 25,787 ----------- ----------- Total liabilities 1,470,790 1,254,182 Shareholders' equity: Common stock - $1 par value; 20,000,000 shares authorized; 12,243,042 shares issued and outstanding 12,243 12,243 Capital surplus 6,997 6,196 Retained earnings 92,657 80,724 Accumulated other comprehensive income 360 2,201 Treasury stock, at cost; 287,410 (2003) and 696,284 (2002) shares (2,322) (4,992) ----------- ----------- Total shareholders' equity 109,935 96,372 ----------- ----------- Total liabilities & shareholders' equity $ 1,580,725 $ 1,350,554 =========== ===========
Page 6 of 6 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands)
For the three months For the twelve months ended December 31, ended December 31, 2003 2002 2003 2002 -------- -------- -------- ------- Interest income: Interest and fees on loans $19,844 $16,770 $76,115 $65,503 Investment securities 1,944 2,249 7,954 10,948 Other interest-bearing assets 3 4 10 44 -------- -------- ------- ------- Total interest income 21,791 19,023 84,079 76,495 Interest expense: Interest-bearing deposits 4,893 5,585 20,645 23,451 Other borrowings 1,165 1,193 4,887 4,829 Subordinated Debentures 1,049 599 3,079 2,398 -------- -------- ------- ------- Total interest expense 7,107 7,377 28,611 30,678 -------- -------- ------- ------- Net interest income 14,684 11,646 55,468 45,817 Provision for loan losses 2,074 1,348 8,522 5,443 Other income: Service charges and fees 2,375 2,335 9,293 8,216 Gain on sales of loans receivable 954 1,044 4,111 3,170 Gain on sales of investment securities 0 97 28 328 Other noninterest income 300 226 1,068 1,004 -------- -------- ------- ------- Total other income 3,629 3,702 14,500 12,718 Other expenses: Salaries and employee benefits 5,359 4,577 19,792 17,168 Occupancy 2,169 1,890 8,107 7,119 FDIC and other insurance 94 74 340 286 Other real estate 47 21 215 2 General and administrative 2,691 2,411 9,994 8,744 -------- -------- ------- ------- Total other expenses 10,360 8,973 38,448 33,319 -------- -------- ------- ------- Income before taxes 5,879 5,027 22,998 19,773 Taxes on income 1,956 1,538 8,106 6,354 -------- -------- ------- ------- Net income $3,923 $3,489 $14,892 $13,419 ========= ======== ======= =======
Page 7 of 7 SOUTHWEST BANCORP, INC. AVERAGE BALANCES, YIELDS AND RATES (Dollars in thousands)
For the three months ended For the twelve months ended December 31, 2003 December 31, 2002 ------------------------------------ ------------------------------------ Interest Interest Average Income/ Average Average Income/ Average Balance Expense Yield/Rate Balance Expense Yield/Rate ------------------------------------- ------------------------------------ ASSETS: Loans receivable $1,318,552 $19,844 5.97% $1,269,216 $76,115 6.00% Investment securities 199,743 1,944 3.86 191,276 7,954 4.16 Other interest-earning assets 1,302 3 0.91 1,092 10 0.92 ---------- -------- ---- ---------- ------- ---- Total interest-earning assets 1,519,597 21,791 5.69 1,461,584 84,079 5.75 Noninterest-earning assets 48,342 50,155 ---------- ---------- Total assets $1,567,939 $1,511,739 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY: Interest-bearing demand $ 54,487 $ 73 0.53% $ 56,011 $ 355 0.63% Money market accounts 399,590 1,367 1.36 336,274 5,237 1.56 Savings accounts 7,146 5 0.28 6,608 17 0.26 Time deposits 584,108 3,448 2.34 622,422 15,036 2.42 ---------- ------- ---- ---------- ------- ---- Total interest-bearing deposits 1,045,331 4,893 1.93 1,021,315 20,645 2.10 Other borrowings 186,131 1,165 2.48 200,473 4,887 2.44 Subordinated Debentures 68,538 1,049 6.12 42,042 3,079 7.32 ---------- ------- ---- ---------- ------- ---- Total interest-bearing liabilities 1,300,000 7,107 2.17 1,263,830 28,611 2.26 -------- ---- ------- ---- Noninterest-bearing demand 152,952 139,061 Other noninterest-bearing liabilities 9,068 6,802 Shareholders' equity 105,919 102,046 ---------- ---------- Total liabilities and shareholders' equity $1,567,939 $1,511,739 ========== ========== Net interest income $14,684 $55,468 ======== ======= Interest rate spread 3.52% 3.49% ==== ==== Net interest margin (1) 3.83% 3.80% ==== ==== Ratio of average interest-earning assets to average interest-bearing liabilities 116.89% 115.65% ========= ========== Net interest income and margin (tax-equivalent basis) (2) $14,784 3.86% $55,983 3.83% ======== ==== ======= ====
(1) The net interest margin is equal to annualized net interest income divided by average interest-earning assets. (2) In order to make pretax 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 income tax expense with no effect on after tax income. The tax equivalent adjustment has been computed using a federal income tax rate of 35%. Page 8 of 8 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data) For the three months For the twelve months ended December 31, ended December 31, 2003 2002 2003 2002 - ------------------------------------------------------------------------------------------------------------------------------- PER COMMON SHARE DATA: - ------------------------------------------------------------------------------------------------------------------------------- Basic Earnings $ 0.33 $ 0.30 $ 1.26 $ 1.17 Diluted Earnings 0.32 0.29 1.22 1.11 Dividends declared 0.06 0.06 0.25 0.22 Book value (at period end) 9.20 8.35 9.20 8.35 - ------------------------------------------------------------------------------------------------------------------------------- WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: - ------------------------------------------------------------------------------------------------------------------------------- Basic 11,905,084 11,540,294 11,798,810 11,490,166 Diluted 12,329,963 12,094,604 12,159,620 12,052,118 - ------------------------------------------------------------------------------------------------------------------------------- KEY RATIOS: - ------------------------------------------------------------------------------------------------------------------------------- Return on average assets 0.99% 1.05% 0.99% 1.05% Return on average total shareholders' equity 14.69% 14.71% 14.59% 14.94% Efficiency ratio 56.57% 58.46% 54.95% 56.92% - ------------------------------------------------------------------------------------------------------------------------------- CAPITAL RATIOS AS OF PERIOD END: - ------------------------------------------------------------------------------------------------------------------------------- Leverage ratio 9.32% 8.99% Tier I capital ratio 11.13% 10.38% Total capital ratio 14.90% 11.42% Tier I capital $ 145,906 $ 118,955 Total capital 195,254 130,843 Total risk adjusted assets 1,310,355 1,145,655 - ------------------------------------------------------------------------------------------------------------------------------- LOAN COMPOSITION AS OF PERIOD END: - ------------------------------------------------------------------------------------------------------------------------------- Real estate mortgage: Commercial $ 402,596 $ 374,999 One-to-four family residential 83,250 102,423 Real estate construction 230,292 130,001 Commercial 355,965 348,879 Installment and consumer: Government-guaranteed student loans 211,546 119,064 Other 25,187 25,746 ---------- ---------- Total loans, including loans held $1,308,836 $1,101,112 for sale Less: Allowance for loan losses (15,848) (11,888) ---------- ---------- Total loans, net $1,292,988 $1,089,224 ========== ==========
Page 9 of 9 SOUTHWEST BANCORP, INC. UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS (CONTINUED)
(Dollars in thousands, except per share data) For the twelve months ended December 31, 2003 2002 - ------------------------------------------------------------------------------------------------------------ ASSET QUALITY AS OF PERIOD END: - ------------------------------------------------------------------------------------------------------------ Nonaccrual loans (1) $ 14,530 $ 11,455 Restructured loans -- -- 90 day past due and accruing (2) 1,384 1,452 -------- -------- Total nonperforming loans (3) $ 15,914 $ 12,907 ======== ======== Other real estate owned $ 1,699 $ 747 Allowance for loan losses as a percentage of total loans 1.21% 1.08% Allowance for loan losses as a percentage of nonperforming loans 99.59% 92.11% Nonperforming loans as a percentage of total loans 1.22% 1.17% Nonperforming assets as a percentage of total loans and other real estate 1.34% 1.24% Total charge-offs $ 5,077 $ 5,396 Total recoveries 515 349 -------- -------- Net charge-offs $ 4,562 $ 5,047 ======== ======== Net charge-offs as a percentage of average loans 0.36% 0.50% - ------------------------------------------------------------------------------------------------------------ OTHER MISCELLANEOUS INFORMATION AS OF PERIOD END: - ------------------------------------------------------------------------------------------------------------ Goodwill $ 194 $ 194 Mortgage Servicing Rights 1,128 865 Non-mortgage Servicing Rights 90 112 -------- -------- Total Intangible Assets $ 1,412 $ 1,171 ======== ======== 1-4 family mortgage loans serviced for others $124,366 $107,733 Intangible amortization expense 398 202 FTE employees (at period end) 345 324 Number of ATMs 294 347 Number of branches 9 7
(1) The government-guaranteed portion of loans included in these totals were $2.6 million (2003) and $970,000 (2002). (2) The government-guaranteed portion of loans included in these totals were $0 (2003) and $119,000 (2002). (3) The government-guaranteed portion of loans included in these totals were $2.6 million (2003) and $1.1 million (2002). Page 10 of 10 -----END PRIVACY-ENHANCED MESSAGE-----