**Exhibit 13**

 

**Selected Consolidated Financial and OtherData of the Company**

 

The selectedconsolidated financial and other data of the Company set forth below is derivedfrom, and should be read in conjunction with, the Consolidated FinancialStatements of the Company and Notes thereto presented elsewhere in the AnnualReport.

 
| **At December 31,**                            |   | **2003**               |    | **2002** |    | **2001** |    | **2000** |    | **1999** |    |
|------------------------------------------------|--------|------------------------|---------|----------|---------|----------|---------|----------|---------|----------|---------|
|                                           |   | **(in thousands****)** |    |
| Selected  Consolidated Financial Data:         |   |                   |    |     |    |     |    |     |    |     |    |
| Total assets                                   |   | $                      | 897,093 |     | 782,376 |     | 673,443 |     | 583,201 |     | 510,972 |   |
| Loans receivable, net                          |   | 716,884                |    | 597,049  |    | 537,071  |    | 459,795  |    | 396,007  |    |
| Investment securities available-for-sale       |   | 90,656                 |    | 87,982   |    | 68,615   |    | 64,071   |    | 61,080   |    |
| Mortgage-backed securities  available-for-sale |   | 10,165                 |    | 15,256   |    | 13,856   |    | 9,454    |    | 11,882   |    |
| Deposits                                       |   | 596,764                |    | 524,190  |    | 420,084  |    | 369,533  |    | 323,879  |    |
| FHLB advances                                  |   | 204,700                |    | 171,700  |    | 175,200  |    | 140,200  |    | 115,200  |    |
| Total equity                                   |   | 78,404                 |    | 74,777   |    | 68,629   |    | 67,285   |    | 66,422   |    |
| Non-performing loans (6)                       |   | 2,767                  |    | 2,396    |    | 2,580    |    | 4,532    |    | 1,270    |    |
| Foreclosed real estate                         |   | —                 |    | 1,986    |    | —   |    | 540      |    | 168      |    |
| Non-performing assets (7)                      |   | 2,767                  |    | 4,382    |    | 2,580    |    | 5,072    |    | 1,438    |    |
| Allowance for loan losses                      |   | 3,755                  |    | 3,141    |    | 2,255    |    | 1,881    |    | 1,545    |    |
|                                                |        |                        |         |          |         |          |         |          |         |          |         |  |

 
| **For the Year Ended December 31,**                  |   | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** | **1999** | ** ** |
|------------------------------------------------------|--------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
|                                                 |   |     |       |     |       |     |       |     |       |     |       |
| Selected  Operating Data:                            |   |     |       |     |       |     |       |     |       |     |       |
| Interest income                                      |   | $        | 45,749     |     | 45,018     |     | 43,841     |     | 39,814     |     | 31,983     |   |
| Interest expense                                     |   | 21,543   |       | 22,821   |       | 25,433   |       | 23,401   |       | 16,301   |       |
| Net interest income                                  |   | 24,206   |       | 22,197   |       | 18,408   |       | 16,413   |       | 15,682   |       |
| Provision for loan losses                            |   | 613      |       | 900      |       | 500      |       | 363      |       | 211      |       |
| Net interest income after provision for  loan losses |   | 23,593   |       | 21,297   |       | 17,908   |       | 16,050   |       | 15,471   |       |
| Noninterest income                                   |   | 5,736    |       | 4,320    |       | 1,820    |       | 1,330    |       | 1,239    |       |
| Noninterest expenses                                 |   | 18,610   |       | 16,646   |       | 12,585   |       | 11,388   |       | 10,452   |       |
| Income before income tax expense                     |   | 10,719   |       | 8,971    |       | 7,143    |       | 5,992    |       | 6,258    |       |
| Income tax expense                                   |   | 3,619    |       | 2,882    |       | 2,508    |       | 2,130    |       | 2,237    |       |
| Income before minority interest                      |   | 7,100    |       | 6,089    |       | 4,635    |       | 3,862    |       | 4,021    |       |
| Minority interest                                    |   | (84      | )          | (58      | )          | —   |       | —   |       | —   |       |
| Net income                                           |   | $        | 7,184      |     | 6,147      |     | 4,635      |     | 3,862      |     | 4,021      |   |

 
| **For the Year Ended Decemebr 31,**                                       |   | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** | **2000** | ** ** | **1999** | ** ** |
|---------------------------------------------------------------------------|--------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
| Selected  Financial Ratios and Other Data (1)                             |   |     |       |     |       |     |       |     |       |     |       |
| Performance Ratios:                                                       |   |     |       |     |       |     |       |     |       |     |       |
| Return on average assets                                                  |   | 0.84     | %          | 0.84     | %          | 0.73     | %          | 0.69     | %          | 0.87     | %          |
| Return on average equity                                                  |   | 9.40     |       | 8.52     |       | 6.82     |       | 5.89     |       | 5.22     |       |
| Average equity to average assets                                          |   | 8.98     |       | 9.85     |       | 10.73    |       | 11.79    |       | 16.57    |       |
| Equity to total assets at end of period                                   |   | 8.74     |       | 9.56     |       | 10.19    |       | 11.54    |       | 13.02    |       |
| Net interest rate spread (2)                                              |   | 2.81     |       | 2.91     |       | 2.42     |       | 2.38     |       | 2.70     |       |
| Net interest margin (3)                                                   |   | 3.11     |       | 3.31     |       | 3.05     |       | 3.07     |       | 3.52     |       |
| Average interest earning assets to average  interest bearing liabilities  |   | 111.63   |       | 112.20   |       | 115.10   |       | 115.77   |       | 122.51   |       |
| Noninterest expense to average assets                                     |   | 2.19     |       | 2.27     |       | 1.99     |       | 2.05     |       | 2.25     |       |
| Efficiency ratio (4)                                                      |   | 62.15    |       | 62.77    |       | 62.22    |       | 64.18    |       | 61.77    |       |
| Bank Regulatory Capital Ratios (5):                                       |   |     |       |     |       |     |       |     |       |     |       |
| Leverage Capital                                                          |   | 8.27     |       | 8.92     |       | 9.53     |       | 10.50    |       | 12.77    |       |
| Total risk based capital                                                  |   | 12.19    |       | 13.41    |       | 14.58    |       | 16.88    |       | 18.58    |       |
| Asset Quality Ratios:                                                     |   |     |       |     |       |     |       |     |       |     |       |
| Non-performing loans as a percent of loans  (6)(8)                        |   | 0.39     |       | 0.40     |       | 0.48     |       | 0.99     |       | 0.32     |       |
| Non-performing assets as a percent of  total assets (7)                   |   | 0.31     |       | 0.56     |       | 0.38     |       | 0.87     |       | 0.28     |       |
| Allowance for loan losses as a percent of  loans (8)                      |   | 0.52     |       | 0.53     |       | 0.42     |       | 0.41     |       | 0.39     |       |
| Allowance for loan losses as a percent of  total non-performing loans (6) |   | 135.71   |       | 131.09   |       | 87.40    |       | 41.51    |       | 121.65   |       |
| Other Data:                                                               |   |     |       |     |       |     |       |     |       |     |       |
| Number of customer facilities                                             |   | 8        |       | 8        |       | 7        |       | 7        |       | 6        |       |

 

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(1)                                   Asset QualityRatios and Regulatory Capital Ratios are end of period ratios. With theexception of end of period ratios, all ratios are based on average monthlybalances during the indicated periods.

(2)                                  The net interestrate spread represents the difference between the weighted average yield onaverage interest-earning assets and the weighted average cost of averageinterest-bearing liabilities.  Thisspread is reported on a tax equivalent basis.

(3)                                  The net interestmargin represents net interest income as a percent of average interest-earningassets. The net interest margin is reported on a tax equivalent basis.

(4)                                  The efficiencyratio represents the ratio of noninterest expense divided by the sum of netinterest income and noninterest income.

(5)                                  For definitionsand further information relating to the Bank’s regulatory capital requirements,see Item 1, “Business” in the accompanying Form 10-K.

(6)                                  Non-performingloans consist of all non-accrual loans and all other loans 90 days or more pastdue. It is the Bank’s policy to generally cease accruing interest on all loans90 days or more past due. See, Item 1, “Business” in the accompanyingForm 10-K.

(7)                                  Non-performingassets consist of non-performing loans and real estate owned, net.

(8)                                  Loans representloans receivable net, excluding the allowance for loan losses.

 

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