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Chesapeake Financial Shares, Inc.
Consolidated Balance Sheet
Three Months Ended December 31, 2002
Assets (Unaudited)
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December 31, 2002
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December 31, 2001
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Cash and due from banks
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$8,914,563
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$12,298,550
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Federal funds sold
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8,026,000
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7,674,000
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Securities available for sale
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|
|
|
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U.S. Government agencies (book value of $28,185,166 - 2002 and $17,700,819 - 2001)
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28,503,616
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17,965,367
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Obligations of state and political subdivisions (book value of $19,646,970 - 2002 and $15,151,911 - 2001)
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20,984,866
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15,655,638
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Other Debt Securities(book value $2,284,690 - 2002 and $2,480,027 - 2001)
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2,602,135
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2,499,350
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| Loans |
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196,336,553 |
|
169,015,349 |
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Less: Reserve for loan loss
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(3,069,340)
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(2,540,577)
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| |
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---------------
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---------------
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Net loans
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193,267,213
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166,474,772
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Bank premises and equipment, net
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|
7,479,435
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|
6,985,214
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|
Accrued interest receivable
|
|
1,322,375
|
|
1,288,705
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Business Manager Assets
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15,938,273
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|
10,882,704
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Other assets
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6,086,191
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3,279,369
|
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| |
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---------------
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---------------
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Total assets
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293,124,667
|
|
245,003,669
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========
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========
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Liabilities and Shareholders' Equity (Unaudited)
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Deposits:
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|
|
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Noninterest bearing deposits
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$41,636,862
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$33,592,404
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Savings and interest bearing deposits
|
|
100,138,434
|
|
83,345,883
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| Certificates of deposit |
|
113,896,230
|
|
94,879,030
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| |
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--------------- |
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| Total deposits |
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$255,671,526
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$211,817,317
|
| |
|
|
|
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| Federal funds purchased |
|
10,959,949
|
|
10,000,000
|
| Accrued interest payable |
|
259,481
|
|
255,482
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| Other liabilities |
|
1,382,273
|
|
1,564,010
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| Note payable |
|
760,399
|
|
791,922
|
| |
|
---------------
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---------------
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| Total liabilities |
|
$269,033,628
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|
$224,428,731
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|
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| Commitments |
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|
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Shareholders' equity:
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|
|
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Preferred stock, par value $1 per share; authorized 50,000 shares; no shares outstanding
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0
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0
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Common stock, voting
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6,441,135
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6,276,990
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Common stock, nonvoting
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|
0
|
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0
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Shares authorized
voting:
12/31/02 - 2,000,000
12/31/01 - 2,000,000
non-voting:
12/31/02 - 635,000
12/31/01 - 635,000
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|
|
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Shares outstanding
voting:
12/31/02 - 1,288,227
12/31/01 - 1,255,398
non-voting:
12/31/02 - 0
12/31/01 - 0
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|
|
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Paid-in capital
|
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372,833
|
|
229,948
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| Unrealized gains (losses) on securities available for sale |
|
1,302,701
|
|
514,534
|
| Retained earnings |
|
15,974,370
|
|
13,553,466
|
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|
--------------- |
|
--------------- |
Total shareholders' equity
|
|
$24,091,039
|
|
$20,574,938
|
| |
|
--------------- |
|
--------------- |
Total liabilities and
shareholders' equity
|
|
$293,124,667
|
|
$245,003,669
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======== |
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