Unaudited

($ in Thousands)

As of December 31,

2003

2002

$ Change

% Change

Assets

Cash and due from banks

$

4,815

$

4,907

$

(92)

-2%

Interest bearing deposits with banks

3,134

3,775

(641)

-17%

Federal funds sold

7,147

1,671

5,476

328%

Investment securities

34,136

36,916

(2,780)

-8%

Loans receivable

88,612

71,340

17,272

24%

Allowance for loan losses

(1,541)

(1,410)

(131)

-9%

Net loans receivable

87,071

69,930

17,141

25%

Premises and equipment, net

2,086

1,435

651

45%

Other assets

1,108

1,295

(187)

-14%

Total assets

$

139,497

$

119,929

$

19,568

16%

Liabilities

Deposits:

Noninterest-bearing demand

$

18,554

$

19,738

$

(1,184)

-6%

Interest-bearing demand

14,883

23,049

(8,166)

-35%

Savings

33,557

8,784

24,773

282%

Time deposits of less than $100,000

19,200

19,190

10

0%

Time deposits of $100,000 and more

33,918

28,749

5,169

18%

Total deposits

120,112

99,510

20,602

21%

Borrowed funds

7,304

8,783

(1,479)

-17%

Other liabilities

710

512

198

39%

Total liabilities

128,126

108,805

19,321

18%

Shareholders' Equity

Common stock

4,240

4,209

31

1%

Capital surplus

6,695

6,636

59

1%

Retained earnings

425

64

361

564%

Accumulated other comprehensive

income

11

215

(204)

-95%

Total shareholders' equity

11,371

11,124

247

2%

Total liabilities and shareholders' equity

$

139,497

$

119,929

$

19,568

16%

Book value per share

$

13.41

$

13.21

$

0.20

2%