NORTHERN STATES FINANCIAL CORPORATION
|
| ($ 000s, except per share data) | |||||
| As of or for the Year Ended December 31, |
|
|
|
|
|
| INCOME STATEMENT DATA: | |||||
| Interest income |
$ 37,207
|
$ 32,778
|
$ 34,206
|
$ 32,759
|
$ 31,671
|
| Interest expense |
19,220
|
15,005
|
16,896
|
15,615
|
14,808
|
| Net interest income |
17,987
|
17,773
|
17,310
|
17,144
|
16,863
|
| Provision for loan losses |
0
|
0
|
10
|
480
|
1,190
|
| Net interest income after provision for load losses |
17,987
|
17,773
|
17,300
|
16,664
|
15,673
|
| Noninterest income |
3,131
|
3,501
|
2,935
|
2,687
|
3,239
|
| Noninterest expenses |
9,682
|
9,779
|
9,623
|
9,132
|
10,372
|
| Income before income taxes |
11,436
|
11,495
|
10,612
|
10,219
|
8,540
|
| Provision for income taxes |
3,502
|
3,611
|
3,308
|
3,209
|
2,529
|
| Net Income |
$ 7,934
|
$ 7,884
|
$ 7,304
|
$ 7,010
|
$ 6,011
|
| BALANCE SHEET DATA: | |||||
| Cash, noninterest bearing |
$ 17,013
|
$ 16,740
|
$ 15,176
|
$ 14,200
|
$ 15,247
|
| Investments (2) |
204,224
|
196,944
|
213,744
|
192,078
|
166,585
|
| Loans, net |
294,162
|
242,794
|
240,776
|
236,794
|
227,814
|
| Direct lease financing |
7,417
|
2,138
|
987
|
1,274
|
999
|
| All other assets |
15,440
|
18,065
|
15,238
|
14,640
|
15,919
|
| Total Assets |
538,256
|
476,681
|
485,921
|
458,986
|
426,564
|
| Deposits |
$ 373,121
|
$ 334,251
|
$ 355,756
|
$ 347,950
|
$ 328,795
|
| Other borrowings |
73,618
|
70,436
|
47,990
|
38,504
|
36,758
|
| Federal Home Loan Bank advances |
10,000
|
0
|
10,000
|
5,000
|
0
|
| All other liabilities |
9,078
|
6,460
|
7,062
|
7,377
|
6,176
|
| Stockholders' equity |
72,439
|
65,534
|
65,113
|
60,195
|
54,835
|
| Total Liabilities & Stockholders' Equity |
538,256
|
476,681
|
485,921
|
458,986
|
426,564
|
| PER SHARE DATA (4) | |||||
| Basic earnings per share |
$ 1.78
|
$ 1.77
|
$ 1.64
|
$ 1.58
|
$ 1.35
|
| Diluted earnings per share |
1.78
|
1.77
|
1.64
|
1.57
|
1.35
|
| Cash dividends declared |
0.90
|
0.75
|
0.60
|
0.48
|
0.40
|
| Book value (at end of year) |
16.24
|
14.70
|
14.63
|
13.54
|
12.33
|
| SELECTED FINANCIAL AND OTHER RATIOS: | |||||
| Return on average assets (1) |
1.59%
|
1.67%
|
1.55%
|
1.61%
|
1.43%
|
| Return on average equity |
11.80
|
12.05
|
11.66
|
12.28
|
11.47
|
| Average stockholders' equity to average assets |
13.46
|
13.84
|
13.29
|
13.13
|
12.47
|
| Tax equivalent interest rate spread (1) |
2.84
|
3.26
|
3.06
|
3.39
|
3.64
|
| Tax equivalent net interest income to average earning assets (1) |
3.87
|
4.11
|
3.99
|
4.33
|
4.50
|
| Non-performing assets to total assets |
1.14
|
0.72
|
1.36
|
0.78
|
0.94
|
| Dividend payout ratio (3) |
50.60
|
42.42
|
36.57
|
30.44
|
29.60
|
| (1)
Does not reflect impact of securities available for sale on average balances. (2) Includes interest bearing deposits in other financial institutions, federal funds sold, securities available for sale. |
(3)
Total cash dividends divided by net income. (4) Information prior to 1998 was restated to reflect five-for-one stock split. |
| MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | ||
 he
following is a discussion and analysis of Northern States Financial
Corporation's (the "Company") financial position and results
of operations and should be read in communication with the consolidated
financial statements and notes thereto appearing elsewhere in this
report. The Company has one wholly owned subsidiary, the Bank of Waukegan
(the "Bank"). The Bank is a commercial |
banking
company that provides traditional banking services, including mortgage
and trust services, to corporate, retail and civic entities in the
market. The Company and its subsidiary are subject to regulation by numerous agencies including the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Illinois Office of Banks and Real Estate. Among other things, these agencies limit the |
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18
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NSFC ANNUAL REPORT 2000 |
