|
NORTHERN STATES
FINANCIAL CORPORATION
|
|
SELECTED
CONSOLIDATED FINANCIAL DATA
|
| ($ 000s, except per share data) |
|
|
|
|
| At or for the Year Ended December 31, |
1999
|
1998
|
1997
|
1996
|
1995
|
| INCOME STATEMENT DATA: |
|
|
|
|
|
| Interest income |
$32,778
|
$32,206
|
$32,759
|
$31,671
|
$30,893
|
| Interest expense |
15,005
|
16,896
|
15,615
|
14,808
|
14,705
|
| Net interest income |
17,773
|
17,310
|
17,144
|
16,863
|
16,188
|
| Provision for loan losses |
0
|
10
|
480
|
1,190
|
1,480
|
| Net interest income after provision for loan
losses |
17,773
|
17,300
|
16,664
|
15,673
|
14,708
|
| Noninterest income |
3,501
|
2,935
|
2,687
|
3,239
|
2,702
|
| Noninterest expenses |
9,779
|
9,623
|
9,132
|
10,372
|
10,433
|
| Income before income taxes |
11,495
|
10,612
|
10,219
|
8,540
|
6,977
|
| Provision for income taxes |
3,611
|
3,308
|
3,209
|
2,529
|
2,040
|
| Net Income |
$7,884
|
$7,304
|
$7,010
|
$6,011
|
$4,937
|
| BALANCE SHEET DATA: |
|
|
|
|
|
| Cash, noninterest bearing |
$16,740
|
$15,176
|
$14,200
|
$15,247
|
$18,119
|
| Investments (2) |
196,944
|
213,744
|
192,078
|
166,585
|
171,125
|
| Loans, net |
242,794
|
240,776
|
236,794
|
227,814
|
220,865
|
| Direct lease financing |
2,138
|
987
|
1,274
|
999
|
622
|
| All other assets |
18,065
|
15,238
|
14,640
|
15,919
|
17,160
|
| Total Assets |
$476,681
|
$485,921
|
$458,986
|
$426,564
|
$427,891
|
| PER SHARE DATA: (4) |
|
|
|
|
|
| Basic earnings per share |
$1.77
|
$1.64
|
$1.58
|
$1.35
|
$1.11
|
| Diluted earnings per share |
1.77
|
1.64
|
1.57
|
1.35
|
1.11
|
| Cash dividends declared |
.75
|
0.60
|
0.48
|
0.40
|
0.33
|
| Book value (at end of year) |
14.70
|
14.63
|
13.54
|
12.33
|
11.49
|
| SELECTED FINANCIAL
AND OTHER RATIOS: |
|
|
|
|
|
| Return on average assets (1) |
1.67%
|
1.55%
|
1.61%
|
1.43%
|
1.21%
|
| Return on average equity (1) |
12.05
|
11.66
|
12.28
|
11.47
|
10.15
|
| Average stockholders' equity to average assets
(1) |
13.84
|
13.29
|
13.13
|
12.47
|
11.93
|
| Tax equivalent interest rate spead |
3.26
|
3.06
|
3.39
|
3.64
|
3.62
|
| Tax equivalent net interest income to average
earning assets (1) |
4.11
|
3.99
|
4.33
|
4.50
|
4.46
|
| Non-performing assets to total assets |
0.72
|
1.36
|
0.78
|
0.94
|
2.25
|
| Dividend payout (3) |
42.42
|
36.57
|
30.44
|
29.60
|
29.63
|
|
|
|
|
|
|
(1) Does not reflect impact
of unrealized gains (losses) on 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 |
|
|
|
|
|
|
| T
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 conjunction with
the consolidated financial statements and notes
appearing elsewhere in this report. The Company
has one wholly owned subsidiary, the Bank of Waukegan
(the “Bank”). During 1998, |
|
| the Company received approval from
the applicable regulatory agencies to merge First
Federal Bank, fsb, (the “Thrift”), a whol-ly owned
subsidiary of the Company, into 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. |
|
|
|
|
|
|
14 NSFC
ANNUAL REPORT 1999
|
|
