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<SEC-DOCUMENT>0001206774-05-000770.txt : 20050502
<SEC-HEADER>0001206774-05-000770.hdr.sgml : 20050502
<ACCEPTANCE-DATETIME>20050429192943
ACCESSION NUMBER:		0001206774-05-000770
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050429
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050502
DATE AS OF CHANGE:		20050429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GUARANTY BANCSHARES INC /TX/
		CENTRAL INDEX KEY:			0001058867
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				751656431
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24235
		FILM NUMBER:		05788063

	BUSINESS ADDRESS:	
		STREET 1:		100 WEST ARKANSAS
		CITY:			MT PLEASANT
		STATE:			TX
		ZIP:			75456
		BUSINESS PHONE:		9035729881

	MAIL ADDRESS:	
		STREET 1:		100 WEST ARKANSAS
		CITY:			MT PLEASANT
		STATE:			TX
		ZIP:			75456
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>gb908010.htm
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<p  align="center"><font size="5" face="Times New Roman"><b>SECURITIES AND EXCHANGE COMMISSION<br> </b></font>
<font size="3"><b>WASHINGTON, D.C. 20549</b></font></p>
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<font size="5" face="Times New Roman"><b>FORM 8-K</b></font></p>
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<font size="3" face="Times New Roman"><b>CURRENT REPORT<br> PURSUANT TO SECTION 13 or 15(d) OF<br> THE SECURITIES EXCHANGE ACT OF 1934</b></font></p>
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<font size="2" face="Times New Roman"><b>Date of Report (Date of earliest event reported):&nbsp;&nbsp;&nbsp;April 29, 2005</b></font></p>
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<font size="6" face="Times New Roman"><b>GUARANTY BANCSHARES, INC.<br> </b></font>
<font size="1" face="Times New Roman"><b>(Exact name of registrant as specified in its charter)</b></font></p>
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<font size="2" face="Times New Roman"><b>Texas</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>0-23113</b></font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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<font size="2" face="Times New Roman"><b>75-1656431</b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>(State or   other jurisdiction of<br>   incorporation or organization)</b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>(Commission   File Number)</b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>(I.R.S.   Employer<br>   Identification No.)</b></font></p>  </td>
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  <p align=center><font size="2" face="Times New Roman"><b>100 West Arkansas<br>   Mount Pleasant, Texas</b></font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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<font size="2" face="Times New Roman"><b>75455</b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>(Address   of principal executive offices)</b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>(Zip Code)</b></font></p>  </td>
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<p  align="center">
<font size="2" face="Times New Roman"><b>Registrant&#146;s telephone number, including area code:&#160; (903) 572-9881</b></font></p>

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<p>
<font size="2" face="Times New Roman"><b>Item 2.02.&nbsp;&nbsp;&nbsp;Disclosure of Results of Operations and Financial Condition.</b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April 28, 2005, Guaranty Bancshares, Inc. publicly disseminated a press release announcing its financial results for the first quarter and for the year ended March 31, 2005.&#160;&#160; A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.&#160; </font></p>
<p>
<font size="2" face="Times New Roman"><b>Item 9.01.&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</b></font></p>

<p><font size="2" face="Times New Roman">Exhibits.&#160; The following materials are filed as exhibits to this Current Report on Form 8-K:</font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&#160;&#160; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release issued by Guaranty Bancshares, Inc. dated April 28, 2005.</font></p>
<p  align="center">
<font size="2" face="Times New Roman">2</font></p>
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<font size="2" face="Times New Roman"><b>SIGNATURES</b></font></p>
<p>
<font size="2" face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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<font size="1" face="Times New Roman">&nbsp;</font><font size="2" face="Times New Roman">G<small>UARANTY</small> B<small>ANCSHARES</small>,   I<small>NC</small>.</font></p>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">Dated:&#160; April 29, 2005</font></p>  </td>
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<font size="2" face="Times New Roman">By:</font></p>  </td>
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<font size="2" face="Times New Roman">/s/&#160; C<small>LIFTON</small> A. P<small>AYNE</small></font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="1" face="Times New Roman"><b>Clifton A.   Payne<br>   Senior Vice President and<br>   Chief Financial Officer</b></font></p>  </td>
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<p  align="center">
<font size="2" face="Times New Roman">3</font></p>
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<font size="2" face="Times New Roman"><b>EXHIBIT INDEX</b></font></p>
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<font size="1" face="Times New Roman"><b>Exhibit <br>   Number</b></font></p>  </td>
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  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
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<font size="1" face="Times New Roman"><b>Description</b></font></p>  </td>
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<font size="2" face="Times New Roman">99.1</font></p>  </td>
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<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
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<font size="2" face="Times New Roman">Press   Release issued by Guaranty Bancshares, Inc. dated April 28, 2005.</font></p>  </td>
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<p  align="center">
<font size="2" face="Times New Roman">4</font></p>




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<FILENAME>gb908010ex991.htm
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<p  align=right><font size="2" face="Times New Roman"><b>Exhibit 99.1</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>Guaranty Bancshares, Inc. Earnings Report<br> For the First Quarter 2005</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>Record Total Deposits of $444.0 Million for Quarter Ended March 31, 2005</b></font></p>
<p>
<font size="2" face="Times New Roman"><b>MOUNT PLEASANT, TEXAS</b> &#150; April 28, 2005 &#150; Guaranty Bancshares, Inc. (Nasdaq: GNTY) the parent company of Guaranty Bond Bank, today announced net earnings for the first quarter of 2005 of $983,000 ($0.33 per diluted share) compared to $1,032,000 ($0.35 per diluted share) for the first quarter of 2004, a 4.7% decrease.&#160; The Company achieved a record high total deposit balance of $444.0 million for the quarter ended March 31, 2005.</font></p>
<p>
<font size="2" face="Times New Roman">Ty Abston, President of the Company stated, &#147;We are pleased to report positive financial performance of the Company for the first quarter 2005.&#160; We continue to execute our strategic plan to build our customer base and add shareholder value.&#160; We have experienced good growth in our markets and continue to strive to provide excellent customer service and financial products.&#148;&#160; </font></p>
<p>
<font size="2" face="Times New Roman">Net interest income totaled $4,499,000 for the first quarter of 2005 compared to $4,550,000 in the first quarter of last year, a decrease of 1.1%.&#160; This decrease is due primarily to a decrease in net interest margin from 3.90% for the first quarter of 2004 to 3.61% for the first quarter of 2005.&#160; The decrease in net interest margin was offset by an increase of $36.0 million, or 7.7%, of average interest-earning assets from $469.1 million in the first quarter of 2004 to $505.1 million for the first quarter 2005.</font></p>
<p>
<font size="2" face="Times New Roman">Noninterest income increased $163,000, or 13.3%, to $1.4 million in the first quarter of 2005 compared to $1.2 million in the first quarter of 2004.&#160; The increase was primarily due to an increase in gain on sale of loans of $73,000 and the proceeds of $95,000 from the merger of PULSE EFT Association and Discover Financial Services, Inc.&#160; Service charges and fee income remained constant at $997,000 in the first quarter of 2005 compared to $995,000 in the first quarter of 2004.</font></p>

<p><font size="2" face="Times New Roman">Noninterest expense increased $133,000, or 3.2%, to $4.2 million in the first quarter of 2005 compared to $4.1 million in the first quarter of 2004.&#160; The increase in noninterest expense was primarily due to additional salary and benefits costs of $80,000 and increased professional fees of $31,000.&#160; The Company has opened two additional locations and closed one location since the first quarter of 2004.</font></p>
<p>
<font size="2" face="Times New Roman">At March 31, 2005, the Company&#146;s assets totaled $552.5 million compared to $519.0 million at March 31, 2004, an increase of $33.5 million or 6.5%.&#160; Company loans increased $14.6 million, or 4.0%, from $367.9 million at March 31, 2004 to $382.5 million at March 31, 2005.&#160; Securities increased during the period from $92.8 million as of March 31, 2004 to $111.8 million at March 31, 2005, an increase of $19.0 million or 20.5%.&#160; Deposits increased $28.2 million, or 6.8%, from $415.9 million to a record high $444.0 million during the same period.&#160; </font></p>
<p>
<font size="2" face="Times New Roman">Shareholders&#146; equity totaled $38.5 million or 7.0% of total assets at March 31, 2005 as compared to $37.6 million or 7.3% of total assets at March 31, 2004, an increase of $914,000 or 2.4%, resulting in book value per share increasing 2.5% from $12.88 to $13.20.&#160; The Company&#146;s ratio of average shareholders&#146; equity to average total assets decreased from 7.20% as of March 31, 2004 to 7.07% as of March 31, 2005.</font></p>
<p>
<font size="2" face="Times New Roman">The Company&#146;s return on average assets and average equity for the first quarter of 2005 was 0.73% and 10.28%, respectively, compared to 0.80% and 11.15%, respectively, for the same period in 2004.</font></p>
<p>
<font size="2" face="Times New Roman">Cappy Payne, Chief Financial Officer of the Company commented, &#147;Our asset and deposit growth are very strong as we continue to add new customers and expand our customer base.&#160; While 2005 will present economic challenges with a flattened yield curve, the Bank is well positioned to demonstrate the success of our business strategy through growth, strong asset quality and effective cost control.&#148;</font></p>



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<p>
<font size="2" face="Times New Roman">Guaranty Bancshares, Inc. is a bank holding company headquartered in Mount Pleasant, Texas.&nbsp; The Company derives substantially all of its revenue and income from the operation of its bank subsidiary, Guaranty Bond Bank, one of the oldest and largest community banks in Northeast Texas.&nbsp; The Company currently serves eight Northeast Texas counties with eleven locations and Pecos County in West Texas with one location in Fort Stockton.&nbsp; The Company creates financial relationships featuring a full array of financial services, from traditional banking products to investments.&nbsp; Guaranty Bancshares stock (GNTY) is listed on the Nasdaq Stock Exchange.</font></p>

<p><font size="2" face="Times New Roman">To learn more about Guaranty Bancshares, Inc., please visit our investor relations website at www.gnty.com.&nbsp; Our investor relations site provides a detailed overview of our investor and stock information and our prior year highlights.</font></p>
<p>
<font size="2" face="Times New Roman"><i>The following appears in accordance with the Private Securities Litigation Reform Act of 1995:</i></font></p>
<p>
<font size="2" face="Times New Roman"><i>The information in this press release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the further performance of the Company.&nbsp; Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct.&nbsp; Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, impact of competitive services, interest rates and general economic risks and uncertainties.</i></font></p>
<p>
<font size="2" face="Times New Roman"><b>Other Information</b></font></p>
<p>
<font size="2" face="Times New Roman">For more information about Guaranty Bancshares, Inc., please access the Company&#146;s web site at http://www.gnty.com.</font></p>
<p>
<font size="2" face="Times New Roman">For further information contact:</font></p>
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<font size="2" face="Times New Roman">Ty Abston,   President</font></p>  </td>
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<font size="2" face="Times New Roman">903/   572-9881</font></p>  </td>
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<font size="2" face="Times New Roman">Or</font></p>  </td>
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<font size="2" face="Times New Roman">Clifton A.   Payne, Senior Vice President</font></p>  </td>
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<font size="2" face="Times New Roman">903/   572-9881</font></p>  </td>
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<p  align="center"><font size="2" face="Times New Roman"><b>GUARANTY BANCSHARES, INC.</b><b><br> SUMMARY CONSOLIDATED FINANCIAL DATA</b></font></p>
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<font size="1" face="Times New Roman"><b>Quarter   Ended<br>   </b></font>
<font size="1" face="Times New Roman"><b>March 31,</b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>2005</b></font></p>  </td>
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<font size="1" face="Times New Roman"><b>2004</b></font></p>  </td>
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  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <p  align="center"><font size="1" face="Times New Roman"><b>(Dollars in   thousands, except per share data)</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Income   Statement Data:</b></font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Net interest income</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">4,499</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">4,550</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Provision for loan losses</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">200</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">250</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Net interest income after   provision for loan losses</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">4,299</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">4,300</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Noninterest income</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">1,391</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">1,228</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Noninterest expense</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">4,247</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">4,114</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em">
<font size="2" face="Times New Roman">Earnings   before taxes</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">1,443</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">1,414</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Provision for income tax   expense</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">460</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">382</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Net earnings</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">983</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">1,032</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Common   Share Data:</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Net earnings (basic) <sup>(1)</sup></font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">0.34</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">0.35</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Net earnings (diluted) <sup>(1)</sup></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.33</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.35</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Book value</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">13.20</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">12.88</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Tangible book value</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">12.40</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">12.08</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Cash dividends</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">0.0000</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">0.0000</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Dividend payout ratio</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.00</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.00</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Weighted average shares   outstanding (in thousands)</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">2,912</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">2,922</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Period end shares   outstanding (in thousands)</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">2,920</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">2,922</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Balance   Sheet Data:</b></font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Total assets</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">552,512</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">518,997</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Securities</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">111,842</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">92,811</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Loans</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">382,472</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">367,902</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Allowance for loan losses</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">4,418</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">4,029</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Total deposits</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">444,031</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">415,855</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Total common shareholders&#146;   equity</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">38,543</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">37,629</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Average   Balance Sheet Data:</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Total assets</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">548,633</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">517,320</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Securities</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">111,305</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">95,897</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Loans</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">378,350</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">363,841</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Allowance for loan losses</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">4,249</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">3,932</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Total deposits</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">437,989</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">413,166</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Total common shareholders&#146;   equity</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">38,767</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">37,230</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Performance   Ratios:</b></font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Return on average assets</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.73</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.80</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Return on average common   equity</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">10.28</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">11.15</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Net interest margin</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">3.61</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">3.90</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Efficiency ratio <sup>(2)</sup></font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">72.11</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">71.72</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
</table>




<div style="page-break-before:always"></div>
<PAGE>
<br>




<p  align="center">
<font size="2" face="Times New Roman"><b>GUARANTY BANCSHARES, INC.</b><b><br> SUMMARY CONSOLIDATED FINANCIAL DATA</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Quarter   Ended<br>   March 31,</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center"><font size="1" face="Times New Roman"><b>2005</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2004</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="2%" valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td width="12%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td width="2%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td width="12%" valign="bottom">
  <hr size="1" width="100%" noshade color=black>


  </td>
  <td width="1%" valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman"><b>Asset   Quality Ratios <sup>(3) </sup>:</b></font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Nonperforming assets to   total loans and other real estate</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">0.99</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">1.12</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Net loan charge-offs to   average loans</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">-0.02</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">3.00</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Allowance for loan losses   to total loans</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">1.16</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">1.10</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Allowance for loan losses   to nonperforming loans <sup>(4)</sup></font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">139.15</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">124.24</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman"><b>Capital   Ratios:</b></font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Leverage ratio</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">8.58</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">8.70</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Average shareholders&#146;   equity to average total assets</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">7.07</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">7.20</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Tier 1 risk-based capital   ratio</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">12.60</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="2" face="Times New Roman">12.45</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="2" face="Times New Roman">Total risk-based capital   ratio</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">13.78</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="2" face="Times New Roman">13.56</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="2" face="Times New Roman">%</font></p>  </td>
 </tr>
</table>

<BR>

<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  colspan="2" valign="top">
  <hr size="1"  align="Left" width="25%" noshade color=black>


  </td>
 </tr>
 <tr>
  <td width="5%" valign="top">
  <p><font size="2" face="Times New Roman"><sup>(1)</sup></font></p>  </td>
  <td width="95%" valign="top">
  <p><font size="2" face="Times New Roman">Net earnings per share is   based upon the weighted average number of common shares outstanding during   the period.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><sup>(2)</sup></font></p>  </td>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">Calculated by dividing   total noninterest expenses by net interest income plus noninterest income,   excluding securities losses or gains.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><sup>(3)</sup></font></p>  </td>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">At period end, except net   loan charge-offs to average loans.</font></p>  </td>
 </tr>
 <tr>
  <td  valign="top">
  <p><font size="2" face="Times New Roman"><sup>(4)</sup></font></p>  </td>
  <td  valign="top">
  <p><font size="2" face="Times New Roman">Nonperforming loans consist   of nonaccrual loans, loans contractually past due 90 days or more and   restructured loans.</font></p>  </td>
 </tr>
</table>





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