TRBC Announces First Quarter Earnings

Apr 19, 2001, 01:00 ET from Three Rivers Bancorp, Inc.

    MONROEVILLE, Pa., April 19 /PRNewswire/ --
 Three Rivers Bancorp, Inc. (Nasdaq:   TRBC) ("the Company") reported its
 earnings for the quarter ended March 31, 2001.  Net income was $1,532,000, or
 $0.23 per diluted share, compared to net income of $1,430,000 and $0.21 per
 diluted share for the quarter ending December 31, 2000.
     The Company's total assets were $938 million at March 31, 2001, compared
 with $947 million at December 31, 2000, which represents a decrease of
 $9 million.  During the first three months of 2001, total loans increased
 $12.1 million as loan originations exceeded principal pay downs.  Total
 investment securities decreased $18.8 million during the first three months of
 2001 as a result of principal repayments and the sale of
 $12.5 million of FHLB Stock.
     Between March 31, 2001, and December 31, 2000, total loan delinquency
 decreased $1.5 million, causing the delinquency ratio to decrease 33 basis
 points to 0.76%.  Total non-performing assets decreased by $424,000 since
 December 31, 2000 causing the non-performing assets to total loans, net of
 unearned income and OREO, ratio to decrease to 0.43%.
     Non-interest expense for the first quarter of 2001 totaled $5.0 million,
 which represented a $1.5 million, or 23.4%, decrease when compared to the same
 2000 quarter.  Excluding spin-off costs and OREO expenses from the 1st quarter
 of 2000 and comparing it to core non-interest expenses of the 1st quarter of
 2001, core-operating expenses are down $251,000 or 4.7%.
     "Reviewing the 1st quarter, I'm pleased with the start of the year," said
 Terry K. Dunkle, Chairman and Chief Executive Officer.  "We are in line with
 our goal of cutting core operating expenses by 5%.  We continue to use cash
 flow from the investment portfolio to fund loans, and the improvement in the
 market value of our investment portfolio has strengthened both our capital and
 liquidity positions.  With concerns about the economy, we have not seen an
 increase in delinquencies or non-performing and the commercial loan pipeline
 has $24 million in construction and development loans to be funded,
 $17 million in loans approved, and proposals submitted for $41 million in
 additional loans.  The strong loan pipeline combined with the possibility of
 loan pre-payments being slower than we anticipated, which was the case in the
 1st quarter, should lead to better than expected growth in 2001.
 Additionally, since announcing the agreement to purchase The Pennsylvania
 Capital Bank we are on target to close the transaction in July."
     Three Rivers Bancorp, Inc. was spun off from USBANCORP, Inc. on April 1,
 2000.  Accordingly, the following results for the three months ended March 31,
 2001 represent a quarter in which Three Rivers Bancorp, Inc operated as an
 independent company, while the results for the three months ended March 31,
 2000 represent a quarter in which the Company operated as a subsidiary of
 USBANCORP, Inc.
 
     This news release may contain forward-looking statements that involve
 risks and uncertainties, including the risks detailed in the Company's Annual
 Report and Form 10-K to the Securities and Exchange Commission as defined in
 the Private Securities Litigation Reform Act of 1995.  Actual results may
 differ materially.
 
                                Nasdaq NMS: TRBC
                  SUPPLEMENTAL FINANCIAL PERFORMANCE DATA (A)
                                 April 19, 2001
                (In thousands, except per share and ratio data)
 
                                                 2001
                                                 1QTR
    PERFORMANCE DATA FOR THE PERIOD:
    Net interest income                         $5,977
    Net interest income tax equivalency
     adjustment                                    106
    Net income                                   1,532
 
    PERFORMANCE PERCENTAGES (annualized):
    Return on average equity                    10.63%
    Return on average assets                      0.66
    Net interest margin                           2.65
    Net charge-offs as a percentage of
     average loans                                0.04
    Loan loss provision as a percentage of
     average loans                                0.13
    Net overhead expense as a percentage of
     tax equivalent net interest income          64.98
    Efficiency ratio                             70.36
 
    PER COMMON SHARE:
    Net income:
    Basic                                        $0.23
    Average number of common shares          6,676,190
    Diluted                                       0.23
    Average number of common shares          6,681,179
    Cash dividends declared                       0.12
 
 
                                                   2000
     PERFORMANCE DATA FOR     1QTR       2QTR      3QTR       4QTR      YEAR
      THE PERIOD:                                                     TO DATE
     Net interest income    $7,089     $6,696     $6,329     $5,976   $26,090
     Net interest income
      tax equivalency
      adjustment               205        125        115        103       548
     Net income from
      continuing operations  1,450      1,260        845      1,430     4,985
 
     PERFORMANCE PERCENTAGES
      (annualized):
     Return on average
      equity                12.75%     11.07%      6.93%     10.55%    10.28%
     Return on average
      assets                  0.56       0.51       0.34       0.59      0.50
     Net interest margin      2.85       2.80       2.68       2.58      2.73
     Net charge-offs as a
      percentage of average
      loans                   0.12       0.10     (0.06)       0.03      0.05
     Loan loss provision as
      a percentage of
      average Loans           0.13       0.13       0.13       0.12      0.13
     Net overhead expense as
      a percentage of tax
      equivalent net interest
      income                 81.81      70.15      77.47      62.94     73.46
     Efficiency ratio        83.24      74.55      81.05      69.25     73.13
 
     PER COMMON SHARE:
     Net income from
      continuing operations:
     Basic                   $0.22      $0.19      $0.13      $0.21     $0.75
     Average number of
      common shares      6,659,483  6,669,754  6,674,212  6,674,973 6,672,991
     Diluted                  0.22       0.19       0.13       0.21      0.75
     Average number of
      common shares      6,665,003  6,670,513  6,674,224  6,675,062 6,673,166
     Cash dividends
      declared                 N/A       0.12       0.12       0.12      0.36
 
     PER COMMON SHARE:
     Net income:
     Basic                   $0.18      $0.19      $0.13      $0.21     $0.71
     Average number of
      common shares      6,659,483  6,669,754  6,674,212  6,674,973 6,672,991
     Diluted                  0.18       0.19       0.13       0.21      0.71
     Average number of
      common shares      6,665,003  6,670,513  6,674,224  6,675,062 6,673,166
 
     NOTES:
     (A) All quarterly data unaudited.
 
 
                           Three Rivers Bancorp, Inc.
         (In thousands, except per share, statistical, and ratio data)
 
                                                 2001
                                                 1QTR
     PERFORMANCE DATA AT PERIOD END
     Assets                                   $938,473
     Investment securities                     397,907
     Loans                                     501,026
     Allowance for loan losses                   5,494
     Goodwill and core deposit intangibles       2,351
     Deposits                                  625,814
     Stockholders' equity                       63,016
     Non-performing assets                       1,627
     Asset leverage ratio                        6.65%
     PER COMMON SHARE:
     Book value                                   9.44
     Market value                                 8.63
     Market price to book value                  91.42
 
     STATISTICAL DATA AT PERIOD END:
     Full-time equivalent employees                243
     Branch locations                               24
     Common shareholders                         4,962
     Common shares outstanding               6,676,212
 
 
                                                2000
                            1QTR            2QTR       3QTR          4QTR
      PERFORMANCE DATA
       AT PERIOD END
     Assets              $1,009,103      $987,689    $984,429     $947,061
     Investment
      securities            465,451       453,476     448,981      416,745
     Loans                  476,424       477,024     483,134      488,924
     Allowance for loan
      losses                  5,027         5,064       5,281        5,393
     Good will and core
      deposit intangibles     2,739         2,640       2,542        2,446
     Deposits               579,898       610,191     622,943      631,990
     Stockholders' equity    55,334        46,522      50,340       58,724
     Non-performing assets    8,707         7,651       6,107        2,595
     Asset leverage ratio     5.72%         5.85%       5.94%        6.03%
     PER COMMON SHARE:
     Book value                 N/A         $6.97       $7.54        $8.80
     Market value               N/A          6.56        8.00         8.25
     Market price to book
      value                     N/A        94.15%     106.10%       91.88%
 
     STATISTICAL DATA AT PERIOD END
     Full-time equivalent
      employees                 251           259         248          243
     Branch locations            24            24          24           24
     Common shareholders        N/A         5,126       5,075        5,004
     Common shares
      outstanding         6,664,370     6,674,212   6,674,212    6,675,212
 
 
                           Three Rivers Bancorp, Inc.
                                Nasdaq NMS: TRBC
                   Average Balance Sheet Data (In thousands)
                           (Quarterly Data Unaudited)
 
     Note:  2000 data appears before 2001.
 
                                                   2000            2001
                                                   THREE           THREE
                                                  MONTHS          MONTHS
     Interest earning assets:
     Loans, net of unearned income               $475,598        $483,440
     Deposits with banks                              744             480
     Federal funds sold                                 2           1,503
     Total investment securities                  533,270         414,548
 
     Total interest earning assets              1,009,614         899,971
 
     Non-interest earning assets:
     Cash and due from banks                       15,694          13,745
     Premises and equipment                         5,400           4,767
     Other assets                                  15,110          22,614
     Allowance for loan losses                     (5,051)         (5,452)
 
     Total assets                              $1,040,767        $935,645
 
     Interest bearing liabilities:
     Interest bearing deposits:
     Interest bearing demand                      $42,059         $41,233
     Savings                                       64,283          57,549
     Money market                                  51,373          46,153
     Other time                                   330,059         397,122
     Total interest bearing deposits              487,774         542,057
     Borrowings:
     Federal funds purchased, securities
      sold under agreements to repurchase,
      and other short-term borrowings              53,026           2,251
     Advanced from Federal Home Loan Bank         358,382         235,009
     Long-term debt                                 2,287             617
     Total interest bearing liabilities           901,469         779,934
 
     Non-interest bearing liabilities:
     Demand deposits                               83,338          88,028
     Other liabilities                             10,234          10,049
     Stockholders' equity                          45,726          57,634
     Total liabilities and stockholders'
      equity                                   $1,040,767        $935,645
 
 
                           Three Rivers Bancorp, Inc.
                        CONSOLIDATED STATEMENT OF INCOME
                                 (In thousands)
                           (Quarterly data unaudited)
 
                                                           2001
 
     INTEREST INCOME                                       1QTR
     Interest and fees on loans                          $10,084
     Total investment portfolio                            6,407
     Total Interest Income                                16,491
 
     INTEREST EXPENSE
     Deposits                                              6,683
     All other funding sources                             3,831
     Total Interest Expense                               10,514
 
     NET INTEREST INCOME                                   5,977
     Provision for loan losses                               150
     NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   5,827
 
     NON-INTEREST INCOME
     Trust fees                                               30
     Net realized (losses) gains on investment
      securities available for sale                           (3)
     Wholesale cash processing fees                          144
     Service charges on deposit accounts                     484
     Bank owned life insurance                               149
     Other income                                            288
     Total Non-interest Income                             1,092
 
     NON-INTEREST EXPENSE
     Salaries and employee benefits                        2,470
     Net occupancy expense                                   485
     Equipment expense                                       403
     Professional fees                                       320
     FDIC deposit insurance expense                           30
     Amortization of goodwill and core deposit
      intangibles                                             95
     OREO expense                                             12
     Other expenses                                        1,233
     Total Non-interest Expense                            5,048
 
     INCOME BEFORE INCOME TAXES                            1,871
     Provision for income taxes                              339
     NET INCOME                                           $1,532
 
 
                                                   2000
                                   1QTR      2QTR    3QTR     4QTR     YEAR
     INTEREST INCOME                                                  TO DATE
     Interest and fees on loans   $9,727    $9,752 $10,084  $10,277  $39,840
     Total investment portfolio    8,373     7,633   7,465    7,104   30,575
     Total Interest Income        18,100    17,385  17,549   17,381   70,415
 
     INTEREST EXPENSE
     Deposits                      5,074     5,568   6,530    6,870   24,042
     All other funding sources     5,937     5,121   4,690    4,535   20,283
     Total Interest Expense       11,011    10,689  11,220   11,405   44,325
 
     NET INTEREST INCOME           7,089     6,696   6,329    5,976   26,090
     Provision for loan losses       150       150     150      150      600
     NET INTEREST INCOME AFTER
      PROVISION FOR LOAN LOSSES    6,939     6,546   6,179    5,826   25,490
 
     NON-INTEREST INCOME
     Trust fees                       75        75      39       27      216
     Net realized gains(losses)
      on investment securities
      available for sale            (502)        1       -       40     (461)
     Net realized gains on loans
      and loans held for sale        (14)       15       -       (1)       -
     Wholesale cash processing
      fees                           120       145     152      145      562
     Service charges on deposit
      accounts                       442       489     529      523    1,983
     Bank owned life insurance       146       142     141      157      586
     Other income                    356       313     350      357    1,376
     Total Non-interest Income       623     1,180   1,211    1,248    4,262
 
     NON-INTEREST EXPENSE
     Salaries and employee
      benefits                     2,512     2,416   2,405    2,351    9,684
     Net occupancy expense           535       443     432      433    1,843
     Equipment expense               408       434     380      358    1,580
     Professional fees               267       280     354      360    1,261
     FDIC deposit insurance
      expense                         28        30      29       30      117
     Amortization of goodwill and
      core deposit intangibles        99        99      98       95      391
     Spin-off costs                  458       319       -        -      777
     OREO expense                    832       534   1,134      (10)   2,490
     Other expenses                1,450     1,410   1,371    1,457    5,688
     Total Non-interest Expense    6,589     5,965   6,203    5,074   23,831
 
     INCOME BEFORE INCOME TAXES      973     1,761   1,187    2,000    5,921
     Provision (benefit) for
      income taxes                  (477)      501     342      570      936
     NET INCOME FROM CONTINUING
      OPERATIONS                  $1,450    $1,260    $845   $1,430   $4,985
     Net loss from
      discontinued mortgage
      banking operations            (267)        -       -        -     (267)
 
     NET INCOME                   $1,183    $1,260    $845   $1,430   $4,718
 
 

SOURCE Three Rivers Bancorp, Inc.
    MONROEVILLE, Pa., April 19 /PRNewswire/ --
 Three Rivers Bancorp, Inc. (Nasdaq:   TRBC) ("the Company") reported its
 earnings for the quarter ended March 31, 2001.  Net income was $1,532,000, or
 $0.23 per diluted share, compared to net income of $1,430,000 and $0.21 per
 diluted share for the quarter ending December 31, 2000.
     The Company's total assets were $938 million at March 31, 2001, compared
 with $947 million at December 31, 2000, which represents a decrease of
 $9 million.  During the first three months of 2001, total loans increased
 $12.1 million as loan originations exceeded principal pay downs.  Total
 investment securities decreased $18.8 million during the first three months of
 2001 as a result of principal repayments and the sale of
 $12.5 million of FHLB Stock.
     Between March 31, 2001, and December 31, 2000, total loan delinquency
 decreased $1.5 million, causing the delinquency ratio to decrease 33 basis
 points to 0.76%.  Total non-performing assets decreased by $424,000 since
 December 31, 2000 causing the non-performing assets to total loans, net of
 unearned income and OREO, ratio to decrease to 0.43%.
     Non-interest expense for the first quarter of 2001 totaled $5.0 million,
 which represented a $1.5 million, or 23.4%, decrease when compared to the same
 2000 quarter.  Excluding spin-off costs and OREO expenses from the 1st quarter
 of 2000 and comparing it to core non-interest expenses of the 1st quarter of
 2001, core-operating expenses are down $251,000 or 4.7%.
     "Reviewing the 1st quarter, I'm pleased with the start of the year," said
 Terry K. Dunkle, Chairman and Chief Executive Officer.  "We are in line with
 our goal of cutting core operating expenses by 5%.  We continue to use cash
 flow from the investment portfolio to fund loans, and the improvement in the
 market value of our investment portfolio has strengthened both our capital and
 liquidity positions.  With concerns about the economy, we have not seen an
 increase in delinquencies or non-performing and the commercial loan pipeline
 has $24 million in construction and development loans to be funded,
 $17 million in loans approved, and proposals submitted for $41 million in
 additional loans.  The strong loan pipeline combined with the possibility of
 loan pre-payments being slower than we anticipated, which was the case in the
 1st quarter, should lead to better than expected growth in 2001.
 Additionally, since announcing the agreement to purchase The Pennsylvania
 Capital Bank we are on target to close the transaction in July."
     Three Rivers Bancorp, Inc. was spun off from USBANCORP, Inc. on April 1,
 2000.  Accordingly, the following results for the three months ended March 31,
 2001 represent a quarter in which Three Rivers Bancorp, Inc operated as an
 independent company, while the results for the three months ended March 31,
 2000 represent a quarter in which the Company operated as a subsidiary of
 USBANCORP, Inc.
 
     This news release may contain forward-looking statements that involve
 risks and uncertainties, including the risks detailed in the Company's Annual
 Report and Form 10-K to the Securities and Exchange Commission as defined in
 the Private Securities Litigation Reform Act of 1995.  Actual results may
 differ materially.
 
                                Nasdaq NMS: TRBC
                  SUPPLEMENTAL FINANCIAL PERFORMANCE DATA (A)
                                 April 19, 2001
                (In thousands, except per share and ratio data)
 
                                                 2001
                                                 1QTR
    PERFORMANCE DATA FOR THE PERIOD:
    Net interest income                         $5,977
    Net interest income tax equivalency
     adjustment                                    106
    Net income                                   1,532
 
    PERFORMANCE PERCENTAGES (annualized):
    Return on average equity                    10.63%
    Return on average assets                      0.66
    Net interest margin                           2.65
    Net charge-offs as a percentage of
     average loans                                0.04
    Loan loss provision as a percentage of
     average loans                                0.13
    Net overhead expense as a percentage of
     tax equivalent net interest income          64.98
    Efficiency ratio                             70.36
 
    PER COMMON SHARE:
    Net income:
    Basic                                        $0.23
    Average number of common shares          6,676,190
    Diluted                                       0.23
    Average number of common shares          6,681,179
    Cash dividends declared                       0.12
 
 
                                                   2000
     PERFORMANCE DATA FOR     1QTR       2QTR      3QTR       4QTR      YEAR
      THE PERIOD:                                                     TO DATE
     Net interest income    $7,089     $6,696     $6,329     $5,976   $26,090
     Net interest income
      tax equivalency
      adjustment               205        125        115        103       548
     Net income from
      continuing operations  1,450      1,260        845      1,430     4,985
 
     PERFORMANCE PERCENTAGES
      (annualized):
     Return on average
      equity                12.75%     11.07%      6.93%     10.55%    10.28%
     Return on average
      assets                  0.56       0.51       0.34       0.59      0.50
     Net interest margin      2.85       2.80       2.68       2.58      2.73
     Net charge-offs as a
      percentage of average
      loans                   0.12       0.10     (0.06)       0.03      0.05
     Loan loss provision as
      a percentage of
      average Loans           0.13       0.13       0.13       0.12      0.13
     Net overhead expense as
      a percentage of tax
      equivalent net interest
      income                 81.81      70.15      77.47      62.94     73.46
     Efficiency ratio        83.24      74.55      81.05      69.25     73.13
 
     PER COMMON SHARE:
     Net income from
      continuing operations:
     Basic                   $0.22      $0.19      $0.13      $0.21     $0.75
     Average number of
      common shares      6,659,483  6,669,754  6,674,212  6,674,973 6,672,991
     Diluted                  0.22       0.19       0.13       0.21      0.75
     Average number of
      common shares      6,665,003  6,670,513  6,674,224  6,675,062 6,673,166
     Cash dividends
      declared                 N/A       0.12       0.12       0.12      0.36
 
     PER COMMON SHARE:
     Net income:
     Basic                   $0.18      $0.19      $0.13      $0.21     $0.71
     Average number of
      common shares      6,659,483  6,669,754  6,674,212  6,674,973 6,672,991
     Diluted                  0.18       0.19       0.13       0.21      0.71
     Average number of
      common shares      6,665,003  6,670,513  6,674,224  6,675,062 6,673,166
 
     NOTES:
     (A) All quarterly data unaudited.
 
 
                           Three Rivers Bancorp, Inc.
         (In thousands, except per share, statistical, and ratio data)
 
                                                 2001
                                                 1QTR
     PERFORMANCE DATA AT PERIOD END
     Assets                                   $938,473
     Investment securities                     397,907
     Loans                                     501,026
     Allowance for loan losses                   5,494
     Goodwill and core deposit intangibles       2,351
     Deposits                                  625,814
     Stockholders' equity                       63,016
     Non-performing assets                       1,627
     Asset leverage ratio                        6.65%
     PER COMMON SHARE:
     Book value                                   9.44
     Market value                                 8.63
     Market price to book value                  91.42
 
     STATISTICAL DATA AT PERIOD END:
     Full-time equivalent employees                243
     Branch locations                               24
     Common shareholders                         4,962
     Common shares outstanding               6,676,212
 
 
                                                2000
                            1QTR            2QTR       3QTR          4QTR
      PERFORMANCE DATA
       AT PERIOD END
     Assets              $1,009,103      $987,689    $984,429     $947,061
     Investment
      securities            465,451       453,476     448,981      416,745
     Loans                  476,424       477,024     483,134      488,924
     Allowance for loan
      losses                  5,027         5,064       5,281        5,393
     Good will and core
      deposit intangibles     2,739         2,640       2,542        2,446
     Deposits               579,898       610,191     622,943      631,990
     Stockholders' equity    55,334        46,522      50,340       58,724
     Non-performing assets    8,707         7,651       6,107        2,595
     Asset leverage ratio     5.72%         5.85%       5.94%        6.03%
     PER COMMON SHARE:
     Book value                 N/A         $6.97       $7.54        $8.80
     Market value               N/A          6.56        8.00         8.25
     Market price to book
      value                     N/A        94.15%     106.10%       91.88%
 
     STATISTICAL DATA AT PERIOD END
     Full-time equivalent
      employees                 251           259         248          243
     Branch locations            24            24          24           24
     Common shareholders        N/A         5,126       5,075        5,004
     Common shares
      outstanding         6,664,370     6,674,212   6,674,212    6,675,212
 
 
                           Three Rivers Bancorp, Inc.
                                Nasdaq NMS: TRBC
                   Average Balance Sheet Data (In thousands)
                           (Quarterly Data Unaudited)
 
     Note:  2000 data appears before 2001.
 
                                                   2000            2001
                                                   THREE           THREE
                                                  MONTHS          MONTHS
     Interest earning assets:
     Loans, net of unearned income               $475,598        $483,440
     Deposits with banks                              744             480
     Federal funds sold                                 2           1,503
     Total investment securities                  533,270         414,548
 
     Total interest earning assets              1,009,614         899,971
 
     Non-interest earning assets:
     Cash and due from banks                       15,694          13,745
     Premises and equipment                         5,400           4,767
     Other assets                                  15,110          22,614
     Allowance for loan losses                     (5,051)         (5,452)
 
     Total assets                              $1,040,767        $935,645
 
     Interest bearing liabilities:
     Interest bearing deposits:
     Interest bearing demand                      $42,059         $41,233
     Savings                                       64,283          57,549
     Money market                                  51,373          46,153
     Other time                                   330,059         397,122
     Total interest bearing deposits              487,774         542,057
     Borrowings:
     Federal funds purchased, securities
      sold under agreements to repurchase,
      and other short-term borrowings              53,026           2,251
     Advanced from Federal Home Loan Bank         358,382         235,009
     Long-term debt                                 2,287             617
     Total interest bearing liabilities           901,469         779,934
 
     Non-interest bearing liabilities:
     Demand deposits                               83,338          88,028
     Other liabilities                             10,234          10,049
     Stockholders' equity                          45,726          57,634
     Total liabilities and stockholders'
      equity                                   $1,040,767        $935,645
 
 
                           Three Rivers Bancorp, Inc.
                        CONSOLIDATED STATEMENT OF INCOME
                                 (In thousands)
                           (Quarterly data unaudited)
 
                                                           2001
 
     INTEREST INCOME                                       1QTR
     Interest and fees on loans                          $10,084
     Total investment portfolio                            6,407
     Total Interest Income                                16,491
 
     INTEREST EXPENSE
     Deposits                                              6,683
     All other funding sources                             3,831
     Total Interest Expense                               10,514
 
     NET INTEREST INCOME                                   5,977
     Provision for loan losses                               150
     NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES   5,827
 
     NON-INTEREST INCOME
     Trust fees                                               30
     Net realized (losses) gains on investment
      securities available for sale                           (3)
     Wholesale cash processing fees                          144
     Service charges on deposit accounts                     484
     Bank owned life insurance                               149
     Other income                                            288
     Total Non-interest Income                             1,092
 
     NON-INTEREST EXPENSE
     Salaries and employee benefits                        2,470
     Net occupancy expense                                   485
     Equipment expense                                       403
     Professional fees                                       320
     FDIC deposit insurance expense                           30
     Amortization of goodwill and core deposit
      intangibles                                             95
     OREO expense                                             12
     Other expenses                                        1,233
     Total Non-interest Expense                            5,048
 
     INCOME BEFORE INCOME TAXES                            1,871
     Provision for income taxes                              339
     NET INCOME                                           $1,532
 
 
                                                   2000
                                   1QTR      2QTR    3QTR     4QTR     YEAR
     INTEREST INCOME                                                  TO DATE
     Interest and fees on loans   $9,727    $9,752 $10,084  $10,277  $39,840
     Total investment portfolio    8,373     7,633   7,465    7,104   30,575
     Total Interest Income        18,100    17,385  17,549   17,381   70,415
 
     INTEREST EXPENSE
     Deposits                      5,074     5,568   6,530    6,870   24,042
     All other funding sources     5,937     5,121   4,690    4,535   20,283
     Total Interest Expense       11,011    10,689  11,220   11,405   44,325
 
     NET INTEREST INCOME           7,089     6,696   6,329    5,976   26,090
     Provision for loan losses       150       150     150      150      600
     NET INTEREST INCOME AFTER
      PROVISION FOR LOAN LOSSES    6,939     6,546   6,179    5,826   25,490
 
     NON-INTEREST INCOME
     Trust fees                       75        75      39       27      216
     Net realized gains(losses)
      on investment securities
      available for sale            (502)        1       -       40     (461)
     Net realized gains on loans
      and loans held for sale        (14)       15       -       (1)       -
     Wholesale cash processing
      fees                           120       145     152      145      562
     Service charges on deposit
      accounts                       442       489     529      523    1,983
     Bank owned life insurance       146       142     141      157      586
     Other income                    356       313     350      357    1,376
     Total Non-interest Income       623     1,180   1,211    1,248    4,262
 
     NON-INTEREST EXPENSE
     Salaries and employee
      benefits                     2,512     2,416   2,405    2,351    9,684
     Net occupancy expense           535       443     432      433    1,843
     Equipment expense               408       434     380      358    1,580
     Professional fees               267       280     354      360    1,261
     FDIC deposit insurance
      expense                         28        30      29       30      117
     Amortization of goodwill and
      core deposit intangibles        99        99      98       95      391
     Spin-off costs                  458       319       -        -      777
     OREO expense                    832       534   1,134      (10)   2,490
     Other expenses                1,450     1,410   1,371    1,457    5,688
     Total Non-interest Expense    6,589     5,965   6,203    5,074   23,831
 
     INCOME BEFORE INCOME TAXES      973     1,761   1,187    2,000    5,921
     Provision (benefit) for
      income taxes                  (477)      501     342      570      936
     NET INCOME FROM CONTINUING
      OPERATIONS                  $1,450    $1,260    $845   $1,430   $4,985
     Net loss from
      discontinued mortgage
      banking operations            (267)        -       -        -     (267)
 
     NET INCOME                   $1,183    $1,260    $845   $1,430   $4,718
 
 SOURCE  Three Rivers Bancorp, Inc.