Yardville National Bancorp Begins 2001 with Increased First Quarter Earnings

Apr 23, 2001, 01:00 ET from Yardville National Bancorp

    YARDVILLE, N.J., April 23 /PRNewswire Interactive News Release/ --
 Yardville National Bancorp (Nasdaq:   YANB) today announced the continuation of
 increases in both net income and earnings per share. Net income was up
 13.8 percent over the first quarter of last year, while diluted earnings per
 share increased 2.8 percent compared to the same period in 2000.
     For the quarter ended March 31, 2001, YNB's net income was $2.7 million,
 up from the $2.4 million earned in the same period a year ago. Earnings per
 share on a diluted basis rose to $0.37 for the first quarter of 2001, compared
 with $0.36 per diluted share in the prior year.  The increase in diluted
 earnings per share was limited due to higher average shares outstanding, as a
 result of YNB's June 2000 private common equity offering.
     "Our ongoing success can be attributed to our continued strong focus on
 the communities we serve -- both old and new," noted YNB CEO and President
 Patrick M. Ryan. "In the past year, we have opened offices in Flemington and
 in Lawrence Township, bringing our special brand of community banking to new
 neighborhoods, while expanding the services we bring to our core communities
 in Mercer County as well. In the coming quarter, we plan to open our first
 office in Burlington County, in Bordentown, and we are finalizing plans for
 the opening of a regional headquarters in Flemington in the near future," he
 added.
     In 2001, YNB has also expanded the range of financial products and
 services offered to customers with the introduction of insurance products
 available through YNB Financial Services, Inc. As another plus, the investment
 expertise of Salomon Smith Barney can now be accessed by YNB customers at
 several Investment Centers within YNB branches and over the telephone.
     "We feel this adds value to our customer relationships," said YNB Chairman
 Jay G. Destribats. "It helps us to meet their financial needs while allowing
 customers to do more business with an institution they know and trust. We see
 it as a "win-win" situation for everyone."
     YNB's expansion in products and geography has already yielded results in
 the first quarter of the year. Total deposits at March 31, 2001 increased to
 $966.3 million, a 21.3 percent increase over total deposits of $796.3 million
 at March 31, 2000. These increased deposits support YNB's ongoing growth in
 loans and investments. At March 31, 2001, total loan outstandings increased
 21.3 percent over the same date a year ago, reaching $845.1 million compared
 with a total of $696.5 million twelve months ago.
     With a larger portfolio and a softening economy, YNB continues to monitor
 loan quality carefully. As a result, overall credit quality remains strong.
 Nonperforming assets for the comparative period remained level, while
 nonperforming assets as a percent of total assets decreased to 0.48 percent at
 March 31, 2001, compared to 0.68 percent at March 31, 2000. The allowance for
 loan losses now totals $11.3 million, or 1.34 percent of total loans, covering
 182.2 percent of total nonperforming loans.
     YNB's recently completed Trust Preferred Securities offering has enhanced
 its strong capital structure. At March 31, 2001, YNB's Tier 1 and risk-based
 capital ratios exceeded those required by regulatory guidelines to be
 considered well-capitalized. To share this strength with shareholders, in
 January 2001, YNB's Board of Directors increased the quarterly cash dividend
 ten percent to $0.11 per share from its previous rate of $0.10.
     As of March 31, 2001, YNB had $1.7 billion in assets, with fifteen
 branches serving individuals and businesses in Mercer and Hunterdon counties
 in New Jersey and Bucks County, Pennsylvania, as well as the surrounding
 areas.
 
     Certain of these statements contained in this release which are not
 historical facts are forward-looking statements that are subject to risks and
 uncertainties that could cause actual results to differ materially from those
 set forth in the forward-looking statements, including the uncertainties
 inherent in the process of auditing and making end-of-year adjustments to a
 corporation's financial statements. By making these forward-looking
 statements, the Company undertakes no obligation to update these statements
 for revisions or changes after the date of this release.
 
     L.G. Zangani, LLC provides financial public relations service to the
 Company. As such, L.G. Zangani, LLC and/or its officers, agents and employees,
 receives remuneration for public relations and/or other services performed for
 the Company.  This remuneration may take the form of cash, capital stock in
 the Company, or warrants and/or options to purchase stock in the Company.
 
                            Yardville National Bancorp
                         Summary of Financial Information
                                    (Unaudited)
 
                                                       Three Months Ended
                                                            March 31,
     (in thousands, except per share
      amounts)                                       2001              2000
     Stock Information:
     Weighted average shares outstanding:
          Basic                                     7,384             6,659
          Diluted                                   7,442             6,675
     Shares outstanding end of period               7,384             6,663
     Earnings per share:
          Basic                                     $0.37             $0.36
          Diluted                                    0.37              0.36
     Dividends paid per share                        0.11              0.10
     Book value per share                           11.13              8.81
     Closing price per share                        13.94              8.97
     Closing price to book                         125.25%           101.82%
 
 
     Key Ratios:
     Return on average assets                        0.66%             0.82%
     Return on average stockholders' equity         13.57             16.16
     Net interest margin (tax equivalent)            2.46              3.21
     Equity-to-assets at period end                  4.79              4.81
     Tier 1 leverage ratio (1)                       6.63              6.75
 
     Asset Quality Data:
     Net loans charge-offs                           $560              $287
 
     Non-performing assets as a percentage
      of total assets                                0.48%             0.68%
 
     Allowance for loan losses at period
      end as a percent of:
              Total loans                            1.34              1.36
              Non-performing loans                 182.24            164.01
 
     Non-peforming assets at period end:
          Non-performing loans                     $6,200            $5,849
          Other real estate                         2,091             2,451
               Total non-performing assets         $8,291            $8,300
 
     (1) Tier 1 leverage ratio is Tier 1 capital to average assets
 
                    Yardville National Bancorp and Subsidiaries
                         Consolidated Statements of Income
                                    (Unaudited)
 
 
                                                         Three Months Ended
                                                              March 31,
     (in thousands, except per share
      amounts)                                         2001              2000
     INTEREST INCOME:
     Interest and fees on loans                     $17,763           $14,354
     Interest on deposits with banks                     19                15
     Interest on securities available for sale        9,723             5,446
     Interest on investment securities:
         Taxable                                      1,150             1,190
         Exempt from Federal income tax                 462               384
     Interest on Federal funds sold                     747               213
         Total Interest Income                       29,864            21,602
     INTEREST EXPENSE:
     Interest on savings account deposits             2,562             1,588
     Interest on certificates of deposit
      of $100,000 or more                             2,129             1,211
     Interest on other time deposits                  6,963             5,462
     Interest on borrowed funds                       8,101             4,330
     Interest on trust preferred securities             627               266
          Total Interest Expense                     20,382            12,857
          Net Interest Income                         9,482             8,745
     Less provision for loan losses                     925               800
          Net Interest Income After
           Provision for Loan Losses                  8,557             7,945
     NON-INTEREST INCOME:
     Service charges on deposit accounts                400               377
     Securities gains (losses), net                     445               (45)
     Other non-interest income                          721               401
          Total Non-Interest Income                   1,566               733
     NON-INTEREST EXPENSE:
     Salaries and employee benefits                   3,587             2,808
     Occupancy expense, net                             671               622
     Equipment expense                                  510               468
     Other non-interest expense                       1,636             1,424
          Total Non-Interest Expense                  6,404             5,322
     Income before income tax expense                 3,719             3,356
     Income tax expense                                 992               960
          Net Income                                 $2,727            $2,396
     EARNINGS PER SHARE:
     Basic                                            $0.37             $0.36
     Diluted                                           0.37              0.36
     Weighted average shares outstanding:
     Basic                                            7,384             6,659
     Diluted                                          7,442             6,675
 
                    Yardville National Bancorp and Subsidiaries
                        Consolidated Statements of Condition
                                    (Unaudited)
 
                                                     March 31,         Dec. 31,
     (in thousands)                              2001        2000        2000
     Assets:
     Cash and due from banks                   $20,535     $18,087     $19,099
     Federal funds sold                        106,100      34,190      54,015
        Cash and Cash Equivalents              126,635      52,277      73,114
     Interest bearing deposits with banks        1,782       1,825         591
     Securities available for sale             592,932     328,999     564,938
     Investment securities                     101,020     107,874     110,700
     Loans                                     845,123     696,475     818,289
        Less: Allowance for loan losses        (11,299)     (9,478)    (10,934)
        Loans, net                             833,824     686,997     807,355
     Bank premises and equipment, net            9,751       9,254       9,428
     Other real estate                           2,091       2,451       2,041
     Other assets                               46,992      31,249      51,145
        Total Assets                        $1,715,027  $1,220,926  $1,619,312
     Liabilities and Stockholders' Equity:
     Deposits
        Non-interest bearing                   $93,605     $92,263    $102,718
        Interest bearing                       872,653     704,049     847,600
        Total Deposits                         966,258     796,312     950,318
     Borrowed funds
        Securities sold under agreements to
         repurchase                             10,000      26,942      10,000
        Federal Home Loan Bank advances        602,761     312,287     532,768
        Obligation for Employee Stock
         Ownership Plan (ESOP)                   1,100       1,500       1,200
        Other                                      339       1,098       1,255
        Total Borrowed Funds                   614,200     341,827     545,223
     Trust preferred securities                 32,500      11,500      26,500
     Other liabilities                          19,913      12,570      19,034
        Total Liabilities                   $1,632,871  $1,162,209  $1,541,075
 
     Stockholders' equity:
        Common stock: no par value              46,892      40,091      46,881
        Surplus                                  2,205       2,205       2,205
        Undivided profits                       36,871      29,183      34,963
        Treasury stock, at cost                 (3,030)     (3,030)     (3,030)
        Unallocated ESOP shares                 (1,100)     (1,500)     (1,200)
        Accumulated other comprehensive
         income (loss)                             318      (8,232)     (1,582)
          Total Stockholders' Equity            82,156      58,717      78,237
          Total Liabilities and
           Stockholders' Equity             $1,715,027  $1,220,926  $1,619,312
 
                                  Financial Summary
                      Average Balances, Rates Paid and Yields
 
                                                      Three  Months  Ended
                                                         March 31, 2001
                                                                        Average
                                                Average                  Yield/
     (in thousands)                             Balance      Interest     Rate
 
     INTEREST EARNING ASSETS:
     Deposits with other banks                  $1,188         $19        6.40%
     Federal funds sold                          54,152        747        5.52
     Securities                                 689,496     11,335        6.58
     Loans, net of unearned income (1)          832,871     17,763        8.53
           Total interest earning assets     $1,577,707    $29,864        7.57%
     NON-INTEREST EARNING ASSETS:
     Cash and due from banks                    $19,449
     Allowance for loan losses                  (11,115)
     Premises and equipment, net                  9,558
     Other assets                                51,299
           Total non-interest earning
            assets                               69,191
     Total assets                            $1,646,898
     INTEREST BEARING LIABILITIES:
     Deposits:
        Savings, money markets and
         interest bearing demand               $288,333     $2,562        3.55%
        Certificates of deposit of
         $100,000 or more                       125,998      2,129        6.76
        Other time deposits                     432,880      6,963        6.43
           Total interest bearing deposits      847,211     11,654        5.50
     Borrowed funds                             576,420      8,101        5.62
     Trust preferred securities                  26,694        627        9.40
           Total interest bearing
            liabilities                      $1,450,325    $20,382        5.62%
     NON-INTEREST BEARING LIABILITIES:
     Demand deposits                            $94,375
     Other liabilities                           21,833
     Stockholders' equity                        80,365
           Total non-interest bearing
            liabilities and
            stockholders' equity               $196,573
     Total liabilities and stockholders'
      equity                                 $1,646,898
 
     Interest rate spread (2)                                             1.96%
 
     Net interest income and margin (3)                     $9,482        2.40%
 
     Net interest income and margin
          (tax equivalent basis)(4)                         $9,722        2.46%
 
                                                       Three  Months  Ended
                                                          March 31, 2000
                                                                        Average
                                                 Average                 Yield/
     (in thousands)                              Balance     Interest      Rate
 
     INTEREST EARNING ASSETS:
     Deposits with other banks                   $1,034        $15        5.80%
     Federal funds sold                          14,794        213        5.76
     Securities                                 437,795      7,020        6.41
     Loans, net of unearned income (1)          661,752     14,354        8.68
           Total interest earning assets     $1,115,375    $21,602        7.75%
     NON-INTEREST EARNING ASSETS:
     Cash and due from banks                    $17,243
     Allowance for loan losses                   (9,140)
     Premises and equipment, net                  9,365
     Other assets                                29,980
           Total non-interest earning
            assets                               47,448
     Total assets                            $1,162,823
     INTEREST BEARING LIABILITIES:
     Deposits:
        Savings, money markets and
         interest bearing demand               $207,763     $1,588        3.06%
        Certificates of deposit of
         $100,000 or more                        83,281      1,211        5.82
        Other time deposits                     388,337      5,462        5.63
           Total interest bearing deposits      679,381      8,261        4.86
     Borrowed funds                             312,357      4,330        5.54
     Trust preferred securities                  11,500        266        9.25
           Total interest bearing
            liabilities                      $1,003,238    $12,857        5.13%
     NON-INTEREST BEARING LIABILITIES:
     Demand deposits                            $91,809
     Other liabilities                            8,457
     Stockholders' equity                        59,319
           Total non-interest bearing
            liabilities and
            stockholders' equity               $159,585
     Total liabilities and stockholders'
      equity                                 $1,162,823
 
     Interest rate spread (2)                                             2.62%
 
     Net interest income and margin (3)                     $8,745        3.14%
 
     Net interest income and margin
          (tax equivalent basis)(4)                         $8,963        3.21%
 
     (1) Loan origination fees are considered an adjustment to interest income.
         For the purpose of calculating loan yields, average loan balances
         include nonaccrual loans with no related interest income.
     (2) The interest rate spread is the difference between the average yield
         on interest earning assets and the average rate paid on interest
         bearing liabilities.
     (3) The net interest margin is equal to net interest income divided by
         average interest earning assets.
     (4) In order to make pre-tax income and resultant yields on tax exempt
         investments and loans comparable to those on taxable investments and
         loans, a tax equivalent adjustment is made equally to interest income
         and income tax expense with no effect on after tax income.  The tax
         equivalent adjustment has been computed using a Federal income tax
         rate of 34% and has increased interest income by $240,000 and
         $218,000 for the three month period ended March 31, 2001 and 2000,
         respectively.
 
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SOURCE Yardville National Bancorp
    YARDVILLE, N.J., April 23 /PRNewswire Interactive News Release/ --
 Yardville National Bancorp (Nasdaq:   YANB) today announced the continuation of
 increases in both net income and earnings per share. Net income was up
 13.8 percent over the first quarter of last year, while diluted earnings per
 share increased 2.8 percent compared to the same period in 2000.
     For the quarter ended March 31, 2001, YNB's net income was $2.7 million,
 up from the $2.4 million earned in the same period a year ago. Earnings per
 share on a diluted basis rose to $0.37 for the first quarter of 2001, compared
 with $0.36 per diluted share in the prior year.  The increase in diluted
 earnings per share was limited due to higher average shares outstanding, as a
 result of YNB's June 2000 private common equity offering.
     "Our ongoing success can be attributed to our continued strong focus on
 the communities we serve -- both old and new," noted YNB CEO and President
 Patrick M. Ryan. "In the past year, we have opened offices in Flemington and
 in Lawrence Township, bringing our special brand of community banking to new
 neighborhoods, while expanding the services we bring to our core communities
 in Mercer County as well. In the coming quarter, we plan to open our first
 office in Burlington County, in Bordentown, and we are finalizing plans for
 the opening of a regional headquarters in Flemington in the near future," he
 added.
     In 2001, YNB has also expanded the range of financial products and
 services offered to customers with the introduction of insurance products
 available through YNB Financial Services, Inc. As another plus, the investment
 expertise of Salomon Smith Barney can now be accessed by YNB customers at
 several Investment Centers within YNB branches and over the telephone.
     "We feel this adds value to our customer relationships," said YNB Chairman
 Jay G. Destribats. "It helps us to meet their financial needs while allowing
 customers to do more business with an institution they know and trust. We see
 it as a "win-win" situation for everyone."
     YNB's expansion in products and geography has already yielded results in
 the first quarter of the year. Total deposits at March 31, 2001 increased to
 $966.3 million, a 21.3 percent increase over total deposits of $796.3 million
 at March 31, 2000. These increased deposits support YNB's ongoing growth in
 loans and investments. At March 31, 2001, total loan outstandings increased
 21.3 percent over the same date a year ago, reaching $845.1 million compared
 with a total of $696.5 million twelve months ago.
     With a larger portfolio and a softening economy, YNB continues to monitor
 loan quality carefully. As a result, overall credit quality remains strong.
 Nonperforming assets for the comparative period remained level, while
 nonperforming assets as a percent of total assets decreased to 0.48 percent at
 March 31, 2001, compared to 0.68 percent at March 31, 2000. The allowance for
 loan losses now totals $11.3 million, or 1.34 percent of total loans, covering
 182.2 percent of total nonperforming loans.
     YNB's recently completed Trust Preferred Securities offering has enhanced
 its strong capital structure. At March 31, 2001, YNB's Tier 1 and risk-based
 capital ratios exceeded those required by regulatory guidelines to be
 considered well-capitalized. To share this strength with shareholders, in
 January 2001, YNB's Board of Directors increased the quarterly cash dividend
 ten percent to $0.11 per share from its previous rate of $0.10.
     As of March 31, 2001, YNB had $1.7 billion in assets, with fifteen
 branches serving individuals and businesses in Mercer and Hunterdon counties
 in New Jersey and Bucks County, Pennsylvania, as well as the surrounding
 areas.
 
     Certain of these statements contained in this release which are not
 historical facts are forward-looking statements that are subject to risks and
 uncertainties that could cause actual results to differ materially from those
 set forth in the forward-looking statements, including the uncertainties
 inherent in the process of auditing and making end-of-year adjustments to a
 corporation's financial statements. By making these forward-looking
 statements, the Company undertakes no obligation to update these statements
 for revisions or changes after the date of this release.
 
     L.G. Zangani, LLC provides financial public relations service to the
 Company. As such, L.G. Zangani, LLC and/or its officers, agents and employees,
 receives remuneration for public relations and/or other services performed for
 the Company.  This remuneration may take the form of cash, capital stock in
 the Company, or warrants and/or options to purchase stock in the Company.
 
                            Yardville National Bancorp
                         Summary of Financial Information
                                    (Unaudited)
 
                                                       Three Months Ended
                                                            March 31,
     (in thousands, except per share
      amounts)                                       2001              2000
     Stock Information:
     Weighted average shares outstanding:
          Basic                                     7,384             6,659
          Diluted                                   7,442             6,675
     Shares outstanding end of period               7,384             6,663
     Earnings per share:
          Basic                                     $0.37             $0.36
          Diluted                                    0.37              0.36
     Dividends paid per share                        0.11              0.10
     Book value per share                           11.13              8.81
     Closing price per share                        13.94              8.97
     Closing price to book                         125.25%           101.82%
 
 
     Key Ratios:
     Return on average assets                        0.66%             0.82%
     Return on average stockholders' equity         13.57             16.16
     Net interest margin (tax equivalent)            2.46              3.21
     Equity-to-assets at period end                  4.79              4.81
     Tier 1 leverage ratio (1)                       6.63              6.75
 
     Asset Quality Data:
     Net loans charge-offs                           $560              $287
 
     Non-performing assets as a percentage
      of total assets                                0.48%             0.68%
 
     Allowance for loan losses at period
      end as a percent of:
              Total loans                            1.34              1.36
              Non-performing loans                 182.24            164.01
 
     Non-peforming assets at period end:
          Non-performing loans                     $6,200            $5,849
          Other real estate                         2,091             2,451
               Total non-performing assets         $8,291            $8,300
 
     (1) Tier 1 leverage ratio is Tier 1 capital to average assets
 
                    Yardville National Bancorp and Subsidiaries
                         Consolidated Statements of Income
                                    (Unaudited)
 
 
                                                         Three Months Ended
                                                              March 31,
     (in thousands, except per share
      amounts)                                         2001              2000
     INTEREST INCOME:
     Interest and fees on loans                     $17,763           $14,354
     Interest on deposits with banks                     19                15
     Interest on securities available for sale        9,723             5,446
     Interest on investment securities:
         Taxable                                      1,150             1,190
         Exempt from Federal income tax                 462               384
     Interest on Federal funds sold                     747               213
         Total Interest Income                       29,864            21,602
     INTEREST EXPENSE:
     Interest on savings account deposits             2,562             1,588
     Interest on certificates of deposit
      of $100,000 or more                             2,129             1,211
     Interest on other time deposits                  6,963             5,462
     Interest on borrowed funds                       8,101             4,330
     Interest on trust preferred securities             627               266
          Total Interest Expense                     20,382            12,857
          Net Interest Income                         9,482             8,745
     Less provision for loan losses                     925               800
          Net Interest Income After
           Provision for Loan Losses                  8,557             7,945
     NON-INTEREST INCOME:
     Service charges on deposit accounts                400               377
     Securities gains (losses), net                     445               (45)
     Other non-interest income                          721               401
          Total Non-Interest Income                   1,566               733
     NON-INTEREST EXPENSE:
     Salaries and employee benefits                   3,587             2,808
     Occupancy expense, net                             671               622
     Equipment expense                                  510               468
     Other non-interest expense                       1,636             1,424
          Total Non-Interest Expense                  6,404             5,322
     Income before income tax expense                 3,719             3,356
     Income tax expense                                 992               960
          Net Income                                 $2,727            $2,396
     EARNINGS PER SHARE:
     Basic                                            $0.37             $0.36
     Diluted                                           0.37              0.36
     Weighted average shares outstanding:
     Basic                                            7,384             6,659
     Diluted                                          7,442             6,675
 
                    Yardville National Bancorp and Subsidiaries
                        Consolidated Statements of Condition
                                    (Unaudited)
 
                                                     March 31,         Dec. 31,
     (in thousands)                              2001        2000        2000
     Assets:
     Cash and due from banks                   $20,535     $18,087     $19,099
     Federal funds sold                        106,100      34,190      54,015
        Cash and Cash Equivalents              126,635      52,277      73,114
     Interest bearing deposits with banks        1,782       1,825         591
     Securities available for sale             592,932     328,999     564,938
     Investment securities                     101,020     107,874     110,700
     Loans                                     845,123     696,475     818,289
        Less: Allowance for loan losses        (11,299)     (9,478)    (10,934)
        Loans, net                             833,824     686,997     807,355
     Bank premises and equipment, net            9,751       9,254       9,428
     Other real estate                           2,091       2,451       2,041
     Other assets                               46,992      31,249      51,145
        Total Assets                        $1,715,027  $1,220,926  $1,619,312
     Liabilities and Stockholders' Equity:
     Deposits
        Non-interest bearing                   $93,605     $92,263    $102,718
        Interest bearing                       872,653     704,049     847,600
        Total Deposits                         966,258     796,312     950,318
     Borrowed funds
        Securities sold under agreements to
         repurchase                             10,000      26,942      10,000
        Federal Home Loan Bank advances        602,761     312,287     532,768
        Obligation for Employee Stock
         Ownership Plan (ESOP)                   1,100       1,500       1,200
        Other                                      339       1,098       1,255
        Total Borrowed Funds                   614,200     341,827     545,223
     Trust preferred securities                 32,500      11,500      26,500
     Other liabilities                          19,913      12,570      19,034
        Total Liabilities                   $1,632,871  $1,162,209  $1,541,075
 
     Stockholders' equity:
        Common stock: no par value              46,892      40,091      46,881
        Surplus                                  2,205       2,205       2,205
        Undivided profits                       36,871      29,183      34,963
        Treasury stock, at cost                 (3,030)     (3,030)     (3,030)
        Unallocated ESOP shares                 (1,100)     (1,500)     (1,200)
        Accumulated other comprehensive
         income (loss)                             318      (8,232)     (1,582)
          Total Stockholders' Equity            82,156      58,717      78,237
          Total Liabilities and
           Stockholders' Equity             $1,715,027  $1,220,926  $1,619,312
 
                                  Financial Summary
                      Average Balances, Rates Paid and Yields
 
                                                      Three  Months  Ended
                                                         March 31, 2001
                                                                        Average
                                                Average                  Yield/
     (in thousands)                             Balance      Interest     Rate
 
     INTEREST EARNING ASSETS:
     Deposits with other banks                  $1,188         $19        6.40%
     Federal funds sold                          54,152        747        5.52
     Securities                                 689,496     11,335        6.58
     Loans, net of unearned income (1)          832,871     17,763        8.53
           Total interest earning assets     $1,577,707    $29,864        7.57%
     NON-INTEREST EARNING ASSETS:
     Cash and due from banks                    $19,449
     Allowance for loan losses                  (11,115)
     Premises and equipment, net                  9,558
     Other assets                                51,299
           Total non-interest earning
            assets                               69,191
     Total assets                            $1,646,898
     INTEREST BEARING LIABILITIES:
     Deposits:
        Savings, money markets and
         interest bearing demand               $288,333     $2,562        3.55%
        Certificates of deposit of
         $100,000 or more                       125,998      2,129        6.76
        Other time deposits                     432,880      6,963        6.43
           Total interest bearing deposits      847,211     11,654        5.50
     Borrowed funds                             576,420      8,101        5.62
     Trust preferred securities                  26,694        627        9.40
           Total interest bearing
            liabilities                      $1,450,325    $20,382        5.62%
     NON-INTEREST BEARING LIABILITIES:
     Demand deposits                            $94,375
     Other liabilities                           21,833
     Stockholders' equity                        80,365
           Total non-interest bearing
            liabilities and
            stockholders' equity               $196,573
     Total liabilities and stockholders'
      equity                                 $1,646,898
 
     Interest rate spread (2)                                             1.96%
 
     Net interest income and margin (3)                     $9,482        2.40%
 
     Net interest income and margin
          (tax equivalent basis)(4)                         $9,722        2.46%
 
                                                       Three  Months  Ended
                                                          March 31, 2000
                                                                        Average
                                                 Average                 Yield/
     (in thousands)                              Balance     Interest      Rate
 
     INTEREST EARNING ASSETS:
     Deposits with other banks                   $1,034        $15        5.80%
     Federal funds sold                          14,794        213        5.76
     Securities                                 437,795      7,020        6.41
     Loans, net of unearned income (1)          661,752     14,354        8.68
           Total interest earning assets     $1,115,375    $21,602        7.75%
     NON-INTEREST EARNING ASSETS:
     Cash and due from banks                    $17,243
     Allowance for loan losses                   (9,140)
     Premises and equipment, net                  9,365
     Other assets                                29,980
           Total non-interest earning
            assets                               47,448
     Total assets                            $1,162,823
     INTEREST BEARING LIABILITIES:
     Deposits:
        Savings, money markets and
         interest bearing demand               $207,763     $1,588        3.06%
        Certificates of deposit of
         $100,000 or more                        83,281      1,211        5.82
        Other time deposits                     388,337      5,462        5.63
           Total interest bearing deposits      679,381      8,261        4.86
     Borrowed funds                             312,357      4,330        5.54
     Trust preferred securities                  11,500        266        9.25
           Total interest bearing
            liabilities                      $1,003,238    $12,857        5.13%
     NON-INTEREST BEARING LIABILITIES:
     Demand deposits                            $91,809
     Other liabilities                            8,457
     Stockholders' equity                        59,319
           Total non-interest bearing
            liabilities and
            stockholders' equity               $159,585
     Total liabilities and stockholders'
      equity                                 $1,162,823
 
     Interest rate spread (2)                                             2.62%
 
     Net interest income and margin (3)                     $8,745        3.14%
 
     Net interest income and margin
          (tax equivalent basis)(4)                         $8,963        3.21%
 
     (1) Loan origination fees are considered an adjustment to interest income.
         For the purpose of calculating loan yields, average loan balances
         include nonaccrual loans with no related interest income.
     (2) The interest rate spread is the difference between the average yield
         on interest earning assets and the average rate paid on interest
         bearing liabilities.
     (3) The net interest margin is equal to net interest income divided by
         average interest earning assets.
     (4) In order to make pre-tax income and resultant yields on tax exempt
         investments and loans comparable to those on taxable investments and
         loans, a tax equivalent adjustment is made equally to interest income
         and income tax expense with no effect on after tax income.  The tax
         equivalent adjustment has been computed using a Federal income tax
         rate of 34% and has increased interest income by $240,000 and
         $218,000 for the three month period ended March 31, 2001 and 2000,
         respectively.
 
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 SOURCE  Yardville National Bancorp