High Country Bancorp, Inc. Announces the Payment of Semi-Annual Cash Dividends and Quarterly Earnings

Business Wire, Nov 5, 2002

Business Editors

SALIDA, Colo.--(BUSINESS WIRE)--Nov. 5, 2002

High Country Bancorp, Inc. (Nasdaq:HCBC) announced the payment date of its semi-annual cash dividend.

The dividend will be in the amount of $0.25 per share payable on or about November 19, 2002, to stockholders of record at the close of business on November 8, 2002.

Larry D. Smith, President of the Company, stated that the Board of Directors determined that the payment of a dividend was appropriate in light of the Company's financial condition and results of operations. He noted that future earnings and payment of dividends are subject to certain risks and uncertainties, including changes in economic conditions in the Company's market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Company's market area, and competition.

For the three months ending September 30, 2002, the Company had net income of $438,000 or $0.49 per share. This compares to $406,000 or $0.42 per share for the three months ending September 30, 2001. The increase in net income resulted primarily from increased net interest income which offset increased non-interest expenses. Total assets increased $1.8 million from $176.6 million at June 30, 2002, to $178.4 million at September 30, 2002. The increase in assets was due to growth in amounts due from banks, interest-bearing deposits and loans.

High Country Bancorp, Inc. is the holding company for High Country Bank, which conducts business through its main office in Salida, Colorado, and branch offices in Salida, Leadville and Buena Vista, Colorado. At November 5, 2002, the Company had 905,409 shares of common stock issued and outstanding.