High Country Bancorp Announces Annual Results

Business Wire, Sept 16, 2002

Business Editors

SALIDA, Colo.--(BUSINESS WIRE)--Sept. 16, 2002

High Country Bancorp, Inc., headquartered in Salida, Colorado, announced today net income of approximately $1,671,000, or $1.85 per share, for the year ended June 30, 2002. This compares to $1,272,000, or $1.30 per share, for the year ended June 30, 2001. The increase in net income resulted primarily from increased interest income and loan fees due to strong local loan demand. The increase in interest income offset expenses associated with growth.

Total assets increased $15.3 million or 9.5% from $161.3 million at June 30, 2001, to $176.6 million at June 30, 2002. The increase in assets was due to mortgage backed securities growth of $8.1 million and loan growth of $7.0 million. The majority of the loan growth occurred in commercial real estate loans with additional increases in land and commercial loans. The asset growth was funded through deposits which increased $17.6 million or 17.9% from $98.5 million at June 30, 2001, to $116.1 million at June 30, 2002.

During the year, the company continued to repurchase stock due to a belief the stock is undervalued. For the year ended June 30, 2002, the company repurchased a total of 123,583 shares. At September 13, 2002, the company had 905,409 shares of common stock outstanding and approximately 325 shareholders of record.

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 Buena Vista, Leadville and Salida, Colorado. High Country Bank, founded in 1886, is the oldest savings and loan in the State of Colorado.

The stock of High Country Bancorp trades on the NASDAQ small cap market under the symbol "HCBC."