EX-99.1 2 eshibit99_1.htm QUARTER FINANCIAL INFORMATION AND MANAGEMENTS COMMENTS eshibit99_1.htm
 
 
 

Tri City Bankshares Corporation
  
Quarterly Brochure Financial Data
  
   
INCOME STATEMENT (unaudited)
  
   
   
Three Months Ended
                
   
03/31/10
    
03/31/09
                
Interest Income
   $ 16,550,415     $ 10,043,813                
Interest Expense
     1,552,814       1,804,288                
Net Interest Income
     14,997,601       8,239,525                
Other Income
     4,781,426       3,289,683                
Less:  Provision for loan losses
     1,780,000       188,000                
           Other Operating Expenses
     10,450,905       7,515,543                
Total Income before taxes
     7,548,122       3,825,665                
Provision for Income Taxes
   $ 2,851,500       1,333,500                
Net Income
   $ 4,696,622     $ 2,492,165                
Net Income Per Common Share
   $ 0.53     $ 0.28                
                               
BALANCE SHEET (unaudited) March 31, 2010 and 2009
  
   
Assets
     2010       2009  
Liabilities & Equity
     2010       2009  
Cash and Due from Banks
   $ 26,795,481     $ 21,318,152  
Non Interest Bearing
   $ 151,597,233     $ 126,804,494  
Investment Securities
     233,749,402       104,883,618  
Interest Bearing
     812,707,716       519,675,466  
Federal Funds Sold
     13,723,640       -  
Total Deposits
     964,304,949       646,479,960  
Total Loans
     782,366,055       602,535,931  
Short Term Debt
     1,442,940       3,439,528  
Allowance for Loan Losses
     (7,567,450 )     (5,983,667 )
Other Liabilities
     12,960,262       2,118,730  
Net Loans
     774,798,605       596,552,264  
Total Liabilities
     978,708,151       652,038,218  
Bank Premises & Equipment
     19,793,657       20,908,121  
Common Stock
     8,904,915       8,904,915  
Other Real Estate Owned
     4,682,446       -  
Additional Paid-In Capital
     26,543,470       26,543,470  
Cash surrender value of life insurance
     11,668,013       11,174,583  
Retained Earnings
     87,973,070       73,575,611  
Other Assets
     16,918,362       6,225,476  
Total Stockholders' Equity
     123,421,455       109,023,996  
Total Assets
   $ 1,102,129,606     $ 761,062,214  
Total Liabilities & Equity
   $ 1,102,129,606     $ 761,062,214  





Management Comments

The Corporation posted net income of $4.7 million for the first quarter of 2010, an increase of $2.2 million or 88.5% compared to the first quarter of 2009.  Earnings per share increased to $0.53 for the three months ended March 31, 2010 compared to $0.28 for the same period in 2009.

The quarterly results were significantly impacted by the acquisition of certain assets and liabilities of the Bank of Elmwood from the FDIC on October 23, 2009.  As a result of the acquisition, the Corporation had purchase accounting related income of $4.6 million.  Loan discount accretion and non-accretable discount taken to income accounted for $4.3 million of the $4.6 million total.  This income was partially offset by an increase to the provision for loan losses of $1.6 million, largely due to the acquired loans.

 Operating earnings during the first quarter of 2010 compared to 2009 were also positively affected by enhanced core income from the acquisition, partially offset by slower mortgage refinancing activity and higher regulatory expenses.

Total assets were $1.1 billion for the quarter ended March 31, 2010 compared to $761 million for the quarter ended March 31, 2009, an increase of $340 million or 45%.  Total assets increased due to the acquisition as well as significant core deposit growth.

Dividend Announcement

The Board of Directors declared a dividend of $0.30 per share payable on July 12th, 2010 to shareholders as of the record date of July 2nd, 2010.