EX-99.1 2 exh9910710.htm QUARTERLY BROCHURE exh9910710.htm
 
 

 

Exhibit 99.1
Tri City Bankshares Corporation
Quarterly Brochure Financial Data

INCOME STATEMENT (unaudited)
 
   
   
Six Months Ended
   
Three Months Ended
 
   
06/30/10
   
06/30/09
   
06/30/10
   
06/30/09
 
Interest Income
  $ 32,637,959     $ 20,150,158     $ 16,087,544     $ 10,106,345  
Interest Expense
    2,925,045       3,495,871       1,372,231       1,691,583  
Net Interest Income
    29,712,914       16,654,287       14,715,313       8,414,762  
Other Income
    8,922,675       7,320,159       4,141,249       4,030,476  
Less:  Provision for loan losses
    2,730,000       718,000       950,000       530,000  
           Other Operating Expenses
    21,702,208       15,453,422       11,251,303       7,937,879  
Income Before Income Taxes
    14,203,381       7,803,024       6,655,259       3,977,359  
Provision for Income Taxes
    5,328,500       2,734,000       2,477,000       1,400,500  
Net Income
  $ 8,874,881     $ 5,069,024     $ 4,178,259     $ 2,576,859  
Net Income Per Common Share
  $ 1.00     $ 0.57     $ 0.47     $ 0.29  
                                 

BALANCE SHEET (unaudited) June 30, 2010 and 2009
 
   
Assets
 
2010
   
2009
 
Liabilities & Equity
 
2010
   
2009
 
Cash and Due from Banks
  $ 26,616,097     $ 22,843,896  
Non Interest Bearing
  $ 155,669,984     $ 126,154,924  
Investment Securities
    169,485,927       105,809,940  
Interest Bearing
    789,447,395       536,397,940  
Federal Funds Sold
    64,462,829       15,938,586  
Total Deposits
    945,117,379       662,552,864  
Total Loans
    775,463,937       594,212,727  
Short Term Debt
    558,569       1,049,717  
Allowance for Loan Losses
    (8,276,228 )     (5,995,499 )
Other Liabilities
    8,876,294       2,635,125  
Net Loans
    767,187,709       588,217,228  
Total Liabilities
    954,552,242       666,237,706  
Bank Premises & Equipment
    19,487,353       20,631,299  
Common Stock
    8,904,915       8,904,915  
Other Real Estate Owned
    3,903,965       2,806,098  
Additional Paid-In Capital
    26,543,470       26,543,470  
Cash surrender value of life insurance
    11,787,179       11,298,804  
Retained Earnings
    86,808,317       73,748,145  
Other Assets
    13,877,885       7,888,385  
Total Stockholders' Equity
    122,256,702       109,196,530  
Total Assets
  $ 1,076,808,944     $ 775,434,236       $ 1,076,808,944     $ 775,434,236  


Management Comments

The Corporation posted net income of $8.9 million for the first six months of 2010, an increase of $3.8 million or 75.1% compared to the first six months of 2009.  Earnings per share increased to $1.00 for the six months ended June 30, 2010 compared to $0.57 for the same period in 2009.

The 2010 results are impacted by the acquisition of certain assets and liabilities of a failed bank in Racine, WI from the FDIC on October 23, 2009.  As a result of the acquisition, the Corporation had purchase accounting related income of $7.4 million.  Loan discount taken to income accounted for $6.8 million of the $7.4 million total.  This income was partially offset by an increase to the provision for loan losses of $2.0 million, primarily due to the acquired loans.

 Operating earnings during the first six months of 2010 compared to 2009 continue to be positively affected by enhanced core income from the acquisition, partially offset by less mortgage refinancing activity and higher regulatory expenses.

Total assets were $1.1 billion for the quarter ended June 30, 2010 compared to $775 million for the quarter ended June 30, 2009, an increase of $301 million or 38.9%.  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 October 14th, 2010 to shareholders as of the record date of October 4th, 2010.