Exhibit 99.1
For Immediate Release Thursday, March 11, 2004
LUXEMBURG BANCSHARES, INC. ANNOUNCES EARNINGS FOR THE
YEAR ENDED DECEMBER 31, 2003
Luxemburg, WI-March 11, 2004 --- Luxemburg Bancshares, Inc. parent company of the Bank of Luxemburg announced earnings for the year ended December 31, 2003.
Net income for the year ended December 31, 2003 was $2,072,008 or $3.75 per share as compared to $1,931,567 or $3.52 per share for the year ended December 31, 2002. The net interest income increased $368,348 or 7.1% to $5,542,810 for the year ended December 31, 2003 from $5,174,462 for the year ended December 31, 2002 and other non-interest income increased $575,972 or 22.3% to $3,158,801 for the year ended December 31, 2003 from $2,582,829 for the year ended December 31, 2002, while non-interest expenses increased $733,912 or 16.3% to $5,226,184 for the year ended December 31, 2003 from $4,492,272 for the year ended December 31, 2002. John Slatky, President of Luxemburg Bancshares, Inc. stated, “The Corporation’s income benefited from the lower mortgage interest rates, allowing many customers to finance new homes or refinance their mortgage at a lower r ate.”
The assets of the corporation grew $13,851,282 to $168,019,103 for the year ended December 31, 2003. The asset growth reflects a net loan growth of $16,762,346 and a deposit growth of $14,558,278 in the Bank of Luxemburg subsidiary.
The Book Value of the Company’s stock at December 31, 2003 was $30.73 as compared to $27.99 as of December 31, 2002.
Cautionary Note: The matters discussed in this press release, including expectations regarding interest income, interest expense and net interest margin, operating results and net income are forward-looking statements that involve risks and uncertainties. The assumptions and risk factors that cause actual results to differ materially include changes in interest rates or in the volume of earning assets and deposits, increases in non-performing of delinquent loans, increased competition, changes in the volume of loans originated for the secondary market and changes in the volume of sales of alternative investments by Raymond James Financial Services, as well as those described from time to time in the Company’s SEC reports.
Luxemburg Bancshares, Inc. and the Bank of Luxemburg provide banking services to customers located in Luxemburg, Green Bay, Dyckesville, Algoma and Casco from offices located in each community and soon Forestville. The Company also provides financial planning and the sale of alternative investments to its customers in each community through the company’s affiliation with Raymond James Financial Services.
FOR MORE INFORMATION ABOUT LUXEMBURG BANCSHARES, INC.
CONTACT JOHN SLATKY AT 1-920-845-2345.
TABLES TO FOLLOW...
Luxemburg Bancshares, Inc. and Subsidiaries
Report for the Period Ended December 31, 2003
CONSOLIDATED STATEMENTS OF INCOME | Year Ended December 31, |
2003 | 2002 | |
Total Interest Income | 8,352,314 | 8,837,349 |
Total Interest Expense | 2,809,504 | 3,662,887 |
Net Interest Margin | 5,542,810 | 5,174,462 |
Provision for Credit Losses | 525,000 | 486,000 |
Net Interest Income After Provision For Credit Losses | 5,017,810 | 4,688,462 |
Total Other Income | 3,158,801 | 2,582,829 |
Total Operating Expenses | 5,226,184 | 4,492,272 |
Income Before Provision For Income Taxes | 2,950,427 | 2,779,019 |
Provision for Income Taxes | 878,419 | 847,452 |
Net Income | $ 2,072,008 | $ 1,931,567 |
Basic Earnings Per Common Share | $3.75 | $3.52 |
Weighted Average Common Shares Outstanding | ||
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, | December 31, | |
Cash and Cash Equivalents | 16,542,020 | 17,275,228 |
Investment Securities Available For Sale-Stated at Fair Value | 11,325,780 | 14,296,159 |
Net Loans | 132,056,848 | 115,955,406 |
Other Assets | 8,094,455 | 6,641,028 |
Total Assets | $ 168,019,103 | $ 154,167,821 |
|
| |
Total Deposits | 147,002,663 | 132,444,385 |
Other Liabilities | 4,037,085 | 6,368,297 |
Total Liabilities | 151,039,748 | 138,812,682 |
Total Stockholders’ Equity | 16,979,355 | 15,355,139 |
Total Liabilities and Stockholders Equity | $ 168,019,103 | $ 154,167,821 |
CONSOLIDATED STATEMENTS OF CASH FLOW
Year Ended December 31,
2003 | 2002 | |
Cash Provided by Operating Activities | 2,767,760 | 3,362,916 |
Increase in Loans | (16,762,346) | (14,866,768) |
Increase in Deposits | 14,558,278 | 12,135,242 |
Net Purchases of Securities Available for Sale | 2,934,360 | 2,888,181 |
Other Investing & Financing Activities | (4,231,260) | (136,786) |
Net Increase (Decrease) in Cash and Cash Equivalents | (733,208) | 3,382,785 |
