Exhibit 99.1
INCOME STATEMENT (unaudited)
Three Months Ended
03/31/03 03/31/02
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Interest Income $8,573,270 $9,206,592
Interest Expense 1,388,688 2,162,433
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Net Interest Income 7,184,582 7,044,159
Other Income 2,262,172 2,015,865
Less: Other Operating Expenses 6,113,489 7,408,931
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Income Before Income Taxes 3,333,265 1,651,093
Provision for Income Taxes 973,000 272,000
Net Income 2,360,265 $1,379,093
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Net Income Per Common Share $0.29 $0.17
BALANCE SHEET (unaudited) March 31, 2003 and 2002
ASSETS 2003 2002 LIABILITIES & EQUITY 2003 2002
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Cash and Due $ 29,036,767 $ 31,330,231 Non Interest Bearing $ 146,551,036 $ 142,556,224
Investment Securities 162,438,888 135,321,530 Interest Bearing 384,054,970 361,975,214
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Federal Funds Sold 12,272,265 15,473,562 Total Deposits 530,606,006 504,531,438
Total Loans 390,642,948 384,499,612 Short Term Debt 1,680,363 7,282,130
Reserve for Loan Losses (5,148,155) (4,903,034) Other Liabilities 2,497,113 1,770,526
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Net Loans 385,494,793 379,596,578 Total Liabilities 534,783,482 513,584,094
Bank Premises & Equipment 22,002,315 22,602,544 Common Stock 8,105,128 7,934,724
Other Assets 5,171,056 5,048,269 Additional Paid-In Capital 11,924,824 9,366,497
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Retained Earnings 61,602,650 58,487,399
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Total Stockholders' Equity 81,632,602 75,788,620
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Total Assets $ 616,416,084 $ 589,372,714 Total Liabilities & Equity $ 616,416,084 $ 589,372,714
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Stock Valuation
The Corporation's stock is traded on the over-the-counter market under the
trading symbol "TRCY." Trading in the Corporation's stock is limited and
sporadic and the Corporation believes that no established trading market for the
Corporation's stock exists. For purposes of the Corporation's Automatic Dividend
Reinvestment Plan, the Board of Directors is required to establish the "Fair
Market Value" of the Corporation's stock on a quarterly basis based on factors
set forth in the Dividend Reinvestment Plan. The following table sets forth the
Fair Market Value established under the Dividend Reinvestment Plan over the past
two years.
January 2003 ------- $17.00 January 2002 ------- $14.92
October 2002 ------- 16.30 October 2001 ------- 14.58
July 2002 ------- 15.70 July 2001 ------- 14.33
April 2002 ------- 15.12 April 2001 ------- 14.00