Exhibit 99.1
INCOME STATEMENT (unaudited)
Six Months Ended Three Months Ended
06/30/03 06/30/02 06/30/03 06/30/02
------------ ------------ ------------ ------------
Interest Income $ 17,126,042 $ 18,327,428 $ 8,552,772 $ 9,120,836
Interest Expense 2,686,631 4,178,431 1,297,943 2,015,998
Net Interest Income 14,439,411 14,148,997 7,254,829 7,104,838
Other Income 4,709,448 4,007,739 2,447,276 1,918,669
Less: Other Operating Expenses 12,319,806 16,316,030 6,206,317 8,833,894
Income Before Income Taxes 6,829,053 1,840,706 3,495,788 189,613
Provision for Income Taxes 2,008,000 (28,000) 1,035,000 (300,000)
Net Income $ 4,821,053 $ 1,868,706 $ 2,460,788 $ 489,613
Net Income Per Common Share $ 0.59 $ 0.24 $ 0.30 $ 0.06
BALANCE SHEET (unaudited) June 30, 2003 and 2002
Assets 2003 2002 Liabilities & Equity 2003 2002
---- ---- ---- ----
Cash and Due $ 27,404,249 $ 27,022,012 Non Interest Bearing $ 150,984,911 $ 143,876,888
Investment Securities 168,463,886 140,055,637 Interest Bearing 378,210,728 384,586,006
Federal Funds Sold 9,736,279 32,360,726 ------------- -------------
Total Deposits 529,195,639 528,462,894
Total Loans 392,407,617 389,028,117 Short Term Debt 5,576,207 4,939,622
Reserve for Loan Losses (5,149,172) (4,980,711) Other Liabilities 1,824,183 1,244,354
------------- ------------- ------------- -------------
Net Loans 387,258,445 384,047,406 Total Liabilities 536,596,029 534,646,870
Bank Premises & Equipment 22,025,977 22,279,087 Common Stock 8,146,062 7,979,982
Other Assets 5,220,099 4,707,027 Additional Paid-In Capital 12,600,225 10,005,344
------------- ------------- Retained Earnings 62,766,619 57,839,699
------------- -------------
83,512,906 75,825,025
------------- -------------
Total Assets $ 620,108,935 $ 610,471,895 $ 620,108,935 $ 610,471,895
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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.
April 2003 $ 17.50 April 2002 $15.12
January 2003 17.00 January 2002 14..92
October 2002 16.30 October 2001 14..58
July 2002 15.70 July 2001 14..33