EXHIBIT 99.1
Tri City Bankshares Corporation
Quarterly Brochure Financial Data
INCOME STATEMENT (unaudited)
Three Months Ended
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03/31/08 03/31/07
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Interest Income $11,358,095 $10,864,501
Interest Expense 3,001,250 3,121,935
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Net Interest Income 8,356,845 7,742,566
Other Income 3,513,964 2,570,220
Less: Other Operating Expenses 7,625,609 6,846,481
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Income Before Income Taxes 4,245,200 3,466,305
Provision for Income Taxes 1,220,000 1,186,500
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Net Income $ 3,025,200 $ 2,279,805
Net Income Per Common Share $ 0.34 $ 0.26
BALANCE SHEET (UNAUDITED) MARCH 31, 2008 AND 2007
ASSETS 2008 2007 LIABILITIES & EQUITY 2008 2007
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Cash and Due from Banks $ 32,339,207 $ 27,388,426 Non Interest Bearing $ 126,523,927 $ 132,791,575
Investment Securities 103,000,733 113,729,385 Interest Bearing 528,750,767 501,043,425
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Federal Funds Sold 16,794,444 38,082,642 Total Deposits 655,274,694 633,835,000
Total Loans 582,176,999 531,168,749 Short Term Debt 1,359,506 1,324,614
Allowance for Loan Losses (5,770,811) (5,715,071) Other Liabilities 2,330,708 1,810,012
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Net Loans 576,406,188 525,453,678 Total Liabilities 658,964,908 636,969,626
Bank Premises & Equipment 20,430,813 20,127,925 Common Stock 8,904,915 8,822,945
Cash surrender value of
life insurance 10,708,368 11,282,221 Additional Paid-In Capital 26,543,470 25,039,320
Other Assets 7,168,081 5,426,313 Retained Earnings 72,434,541 70,658,699
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Total Stockholders' Equity 107,882,926 104,520,964
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Total Assets $ 766,847,834 $ 741,490,590 Total Liabilities & Equity $ 766,847,834 $ 741,490,590
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The table listing the Fair Market Value of the Corporation's stock established
under the Dividend Reinvestment Plan will no longer be displayed as the Plan was
discontinued in 2008. MANAGEMENT COMMENTS
The depositors, employees, directors and shareholders of Tri City Bankshares
were saddened by the unexpected passing of Chairman Henry Karbiner, Jr. in March
2008. We all mourn the loss of our leader and friend, Hank.
At their meeting April 9th the Board of Directors elected Ronald K. Puetz
Chairman of the Board, President and CEO of Tri City Bankshares. Robert W. Orth
was named President of Tri City National Bank and Scott A. Wilson Executive VP
and Chief Financial Officer of Tri City Bankshares.
For the first quarter of 2008 the Corporation posted net income of $3,025,200,
an increase of $745,395 (32.7%) compared to 2007. Net interest income increased
$614,279 to $8.4 million for the first quarter of 2008 compared to 2007. The
increase is due to loan growth of $51.0 million to $582.2 million for the twelve
months ending March 31, 2008.
Other income increased $943,744 primarily as a result of extra-ordinary income.
Key officers of the Bank are insured with Bank Owned Life Insurance (BOLI). The
Bank is both owner and beneficiary of the BOLI policies. The death benefit
received on Mr. Karbiner's policy was $606,000 and was the most significant
increase to other income. Additionally, extra-ordinary pretax income of $108,000
occurred as a result of redemption of VISA stock owned by the Bank following the
VISA IPO.
Earnings per share increased $0.08 for the three months ending March 31, 2008
compared to 2007.