Exhibit 99.1
Tri City Bankshares Corporation
Quarterly Brochure Financial Data
INCOME STATEMENT (unaudited)
Six Months Ended Three Months Ended
06/30/08 06/30/07 06/30/08 06/30/07
Interest Income $ 22,155,529 $ 21,969,781 $ 10,797,434 $ 11,105,280
Interest Expense 5,242,584 6,085,282 2,241,334 2,963,347
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Net Interest Income 16,912,945 15,884,499 8,556,100 8,141,933
Other Income 6,578,056 5,428,136 3,064,092 2,857,916
Less: Other Operating Expenses 15,189,730 13,908,047 7,564,121 7,061,566
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Income Before Income Taxes 8,301,271 7,404,588 4,056,071 3,938,283
Provision for Income Taxes 2,607,500 2,562,000 1,387,500 1,375,500
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Net Income $ 5,693,771 $ 4,842,588 $ 2,668,571 $ 2,562,783
Net Income Per Common Share $ 0.64 $ 0.55 $ 0.30 $ 0.29
BALANCE SHEET (unaudited) June 30, 2008 and 2007
Assets 2008 2007 Liabilities & Equity 2008 2007
Cash and Due from Banks $ 31,741,324 $ 27,831,506 Non Interest Bearing $ 136,218,869 $ 135,753,619
Investment Securities 106,765,876 117,976,224 Interest Bearing 504,966,646 477,794,695
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Federal Funds Sold 3,691,761 - Total Deposits 641,185,515 613,548,314
Total Loans 579,689,577 545,641,294 Short Term Debt 3,135,329 2,859,930
Allowance for Loan Losses (5,978,075) (5,753,199) Other Liabilities 2,594,174 2,694,405
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Net Loans 573,711,502 539,888,095 Total Liabilities 646,915,018 619,102,649
Bank Premises & Equipment 20,932,133 19,738,610 Common Stock 8,904,915 8,843,595
Cash surrender value of life
insurance 10,817,535 11,395,502 Additional Paid-In Capital 26,543,470 25,418,242
Other Assets 7,491,106 7,550,295 Retained Earnings 72,787,834 71,015,746
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Total Stockholders' Equity 108,236,219 105,277,583
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Total Assets $ 755,151,237 $ 724,380,232 Total Liabilities & Equity $ 755,151,237 $ 724,380,232
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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.
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MANAGEMENT COMMENTS
For the second quarter of 2008 the Corporation posted net income of $2,668,571,
an increase of $105,788 (4.1%) compared to 2007. Net interest income increased
$414,167 to $8.6 million, despite increasing the provision for loan losses
$140,000, for the second quarter of 2008 compared to 2007. Declining rates
decreased yields paid on interest bearing deposits during the second quarter of
2008 to 1.76% compared to 2.43% during the same period in 2007.
Other income increased $206,176 primarily as a result of increased deposit
service charges and an increase in fees from the sale of loans in the secondary
market during the second quarter of 2008 compared to the second quarter of 2007.
Earnings per share (EPS) increased $0.01 for the three months ending June 30,
2008 compared to 2007.
For the six months ended June 30, 2008, the Corporation posted net income of
$5,693,771, an increase of $851,183 (17.6%). EPS increased $0.09 for the six
month period compared to the same period end in 2007. The increase was largely
attributable to extra-ordinary income in the first quarter as a result of a
death benefit received on bank owned life insurance and redemption of Visa stock
following the Visa IPO. Excluding these extra-ordinary events, EPS increased
$0.01 for the six months ended June 30, 2008 compared to the same period in
2007.