Tri City Bankshares Corporation
Quarterly Brochure Financial Data
INCOME STATEMENT (unaudited)
Six Months Ended Three Months Ended
06/30/09 06/30/08 06/30/09 06/30/08
Interest Income $20,150,158 $22,155,529 $10,106,345 $10,797,434
Interest Expense 3,495,871 5,242,584 1,691,583 2,241,334
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Net Interest Income 16,654,287 16,912,945 8,414,762 8,556,100
Other Income 7,320,159 6,578,056 3,999,764 3,064,092
Less: Other Operating Expenses 16,171,422 15,189,730 8,437,167 7,564,121
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Income Before Income Taxes 7,803,024 8,301,271 3,977,359 4,056,071
Provision for Income Taxes 2,734,000 2,607,500 1,400,500 1,387,500
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Net Income $ 5,069,024 $ 5,693,771 $ 2,576,859 $ 2,668,571
Net Income Per Common Share $ 0.57 $ 0.64 $ 0.29 $ 0.30
BALANCE SHEET (unaudited) June 30, 2009 and 2008
ASSETS 2009 2008 LIABILITIES & EQUITY 2009 2008
Cash and Due from Banks $ 22,843,896 $ 31,741,324 Non Interest Bearing $ 126,154,924 $ 136,218,869
Investment Securities 105,809,940 106,765,876 Interest Bearing 536,397,940 504,966,646
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Federal Funds Sold 15,938,586 3,691,761 Total Deposits 662,552,864 641,185,515
Total Loans 594,212,727 579,689,577 Short Term Debt 1,049,717 3,135,329
Allowance for Loan Losses (5,995,499) (5,978,075) Other Liabilities 2,635,125 2,594,174
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Net Loans 588,217,228 573,711,502 Total Liabilities 666,237,706 646,915,018
Bank Premises & Equipment 20,631,299 20,932,133 Common Stock 8,904,915 8,904,915
Cash surrender value of life insurance 11,298,804 10,817,535 Additional Paid-In Capital 26,543,470 26,543,470
Other Assets 10,694,483 7,491,106 Retained Earnings 73,748,145 72,787,834
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Total Stockholders' Equity 109,196,530 108,236,219
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Total Assets $ 775,434,236 $ 755,151,237 Total Liabilities & Equity $ 775,434,236 $ 755,151,237
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MANAGEMENT COMMENTS
The Corporation posted net income of $5,069,024 for the first six months of
2009, a decrease of $624,747 (11.0%) compared to the first six months of 2008.
Non-recurring income received in 2008 accounts for all of the decrease in the
comparison of net income in the first half 2009 to the first half 2008.
Non-recurring income included a tax exempt death benefit from bank owned life
insurance in the amount of $606,600 and a gain on sale of VISA stock following
the Visa IPO in the amount of $108,600.
Earnings per share (EPS) decreased $0.07 to $0.57 for the six months ending June
30, 2009 compared to the same period in 2008. EPS excluding non-recurring items,
increased $0.01 for the six months ended June 30, 2009 compared to the six
months ending June 30, 2008.