The Town Bank
Balance Sheets
(in thousands, except share amounts)
(unaudited) March 31,
2005 2004
ASSETS
Cash and due from banks $ 3,438 $ 1,798
Federal funds sold and other short term investments 11,842 10,695
Investment securities available for sale 14,873 15,020
Loans, net of unearned fees/costs 114,894 82,860
less: Allowance for loan losses (1,246) (856)
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Net loans 113,648 82,004
Premises and equipment, net 1,896 1,324
Other assets 1,371 619
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Total Assets $ 147,068 $ 111,460
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest bearing $ 21,610 $ 16,753
Interest bearing 108,538 80,872
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Total deposits 130,148 97,625
Short term borrowings 250 250
Accrued expenses and other liabilities 1,609 291
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Total Liabilities 132,007 98,166
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Shareholders' Equity
Common stock ($5.00 par value per
share, authorized 3,000,000 shares at
March 31, 2005 and 2004;
1,877,330 shares issued and outstanding at
March 31, 2005 and 1,851,012 issued
and outstanding at March 31, 2004) 9,387 9,255
Additional paid-in capital 5,547 5,415
Retained earnings (accumulated deficit) 208 (1,402)
Accumulated other comprehensive (loss) income (81) 26
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Total Shareholders' Equity 15,061 13,294
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Total Liabilities And Shareholders' Equity $ 147,068 $ 111,460
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Income Statements
(in thousands, except share amounts)
(unaudited)
For the three months ended
March 31,
2005 2004
Interest income $ 1,908 $ 1,360
Interest expense 589 401
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Net interest income 1,319 959
Provision for loan losses 60 55
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Net interest income after provision for loan losses 1,259 904
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Non interest income 37 28
Non interest expense 756 658
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Income before income taxes 540 274
Income taxes 25 4
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Net income $ 515 $ 270
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Net income per share - basic $ 0.27 $ 0.15
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Net income per share - diluted $ 0.26 $ 0.14
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Average shares outstanding - basic 1,874,000 1,851,000
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Average shares outstanding - diluted 1,950,000 1,891,000
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The above share figures have been restated for the 5% stock dividend distributed on June 1, 2004
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