Quarterly Reports Archive: Quarter 1 '99

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QUARTERLY REPORTS ARCHIVE

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Quarter 1 '99

Financial Highlights as of March 31
($ in thousands, except per share data)

	1999	1998	Percent Change
Operating Results *
Interest Income	$6,603	$6,325	4.40%
Interest Expense	3,029	2,859	5.95
Net interest income	3,574	3,466	3.12
Provision for loan losses	135	120	12.50
Income taxes	538	582	-7.56
Net income	1,106	1,105	0.09
Per Share Data *
Net income - basic and diluted	0.18	0.18	0.00
Dividends	0.08	0.08	0.00
Book value at quarter end	5.33	4.90	8.78
March 31 Balances
Total assets	383,571	337,958	13.50
Total deposits	309,918	287,746	7.71
Total loans	241,569	234,295	3.10
Shareholders' equity	32,640	29,926	9.07
Selected Financial Ratios
Return on average assets	1.19%	1.36%
Return on average equity	13.78	15.08
Allowance for loan losses as a percentage of total loans	1.44	1.37

* Three months ended March 31

Monroe Bancorp and Subsidiary Consolidated Balance Sheet - March 31
($ in thousands)

	1999	1998
Assets
Cash and cash equivalents:
Cash and non-interest bearing deposits	$14,592	$18,795
Federal funds sold	19,725	11,600
Total cash and cash equivalents	34,317	30,395
Held-to-maturity securities	74,355	48,629
Available-for-sale securities	15,685	11,856
Trading securities	2,782	---
Loans, net of allowance for loan losses	241,569	234,295
Bank premises and equipment	7,591	6,229
Accrued interest receivable	3,214	2,862
Other assets	4,058	3,692
Total assets	$383,571	$337,958
Liabilities and Shareholders' Equity
Deposits	$309,918	$287,746
Repurchase agreements	25,698	10,060
Long-term debt	12,754	7,584
Accrued interest payable	952	1,002
Other liabilities	1,609	1,640
Total liabilities	350,931	308,032
Shareholders' equity:
Common stock, no par value, 18,000,000 shares authorized, 6,122,740 and 6,112,740 shares issued and outstanding in 1999 and 1998, respectively	137	137
Additional paid-in capital	3,322	3,298
Retained earnings	29,486	26,795
Net unrealized gain (loss) on available-for-sale securities	(38)	52
Unearned ESOT shares	(267)	(356)
Total shareholders' equity	32,640	29,926
Total liabilities and shareholders' equity	$383,571	$337,958

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Monroe bancorp and Subsidiary Consolidated Statement of Income Three Months Ended March 31
($ in thousands, except per share data)

	1999	1998
Interest Income	$6,603	$6,325
Interest Expense	3,029	2,859
Net interest income	3,574	3,466
Provision for loan losses	135	120
Net interest income after provision for loan losses	3,439	3,346
Other operating income	840	667
Other operating expenses	2,635	2,326
Income before income tax	1,644	1,687
Income tax provision	538	582
Net income	1,106	1,105
Retained earnings - beginning of year	28,869	26,179
Dividends ($.08 per share in 1999 and 1998)	(489)	(489)
Retained earnings - end of period	$29,486	$26,795
Basic and diluted net income per share	$0.18	$0.18