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QUARTERLY REPORTS ARCHIVE
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Quarter 2 '00
  • Financial Highlights
• Consolidated Balance Sheet
• Consolidated Statement of Income
 

Financial Highlights as of June 30
($ in thousands, except per share data)

  2000 1999 Percent Change
Operating Results*
Interest Income $ 15,220 $ 13,405 13.54%
Interest Expense 7,491 6,127 22.26
Net interest income 7,729 7,278 6.20
Provision for loan losses 360 270 33.33
Income taxes 1,297 1,083 19.76
Net income 2,603 2,276 14.37
Per Share Data 
Net income - basic and diluted* 0.42 0.37 13.51
Dividends 0.20 0.16 25.00
Book value at quarter end* 5.83 5.41 7.76
June 30 Balances
Total assets 444,371 394,453 12.65
Total deposits 358,204 316,001 13.36
Total loans 287,697 248,667 15.70
Shareholders' equity 35,753 33,145 7.87
Selected Financial Ratios
Return on average assets 1.23% 1.20%  
Return on average equity 14.85 13.98  
Allowance for loan losses as a percentage of total loans 1.26 1.43  
* Six months ended June 30

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Monroe Bancorp and Subsidiary Consolidated Balance Sheet - June 30
($ in thousands)

  2000 1999
Assets
Cash and cash equivalents:
  Cash and non-interest bearing deposits $19,393 $17,864
  Federal funds sold 13,000 6,375
    Total cash and cash equivalents 32,393 24,239
Held-to-maturity securities 81,730 86,838
Available-for-sale securities 18,290 14,257
Trading Securities 3,354 2,923
Loans, net of allowance for loan losses 287,697 248,667
FHLB stock, at cost 1,257 1,183
Bank premises and equipment 10,482 8,226
Accrued interest receivable 3,861 3,502
Other assets 4,677 4,618
      Total assets $444,371 $394,453
Liabilities and Shareholders' Equity 14.85 13.98
Deposits $358,204 $316,001
Repurchase agreements 37,504 31,695
Long-term debt 7,090 11,364
Accrued interest payable 1,142 989
Other liabilities    4,678    1,259
    Total liabilities 408,618 361,308
Shareholders' equity:
Common stock, no par value, 18,000,000 shares authorized, 6,135,240 and 6,125,240 shares issued and outstanding in 2000 and 1999, respectively 137 137
Additional paid-in capital 3,347 3,325
Retained earnings 32,886 30,166
Net unrealized gain (loss) on available-for-sale securities (439) (216)
Unearned ESOT shares      (178)      (267)
    Total shareholders' equity    35,753    33,145
    Total liabilities and shareholders' equity $ 444,371 $ 394,453
* Six months ended June 30

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Monroe Bancorp and Subsidiary Consolidated Statement of Income Six Months Ended June 30
($ in thousands, except per share data)

2000 1999
Interest Income $15,220 $13,405
Interest Expense 7,491 6,127
  Net interest income 7,729 7,278
Provision for loan losses     360      270
   Net interest income after provision for loan losses 7,369 7,008
Other operating income 1,945 1,726
Other operating expenses    5,414    5,375
  Income before income tax 3,900 3,359
Income tax provision    1,297    1,083
  Net income 2,603 2,276
Retained earnings - beginning of year 31,511 28,869
Dividends ($.20 and $.16 per share in 2000 and 1999, respectively)   (1,228)    (979)
Retained earnings - end of period $32,886 $30,166
Basic and diluted net income per share $ 0.42 $ 0.37

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