Quarterly Reports Archive: Quarter 2 '98

Monroe Bank: investing in its communities since 1892.

QUARTERLY REPORTS ARCHIVE

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Quarter 2 '98

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

	1998	1997	Percent Change
Operating Results *
Interest Income	$12,761	$11,693	9.13 %
Interest Expense	5,838	5,234	11.54
Net interest income	6,923	6,459	7.18
Provision for loan losses	240	210	14.29
Income taxes	1,197	1,114	7.45
Net income	2,306	2,114	7.56
Per Share Data *
Net income	0.38	0.35	7.39
Dividends	0.16	0.09	77.78
Book value at quarter end	5.01	4.59	9.37
June 30 Balances
Total assets	343,849	310,463	10.75
Total deposits	286,190	271,310	5.48
Total loans	233,360	220,107	6.02
Shareholders' equity	30,645	28,006	9.42
Selected Financial Ratios
Return on average assets	1.40 %	1.43 %
Return on average equity	15.46	15.78
Allowance for loan losses as a percentage of total loans	1.42	1.47
* Six months ended June 30

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Monroe Bancorp and Subsidiary Consolidated Balance Sheet - June 30, 1998 and 1997
($ in millions)

	1998	1997
Assets
Cash and cash equivalents:
Cash and non-interest bearing deposits	$17,681,365	$15,457,627
Federal funds sold	7,750,000	5,700,000
Total cash and cash equivalents	25,431,365	21,157,627
Held-to-maturity securities	60,189,777	49,028,677
Available-for-sale securities	11,486,665	9,820,671
Loans, net of allowance for loan losses	233,360,487	220,106,744
Bank premises and equipment	6,828,901	4,768,477
Accrued interest receivable	3,070,941	2,851,780
Other assets	3,480,651	2,729,130
Total assets	$343,848,787	$310,463,106
Liabilities and Shareholders' Equity
Deposits	$286,189,597	$271,309,825
Securities sold under repurchase agreements	16,274,648	5,739,342
Long-term debt	8,423,691	3,301,191
Accrued interest payable	1,011,624	1,158,730
Other liabilities	1,303,890	1,158,730
Total liabilities	313,203,450	282,456,677
Shareholders' equity:
Common stock, no par value, 18,000,000 shares authorized, 6,115,240 and 6,105,240 shares issued and outstanding in 1998 and 1997, respectively	136,672	136,672
Additional paid-in capital	3,305,378	3,280,128
Retained earnings	27,507,472	25,032,257
Unrealized holding gain on securities available for sale	51,815	2,372
Less unearned ESOT shares	(356,000)	(445,000)
Total shareholders' equity	30,645,337	28,006,429
Total liabilities and shareholders' equity	$343,848,787	$310,463,106

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Monroe Bancorp and Subsidiary Consolidated Statement of Income Six Months Ended June 30, 1998 and 1997
($ in millions)

	1998	1997
Interest Income	$12,760,756	$11,692,773
Interest Expense	5,837,444	5,233,640
Net interest income	6,923,312	6,459,133
Provision for loan losses	240,000	210,000
Net interest income after provision for loan losses	6,683,312	6,249,133
Other operating income	1,450,624	1,051,918
Other operating expenses	4,631,030	4,043,599
Income before income tax	3,502,906	3,257,452
Income tax provision	1,196,900	1,113,700
Net income	2,306,006	2,143,752
Retained earnings - beginning of year	26,179,105	23,442,026
Dividends ($0.16 per share in 1998 and $0.09 per share in 1997)	(977,639)	(553,521)
Retained earnings - ending	$27,507,472	$25,032,257
Net income per share based on 6,112,740 in 1998 and 6,102,740 in 1997 weighted average shares outstanding	$ 0.38	$ 0.35