Monroe Bank: investing in its communities since 1892.

Online BankingOnline Banking Log-in Get Info
QUARTERLY REPORTS ARCHIVE
You are here: Home > Shareholder Relations > Financial Reports > Quarterly Reports Archive > Quarter 2 '99
Quarter 2 '99
  • Financial Highlights
• Consolidated Balance Sheet
• Consolidated Statement of Income
  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

back to top

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

back to top

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

back to top