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QUARTERLY REPORTS ARCHIVE
You are here: Home > Shareholder Relations > Financial Reports > Quarterly Reports Archive > Quarter 3 '00
Quarter 3 '00
  • Financial Highlights
• Consolidated Balance Sheet
• Consolidated Statement of Income
 

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

  2000 1999 Percent Change
Operating Results *
Interest Income $23,363 $20,276 15.22%
Interest Expense 11,659 9,270 25.77
Net interest income 11,704 11,006 6.34
Provision for loan losses 540 405 33.33
Income taxes 1,975 1,694 16.59
Net income 4,001 3,535 13.18
Per Share Data *
Net income - basic and diluted* 0.65 0.58 12.07
Dividends* 0.30 0.24 25.00
Book value at quarter end 5.98 5.53 8.14
September 30 Balances
Total assets 434,125 397,542 9.20
Total deposits 338,399 316,179 7.03
Total loans 289,704 258,160 12.22
Shareholders' equity 36,721 33,905 8.31
Selected Financial Ratios
Return on average assets 1.25% 1.22%  
Return on average equity 15.00 14.27  
Allowance for loan losses as a percentage of total loans 1.29 1.39  
       
* Nine months ended September 30      

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

  2000 1999
Assets
Cash and non-interest bearing deposits $22,944 $15,483
Held-to-maturity securities 78,722 83,695
Available-for-sale securities 18,764 18,265
Trading securities 3,378 2,863
Loans, net of allowance for loan losses 289,704 258,160
FHLB stock, at cost 1,257 1,183
Bank premises and equipment 10,471 9,200
Accrued interest receivable 3,896 3,545
Other assets 4,989 5,148
      Total assets $434,125 $397,542
Liabilities and Shareholders' Equity
Deposits $338,399 $316,179
Repurchase agreements 33,543 30,201
Short-term borrowings 12,632 1,475
Long-term debt 6,585 10,442
Accrued interest payable 1,241 962
Other liabilities 5,003 4,378
    Total liabilities 397,403 363,637
Shareholders' equity
Common stock, no par value, 18,000,000 shares authorized, 6,137,740 and 6,127,240 shares issued and outstanding in 2000 and 1999, respectively 137 137
Additional paid-in capital 3,351 3,326
Retained earnings 33,673 30,935
Net unrealized loss on available-for-sale securities (242) (226)
Unearned ESOT shares (197) (267)
    Total shareholders' equity 36,722 33,905
    Total liabilities and shareholders' equity $434,125 $397,542

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

  2000 1999
Interest Income $23,363 $20,276
Interest Expense 11,659 9,270
  Net interest income 11,704 11,006
Provision for loan losses 540 405
  Net interest income after provision for loan losses 11,164 10,601
Other operating income 2,955 2,539
Other operating expenses 8,143 7,911
  Income before income tax 5,976 5,229
Income tax provision 1,975 1,694
  Net income 4,001 3,535
Retained earnings - beginning of year 31,511 28,869
Dividends ($.30 and $.24 per share in 2000 and 1999, respectively) (1,839) (1,469)
Retained earnings - end of period $33,673 $30,935
Basic and diluted net income per share $0.65 $0.58

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