Quarterly Reports Archive: Quarter 3 '98

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QUARTERLY REPORTS ARCHIVE

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Quarter 3 '98

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

	1998	1997	Percent Change
Operating Results*
Interest Income	$19,337	$17,855	8.30%
Interest Expense	8,880	8,076	9.96
Net interest income	10,457	9,778	6.93
Provision for loan losses	360	330	9.09
Income taxes	1,795	1,725	4.06
Net income	3,497	3,279	6.65
Per Share Data*
Net income	0.57	0.54	5.56
Dividends	0.24	0.09	166.67
Book value at quarter end	5.13	4.77	7.55
September 30 Balances
Total assets	351,937	322,520	9.12
Total deposits	290,749	277,679	4.71
Total loans	240,400	224,601	7.03
Shareholders' equity	31,391	29,151	7.68
Selected Financial Ratios
Return on average assets	1.38%	1.43%
Return on average equity	15.36	15.77
Allowance for loan losses as a percentage of total loans	1.41	1.47
* Nine months ended September

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

	1998	1997
Assets
Cash and cash equivalents:
Cash and non-interest bearing deposits	$11,952,195	$11,791,958
Federal funds sold	6,010,000	9,310,000
Total cash and cash equivalents	17,962,195	21,101,958
Held-to-maturity securities	65,551,587	51,328,217
Available-for-sale securities	14,282,785	14,629,600
Loans, net of allowance for loan losses	240,400,458	224,601,270
Bank premises and equipment	6,957,213	5,085,573
Accrued interest receivable	3,280,676	2,973,219
Other assets	3,502,055	2,799,894
Total assets	$351,936,969	$322,519,731
Liabilities and Shareholders' Equity
Deposits	$290,748,812	$277,679,052
Repurchase agreements	19,641,543	7,466,235
Long-term debt	7,566,473	5,883,835
Accrued interest payable	1,110,226	994,547
Other liabilities	1,479,061	1,344,746
Total liabilities	320,546,115	293,368,415
Shareholders' equity
Common stock, no par value, 18,000,000 shares authorized, 6,117,740 and 6,107,740 shares issued and outstanding in 1998 and 1997, respectively	136,672	136,672
Additional paid-in capital	3,312,503	3,280,128
Retained earnings	28,209,852	26,167,828
Net unrealized gain on available-for-sale securities	87,827	11,688
Unearned ESOT shares	(356,000)	(445,000)
Total shareholders' equity	31,390,854	29,151,316
Total liabilities and shareholders' equity	$351,936,969	$322,519,731

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Monroe Bancorp and Subsidiary Consolidated Statement of Income Nine Months Ended September 30
($ in millions)

	1998	1997
Interest Income	$19,336,567	$17,854,649
Interest Expense	8,880,486	8,076,341
Net interest income	10,456,081	9,778,308
Provision for loan losses	360,000	330,000
Net interest income after provision for loan losses	10,096,081	9,448,308
Other operating income	2,238,341	1,674,388
Other operating expenses	7,041,817	6,118,373
Income before income tax	5,292,605	5,004,323
Income tax provision	1,795,400	1,725,000
Net income	3,497,205	3,279,323
Retained earnings - beginning of year	26,179,105	23,442,026
Dividends ($0.24 per share in 1998 and $0.09 per share in 1997	$(1,466,458)	$(553,521)
Retained earnings - end of year	28,209,852	26,167,828
Net income per share based on 6,113,990 in 1998 and 6,103,990 in 1997 weighted average shares outstanding	$0.57	$0.54

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