Quarterly Reports Archive: Quarter3 '99

Monroe Bank: investing in its communities since 1892.

QUARTERLY REPORTS ARCHIVE

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Quarter 3 '99

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

	1999	1998	Percent Change
Operating Results*
Interest Income	$20,276	$19,337	4.86%
Interest Expense	9,278	8,880	4.48
Net interest income	10,998	10,457	5.17
Provision for loan losses	405	360	12.50
Income taxes	1,694	1,795	-5.63
Net income	3,535	3,497	1.09
Per Share Data*
Net income - basic and diluted	0.58	0.57	1.75
Dividends	0.24	0.24	0.00
Book value at quarter end	5.53	5.13	7.80
March 31 Balances
Total assets	397,542	351,937	12.96
Total deposits	316,179	290,749	8.75
Total loans	258,160	240,400	7.39
Shareholders' equity	33,905	31,391	8.01
Selected Financial Ratios
Return on average assets	1.22%	1.38%
Return on average equity	14.27	15.36
Allowance for loan losses as a percentage of total loans	1.39	1.41
* Nine months ended September 30

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

	1999	1998
Assets
Cash and cash equivalents:
Cash and non-interest bearing deposits	$15,483	$11,952
Federal funds sold		6,010
Total cash and cash equivalents	15,483	17,962
Held-to-maturity securities	83,695	65,552
Available-for-sale securities	19,448	14,283
Trading securities	2,863	---
Loans, net of allowance for loan losses	258,160	240,400
Bank premises and equipment	9,200	6,898
Accrued interest receivable	3,545	3,280
Other assets	5,148	3,562
Total assets	$397,542	$351,937
Liabilities and Shareholders' Equity
Deposits	$316,179	$290,749
Repurchase agreements	31,676	19,642
Long-term debt	13,305	7,566
Accrued interest payable	962	1,110
Other liabilities	1,515	1,479
Total liabilities	363,637	320,546
Shareholders' equity
Common stock, no par value, 18,000,000 shares authorized, 6,127,740 and 6,117,740 shares issued and outstanding in 1999 and 1998, respectively	137	137
Additional paid-in capital	3,326	3,312
Retained earnings	30,935	28,210
Net unrealized gain (loss) on available-for-sale securities	(226)	88
Unearned ESOT shares	(267)	(356)
Total shareholders' equity	33,905	31,391
Total liabilities and shareholders' equity	$397,542	$351,937

	1999	1998
Interest Income	$20,276	$19,337
Interest Expense	9,278	8,880
Net interest income	10,998	10,457
Provision for loan losses	405	360
Net interest income after provision for loan losses	10,593	10,097
Other operating income	2,539	2,237
Other operating expenses	7,903	7,042
Income before income tax	5,229	5,292
Income tax provision	1,694	1,795
Net income	3,535	3,497
Retained earnings - beginning of year	28,869	26,179
Dividends ($.24 per share in 1999 and 1998)	(1469)	(1466)
Retained earnings - end of period	$30,935	$28,210
Basic and diluted net income per share	$0.58	$0.57