Touchmark Bancshares : 2023 Q2 Financial Summary

TOUCHMARK BANCSHARES, INC.

AND SUBSIDIARY

Consolidated Balance Sheets

June 30, 2023 and December 31, 2022

(Unaudited)

ASSETS		2023			2022
Cash and due from banks	$	1,838,809	$	1,692,508
Federal funds sold		5,175,000			5,175,000
Interest-bearing deposits with other banks		16,606,960			22,416,393
Investment securities		14,223,732			14,923,301
Restricted stock		1,454,850			1,495,050
Loans, net		360,682,411			287,970,888
Premises and equipment, net		1,406,536			1,446,338
Other assets		5,568,131			5,113,431
Total assets	$	406,956,429		$	340,232,909
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing demand	$	19,519,280	$	21,951,118
Interest bearing		302,492,271			248,890,106
Total deposits		322,011,551			270,841,224
Federal Reserve Bank advances		14,500,000			-
Other liabilities		2,066,455			3,891,397
Total liabilities		338,578,006			274,732,621
Shareholders' Equity:
Preferred stock, no par value, 10,000,000 shares
authorized, none issued		-			-
Common stock, $.01 par value, 4,475,891 shares issued		44,759			44,759
Additional paid-in capital		46,880,651			46,880,651
Retained earnings		22,403,093			19,583,335
Accumulated other comprehensive income (loss)		(950,080)			(1,008,457)
Total shareholders' equity		68,378,423			65,500,288
Total liabilities and shareholders' equity	$	406,956,429	$	340,232,909

TOUCHMARK BANCSHARES, INC.

AND SUBSIDIARY

Condensed Consolidated Statements of Income For the Six Months Ended June 30, 2023 and 2022 (Unaudited)

		2023			2022
Net interest income	$	7,316,752	$	6,210,903
Provision for credit losses		260,000			336,758
Net interest income after provision for credit losses		7,056,752			5,874,145
Total noninterest income		306,653			1,185,014
Total noninterest expense		3,301,145			3,673,023
Net income before taxes		4,062,260			3,386,136
Income tax expense		1,010,000			817,000
Net income	$	3,052,260		$	2,569,136
Key Ratios
Basic Earnings Per Share	$	0.68	$	0.57
Book Value Per Share		15.28			14.51
Return on Average Assets		1.63%			1.38%
Return on Average Equity		9.12%			8.02%
Efficiency Ratio		43.30%			49.66%