Tri City Bankshares Corp. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2012; Declares Dividend, Payable on May 3, 2012
May 03, 2012 at 11:42 am
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Tri City Bankshares Corp. reported unaudited earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported interest Income of $12,520,286 against $12,843,229 for the same period last year. Net interest income was $11,610,517 against $11,515,507 for the same period last year. Net interest income increased $0.1 million and was offset by a $0.1 million increase in loan loss reserves. Total income before taxes was $4,075,910 against $3,159,972 for the same period last year. Net income was $2,569,565 or $0.29 per share against $2,285,686 or $0.26 per share for the same period last year. The increase in earnings was due to a $0.8 million increase in non-interest income and a $0.2 million decrease in non-interest expense which was partially offset by a higher effective tax rate. Operating earnings during the first quarter of 2012 were also positively affected by an increase in Acquisition-related purchase accounting income, which totaled $1.8 million during the first quarter of 2012 compared to $1.4 million during the same period in 2011.
The board of directors declared a dividend of $0.21 per share payable on May 3, 2012 to shareholders as of the record date of April 23, 2012.
Tri City Bankshares Corporation is a bank holding company, which offers a range of financial products and services to external customers, including accepting deposits and originating residential, consumer and commercial loans. It operates through the community banking segment. Its wholly owned subsidiary is Tri City National Bank (the Bank). The Bank's personal banking services include checking accounts, savings and certificate of deposits, health savings accounts, individual retirement accounts, credit cards, and investments. The Bank's business banking services include business loans, business checking, business savings and certificate of deposits, health savings account (HSA) for employers, business credit cards, business services, business fraud prevention, and municipal banking. The Bank's mortgages and loans include mortgages, auto loans, personal loans, and business loans. The Bank's additional services include safe deposit boxes, gift cards, and others.