Touchmark Bancshares : 2023 Q1 Financial Summary

TOUCHMARK BANCSHARES, INC.

AND SUBSIDIARY

Consolidated Balance Sheets

March 31, 2023 and December 31, 2022

(Unaudited)

ASSETS		2023			2022
Cash and due from banks	$	2,390,248	$	1,692,508
Federal funds sold		5,175,000			5,175,000
Interest-bearing deposits with other banks		22,460,251			22,416,393
Investment securities		14,917,328			14,923,301
Restricted stock		1,454,850			1,495,050
Loans, net		347,147,003			287,970,888
Premises and equipment, net		1,410,125			1,446,338
Other assets		5,414,806			5,113,431
Total assets	$	400,369,611		$	340,232,909
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing demand	$	21,161,768	$	21,951,118
Interest bearing		263,943,998			248,890,106
Total deposits		285,105,766			270,841,224
Federal Reserve Bank advances		46,000,000			-
Other liabilities		2,051,754			3,891,397
Total liabilities		333,157,520			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		21,094,652			19,583,335
Accumulated other comprehensive income (loss)		(807,971)			(1,008,457)
Total shareholders' equity		67,212,091			65,500,288
Total liabilities and shareholders' equity	$	400,369,611	$	340,232,909

TOUCHMARK BANCSHARES, INC.

AND SUBSIDIARY

Condensed Consolidated Statements of Income

For the Three Months Ended March 31, 2023 and 2022

(Unaudited)

		2023			2022
Net interest income	$	3,941,977	$	2,981,505
Provision for credit losses		115,000			150,000
Net interest income after provision for credit losses		3,826,977			2,831,505
Total noninterest income		152,126			986,268
Total noninterest expense		1,664,284			1,954,152
Net income before taxes		2,314,819			1,863,621
Income tax expense		571,000			449,000
Net income	$	1,743,819		$	1,414,621
Key Ratios
Basic Earnings Per Share	$	0.39	$	0.32
Book Value Per Share		15.02			14.33
Return on Average Assets		1.88%			1.44%
Return on Average Equity		10.51%			8.89%
Efficiency Ratio		40.65%			49.25%