Touchmark Bancshares : 2023 Q3 Financial Summary

TOUCHMARK BANCSHARES, INC.

AND SUBSIDIARY

Consolidated Balance Sheets

September 30, 2023 and December 31, 2022

(Unaudited)

ASSETS		2023			2022
Cash and due from banks	$	1,241,572	$	1,692,508
Federal funds sold		5,175,000			5,175,000
Interest-bearing deposits with other banks		30,368,372			22,416,393
Investment securities		13,684,763			14,923,301
Restricted stock		1,523,050			1,495,050
Loans, net		411,727,657			287,970,888
Premises and equipment, net		1,373,778			1,446,338
Other assets		6,050,035			5,113,431
Total assets	$	471,144,227		$	340,232,909
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing demand	$	18,320,441	$	21,951,118
Interest bearing		347,544,710			248,890,106
Total deposits		365,865,151			270,841,224
Federal Reserve Bank advances		31,000,000			-
Other liabilities		3,293,856			3,891,397
Total liabilities		400,159,007			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		25,209,900			19,583,335
Accumulated other comprehensive income (loss)		(1,150,090)			(1,008,457)
Total shareholders' equity		70,985,220			65,500,288
Total liabilities and shareholders' equity	$	471,144,227	$	340,232,909

TOUCHMARK BANCSHARES, INC.

AND SUBSIDIARY

Condensed Consolidated Statements of Income

For the Nine Months Ended September 30, 2023 and 2022

(Unaudited)

		2023			2022
Net interest income	$	11,303,944	$	9,397,281
Provision for credit losses		328,000			466,758
Net interest income after provision for credit losses		10,975,944			8,930,523
Total noninterest income		2,032,520			1,394,318
Total noninterest expense		5,222,397			5,148,724
Net income before taxes		7,786,067			5,176,117
Income tax expense		1,927,000			1,251,000
Net income	$	5,859,067		$	3,925,117
Key Ratios
Basic Earnings Per Share	$	1.31	$	0.88
Book Value Per Share		15.86			14.73
Return on Average Assets		1.93%			1.41%
Return on Average Equity		11.45%			8.11%
Efficiency Ratio		39.16%			47.71%