Tri City Bankshares Corp. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Declares Dividend Payable on August 2, 2012
August 03, 2012 at 01:06 pm EDT
Share
Tri City Bankshares Corp. announced unaudited earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported net income of $2,514,063 or $0.28 net income per common share compared to net income of $2,652,662 or $0.29 net income per common share for the corresponding period of last year. Net interest income was $10,937,699 against $12,414,209 of prior year period. Income before income taxes was $3,835,063 against $4,100,163 for the same period last year.
For the six months, net income was $5,083,628 or $0.57 net income per common share compared to net income of $4,938,348 or $0.55 net income per common share for the corresponding period of last year. The increase in earnings was due to a $2.0 million increase in non-interest income and a $0.3 million decrease in the provision for loan losses, which was partially offset by a decrease in net interest income of $1.4 million and a $0.3 million increase in non-interest expense. Net interest income was $22,548,216 against $23,929,716 of prior year period. Income before income taxes was $7,910,973 against $7,260,135 for the same period last year. Operating earnings during the first six months of 2012 were also positively affected by an increase in Acquisition-related purchase accounting income, which totaled $4.1 million during the first six months of 2012 compared to $3.5 million during the same period in 2011.
The Board of Directors declared a dividend of $0.21 per share payable on August 2, 2012 to shareholders as of the record date of July 24th 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.
Tri City Bankshares Corp. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Declares Dividend Payable on August 2, 2012