WESTFIELD, N.J., April 22, 2005 (PRIMEZONE) -- The Town Bank (OTCBB:TBWN):
To Our Shareholders:
We are pleased to report that The Town Bank has marked another quarter of record performance fueled by continued deposit and loan activity. We continue to strengthen our position as a community based provider of financial products, backed by superior customer service and personal attention.
For the three months ended March 31, 2005, net income increased to $515,000 or $0.27 per basic share and 0.26 per diluted share, compared to net income of $270,000 or $0.15 per basic share and $0.14 per diluted share recorded one year ago. This improvement is largely attributed to a higher level of net interest income. This increase in net interest income is the result of the growth of the Bank.
On March 31, 2005, our total assets amounted to $147,068,000 as compared to $111,460,000 recorded one year ago on March 31, 2004; reflecting a growth of $35,608,000 or 32%. Total deposits grew to $130,148,000 at March 31, 2005, from $97,625,000 at March 31, 2004, resulting in an increase of $32,523,000 or 33%. Loans outstanding rose from $82,860,000 to $114,894,000 representing an increase of $32,034,000 or a growth of 39%.
We thank you for your confidence and continued support. We look forward to seeing you at our Annual Shareholders Meeting on April 28, 2005.
The Town Bank
Balance Sheets
(in thousands, except share amounts)
(unaudited)
March 31,
2005 2004
---- ----
ASSETS
Cash and due from banks $3,438 $1,798
Federal funds sold and other short term
investments 11,842 10,695
Investment securities available for sale 14,873 15,020
Loans, net of unearned fees/costs 114,894 82,860
less: Allowance for loan losses (1,246) (856)
--------- ---------
Net loans 113,648 82,004
Premises and equipment, net 1,896 1,324
Other assets 1,371 619
--------- ---------
Total Assets $147,068 $111,460
--------- ---------
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest bearing $21,610 $16,753
Interest bearing 108,538 80,872
--------- ---------
Total deposits 130,148 97,625
Short term borrowings 250 250
Accrued expenses and other liabilities 1,609 291
--------- ---------
Total Liabilities 132,007 98,166
--------- ---------
Shareholders' Equity
Common stock ($5.00 par value per share,
authorized 3,000,000 shares at
March 31, 2005 and 2004;
1,877,330 shares issued and outstanding
at March 31, 2005 and 1,851,012 issued
and outstanding at March 31, 2004) 9,387 9,255
Additional paid-in capital 5,547 5,415
Retained earnings (accumulated deficit) 208 (1,402)
Accumulated other comprehensive (loss)
income (81) 26
--------- ---------
Total Shareholders' Equity 15,061 13,294
--------- ---------
Total Liabilities And Shareholders'
Equity $147,068 $111,460
--------- ---------
Income Statements
(in thousands, except share amounts)
(unaudited)
For the three
months ended
March 31,
2005 2004
---- ----
Interest income $1,908 $1,360
Interest expense 589 401
--------- ---------
Net interest income 1,319 959
Provision for loan losses 60 55
--------- ---------
Net interest income after provision for
loan losses 1,259 904
--------- ---------
Non interest income 37 28
Non interest expense 756 658
--------- ---------
Income before income taxes 540 274
Income taxes 25 4
--------- ---------
Net income $515 $270
--------- ---------
Net income per share - basic $0.27 $0.15
--------- ---------
Net income per share - diluted $0.26 $0.14
--------- ---------
Average shares outstanding - basic 1,874,000 1,851,000
--------- ---------
Average shares outstanding - diluted 1,950,000 1,891,000
--------- ---------
The above share figures have been restated for the 5% stock dividend distributed on June 1, 2004
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