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Financial Statement

Resource Bankshares, Inc. Financial Statement
First Quarter 2014

 

STATEMENT OF FINANCIAL CONDITION
(in thousands)

Holding
Company Consolidated
3/31/2014(unaudited)
Holding
Company Consolidated
3/31/2013
(unaudited)

ASSETS    
Cash & due from banks $20,750 $12,601
Interest bearing deposits in other banks 75 182
Fed Funds Sold 35,487 38,129
Investment & Equity in Resource Trust I & II 217 217
Investment securities available-for-sale, at fair market value 47,072 41,405
Other stocks, at cost 1,505 1,631
Loans, less allowances for loan losses 407,498 366,143
(3/31/14 Allowance for loan losses $ 3,062,733)    
(3/31/13 Allowance for loan losses $ 2,952,925)    
Bank premises & equipment, net of accumulated depreciation 13,387 10,323
Deferred Tax receivable 20 21
Accrued interest receivable 1,373 1,320
Prepaid Interest - -
Other Assets 460 468
Other real estate owned 1,000 2,547
TOTAL ASSETS $528,844 $474,987

LIABILITIES

   
Deposits    
Demand deposit accounts $90,437 $75,235
NOW accounts 204,370 178,009
Money market accounts 77,430 72,352
Saving accounts 16,659 14,755
Certificates of Deposits $100,000 & over 43,422 40,650
Other Certificates of Deposits  25,956 28,653
Total Deposits $458,274 $409,654
Accrued expenses and other liabilities 1,350 653
Deferred Tax Payable 64 56
Accrued Interest Payable 105 123
Cash Dividends Payable 315 334
Interest Payable on Debentures 23 25
Trust Preferred Securities Payable I 3,093 3,093
Trust Preferred Securities Payable II 4,124 4,124
Other borrowed funds 14,000 14,000
Total Liabilities $481,348 $432,062

STOCKHOLDERS’ EQUITY

   
Common stock: $1.00 par value; 2,000,000 shares authorized; 1,344,824 and 1,337,254 shares issued and outstanding at March 31, 2014 and March 31, 2013, respectively. 
As of March 31, 2014, 1,348,721 issued with 3,897 shares held in Treasury Stock.
1,349 1,342
Preferred stock: $1.00 par value; 100,000 shares authorized; no shares issued or outstanding
- -
Less: Stock Subscription Receivable (826) (826)
Capital surplus 16,230 16,114
Treasury Stock (136) (182)

Retained Earnings

29,311 24,558

Earnings year to date (* Bank Only $1,424,993 year to date)

1,391 1,378

Net unrealized holding gains (losses) on securities

177 541
Total Equity Capital 47,496 42,925

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

$528,844 $474,987

Stockholder’s Equity (Book value per share-undiluted) 35.32 32.10
Stockholder’s Equity (Book value per share diluted) 34.63 31.63

Quarterly Return on Average Assets (ROA)
(*Bank Only as of 3/31/14)

1.12% 1.23%

Quarterly Efficiency Ratio (*Bank Only as of 3/31/14)

65.55% 65.02%
     

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