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Financial Statement

Resource Bankshares, Inc. Financial Statement
First Quarter 2015

 

STATEMENT OF FINANCIAL CONDITION
(in thousands)

Holding
Company Consolidated
3/31/2015(unaudited)
Holding
Company Consolidated
3/31/2014
(unaudited)

ASSETS    
Cash & due from banks $7,505 $20,750
Interest bearing deposits in other banks 141 75
Fed Funds Sold 25,726 35,487
Investment & Equity in Resource Trust I & II 124 217
Investment securities available-for-sale, at fair market value 41,918 47,072
Other stocks, at cost 2,729 1,505
Loans, less allowances for loan losses 466,531 407,498
(3/31/15 Allowance for loan losses $ 3,455,468)    
(3/31/14 Allowance for loan losses $ 3,062,733)    
Bank premises & equipment, net of accumulated depreciation 16,617 13,387
Deferred Tax receivable 0 20
Accrued interest receivable 1,410 1,373
Prepaid Interest - -
Other Assets 506 460
Other real estate owned 1,149 1,000
TOTAL ASSETS $564,356 $528,844

LIABILITIES

   
Deposits    
Demand deposit accounts $103,857 $90,437
NOW accounts 205,054 204,370
Money market accounts 73,716 77,430
Saving accounts 18,844 16,659
Certificates of Deposits $100,000 & over 40,939 43,422
Other Certificates of Deposits  23,682 25,956
Total Deposits $466,092 $458,274
Accrued expenses and other liabilities 1,057 1,665
Deferred Tax Payable 446 64
Accrued Interest Payable 102 105
Cash Dividends Payable 0 0
Interest Payable on Debentures 3 23
Trust Preferred Securities Payable I 0 3,093
Trust Preferred Securities Payable II 4,124 4,124
Other borrowed funds 39,000 14,000
Total Liabilities $510,824 $481,348

STOCKHOLDERS’ EQUITY

   
Common stock: $1.00 par value; 2,000,000 shares authorized; 1,365,803 and 1,344,824 shares issued and outstanding at March 31, 2015 and March 31, 2014, respectively. 
As of March 31, 2015, 1,365,806 issued with 0 shares held in Treasury Stock.
1,365 1,347
Preferred stock: $0.00 par value; 100,000 shares authorized; no shares issued or outstanding
- -
Less: Stock Subscription Receivable (826) (826)
Capital surplus 16,690 16,230
Treasury Stock (0) (136)

Retained Earnings

34,294 29,311

Earnings year to date (* Bank Only $1,578,634 year to date)

1,564 1,391

Net unrealized holding gains (losses) on securities

444 177
Total Equity Capital 53,532 47,496

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

$564,356 $528,844

Stockholder’s Equity (Book value per share-undiluted) $39.19 $35.32
Stockholder’s Equity (Book value per share diluted) $38.31 $34.63

Quarterly Return on Average Assets (ROA)
(*Bank Only as of March 31)

1.15% 1.12%

Quarterly Efficiency Ratio (*Bank Only as of March 31)

64.68% 65.55%

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