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Financial Statement

Resource Bankshares, Inc. Financial Statement
Second Quarter 2014

 

STATEMENT OF FINANCIAL CONDITION
(in thousands)

Holding
Company Consolidated
6/30/2014(unaudited)
Holding
Company Consolidated
6/30/2013
(unaudited)

ASSETS    
Cash & due from banks $20,732 $19,938
Interest bearing deposits in other banks 38 78
Fed Funds Sold 30,080 40,894
Investment & Equity in Resource Trust I & II 217 217
Investment securities available-for-sale, at fair market value 47,386 43,799
Other stocks, at cost 1,908 1,503
Loans, less allowances for loan losses 406,995 373,750
(6/30/14 Allowance for loan losses $ 3,048,978)    
(6/30/13 Allowance for loan losses $ 2,958,198)    
Bank premises & equipment, net of accumulated depreciation 14,928 10,334
Deferred Tax receivable 20 308
Accrued interest receivable 3,331 1,369
Prepaid Interest - -
Other Assets 487 456
Other real estate owned 1,994 2,332
TOTAL ASSETS $526,116 $494,978

LIABILITIES

   
Deposits    
Demand deposit accounts $95,434 $83,046
NOW accounts 185,630 185,909
Money market accounts 77,251 72,664
Saving accounts 18,090 16,862
Certificates of Deposits $100,000 & over 42,554 40,885
Other Certificates of Deposits  25,340 27,926
Total Deposits $444,299 $428,292
Accrued expenses and other liabilities 1,84 1,613
Deferred Tax Payable 125 0
Accrued Interest Payable 105 111
Cash Dividends Payable 0 0
Interest Payable on Debentures 24 24
Trust Preferred Securities Payable I 3,093 3,093
Trust Preferred Securities Payable II 4,124 4,124
Other borrowed funds 24,000 14,000
Total Liabilities $477,154 $451,257

STOCKHOLDERS’ EQUITY

   
Common stock: $1.00 par value; 2,000,000 shares authorized; 1,344,871 and 1,341,838 shares issued and outstanding at June 30, 2014 and June 30, 2013, respectively. 
As of June 30, 2014, 1,348,768 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 16,232 16,190
Treasury Stock (136) (177)

Retained Earnings

29,311 24,558

Earnings year to date (* Bank Only $2,808,968 year to date)

2,738 2,755

Net unrealized holding gains (losses) on securities

294 (126)
Total Equity Capital 48,962 43,721

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

$526,116 $494,978

Stockholder’s Equity (Book value per share-undiluted) $36.41 $32.58
Stockholder’s Equity (Book value per share diluted) $35.69 $32.16

Quarterly Return on Average Assets (ROA)
(*Bank Only as of 6/30/14)

1.06% 1.18%

Quarterly Efficiency Ratio (*Bank Only as of 6/30/14)

63.96% 58.68%
     

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