Touchmark Bancshares : 2024 Q1 Financial Summary

TOUCHMARK BANCSHARES, INC.

AND SUBSIDIARY

Consolidated Balance Sheets

March 31, 2024 and December 31, 2023

(Unaudited)

ASSETS		2024			2023
Cash and due from banks	$	1,195,858	$	345,165
Federal funds sold		5,175,000			5,175,000
Interest-bearing deposits with other banks		38,824,493			47,498,058
Investment securities		12,962,570			13,313,921
Restricted stock		1,654,050			1,523,050
Loans, net		431,271,173			446,672,731
Premises and equipment, net		1,325,402			1,351,906
Other assets		12,517,059			11,293,489
Total assets	$	504,925,605		$	527,173,320
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing demand	$	19,656,220	$	16,110,957
Interest bearing		404,682,486			430,386,883
Total deposits		424,338,706			446,497,840
Federal Reserve Bank advances		-			-
Other liabilities		8,716,056			10,129,641
Total liabilities		433,054,762			456,627,481
Shareholders' Equity:
Preferred stock, no par value, 10,000,000 shares
authorized, none issued		-			-
Common stock, $.01 par value, 4,475,891 shares issued		44,759			44,759
Additional paid-in capital		46,880,651			46,880,651
Retained earnings		25,855,721			24,435,723
Accumulated other comprehensive income (loss)		(910,288)			(815,294)
Total shareholders' equity		71,870,843			70,545,839
Total liabilities and shareholders' equity	$	504,925,605	$	527,173,320

TOUCHMARK BANCSHARES, INC.

AND SUBSIDIARY

Condensed Consolidated Statements of Income

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

		2024			2023
Net interest income	$	3,432,422	$	3,941,977
Provision for credit losses		-			115,000
Net interest income after provision for credit losses		3,432,422			3,826,977
Total noninterest income		518,752			152,126
Total noninterest expense		2,071,176			1,664,284
Net income before taxes		1,879,998			2,314,819
Income tax expense		460,000			571,000
Net income	$	1,419,998		$	1,743,819
Key Ratios
Basic Earnings Per Share	$	0.32	$	0.39
Book Value Per Share		16.06			15.02
Return on Average Assets		1.10%			1.88%
Return on Average Equity		7.98%			10.51%
Efficiency Ratio		52.42%			40.65%