Tri City Bankshares: 2021 Audited Financial Statements







The independent auditor’s report

To the Board of Directors and shareholders of

Tri City Bankshares Corporation

Opinion

We have audited the consolidated financial statements of Tri City Bankshares Corporation and its subsidiaries (the Company), which include the consolidated balance sheets as at 31 December 2021 and 2020, the consolidated statements of income, comprehensive income, equity and cash flows for the years then ended and the notes to the consolidated financial statements (collectively, the statements).

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2021 and 2020 and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States States of America.

We have also audited, in accordance with generally accepted auditing standards in the United States of America (GAAS), the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in Integrated Internal Control Framework published by the Committee of Sponsoring Organizations of the Treadway Commission in 2013 and our report dated March 23, 2022 expressed a unmodified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis of opinion

We conducted our audits in accordance with GAAS. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to fulfill our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the evidence available to us obtained are sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibilities for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with generally accepted accounting principles in the United States of America and for the design, implementation and maintenance of internal control relating to the preparation and the fair presentation of the financial statements. financial statements that are free from material misstatement, whether due to fraud or error.

When preparing the financial statements, management is required to assess whether there are any conditions or events, taken as a whole, that raise substantial doubt about the Company’s ability to continue its business. continuity of operation for a period of less than one year from the date of publication of the financial statements.

Baker Tilly US, LLP, doing business as Baker Tilly, is a member of the worldwide network of Baker Tilly International Ltd., the members of which are separate and independent legal entities.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report containing our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore does not guarantee that an audit performed in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, because fraud may involve collusion, falsification, intentional omissions, misstatements or override of control internal. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence a reasonable user’s judgment based on Financial state.

When performing an audit in accordance with GAAS, we:

  • Exercise professional judgment and maintain professional skepticism throughout the audit.

  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and implement audit procedures appropriate to those risks. These procedures include examine, on a test basis, the evidence concerning the amounts and information appearing in the financial statements.

  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.

  • assess the appropriateness of accounting methods used and the reasonableness of significant accounting estimates made by management, as well as assess the overall presentation of Financial state.

  • Conclude whether, in our opinion, there are any conditions or events, taken as a whole, that raise substantial doubt about the Company’s ability to continue in business for a reasonable period of time period of time.

We are required to communicate with those charged with governance regarding, among other things, the planned scope and timing of the audit, significant audit findings and certain internal control matters that we identified during the audit.

Milwaukee, Wis.

March 23, 2022

TRI CITY BANK STOCK CORPORATION

CONSOLIDATED RESULTS

As of December 31, 2021 and 2020

ASSETS

Cash and bank receivables Federal funds sold

Total cash and cash equivalents Securities available for sale, at fair value

Loans, less allowance for loan losses of $13,572,773 and $13,106,919 in 2021 and 2020, respectively

Premises and equipment – net Right of use of rental assets Life insurance held by the Bank

Accrued interest receivable and other assets

TOTAL ASSETS

LIABILITIES Deposits

Demand Interest-bearing Certificates of deposit Total Deposits Lease debt

LIABILITIES AND EQUITY

Accrued interest payable and other liabilities

Total responsibilities

EQUITY

Cumulative preferred shares, $1 par value 200,000 shares authorized, no shares issued

Common shares, $1 par value, 15,000,000 shares authorized, 8,904,915 shares issued and outstanding in 2021 and 2020 Additional contributed capital

Accumulated other (loss) comprehensive income Retained earnings

Full shareholder equity

2021

$

134 568 580

891 783 11 019 722

135 460 363 195 365 049

820 639 129 558 509 399

1,001,079 594,945 140,634

17,314,670 16,026,081

14,567,534 15,659,597

44,300,870 43,312,658

21,136,368 22,400,218

$

2,054,498,528

  • $498,794,405 1,289,460,638 56,123,838 1,844,378,881

    2020

    $184,345,327

    $

    1,796,413,636

    $

    420,974,242 1,096,230,547 57,382,365 1,574,587,154

    14,567,534 15,659,597

    3,920,473 15,063,354

    1 862 866 888

    1,605,310,105

    8,904,915 8,904,915

    26,543,470 26,543,470

    (2,116,891) 8,083,013

    158 300 146 147 572 133

    191 631 640

    191 103 531

    TOTAL LIABILITIES AND EQUITY

  • $2,054,498,528

See accompanying notes to consolidated financial statements.

3

$

1,796,413,636

TRI CITY BANK STOCK CORPORATION

CONSOLIDATED INCOME STATEMENTS For the years ended December 31, 2021 and 2020

INTEREST INCOME Loans

Investment security

Taxable

tax exempt

Federal funds sold and owed by banks Other

Total interest income INTEREST EXPENSES Drop his

Other borrowings Total interest charges

Net interest income before allowance for loan losses Allowance for loan losses

Net interest income after provision for loan losses

INTEREST-FREE INCOME

Service charge on deposits ATM debit card exchange

Merchant services Revenue from servicing loans Net gain on sale of loans

Increase in bank-owned life insurance Death benefits from bank-owned life insurance

Other income

Total non-interest income

NON-INTEREST EXPENSES Salaries and benefits Net occupancy costs

Furniture and equipment expenses

Computer and telecommunications costs Professional fees

Advertising and promotion

FDIC and other regulatory assessments

New Markets TaxCredits Investment Depreciation Office Supplies

Other expenses

Total non-interest expenses Total income before taxes Less: Income tax expenses NET REVENUE

2021

2020

$

42,999,130

7,550,556 6,499,710

2,072,203 1,401,511

236 859 424 789

19,326 19,325

52,878,074

943,946 6,943,952

51,934,122 49,620,293

– 1.5 million

51 934 122

3,649,467 3,572,842

5,580,096 5,108,086

744 807 911 465

818 178 771 158

1,287,103,790,051

2,763,600 2,884,025

988,212 1,050,659

2,715,450,000

265 726 579 396

2,007,767 18,107,671

28,998,329 27,791,365

4,220,419 4,229,818

2,799,693 2,896,063

6,077,802 5,547,873

1,900,795 1,757,098

1,084,450 911,740

836 855 527 222

1,869,312 741,891 3,270,035 51,799,581

18,242,212 16,735,147

2,883,643 2,518,795

$

15,358,569

See accompanying notes to consolidated financial statements.

4

$42,721,792

51 067 127

1,446,826 8 1,446,834

48 120 293

2,253,568 18,371,250

1,619,796 891,900 3,583,521 49,756,396

$

14,216,352

TRI CITY BANK STOCK CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the years ended December 31, 2021 and 2020

2021

2020

NET REVENUE

Other comprehensive income, net of tax: Securities available for sale:

Net unrealized holding gains (losses) during the period Reclassification adjustment for (gains) losses in profit or loss Tax effect

Total other comprehensive income (loss), net of tax: COMPREHENSIVE RESULT

$

15,358,569

(14,047,003) 9,691,323

28,248 3,818,851 (10,199,904)

$

5,158,665

See accompanying notes to consolidated financial statements.

5

$14,216,352

$

(2,640,026) 7,051,297 21,267,649

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Tri City Bankshares Corporation published this content on April 04, 2022 and is solely responsible for the information contained therein. Distributed by publicunedited and unmodified, on Apr 04, 2022 1:36:07 PM UTC.

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All news about TRI CITY BANKSHARES CORPORATION

Sale 2020 66.5 million

Net income 2020 14.2 million

Net cash 2020 180M

2020 PER ratio 11.0x
2020 performance 2.97%
Capitalization 185 million
185 million
EV / Sales 2019 1.44x
EV / Sales 2020 -0.36x
# of employees 454
Floating 100%

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