EX-99
2
exh99012909.txt
QUARTERLY REPORT TO SHAREHOLDERS

Exhibit  99.1

                         Tri City Bankshares Corporation
                        Quarterly Brochure Financial Data


INCOME STATEMENT (unaudited)
Twelve Months Ended Three Months Ended ------------------------- ------------------------- 12/31/2008 12/31/2007 12/31/2008 12/31/2007 ----------- ----------- ----------- ----------- Interest Income $43,451,436 $45,067,344 $10,617,501 $11,632,669 Interest Expense 9,517,508 12,574,378 2,070,433 3,328,051 ----------- ----------- ----------- ----------- Net Interest Income 33,933,928 32,492,966 8,547,068 8,304,618 Other Income 12,885,068 11,264,942 3,202,652 2,928,539 Less: Other Operating Expenses 30,502,122 28,497,292 7,800,502 7,411,849 ----------- ----------- ----------- ----------- Income Before Income Taxes 16,316,874 15,260,616 3,949,218 3,821,308 Provision for Income Taxes 5,292,500 5,284,000 1,328,000 1,307,500 ----------- ----------- ----------- ----------- Net Income $11,024,374 $ 9,976,616 $ 2,621,218 $ 2,513,808 Net Income Per Common Share $ 1.24 $ 1.13 $ 0.30 $ 0.29
BALANCE SHEET (UNAUDITED) DECEMBER 31, 2008 AND 2007
ASSETS 2008 2007 LIABILITIES & EQUITY 2008 2007 ------------ ------------ ------------ ------------ Cash and Due from Banks $ 41,504,793 $ 60,079,747 Non Interest Bearing $125,556,485 $137,384,198 Investment Securities 106,650,798 110,550,652 Interest Bearing 552,121,677 528,419,582 ------------- ------------- Federal Funds Sold 11,457,040 - Total Deposits 677,678,162 665,803,780 Total Loans 599,646,083 586,278,465 Short Term Debt 3,911,054 15,021,835 Allowance for Loan Losses (5,945,162) (5,757,927) Other Liabilities 2,407,462 2,434,058 ------------- ------------- ------------- ------------- Net Loans 593,700,921 580,520,538 Total Liabilities 683,996,678 683,259,673 Bank Premises & Equipment 21,104,762 20,053,314 Common Stock 8,904,915 8,884,045 Cash surrender value of life insurance 11,047,591 11,622,695 Additional Paid-In Capital 26,543,470 26,160,505 Other Assets 7,467,039 7,200,052 Retained Earnings 73,487,881 71,722,775 ------------- ------------- ------------- ------------- Total Stockholders' Equity 108,936,266 106,767,325 ------------- ------------- Total Assets $792,932,944 $790,026,998 Total Liabilities & Equity $792,932,944 $790,026,998 ============= ============= ============= =============
MANAGEMENT COMMENTS The Corporation posted net income of $2,621,218 for the fourth quarter of 2008, an increase of $107,410 (4.3%) compared to the fourth quarter of 2007. Net interest income decreased $237,550 to $7.8 million primarily due to a $715,000 provision for loan losses in the fourth quarter of 2008, an increase of $480,000 compared to the fourth quarter of 2007. Earnings per share (EPS) increased $0.01 to $0.30 for the three months ending December 31, 2008 compared to 2007. The Corporation posted net income of $11,024,374 for the twelve months ended December 31, 2008, an increase of $1.0 million (10.5%) compared to 2007. Earnings per share increased $0.11 to $1.24 for the twelve month period compared to the same period in 2007. The increase was partially attributable to non-recurring income due to a death benefit on bank owned life insurance and redemption of Visa stock in the first quarter. In a challenging year for financial institutions we are pleased to report EPS excluding these extra-ordinary events increased $0.03 for the twelve months ended December 31, 2008 compared to the same period in 2007.

The following information was filed by Tri City Bankshares Corp (TRCY) on Monday, February 9, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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