Tri City Bankshares Corporation
Quarterly Brochure Financial Data


Three Months Ended
Interest Income
  $ 12,843,229     $ 16,550,415  
Interest Expense
    1,327,722       1,552,814  
Net Interest Income
    11,515,507       14,997,601  
Other Income
    3,375,974       4,424,987  
Less:  Provision for loan losses
    1,400,000       1,780,000  
           Other Operating Expenses
    10,331,509       10,094,466  
Total Income before taxes
    3,159,972       7,548,122  
Provision for Income Taxes
    874,286       2,851,500  
Net Income
  $ 2,285,686     $ 4,696,622  
Net Income Per Common Share
  $ 0.26     $ 0.53  

BALANCE SHEET (unaudited)  March 31, 2011 and 2010

Liabilities & Equity
Cash and Due from Banks
  $ 26,016,350     $ 26,795,481  
Non Interest Bearing
  $ 163,902,907     $ 151,597,233  
Investment Securities
    306,927,406       233,749,402  
Interest Bearing
    838,142,237       812,707,716  
Federal Funds Sold
    16,868,792       13,723,640  
Total Deposits
    1,002,045,144       964,304,949  
Total Loans
    735,222,767       782,366,055  
Short Term Debt
    1,604,747       1,442,940  
Allowance for Loan Losses
    (9,870,254 )     (7,567,450 )
Other Liabilities
    3,444,381       12,960,262  
Net Loans
    725,352,513       774,798,605  
Total Liabilities
    1,007,094,272       978,708,151  
Bank Premises & Equipment
    20,083,651       19,793,657  
Common Stock
    8,904,915       8,904,915  
Other Real Estate Owned
    5,568,336       4,682,446  
Additional Paid-In Capital
    26,543,470       26,543,470  
Cash surrender value of life insurance
    12,138,797       11,668,013  
Retained Earnings
    81,171,857       87,973,070  
Other Assets
    10,758,669       16,918,362  
Total Stockholders' Equity
    116,620,242       123,421,455  
Total Assets
  $ 1,123,714,514     $ 1,102,129,606  
Total Liabilities & Equity
  $ 1,123,714,514     $ 1,102,129,606  

EXHIBIT  99.1  (cont’d)

Management Comments

The Corporation posted net income of $2.3 million for the first quarter of 2011, a decrease of $2.5 million or 51.3% compared to the first quarter of 2010.  Earnings per share decreased to $0.26 for the three months ended March 31, 2011 compared to $0.53 for the same period in 2010.

The decrease in earnings was due to a $3.5 million decrease in net interest income to $11.5 million for the three months ended March 31, 2011 compared $15.0 million for the same period in 2010.  The decrease was the result of lower rates and a volume shift from loans to investment securities.  The decrease attributable to rate was $3.5 million.  The decrease attributable to the volume shift of earning assets was $0.3 million and was offset by a matching $0.3 million reduction in interest expense as a result of lower rates.

  Volume reduction in loan balances occurs as substandard loans acquired from the FDIC in October 2009 are eliminated at a pace faster than new business is achieved.  This necessitates redeployment of these funds to investment securities.  Reinvestment in today’s rate environment produces relatively low yielding investments which also negatively impact the net interest margin.  In addition, the provision for loan losses decreased $0.4 million while other income and other operating expenses remained unchanged.

Operating earnings during the first quarter were also negatively affected by a decrease in acquisition related purchase accounting income.  These items, which totaled $1.4 million in 2011 compared to $4.6 million in 2010, impact the net interest margin, other income and other operating expenses.

Total assets were $1.1 billion at March 31, 2011 and March 31, 2010.  While total assets remained stable, total loans decreased $47.1 million during the last twelve months and deposits increased $37.7 million during the same period. The excess liquidity created by the fluctuations in loans and deposits resulted in an increase in the investment portfolio of $73.2 million

Dividend Announcement

The Board of Directors did not declare a dividend for the second quarter of 2011.

As previously announced, the Board of Directors declared a special dividend of $1.20 per share payable on December 10th, 2010 to shareholders as of the record date of November 30th, 2010.  This dividend was intended to prepay 2011 dividends due to the possibility of less favorable tax treatment of dividend income in 2011.

As a result of the dividend paid in December of 2010, the Board intends to significantly reduce or eliminate dividend payments for the remainder of 2011.  The Board intends to resume quarterly dividend payments after 2011, however it is not possible to predict the economy in 2012.  The Board will review earnings, monitor regulatory developments and consider other appropriate factors at that time relative to declaring future dividends.


The following information was filed by Tri City Bankshares Corp (TRCY) on Monday, May 2, 2011 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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