2005 Message to Shareholders
March 10, 2006
Message to Shareholders:
I am pleased to report
on the 2005 accomplishments of Rich Land Bancorp, Inc. and its
wholly owned subsidiary, TrustBank™.
This Annual Report reflects the comparative consolidated financial
statements of Rich Land Bancorp, Inc. as of December 31, 2005 and
net income in 2005 was $1,459,000. This equates to earnings per
share of $1.70, based on shares outstanding
at December 31, 2005. Net Income for 2005 increased 12.05% above
the 2004 level. Total Assets at year end were $131,676,000 - representing
a 3.95% increase in the 12 month period.
During 2005, the book value per share of stock increased by 3.48%,
moving from $18.66 per share to $19.31 per share. The market value
increased by 6.67%, moving from $22.50 per share to the current
price of $24.00 per share. Our capital grew by 7.43% to $16,556,000.
Dividends paid in 2005 totaled the equivalent of $0.64 per share,
paid in the form of a stock dividend, with fractional shares paid
in cash. Rich Land Bancorp, Inc. is proud of its record of 19 consecutive
years of increasing dividends paid to our shareholders.
The total return earned on one share of Rich Land Bancorp, Inc.
stock during 2005, including both the dividend of $0.64 and the
price appreciation of $1.50, was 9.51%.
As we look forward to 2006, our pledge to you, the shareholder,
is to manage the corporation in a manner that results in maximum
shareholder value. Our strategy to accomplish this promise is:
“Providing Premier Financial Products with Superior Service”.
With Warm Regards,
Bruce A Runyon
President and Chief Executive Officer