2004 Message to Shareholders
March 11, 2005
Message to Shareholders:
I am pleased to report
on the 2004 accomplishments of Rich Land Bancorp, Inc. and its wholly owned
TrustBank™. This Annual Report reflects
the comparative consolidated financial statements of Rich Land Bancorp, Inc.
as of December 31, 2004 and 2003.
net income in 2004 was $1,302,000. This equates to earnings per
share of $1.58, based on average shares outstanding
at December 31, 2004. Net Income for 2004 increased 12.14% above
the 2003 level. Total Assets at year end were $126,676,000 - representing
a 3.36% increase in the 12 month period.
During 2004, the book value per share of stock increased by 3.61%,
moving from $18.01 per share to $18.66 per share. The market value
increased by 12.5%, moving from $20.00 per share to the current price
of $22.50 per share. Our capital grew by 7.37% to $15,411,000. Dividends
paid in 2004 totaled the equivalent of $0.63 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 18 consecutive years
of increasing dividends paid to our shareholders.
The total return earned on one share of Rich Land Bancorp, Inc.
stock during 2004, including both the dividend of $0.63 and the price
appreciation of $2.50, was 15.65%.
As we look forward to 2005, 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