2007 Message to Shareholders
March 21, 2008
Message to Shareholders:
I am pleased to report on the 2007 accomplishments of Rich Land Bancorp, Inc. and its wholly owned subsidiary, TrustBank™. This Annual Report reflects the consolidated financial statements of Rich Land Bancorp, Inc. as of December 31, 2007 and 2006.
2007 was our first year of operation as a Sub Chapter S organization. The Corporation’s net income in 2007 was $1,667,000. This equates to earnings per share of $2.04, based on shares outstanding at December 31, 2007. Quarterly income distributions were made in 2007 totaling $1.00 per share. Our income distribution ratio for 2007 was 49% of earnings.
Loans grew by $6,135,000. Total Assets increased from $142,475,000 at year end 2006 to $152,172,000 at year end 2007. This is a 6.81% increase in Total Assets for the 12 month period. Total stockholder equity increased from $16,410,000 to $17,754,000 at year end. This is an 8.19% increase in stockholder equity for the year.
During 2007, the book value per share of stock increased by 6.47%, moving from $20.41 per share to $21.73 per share. The market value per share of stock as of December 31, 2007 was $22.75 per share.
It is the mission of TrustBank to be a premier financial service organization in our market area that offers superior long-term return to our shareholders, opportunity for our staff and both financial and personal support for the market area we serve. During 2007, TrustBank was honored to be named Business of the Year during the Olney, Illinois Annual Chamber of Commerce Banquet. TrustBank was chosen as the Best Bank in town as an Olney Daily Mail People’s Choice Award recipient. We feel that these awards verify that our commitment to quality customer service and service to the communities in which we operate are real. The financial results of 2007 reflect our strategy to pass along the benefits of choosing to be a Sub Chapter S organization to our shareholders.
As we look forward to 2008, our pledge to you, the shareholder, is to manage the corporation in a manner that results in maximum shareholder value. Our plan to accomplish this promise is:
“Providing Premier Financial Products with Superior Service”.
With Warm Regards,
Bruce A. Runyon
President and Chief Executive Officer