March 9, 2013
Message to Shareholders:
I am pleased to report on the 2012 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, 2012 and 2011.
The Corporation’s net income in 2012 was $2,426,000. This equates to book earnings per share of $3.01, based on outstanding shares as of December 31, 2012. The 2012 pre-tax Return on Equity was 11.98%. Quarterly income distributions were made in 2012 totaling $1.30 per share.
Total Assets increased from $168,318,000 on December 31, 2011 to $174,848,000 on December 31, 2012. During 2012, total stockholder equity increased from $18,861,000 to $20,256,000, representing a 7.40% increase. The book value of stock increased from $23.49 to $25.16 per share as of December 31, 2012.
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. Our pledge to you, the shareholder, is to manage the corporation in a manner that results in maximum shareholder value. It is our commitment to you to continue to “provide premier financial products with superior service.”
2012 was a special year for TrustBank as we celebrated our 100th year in business. 2013 begins our second century of service to our customer base. We are honored that you have chosen to be a part of our second century of success.
With Warm Regards,
Bruce A. Runyon
President and Chief Executive Officer