Bank Notes
Christiana Bank Reports Strong Earnings In First Quarter
The Bank reported net income of $261 thousand for the quarter ended March 31, 2005, an increase of $150 thousand from $111 thousand in the first quarter of 2004. In the fourth quarter of 2004 net income was $368 thousand. The linked quarter comparison was affected by seasonality of trust revenues as well as a large prepayment penalty incurred in the first quarter for the early repayment of high-coupon, fixed-rate debt.
Net income per diluted share was $0.21 for the first quarter of 2005, an increase of $0.12 from $0.09 reported for the same quarter in 2004. The Bank reported $0.30 in net income per diluted share for the fourth quarter of 2004. The factors discussed above as to the linked quarter comparison affected per-share earnings in a similar fashion. All references to net income and per-share earnings for the first quarter of 2004 are made to the results as restated, in August 2004, to conform the presentation of tax benefits arising from the exercise of certain stock options to the appropriate accounting guidelines.
Zissimos A. Frangopoulos, President and CEO, stated, "We are very pleased with the continuing gains in our performance and profitability. The first quarter of 2005 was a strong quarter for us following a similarly strong quarter at the close of 2004."
Bank Statements to be Redesigned for Easier Use
As the banking system moves into the image-enabled "Check 21" environment, we want to make sure we keep you aware of the changes that will be taking place to improve your account. Currently, we are redesigning our account statements to make them easier to read, understand and manage. In addition, the images of the checks you write will be available soon after the check is presented for payment on your account if you use our free Internet banking product, NetTeller. This Internet banking service, including online bill payment, is offered at no charge, is fast and convenient, and offers additional safeguards against check fraud and identity theft.
You will be hearing more about these exciting changes in the weeks ahead. Please contact us if you would like to learn more about Internet banking services. Call us at (302) 421-5800 or visit us online at www.christianabank.com.
Certificate of Deposit Rates
| Up to $100,000 | Over $100,000 | |
| 3 months | 1.00% | 1.05% |
| 6 months | 1.05% | 1.10% |
| 1 year | 1.25% | 1.45% |
| 2 years | 1.75% | 1.80% |
For more information call our Personal Bankers at (302) 421-5800 or visit us at www.christianabank.com.
Our Stock Symbol
CBTD. Quotations can be found on the OTC Bulletin Board.