Surrey Bank & Trust Reports $118,215 in First Quarter Earnings

Apr 20, 2001, 01:00 ET from Surrey Bank & Trust

    MOUNT AIRY, N.C., April 20 /PRNewswire Interactive News Release/ --
 Mount Airy based Surrey Bank & Trust (OTC Bulletin Board:   SRBT) posted
 earnings of $118,215 in the first quarter of 2001.  This equates to earnings
 of $.13 per fully diluted share.  In comparison, Surrey Bank reported 2000
 first quarter earnings of $67,602 or $.09 per fully diluted share.
     The earnings improvement was attributable to a 52% increase in net
 interest income after loan loss provision.  Net interest income totaled
 $696,024 in first quarter 2001 versus $458,479 in 2000.  Non-interest income
 for the period amounted to $220,129, an 86% increase over the $118,208 posted
 in first quarter 2000.  The provision for loan loss reserves in the first
 quarter of 2001 was $116,151 versus $77,115 in the first quarter of 2000, a
 51% increase.  Loan loss reserves amount to 1.64% of gross loans outstanding
 at March 31, 2001.  Total assets at the end of the quarter were $77,155,162,
 an increase of 41% over 2000 first quarter assets of $54,555,131.  Loans
 increased 33% to $59,288,144 at end of first quarter 2001 from $44,674,045 at
 the end first quarter 2000.  Deposits increased to $61,596,250 at the end of
 the period versus $43,027,289 in 2000, a 43% increase.
     Surrey Bank & Trust is located at 145 North Renfro Street, Mount Airy,
 North Carolina.  The Bank operates a full service branch office at 1280 West
 Pine Street in Mount Airy and a full service branch at 303 South Main Street,
 Stuart, Virginia.  The Bank is engaged in the sale of insurance through its
 wholly owned subsidiary, SB&T Insurance, located at 165 North Renfro Street in
 Mount Airy.  Additionally, Surrey Bank owns a majority interest in Friendly
 Finance, LLC, a sales finance company located in Dobson, North Carolina.
 
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SOURCE Surrey Bank & Trust
    MOUNT AIRY, N.C., April 20 /PRNewswire Interactive News Release/ --
 Mount Airy based Surrey Bank & Trust (OTC Bulletin Board:   SRBT) posted
 earnings of $118,215 in the first quarter of 2001.  This equates to earnings
 of $.13 per fully diluted share.  In comparison, Surrey Bank reported 2000
 first quarter earnings of $67,602 or $.09 per fully diluted share.
     The earnings improvement was attributable to a 52% increase in net
 interest income after loan loss provision.  Net interest income totaled
 $696,024 in first quarter 2001 versus $458,479 in 2000.  Non-interest income
 for the period amounted to $220,129, an 86% increase over the $118,208 posted
 in first quarter 2000.  The provision for loan loss reserves in the first
 quarter of 2001 was $116,151 versus $77,115 in the first quarter of 2000, a
 51% increase.  Loan loss reserves amount to 1.64% of gross loans outstanding
 at March 31, 2001.  Total assets at the end of the quarter were $77,155,162,
 an increase of 41% over 2000 first quarter assets of $54,555,131.  Loans
 increased 33% to $59,288,144 at end of first quarter 2001 from $44,674,045 at
 the end first quarter 2000.  Deposits increased to $61,596,250 at the end of
 the period versus $43,027,289 in 2000, a 43% increase.
     Surrey Bank & Trust is located at 145 North Renfro Street, Mount Airy,
 North Carolina.  The Bank operates a full service branch office at 1280 West
 Pine Street in Mount Airy and a full service branch at 303 South Main Street,
 Stuart, Virginia.  The Bank is engaged in the sale of insurance through its
 wholly owned subsidiary, SB&T Insurance, located at 165 North Renfro Street in
 Mount Airy.  Additionally, Surrey Bank owns a majority interest in Friendly
 Finance, LLC, a sales finance company located in Dobson, North Carolina.
 
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 SOURCE  Surrey Bank & Trust