Post on 15-Nov-2021
Monticello Bankshares, Inc. was established in 1982 to provide strength and oversight for its wholly owned subsidiary, the Monticello Banking Company (MBC). MBC is a Kentucky commercial bank chartered in 1895 with its corporate office located in Monticello. The bank has operated under the same name and at the same location since its inception. MBC operates sixteen full service community banking offices in 8 counties in Southern Ken-tucky. MBC offers a wide range of banking and investment services which are provided through our branch offices and our growing internet presence. We would like the opportu-nity to serve all of your financial needs. Please call or visit our offices at your convenience and visit us online at www.mbcbank.com.
Note to Shareholders
Shareholder Inquiries, Stock Transfer or Dividend Payments If you have inquiries or questions regarding your Monticello Bankshares shareholder account, please call Helen Dolen-Richardson at (606) 348-1202 or 1-800-909-3420 or write
Monticello Bankshares, Inc. • P.O. Box 421 • Monticello, KY 42633
InternetFor information on financial results, products and services please visit our website: www.mbcbank.com
Corporate HeadquartersMonticello Bankshares, Inc. • 50 N. Main St., P.O. Box 421
Monticello, Kentucky 42633 • (606) 348-8411 or 1-800-909-3420
Annual MeetingThe annual meeting of shareholders will be held on Thursday, April 12th, 2018 at the Historic Wayne Theater, 30 N. Main Street, Monticello, Kentucky at 3:30 p.m. EDT.
Dividend CalendarDividends, as declared by the Board of Directors, are customarily paid to shareholders of record as follows:March 1 – payable March 10June 1 – payable June 10September 1 – payable September 10
December 1 – payable December 10
Financial InformationFor a copy of our audit report, please contact Frances Watson, Sr. Vice President
at (606) 348-8411 or 1-800-909-3420
or email fwatson@mbcbank.com.
Independent AuditorsCrowe Horwath LLP 144 N Broadway Lexington KY, 40507Office: 859-280-5156
Shareholder Information
Corporate Profile
Monticello Bankshares, Inc. (MBI) is once again a single bank holding company as of March 17, 2017 when the Bank of Harlan was merged into Monticello Banking Company (MBC). The com-bining of our efforts brought improved efficien-cy and additional competency that resulted in another tremendous year for our company. We continue to look for opportunities for growth that will increase market diversity and enhance value to our shareholders. On February 12, 2018, MBC announced its intentions to acquire the Bluegrass Community Bank in Danville, KY. The proposed transaction, if approved, would bring our total of counties served to nine with 18 full service banking offices in eastern, western, and central Kentucky.
We want to provide all of your banking needs and ask that you continue to recommend our bank to others. For additional information, please feel free to contact us directly.
Glasgow Russell Co. Casey Co. Albany Bowling Green Somerset MonticelloHarlan
ASSETS
Cash and due from Banks Federal funds sold Total Cash and Cash Equivalents
Interest Bearing Time Deposits in Other Financial Institutions Securities - Available for Sale Securities - Held to MaturityRestricted Investments Total Securities
Net LoansBank premises and equipmentGoodwill, NetOther assets
Total Assets
Non-interest bearing deposits Interest-bearing deposits Total Deposits
FHLB BorrowingsLine of Credit Total Other Borrowed Funds
Other Liabilities
Total Liabilities
Preferred stock: $5 Par Value, 50,000 sharesAuthorized: (2017) 24,896 (2016) 26,736 shares Issued & Outstanding
Common stock: $5 Par Value, 8,000,000 shares Shares Authorized & Issued: (2017) 4,267,467 (2016) 4,250,627 respectively Shares Outstanding: (2017) 4,120,762 (2016) 4,117,422 respectively
SurplusRetained earningsAccumulated Other Comprehensive Income (Loss) Total Shareholders’ Equity Total Liabilities and Shareholders’ Equity
$ 25,452,0001,000
$ 25,453,000
$ 1,488,000 153,616,000
05,145,000
$160,249,000
$464,580,00016,876,000
1,000,00025,603,000
$693,761,000
$ 85,321,000515,007,000
$600,328,000
$ 16,051,000 0
$ 16,051,000
$ 2,086,000
$618,465,000
$ 125,000
20,604,0007,602,000
47,179,000(214,000)
$ 75,296,000
$693,761,000
$ 30,596,0007,475,000
$ 38,071,000
$ 1,984,000175,122,000
05,062,000
$182,168,000
$438,739,00015,821,000
1,000,00025,977,000
$701,776,000
$ 97,572,000512,014,000
$609,586,000
$ 21,371,000 0
$ 21,371,000
$ 2,025,000
$632,982,000
$ 134,000
20,587,0007,569,000
42,259,000(1,755,000)
$ 68,794,000
$701,776,000
LIABILITIES AND SHAREHOLDERS’ EQUITY
Consolidated for the Year Ended December 31, 2017
STOCKHOLDERS’ EQUITY
2017 2016
Statement of Financial Conditionfin
an
cia
ls
2017$ 22,976,000
4,030,000
498,000
$ 27,504,000
$ 2,739,000
154,000
$ 2,893,000
$ 24,611,000
$ 926,000
$ 2,960,000
216,000
143,000
2,290,000
$ 5,609,000
$ 11,772,000
2,600,000
5,715,000
$ 20,087,000
$ 9,207,000
$ 1,792,000
$ 7,415,000
Interest Income on Loans
Interest Income on Securities
Interest Income on Federal Funds Sold & Other Interest Income
Total Interest Income
Interest Expense on Deposits
Interest Expense on Other Borrowed Funds
Total Interest Expense
Net Interest Income
Provision for Loan Losses
Service Charges on Deposit Accounts
Gain (Loss) on Sale of Securities
Secondary Market Mortgage Fees
Other Income
Total Non-Interest Income
Salaries & Employee Benefit Expense
Occupancy Expense
Other Non-Interest Expense
Total Non-Interest Expense
Net Income Before Income Taxes
Income Tax Expense
Net Income
$18,983,000
3,503,000
264,000
$22,750,000
$ 2,797,000
12,000
$ 2,809,000
$19,941,000
$ 475,000
$ 2,721,000
291,000
485,000
3,609,000
$ 7,106,000
$10,000,000
2,283,000
5,612,000
$17,895,000
$ 8,677,000
$ 1,208,000
$ 7,469,000
Consolidated for the Year Ended December 31, 2017
2016
Statement of Incomefin
an
cia
ls
Monticello Bankshares, Inc. Kenneth Ramsey, Chairman
Kenny Ramsey, President & CEO
Dr. James K. Phillips, Jr., Vice Chairman
D. Mack Butler
Earl Croushorn
Roger Dalton
Marilyn Drake
Rick Drake
Bob Hayden
Van Phillips
Albany Advisory Board Rick Drake - Chairman, D. Jeff Choate, Gene Dunnington, Paula Little, E. Howard Stockton, Steve Tallent
Bowling Green Advisory Board Dr. J. K. Phillips, Jr. - Chairman, Adam Burden, Lanny Loague, Jr., Marc Lovell, Rodney Rogers, David Tarter, Ben Thornton, Gayla Warner, Dr. Michael Zachek
Casey County Advisory Board Lyle Denney - Chairman, Todd Hoskins, Garland Sharp, Brian Woodrum
Glasgow Advisory Board Van Phillips - Chairman, T. Richard Alexander, Sheila Dishman, Bobby Hurt, John Taylor, III
Harlan Advisory BoardEarl Croushorn - Chairman, Rayburn Doss, Rick Fox, Mark David Goss, Wayne Greene, Don Parsons
Russell County Advisory Board Michael Blevins - Chairman, Randy Baird, Steve Bledsoe, David Smith, Fred Tarter
Somerset Advisory Board Sam Brown - Chairman, Mack Butler, Danny Ford, Matt Ford, Mark Haney, Bruce Orwin, Dr. Keith Sinclair, Terri Tuttle, LaNette Wright
Monticello Banking CompanyKenneth Ramsey, Chairman
Kenny Ramsey, President & CEO
Dr. James K. Phillips, Jr., Vice Chairman
Mike Blevins
Sam Brown
D. Mack Butler
Lyle Denney
Marilyn Drake
Rick Drake
Charles Fletcher
Mark Goss
Bob Hayden
President/Chief Executive OfficerKenny Ramsey*
Chief Operations Officer/EVPRegina Brinson
Chief Financial OfficerSandra Frost*
Chief Credit OfficerRodney Weaver
Chief Human Resource Officer Becky Dolen*
Chief Technology Officer Randy Parsons
Compliance Pattie Corder*
MarketingBarbara Gehring*
Auditor Dawn Harmon
Information & Security Officer Melissa Piercy
Board of Directors Corporate Management
CORPORATEHuman ResourceJones, JamieLester, Barbara*
ComplianceBrowning, BrandiGoley, Misty*
Marketing Edwards, Natalie
AccountingWatson, Frances,* SVP/ControllerCrabtree, Crystal*McGinnis, Amanda
AuditStearns, Johnna
Underwriting & Loan ServicingDunnington, Brandon, AVP/Underwriting Mgr.Reagan, Jamie,AVP/Loan Processing Mgr. Morrow, Brian, AVP/Loan Operations Mgr. Alexander, ZackaryBrewster, AmandaBurkhart, TiffanyBurnette, Nicole Decker, Norma Goley, Jonathan* King, LenaMilwee, MaryParmley, ChristyWillis, Charity
AppraiserSummers, Joe
Collections McClendon, Rick,* SVP/Special Assets Mgr.Nelson, TommyParmley, Heather
Information Technology Brown, Rickey,VP/Information Technology Mgr.Asberry, Kyle Coffey, GarrettDennis, JackieLowhorn, AmieTuttle, Tre`
Information Security Ramsey, Becky
Deposit OperationsDecker, Tabatha,*VP/Deposit Operations Mgr.Dobbs, MelissaDobbs, TabithaGuffey, Leverne*Lozano, AngelaMcGinnis, SylviaNelson, Debbie*Phipps, Elissa*
Maintenance & CourierHarmon, DavidNorfleet, Eddie
TRADEWAY BRANCHBranch Mgr.Weston, Angela*New AccountsBunch, ReneeLoansRoberts, Mary Lois*Tellers Day, BethaniEllis, JaKeillaHumble, PeggyHurd, AmyLucia, JaredStinson, Tiffany
HWY 90/BARNES DR. BRANCHSr. Exec. Officer Hicks, Jean* New AccountsAdams, Renee*LoansFoster, Wendy Rednour, Jayma*Rose, Kevin*TellersBertram, Elizabeth Davis, MarissaDuke, Misty Hicks, Whitney Staples, Shanyn
ALBANYRegional Exec. OfficerTucker, Anita Sr. Exec. OfficerJohnson, WillardNew AccountsSmith, RebeccaLoansBrown, Debbie*TellersAdams, RachelJones, Kendra Melton, Ashley Norris, AshleyStevens, HunterStockton, Kimberly
BOWLING GREEN
HARTLANDSr. Exec. OfficerTaylor, JoeExecutive Assistant Firkins, JenniferNew AccountsValles, AdrianaLoansStratton, MarvinTellersGraves, Kayla
CAVE MILLBranch MgrPierce, JanetNew AccountsLutzen, ElizabethLoansYates, ShandaTellersRogers, JanetVespa, Sabina
FAIRVIEWNew AccountsHoward, StephanieLoansKemp, KathrynTellersFeldman, RachelHagan, Courtney Hurd, MalloryWalters, AnnWoodburn, Dianne
GLASGOW Sr. Exec. OfficerWitty, LeighNew AccountsBowles, AmberLoansRedford, Tonya TellersAdwell, Lisa D. Cannon, KimCarter, Tiffany
CASEYSr. Exec. OfficerMeece, TonyaNew AccountsDowns, KristiLoans Hansford, Gregory Leigh, AnneMcClendon, MelissaTellersCochran, MelissaHines, MirandaSandusky, KendraTucker, SandraWright, Nanette
RUSSELLRegional Exec. OfficerTucker, AnitaExecutive AssistantMoney, NancyNew AccountsSmith, AngelaLoansHoover, BelindaMatney, ChristinTellersAntle, PaulaCoppage, MarshaJasper, CindyRoy, Lisa L.Tucker, Sharon
SOMERSET
NORTHSr. Exec. OfficerHudson, WallyAdm. Asst.McGrew, KaylaReceptionistParkey, LisaNew AccountsPrice, GlendaLoans Dungan, DebbieLyons, KennyReynolds, ValerieTellersCaballero, HelenHarden, MazettaHarper, JeffTaylor, VanessaVinson, Amber
SOUTHBranch Mgr./LoansCompton, SheilaExec. Asst. to COO/EVPGreene, JudyNew AccountsPrice, MatthewLoansBeshears, Amanda
DOWNTOWNBRANCHNew AccountsSimpson, Nadine*LoansDalton, TimHurd, Billy*TellersBarrier, Brenda*Bell, Amy Bell, Janet*Carrender, CaseyMartin, BeulahMassengale, Stephanie*
MONTICELLOMain OfficeReceptionistLair, Mary*New AccountsKeith, Patty*LoansBertram, ElaineDolen-Richardson, Helen*TellersCorder, DeLesia Gregory, Kista
Business DevelopmentElam, Perry
CustodiansStinson, PatriciaWalker, Debra
Bill Hall & Steven Booth
Corporate Management
* Employees with 20 plus years of service
SOUTH (continued)TellersHale, Sheila Hatfield, BrooklynMcQueen, DonnaMullins, Kendall Roy, Lisa A.
HARLAN
MANSIONSr. Exec. OfficerTolliver, SteveNew AccountsCraig, BethLoansHenson, GarryLoan ProcessingMiller, WhitneyTellersBlanton, AlexisMcMillian, EloraRoark, Londa
MAINNew AccountsWhite, Sheila*TellersJones, TinaNoah, KatelynCustomer Call CenterHoward, Kay*Thompson, Shirley*White, Kim*White, Rhonda*
VILLAGEReceptionistClem, MelissaOperations Mgr.Estep, Ashley New AccountsCavins, KevinLoansEnix, EugeneTellersChasteen, JaidForester, Alicia*Robbins, KindraWhite, Samantha