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Financial Statement (2001)
* Letter From Our Chairman
* Statement of Condition
* Officers and Directors
Statement of Condition (December 31, 2001)
ASSETS
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Cash and Due From Banks |
$22,080,436 |
|
Federal Funds Sold |
7,600,000 |
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Federal Home Loan Bank Account |
10,000,000 |
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U.S. Government Securities |
74,505,910 |
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Other Securities |
28,422,936 |
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Loans |
468,927,203 |
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Less: Allowance for Loan Losses
|
4,989,555 |
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Net Loans |
463,937,648 |
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Premises and Equipment |
5,928,977 |
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Accrued Interest Receivable |
3,693,127 |
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Other Assets |
1,139,794 |
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| TOTAL ASSETS |
$617,308,828 |
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LIABILITIES & CAPITAL
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Deposits |
$466,423,026 |
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Federal Funds Purchased |
400,000 |
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Securities Sold Under Repurchase Agreement |
63,471,010 |
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Other Liabilities |
32,953,833 |
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| TOTAL LIABILITIES |
563,247,869 |
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Preferred Stock |
1,000 |
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Common Stock |
1,416,000 |
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Surplus |
8,975,470 |
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Retained Earnings |
42,489,550 |
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Net Unrealized Gains / (Losses) |
|
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On Available-For-Sale Securities |
1,178,939 |
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| TOTAL CAPITAL |
54,060,959 |
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| TOTAL LIABILITIES AND CAPITAL |
$617,308,828 |
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STATEMENT OF INCOME (December 31, 2001)
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| Interest Income |
$41,982,101 |
| Interest Expense |
24,144,891 |
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| Net Interest Income |
17,837,210 |
| Provision for Loan Losses |
545,000 |
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| Net Interest Income After Loss Provision |
17,292,210 |
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| Non-Interest Income |
1,262,098 |
| Non-Interest Expense |
7,934,351 |
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| Net Income Before Income Taxes |
10,619,957 |
| Provision for Income Taxes |
3,810,685 |
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| NET INCOME |
$6,809,272 |
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