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Financial Statement (2002)
* Letter From Our Chairman
* Statement of Condition
* Officers and Directors
Statement of Condition (December 31, 2002)
ASSETS
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Cash and Due From Banks |
$ 22,086,225 |
|
Federal Funds Sold |
1,042,055 |
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Federal Home Loan Bank Account |
8,000 |
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U.S. Government Securities |
75,811,599 |
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Other Securities |
45,004,894 |
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Loans |
466,428,047 |
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Less: Allowance for Loan Losses
|
6,861,008 |
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Net Loans |
459,567,039 |
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Premises and Equipment |
5,625,105 |
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Accrued Interest Receivable |
3,252,850 |
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Other Assets |
1,645,284 |
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| TOTAL ASSETS |
$614,043,051 |
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LIABILITIES & CAPITAL
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Deposits |
$458,624,458 |
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Federal Funds Purchased |
9,000,000 |
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Securities Sold Under Repurchase Agreement |
47,964,496 |
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Other Liabilities |
41,552,835 |
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| TOTAL LIABILITIES |
557,141,789 |
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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 |
44,978,288 |
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Net Unrealized Gains / (Losses) |
|
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On Available-For-Sale Securities |
1,530,504 |
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| TOTAL CAPITAL |
56,901,262 |
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| TOTAL LIABILITIES AND CAPITAL |
$614,043,051 |
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STATEMENT OF INCOME (December 31, 2002)
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| Interest Income |
$35,824,208 |
| Interest Expense |
17,987,376 |
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| Net Interest Income |
17,836,832 |
| Provision for Loan Losses |
3,285,000 |
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| Net Interest Income After Loss Provision |
14,551,832 |
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| Non-Interest Income |
1,615,527 |
| Non-Interest Expense |
8,728,134 |
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| Net Income Before Income Taxes |
7,439,225 |
| Provision for Income Taxes |
2,514,967 |
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| NET INCOME |
$ 4,924,258 |
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