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Financial Statement (2003)
* Letter From Our Chairman
* Statement of Condition
* Officers and Directors
Statement of Condition (December 31, 2003)
ASSETS
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Cash and Due From Banks |
$ 28,783,791 |
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Federal Funds Sold |
1,021,858 |
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Federal Home Loan Bank Account |
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U.S. Government Agency Securities |
53,023,750 |
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Other Securities |
34,523,094 |
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Loans |
530,054,636 |
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Less: Allowance for Loan Losses
|
5,851,258 |
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Net Loans |
524,203,378 |
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Premises and Equipment |
6,359,465 |
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Accrued Interest Receivable |
2,845,993 |
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Other Assets |
2,120,526 |
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| TOTAL ASSETS |
$652,881,855 |
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LIABILITIES & CAPITAL
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Deposits |
$485,289,334 |
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Federal Funds Purchased |
15,000,000 |
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Securities Sold Under Repurchase Agreement |
47,195,903 |
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Other Liabilities |
48,310,261 |
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| TOTAL LIABILITIES |
595,795,498 |
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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 |
45,998,510 |
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Net Unrealized Gains / (Losses) |
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On Available-For-Sale Securities |
695,377 |
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| TOTAL CAPITAL |
57,086,357 |
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| TOTAL LIABILITIES AND CAPITAL |
$652,881,855 |
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STATEMENT OF INCOME (December 31, 2003)
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| Interest Income |
$32,483,818 |
| Interest Expense |
14,751,473 |
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| Net Interest Income |
17,732,345 |
| Provision for Loan Losses |
525,000 |
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| Net Interest Income After Loss Provision |
17,207,345 |
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| Non-Interest Income |
2,366,372 |
| Non-Interest Expense |
9,018,280 |
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| Net Income Before Income Taxes |
10,555,437 |
| Provision for Income Taxes |
3,908,575 |
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| NET INCOME |
$ 6,646,862 |
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