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Financial Statement (2004)
* Letter From Our Chairman
* Statement of Condition
* Officers and Directors
Statement of Condition (December 31, 2004)
ASSETS
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Cash and Due From Banks |
$ 14,295,313 |
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Federal Funds Sold |
12,169,256 |
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Federal Home Loan Bank Account |
20,838,000 |
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U.S. Government & Agency Securities |
85,330,124 |
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Other Securities |
26,195,162 |
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Loans |
552,873,607 |
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Less: Allowance for Loan Losses
|
6,480,687 |
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Net Loans |
546,392,920 |
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Premises and Equipment |
8,300,593 |
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Accrued Interest Receivable |
3,228,822 |
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Other Assets |
3,000,004 |
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| TOTAL ASSETS |
$719,750,194 |
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LIABILITIES & CAPITAL
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Deposits |
$552,049,024 |
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Federal Funds Purchased |
– |
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Securities Sold Under Repurchase Agreement |
44,329,865 |
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Other Liabilities |
64,420,820 |
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| TOTAL LIABILITIES |
660,799,709 |
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Preferred Stock |
– |
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Common Stock |
1,416,000 |
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Surplus |
8,975,470 |
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Retained Earnings |
48,934,849 |
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Net Unrealized Gains / (Losses) |
|
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On Available-For-Sale Securities |
(375,834) |
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| TOTAL CAPITAL |
58,950,485 |
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| TOTAL LIABILITIES AND CAPITAL |
$719,750,194 |
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STATEMENT OF INCOME (December 31, 2004)
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| Interest Income |
$33,980,921 |
| Interest Expense |
14,041,732 |
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| Net Interest Income |
19,939,189 |
| Provision for Loan Losses |
865,000 |
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| Net Interest Income After Loss Provision |
19,074,189 |
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| Non-Interest Income |
1,243,785 |
| Non-Interest Expense |
9,434,474 |
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| Net Income Before Income Taxes |
10,883,500 |
| Provision for Income Taxes |
3,982,360 |
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| NET INCOME |
$ 6,901,140 |
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