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Financial Statement (2005)
* Letter From Our Chairman
* Statement of Condition
* Officers and Directors
Statement of Condition (December 31, 2005)
ASSETS
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|
Cash and Due From Banks |
$ 26,973,516 |
|
Federal Funds Sold |
795,361 |
|
Federal Home Loan Bank Account |
10,000 |
|
U.S. Government & Agency Securities |
82,006,124 |
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Other Securities |
22,004,809 |
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Loans |
623,466,051 |
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Less: Allowance for Loan Losses
|
7,085,581 |
|
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Net Loans |
616,380,470 |
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Premises and Equipment |
8,086,170 |
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Accrued Interest Receivable |
3,887,595 |
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Other Assets |
3,165,100 |
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| TOTAL ASSETS |
$763,309,145 |
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LIABILITIES & CAPITAL
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Deposits |
$564,771,617 |
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Federal Funds Purchased |
10,965,000 |
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Securities Sold Under Repurchase Agreement |
40,774,026 |
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Federal Home Loan Bank Note Payable |
80,000,000 |
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Other Liabilities |
4,610,682 |
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| TOTAL LIABILITIES |
701,121,325 |
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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 |
52,865,316 |
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Net Unrealized Gains / (Losses) |
|
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On Available-For-Sale Securities |
(1,068,966) |
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| TOTAL CAPITAL |
62,187,820 |
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| TOTAL LIABILITIES AND CAPITAL |
$763,309,145 |
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STATEMENT OF INCOME (December 31, 2005)
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| Interest Income |
$39,672,084 |
| Interest Expense |
18,144,428 |
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| Net Interest Income |
21,557,656 |
| Provision for Loan Losses |
600,000 |
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| Net Interest Income After Loss Provision |
20,957,656 |
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| Non-Interest Income |
1,152,352 |
| Non-Interest Expense |
9,449,888 |
|
| Net Income Before Income Taxes |
12,660,120 |
| Provision for Income Taxes |
4,764,853 |
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| NET INCOME |
$ 7,895,267 |
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