|
|
 |
|
Financial Statement (2006)
* Letter From Our Chairman
* Statement of Condition
* Officers and Directors
Statement of Condition (December 31, 2006)
ASSETS
|
|
Cash and Due From Banks |
$ 26,191,281 |
|
Federal Funds Sold |
696,811 |
|
Federal Home Loan Bank Account |
10,132 |
|
U.S. Government & Agency Securities |
80,622,686 |
|
Other Securities |
32,024,546 |
|
Loans |
643,534,718 |
|
Less: Allowance for Loan Losses
|
6,928,726 |
|
|
Net Loans |
636,605,992 |
|
Premises and Equipment |
7,865,651 |
|
Accrued Interest Receivable |
4,212,156 |
|
Other Assets |
7,055,676 |
|
|
| TOTAL ASSETS |
$795,284,931 |
|
LIABILITIES & CAPITAL
|
|
Deposits |
$569,432,558 |
|
Federal Funds Purchased |
5,600,000 |
|
Securities Sold Under Repurchase Agreement |
61,845,624 |
|
Federal Home Loan Bank Note Payable |
82,000,000 |
|
Other Liabilities |
5,629,548 |
|
| TOTAL LIABILITIES |
724,507,730 |
|
Preferred Stock |
– |
|
Common Stock |
1,416,000 |
|
Surplus |
8,975,470 |
|
Retained Earnings |
60,731,976 |
|
Net Unrealized Gains / (Losses) |
|
|
On Available-For-Sale Securities |
(346,245) |
|
| TOTAL CAPITAL |
70,777,201 |
|
|
| TOTAL LIABILITIES AND CAPITAL |
$795,284,931 |
|
STATEMENT OF INCOME (December 31, 2006)
|
| Interest Income |
$47,207,537 |
| Interest Expense |
23,164,773 |
|
| Net Interest Income |
24,042,764 |
| Provision for Loan Losses |
995,000 |
|
| Net Interest Income After Loss Provision |
23,047,764 |
|
| Non-Interest Income |
1,642,825 |
| Non-Interest Expense |
10,751,924 |
|
| Net Income Before Income Taxes |
13,938,665 |
| Provision for Income Taxes |
5,080,805 |
|
|
| NET INCOME |
$ 8,857,860 |
|
|
