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Financial Statement (2007)
* Letter From Our Chairman
* Statement of Condition
* Officers and Directors
Statement of Condition (December 31, 2007)
ASSETS
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Cash and Due From Banks |
$ 29,569,349 |
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Federal Funds Sold |
132,196 |
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Federal Securities Purchased U/A to Resell |
2,800,000 |
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U.S. Government Agency Securities |
71,907,031 |
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Other Securities |
54,509,317 |
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Loans |
691,445,581 |
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Less: Allowance for Loan Losses
|
7,234,037 |
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Net Loans |
684,211,544 |
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Premises and Equipment |
7,847,231 |
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Accrued Interest Receivable |
4,567,286 |
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Other Assets |
3,821,600 |
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| TOTAL ASSETS |
$859,365,554 |
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LIABILITIES & CAPITAL
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Deposits |
$594,615,993 |
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Federal Funds Purchased |
24,200,000 |
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Securities Sold Under Repurchase Agreement |
68,267,278 |
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Federal Home Loan Bank Note Payable |
90,000,000 |
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Other Liabilities |
6,216,566 |
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| TOTAL LIABILITIES |
783,299,837 |
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Common Stock |
1,416,000 |
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Surplus |
8,975,470 |
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Retained Earnings |
65,147,124 |
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Net Unrealized Gains / (Losses) |
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On Available-For-Sale Securities |
527,123 |
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| TOTAL CAPITAL |
76,065,717 |
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| TOTAL LIABILITIES AND CAPITAL |
$859,365,554 |
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STATEMENT OF INCOME (December 31, 2007)
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| Interest Income |
$53,121,165 |
| Interest Expense |
29,639,595 |
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| Net Interest Income |
23,481,570 |
| Provision for Loan Losses |
1,250,000 |
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| Net Interest Income After Loss Provision |
22,231,570 |
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| Non-Interest Income |
1,331,781 |
| Non-Interest Expense |
10,878,116 |
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| Net Income Before Income Taxes |
12,685,235 |
| Provision for Income Taxes |
4,669,907 |
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| NET INCOME |
$ 8,015,328 |
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