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Our Statement of Condition as of December 31, 2011
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| |
| |
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Comparative Statement of Income 12 Months Ending December 31
2011 2010
|
| Interest Income |
| |
| Interest and Fees on Loans |
|
2,159,605.48
|
|
2,205,620.30
|
| Interest on Securities |
|
239,055.31
|
|
255,038.59
|
| Interest on Federal Funds Sold |
|
0
|
|
0
|
| Interest on Deposits in Banks |
|
20,484.44
|
|
22,601.59
|
|
Total Interest Income
|
|
2,419,145.23
|
|
2,483,260.48
|
| Interest on Deposits |
|
384,811.33
|
|
547,145.62
|
| Interest on Borrowed Funds |
|
11.67
|
|
52.64
|
|
Total Interest Expense
|
|
384,823.00
|
|
547,198.26
|
| Net Interest Income |
|
2,034,322.23 |
|
1,936,062.22 |
| Less Provision for Loan Losses |
|
14,756.36 |
|
8,424.77 |
| Net Interest income less provision for loan losses |
|
2,019,565.87 |
|
1,927,637.45 |
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Service Charges on Deposit Accounts
|
|
126,576.49 |
|
151,775.30 |
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Securities Gains (Losses)
|
|
23,614.60 |
|
1,700.95 |
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Other Assets Gains (Losses)
|
|
41,728.48 |
|
62,206.34 |
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Other Operating Income
|
|
153,089.62 |
|
155,860.29 |
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Total Non-Interest Income
|
|
345,009.19
|
|
371,542.88
|
| Salaries and Employee Benefits |
|
1,028,691.60 |
|
986,224.39 |
| Premises and Equipment Expenses |
|
174,178.72 |
|
160,027.08 |
| Other Operating Expense |
|
529,032.59 |
|
572,800.96
|
|
Total Non-Interest Expense
|
|
1,731,902.91 |
|
1,719,052.43
|
|
|
|
|
|
| Income Before Federal and State Taxes |
|
632,672.15
|
|
580,127.90
|
| Federal and State Tax Expense |
|
0
|
|
155,059.34
|
| Tax Expense-Subchapter S Conversion |
|
468,361.79
|
|
0
|
|
Net Income
|
|
164,310.36
|
|
425,068.56
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Comparative Balance Sheet December 31
2011 2010
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| Assets |
| Cash and Due From Banks |
|
985,755.25
|
|
1,285,301.76
|
| Interest-Bearing Deposit in Banks |
|
2,679,307.52
|
|
5,137,569.85
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| Securities available for sale |
|
10,434,281.00
|
|
6,766,063.43
|
| Securities held to maturity |
|
1,547,865.89
|
|
2,724,166.83
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| Federal Funds Sold |
|
0
|
|
0
|
| Loans: Loans, net of unearned income |
|
41,924,594.11
|
|
41,993,360.85
|
| Allowance for Loan Losses |
|
(600,000.00)
|
|
(587,243.64)
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Net Loans
|
|
41,324,594.11
|
|
41,406,117.21
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| Bank Premises and Equipment |
|
498,191.70
|
|
559,478.34
|
| Other Real Estate Owned |
|
35,000.00
|
|
0
|
| Accrued Income Receivable |
|
317,932.13
|
|
388,208.70
|
| Mortgage Servicing Rights |
|
47,537.43
|
|
47,803.00
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| Other Assets |
|
1,217,740.13
|
|
1,508,282.86
|
|
Total Assets
|
|
59,088,205.16
|
|
59,822,991.98
|
| |
|
|
|
|
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Deposits
|
|
|
|
|
| Non-Interest Bearing |
|
10,077,668.82
|
|
8,843,401.22
|
| Interest Bearing |
|
41,740,137.96
|
|
43,295,604.66
|
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Total Deposits
|
|
51,817,806.78
|
|
52,139,005.88
|
| Accrued Interest, Expenses & Taxes |
|
1,167,909.10
|
|
1,367,733.65
|
| Borrowed Funds |
|
0
|
|
0
|
| Other Liabilities |
|
0
|
|
0
|
|
Total Liabilities
|
|
52,985,715.88
|
|
53,506,739.53
|
| |
|
|
|
|
| Shareholders' Equity |
|
|
|
|
| Common Stock |
|
800,000.00
|
|
800,000.00
|
| Surplus |
|
1,700,000.00
|
|
1,700,000.00
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| Retained Earnings |
|
3,588,173.44
|
|
3,823,863.08
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| Net Unrealized Gain/Loss on Securities |
|
14,315.84
|
|
(7,610.63)
|
|
Total Shareholders' Equity
|
|
6,102,489.28
|
|
6,316,252.45
|
| Total Liabilities and Shareholders' Equity |
|
59,088,205.16
|
|
59,822,991.98
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| |
|
|
|
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| Changes In Equity Capital |
|
Ending December 31 |
| |
|
2011
|
|
2010
|
| Beginning Balance |
|
6,316,252.45
|
|
6,118,284.49
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| Net Income |
|
164,310.36
|
|
425,068.56
|
| Less: Cash dividends declared |
|
400,000.00
|
|
160,000.00
|
| Net Unrealized Gain/Loss on Securities |
|
21,926.47
|
|
(20,862.34)
|
| Change in Accounting Method |
|
0
|
|
(46,238.26)
|
|
Total Equity Capital
|
|
6,102,489.28 |
|
6,316,252.45
|
| |
|
|
|
|
Allowances for Loan Losses |
|
Ending December 31 |
| |
|
2011
|
|
2010
|
| Beginning Balance |
|
587,243.64
|
|
582,687.04
|
| Recoveries |
|
0
|
|
4,556.60
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| Less Charge-Offs |
|
2,000.00
|
|
8,424.77
|
| Provision for Loan Losses |
|
14,756.36
|
|
8,424.77
|
|
Allowance for Loan Losses Year End
|
|
600,000.00
|
|
587,243.64
|
| |
|
|
|
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Past Due Loans and Leases |
|
Ending December
|
| |
|
2011
|
|
2010
|
| Loans past due 30-89 days |
|
60,457.76
|
|
0
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| Loans past due 90 days or more |
|
0
|
|
0
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Past Due Loans at Year End
|
|
60,457.76
|
|
0
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| Nonperforming Assets |
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Ending December 31
|
| |
|
2011
|
|
2010
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| Nonperforming loans |
|
0
|
|
50,000.00
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| Foreclosed assets |
|
35,000.00
|
|
0
|
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Total Nonperforming Assets
|
|
35,000.00
|
|
50,000.00
|
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THIS STATEMENT HAS NOT BEEN REVIEWED, OR CONFIRMED FOR ACCURACY OR RELEVANCE, BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
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