Statement of Condition |
|
|
December 31, 2009
|
December 31, 2008
|
|
ASSETS |
CASH ON HAND AND IN BANKS
|
$11,799,195 |
$13,513,012 |
|
INVESTMENTS |
US GOVERNMENT AGENCY
|
16,851,421 |
12,308,149 |
BONDS
|
12,615,397 |
17,629,621 |
COMMON & PREFERRED STOCK
|
49,237,680 |
60,594,468 |
|
TOTAL INVESTMENT SECURITIES |
78,704,498 |
90,532,238 |
|
LOANS |
MORTGAGES - RESIDENTIAL
|
226,163,665 |
257,435,701 |
MORTGAGES - COMMERCIAL
|
162,085,838 |
159,395,310 |
BUSINESS LOANS
|
50,777,643 |
51,331,168 |
CONSUMER LOANS
|
4,522,649 |
5,538,921 |
EQUITY LOANS
|
59,139,563 |
60,602,784 |
LOAN LOSS RESERVE
|
(5,488,889) |
(5,021,365) |
TOTAL LOANS
|
497,200,469 |
529,282,519 |
BANK OWNED LIFE INSURANCE
|
9,784,466 |
9,584,774 |
OTHER ASSETS
|
36,662,447 |
26,562,362 |
TOTAL OTHER ASSETS
|
46,446,913 |
36,147,136 |
TOTAL ASSETS
|
634,151,075 |
669,474,905 |
|
LIABILITIES AND CAPITAL |
SAVINGS
|
139,247,350 |
155,360,154 |
TIME DEPOSITS
|
171,855,952 |
173,866,912 |
CHECKING
|
115,995,855 |
120,440,438 |
TOTAL DEPOSITS
|
427,099,157 |
449,667,504 |
OTHER LIABILITIES
|
146,143,642 |
166,900,468 |
CAPITAL
|
60,908,276 |
52,906,933 |
TOTAL LIABILITIES AND CAPITAL
|
$634,151,075 |
$669,474,905 |
| |
Consolidated Statement of Income |
|
INTEREST INCOME |
$33,883,529 |
$38,028,561 |
|
INTEREST EXPENSE |
13,812,010 |
16,462,915 |
NET INTEREST INCOME
|
20,071,519 |
21,565,646 |
|
OTHER OPERATING INCOME |
3,565,591 |
3,336,083 |
INCOME BEFORE OPERATING EXPENSE
|
23,637,110 |
24,901,729 |
|
OPERATING EXPENSE |
19,243,925 |
22,250,303 |
NET OPERATING INCOME
|
4,393,185 |
2,651,426 |
|
NET GAIN (LOSS) ON SALE OF SECURITIES AND LOANS |
(652,106) |
(7,721,036) |
INCOME BEFORE TAXES
|
3,741,079 |
(5,069,610) |
|
INCOME TAXES |
639,524 |
(2,504,317) |
NET INCOME
|
$3,101,555 |
($2,565,293) |
|
