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 Our Statement of Condition as of December 31, 2013

 
 

Comparative Statement of Income                         12 Months Ending December 31
                                                                                                                                                            2013                2012

Interest Income
 
Interest and Fees on Loans  

2,216,332.09 

 

 2,084,156.12

Interest on Securities                  126,153.60  

159,549.52

Interest on Federal Funds Sold  

0

 

0

Interest on Deposits in Banks  

                 23,544.36

 

28,095.73

 Total Interest Income

    

     2,366,030.05 

 

2,271,801.37


Interest Expense

Interest on Deposits      232,124.50  

278,135.90

Interest on Borrowed Funds  

37.14

 

 54.17

  Total Interest Expense

 

 232,161.64

 

278,190.07

Net Interest Income   2,133,868.41   1,993,611.30
Less Provision for Loan Losses   25,000.00   25,000.00
Net Interest income less provision for loan losses   2,108,868.41   1,968,611.30

Non-Interest Income

Service Charges on Deposit Accounts

 124,596.58

  115,444.04

Securities Gains (Losses)

 4,508.01

  9,253.31

Other Assets Gains (Losses)

 56,398.81

  73,610.77

Other Operating Income

 238,856.25

  274,725.74

  Total Non-Interest Income

   424,359.65

 

473,033.86

Non-Interest Expense
Salaries and Employee Benefits     1,259,614.84   1,089,232.02
Premises and Equipment Expenses   225,993.86   188,896.00
Other Operating Expense   594,400.99  

565,975.98

 Total Non-Interest Expense

 

2,083,009.69

 

1,844,104.00

       
Income Before Federal and State Taxes   450,218.37

 

597,541.16

Federal and State Tax Expense  

0

 

0

Tax Expense-Subchapter S Conversion   0

 

0

 Net Income

 

450,218.37

 

597,541.16

Comparative Balance Sheet                    December 31
                                                                                                                                                                                                           2013                 2012

Assets

Cash and Due From Banks    2,134,874.57  

1,825,836.97

Interest-Bearing Deposit in Banks    4,220,343.72  

10,284,945.08

Securities available for sale    5,761,287.20  

5,739,996.15

Securities held to maturity       394,052.37  

842,908.21

Federal Funds Sold  

 0

 

0

Loans:  Loans, net of unearned income   51,246,928.06  

45,185,243.30

             Allowance for Loan Losses  

(650,000.00) 

 

(625,000.00)

Net Loans 

  50,596,928.06  

 44,560,243.30

Bank Premises and Equipment       945,983.58  

1,020,945.31

Other Real Estate Owned  

20,000.00

 

20,000.00

Accrued Income Receivable       326,823.17  

305,713.79

Mortgage Servicing Rights         65,835.00  

49,089.00

Other Assets     1,277,859.56  

1,291,030.30

 Total Assets

 

65,743,987.23

 

65,940,411.11

         
Liabilities

Deposits

 

 

 

 

Non-Interest Bearing   13,694,513.20  

11,361,993.35

Interest Bearing   44,621,712.11  

47,040,664.15

 Total Deposits

  58,316,225.31  

58,402,657.50

Accrued Interest, Expenses & Taxes     1,206,957.18  

1,195,153.36

Borrowed Funds  

 0

 

 0

Other Liabilities  

 0

 

 0

 Total Liabilities

 

59,523,182.49

 

59,597,810.86

         
Shareholders' Equity        
Common Stock  

 800,000.00

 

 800,000.00

Surplus  

 1,700,000.00

 

 1,700,000.00

Retained Earnings  

3,835,932.97

 

3,785,714.60

Net Unrealized Gain/Loss on Securities  

(115,128.23)

 

56,885.65

 Total Shareholders' Equity

    6,220,804.74  

6,342,600.25

Total Liabilities and Shareholders' Equity  

65,743,987.23

 

65,940,411.11

         
Changes In Equity Capital    Ending December 31
   

 2013

 

 2012

Beginning Balance  

6,342,600.25

 

6,102,489.28

Net Income  

450,218.37

 

597,541.16

Less:  Cash dividends declared  

400,000.00

 

400,000.00

Net Unrealized Gain/Loss on Securities  

(172,013.88)

 

42,569.81

Change in Accounting Method  

0

 

 Total Equity Capital

 

 6,220,804.74

 

6,342,600.25

         
 
Allowances for Loan Losses
     Ending December 31
   

2013 

 

 2012

Beginning Balance  

  625,000.00 

 

600,000.00

Recoveries  

 0

 

Less Charge-Offs  

0

 

 0 

Provision for Loan Losses  

25,000.00

 

25,000.00

 Allowance for Loan Losses Year End

 

650,000.00

 

 625,000.00 

         

Past Due Loans and Leases 
 

   Ending December 31

   

2013

 

 2012

Loans past due 30-89 days       125,569.83  

261,072.43

Loans past due 90 days or more  

 0

 

 0

 Past Due Loans at Year End

      125,569.83

 

261,072.43

         
Nonperforming Assets  

   Ending December 31

   

2013

 

 2012

Nonperforming loans  

 0

 

 0

Foreclosed assets  

 20,000.00

 

20,000.00

 Total Nonperforming Assets

 

 20,000.00

 

 20,000.00

THIS STATEMENT HAS NOT BEEN REVIEWED, OR CONFIRMED FOR ACCURACY OR RELEVANCE, BY THE FEDERAL DEPOSIT INSURANCE CORPORATION

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