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 Our Statement of Condition as of December 31, 2014

 
 

Comparative Statement of Income                         12 Months Ending December 31
                                                                                                                                                            2014                2013

Interest Income
 
Interest and Fees on Loans  

2339291.46

 

2,216,332.09

Interest on Securities                   105,518.86  

126,153.60

Interest on Federal Funds Sold  

0

 

0

Interest on Deposits in Banks  

                 24,302.44

 

23,544.36

 Total Interest Income

    

   2,469,112.76

 

2,366,030.05


Interest Expense

Interest on Deposits      249,271.42  

232,124.50

Interest on Borrowed Funds  

16.25

 

37.14

  Total Interest Expense

 

 249,287.67

 

232,161.64

Net Interest Income   2,219,825.09   2,133,868.41
Less Provision for Loan Losses   11,103.00   25,000.00
Net Interest income less provision for loan losses   2,208,722.09   2,108,868.41

Non-Interest Income

Service Charges on Deposit Accounts

127,093.12

  124,596.58

Securities Gains (Losses)

 909.12

  4,508.01

Other Assets Gains (Losses)

 99,054.71

  56,398.81

Other Operating Income

 237,049.54

  238,856.25

  Total Non-Interest Income

   464,106.49

 

424,359.65

Non-Interest Expense
Salaries and Employee Benefits     1,299,070.94   1,259,614.84
Premises and Equipment Expenses   212,070.99   225,993.86
Other Operating Expense   564,277.60  

594,400.99

 Total Non-Interest Expense

 

2,075,419.53

 

2,083,009.69

       
Income Before Federal and State Taxes   597,049.05

 

450,218.37

Federal and State Tax Expense  

0

 

0

Tax Expense-Subchapter S Conversion   0

 

0

 Net Income

 

597,409.05

 

450,218.37

Comparative Balance Sheet                    December 31
                                                                                                                                                                                                           2014                 2013

Assets

Cash and Due From Banks    1,739,862.19  

2,134,874.57

Interest-Bearing Deposit in Banks    7,553,658.50  

4,220,343.72

Securities available for sale    5,881,250.25  

5,761,287.20

Securities held to maturity       20000.00  

394,052.37

Federal Funds Sold  

 0

 

0

Loans:  Loans, net of unearned income   52,557,866.65  

51,246,928.06

             Allowance for Loan Losses  

(675,000.00) 

 

(650,000.00)

Net Loans 

  51,882,866.65  

 50,596,928.06

Bank Premises and Equipment      886,335.44  

945,983.58

Other Real Estate Owned  

20,000.00

 

20,000.00

Accrued Income Receivable       296,253.02  

326,8/23.17

Mortgage Servicing Rights         76,104.00  

49,089.00

Other Assets     1,307,397.85  

1,291,030.30

 Total Assets

 

69,663,727.90

 

65,940,411.11

         
Liabilities

Deposits

 

 

 

 

Non-Interest Bearing   16,425,283.58  

13,694,513.20

Interest Bearing   45,437,272.07  

44,621,712.11

 Total Deposits

  61,862,555.65  

58,316,225.31

Accrued Interest, Expenses & Taxes     1,260,979.67  

1,206,957.18

Borrowed Funds  

 0

 

 0

Other Liabilities  

 0

 

 0

 Total Liabilities

 

63,123,535.32

 

59,523,182.49

         
Shareholders' Equity        
Common Stock  

 800,000.00

 

 800,000.00

Surplus  

 1,700,000.00

 

 1,700,000.00

Retained Earnings  

4,033,342.02

 

3,835,932.97

Net Unrealized Gain/Loss on Securities  

6,850.56

 

(115,128.23)

 Total Shareholders' Equity

    6,540,192.58  

6,220,804.74

Total Liabilities and Shareholders' Equity  

69,663,727.90

 

65,743,987.23

         

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

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