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Our Statement of Condition as of December 31, 2012
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| |
| |
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Comparative Statement of Income 12 Months Ending December 31
2012 2011
|
| Interest Income |
| |
| Interest and Fees on Loans |
|
2,084,156.12
|
|
2,159,605.48
|
| Interest on Securities |
|
159,549.52
|
|
239,055.31
|
| Interest on Federal Funds Sold |
|
0
|
|
0
|
| Interest on Deposits in Banks |
|
28,095.73
|
|
20,484.44
|
|
Total Interest Income
|
|
2,271,801.37
|
|
2,419,145.23
|
| Interest on Deposits |
|
278,135.90
|
|
384,811.33
|
| Interest on Borrowed Funds |
|
54.17
|
|
11.67
|
|
Total Interest Expense
|
|
278,190.07
|
|
384,823.00
|
| Net Interest Income |
|
1,993,611.30 |
|
2,034,322.23 |
| Less Provision for Loan Losses |
|
25,000.00 |
|
14,756.36 |
| Net Interest income less provision for loan losses |
|
1,968,611.30 |
|
2,019,565.87 |
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Service Charges on Deposit Accounts
|
115,444.04
|
|
|
126,576.49 |
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Securities Gains (Losses)
|
9,253.31
|
|
|
23,614.60 |
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Other Assets Gains (Losses)
|
73,610.77
|
|
|
41,728.48 |
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Other Operating Income
|
274,725.74
|
|
|
153,089.62 |
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Total Non-Interest Income
|
473,033.86
|
|
|
345,009.19
|
| Salaries and Employee Benefits |
|
1,089,232.02 |
|
1,028,691.60 |
| Premises and Equipment Expenses |
|
188,896.00 |
|
174,178.72 |
| Other Operating Expense |
|
565,975.98 |
|
529,032.59
|
|
Total Non-Interest Expense
|
|
1,844,104.00
|
|
1,731,902.91
|
|
|
|
|
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| Income Before Federal and State Taxes |
|
597,541.16 |
|
632,672.15
|
| Federal and State Tax Expense |
|
0
|
|
0
|
| Tax Expense-Subchapter S Conversion |
|
0 |
|
468,361.79
|
|
Net Income
|
|
597,541.16
|
|
164,310.36
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Comparative Balance Sheet December 31
2012 2011
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| Assets |
| Cash and Due From Banks |
|
1,825,836.97
|
|
985,755.25
|
| Interest-Bearing Deposit in Banks |
|
10,284,945.08
|
|
2,679,307.52
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| Securities available for sale |
|
5,739,996.15
|
|
10,434,281.00
|
| Securities held to maturity |
|
842,908.21
|
|
1,547,865.89
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| Federal Funds Sold |
|
0
|
|
0
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| Loans: Loans, net of unearned income |
|
45,185,243.30
|
|
41,924,594.11
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| Allowance for Loan Losses |
|
(625,000.00)
|
|
(600,000.00)
|
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Net Loans
|
|
44,560,243.30
|
|
41,324,594.11
|
| Bank Premises and Equipment |
|
1,020,945.31
|
|
498,191.70
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| Other Real Estate Owned |
|
20,000.00
|
|
35,000.00
|
| Accrued Income Receivable |
|
305,713.79
|
|
317,932.13
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| Mortgage Servicing Rights |
|
49,089.00
|
|
47,537.43
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| Other Assets |
|
1,291,030.30
|
|
1,217,740.13
|
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Total Assets
|
|
65,940,411.11
|
|
59,088,205.16
|
| |
|
|
|
|
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Deposits
|
|
|
|
|
| Non-Interest Bearing |
|
11,361,993.35 |
|
10,077,668.82
|
| Interest Bearing |
|
47,040,664.15
|
|
41,740,137.96
|
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Total Deposits
|
|
58,402,657.50
|
|
51,817,806.78
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| Accrued Interest, Expenses & Taxes |
|
1,195,153.36
|
|
1,167,909.10
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| Borrowed Funds |
|
0
|
|
0
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| Other Liabilities |
|
0
|
|
0
|
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Total Liabilities
|
|
59,597,810.86
|
|
52,985,715.88
|
| |
|
|
|
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| 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 |
|
3,785,714.60
|
|
3,588,173.44
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| Net Unrealized Gain/Loss on Securities |
|
56,885.65
|
|
14,315.84
|
|
Total Shareholders' Equity
|
|
6,342,600.25
|
|
6,102,489.28
|
| Total Liabilities and Shareholders' Equity |
|
65,940,411.11
|
|
59,088,205.16
|
| |
|
|
|
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| Changes In Equity Capital |
|
Ending December 31 |
| |
|
2012
|
|
2011
|
| Beginning Balance |
|
6,102,489.28
|
|
6,316,252.45
|
| Net Income |
|
597,541.16
|
|
164,310.36
|
| Less: Cash dividends declared |
|
400,000.00
|
|
400,000.00
|
| Net Unrealized Gain/Loss on Securities |
|
42,569.81
|
|
21,926.47
|
| Change in Accounting Method |
|
0
|
|
0
|
|
Total Equity Capital
|
|
6,342,600.25
|
|
6,102,489.28
|
| |
|
|
|
|
Allowances for Loan Losses |
|
Ending December 31 |
| |
|
2012
|
|
2011
|
| Beginning Balance |
|
600,000.00
|
|
587,243.64
|
| Recoveries |
|
0
|
|
0
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| Less Charge-Offs |
|
0
|
|
2,000.00
|
| Provision for Loan Losses |
|
25,000.00
|
|
14,756.36
|
|
Allowance for Loan Losses Year End
|
|
625,000.00
|
|
600,000.00
|
| |
|
|
|
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Past Due Loans and Leases |
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Ending December 31
|
| |
|
2012
|
|
2011
|
| Loans past due 30-89 days |
|
261,072.43
|
|
60,457.76
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| Loans past due 90 days or more |
|
0
|
|
0
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Past Due Loans at Year End
|
|
261,072.43
|
|
60,457.76
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|
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| Nonperforming Assets |
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Ending December 31
|
| |
|
2012
|
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2011
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| Nonperforming loans |
|
0
|
|
0
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| Foreclosed assets |
|
20,000.00
|
|
35,000.00
|
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Total Nonperforming Assets
|
|
20,000.00
|
|
35,000.00
|
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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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