| |
|
|
|
| |
2007 |
2006
Restated |
% Change |
| At Year End |
|
|
|
| Assets |
369,145,673 |
369,511,501 |
-0.10% |
| Deposits |
288,943,547 |
290,324,760 |
-0.48% |
| Loans, net |
238,076,278 |
233,231,118 |
2.08% |
| Total capital |
74,475,763 |
71,380,941 |
4.34% |
| |
|
|
|
| For the Year |
|
|
|
| Average assets |
372,005,930 |
377,211,109 |
-1.38% |
| Average equity |
72,569,435 |
69,268,567 |
4.77% |
| Net interest income |
17,032,322 |
16,962,512 |
0.41% |
| Net income |
7,296,587 |
7,400,369 |
-1.40% |
| |
|
|
|
| Per Share Data |
|
|
|
| Book value |
24.01 |
22.67 |
5.91% |
| Net income |
2.33 |
2.33 |
0.00% |
| |
|
|
|
| Ratios |
|
|
|
| Return on average assets |
1.96% |
1.96% |
|
| Return on average equity |
10.05% |
10.68% |
|
| Total capital to total assets |
20.18% |
19.32% |
|
| Efficiency ratio |
39.87% |
38.89% |
|
|
| |
| |
|
| |
December 31 |
| |
2007 |
2006
Restated |
2005
Restated
|
| Assets |
|
|
|
| Cash and due from banks |
17,428,347 |
21,138,799 |
24,069,790 |
| Federal funds sold |
23,121,256 |
24,616,735 |
26,296,780 |
| Interest-bearing deposits |
6,012,482 |
2,055,689 |
2,192,731 |
| Investment securities available for sale |
24,082,202 |
18,854,192 |
6,505,278 |
| Investment securities held to maturity |
|
|
|
| (approximate fair value of $47,302,194 |
|
|
|
| $56,031,190 and $111,306,528) |
46,679,750 |
56,271,631 |
112,579,162 |
| Loans, less allowance for loan losses of |
|
|
|
| $195,525, $196,083, and $211,374 |
238,076,278 |
233,231,118 |
206,421,292 |
| Premises and equipment |
6,536,469 |
6,562,837 |
6,664,051 |
| Accrued interest receivable |
1,693,173 |
1,692,622 |
1,504,945 |
| Computer software |
156,629 |
175,383 |
228,014 |
| Bank owned life insurance |
4,720,770 |
4,530,259 |
4,367,744 |
| Other assets |
638,317 |
382,236 |
224,172 |
| |
369,145,673 |
369,511,501 |
391,053,959 |
| |
|
|
|
| Liabilities and Stockholders' Equity |
|
|
|
| Deposits |
|
|
|
| Noninterest-bearing |
73,357,578 |
79,625,853 |
88,236,133 |
| Interest-bearing |
215,585,969 |
210,698,907 |
222,621,474 |
| |
288,943,547 |
290,324,760 |
310,857,607 |
| Securities sold under agreements to repurchase |
3,426,173 |
5,624,048 |
6,149,263 |
| Note payable |
98,090 |
120,737 |
142,069 |
| Dividend payable |
|
|
4,462,578 |
| Accrued interest payable |
501,909 |
340,155 |
177,357 |
| Deferred income taxes |
1,481,111 |
1,487,664 |
1,403,286 |
| Other liabilities |
219,080 |
233,196 |
332,030 |
| |
294,669,910 |
298,130,560 |
323,524,190 |
| Stockholders' equity |
|
|
|
| Common stock, par value $1 per share; |
|
|
|
| authorized 10,000,000 shares; issued and outstanding |
|
|
|
| 3,102,510 shares at December 31, 2007, |
|
|
|
| 3,149,356 shares at December 31, 2006, and |
|
|
|
| 3,187,556 shares at December 31, 2005 |
3,102,510 |
3,149,356 |
3,187,556 |
| Additional paid-in capital |
12,381,413 |
14,117,732 |
15,454,735 |
| Retained earnings |
57,076,461 |
52,265,370 |
47,232,513 |
| |
72,560,384 |
69,532,458 |
65,874,804 |
| Accumulated other comprehensive income |
1,915,379 |
1,848,483 |
1,654,965 |
| |
74,475,763 |
71,380,941 |
67,529,769 |
| |
369,145,673 |
369,511,501 |
391,053,959 |
| |
|
|
|
|
| |
| |
|
|
|
| |
Years ended December 31 |
| |
2007 |
2006 |
2005 |
| Interest and dividend revenue |
|
|
|
| Loans, including fees |
16,645,904 |
15,868,454 |
12,957,693 |
| US Treasury and government agency securities |
2,811,829 |
2,875,040 |
3,267,544 |
| State and municipal securities |
68,445 |
155,620 |
267,243 |
| Federal funds sold |
1,919,020 |
1,136,460 |
1,077,571 |
| Interest-bearing deposits |
168,485 |
78,944 |
55,674 |
| Equity securities |
70,479 |
70,752 |
55,494 |
| Total interest and dividend revenue |
21,684,162 |
20,185,270 |
17,681,219 |
| |
|
|
|
| Interest expense |
|
|
|
| Deposits |
4,616,037 |
3,174,670 |
1,738,647 |
| Borrowings |
35,803 |
48,088 |
30,726 |
| Total interest expense |
4,651,840 |
3,222,758 |
1,769,373 |
| Net interest income |
17,032,322 |
16,962,512 |
15,911,846 |
| |
|
|
|
| Provision for loan losses |
- |
- |
- |
| Net interest income after provision for loan losses |
17,032,322 |
16,962,512 |
15,911,846 |
| |
|
|
|
| Noninterest revenue |
|
|
|
| Service charges on deposit accounts |
1,022,472 |
1,119,158 |
1,053,443 |
| ATM and debit card revenue |
505,146 |
448,202 |
372,426 |
| Miscellaneous revenue |
405,318 |
381,384 |
373,505 |
| Total noninterest revenue |
1,932,936 |
1,948,744 |
1,799,374 |
| |
|
|
|
| Noninterest expenses |
|
|
|
| Salaries |
3,563,855 |
3,407,224 |
3,173,430 |
| Employee benefits |
969,305 |
849,961 |
924,103 |
| Occupancy |
700,092 |
709,619 |
640,335 |
| Furniture and equipment |
463,582 |
478,551 |
490,955 |
| Other operating |
1,865,257 |
1,909,332 |
1,930,859 |
| Total noninterest expenses |
7,562,091 |
7,354,687 |
7,159,682 |
| |
|
|
|
| Income before income taxes |
11,403,167 |
11,556,569 |
10,551,538 |
| |
|
|
|
| Income taxes |
4,106,580 |
4,156,200 |
3,753,900 |
| |
|
|
|
| Net income |
7,296,587 |
7,400,369 |
6,797,638 |
| |
|
|
|
| Earnings per common share- basic and diluted |
2.33 |
2.33 |
2.13 |
| |
|
|
|
|
