| |
|
|
|
| |
2009 |
2008 |
% Change |
| At Year End |
|
|
|
| Assets |
393,528,296 |
372,602,511 |
5.62% |
| Deposits |
312,647,619 |
292,459,213 |
6.90% |
| Loans, net |
240,061,869 |
241,430,914 |
-0.57% |
| Total capital |
72,277,293 |
72,283,494 |
-0.01% |
| For the Year |
|
|
|
| Average assets |
386,037,967 |
366,900,373 |
5.22% |
| Average equity |
71,898,071 |
73,726,179 |
-2.48% |
| Net interest income |
15,359,555 |
15,978,389 |
-3.87% |
| Net income |
5,109,609 |
6,059,217 |
-15.67% |
| Per Share Data |
|
|
|
| Book value |
24.09 |
23.71 |
1.60% |
| Net income |
1.69 |
1.97 |
-14.21% |
| Ratios |
|
|
|
| Return on average assets |
1.32% |
1.65% |
|
| Return on average equity |
7.11% |
8.22% |
|
| Total capital to total assets |
18.37% |
19.40% |
|
| Efficiency ratio |
49.07% |
44.14% |
|
|
| December 31, |
2009 |
2008 |
2007 |
| Assets |
|
|
|
| Cash and due from banks |
$15,117,190 |
$8,769,784 |
$17,428,347 |
| Federal funds sold |
28,222,472 |
26,460,842 |
23,121,256 |
| Interest-bearing deposits |
12,494,003 |
15,517,115 |
6,012,482 |
| Investment securities available for sale |
42,767,578 |
33,975,271 |
24,082,202 |
| Investment securities held to maturity (approximate fair value of $38,897,082, $33,523,422, and $47,302,194) |
38,597,942 |
32,621,797 |
46,679,750 |
| Loans, less allowance for loan losses of $637,761, $707,152, and $195,525 |
240,061,869 |
241,430,914 |
238,076,278 |
| Premises and equipment |
6,594,757 |
6,326,312 |
6,536,469 |
| Other real estate owned |
1,433,000 |
- |
- |
| Accrued interest receivable |
1,292,604 |
1,704,260 |
1,693,173 |
| Computer software |
135,831 |
156,372 |
156,629 |
| Bank owned life insurance |
5,089,278 |
4,914,810 |
4,720,770 |
| Other assets |
1,721,772 |
725,034 |
638,317 |
|
$393,528,296 |
$372,602,511 |
$369,145,673 |
| |
| Liabilities and Stockholders' Equity |
|
|
|
| Deposits |
|
|
|
| Noninterest-bearing |
$72,431,7313 |
$70,652,032 |
$73,357,578 |
| Interest-bearing |
240,215,888 |
221,807,181 |
215,585,969 |
|
312,647,619 |
292,459,213 |
288,943,547 |
| |
| Securities sold under agreements to repurchase |
7,048,176 |
5,742,765 |
3,426,173 |
| Note payable |
48,519 |
74,046 |
98,090 |
| Accrued interest payable |
192,621 |
359,673 |
501,909 |
| Deferred income taxes |
1,026,786 |
1,437,813 |
1,481,111 |
| Other liabilities |
287,282 |
245,507 |
219,080 |
|
321,251,003 |
300,319,017 |
294,669,910 |
| Stockholders' equity (Common stock, par value $1 per share; authorized 10,000,000 shares; issued and outstanding 3,000,508 shares at December 31, 2009, 3,048,397 shares at December 31, 2008, and 3,102,510 shares at December 31, 2007 ) |
3,048,397 |
3,102,510 |
3,149,356 |
| Additional paid-in capital |
8,733,438 |
10,406,403 |
12,381,413 |
| Retained earnings |
58,975,278 |
56,569,913 |
57,076,461 |
|
| 70,709,224 |
70,024,713 |
72,560,384 |
| Accumulated other comprehensive income |
1,568,069 |
2,258,781 |
1,915,379 |
|
72,277,293 |
72,283,494 |
74,475,763 |
|
$393,528,296 |
$372,602,511 |
$369,145,673 |
|
| Years ended December 31, |
2009 |
2008 |
2007 |
| Interest and dividend revenue |
|
|
|
| Loans, including fees |
$15,962,526 |
$16,582,428 |
$16,645,904 |
| U.S. Treasury and government agency securities |
1,605,558 |
2,243,413 |
2,811,829 |
| State and municipal securities |
45,674 |
42,336 |
68,445 |
| Federal funds sold |
66,548 |
732,227 |
1,919,020 |
| Interest-bearing deposits |
158,496 |
325,396 |
168,485 |
| Equity securities |
63,391 |
74,843 |
70,479 |
| Total interest and dividend revenue |
17,902,193 |
20,000,643 |
21,684,162 |
| |
| Interest expense |
|
|
|
| Deposits |
2,506,433 |
3,963,962 |
4,616,037 |
| Borrowings |
36,205 |
58,292 |
35,803 |
| Total interest expense |
2,542,638 |
4,022,254 |
4,651,840 |
| Net interest income |
15,359,555 |
15,978,389 |
17,032,322 |
| |
| Provision for loan losses |
850,000 |
617,526 |
- |
| Net interest income after provision for loan losses |
14,509,555 |
15,360,863 |
17,032,322 |
| Noninterest revenue |
|
|
|
| Service charges on deposit accounts |
987,169 |
1,092,899 |
1,022,472 |
| ATM and debit card revenue |
533,822 |
518,859 |
505,146 |
| Increase in cash surrender value of |
|
|
|
| Bank owned life insurance |
174,468 |
194,040 |
190,511 |
| Miscellaneous revenue |
293,167 |
231,392 |
214,807 |
| Total noninterest revenue |
1,988,626 |
2,037,190 |
1,932,936 |
| |
| Noninterest expenses |
|
|
|
| Salaries |
3,717,107 |
3,681,469 |
3,563,855 |
| Employee benefits |
953,890 |
989,482 |
969,305 |
| Occupancy |
763,715 |
753,605 |
700,092 |
| Furniture and equipment |
476,518 |
464,559 |
463,582 |
| Deposit insurance premiums |
495,406 |
43,186 |
33,831 |
| Other operating |
2,106,936 |
2,063,153 |
1,865,257 |
| Total noninterest expenses |
8,513,572 |
7,952,268 |
7,562,091 |
| Income before income taxes |
7,984,609 |
9,445,785 |
11,403,167 |
| Income taxes |
2,875,000 |
3,386,568 |
4,106,580 |
| Net income |
$5,109,609 |
$6,059,217 |
$7,296,587 |
| Earnings per common share - basic and diluted |
$1.69 |
$1.97 |
$2.33 |
|
