Financial Information

Balance Sheet

December 31, 2010


Cash and due from banks$2,438,450 $1,835,615
Interest bearing deposits in banks$9,018,301 $8,993,402
Federal funds sold$7,325,000
Securities purchased under agreements to resell$7,000,000
Securities available for sale$24,692,225$12,211,700
Restricted equity securities$646,900 $602,900
Loans held for sale$2,373,883 $585,171
Loans, net of deferred fees$131,116,189 $127,983,536
Less allowance for loan losses$1,946,488 $1,967,743
Loans, net$129,169,701 $126,015,793
Premises and equipment$4,896,616 $5,069,843
Bank owned life insurance$4,029,597
Other assets$3,596,529 $2,593,356
Total assets$185,213,177$165,232,781

Liabilities & Stockholders' Equity

Non-interest bearing deposits$9,358,195$6,323,031
Interest bearing deposits$153,221,251$134,924,339
Total deposits$162,579,446$141,247,370
Other borrowings$6,500,000 $6,500,000
Other liabilities$1,048,837$486,268
Total liabilities$170,128,283$148,233,638
Stockholders’ equity$1,808,792$1,808,792
Capital surplus$16,508,022$16,460,572
Retained earnings (deficit)$121,376($1,187,112)
Accumulated other comprehensive loss($704,271)($83,109)
Total stockholders’ equity$17,733,919 $16,999,143
Total liabilities and stockholders’ equity$187,862,202$165,232,781

Statement of Income

December 31, 2010

Interest Expense
Loans, including fees$8,327,618$6,556,541
Taxable securities$647,259$775,273
Nontaxable securities$175,617$45,524
Federal funds sold & securities purchased under agreements to resell$34,563$13,337
Deposits in banks$121,553$199,947
Total interest income$9,306,610$7,590,622
Interest Expense
Other Borrowings$176,927 $191,575
Total interest expense$3,379,653 $3,386,203
Provision for loan losses$630,000 $1,665,544
Net interest income after provision for loan losses$2,385,505$2,555,745
Other Income
Service charges on deposit accounts$173,268$133,324
Mortgage origination fees$903,263$446,369
Net gain of sale of securities available for sale $73,978 $589,828
Gain on sale of loans$403,546
Other operating income$124,585$43,303
Total other income$1,275,094$1,616,370
Other Expenses
Salaries and employee benefits$2,432,933$1,989,810
Equipment & occupancy expenses$379,108$274,665
Other operating expenses$1,782,392$1,543,144
Total other expense$4,594,433$3,807,619
Income before income tax expense (benefit)$1,977,618$347,626
Income tax expense (benefit)$669,130($743,411)
Net income $1,308,488$1,091,037
Basic & diluted earnings per share$0.72$0.60