Annual Reports
| Assets | 2010 | 2009 |
|---|---|---|
| Cash & Due From Banks | $351,000 | $848,000 |
| Federal Funds Sold | $15,966,000 | $5,063,000 |
| Total Cash & Fed Funds Sold | $16,317,000 | $5,911,000 |
| Securities | $1,400,000 | |
| Loans (Net) | $30,510,000 | $33,867,000 |
| Bank Premises & Equipment | $2,875,000 | $2,380,000 |
| Other Real Estate Owned | $2,026,000 | $2,484,000 |
| Other Asset | $1,384,000 | $1,271,000 |
| Total Assets | $53,112,000 | $47,313,000 |
| Liabilities | ||
| Non-Interest Bearing Deposits | $11,694,000 | $8,821,000 |
| Interest Bearing Deposits | $33,310,000 | $29,633,000 |
| Total Deposits | $45,004,000 | $38,454,000 |
| Other Liabilities | $131,000 | $642,000 |
| Total Liabilities | $45,135,000 | $39,096,000 |
| Capital | $1,523,000 | $1,523,000 |
| Surplus | $4,928,000 | $4,928,000 |
| Undivided Profits | $1,526,000 | $1,713,000 |
| Other Comprehensive Income | $53,000 | |
| Total Equity Capital | $7,977,000 | $8,217,000 |
| Total Liabilties & Capital | $53,112,000 | $47,313,000 |
| Interest Income | 2010 | 2009 |
| Interest and Fee income on Loans | $2,462,000 | $2,842,000 |
| Interest on Fed Funds Sold & Investments | $26,000 | $74,000 |
| Total Interest Income | $2,488,000 | $2,916,000 |
| Interest Expense | ||
| Transaction Accounts | $2,000 | $5,000 |
| MMDA and Savings Accounts | $96,000 | $110,000 |
| Time Deposits of $100,000 or more | $156,000 | $330,000 |
| Time Deposits of $100,000 or less | $75,000 | $160,000 |
| Other Borrowed Money | $7,000 | $14,000 |
| Total Interest Expense | $336,000 | $619,000 |
| Net Interest Income | $2,152,000 | $2,297,000 |
| Non-Interest Income | ||
| Service Charges on Accounts | $129,000 | $150,000 |
| Other Fee Income | $280,000 | $(33,000) |
| Total Non-Interest Income | $409,000 | $117,000 |
| Non-Interest Expense | ||
| Salaries and Employee Benefits | $1,297,000 | $1,409,000 |
| Premises and Fixed Assets | $284,000 | $255,000 |
| Other Non-Interest Expense | $813,000 | $833,000 |
| Provision for Loan Losses | $542,000 | $1,270,000 |
| Total Non-Interest Expense | $2,936,000 | $3,767,000 |
| Income Before Income Taxes | $(375,000) | $(1,353,000) |
| Applicable Income Taxes | $(187,000) | $(536,000) |
| Net Income | $(188,000) | $(817,000) |
| Changes in Equity Capital For the years ended | 2010 | 2009 |
| Total equity capital at end of prior year | $8,218,000 | $8,843,000 |
| Net income (loss) | $(188,000) | $(817,000) |
| Sale, conversion, acquisition, or retirement of capital stock, net | $161,000 | |
| Changes incident to business combinations, net | ||
| LESS: Cash dividends declared on common stock | ||
| Cumulative effect of changes in accounting errors | ||
| Corrections of material accounting errors | ||
| Change in net unrealized holding gains (losses) on available-for-sale securities | $(52,000) | $31,000 |
| Total equity capital end of current period | $7,977,000 | $8,217,000 |
| Changes in Allowance for Credit Losses | 2010 | 2009 |
| Balance at start of current period | $1,037,000 | $642,000 |
| Recoveries | $20,000 | $2,000 |
| LESS: Charge-offs | $(738,000) | $(877,000) |
| Provision for credit losses | $542,000 | $1,270,000 |
| Adjustments | ||
| Balance end of current period | $861,000 | $1,037,000 |
| Past Due & Nonaccrual Loans, Leases, & Other Assets | 2010 | 2009 |
| Past Due 90 days or more and still accruing: | ||
| Real estate loans | $50,000 | |
| Installment loans | ||
| Credit cards and related plans | ||
| Commercial (time & demand) & all other loans | ||
| Lease financing receivables | ||
| Debt securities and other assets | ||
| Loans and leases reported above which are wholly or partially guaranteed by the U.S. Government | ||
| Guaranteed portion of loans and leases above | ||
| Nonaccrual: | ||
| Real estate loans | $69,000 | |
| Installment loans | ||
| Credit cards and related plans | ||
| Commercial (time & demand) & all other loans | $2,090,000 | $307,000 |
| Lease financing receivables | ||
| Debt securities and other assets | ||
| Loans and leases reported above which are wholly or partially guaranteed by the U.S. Government | ||
| Guaranteed portion of loans and leases above |
