Statement of Income
| UNAUDITED |
December 31,
2011 |
December 31,
2010 |
| ASSETS: |
| Interest & Fees on Loans |
$5,968,693.16 |
$6,596,129.39 |
| Interest on Deposits with Subsidiary |
8.12 |
13.61 |
| Interest on Federal Funds Sold |
14,331.71 |
11,891.00 |
| Interest on Securities |
|
|
| Taxable Securities |
1,293,117.52 |
986,903.91 |
| Non Taxable |
946,472.64 |
904,552.09 |
| TOTAL INTEREST INCOME |
$8,222,623.15 |
$8,499,490.00 |
| INTEREST EXPENSE: |
| Interest Paid on Deposits |
1,004,779.20 |
1,511,836.00 |
| Interest Paid on Repurchase Agmts |
0.00 |
0.00 |
| Interest Paid on Treasury Note Option |
0.00 |
0.00 |
| TOTAL INTEREST EXPENSE |
$1,004,779.20 |
$1,511,836.00 |
| Provisions for Loan Losses |
1,050,000.00 |
750,000.00 |
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
$6,167,843.95 |
$6,237,654.00 |
| OTHER INCOME: |
| Service Charges & Fees |
743,214.80 |
768,983.46 |
| Other |
678,098.86 |
743,103.54 |
| TOTAL OTHER INCOME |
$1,421,313.66 |
$1,512,087.00 |
| OTHER EXPENSE: |
| Salaries & Wages |
$2,350,792.68 |
$2,702,990.11 |
| Employee Benefits |
741,262.50 |
808,532.89 |
| Net Occupancy Expense |
467,055.36 |
424,411.21 |
| Furniture & Fixtures Expense |
541,611.93 |
609,726.79 |
| Other Operating Expense |
2,803,214.43 |
2,927,886.00 |
| TOTAL OTHER EXPENSE |
$6,903,936.90 |
$7,473,547.00 |
| Income Before Taxes |
685,220.71 |
276,194.00 |
| Federal Income Taxes |
(21,000.00) |
(108,000.00) |
| NET INCOME |
$706,220.71 |
$384,194.00 |
|