December 31
Earning Assets
2008
2007
Cash and amounts due from banks
7,782,563
$6,076,791
Interest bearing deposits
300,000
300,000
Securities available for sale
218,660,991
243,194,605
Loans, net
415,631,462
354,424,330
Property and equipment, net
5,700,344
5,003,735
Federal Home Loan Bank stock, at cost
6,099,500
4,961,800
Federal Reserve Bank stock, at cost
750,000
785,500
Independent Bankers Bank stock, at cost
101,520
101,520
Bank owned life insurance
14,019,213
13,580,683
Accrued interest receivable
3,519,090
4,187,729
Pension plan asset
-
1,038,354
Deferred tax asset, net
9,016,123
3,126,899
Other assets
2,827,430
2,212,735
TOTAL ASSETS
$684,408,236
$638,994,681


Deposits
2008
2007
Demand
85,095,404
73,333,134
Super NOW
68,912,634
81,674,207
Grove Investment accounts
86,573,539
71,998,858
Savings
43,256,712
44,080,974
Certificates of deposit and Money market certificates
201,251,625
182,705,055
TOTAL DEPOSITS
485,089,914
453,792,228
 
Federal Home Loan Bank advances
110,000,000
85,000,000
Federal funds purchased
-
6,370,000
Securities sold under agreements to repurchase
37,513,799
34,032,833
Accrued interest and other liabilities
4,980,883
5,125,618
TOTAL LIABILITIES
637,584,596
584,320,679
 
STOCKHOLDERS' EQUITY
Common stock - $0.01 par value; 5,000,000 shares authorized; 1,260,351 and 1,250,000 shares issued and outstanding as of December 31, 2006 and 2005, respectively
12,686
12,686
Additional paid-in capital
25,970,710
25,970,710
Retained earnings
30,382,693
32,104,745

Common stock in treasury, at cost,2006 - 0 shares; 2005 - 4,288 shares

(474,958)
-
Accumulated other comprehensive loss, net of tax
(9,067,491)
(3,414,139)
 
TOTAL STOCKHOLDERS' EQUITY
46,823,640
54,674,002
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$684,408,236
$638,994,681