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December 31
| Earning Assets |
2007
|
2006 |
| Cash and amounts due from banks |
$6,076,791 |
$9,189,531 |
| Interest bearing deposits |
300,000 |
250,000 |
| Securities available for sale |
243,194,605 |
249,381,777 |
| Loans, net |
355,165,595 |
335,566,971 |
| Property and equipment, net |
5,003,735 |
6,034,770 |
| Federal Home Loan Bank stock, at cost |
4,961,800 |
5,736,000 |
| Federal Reserve Bank stock, at cost |
785,500 |
750,000 |
| Independent Bankers Bank stock, at cost |
101,520 |
101,520 |
| Bank owned life insurance |
13,580,683 |
13,158,484 |
| Accrued interest receivable |
4,433,202 |
4,274,108 |
| Pension plan asset |
1,038,354 |
1,418,821 |
| Other assets |
3,557,851 |
5,196,058 |
| TOTAL ASSETS |
$638,199,636 |
$631,058,040 |
| Deposits |
2007 |
2006 |
| Demand |
73,333,134 |
77,786,353 |
| Super NOW |
81,674,207 |
96,253,248 |
| Grove Investment accounts |
71,998,858 |
60,902,487 |
| Savings |
44,080,974 |
56,163,051 |
| Certificates of deposit and Money market
certificates |
182,705,055 |
154,356,097 |
| TOTAL DEPOSITS |
453,792,228 |
445,461,236 |
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| Federal Home Loan Bank advances |
85,000,000 |
100,000,000 |
| Federal funds purchased |
6,370,000 |
4,625,000 |
| Securities sold under agreements to repurchase |
34,032,833 |
24,727,082 |
| Accrued interest and other liabilities |
4,330,573 |
4,346,201 |
| TOTAL LIABILITIES |
583,525,634 |
579,159,519 |
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| 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 |
12,604 |
| Additional paid-in capital |
25,970,710 |
25,573,916 |
| Retained earnings |
32,104,745 |
30,003,362 |
Common stock in treasury, at cost,2006
- 0 shares; 2005 - 4,288 shares |
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| Accumulated other comprehensive loss,
net of tax |
(3,414,139) |
(3,691,361) |
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| TOTAL STOCKHOLDERS' EQUITY |
54,674,002 |
51,898,521 |
| TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY |
$638,199,636 |
$631,058,040 |
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