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
 
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
 
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

-
Accumulated other comprehensive loss, net of tax
(3,414,139)
(3,691,361)
 
TOTAL STOCKHOLDERS' EQUITY
54,674,002
51,898,521
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$638,199,636
$631,058,040