Statement of Condition
Years ended December 2010 and 2009.
| Assets | (Unaudited) 2010 | (Unaudited) 2009 |
| Cash & Due From Banks | $12,511,965 | $5,241,382 |
| Federal Funds Sold | $0 | $4,895,000 |
| Cash And Cash Equivalents | $12,551,965 | $10,136,382 |
| Interest Bearing Time Deposits In Other Banks | $11,137,000 | $7,121,000 |
| Securities Available For Sale | $20,599 | $28,748 |
| Securities Held To Maturity | $173,577 | $227,583 |
| Investments In Restricted Stock | $827,068 | $841,168 |
| Loans net of allowance for loan losses of $1,630,202 and $1,416,925 in 2010 and 2009 respectively. | $163,328,115 | $169,624,900 |
| Bank Premises And Equipment, Net | $3,926,564 | $4,246,806 |
| Intangibles | $4,189,791 | $4,249,155 |
| Other Real Estate Owned | $1,068,283 | $864,984 |
| Accrued Interest Receivable | $644,729 | $755,213 |
| Prepaid Expenses And Other Assets | $1,889,243 | $2,187,198 |
| Bank Owned Life Insurance | $5,150,004 | $4,456,608 |
| Total Assets | $204,866,938 | $204,739,745 |
| Liabilities | (Unaudited) 2010 | (Unaudited) 2009 |
| Deposits | ||
| Non interest bearing | $37,540,866 | $34,803,489 |
| Interest bearing | $139,057,910 | $130,856,578 |
| $176,598,776 | $165,660,067 | |
| FHLB Advances & Other Borrowings | $0 | $12,500,000 |
| Accrued Interest Payable And Other Liabilities | $1,384,150 | $1,791,150 |
| Total Liabilities | $177,982,926 | $179,951,217 |
| Stockholders’ Equity | (Unaudited) 2010 | (Unaudited) 2009 |
| Common stock, $5 par value, 3,000,000 shares authorized; 724,978, 724,978 and 559,341, shares issued and outstanding in 2010, 2009 and 2008, respectively. | $3,624,890 | $3,624,890 |
| Additional paid-in capital | $11,907,362 | $11,821,269 |
| Retained earnings | $11,350,400 | $9,340,366 |
| Accumulated Other Comprehensive Income | $1,360 | $2,003 |
| Total Stockholders’ Equity | $26,884,012 | $24,788,528 |
| Total Liabilities And Stockholders’ Equity | $204,866,938 | $204,739,745 |
| Income | (Unaudited) 2010 | (Unaudited) 2009 |
| Loans | $11,786,149 | $9,027,991 |
| Securities | $11,375 | $14,352 |
| Other Interest Bearing Deposits | $149,723 | $65,600 |
| Total Interest Income | 11,947,247 | $9,107,943 |
| Interest Expense | (Unaudited) 2010 | (Unaudited) 2009 |
| Interest Expense On Deposits | $1,165,529 | $1,540,771 |
| Interest Expense On FHLB Advances & Other Borrowings | $89,774 | $34,982 |
| Total Interest Expense | $1,255,303 | $1,575,753 |
| NET INTEREST INCOME | $10,691,944 | $7,532,190 |
| Provision for loan losses | $1,456,544 | $430,831 |
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | $9,235,400 | $7,101,359 |
| Other Income | (Unaudited) 2010 | (Unaudited) 2009 |
| Service Charges On Deposit Accounts | $311,043 | $295,801 |
| Mortgage Fee Income | $188,024 | $301,280 |
| Other | $507,959 | $447,156 |
| Total Other Income | $1,007,026 | $1,044,237 |
| Other Expenses | (Unaudited) 2010 | (Unaudited) 2009 |
| Salaries And Employee Benefits | $3,260,505 | $2,954,465 |
| Occupancy | $530,607 | $308,545 |
| Professional Fees | $195,503 | $475,793 |
| Data Processing | $639,376 | $660,949 |
| Advertising And Business Development | $174,062 | $154,687 |
| General And Administrative | $1,304,790 | $1,077,622 |
| Depreciation And Amortization | $376,949 | $347,695 |
| Equipment Rental And Repairs | $61,143 | $70,426 |
| Total Other Expenses | $6,542,935 | $6,050,182 |
| NET INCOME BEFORE PROVISION FOR INCOME TAXES | $3,699,491 | $2,095,414 |
| PROVISION FOR INCOME TAXES | $1,399,466 | $772,051 |
| NET INCOME | $2,300,025 | $1,323,363 |