Statement of Condition
Years ended December 2009 and 2008.
| Assets |
(Unaudited) 2009 |
(Unaudited) 2008 |
| Cash & Due From Banks |
$5,241,382 |
$6,972,629 |
| Federal Funds Sold |
$4,895,000 |
$125,000 |
|
| Cash And Cash Equivalents |
$10,136,382 |
$7,097,629 |
|
| Interest Bearing Time Deposits In Other Banks |
$7,121,000 |
$1,491,000 |
| Securities Available For Sale |
$28,748 |
- |
| Securities Held To Maturity |
$227,583 |
$280,082 |
| Investments In Restricted Stock |
$841,168 |
$113,068 |
| Loans, net of allowance for loan losses of $1,416,925 and $1,769,962 in 2009 and 2008 respectively. |
$169,624,900 |
$113,318,562 |
| Bank Premises And Equipment, Net |
$4,246,806 |
$4,386,793 |
| Intangibles |
$4,249,155 |
- |
| Other Real Estate Owned |
$864,984 |
$135,000 |
| Accrued Interest Receivable |
$755,213 |
$649,544 |
| Prepaid Expenses And Other Assets |
$2,187,198 |
$1,042,141 |
| Bank Owned Life Insurance |
$4,456,608 |
$3,897,191 |
|
| Total Assets |
$204,739,745 |
$132,411,010 |
| Liabilities And Stockholders' Equity |
(Unaudited) 2009 |
(Unaudited) 2008 |
| Liabilities |
| Deposits |
| Non interest bearing |
$34,803,489 |
$21,226,556 |
| Interest bearing |
$130,856,578 |
$95,111,778 |
|
|
$165,660,067 |
$116,338,334 |
|
| FHLB Advances & Other Borrowings |
$12,500,000 |
- |
| Accrued Interest Payable And Other Liabilities |
$1,791,150 |
$1,069,353 |
| Total Liabilities |
$179,951,217 |
$117,407,687 |
| Commitments And Contingencies |
(Unaudited) 2009 |
(Unaudited) 2008 |
| Stockholders' Equity |
| Common stock, $5 par value, 3,000,000 shares authorized; 724,978 and 559,341, shares issued and outstanding in 2009 and 2008, respectively.Total other expenses 6,050,182 4,638,194 |
$3,624,890 |
$2,796,705 |
| Additional paid-in capital |
$11,821,269 |
$3,935,873 |
| Retained earnings |
$9,340,366 |
$8,270,745 |
| Accumulated Other Comprehensive Income |
$2,003 |
- |
|
| Total Stockholders' Equity |
$24,788,528 |
$15,003,323 |
|
| Total Liabilities And Stockholders' Equity |
$204,739,745 |
$132,411,010 |
| Interest Income |
(Unaudited) 2009 |
(Unaudited) 2008 |
| Loans |
$9,027,991 |
$7,965,694 |
| Securities |
$14,352 |
$29,390 |
| Federal Funds Sold And Interest Bearing Deposits |
$65,600 |
$236,207 |
|
| Total Interest Income |
$9,107,943 |
8,231,291 |
| Interest Expense |
(Unaudited) 2009 |
(Unaudited) 2008 |
| Interest Expense On Deposits |
$1,540,771 |
$1,958,907 |
| Interest Expense On FHLB Advances & Other Borrowings |
$34,982 |
- |
|
| Total Interest Expense |
$1,575,753 |
$1,958,907 |
|
| NET INTEREST INCOME |
$7,532,190 |
$6,272,384 |
| Provision for loan losses |
$430,831 |
$820,000 |
|
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
$7,101,359 |
$5,452,384 |
| Other Income |
(Unaudited) 2009 |
(Unaudited) 2008 |
| Service Charges On Deposit Accounts |
$295,801 |
$273,457 |
| Mortgage Fee Income |
$301,280 |
$180,023 |
| Other |
$447,156 |
$289,754 |
|
| Total Other Income |
$1,044,237 |
$743,234 |
| Other Expenses |
(Unaudited) 2009 |
(Unaudited) 2008 |
| Salaries And Employee Benefits |
$2,954,465 |
$2,524,858 |
| Occupancy |
$308,545 |
$211,507 |
| Professional Fees |
$475,793 |
$151,504 |
| Data Processing |
$660,949 |
$542,924 |
| Advertising And Business Development |
$154,687 |
$166,801 |
| General And Administrative |
$1,077,622 |
$671,317 |
| Depreciation And Amortization |
$347,695 |
$313,001 |
| Equipment Rental And Repairs |
$70,426 |
$56,282 |
|
| Total Other Expenses |
$6,050,182 |
$4,638,194 |
|
| NET INCOME BEFORE PROVISION FOR INCOME TAXES |
$2,095,414 |
$1,557,424 |
| PROVISION FOR INCOME TAXES |
$772,051 |
$554,210 |
|
| NET INCOME |
$1,323,363 |
$1,003,214 |
|
|
|
Contact Us
The Foothills Main
11689 S. Foothills Blvd
Yuma, AZ 85367
Phone: 928.305.5000
Fax: 928.305.0905
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Avenue A Branch
2201 S. Ave. A
Yuma, AZ 85364
Phone: 928.343.1000
Fax: 928.343.1449
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32nd St Branch
6024 E. 32nd Street
Yuma, AZ 85365
Phone: 928.314.3111
Fax: 928.314.0597
Mortgage Department
Phone: 928.329.9080
Fax: 928.329.9028
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4th Ave Branch
2285 S. 4th Ave.
Yuma, AZ 85364
Phone: 928.782.7000
Fax: 928.539.5319
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