Statement of Income
| UNAUDITED |
March
31, 2010 |
March
31, 2009 |
| ASSETS: |
| Interest & Fees on Loans |
$1,679,360.29 |
$1,821,489.02 |
| Interest on Deposits with Subsidiary |
3.41 |
14.72 |
| Interest on Federal Funds Sold |
1,488.89 |
3,330.55 |
| Interest on Securities |
|
|
| Taxable Securities |
236,109.84 |
256,805.15 |
| Non Taxable |
224,658.28 |
213,089.68 |
| TOTAL INTEREST INCOME |
$2,141,620.71 |
$2,294,729.12 |
| INTEREST EXPENSE: |
| Interest Paid on Deposits |
399,322.55 |
580,770.00 |
| Interest Paid on Repurchase Agmts |
0.00 |
3594.34 |
| Interest Paid on Treasury Note Option |
0.00 |
0.00 |
| TOTAL INTEREST EXPENSE |
$399,322.55 |
$584,364.34 |
| Provisions for Loan Losses |
150,000.00 |
100,000.00 |
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES |
$1,592,298.16 |
$1,610,364.78 |
| OTHER INCOME: |
| Service Charges & Fees |
191,600.07 |
180,659.68 |
| Other |
142,322.25 |
184,764.46 |
| TOTAL OTHER INCOME |
$333,922.32 |
$365,424.14 |
| OTHER EXPENSE: |
| Salaries & Wages |
$722,017.68 |
$661,212.58 |
| Employee Benefits |
233,760.71 |
238,135.77 |
| Net Occupancy Expense |
121,284.11 |
138,108.45 |
| Furniture & Fixtures Expense |
149,240.00 |
194,979.72 |
| Other Operating Expense |
672,403.09 |
601,844.78 |
| TOTAL OTHER EXPENSE |
$1,898.705.59 |
$7,305,712.00 |
| Income Before Taxes |
27,514.89 |
141,507.62 |
| Federal Income Taxes |
0.00 |
44,000.00 |
| NET INCOME |
$27,514.89 |
$97,507.62 |
|