| December 31 2001 |
2000 | ||
| ASSETS | |||
| Cash and due from banks | $19,276,101 | $26,249,660 | |
| Federal funds sold | 1,380,865 | 309,168 | |
| Investment securities: | |||
| Available for sale | 107,687,169 | 73,332,186 | |
| Held to maturity (approximate market value of $25,000 and $50,000) |
25,000 | 50,000 | |
| Loans held for sale | 361,034 | 1,763,863 | |
| Loans, less allowance for loan losses of $3,338,806 and $3,024,290) |
216,839,176 | 273,231,745 | |
| Bank premises and equipment | 7,121,828 | 7,888,541 | |
| Accrued interest receivable | 2,240,990 | 2,602,151 | |
| Deferred income taxes | 0 | 316,436 | |
| Prepaid income taxes | 0 | 0 | |
| Other assets | 2,262,777 | 2,202,820 | |
| $357,194,940 | $387,946,570 | ||
| LIABILITES AND SHAREHOLDERS' EQUITY | |||
| Deposits | |||
| Noninterest bearing | $39,986,174 | $37,953,473 | |
| Interest-bearing | 225,542,546 | 254,070,668 | |
| Total deposits | 265,528,720 | 292,024,141 | |
| Federal funds purchased and securities sold under agreement to repurchase | 11,232,829 | 12,372,519 | |
| Advances from the Federal Home Loan Bank | 45,000,000 | 50,000,000 | |
| Notes payable - U.S. Treasury | 657,726 | 984,859 | |
| Accrued interest payable | 550,753 | 698,270 | |
| Deferred income taxes | 175,005 | 0 | |
| Accrued income taxes | 441,635 | 83,392 | |
| Other Liabilities | 959,968 | 1,301,385 | |
| 324,546,636 | 357,464,566 | ||
| SHAREHOLDERS' EQUITY | |||
| Common stock, par $1.00 per share; authorized 10,000,000 shares; issued and outstanding 2,707,733; 2,707,733 and 2,738,766 |
2,701,254 | 2,707,733 | |
| Surplus | 17,017,446 | 17,090,011 | |
| Retained earnings | 11,680,425 | 10,722,132 | |
| Accumulated other comprehensive income | 1,249,179 | (37,872) | |
| $32,648,304 | $30,482,004 | ||
| 357,194,940 | 387,946,570 | ||