Quarter Ended June 30, 2004
	2004	2003	%Change
Results of Operations
Net interest income	$2,849,038	$2,133,753	34%
Provision for loan losses	-	121,500	-100%
Non-interest income	2,564,886	2,175,138	18%
Non-interest expenses	4,570,715	3,833,056	19%
Income taxes	292,376	89,574	226%
Net income	550,833	264,761	108%
Per Share
Net income	0.19	0.09	108%
Cash dividends declared	0.09	0.09	0%
Book value	12.10	12.11	0%
Common stock closing price	16.05	17.25	-7%
At June 30
Short term investments	4,999,541	23,601,237	-79%
Investment securities	53,376,793	81,926,654	-35%
Gross Loans (net of unearned income)	215,646,457	199,551,266	8%
Earning assets	272,665,151	303,579,746	-10%
Total assets	306,118,005	338,957,385	-10%
Total deposits	209,585,093	241,755,796	-13%
Stockholders' equity	34,284,625	34,228,440	0%
Common shares outstanding	2,832,733	2,826,687
Average Balances
Short term investment	9,392,548	26,499,541	-65%
Investment securities	52,737,762	75,950,857	-31%
Gross Loans (net of unearned income)	207,044,648	195,727,969	6%
Earning assets	271,424,958	297,086,737	-9%
Total assets	304,062,320	328,685,665	-7%
Total deposits	213,333,263	232,984,296	-8%
Shareholders' equity	34,177,068	34,177,068	0%
Earnings Ratios
Return on average total assets	0.72%	0.32%
Return on average stockholders' equity	6.45%	3.09%
Net yield on average earning assets	4.26%	2.94%
Interest rate spread	3.83%	2.45%
Credit Ratios
Nonperforming assets as a percent of period-end loans and other real estate	0.63%	0.74%
Allowance to total loans	1.67%	1.88%
Net loan losses to average loans	0.02%	0.03%
Capital Ratios (period end)
Shareholders' equity to total assets	11.20%	10.10%
Leverage capital	10.34%	9.53%
Tier 1 risk-based capital	13.37%	13.62%
Total risk-based capital	15.08%	15.26%

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