| September 30 2001 |
December 31 2000 |
September 30 2000 |
|
| ASSETS | |||
| Cash and due from banks | $19,287,356 | $26,249,660 | $18,631,910 |
| Federal funds sold | 568,735 | 309,168 | 15,199,012 |
| Investment securities: | |||
| Available for sale | 109,029,514 | 73,332,186 | 60,191,862 |
| Held to maturity (approximate market value of $25,000,$50,000, and $50,000) |
25,000 | 50,000 | 50,000 |
| Loans held for sale | 352,519 | 1,652,863 | 2,290,554 |
| Loans, less allowance for loan losses of $3,221,678, $3,024,290 and $2,959,862) |
223,629,652 | 273,342,745 | 274,043,847 |
| Premises and equipment | 7,211,548 | 7,888,541 | 8,126,031 |
| Accrued interest receivable | 2,438,132 | 2,602,151 | 2,602,804 |
| Deferred income taxes | 0 | 316,436 | 1,094,122 |
| Prepaid income taxes | 0 | 0 | 21,686 |
| Other assets | 2,413,365 | 2,202,820 | 2,152,541 |
| $364,955,821 | $387,946,570 | $384,404,369 | |
| LIABILITES AND SHAREHOLDERS' EQUITY | |||
| Deposits | |||
| Noninterest bearing | $36,617,752 | $37,953,473 | $36,131,142 |
| Interest-bearing | 233,616,987 | 254,070,668 | 251,600,640 |
| Total deposits | 270,234,739 | 292,024,141 | 287,731,782 |
| Federal funds purchased and securities sold under agreement to repurchase | 12,544,704 | 12,372,519 | 13,846,170 |
| Advances from the Federal Home Loan Bank | 45,000,000 | 50,000,000 | 50,000,000 |
| Notes payable - U.S. Treasury | 1,412,045 | 984,859 | 1,107,280 |
| Accrued interest payable | 724,534 | 698,270 | 838,900 |
| Deferred income taxes | 626,404 | 0 | 0 |
| Accrued income taxes | 206,174 | 83,392 | 0 |
| Other Liabilities | 1,380,624 | 1,301,385 | 997,325 |
| 332,129,224 | 357,464,566 | 354,521,457 | |
| 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 |
2,707,733 | 2,707,733 | 2,707,733 |
| Surplus | 17,090,011 | 17,090,011 | 17,089,582 |
| Retained earnings | 11,568,239 | 10,722,132 | 10,553,094 |
| Accumulated other comprehensive income | 1,460,614 | (37,872) | (467,497) |
| $32,826,597 | $30,482,004 | $29,882,912 | |
| 364,955,821 | 387,946,570 | 384,404,369 | |
| Quarter Ended September 30 |
Nine Months Ended September 30 |
|||
| 2001 | 2000 | 2001 | 2000 | |
| INTEREST INCOME | ||||
| Interest and fees on loans | $4,293,096 | $5,664,551 | $14,200,796 | $16,432,739 |
| Interest and dividends on securities: | ||||
| Taxable interest income | 1,160,518 | 722,922 | 3,612,575 | 2,183,537 |
| Nontaxable interest income | 67,409 | 100,269 | 202,626 | 519,919 |
| Dividends | 32,177 | 29,242 | 95,504 | 114,856 |
| Interest on federal funds sold and other interest income |
184,748 | 356,524 | 560,300 | 543,801 |
| Total interest income | 5,737,948 | 6,873,508 | 18,671,801 | 19,794,852 |
| INTEREST EXPENSE | ||||
| Deposits | 2,163,591 | 3,106,565 | 7,608,814 | 8,186,880 |
| Other | 857,076 | 1,152,415 | 2,707,853 | 3,431,725 |
| Total interest expense | 3,020,667 | 4,258,980 | 10,316,667 | 11,618,605 |
| Net interest income | 2,717,281 | 2,614,528 | 8,355,134 | 8,176,247 |
| Provision for loan losses | 137,500 | 112,000 | 412,500 | 336,000 |
| Net interest income after provision for loan losses | 2,579,781 | 2,502,528 | 7,942,634 | 7,840,247 |
| NONINTEREST INCOME | ||||
| Service charges on deposit accounts | 283,484 | 293,218 | 860,297 | 904,826 |
| Brokerage commissions | 265,648 | 386,157 | 831,763 | 968,344 |
| Other fees and commissions | 1,314,564 | 1,348,729 | 4,128,283 | 3,823,129 |
| Gains(loss) on security sales | (2,725) | (49,730) | (2,725) | 74,436 |
| Gains(loss) on loan sales | 0 | 0 | (254,409) | 15,621 |
| Total noninterest income | 1,860,971 | 1,978,374 | 5,563,209 | 5,786,356 |
| NONINTEREST EXPENSES | Salaries | 1,364,285 | 1,305,144 | 3,938,966 | 4,119,771 |
| Employee benefits | 255,560 | 293,575 | 830,278 | 947,369 |
| Occupancy | 377,306 | 344,397 | 1,210,483 | 1,134,709 |
| Furniture and equipment | 512,041 | 412,515 | 1,313,762 | 1,254,400 |
| Other operating expenses | 1,150,963 | 1,499,968 | 3,960,480 | 4,433,321 |
| Total noninterest expenses | 3,660,155 | 3,855,599 | 11,253,969 | 11,889,570 |
| Income before taxes | 780,597 | 625,303 | 2,251,874 | 1,737,033 |
| Income taxes | 235,467 | 176,753 | 674,679 | 402,069 |
| Net income | $545,130 | $448,550 | $1,577,195 | $1,334,964 |
| EARNINGS PER COMMON SHARE | ||||
| Net income - basic and diluted | $0.20 | $0.16 | $0.58 | $0.49 |
| Nine Months Ended September 30 | ||
| 2001 | 2000 | |
| Per Share Data: | ||
| Book value | $12.12 | $11.04 |
| Common stock closing price | $12.20 | $14.50 |
| Net income | $0.58 | $0.49 |
| Performance Data: | ||
| Return on average assets | 0.55% | 0.47% |
| Return on average equity | 6.60% | 6.01% |
| Net yield on average earning assets | 3.33% | 3.30% |
| Net interest rate spread | 2.80% | 2.69% |
| Assets Quality: | ||
| Nonaccrual, restructured and delinquent loans over 90 days to total loans |
0.69% | 0.63% |
| Allowance to total loans | 1.42% | 1.06% |
| Net loan loss to average loans | 0.08% | 0.08% |
| Capital Ratios: | ||
| Shareholders equity to total assets | 8.99% | 7.80% |
| Total risk-based capital | 13.49% | 11.89% |