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FAIRFIELD NATIONAL BANK |
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Balance Sheets - December 31, 2009 and 2008 |
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2009 |
2008 |
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| ASSETS | |||
| Cash and due from banks | $12,758,036 | $9,161,115 | |
| Federal funds sold | 74,933 | 523,797 | |
| Cash and cash equivalents | 12,832,969 | 9,684,912 | |
| Interest-bearing deposits in other banks | 252,833 | 832,398 | |
| Available-for-sale securities | 127,393,308 | 127,545,213 | |
| Loans, net of allowance for loan losses of $2,164,156 | 170,727,560 | 156,054,570 | |
| and $2,020,624 at December 31, 2009 and 2008 | |||
| Premises and equipment, net | 4,533,128 | 4,708,533 | |
| FRB and FHLB stock | 3,536,382 | 3,536,382 | |
| Interest Receivable | 2,582,862 | 2,696,518 | |
| Bank-owned life insurance | 7,165,200 | 6,598,727 | |
| Prepaid FDIC assessment | 1,114,363 | - | |
| Goodwill | 5,401,885 | 5,401,885 | |
| Intangible assets | 491,944 | 655,496 | |
| Prepaid dealer reserve | 848,014 | 819,419 | |
| Refundable income taxes | 1,938,858 | - | |
| Deferred income taxes | 716,123 | 2,447,274 | |
| Other assets | 259,164 | 152,309 | |
| Total assets | $339,794,593 | $321,133,636 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Liabilities | |||
| Deposits | |||
| Demand | $79,845,651 | $75,105,952 | |
| Savings, Now and money market | 33,661,736 | 29,053,588 | |
| Time | 124,098,220 | 119,219,220 | |
| Total Deposits | 237,605,607 | 223,378,760 | |
| Short-term borrowings | 4,080,204 | 6,650,278 | |
| FHLB advances | 62,727,229 | 57,256,276 | |
| Accrued interest payable | 721,568 | 883,973 | |
| Supplemental retirement plan liability | 1,491,748 | 1,341,862 | |
| Other liabilities | 498,604 | 934,995 | |
| Total liabilities | 307,124,960 | 290,446,144 | |
| Stockholders' equity | |||
| Common stock, $100 par value; | |||
| authorized and issued - 54,000 shares | 5,400,000 | 5,400,000 | |
| Additional paid-in capital | 10,528,619 | 10,528,619 | |
| Retained earnings | 15,954,196 | 14,309,105 | |
| Accumulated other comprehensive income | 786,818 | 449,768 | |
| Total stockholders' equity | 32,669,633 | 30,687,492 | |
| Total liabilities and stockholders' equity | $339,794,593 | $321,133,636 | |
Equal Housing Lender