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Statement of Condition

Balance Sheets - December 31, 2013 and 2012

ASSETS 2013 2012
Cash and due from banks $8,373,543 $8,438,835
Federal funds sold 87,011 107,981
     Cash and cash equivalents 8,460,554 8,546,816
Available-for-sale securities 181,412,045 198,722,404
Loans, net of allowance for loan losses of $1,146,918 222,954,406 185,207,254
   and $1,120,865 at December 31, 2013 and 2012
Premises and equipment, net 4,608,164 4,775,543
FRB and FHLB stock 3,783,834 3,536,382
Interest Receivable 3,194,332 2,920,876
Bank-owned life insurance 8,570,124 8,303,588
Prepaid FDIC assessment - 392,867
Goodwill 5,326,866 5,326,866
Refundable income taxes 218,636 91,037
Deferred income taxes 540,824 -
Other assets 914,902 1,226,091
Total assets $439,984,687 $419,049,724
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
  Deposits
       Demand $111,425,722 $104,641,111
       Savings, Now and money market 51,613,869 49,576,666
       Time 158,749,048 149,703,484
            Total Deposits 321,788,639 303,921,261
Short-term borrowings 4,487,944 5,767,397
FHLB advances 67,906,968 63,558,678
Accrued interest payable 368,392 434,907
Supplemental retirement plan liability 2,327,676 2,129,260
Deferred income taxes - 689,140
 Other liabilities 798,946 754,600
     Total liabilities 397,678,565 377,255,243
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 27,382,379 24,368,828
     Accumulated other comprehensive income (loss) (1,004,876) 1,497,034
          Total stockholders' equity 42,306,122 41,794,481
Total liabilities and stockholders' equity $439,984,687 $419,049,724