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Statement of Condition

Balance Sheets - December 31, 2014 and 2013

ASSETS 2014 2013
Cash and due from banks $11,056,845 $8,373,543
Federal funds sold 53,397 87,011
     Cash and cash equivalents 11,110,242 8,460,554
Available-for-sale securities 177,357,006 181,412,045
Loans, net of allowance for loan losses of $1,173,377 235,503,486 222,954,406
   and $1,146,918 at December 31, 2014 and 2013
Premises and equipment, net 4,335,393 4,608,164
FRB and FHLB stock 3,866,337 3,783,834
Interest Receivable 3,462,262 3,194,332
Bank-owned life insurance 9,214,095 8,570,124
Prepaid FDIC assessment - -
Goodwill 5,326,866 5,326,866
Refundable income taxes - 218,636
Deferred income taxes - 540,824
Other assets 656,469 914,902
Total assets $450,832,156 $439,984,687
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
  Deposits
       Demand $118,526,148 $111,425,722
       Savings, Now and money market 54,082,445 51,613,869
       Time 140,941,341 158,749,048
            Total Deposits 313,549,934 321,788,639
Short-term borrowings 5,345,330 4,487,944
FHLB advances 77,944,359 67,906,968
Accrued interest payable 288,737 368,392
Supplemental retirement plan liability 2,532,031 2,327,676
Income taxes payable 45,938 -
Deferred income taxes 1,587,971 -
 Other liabilities 927,048 798,946
     Total liabilities 402,221,348 397,678,565
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 31,338,967 27,382,379
     Accumulated other comprehensive income (loss) 1,343,222 (1,004,876)
          Total stockholders' equity 48,610,808 42,306,122
Total liabilities and stockholders' equity $450,832,156 $439,984,687