Photo Credit: Stacey Lee Field
Financial Reports
| 2022 | 2021 | |
|---|---|---|
| Interest & Dividend Income | ||
| Interest & Fees on Loans | $28,896,836 | $27,163,502 |
| Interest & Dividends on Investments | 10,200,362 | 7,045,422 |
| Interest on Federal Funds Sold | 299,644 | 49,861 |
| Total Interest & Dividend Income | $39,396,842 | $34,258,785 |
| Interest Expense | 4,917,254 | 2,208,606 |
| Net Interest Margin | 34,479,588 | 32,050,179 |
| Other Income | 10,445,860 | 13,968,462 |
| Operating Expenses | ||
| Compensation & Employee Benefits | 15,190,895 | 15,109,373 |
| Expense of Premises & Fixed Assets | 7,280,203 | 6,344,351 |
| Provision for Loan Losses | 566,407 | 658,316 |
| FDIC & Other Insurance | 510,670 | 431,737 |
| Other Operating Expenses | 5,754,989 | 5,775,913 |
| Total Operating Expenses | $29,303,164 | $28,319,690 |
| Income Before Taxes, Net Gain (Loss) on Sale of Assets | 15,622,284 | 17,698,951 |
| Provisions for Taxes | (2,278,098) | (3,019,056) |
| Net Gain (Loss) on Sale of Assets | 0 | 0 |
| Net Income from Operating Activities | $13,344,186 | $14,679,895 |
| Changes in Market Value of Certain Assets | ||
| Market Value Changes on Equity Securities | (7,051,542) | 5,878,527 |
| Tax Cost related to Market Value Changes | 1,570,025 | (1,349,090) |
| Market Value Change Net of Taxes | (5,481,517) | 4,529,437 |
| Net Income | $7,862,669 | $19,209,332 |