Photo Credit: Stacey Lee Field
Financial Reports
| 2023 | 2022 | |
|---|---|---|
| Interest & Dividend Income | ||
| Interest & Fees on Loans | $36,673,712 | $28,896,836 |
| Interest & Dividends on Investments | 15,217,697 | 10,200,362 |
| Interest on Federal Funds Sold | 665,744 | 299,644 |
| Total Interest & Dividend Income | $52,557,153 | $39,396,842 |
| Interest Expense | 19,218,024 | 4,917,254 |
| Net Interest Margin | 33,339,129 | 34,479,588 |
| Other Income | 10,864,856 | 10,445,860 |
| Operating Expenses | ||
| Compensation & Employee Benefits | 16,187,921 | 15,190,895 |
| Expense of Premises & Fixed Assets | 7,784,915 | 7,280,203 |
| Provision for Credit Losses | 337,251 | 566,407 |
| FDIC & Other Insurance | 764,781 | 510,670 |
| Other Operating Expenses | 5,904,586 | 5,754,989 |
| Total Operating Expenses | $30,979,454 | $29,303,164 |
| Income Before Taxes, Net Gain (Loss) on Sale of Assets | 13,224,531 | 15,622,284 |
| Provisions for Taxes | (2,000,415) | (2,278,098) |
| Net Gain (Loss) on Sale of Assets | 0 | 0 |
| Net Income from Operating Activities | $11,224,116 | $13,344,186 |
| Changes in Market Value of Certain Assets | ||
| Market Value Changes on Equity Securities | 5,921,112 | (7,051,542) |
| Tax (Cost) Benefit to Market Value Changes | (1,288,810) | 1,570,025 |
| Market Value Change Net of Taxes | 4,632,302 | (5,481,517) |
| Net Income | $15,856,418 | $7,862,669 |