Condensed Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2014



Condensed Balance Sheets

Assets:	2014		2013
Cash	$	118,632	$	1,070,196
Investment in bank subsidiary		79,085,666		70,869,641
Premises and equipment, net of accumulated
depreciation		292,396		318,017
Other assets, including income taxes receivable from
bank subsidiary of $632,480 in 2014 and $757,993 in 2013		1,185,649		1,310,749
Total assets	$	80,682,343	$	73,568,603

Liabilities:
Accrued expenses		54,968	$	47,190
Federal income taxes payable		116,548		213,548
Junior subordinated deferrable interest debentures		12,738,550		10,300,000

Total liabilities		12,910,066		10,560,738

Shareholders’ equity:
Common stock		3,760,557		3,760,557
Surplus		14,665,845		14,663,861
Retained earnings		53,925,768		50,807,689
Accumulated other comprehensive income (loss)		1,412,115		(1,358,205)
Treasury stock, at cost		(5,992,008)		(4,866,037)

Total shareholders’ equity		67,772,277		63,007,865

Total liabilities and shareholders’ equity	$	80,682,343	$	73,568,603



Condensed Statements of Income	2014		2013		2012
Income – including dividends from bank subsidiary	$	3,200,105	$	975,356	$	800,155
Expenses – interest expense, professional fees and other
expenses, net of federal income tax benefit		(587,451)		(523,271)		(462,333)
Income before equity in undistributed net income of bank
subsidiary		2,612,654		452,085		337,822
Equity in undistributed net income of bank subsidiaries		1,698,844		4,189,119		4,146,995
Net income	$	4,311,498	$	4,641,204	$	4,484,817



Condensed Statements of Cash Flows	2014		2013		2012
Cash flows from operating activities:
Net income	$	4,311,498	$	4,641,204	$	4,484,817
Adjustments to reconcile net income to net cash provided
by operating activities:
Equity in undistributed net income of bank
subsidiary		(1,698,844)		(4,189,119)		(4,146,995)
Depreciation and amortization		25,622		25,622		25,622
(Increase) decrease in other assets		(4,412)		(665,429)		45,914
Increase (decrease) in other liabilities, including
accrued expenses		(70,785)		201,086		(24,521)
Net cash provided by operating activities		2,563,079		13,364		384,837

Cash flows from investing activities:
Payment for acquisition		(1,197,237)		-		-

Net cash (used in) investing activities Investing activities operating activities		(1,197,237)		-		-

Cash flows from financing activities:
Purchase treasury stock		(1,136,430)		(72,200)		-
Proceeds from sale of treasury shares		12,443		13,604		10,657
Cash dividends paid		(1,193,419)		(689,380)		(172,315)
Net cash (used in) provided by financing activities		(2,317,406)		(747,976)		(161,658)
Net increase (decrease) in cash		(951,564)		(734,612)		223,179
Cash at beginning of the year		1,070,196		1,804,808		1,581,629
Cash at end of the year	$	118,632	$	1,070,196	$	1,804,808