King George State Bank, Inc.
Balance Sheet
June 30, 1996
(Unaudited)
1996
(in thousands)
Assets
Cash and due from banks $ 1,585
Interest-bearing deposits in other banks 2
Federal funds sold 3,785
Securities 9,737
Loans, net of unearned income 32,837
Less allowance for loan losses (note 2) 324
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Net loans 32,513
Premises and equpiment, net 615
Other assets 1,322
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Total assets $ 49,559
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Liabilities
Deposits
Non-interest-bearing demand deposits $ 5,896
Interest-bearing deposits 37,917
---------------
Total deposits 43,813
Short-term borrowings -
Long-term borrowings -
Other liabilities 945
-----------------
Total liabilities 44,758
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Stockholders' equity
Common stock, $6 par value 300
Surplus 300
Retained earnings 4,244
Unrealized gains on securities available for sale, net of taxes (43)
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Total stockholders' equity 4,801
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Total liabilities and stockholders' equity $ 49,559
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See Notes to Interim Financial Information
King George State Bank, Inc.
Statement of Income
For the Six Months June 30, 1996 and 1995
(Unaudited)
1996 1995
(in thousands)
Interest income:
Interest and fees on loans $1,541 $1,451
Interest on securities 259 309
Federal funds sold 53 7
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Total interest income 1,853 1,767
Interest expense:
Interest on deposits 817 761
Interest on other borrowings - 14
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Total interest expense 817 775
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Net interest income 1,036 992
Provision for loan losses (note 2) 90 178
----------------------------
Net interest income after provision
for loan losses 946 814
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Other income:
Service fees 58 71
Losses on sales of securities available for sale - (8)
Nontaxable life insurance proceeds 262 -
Other operating income 28 26
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Total other income 348 89
----------------------------
Other expenses:
Salaries and employee benefits 273 282
Occupancy expenses 80 118
FDIC assessments 1 54
Other operating expenses 230 128
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Total other expenses 584 582
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Income before income taxes 710 321
Income tax expense 132 80
----------------------------
Net income $ 578 241
============================
See Notes to Interim Financial Information
King George State Bank
Statements of Changes in Stockholders' Equity
Six Months Ended June 30, 1996 and 1995
Capital Retained
Stock Surplus Earnings Total
(in thousands)
Balance, December 31, 1994 $ 300 $ 300 $ 3,393 $ 3,993
Dividends - - (115) (115)
Net income - - 241 241
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Balance, June 30, 1995 $ 300 $ 300 $ 3,519 $ 4,119
========= ========= =========== ==========
Balance, December 31, 1995 $300 $300 $3,790 $ 4,390
Dividends - - (124) (124)
Net income - - 578 578
Unrealized losses on securities
available for sale - - (43) (43)
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Balance, June 30, 1996 $ 300 $ 300 $ 4,201 $ 4,801
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King George State Bank, Inc.
Statements of Cash Flows (Unaudited)
Six Months Ended June 30, 1996 and 1995
(Dollars in thousands)
Operating activities: 1996 1995
Net Income $578 $241
Adjustments to reconcile net income
to net cash and cash equivalents
provided by operating activities:
Depreciation of bank premises and equipment 75 57
Provision of loan losses 90 178
Losses on sales of securities available for sale 0 8
(Increase) decrease in other assets 108 (54)
Decrease (increase) in other liabilities 78 29
Net cash and cash equivalents provided
by operating activities 929 459
Investing activities:
Net decrease (increase) in securities (337) 2,509
Net (increase) decrease in loans 94 1,838
Acquisititon of bank premises and equipment (11) (30)
Net cash and cash equivalents (used in)
provided by investing activities (254) 641
Financing activities:
Net increase in deposits 2,410 (462)
Cash dividends paid (118) (115)
Net cahs and cans equivalents proided by
(used in) financing activities 2,292 (577)
Increase in cash and cash equivalents 2,967 523
Cash ad cash equivalents at begnning of period 2,405 1,214
Cash and cash equivalents at end of period $5,372 $1,737
See acompanying notes to interim financial statements.