Consolidated Statements of Financial Condition
As of December 31, 2008.
Assets
| Cash and due from banks |
$1,622,000 |
| Federal funds sold |
$2,234,000 |
| Investment securities - available for sale |
$7,040,000 |
| Mortgage backed securities - held to maturity |
$1,552,000 |
| Loans receivable - net of allowance for loan losses of $1,149,000 |
$157,309,000 |
| Foreclosed real estate |
$1,096,000 |
| Federal Home Loan Bank of Atlanta stock at cost |
$1,899,000 |
| Premises and Equipment, net |
$4,979,000 |
| Accrued interest receivable |
$648,000 |
| Other assets |
$503,000 |
| Total assets |
$178,882,000 |
Liabilities and Stockholders' Equity
| Liabilities |
|
| Deposits |
$123,203,000 |
| Checks outstanding in excess of bank balance |
$333,000 |
| Borrowings |
$35,300,000 |
| Advance payments by borrowers for taxes and insurance |
$369,000 |
| Other liabilities | $540,000 |
| |
 |
| Total liabilities |
$159,745,000 |
| |
|
| Stockholders' Equity |
|
| Preferred stock (no par value - 1,000,000 shares authorized, none issued and outstanding at December 31, 2008) |
|
| Common stock (par value $.01 - 9,000,000 shares authorized, 2,975,625 shares issued at December 31, 2008 and 2,707,652 shares outstanding at December 31, 2008) |
$30,000 |
| Additional paid-in capital |
$12,864,000 |
| Retained earnings (substantially restricted) |
$9,343,000 |
| Unearned Employee Stock Ownership Plan shares |
($933,000) |
| Treasury stock at cost, 2008 267,973 shares |
($2,167,000) |
| |
|
| |
$19,137,000 |
| |
|
| Total liabilities and stockholders' equity |
$178,882,000 |