EX-99.2 4 ex_126217.htm EXHIBIT 99.2

ex_126217.htm

Exhibit 99.2

THE PEOPLES BANK

 BALANCE SHEETS

		June 30,				December 31,
		2018				2017
		(Unaudited)
ASSETS
Cash and Due from Banks		$	1,830,823			$	1,704,217
Federal Funds Sold			3,389,475				612,955
Total Cash and Cash Equivalents			5,220,298				2,317,172
Interest-Bearing Deposits in Other Banks			1,743,000				1,743,000
Investment Securities Available for Sale, at Fair Value			6,041,622				6,339,708
Loans, Net of Allowance for Loan Losses of $1,708,841 and $1,703,341, respectively			150,419,035				142,192,992
Investments in Restricted Stock, at Cost			692,200				689,100
Premises and Equipment, Net			1,209,265				1,260,815
Accrued Interest Receivable			428,905				533,673
Prepaid Expenses and Other			277,887				180,188
TOTAL ASSETS		$	166,032,212			$	155,256,648
LIABILITIES AND EQUITY
LIABILITIES
Deposits:
Noninterest Bearing		$	22,046,740			$	20,599,803
Interest Bearing			114,712,207				106,299,479
Total Deposits			136,758,947				126,899,282
Advances from Federal Home Loan Bank			13,000,000				13,250,000
Accrued Interest Payable			33,662				23,427
Deferred Income Taxes			235,564				273,093
Other			196,912				348,179
Total Liabilities			150,225,085				140,793,981
SHAREHOLDERS' EQUITY
Common Stock, $10 Par Value; 110,000 Shares Authorized; 102,666 Shares Issued and Outstanding in 2018 and 2017			1,026,660				1,026,660
Additional Paid-In Capital			5,279,868				5,279,868
Retained Earnings			9,484,024				8,074,736
Accumulated Other Comprehensive Income			16,575				81,403
Total Shareholders' Equity			15,807,127				14,462,667
TOTAL LIABILITIES AND EQUITY		$	166,032,212			$	155,256,648

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THE PEOPLES BANK

 STATEMENTS OF INCOME

		Six Months Ended
		June 30,
		2018				2017
		(Unaudited)
INTEREST INCOME
Loans		$	3,815,949			$	3,117,540
Investment Securities			129,396				129,101
Federal Funds Sold			17,861				19,549
Total Interest Income			3,963,206				3,266,190
INTEREST EXPENSE
Deposits			520,241				294,260
Borrowed Funds			94,426				27,817
Total Interest Expense			614,667				322,077
NET INTEREST INCOME			3,348,539				2,944,113
PROVISION FOR LOAN LOSSES			—				—
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES			3,348,539				2,944,113
NONINTEREST INCOME
Service Charges on Loans			82,103				62,108
Service Charges on Demand Deposits			80,549				63,454
Other Service Charges and Fees			16,172				13,826
Other			38,640				47,261
Total Noninterest Income			217,464				186,649
NONINTEREST EXPENSE
Salaries and Employee Benefits			853,505				819,448
Occupancy and Equipment			348,478				366,785
Legal and Professional			81,577				62,213
Data Processing			155,240				151,147
FDIC Insurance and Regulatory Fees			61,537				44,946
Other Real Estate/Foreclosure Expense			379				284
Other			189,077				192,659
Total Noninterest Expense			1,689,793				1,637,482
INCOME BEFORE INCOME TAXES			1,876,210				1,493,280
INCOME TAXES			466,926				567,461
NET INCOME		$	1,409,284			$	925,819

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THE PEOPLES BANK

STATEMENTS OF CASH FLOWS

		Six Months Ended
		June 30,
		2018				2017
		(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income		$	1,409,284			$	925,819
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Provision for Loan Losses			—				—
Depreciation			49,998				78,000
Deferred Income Taxes			—				—
Net Amortization/Accretion of Premiums/Discounts on Investment Securities			22,425				26,468
Gain on Sales of Fixed Assets			—				(750	)
(Increase) Decrease in:
Accrued Interest Receivable			104,768				18,138
Prepaid Expenses and Other Assets			(97,694	)			64,944
Increase (Decrease) in:
Accrued Interest Payable			10,235				(878	)
Other Liabilities			(151,267	)			59,932
Total Adjustments			(61,535	)			245,854
Net Cash Provided by Operating Activities			1,347,749				1,171,673
CASH FLOWS FROM INVESTING ACTIVITIES
Calls, Maturities and Prepayments of Investment Securities			173,303				281,999
Purchases of Restricted Stock			(3,100	)			(442,200	)
Net Increase in Loans			(8,226,043	)			(13,385,245	)
Purchases of Premises and Equipment			(29,440	)			(36,905	)
Proceeds from Sales of Fixed Assets			30,992				750
Net Cash Used in Investing Activities			(8,054,288	)			(13,581,601	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase (Decrease) in:
Deposits			9,859,665				2,484,499
Advances from Federal Home Loan Bank			(250,000	)			4,500,000
Net Cash Provided by Financing Activities			9,609,665				6,984,499
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			2,903,126				(5,425,429	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR			2,317,172				9,705,243
CASH AND CASH EQUIVALENTS AT END OF SIX MONTHS		$	5,220,298			$	4,279,814
Supplementary Disclosures of Non-Cash Investing Activities:
Change in Unrealized Gain/Loss on Investment Securities Available for Sale		$	(102,358	)		$	47,760
Change in Deferred Income Taxes Associated with Unrealized Gain/Loss on Investment Securities Available for Sale		$	(37,530	)		$	16,239
Change in Net Unrealized Gain/Loss on Investment Securities Available for Sale		$	(64,828	)		$	31,521

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